Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'BWC | ' | ' |
Entity Registrant Name | 'Babcock & Wilcox Co | ' | ' |
Entity Central Index Key | '0001486957 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 110,413,084 | ' |
Entity Public Float | ' | ' | $3.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $346,116 | $383,547 |
Restricted cash and cash equivalents | 45,945 | 60,961 |
Investments | 10,748 | 88,769 |
Accounts receivable - trade, net | 360,323 | 364,960 |
Accounts receivable - other | 45,480 | 61,682 |
Contracts in progress | 370,820 | 316,518 |
Inventories | 113,058 | 124,218 |
Deferred income taxes | 97,170 | 78,573 |
Other current assets | 47,764 | 41,858 |
Total Current Assets | 1,437,424 | 1,521,086 |
Property, Plant and Equipment | 1,126,683 | 1,099,040 |
Less accumulated depreciation | 679,604 | 652,019 |
Net Property, Plant and Equipment | 447,079 | 447,021 |
Investments | 4,426 | 4,090 |
Goodwill | 281,708 | 280,780 |
Deferred Income Taxes | 127,076 | 227,215 |
Investments in Unconsolidated Affiliates | 184,831 | 186,354 |
Intangible Assets | 81,521 | 87,686 |
Other Assets | 45,088 | 86,123 |
TOTAL | 2,609,153 | 2,840,355 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Notes payable and current maturities of long-term debt | 4,671 | 4,062 |
Accounts payable | 319,774 | 264,798 |
Accrued employee benefits | 163,833 | 186,495 |
Accrued liabilities - other | 58,192 | 57,991 |
Advance billings on contracts | 317,771 | 472,287 |
Accrued warranty expense | 56,436 | 83,682 |
Income taxes payable | 6,551 | 9,973 |
Total Current Liabilities | 927,228 | 1,079,288 |
Long-Term Debt | 225 | 430 |
Accumulated Postretirement Benefit Obligation | 43,194 | 71,208 |
Environmental Liabilities | 53,391 | 46,497 |
Pension Liability | 336,878 | 579,165 |
Other Liabilities | 65,296 | 60,851 |
Commitments and Contingencies (Note 11) | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 120,536,910 and 119,608,026 shares at December 31, 2013 and December 31, 2012, respectively | 1,205 | 1,196 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued | ' | ' |
Capital in excess of par value | 747,189 | 713,257 |
Retained earnings | 656,916 | 349,063 |
Treasury stock at cost, 10,068,731 and 4,372,143 shares at December 31, 2013 and December 31, 2012, respectively | -268,971 | -109,809 |
Accumulated other comprehensive income | 28,348 | 32,728 |
Stockholders' Equity - The Babcock & Wilcox Company | 1,164,687 | 986,435 |
Noncontrolling interest | 18,254 | 16,481 |
Total Stockholders' Equity | 1,182,941 | 1,002,916 |
TOTAL | $2,609,153 | $2,840,355 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 325,000,000 | 325,000,000 |
Common stock, shares issued | 120,536,910 | 119,608,026 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 75,000,000 | 75,000,000 |
Preferred stock, shares issued | ' | ' |
Treasury stock at cost, shares | 10,068,731 | 4,372,143 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $3,269,208 | $3,291,359 | $2,952,040 |
Costs and Expenses: | ' | ' | ' |
Cost of operations | 2,301,648 | 2,461,205 | 2,384,154 |
Research and development costs | 79,226 | 120,562 | 106,396 |
Losses (gains) on asset disposals and impairments, net | 1,049 | 1,419 | -3,087 |
Selling, general and administrative expenses | 379,382 | 428,293 | 447,561 |
Special charges for restructuring activities | 39,599 | ' | ' |
Total Costs and Expenses | 2,800,904 | 3,011,479 | 2,935,024 |
Equity in Income of Investees | 68,058 | 66,709 | 78,655 |
Operating Income | 536,362 | 346,589 | 95,671 |
Other Income (Expense): | ' | ' | ' |
Interest income | 1,443 | 1,491 | 1,342 |
Interest expense | -3,115 | -3,735 | -4,543 |
Other - net | -17,517 | -24,927 | 2,028 |
Total Other Expense | -19,189 | -27,171 | -1,173 |
Income before Provision for Income Taxes | 517,173 | 319,418 | 94,498 |
Provision for Income Taxes | 184,583 | 101,861 | 23,880 |
Net Income | 332,590 | 217,557 | 70,618 |
Net Loss Attributable to Noncontrolling Interest | 13,488 | 10,138 | 7,701 |
Net Income Attributable to The Babcock & Wilcox Company | $346,078 | $227,695 | $78,319 |
Basic: | ' | ' | ' |
Net Income Attributable to The Babcock & Wilcox Company | $3.09 | $1.92 | $0.67 |
Diluted: | ' | ' | ' |
Net Income Attributable to The Babcock & Wilcox Company | $3.07 | $1.91 | $0.66 |
Shares used in the computation of earnings per share (Note 19): | ' | ' | ' |
Basic | 111,901,750 | 118,418,930 | 117,560,594 |
Diluted | 112,685,417 | 119,021,324 | 118,404,597 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $332,590 | $217,557 | $70,618 |
Other Comprehensive Income: | ' | ' | ' |
Currency translation adjustments | -2,518 | 4,284 | 747 |
Derivative financial instruments: | ' | ' | ' |
Unrealized gains (losses) arising during the period, net of tax (benefit) provision of $1,518, $(622) and $347, respectively | -4,418 | 1,409 | -877 |
Reclassification adjustment for (gains) losses included in net income, net of tax benefit (provision) of $(973), $704 and $(496), respectively | 2,942 | -2,023 | 1,655 |
Benefit obligations: | ' | ' | ' |
Unrecognized losses arising during the period, net of tax benefit of $1,177, $221 and $437, respectively | -1,928 | -434 | -1,205 |
Amortization of benefit plan costs, net of tax benefit of $(1,035), $(1,159) and $(1,267), respectively | 1,975 | 2,281 | 2,487 |
Investments: | ' | ' | ' |
Unrealized gains (losses) arising during the period, net of tax provision of $(103), $0 and $0, respectively | 302 | 431 | -74 |
Reclassification adjustment for (gains) losses included in net income, net of tax provision of $30, $0 and $0, respectively | -769 | -35 | 5 |
Other Comprehensive Income (Loss) | -4,414 | 5,913 | 2,738 |
Total Comprehensive Income | 328,176 | 223,470 | 73,356 |
Comprehensive Loss Attributable to Noncontrolling Interest | 13,522 | 10,127 | 7,670 |
Comprehensive Income Attributable to The Babcock & Wilcox Company | $341,698 | $233,597 | $81,026 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Tax benefit (provision) of unrealized gains (losses) on derivative financial instruments | $1,518 | ($622) | $347 |
Tax benefit (provision) on reclassification adjustment for (gains) losses on derivative financial instruments | -973 | 704 | -496 |
Tax benefit on unrecognized losses | 1,177 | 221 | 437 |
Tax benefit of amortization of benefit plan costs | -1,035 | -1,159 | -1,267 |
Tax benefit (provision) of unrealized (losses) gains | -103 | 0 | 0 |
Tax provision on reclassification adjustment for gain on investment | $30 | $0 | $0 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Capital In Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Stockholders' Equity [Member] | Non-Controlling Interest [Member] |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2010 | $713,525 | $1,170 | $637,396 | $52,571 | $24,119 | ($2,397) | $712,859 | $666 |
Balance, Shares at Dec. 31, 2010 | ' | 116,963,664 | ' | ' | ' | ' | ' | ' |
Net Income | 70,618 | ' | ' | 78,319 | ' | ' | 78,319 | -7,701 |
Defined benefit obligations | 1,282 | ' | ' | ' | 1,282 | ' | 1,282 | ' |
Available-for-sale investments | -69 | ' | ' | ' | -69 | ' | -69 | ' |
Currency translation adjustments | 747 | ' | ' | ' | 716 | ' | 716 | 31 |
Derivative financial instruments | 778 | ' | ' | ' | 778 | ' | 778 | ' |
Exercise of stock options | 8,546 | 4 | 8,542 | ' | ' | ' | 8,546 | ' |
Exercise of stock options, Shares | ' | 379,706 | ' | ' | ' | ' | ' | ' |
Contributions to thrift plan | 13,098 | 5 | 13,093 | ' | ' | ' | 13,098 | ' |
Contributions to thrift plan, shares | ' | 510,510 | ' | ' | ' | ' | ' | ' |
Shares placed in treasury | -7,662 | ' | ' | ' | ' | -7,662 | -7,662 | ' |
Stock-based compensation charges | 17,927 | 6 | 17,921 | ' | ' | ' | 17,927 | ' |
Stock-based compensation charges, Shares | ' | 605,031 | ' | ' | ' | ' | ' | ' |
Contribution of in-kind services | 16,584 | ' | ' | ' | ' | ' | ' | 16,584 |
Distributions to noncontrolling interests | -401 | ' | ' | ' | ' | ' | ' | -401 |
Balance at Dec. 31, 2011 | 834,973 | 1,185 | 676,952 | 130,890 | 26,826 | -10,059 | 825,794 | 9,179 |
Balance, Shares at Dec. 31, 2011 | ' | 118,458,911 | ' | ' | ' | ' | ' | ' |
Net Income | 217,557 | ' | ' | 227,695 | ' | ' | 227,695 | -10,138 |
Dividends declared | -9,522 | ' | ' | -9,522 | ' | ' | -9,522 | ' |
Defined benefit obligations | 1,847 | ' | ' | ' | 1,847 | ' | 1,847 | ' |
Available-for-sale investments | 396 | ' | ' | ' | 396 | ' | 396 | ' |
Currency translation adjustments | 4,284 | ' | ' | ' | 4,273 | ' | 4,273 | 11 |
Derivative financial instruments | -614 | ' | ' | ' | -614 | ' | -614 | ' |
Exercise of stock options | 4,514 | 3 | 4,511 | ' | ' | ' | 4,514 | ' |
Exercise of stock options, Shares | ' | 261,784 | ' | ' | ' | ' | ' | ' |
Contributions to thrift plan | 13,793 | 5 | 13,788 | ' | ' | ' | 13,793 | ' |
Contributions to thrift plan, shares | ' | 549,121 | ' | ' | ' | ' | ' | ' |
Shares placed in treasury | -99,750 | ' | ' | ' | ' | -99,750 | -99,750 | ' |
Stock-based compensation charges | 18,009 | 3 | 18,006 | ' | ' | ' | 18,009 | ' |
Stock-based compensation charges, Shares | ' | 338,210 | ' | ' | ' | ' | ' | ' |
Contribution of in-kind services | 17,942 | ' | ' | ' | ' | ' | ' | 17,942 |
Distributions to noncontrolling interests | -513 | ' | ' | ' | ' | ' | ' | -513 |
Balance at Dec. 31, 2012 | 1,002,916 | 1,196 | 713,257 | 349,063 | 32,728 | -109,809 | 986,435 | 16,481 |
Balance, Shares at Dec. 31, 2012 | 119,608,026 | 119,608,026 | ' | ' | ' | ' | ' | ' |
Net Income | 332,590 | ' | ' | 346,078 | ' | ' | 346,078 | -13,488 |
Dividends declared | -38,225 | ' | ' | -38,225 | ' | ' | -38,225 | ' |
Defined benefit obligations | 47 | ' | ' | ' | 47 | ' | 47 | ' |
Available-for-sale investments | -467 | ' | ' | ' | -467 | ' | -467 | ' |
Currency translation adjustments | -2,518 | ' | ' | ' | -2,484 | ' | -2,484 | -34 |
Derivative financial instruments | -1,476 | ' | ' | ' | -1,476 | ' | -1,476 | ' |
Exercise of stock options | 4,930 | 2 | 4,928 | ' | ' | ' | 4,930 | ' |
Exercise of stock options, Shares | ' | 241,561 | ' | ' | ' | ' | ' | ' |
Contributions to thrift plan | 13,939 | 5 | 13,934 | ' | ' | ' | 13,939 | ' |
Contributions to thrift plan, shares | ' | 464,451 | ' | ' | ' | ' | ' | ' |
Shares placed in treasury | -159,162 | ' | ' | ' | ' | -159,162 | -159,162 | ' |
Stock-based compensation charges | 15,072 | 2 | 15,070 | ' | ' | ' | 15,072 | ' |
Stock-based compensation charges, Shares | ' | 222,872 | ' | ' | ' | ' | ' | ' |
Contribution of in-kind services | 15,794 | ' | ' | ' | ' | ' | ' | 15,794 |
Distributions to noncontrolling interests | -499 | ' | ' | ' | ' | ' | ' | -499 |
Balance at Dec. 31, 2013 | $1,182,941 | $1,205 | $747,189 | $656,916 | $28,348 | ($268,971) | $1,164,687 | $18,254 |
Balance, Shares at Dec. 31, 2013 | 120,536,910 | 120,536,910 | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Stockholders Equity [Abstract] | ' | ' |
Dividends declared, per share | $0.34 | $0.08 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net Income | $332,590 | $217,557 | $70,618 |
Non-cash items included in net income: | ' | ' | ' |
Depreciation and amortization | 70,525 | 69,697 | 73,003 |
Income of investees, net of dividends | 11,537 | -15,115 | -20,854 |
Losses (gains) on asset disposals and impairments | 1,049 | 1,419 | -3,087 |
Impairment of USEC investment | 19,139 | 27,000 | ' |
In-kind research and development costs | 15,794 | 17,942 | 16,584 |
Provision for (benefit from) deferred taxes | 94,068 | 43,038 | -19,200 |
Recognition of (gains) losses for pension and postretirement plans | -219,915 | 35,480 | 219,508 |
Stock-based compensation expense | 15,072 | 18,009 | 17,927 |
Excess tax benefits from stock-based compensation | -177 | -1,571 | -4,083 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Accounts receivable | 19,726 | -52,034 | -26,887 |
Accounts payable | 54,895 | 30,391 | 48,246 |
Contracts in progress and advance billings on contracts | -210,582 | 32,527 | -28,746 |
Inventories | 11,971 | -16,448 | -6,052 |
Income taxes | -6,364 | 5,522 | 31,961 |
Accrued and other current liabilities | -28,499 | -30,553 | -23,106 |
Pension liability, accrued postretirement benefit obligation and employee benefits | -68,961 | -168,004 | -144,802 |
Other, net | 26,018 | -29,930 | -27,439 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 137,886 | 184,927 | 173,591 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Decrease (increase) in restricted cash and cash equivalents | 15,016 | 229 | -48,923 |
Purchases of property, plant and equipment | -64,950 | -86,635 | -63,874 |
Acquisition of businesses, net of cash acquired | ' | -318 | -11,907 |
Purchase of intangible assets | -2,200 | ' | ' |
Purchases of available-for-sale securities | -90,836 | -268,929 | -145,198 |
Sales and maturities of available-for-sale securities | 168,879 | 247,649 | 147,288 |
Proceeds from asset disposals | 1,028 | 580 | 6,468 |
Proceeds from sale of an unconsolidated affiliate | ' | 2,091 | ' |
Investment in equity and cost method investees | -6,884 | -6,064 | -38,176 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 20,053 | -111,397 | -154,322 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payment of short-term borrowing and long-term debt | -211 | -4,643 | -1,782 |
Payment of debt issuance costs | ' | -4,902 | -82 |
Increase in short-term borrowing | 484 | 3,815 | 1,254 |
Repurchase of common shares | -157,093 | -96,774 | ' |
Dividends paid to common shareholders | -38,011 | -9,485 | ' |
Exercise of stock options | 4,275 | 2,926 | 4,463 |
Excess tax benefits from stock-based compensation | 177 | 1,571 | 4,083 |
Other | -499 | -514 | -401 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -190,878 | -108,006 | 7,535 |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | -4,492 | 2,814 | -2,737 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -37,431 | -31,662 | 24,067 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 383,547 | 415,209 | 391,142 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 346,116 | 383,547 | 415,209 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Income taxes (net of refunds) | 86,924 | 83,062 | 33,505 |
SCHEDULE OF NONCASH INVESTING ACTIVITY: | ' | ' | ' |
Accrued capital expenditures included in accounts payable | $8,141 | $7,902 | $11,950 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||||||||||||||||
NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||
We have presented the consolidated financial statements of The Babcock & Wilcox Company (“B&W”) in U.S. dollars in accordance with accounting principles generally accepted in the United States (“GAAP”). | |||||||||||||||||||||
We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as “joint ventures.” We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at December 31, 2013 and for the year ended December 31, 2013. We present the notes to our consolidated financial statements on the basis of continuing operations, unless otherwise stated. | |||||||||||||||||||||
Unless the context otherwise indicates, “we,” “us” and “our” mean B&W and its consolidated subsidiaries. | |||||||||||||||||||||
Business Segments | |||||||||||||||||||||
We operate in five reportable segments: Power Generation, Nuclear Operations, Technical Services, Nuclear Energy and mPower. Our reportable segments at December 31, 2013 reflect changes we made during the first quarter of 2013 in the manner in which our segment operating information is reported for purposes of assessing operating performance and allocating resources. Prior to 2013, we reported four segments: Power Generation, Nuclear Operations, Technical Services and Nuclear Energy. Our small modular nuclear reactor business, previously included in our Nuclear Energy segment, is now being reported as a separate segment, mPower. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and disclosures included in this report. For financial information about our segments, see Note 17 to our consolidated financial statements included in this report. | |||||||||||||||||||||
Our reportable segments are further described as follows: | |||||||||||||||||||||
• | Our Power Generation segment supplies boilers fired with fossil fuels, such as coal, oil and natural gas, or renewable fuels such as biomass and municipal solid waste. In addition, we supply environmental equipment and components and related services to customers in different regions around the world. This segment owns or leases manufacturing facilities in the U.S., Canada, Denmark, Germany, Mexico, China and Scotland. We design, engineer, manufacture, supply, construct and service large utility and industrial power generation systems, including boilers used to generate steam in electric power plants, pulp and paper making, chemical and process applications and other industrial uses. We also provide the same complement of services for our renewable portfolio of boiler technology, which includes biomass fired, waste-to-energy and concentrated solar energy for steam generating solutions. In addition, this segment is a technological leader in providing cost-effective and efficient air pollution control solutions and material handling systems. We have successfully developed advanced technologies to control nitrogen oxides, sulfur dioxide, fine particulate, mercury, acid gases and other hazardous air emissions. In addition, our Power Generation segment offers a variety of construction services for the entire balance of plant, from large steam generation or environmental equipment projects, to cogeneration and combined cycle installations. This segment also offers a full suite of aftermarket services. Our Power Generation segment’s full-scope boiler, environmental and auxiliary equipment retrofits, upgrades and services improve plant performance and efficiency and increase the reliability of vital steam generating assets. | ||||||||||||||||||||
• | Our Nuclear Operations segment manufactures naval nuclear reactors for the U.S. Department of Energy (“DOE”)/National Nuclear Security Administration’s (“NNSA”) Naval Nuclear Propulsion Program, which in turn supplies them to the U.S. Navy for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Mount Vernon, Indiana; Euclid, Ohio; Barberton, Ohio; and Erwin, Tennessee. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components. These two locations are N-Stamp certified by the American Society of Mechanical Engineers (“ASME”), making them two of only a few North American suppliers of large, heavy-walled nuclear components and vessels. The Euclid facility, which is also ASME N-Stamp certified, fabricates electro-mechanical equipment for the U.S. Government, and performs design, manufacturing, inspection, assembly and testing activities. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. Fuel for the naval nuclear reactors is provided by Nuclear Fuel Services, Inc. (“NFS”), one of our wholly owned subsidiaries. Located in Erwin, NFS also converts Cold War-era government stockpiles of highly enriched uranium into material suitable for further processing into commercial nuclear reactor fuel. | ||||||||||||||||||||
• | Our Technical Services segment provides various services to the U.S. Government, including uranium processing, environmental site restoration services and management and operating services for various U.S. Government-owned facilities. These services are provided to the DOE, including the NNSA, the Office of Nuclear Energy and the Office of Science; the Department of Defense and the Office of Environmental Management. Through this segment we deliver products and management solutions to nuclear operations and high-consequence manufacturing facilities. We also perform specialty manufacturing through production of centrifuge machines for USEC Inc.’s (“USEC”) American Centrifuge Plant. A significant portion of this segment’s operations are conducted through joint ventures. | ||||||||||||||||||||
• | Our Nuclear Energy segment supplies commercial nuclear steam generators and components to nuclear utility customers. B&W has supplied the nuclear industry with more than 1,300 large, heavy components worldwide. This segment is the only heavy nuclear component, N-Stamp certified manufacturer in North America. Our Nuclear Energy segment fabricates pressure vessels, reactors, steam generators, heat exchangers and other auxiliary equipment. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development and metallurgy and materials engineering. Our Nuclear Energy segment also provides power plant construction and management and maintenance services. In addition, this segment offers services for nuclear steam generators and balance of plant equipment, as well as nondestructive examination and tooling/repair solutions for other plant systems and components. | ||||||||||||||||||||
• | Our mPower segment is actively designing the B&W mPowerTM reactor, a small modular reactor (“SMR”) design generally based on proven light-water nuclear technology and able to operate for four years without refueling. Through our majority-owned joint venture, Generation mPower LLC (“GmP”), we are developing the associated mPower Plant power generating facility, which will use two B&W mPowerTM reactors to generate 360 MW within an advanced passively safe and secure plant architecture. As part of this initiative, we have been selected as the only recipient to receive funding pursuant to a Cooperative Agreement with the DOE under its Small Modular Reactor Licensing Technical Support Program (the “Funding Program”) for SMR deployment by 2022. This Funding Program provides financial assistance for our mPower Plant design engineering and licensing activities supporting the planned first mPower Plant commercial operation date by 2022. | ||||||||||||||||||||
The consolidated results of operations, financial position and cash flows for the year ended December 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include our estimate of costs to complete long-term construction contracts and estimates we make in selecting assumptions related to the valuations of our pension and postretirement plans, including the selection of our discount rates and expected rates of return on our pension plan assets. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. | |||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||
We have computed earnings per common share on the basis of the weighted average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We have a number of forms of stock-based compensation, including incentive and non-qualified stock options, restricted stock, restricted stock units and performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in dilutive earnings per share when related performance criteria have been met. | |||||||||||||||||||||
Investments | |||||||||||||||||||||
Our investments, primarily U.S. Government obligations, mutual funds, and commercial paper, are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as noncurrent assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity. That amortization is included in interest income. We include realized gains and losses on our investments in other – net. The cost of securities sold is based on the specific identification method. We include interest on securities in interest income. | |||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||
We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate income statement items at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency financial statements as a component of accumulated other comprehensive income. We report foreign currency transaction gains and losses in income. We have included in other - net transaction gains (losses) of $0.5 million, $(0.6) million and $(1.9) million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Contracts and Revenue Recognition | |||||||||||||||||||||
We generally recognize contract revenues and related costs on a percentage-of-completion method for individual contracts or combinations of contracts based on work performed, man hours, or a cost-to-cost method, as applicable to the product or activity involved. We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for materials and major third party subcontractors, if it appears that such exclusion would result in a more meaningful measurement of actual contract progress and resulting periodic allocation of income. We include revenues and related costs so recorded, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in contracts in progress. We include in advance billings on contracts billings that exceed accumulated contract costs and revenues and costs recognized under the percentage-of-completion method. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. | |||||||||||||||||||||
For contracts as to which we are unable to estimate the final profitability except to assure that no loss will ultimately be incurred, we recognize equal amounts of revenue and cost until the final results can be estimated more precisely. For these deferred profit recognition contracts, we recognize revenue and cost equally and only recognize gross margin when probable and reasonably estimable, which we generally determine to be when the contract is approximately 70% complete. We treat long-term construction contracts that contain such a level of risk and uncertainty that estimation of the final outcome is impractical, except to assure that no loss will be incurred, as deferred profit recognition contracts. | |||||||||||||||||||||
Our policy is to account for fixed-price contracts under the completed-contract method if we believe that we are unable to reasonably forecast cost to complete at start-up. Under the completed-contract method, income is recognized only when a contract is completed or substantially complete. | |||||||||||||||||||||
For parts orders and certain aftermarket services activities, we recognize revenues as goods are delivered and work is performed. | |||||||||||||||||||||
Variations from estimated contract performance could result in material adjustments to operating results for any fiscal quarter or year. We include claims for extra work or changes in scope of work to the extent of costs incurred in contract revenues when we believe collection is probable. | |||||||||||||||||||||
In the year ended December 31, 2013, we recorded a contract loss totaling approximately $35.6 million based on our estimate of costs to complete a project. This is in addition to approximately $16.9 million of contract losses, net of claims, recorded on this project in 2012. In the year ended December 31, 2011, we recorded additional costs totaling approximately $61.8 million ($50.7 million in our Nuclear Energy segment and $11.1 in our Nuclear Operations segment) to complete certain projects attributable to changes in estimate due to productivity and scheduling issues. In May 2012, we entered into an agreement with the customer of the Nuclear Energy project to settle contract claims resulting in recognition of revenues totaling approximately $18.4 million in 2012. | |||||||||||||||||||||
The following represent the components of our contracts in progress and advance billings on contracts included in our consolidated balance sheets: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Included in Contracts in Progress: | |||||||||||||||||||||
Costs incurred less costs of revenue recognized | $ | 150,724 | $ | 135,972 | |||||||||||||||||
Revenues recognized less billings to customers | 220,096 | 180,546 | |||||||||||||||||||
Contracts In Progress | $ | 370,820 | $ | 316,518 | |||||||||||||||||
Included In Advance Billings on Contracts: | |||||||||||||||||||||
Billings to customers less revenues recognized | $ | 411,156 | $ | 541,983 | |||||||||||||||||
Costs incurred less costs of revenue recognized | (93,385 | ) | (69,696 | ) | |||||||||||||||||
Advance Billings on Contracts | $ | 317,771 | $ | 472,287 | |||||||||||||||||
The following amounts represent retainages on contracts: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Retainages expected to be collected within one year | $ | 84,389 | $ | 85,776 | |||||||||||||||||
Retainages expected to be collected after one year | 12,820 | 28,661 | |||||||||||||||||||
Total retainages | $ | 97,209 | $ | 114,437 | |||||||||||||||||
We have included in accounts receivable – trade retainages expected to be collected in 2014. Retainages expected to be collected after one year are included in other assets. Of the long-term retainages at December 31, 2013, we anticipate collecting $3.1 million in 2015, $4.8 million in 2016, $4.6 million in 2017 and $0.3 million in 2018. | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
The components of accumulated other comprehensive income included in stockholders’ equity are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Currency translation adjustments | $ | 38,415 | $ | 40,899 | |||||||||||||||||
Net unrealized gain on investments | 130 | 597 | |||||||||||||||||||
Net unrealized gain on derivative financial instruments | 627 | 2,103 | |||||||||||||||||||
Unrecognized prior service cost on benefit obligations | (10,824 | ) | (10,871 | ) | |||||||||||||||||
Accumulated other comprehensive income | $ | 28,348 | $ | 32,728 | |||||||||||||||||
The amounts reclassified out of accumulated other comprehensive income by component and the affected consolidated statements of income line items are as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Accumulated Other Comprehensive Income | (In thousands) | Line Item Presented | |||||||||||||||||||
Component Recognized | |||||||||||||||||||||
Realized (losses) gains on derivative financial instruments | $ | (1,885 | ) | $ | (1,082 | ) | $ | (4,128 | ) | Revenues | |||||||||||
(2,174 | ) | 3,833 | 2,350 | Cost of operations | |||||||||||||||||
144 | (24 | ) | (373 | ) | Other-net | ||||||||||||||||
(3,915 | ) | 2,727 | (2,151 | ) | Total before tax | ||||||||||||||||
973 | (704 | ) | 496 | Provision for Income Taxes | |||||||||||||||||
$ | (2,942 | ) | $ | 2,023 | $ | (1,655 | ) | Net Income | |||||||||||||
Amortization of prior service cost on benefit obligations | $ | (2,813 | ) | $ | (3,271 | ) | $ | (3,650 | ) | Cost of operations | |||||||||||
(197 | ) | (169 | ) | (104 | ) | Selling, general and administrative expenses | |||||||||||||||
(3,010 | ) | (3,440 | ) | (3,754 | ) | Total before tax | |||||||||||||||
1,035 | 1,159 | 1,267 | Provision for Income Taxes | ||||||||||||||||||
$ | (1,975 | ) | $ | (2,281 | ) | $ | (2,487 | ) | Net Income | ||||||||||||
Realized gains (losses) on investments | $ | 799 | $ | 35 | $ | (5 | ) | Other-net | |||||||||||||
(30 | ) | 0 | 0 | Provision for Income Taxes | |||||||||||||||||
$ | 769 | $ | 35 | $ | (5 | ) | Net Income | ||||||||||||||
Total reclassification for the period | $ | (4,148 | ) | $ | (223 | ) | $ | (4,147 | ) | ||||||||||||
Warranty Expense | |||||||||||||||||||||
We accrue estimated expense included in cost of operations on our consolidated statements of income to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. | |||||||||||||||||||||
The following summarizes the changes in the carrying amount of accrued warranty expense: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 83,682 | $ | 97,209 | $ | 109,588 | |||||||||||||||
Additions | 18,486 | 20,972 | 21,267 | ||||||||||||||||||
Expirations and other changes | (24,801 | ) | (24,766 | ) | (14,288 | ) | |||||||||||||||
Charges | (20,250 | ) | (10,217 | ) | (19,035 | ) | |||||||||||||||
Translation and other | (681 | ) | 484 | (323 | ) | ||||||||||||||||
Balance at end of period | $ | 56,436 | $ | 83,682 | $ | 97,209 | |||||||||||||||
Asset Retirement Obligations and Environmental Clean-up Costs | |||||||||||||||||||||
We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility’s life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission (the “NRC”). In accordance with the FASB Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of clean-up activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. | |||||||||||||||||||||
Substantially all of our asset retirement obligations relate to the remediation of our nuclear analytical laboratory and the NFS facility in our Nuclear Operations segment. The following table reflects our asset retirement obligations: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 42,366 | $ | 35,885 | $ | 32,657 | |||||||||||||||
Costs incurred | — | — | (2,265 | ) | |||||||||||||||||
Additions/Adjustments | (109 | ) | 3,422 | 2,935 | |||||||||||||||||
Accretion | 2,514 | 3,059 | 2,558 | ||||||||||||||||||
Balance at end of period | $ | 44,771 | $ | 42,366 | $ | 35,885 | |||||||||||||||
Research and Development | |||||||||||||||||||||
Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Substantially all of these costs are in our Power Generation and mPower segments, the majority of which are related to the development of our B&W mPower™ reactor and the associated mPower Plant. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis and include contracts, cooperative agreements and grants. Research and development activities (including in-kind research and development services described below) totaled $200.8 million, $173.9 million and $163.0 million in the years ended December 31, 2013, 2012 and 2011, respectively. This includes amounts paid for by our customers of $43.2 million, $53.4 million and $56.6 million, in the years ended December 31, 2013, 2012 and 2011, respectively, and DOE funding described below of $78.4 million in the year ended December 31, 2013. | |||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recognized $15.8 million, $17.9 million and $16.6 million, respectively, of non-cash in-kind research and development costs (included above) related to services contributed by our minority partner to GmP, our majority-owned subsidiary formed in 2011 to oversee the program to develop the small modular nuclear power plant based on B&W mPower™ technology. | |||||||||||||||||||||
On April 12, 2013, Babcock & Wilcox mPower, Inc., a wholly owned subsidiary of B&W, entered into a Cooperative Agreement establishing the terms and conditions of a funding award totaling $150 million under the DOE’s Funding Program. This cost-sharing award requires us to use the DOE funds to cover first-of-a-kind engineering costs associated with SMR design certification and licensing efforts. The DOE will provide cost reimbursement for up to 50% of qualified expenditures incurred from April 1, 2013 to March 31, 2018. The DOE has authorized $99.3 million of funding for this award program as of December 31, 2013. Congress has allocated and designated an additional $85 million from the 2014 budget to the Cooperative Agreement; however, the DOE has not yet obligated those funds to us. The Cooperative Agreement also provides for reimbursement of pre-award costs incurred from October 1, 2012 to March 31, 2013. During the year ended December 31, 2013, we recognized $78.4 million associated with the funding award, including $21.5 million of pre-award cost reimbursement, as a reduction of research and development costs on our consolidated statements of income. Of the total pre-award cost reimbursement, $9.7 million relates to research and development costs incurred in the year ended December 31, 2012. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Income tax expense for federal, foreign, state and local income taxes are calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of provision for income taxes on our consolidated statements of income. | |||||||||||||||||||||
Inventories | |||||||||||||||||||||
We carry our inventories at the lower of cost or market. We determine cost principally on the first-in, first-out basis, except for certain materials inventories of our Power Generation segment, for which we use the last-in, first-out (“LIFO”) method. We determined the cost of approximately 18% and 17% of our total inventories using the LIFO method at December 31, 2013 and 2012, respectively, and our total LIFO reserve at December 31, 2013 and 2012 was approximately $7.7 million and $7.5 million, respectively. Inventories are summarized below: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Raw Materials and Supplies | $ | 85,455 | $ | 98,428 | |||||||||||||||||
Work in Progress | 10,872 | 7,956 | |||||||||||||||||||
Finished Goods | 16,731 | 17,834 | |||||||||||||||||||
Total Inventories | $ | 113,058 | $ | 124,218 | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
We carry our property, plant and equipment at depreciated cost, less any impairment provisions. | |||||||||||||||||||||
We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 33 years for buildings and three to 28 years for machinery and equipment. Our depreciation expense was $62.2 million, $59.4 million and $61.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them. | |||||||||||||||||||||
Property, plant and equipment is stated at cost and is set forth below: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Land | $ | 11,718 | $ | 11,875 | |||||||||||||||||
Buildings | 249,614 | 241,281 | |||||||||||||||||||
Machinery and equipment | 782,633 | 776,678 | |||||||||||||||||||
Property under construction | 82,718 | 69,206 | |||||||||||||||||||
1,126,683 | 1,099,040 | ||||||||||||||||||||
Less accumulated depreciation | 679,604 | 652,019 | |||||||||||||||||||
Net Property, Plant and Equipment | $ | 447,079 | $ | 447,021 | |||||||||||||||||
Investments in Unconsolidated Affiliates | |||||||||||||||||||||
We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, substantially all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which our investment ownership is less than 20% and where we are unable to exert significant influence are carried at cost. | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
The following summarizes the changes in the carrying amount of goodwill: | |||||||||||||||||||||
Power | Nuclear | Technical | Nuclear | Total | |||||||||||||||||
Generation | Operations | Services | Energy | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 99,102 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 276,180 | |||||||||||
Purchase price adjustment for acquisition of Loibl (Note 2) | 3,727 | — | — | — | 3,727 | ||||||||||||||||
Foreign currency translation adjustments and other | 873 | — | — | — | 873 | ||||||||||||||||
Balance at December 31, 2012 | $ | 103,702 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 280,780 | |||||||||||
Foreign currency translation adjustments and other | 928 | — | — | — | 928 | ||||||||||||||||
Balance at December 31, 2013 | $ | 104,630 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 281,708 | |||||||||||
Intangible Assets | |||||||||||||||||||||
We amortize intangible assets with definite lives to operating expense using the straight-line method. Our intangible assets are as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||
Gross cost: | |||||||||||||||||||||
Customer relationships | $ | 35,383 | $ | 36,644 | $ | 40,051 | |||||||||||||||
Acquired backlog | — | 2,979 | 22,435 | ||||||||||||||||||
Tradename | 11,945 | 11,945 | 15,169 | ||||||||||||||||||
Unpatented technology | 6,422 | 6,422 | 6,402 | ||||||||||||||||||
Patented technology | 2,521 | 6,961 | 6,961 | ||||||||||||||||||
All other | 9,755 | 7,912 | 7,901 | ||||||||||||||||||
Total | $ | 66,026 | $ | 72,863 | $ | 98,919 | |||||||||||||||
Accumulated amortization: | |||||||||||||||||||||
Customer relationships | $ | (13,490 | ) | $ | (11,173 | ) | $ | (8,618 | ) | ||||||||||||
Acquired backlog | — | (1,457 | ) | (17,040 | ) | ||||||||||||||||
Tradename | (8,015 | ) | (6,422 | ) | (6,509 | ) | |||||||||||||||
Unpatented technology | (3,335 | ) | (2,682 | ) | (2,033 | ) | |||||||||||||||
Patented technology | (806 | ) | (4,235 | ) | (3,219 | ) | |||||||||||||||
All other | (3,994 | ) | (4,343 | ) | (3,594 | ) | |||||||||||||||
Total | $ | (29,640 | ) | $ | (30,312 | ) | $ | (41,013 | ) | ||||||||||||
Net amortized intangible assets | $ | 36,386 | $ | 42,551 | $ | 57,906 | |||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||
NRC category 1 license | $ | 43,830 | $ | 43,830 | $ | 43,830 | |||||||||||||||
Trademarks and trade names | 1,305 | 1,305 | 1,305 | ||||||||||||||||||
Total unamortized intangible assets | $ | 45,135 | $ | 45,135 | $ | 45,135 | |||||||||||||||
The following summarizes the changes in the carrying amount of intangible assets: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 87,686 | $ | 103,041 | $ | 105,604 | |||||||||||||||
Business acquisitions & adjustments | 2,200 | (1,746 | ) | 9,100 | |||||||||||||||||
Amortization expense | (8,324 | ) | (11,010 | ) | (11,545 | ) | |||||||||||||||
Impairment charge | (1,260 | ) | (3,216 | ) | — | ||||||||||||||||
Foreign currency translation adjustments and other | 1,219 | 617 | (118 | ) | |||||||||||||||||
Balance at end of period | $ | 81,521 | $ | 87,686 | $ | 103,041 | |||||||||||||||
We recognized impairment charges totaling $1.3 million and $3.2 million in the years ended December 31, 2013 and 2012, respectively, related to the cancellation of operations and maintenance services contracts in our Power Generation segment. | |||||||||||||||||||||
The estimated amortization expense for the next five fiscal years is as follows (in thousands): | |||||||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||||||
2014 | $ | 5,578 | |||||||||||||||||||
2015 | $ | 4,421 | |||||||||||||||||||
2016 | $ | 4,349 | |||||||||||||||||||
2017 | $ | 4,108 | |||||||||||||||||||
2018 | $ | 3,351 | |||||||||||||||||||
Other Non-Current Assets | |||||||||||||||||||||
We have included deferred debt issuance costs in other assets. We amortize deferred debt issuance costs as interest expense over the life of the related debt. The following summarizes the changes in the carrying amount of these assets: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 8,468 | $ | 5,723 | $ | 8,102 | |||||||||||||||
Additions | — | 4,902 | 82 | ||||||||||||||||||
Interest expense – debt issuance costs | (1,950 | ) | (2,157 | ) | (2,461 | ) | |||||||||||||||
Balance at end of period | $ | 6,518 | $ | 8,468 | $ | 5,723 | |||||||||||||||
Capitalization of Interest Cost | |||||||||||||||||||||
We capitalize interest in accordance with FASB Topic Interest. We incurred total interest of $4.8 million, $4.9 million and $6.1 million in the years ended December 31, 2013, 2012 and 2011, respectively, of which we capitalized $1.7 million, $1.2 million and $1.6 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||||||||||||||
Our cash equivalents are highly liquid investments, with maturities of three months or less when we purchase them. | |||||||||||||||||||||
We record cash and cash equivalents as restricted when we are unable to freely use such cash and cash equivalents for our general operating purposes. At December 31, 2013, we had restricted cash and cash equivalents totaling $48.7 million, $3.9 million of which was held in restricted foreign cash accounts, $2.8 million of which was held for future decommissioning of facilities (which is included in other assets on our consolidated balance sheets), and $42.0 million of which was held to meet reinsurance reserve requirements of our captive insurer (in lieu of long-term investments). | |||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
Our global operations give rise to exposure to market risks from changes in foreign currency exchange (“FX”) rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments primarily to hedge our exposure associated with revenues or costs on our long-term contracts that are denominated in currencies other than our operating entities’ functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. | |||||||||||||||||||||
We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments denominated in foreign currencies. We record these contracts at fair value on our consolidated balance sheets. Depending on the hedge designation at the inception of the contract, the related gains and losses on these contracts are either deferred in stockholders’ equity as a component of accumulated other comprehensive income until the hedged item is recognized in earnings or offset against the change in fair value of the hedged firm commitment through earnings. Any ineffective portion of a derivative’s change in fair value and any portion excluded from the assessment of effectiveness is immediately recognized in other – net on our consolidated statements of income. The gain or loss on a derivative instrument not designated as a hedging instrument is also immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of other – net in our consolidated statements of income. | |||||||||||||||||||||
Self-Insurance | |||||||||||||||||||||
We have a wholly owned insurance subsidiary that provides employer’s liability, general and automotive liability and workers’ compensation insurance and, from time to time, builder’s risk insurance (within certain limits) to our companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. Included in other liabilities on our consolidated balance sheets are reserves for self-insurance totaling $37.8 million and $42.8 million at December 31, 2013 and 2012, respectively. The reduction in 2013 was primarily attributable to a change in estimate recognized in cost of operations in our consolidated statements of income. | |||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||
We estimate liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. We provide disclosure when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not reasonably estimable. We are currently involved in some significant litigation, as discussed in Note 11. Our losses are typically resolved over long periods of time and are often difficult to assess and estimate due to, among other reasons, the possibility of multiple actions by third parties; the attribution of damages, if any, among multiple defendants; plaintiffs, in most cases involving personal injury claims, do not specify the amount of damages claimed; the discovery process may take multiple years to complete; during the litigation process, it is common to have multiple complex unresolved procedural and substantive issues; the potential availability of insurance and indemnity coverages; the wide-ranging outcomes reached in similar cases, including the variety of damages awarded; the likelihood of settlements for de minimus amounts prior to trial; the likelihood of success at trial; and the likelihood of success on appeal. Consequently, it is possible future earnings could be affected by changes in our assessments of the probability that a loss has been incurred in a material pending litigation against us and/or changes in our estimates related to such matters. | |||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
We expense stock-based compensation in accordance with FASB Topic Compensation – Stock Compensation. Under this topic, the fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Grant date fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Grant date fair values for stock options and stock appreciation rights are determined using a Black-Scholes option-pricing model (“Black-Scholes”). The determination of the fair value of a share-based payment award using an option-pricing model requires the input of significant assumptions, such as the expected life of the award and stock price volatility. | |||||||||||||||||||||
Under the provisions of this FASB topic, we recognize expense, net of an estimated forfeiture rate, for all share-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. This topic requires compensation expense to be recognized, net of an estimate for forfeitures, such that compensation expense is recorded only for those awards expected to vest. We review the estimate for forfeitures periodically and record any adjustments deemed necessary for each reporting period. If our actual forfeiture rate is materially different from our estimate, the stock-based compensation expense could be significantly different from what we have recorded in the current period. | |||||||||||||||||||||
Additionally, this FASB topic amended FASB Topic Statement of Cash Flows, to require excess tax benefits to be reported as a financing cash flow, rather than as a reduction of taxes paid. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. | |||||||||||||||||||||
See Note 10 for a further discussion of stock-based compensation. | |||||||||||||||||||||
Recently Adopted Accounting Standards | |||||||||||||||||||||
In July 2012, the Financial Accounting Standards Board (the “FASB”) issued an update to Topic Intangibles—Goodwill and Other. This update permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test currently required under this topic. On January 1, 2013, we adopted this update. The adoption of these provisions did not have an impact on our financial statements. | |||||||||||||||||||||
In February 2013, the FASB issued an update to Topic Comprehensive Income. This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of income or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. On January 1, 2013, we adopted this update. The adoption of these provisions did not have an impact on our financial statements. | |||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||
In February 2013, the FASB issued an update to the Topic Liabilities. This update requires an entity to recognize obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. This update will be effective for us in 2014. We do not expect the adoption of this update to have a material impact on our financial statements. | |||||||||||||||||||||
In July 2013, the FASB issued an update to the Topic Income Taxes. This update relates to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This update will be effective for us in 2014. We do not expect the adoption of this update to have a material impact on our financial statements. |
Business_Acquisitions_and_Inve
Business Acquisitions and Investments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Business Acquisitions and Investments | ' | ||||||||
NOTE 2 – BUSINESS ACQUISITIONS AND INVESTMENTS | |||||||||
Anlagenbau und Fördertechnik Arthur Loibl GmbH | |||||||||
In November 2011, our Power Generation segment, acquired Anlagenbau und Fördertechnik Arthur Loibl GmbH (“Loibl”) for approximately $24.2 million. The acquisition of Loibl, a German-based manufacturer of material handling equipment, expands the products, services and global reach of our Power Generation segment’s ash handling business, which is one of the world’s leading suppliers of ash handling solutions for the power generation and other industries. | |||||||||
In connection with the Loibl acquisition, we recorded goodwill of approximately $14.7 million, intangible assets of $7.6 million, property, plant and equipment of $2.5 million and other net liabilities totaling $0.9 million. During 2012, we finalized our purchase price allocation for the Loibl acquisition, resulting in an increase to goodwill of approximately $3.7 million. The intangible assets consist of the following (dollar amounts in thousands): | |||||||||
Amount | Amortization | ||||||||
Period | |||||||||
Customer relationships | $ | 3,200 | 8 years | ||||||
Backlog | $ | 3,100 | 2 years | ||||||
Tradename | $ | 800 | 5 years | ||||||
Unpatented technology | $ | 500 | 12 years | ||||||
USEC Inc. Investment | |||||||||
In May 2010, our subsidiary Babcock & Wilcox Investment Company (“BWICO”) entered into an agreement with Toshiba Corporation (“Toshiba”), which was subsequently assigned to one of its subsidiaries, and USEC to make a strategic investment in USEC totaling $200 million payable over three phases. In September 2010, following the satisfaction of certain conditions, including the availability to USEC’s American Centrifuge program of at least $2 billion in uncommitted funds under the DOE’s Loan Guarantee Program for front-end nuclear fuel facilities and the establishment of a joint venture between us and USEC for supply by the joint venture of centrifuges and related equipment for the American Centrifuge program, we made a $37.5 million investment in USEC as part of a definitive agreement for us to make a total $100 million strategic investment in USEC. | |||||||||
In connection with our investment, we received 37,500 shares of USEC Series B-1 12.75% Convertible Preferred Stock; Warrants to purchase 3,125,000 shares of USEC Class B Common Stock at an exercise price of $7.50 per share, which are exercisable between January 1, 2015 and December 31, 2016; and a seat on USEC’s board of directors. On July 1, 2013, USEC completed a 1-for-25 reverse stock split of its common stock, resulting in a decrease of the shares to be purchased under the Warrants to 125,000 at an adjusted exercise price of $187.50 per share. | |||||||||
In 2011, we entered into a standstill agreement with USEC and Toshiba when it became apparent that USEC would not be able to satisfy the closing conditions applicable to the second phase of the strategic investment. Pursuant to the standstill agreement, each party agreed not to exercise its right to terminate the strategic investment agreement for a limited standstill period, as subsequently extended. USEC has been unable to satisfy the closing conditions to the second and third phases of the strategic investment and the limited standstill period, as extended, has expired. Currently, BWICO, Toshiba and USEC each have the right to terminate their obligations under the original strategic investment agreement. | |||||||||
On June 12, 2012, USEC entered into a Cooperative Agreement with the DOE to provide funding for a cost-share research, development and demonstration (“RD&D”) program to enhance the technical and financial readiness of centrifuge technology for commercialization. The Cooperative Agreement provides for 80% DOE and 20% USEC cost sharing for work performed during the period from June 1, 2012 through December 31, 2013. | |||||||||
On August 1, 2012 USEC filed its quarterly report for the period ended June 30, 2012 on Form 10-Q with the Securities and Exchange Commission. This report contained several updated risk factors (along with other disclosures) concerning operational and structural issues facing USEC including, but not limited to, the future operations of USEC’s Paducah Gaseous Diffusion Plant, achievement of milestones under the RD&D program discussed above, approved funding for the RD&D program, achievement of milestones under a 2002 DOE-USEC Agreement to develop, demonstrate and deploy the American Centrifuge technology and possible failure to maintain compliance with listing requirements of the New York Stock Exchange, which could result in a delisting of USEC’s common stock (which could require USEC to repurchase its convertible notes for cash and trigger a default under its credit facility). In addition, on August 15, 2012 Standard & Poor’s lowered its ratings on USEC, including the corporate credit rating to CCC from CCC+ along with a negative outlook. Standard & Poor’s also lowered its issue-level rating on USEC’s senior convertible notes due October 2014 to CC from CCC-. In the third quarter of 2012, based on the facts and circumstances disclosed above, we decided that a fair value determination of our cost-method investment in USEC Preferred Stock was warranted. We determined the fair value of our investment in USEC Preferred Stock, with the assistance of a third party valuation firm, resulting in a $27.0 million impairment charge recognized in the third quarter of 2012. This impairment resulted in a remaining book value of our preferred stock investment totaling $19.1 million. | |||||||||
On March 18, 2013, USEC filed its annual report for the period ended December 31, 2012 on Form 10-K with the Securities and Exchange Commission. This report disclosed the recognition of a $1.1 billion impairment charge resulting in a stockholders’ deficit position at December 31, 2012, and USEC further disclosed that it had engaged with advisors and certain stakeholders on alternatives for a possible restructuring of its balance sheet. These events resulted in USEC’s independent registered public accounting firm including an explanatory paragraph in its report stating that these factors raise substantial doubt about USEC’s ability to continue as a going concern. | |||||||||
On December 16, 2013, USEC announced that it had reached an agreement (“Plan Support Agreement”) with a majority of the holders of USEC’s outstanding convertible notes due October 2014 on the terms of a financial restructuring. The Plan Support Agreement was entered into with noteholders representing more than 60% of USEC’s convertible notes regarding a proposed voluntary Chapter 11 pre-packaged or pre-arranged plan of reorganization of USEC (the “Plan”). | |||||||||
The Plan includes, among other things, for B&W to receive 7.98% of the new USEC common stock and approximately $20.2 million in principal amount of USEC’s new notes in exchange for B&W’s current investment in USEC Series B-1 12.75% Convertible Preferred Stock and Warrants. Pursuant to the terms of the Plan Support Agreement, the Plan is subject to certain material conditions precedent, which must be satisfied or waived as a condition to moving forward with the commencement of a Chapter 11 case or solicitation on the Plan. The material closing conditions include, among other things, reaching mutual agreement on the treatment of B&W and Toshiba’s Convertible Preferred Stock and Warrants. In addition, the plan support agreement is subject to certain termination events, including satisfying the material conditions by February 28, 2014 and DOE’s failure to extend the current RD&D program through September 30, 2014 at a rate equal to not less than $10 million per month with DOE’s continued funding of 80% of the program. Due to the uncertainty surrounding the Plan, we have re-assessed the carrying value of our remaining book value of our preferred stock investment. We have recorded a $19.1 million impairment charge recognized in the fourth quarter of 2013, resulting in a remaining book value of $0. | |||||||||
We continue to manufacture components for and provide technical support services to the American Centrifuge program. |
Equity_Method_Investments
Equity Method Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments | ' | ||||||||||||
NOTE 3 – EQUITY METHOD INVESTMENTS | |||||||||||||
We have investments in entities that we account for using the equity method. The undistributed earnings of our equity method investees were $113.0 million and $115.6 million at December 31, 2013 and 2012, respectively. | |||||||||||||
Summarized below is combined balance sheet and income statement information for investments accounted for under the equity method: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 800,704 | $ | 835,997 | |||||||||
Noncurrent assets | 252,430 | 271,233 | |||||||||||
Total Assets | $ | 1,053,134 | $ | 1,107,230 | |||||||||
Current liabilities | $ | 610,329 | $ | 616,786 | |||||||||
Noncurrent liabilities | 72,742 | 89,285 | |||||||||||
Owners’ equity | 370,063 | 401,159 | |||||||||||
Total Liabilities and Owners’ Equity | $ | 1,053,134 | $ | 1,107,230 | |||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 2,832,202 | $ | 2,758,159 | $ | 2,669,923 | |||||||
Gross profit | $ | 208,714 | $ | 210,425 | $ | 271,920 | |||||||
Income before provision for income taxes | $ | 150,511 | $ | 146,911 | $ | 185,859 | |||||||
Provision for income taxes | 8,603 | 9,000 | 14,258 | ||||||||||
Net Income | $ | 141,908 | $ | 137,911 | $ | 171,601 | |||||||
Revenues of equity method investees include $2,121.0 million, $2,222.4 million and $1,956.7 million of reimbursable costs recorded by limited liability companies in our Technical Services segment at December 31, 2013, 2012 and 2011, respectively. Our investment in equity method investees was $4.5 million more than our underlying equity in net assets of those investees based on stated ownership percentages at December 31, 2013. These differences were primarily related to the timing of distribution of dividends and various adjustments under GAAP. | |||||||||||||
The provision for income taxes is based on the tax laws and rates in the countries in which our investees operate. There is no expected relationship between the provision for income taxes and income before provision for income taxes. The taxation regimes vary not only by their nominal rates, but also by the allowability of deductions, credits and other benefits. For some of our U.S. investees, U.S. income taxes are the responsibility of the respective owners. | |||||||||||||
Reconciliation of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Equity income based on stated ownership percentages | $ | 68,305 | $ | 66,064 | $ | 81,971 | |||||||
All other adjustments due to amortization of basis differences, timing of GAAP adjustments and other adjustments | (247 | ) | 645 | (3,316 | ) | ||||||||
Equity in income of investees | $ | 68,058 | $ | 66,709 | $ | 78,655 | |||||||
Our transactions with unconsolidated affiliates were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Sales to | $ | 99,443 | $ | 42,538 | $ | 49,400 | |||||||
Purchases from | $ | 4,645 | $ | 1,814 | $ | 980 | |||||||
Dividends received | $ | 79,595 | $ | 51,594 | $ | 57,801 | |||||||
Capital contributions, net of returns | $ | 6,884 | $ | 6,289 | $ | 38,176 | |||||||
We recognized a $1.2 million gain in the year ended December 31, 2012 from the sale of our interest in a joint venture associated with the management and operations of the Strategic Petroleum Reserve. |
Global_Competitiveness_Initiat
Global Competitiveness Initiative | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||
Global Competitiveness Initiative | ' | ||||||||
NOTE 4 – GLOBAL COMPETITIVENESS INITIATIVE | |||||||||
In the third quarter of 2012, we announced the Global Competitiveness Initiative (“GCI”) to enhance competitiveness, better position B&W for growth, and improve profitability. In conjunction with GCI, during the year ended December 31, 2013, we reduced our workforce and initiated other actions, resulting in $23.7 million of expenses related to employee termination benefits, $8.5 million of expenses related to consulting and administrative costs, and $7.4 million of expenses related to facility consolidation. | |||||||||
At December 31, 2013, unpaid GCI charges totaled $8.6 million for employee termination benefits and $1.5 million related to facility consolidation. The following summarizes the changes in our GCI restructuring liability for the years ended December 31, 2013 and December 31, 2012: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Liability balance at the beginning of the period | $ | — | $ | — | |||||
Special charges for restructuring activities(1) | 36,150 | — | |||||||
Payments | (26,096 | ) | — | ||||||
Liability balance at the end of the period | $ | 10,054 | $ | — | |||||
-1 | The charges in the year ended December 31, 2013 exclude $2.0 million of accelerated depreciation and $1.4 million of asset impairments that did not impact the restructuring liability. | ||||||||
Approximately $18.2 million and $8.6 million of the GCI charges were related to activities conducted in our Power Generation and Nuclear Energy segments, respectively. The remaining charges primarily relate to corporate activities. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
NOTE 5 – INCOME TAXES | |||||||||||||||||
B&W and its subsidiaries are subject to U.S. federal income tax and income tax of multiple state and international jurisdictions. We provide for income taxes based on the tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. | |||||||||||||||||
The results of the U.S. operations of McDermott International, Inc. (“MII”) and/or certain of its subsidiaries were reflected in our consolidated return for U.S. federal income tax purposes and/or certain consolidated, combined and unitary returns for state, local and foreign tax purposes through June 7, 2010. The Statute of Limitations is closed for 2009 and prior U.S. federal income tax return years. | |||||||||||||||||
We are currently under audit by various state and international authorities. With few exceptions, we do not have any returns under examination for years prior to 2009. | |||||||||||||||||
We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | 4,487 | $ | 32,357 | $ | 36,342 | |||||||||||
Increases based on tax positions taken in the current year | 732 | 980 | 1,171 | ||||||||||||||
Increases based on tax positions taken in the prior years | 1,546 | 65 | 3,269 | ||||||||||||||
Decreases based on tax positions taken in the prior years | (167 | ) | (3,114 | ) | (4,329 | ) | |||||||||||
Decreases due to settlements with tax authorities | — | (1,101 | ) | (1,073 | ) | ||||||||||||
Decreases due to lapse of applicable statute of limitation | (868 | ) | (24,700 | ) | (3,023 | ) | |||||||||||
Balance at end of period | $ | 5,730 | $ | 4,487 | $ | 32,357 | |||||||||||
The $5.7 million balance of unrecognized tax benefits at December 31, 2013 would reduce our effective tax rate if recognized. | |||||||||||||||||
We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes. During the year ended December 31, 2013, we recorded an increase in our accruals of $0.1 million, resulting in recorded liabilities of approximately $0.4 million for the payment of tax-related interest and penalties. At December 31, 2012 and 2011, our recorded liabilities for the payment of tax-related interest and penalties totaled approximately $0.3 million and $1.1 million, respectively. | |||||||||||||||||
We believe that, within the next 12 months, it is reasonably possible that our previously unrecognized tax benefits could increase by less than $1.0 million. | |||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Pension liability | $ | 105,370 | $ | 201,229 | |||||||||||||
Accrued warranty expense | 18,003 | 26,695 | |||||||||||||||
Accrued vacation pay | 12,865 | 13,312 | |||||||||||||||
Accrued liabilities for self-insurance (including postretirement health care benefits) | 33,349 | 35,374 | |||||||||||||||
Accrued liabilities for executive and employee incentive compensation | 45,413 | 39,483 | |||||||||||||||
Environmental and products liabilities | 8,858 | 8,024 | |||||||||||||||
Investments in joint ventures and affiliated companies | 23,780 | 16,993 | |||||||||||||||
Long-term contracts | 37,684 | 29,807 | |||||||||||||||
Net operating loss carryforward | 12,539 | 15,787 | |||||||||||||||
State tax net operating loss carryforward | 21,252 | 21,757 | |||||||||||||||
Foreign tax credit carryforward | 320 | 808 | |||||||||||||||
Other | 7,135 | 7,722 | |||||||||||||||
Total deferred tax assets | 326,568 | 416,991 | |||||||||||||||
Valuation allowance for deferred tax assets | (24,872 | ) | (19,979 | ) | |||||||||||||
Deferred tax assets | 301,696 | 397,012 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Property, plant and equipment | 35,797 | 39,016 | |||||||||||||||
Investments in joint ventures and affiliated companies | — | 1,064 | |||||||||||||||
Long-term contracts | 27,628 | 30,571 | |||||||||||||||
Intangibles | 29,388 | 24,756 | |||||||||||||||
Other | 8,631 | 9,580 | |||||||||||||||
Total deferred tax liabilities | 101,444 | 104,987 | |||||||||||||||
Net deferred tax assets | $ | 200,252 | $ | 292,025 | |||||||||||||
Income before provision for income taxes was as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
U.S. | $ | 399,263 | $ | 222,840 | $ | 39,417 | |||||||||||
Other than U.S. | 117,910 | 96,578 | 55,081 | ||||||||||||||
Income before provision for income taxes | $ | 517,173 | $ | 319,418 | $ | 94,498 | |||||||||||
The provision for income taxes consisted of: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Current: | |||||||||||||||||
U.S. – federal | $ | 70,660 | $ | 39,784 | $ | 24,591 | |||||||||||
U.S. – state and local | 6,388 | 7,979 | 7,452 | ||||||||||||||
Other than U.S. | 13,467 | 11,060 | 11,037 | ||||||||||||||
Total current | 90,515 | 58,823 | 43,080 | ||||||||||||||
Deferred: | |||||||||||||||||
U.S. – Federal | 69,810 | 24,560 | (20,066 | ) | |||||||||||||
U.S. – State and local | 6,546 | 6,545 | 5,195 | ||||||||||||||
Other than U.S. | 17,712 | 11,933 | (4,329 | ) | |||||||||||||
Total deferred (benefit) provision | 94,068 | 43,038 | (19,200 | ) | |||||||||||||
Provision for income taxes | $ | 184,583 | $ | 101,861 | $ | 23,880 | |||||||||||
The following is a reconciliation of the U.S. statutory federal tax rate (35%) to the consolidated effective tax rate: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
U.S. federal statutory (benefit) rate | 35 | % | 35 | % | 35 | % | |||||||||||
State and local income taxes | 2.5 | 4.3 | 6.4 | ||||||||||||||
Foreign rate differential | (2.5 | ) | (4.1 | ) | (11.8 | ) | |||||||||||
Foreign operations | — | 0.5 | 6.4 | ||||||||||||||
Tax credits | (2.0 | ) | (2.5 | ) | (46.8 | ) | |||||||||||
Dividends and deemed dividends from affiliates | 1.2 | 2.3 | 38.7 | ||||||||||||||
Valuation allowances | 0.9 | 3.4 | 7.6 | ||||||||||||||
Uncertain tax positions | 0.3 | (9.0 | ) | (2.8 | ) | ||||||||||||
Non-deductible expenses | 0.4 | 1.3 | 5.5 | ||||||||||||||
Additional spin related benefit | — | — | (4.6 | ) | |||||||||||||
Manufacturing deduction | (1.4 | ) | (1.3 | ) | (3.6 | ) | |||||||||||
Minority interest | 1 | 1.1 | 3.2 | ||||||||||||||
Other | 0.3 | 0.9 | (7.9 | ) | |||||||||||||
Effective tax rate | 35.7 | % | 31.9 | % | 25.3 | % | |||||||||||
At December 31, 2013, we had a valuation allowance of $24.9 million for deferred tax assets, which we expect cannot be realized through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. Any changes to our estimated valuation allowance could be material to our consolidated financial statements. | |||||||||||||||||
The following is an analysis of our valuation allowance for deferred tax assets: | |||||||||||||||||
Beginning | Charges To | Charged To | Ending | ||||||||||||||
Balance | Costs and | Other | Balance | ||||||||||||||
Expenses | Accounts | ||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2013 | $ | (19,979 | ) | (4,893 | ) | — | $ | (24,872 | ) | ||||||||
Year Ended December 31, 2012 | $ | (9,354 | ) | (10,625 | ) | — | $ | (19,979 | ) | ||||||||
Year Ended December 31, 2011 | $ | (2,205 | ) | (7,149 | ) | — | $ | (9,354 | ) | ||||||||
We have foreign net operating loss carryforwards of $50.5 million available to offset future taxable income in foreign jurisdictions. Of the foreign net operating loss carryforwards, $3.8 million is scheduled to expire in 2017 to 2033. We have foreign tax credit carryovers of $0.3 million which will expire in 2014. We have state net operating losses of $404.0 million available to offset future taxable income in various states. Our state net operating loss carryforwards begin to expire in the year 2014. We are carrying a valuation allowance of $9.8 million against the deferred tax asset related to the state loss carryforwards. | |||||||||||||||||
We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries. For the year ended December 31, 2013, the undistributed earnings of these subsidiaries were $275.6 million. Unrecognized deferred income tax liabilities, including withholding taxes, of approximately $42.6 million would be payable upon distribution of these earnings. We have provided tax of $6.5 million on earnings we intend to remit. All other earnings are considered permanently reinvested. |
LongTerm_Debt_and_Notes_Payabl
Long-Term Debt and Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Notes Payable | ' | ||||||||
NOTE 6 – LONG-TERM DEBT AND NOTES PAYABLE | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Long-term debt consists of: | |||||||||
Secured Debt: | |||||||||
Power Generation – various notes payable | $ | 444 | $ | 639 | |||||
Other | 3 | 5 | |||||||
447 | 644 | ||||||||
Less: Amounts due within one year | 222 | 214 | |||||||
Long-term debt | $ | 225 | $ | 430 | |||||
Notes payable and current maturities of long-term debt consist of: | |||||||||
Short-term lines of credit | $ | 4,449 | $ | 3,848 | |||||
Current maturities of long-term debt | 222 | 214 | |||||||
Total | $ | 4,671 | $ | 4,062 | |||||
Interest rate on short-term borrowing | 6.6 | % | 6.6 | % | |||||
Our short-term lines of credit represent borrowings by one of our subsidiaries. We have included this amount in notes payable and current maturities of long-term debt on our consolidated balance sheets. This facility is renewable annually and the interest rate associated with this line of credit was 6.6% per annum at December 31, 2013. | |||||||||
Maturities of long-term debt during the five years subsequent to December 31, 2013 are as follows: 2014 – $0.2 million; 2015 – $0.2 million; 2016 – $0.0 million; 2017 – $0.0 million; and 2018 – $0.0 million. | |||||||||
Credit Facility | |||||||||
On June 8, 2012, B&W entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with a syndicate of lenders and letter of credit issuers, and Bank of America, N.A., as administrative agent, which amended and restated our previous Credit Agreement dated May 3, 2010. The Credit Agreement provides for revolving credit borrowings and issuances of letters of credit in an aggregate outstanding amount of up to $700 million, and is scheduled to mature June 8, 2017. The proceeds of the Credit Agreement are available for working capital needs and other general corporate purposes. The Credit Agreement includes procedures for additional financial institutions to become lenders, or for any existing lender to increase its commitment thereunder, subject to an aggregate maximum of $1.0 billion for all revolving loan and letter of credit commitments. | |||||||||
The Credit Agreement is guaranteed by substantially all of B&W’s wholly owned domestic subsidiaries. Obligations under the Credit Agreement are secured by first-priority liens on certain assets owned by B&W and the guarantors (other than subsidiaries comprising our Nuclear Operations and Technical Services segments). If the corporate family rating of B&W and its subsidiaries from Moody’s is Baa3 or better (with a stable outlook or better), the corporate rating of B&W and its subsidiaries from Standard & Poor’s is BBB- or better (with a stable outlook or better), and other conditions are met, the liens securing obligations under the Credit Agreement will be released, subject to reinstatement upon the terms set forth in the Credit Agreement. | |||||||||
The Credit Agreement requires only interest payments on a periodic basis until maturity. We may prepay all loans under the Credit Agreement at any time without premium or penalty (other than customary LIBOR breakage costs), subject to certain notice requirements. | |||||||||
The Credit Agreement contains customary financial covenants relating to leverage and interest coverage and includes covenants that restrict, among other things, debt incurrence, liens, investments, acquisitions, asset dispositions, dividends, prepayments of subordinated debt and mergers. At December 31, 2013, we were in compliance with all of the covenants set forth in the Credit Agreement. A comparison of the key financial covenants and current compliance at December 31, 2013 is as follows: | |||||||||
Required | Actual | ||||||||
Less than | |||||||||
Maximum leverage ratio | 2.75 to 1.0 | 0.08 to 1.0 | |||||||
Greater than | |||||||||
Minimum interest coverage ratio | 4.0 to1.0 | 87.84 to 1.0 | |||||||
Loans outstanding under the Credit Agreement bear interest at our option at either the Eurocurrency rate plus a margin ranging from 1.25% to 2.25% per year or the base rate (the highest of the Federal Funds rate plus 0.50%, the one month Eurocurrency rate plus 1.0%, or the administrative agent’s prime rate) plus a margin ranging from 0.25% to 1.25% per year. The applicable margin for revolving loans varies depending on the credit ratings of the Credit Agreement. Under the Credit Agreement, we are charged a commitment fee on the unused portion of the Credit Agreement and that fee varies between 0.225% and 0.350% per year depending on the credit ratings of the Credit Agreement. Additionally, we are charged a letter of credit fee of between 1.25% and 2.25% per year with respect to the amount of each financial letter of credit issued under the Credit Agreement and a letter of credit fee of between 0.80% and 1.25% per year with respect to the amount of each performance letter of credit issued under the Credit Agreement, in each case depending on the credit ratings of the Credit Agreement. We also pay customary fronting fees and other fees and expenses in connection with the issuance of letters of credit under the Credit Agreement. In connection with entering into the Credit Agreement, we paid upfront fees to the lenders thereunder, and arrangement and other fees to the arrangers and agents of the Credit Agreement. At December 31, 2013, there were no borrowings outstanding and letters of credit issued under the Credit Agreement totaled $163.0 million, resulting in $537.0 million available for borrowings or to meet letter of credit requirements. The applicable interest rate at December 31, 2013 under this facility was 3.75% per year for revolving loans. | |||||||||
Based on the current credit ratings of the Credit Agreement, the applicable margin for Eurocurrency loans is 1.50%, the applicable margin for base rate loans is 0.50%, the letter of credit fee for financial letters of credit is 1.50%, the letter of credit fee for performance letters of credit is 0.875%, and the commitment fee for unused portions of the Credit Agreement is 0.25%. The Credit Agreement does not have a floor for the base rate or the Eurocurrency rate. | |||||||||
The Credit Agreement generally includes customary events of default for a secured credit facility. If any default occurs under the Credit Agreement, or if we are unable to make any of the representations and warranties in the Credit Agreement, we will be unable to borrow funds or have letters of credit issued under the Credit Agreement. | |||||||||
Other Arrangements | |||||||||
Certain subsidiaries in our Power Generation segment have credit arrangements with various commercial banks and other financial institutions for the issuance of letters of credit and bank guarantees in association with contracting activity. The aggregate value of all such letters of credit and bank guarantees as of December 31, 2013 was $96.4 million. | |||||||||
B&W and certain of its subsidiaries have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue in support of some of our contracting activity. As of December 31, 2013, bonds issued and outstanding under these arrangements in support of contracts totaled approximately $405.8 million. |
Pension_Plans_and_Postretireme
Pension Plans and Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Pension Plans and Postretirement Benefits | ' | ||||||||||||||||||||||||||
NOTE 7 – PENSION PLANS AND POSTRETIREMENT BENEFITS | |||||||||||||||||||||||||||
We have historically provided defined benefit retirement benefits, primarily through noncontributory pension plans, for most of our regular employees. As of 2006, our retirement plans for U.S.-based employees were closed to new entrants for our corporate employees and were closed to new salaried plan entrants for our existing plans within our Power Generation and Nuclear Operations segments. Effective October 31, 2008, the salaried and hourly retirement plans acquired with Marine Mechanical Corporation were merged into the retirement plan for our Nuclear Operations segment. Effective December 31, 2008, we acquired the retirement plans and postretirement benefit plans of NFS. | |||||||||||||||||||||||||||
In October 2012, we notified employees that, effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under our major U.S. and Canadian defined benefit qualified pension plans will cease. This amendment is reflected as a curtailment at December 31, 2012. Furthermore, effective January 1, 2016, we will make service-based, cash contributions to The Babcock & Wilcox Company Thrift Plan (the “Thrift Plan”) for those employees impacted by the plan freeze. | |||||||||||||||||||||||||||
Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the “Canadian Plans”). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of six months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. This amendment to the Canadian Plans is reflected as a curtailment in 2012. | |||||||||||||||||||||||||||
We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. The Pension Protection Act of 2006 became effective in 2008. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. Assuming we continue as a government contractor, our contractual arrangements with the U.S. Government provide for the recovery of contributions to our pension and other postretirement benefit plans covering employees working primarily in our Nuclear Operations segment. | |||||||||||||||||||||||||||
We make available other benefits which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts. Certain subsidiaries provide these benefits to unionized and salaried future retirees. | |||||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits Year | ||||||||||||||||||||||||||
Year Ended | Ended December 31, | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 2,779,990 | $ | 2,687,007 | $ | 116,256 | $ | 122,460 | |||||||||||||||||||
Service cost | 46,417 | 46,828 | 975 | 1,138 | |||||||||||||||||||||||
Interest cost | 111,200 | 122,605 | 3,745 | 5,124 | |||||||||||||||||||||||
Plan participants’ contributions | 266 | 300 | 1,055 | 115 | |||||||||||||||||||||||
Curtailments | — | (94,642 | ) | — | — | ||||||||||||||||||||||
Amendments | 3,105 | 2,996 | — | (1,302 | ) | ||||||||||||||||||||||
Settlements | (21,862 | ) | (57,430 | ) | — | — | |||||||||||||||||||||
Actuarial loss (gain) | (195,290 | ) | 198,935 | (16,335 | ) | (2,153 | ) | ||||||||||||||||||||
Foreign currency exchange rate changes | (17,465 | ) | 6,793 | (655 | ) | 220 | |||||||||||||||||||||
Benefits paid | (136,266 | ) | (133,402 | ) | (9,135 | ) | (9,346 | ) | |||||||||||||||||||
Benefit obligation at end of period | $ | 2,570,095 | $ | 2,779,990 | $ | 95,906 | $ | 116,256 | |||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 2,127,694 | $ | 1,917,850 | $ | 37,324 | $ | 33,558 | |||||||||||||||||||
Actual return on plan assets | 155,071 | 207,728 | 6,056 | 2,233 | |||||||||||||||||||||||
Plan participants’ contributions | 266 | 300 | 1,055 | 115 | |||||||||||||||||||||||
Company contributions | 70,681 | 187,284 | 7,974 | 10,764 | |||||||||||||||||||||||
Settlements | (21,862 | ) | (57,430 | ) | — | — | |||||||||||||||||||||
Foreign currency exchange rate changes | (14,261 | ) | 5,364 | — | — | ||||||||||||||||||||||
Benefits paid | (136,266 | ) | (133,402 | ) | (9,135 | ) | (9,346 | ) | |||||||||||||||||||
Fair value of plan assets at the end of period | 2,181,323 | 2,127,694 | 43,274 | 37,324 | |||||||||||||||||||||||
Funded status | $ | (388,772 | ) | $ | (652,296 | ) | $ | (52,632 | ) | $ | (78,932 | ) | |||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||||
Accrued employee benefits | $ | (54,391 | ) | $ | (75,119 | ) | $ | (9,438 | ) | $ | (7,724 | ) | |||||||||||||||
Accumulated postretirement benefit obligation | — | — | (43,194 | ) | (71,208 | ) | |||||||||||||||||||||
Pension liability | (334,538 | ) | (577,177 | ) | — | — | |||||||||||||||||||||
Prepaid pension | 157 | — | — | — | |||||||||||||||||||||||
Accrued benefit liability, net | $ | (388,772 | ) | $ | (652,296 | ) | $ | (52,632 | ) | $ | (78,932 | ) | |||||||||||||||
Amount recognized in accumulated comprehensive income (before taxes): | |||||||||||||||||||||||||||
Prior service cost (credit) | $ | 18,237 | $ | 18,327 | $ | (2,338 | ) | $ | (2,523 | ) | |||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||
Plans with accumulated benefit obligation in excess of plan assets | |||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,433,369 | $ | 2,779,990 | N/A | N/A | |||||||||||||||||||||
Accumulated benefit obligation | $ | 2,406,269 | $ | 2,723.93 | $ | 95,906 | $ | 116,256 | |||||||||||||||||||
Fair value of plan assets | $ | 2,047,507 | $ | 2,127,694 | $ | 43,274 | $ | 37,324 | |||||||||||||||||||
Plans with plan assets in excess of accumulated benefit obligation | |||||||||||||||||||||||||||
Projected benefit obligation | $ | 136,726 | $ | — | N/A | N/A | |||||||||||||||||||||
Accumulated benefit obligation | $ | 132,221 | $ | — | $ | — | $ | — | |||||||||||||||||||
Fair value of plan assets | $ | 133,816 | $ | — | $ | — | $ | — | |||||||||||||||||||
Pension Benefits | Other Benefits Year Ended | ||||||||||||||||||||||||||
Year Ended | December 31, | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 46,417 | $ | 46,828 | $ | 43,495 | $ | 975 | $ | 1,138 | $ | 1,143 | |||||||||||||||
Interest cost | 111,200 | 122,605 | 134,927 | 3,745 | 5,124 | 5,805 | |||||||||||||||||||||
Expected return on plan assets | (147,621 | ) | (136,913 | ) | (148,347 | ) | (2,116 | ) | (1,930 | ) | (1,919 | ) | |||||||||||||||
Amortization of prior service cost | 3,158 | 3,579 | 3,721 | (148 | ) | (139 | ) | 33 | |||||||||||||||||||
Recognized net actuarial loss (gain) | (202,442 | ) | 34,496 | 212,802 | (20,483 | ) | (2,456 | ) | 2,952 | ||||||||||||||||||
Net periodic benefit cost (income) | $ | (189,288 | ) | $ | 70,595 | $ | 246,598 | $ | (18,027 | ) | $ | 1,737 | $ | 8,014 | |||||||||||||
Recognized net actuarial loss (gain) consists primarily of our reported actuarial loss (gain), curtailments, and the difference between the actual return on plan assets and the expected return on plan assets. These amounts are disclosed in this Note 7. As discussed in Note 17, we have excluded the recognized net actuarial loss (gain) from our reportable segments and such amount has been reflected in Note 17 as the Mark to Market Adjustment in the reconciliation of reportable segment income to consolidated operating income. The recognized net actuarial loss (gain) and the affected consolidated statements of income line items are as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cost of operations | $ | (191,352 | ) | $ | 23,893 | $ | 176,449 | ||||||||||||||||||||
Selling, general and administrative expenses | (31,384 | ) | 7,997 | 38,969 | |||||||||||||||||||||||
Other-net | (189 | ) | 150 | 336 | |||||||||||||||||||||||
Total | $ | (222,925 | ) | $ | 32,040 | $ | 215,754 | ||||||||||||||||||||
Additional Information | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Increase (decrease) in accumulated other comprehensive income due to actuarial losses - before taxes | $ | (3,105 | ) | $ | (1,957 | ) | $ | — | $ | 1,302 | |||||||||||||||||
In the current fiscal year, we have recognized expense (income) in other comprehensive income as components of net periodic benefit cost approximately $3.2 million and $(0.1) million for our pension benefits and other benefits, respectively. In the next fiscal year, we expect to recognize expense (income) in other comprehensive income as components of net periodic benefit cost approximately $2.8 million and $(0.2) million for our pension benefits and other benefits, respectively. | |||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit obligations at December 31: | |||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4.09 | % | 4.23 | % | 3.43 | % | |||||||||||||||||||
Rate of compensation increase | 2.56 | % | 2.57 | % | — | — | |||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||||||||||||
Discount rate | 4.09 | % | 4.76 | % | 3.43 | % | 4.34 | % | |||||||||||||||||||
Expected return on plan assets | 7.06 | % | 7.08 | % | 5.74 | % | 5.76 | % | |||||||||||||||||||
Rate of compensation increase | 2.57 | % | 3.69 | % | — | — | |||||||||||||||||||||
The expected rate of return on plan assets assumption is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan’s portfolio are combined with anticipated future market conditions to estimate the real rate of return for each class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the classes within the total asset portfolio. We are using an expected return on plan assets assumption of 7.2% for the majority of our existing pension plan assets (approximately 89% of our total pension assets at December 31, 2013). | |||||||||||||||||||||||||||
Our existing other benefit plans are unfunded, with the exception of the NFS postretirement benefit plans. These plans provide health benefits to certain salaried and hourly employees, as well as retired employees, of NFS. Approximately 86% of total assets for these postretirement benefit plans are contributed into a Voluntary Employees’ Beneficiary Association trust. | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Assumed health-care cost trend rates at December 31 | |||||||||||||||||||||||||||
Health-care cost trend rate assumed for next year | 8 | % | 8.5 | % | |||||||||||||||||||||||
Rates to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Year that the rate reaches ultimate trend rate | 2021 | 2021 | |||||||||||||||||||||||||
Assumed health-care cost trend rates have a significant effect on the amounts we report for our health-care plan. A one-percentage-point change in our assumed health-care cost trend rates would have the following effects: | |||||||||||||||||||||||||||
One-Percentage- | One-Percentage- | ||||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 422 | $ | (351 | ) | ||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 6,821 | $ | (5,774 | ) | ||||||||||||||||||||||
Investment Goals | |||||||||||||||||||||||||||
General | |||||||||||||||||||||||||||
The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. | |||||||||||||||||||||||||||
Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plan’s overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the Trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. | |||||||||||||||||||||||||||
The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. | |||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||
We sponsor the following domestic defined benefit plans: | |||||||||||||||||||||||||||
• | Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (covering Power Generation and Nuclear Energy segment employees); | ||||||||||||||||||||||||||
• | Retirement Plan for Employees of Babcock & Wilcox Governmental Operations (covering Nuclear Operations and Technical Services segment employees and Corporate employees); | ||||||||||||||||||||||||||
• | Nuclear Fuel Services, Inc. Retirement Plan for Salaried Employees; and | ||||||||||||||||||||||||||
• | Nuclear Fuel Services, Inc. Retirement Plan for Hourly Employees. | ||||||||||||||||||||||||||
The assets of the domestic pension plans are commingled for investment purposes and held by the Trustee in The Babcock & Wilcox Company Master Trust (the “Master Trust”). For the years ended December 31, 2013 and 2012, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 7% and 12%, respectively. | |||||||||||||||||||||||||||
The following is a summary of the asset allocations for the Master Trust at December 31, 2013 and 2012 by asset category: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||
Commingled and Mutual Funds | 36 | % | 34 | % | |||||||||||||||||||||||
Fixed Income (excluding U. S. Government Securities) | 30 | % | 29 | % | |||||||||||||||||||||||
U.S. Government Securities | 18 | % | 22 | % | |||||||||||||||||||||||
Equity Securities | 7 | % | 6 | % | |||||||||||||||||||||||
Partnerships with Security Holdings | 6 | % | 6 | % | |||||||||||||||||||||||
Real Estate | 1 | % | 1 | % | |||||||||||||||||||||||
Other | 2 | % | 2 | % | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||
The target allocation for 2014 for the domestic plans, by asset class, is as follows: | |||||||||||||||||||||||||||
Asset Class: | |||||||||||||||||||||||||||
Fixed Income | 55 | % | |||||||||||||||||||||||||
Equities | 45 | % | |||||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||||
We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the “Diamond UK Plan”). | |||||||||||||||||||||||||||
The combined weighted average asset allocations of these plans at December 31, 2013 and 2012 by asset category were as follows: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||
Equity Securities and Commingled Mutual Funds | 58 | % | 58 | % | |||||||||||||||||||||||
Fixed Income | 39 | % | 40 | % | |||||||||||||||||||||||
Other | 3 | % | 2 | % | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||
The target allocation for 2014 for the foreign plans, by asset class, is as follows: | |||||||||||||||||||||||||||
Canadian | Diamond | ||||||||||||||||||||||||||
Plans | UK Plan | ||||||||||||||||||||||||||
Asset Class: | |||||||||||||||||||||||||||
U. S. Equity | 17 | % | 7 | % | |||||||||||||||||||||||
Global Equity | 38 | % | 16 | % | |||||||||||||||||||||||
Fixed Income | 45 | % | 77 | % | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
See Note 16 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2013: | |||||||||||||||||||||||||||
12/31/13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Pension and Other Benefits: | |||||||||||||||||||||||||||
Fixed Income | $ | 682,028 | $ | — | $ | 682,028 | $ | — | |||||||||||||||||||
Equities | 144,438 | 144,438 | — | — | |||||||||||||||||||||||
Commingled and Mutual Funds | 861,354 | 31,083 | 830,271 | — | |||||||||||||||||||||||
U.S. Government Securities | 355,245 | 355,245 | — | — | |||||||||||||||||||||||
Partnerships with Security Holdings | 116,154 | — | — | 116,154 | |||||||||||||||||||||||
Real Estate | 6,214 | — | — | 6,214 | |||||||||||||||||||||||
Cash and Accrued Items | 59,164 | 48,087 | 11,077 | — | |||||||||||||||||||||||
Total Assets | $ | 2,224,597 | $ | 578,853 | $ | 1,523,376 | $ | 122,368 | |||||||||||||||||||
The following is a summary of total investments for our plans measured at fair value at December 31, 2012: | |||||||||||||||||||||||||||
12/31/12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Pension and Other Benefits: | |||||||||||||||||||||||||||
Fixed Income | $ | 649,978 | $ | 1,031 | $ | 648,947 | $ | — | |||||||||||||||||||
Equities | 120,223 | 120,220 | — | 3 | |||||||||||||||||||||||
Commingled and Mutual Funds | 791,195 | 9,084 | 782,111 | — | |||||||||||||||||||||||
U.S. Government Securities | 425,709 | 425,709 | — | — | |||||||||||||||||||||||
Partnerships with Security Holdings | 112,881 | — | — | 112,881 | |||||||||||||||||||||||
Real Estate | 14,516 | — | — | 14,516 | |||||||||||||||||||||||
Cash and Accrued Items | 50,516 | 46,785 | 3,731 | — | |||||||||||||||||||||||
Total Assets | $ | 2,165,018 | $ | 602,829 | $ | 1,434,789 | $ | 127,400 | |||||||||||||||||||
The following is a summary of the changes in the Plans’ Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 127,400 | $ | 187,861 | |||||||||||||||||||||||
Issuances and acquisitions | 6,016 | 12,593 | |||||||||||||||||||||||||
Dispositions | (31,471 | ) | (74,329 | ) | |||||||||||||||||||||||
Realized gain | 18,058 | 692 | |||||||||||||||||||||||||
Unrealized gain | 2,365 | 583 | |||||||||||||||||||||||||
Balance at end of period | $ | 122,368 | $ | 127,400 | |||||||||||||||||||||||
Our Level 3 instruments include assets with no market price but rather calculations of net asset values per share or its equivalent. When appropriate, we adjust these net asset values for contributions and distributions, if any, made during the period beginning on the latest net asset value valuation date and ending on our measurement date. We also consider available market data, relevant index returns, preliminary estimates from our investees and other data obtained through research and consultation with third party advisors in determining the fair value of our Level 3 instruments. | |||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | ||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Expected employer contributions to trusts of defined benefit plans: | |||||||||||||||||||||||||||
2014 | $ | 41,230 | $ | 1,936 | $ | 21,670 | N/A | ||||||||||||||||||||
Expected benefit payments: | |||||||||||||||||||||||||||
2014 | $ | 138,591 | 9,090 | $ | 10,913 | 565 | |||||||||||||||||||||
2015 | 143,260 | 8,632 | 11,567 | 559 | |||||||||||||||||||||||
2016 | 147,481 | 8,219 | 12,164 | 546 | |||||||||||||||||||||||
2017 | 151,205 | 7,689 | 12,559 | 566 | |||||||||||||||||||||||
2018 | 154,378 | 7,276 | 13,044 | 593 | |||||||||||||||||||||||
2019-2023 | 798,800 | 27,059 | 72,787 | 3,098 | |||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||||
We provide benefits under The Babcock & Wilcox Company Supplemental Executive Retirement Plan (the “SERP Plan”), which is a defined contribution plan. We recorded expense related to the SERP Plan of approximately $0.7 million, $0.6 million and $0.3 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||
We also provide benefits under the Thrift Plan. The Thrift Plan generally provides for matching employer contributions of 50% of participants’ contributions up to 6% of compensation. These matching employer contributions are typically made in shares of B&W common stock. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $24.3 million, $24.2 million and $22.1 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||
Effective January 1, 2012, we adopted The Babcock & Wilcox Company Defined Contribution Restoration Plan (the “Restoration Plan”) to restore benefits that would be provided to participants in the Thrift Plan but are precluded by the application of certain sections of the Internal Revenue Code of 1986, as amended (the “Code”). Each participant who is precluded from receiving the full amount of service-based contributions otherwise provided under the Thrift Plan in a plan year by the application of Code Section 401(a)(17) or 415(c) shall be credited with an employer service-based contribution for such plan year equal to the excess of the amount of service-based contributions that would have been made to the participant’s Thrift Plan account without the application of Code Section 401(a)(17) and 415(c) for the plan year over the amount of service-based contribution actually made to such participant’s Thrift Plan account for the plan year. In addition, the Restoration Plan permits participants who are precluded from making the full amount of employee contributions to the Thrift Plan and receiving associated employer matching contributions by the application of Code Sections 401(a)(17) and 415(c) to elect to make deferral contributions and receive associated employer matching contributions under the Restoration Plan. Amounts charged to expense under the Restoration Plan totaled approximately $0.2 million and $0.1 million in the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||
Effective January 1, 2012, a defined contribution component was added to those Canadian Plans previously offering defined benefits to salaried employees. As of January 1, 2012, we made cash, service-based contributions under this arrangement. The amount charged to expense for employer contributions was approximately $0.6 million and $0.5 million in the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||
Multiemployer Plans | |||||||||||||||||||||||||||
One of our subsidiaries in the Power Generation segment contributes to various multiemployer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. | |||||||||||||||||||||||||||
The following table summarizes our contributions to multiemployer plans for the years covered by this report: | |||||||||||||||||||||||||||
Pension Fund | EIN/PIN | Pension Protection | FIP/RP Status | Contributions | Expiration Date | ||||||||||||||||||||||
Act Zone | Pending/ | Of Collective | |||||||||||||||||||||||||
Zone Status | Implemented | 2013 | 2012 | 2011 | Surcharge | Bargaining | |||||||||||||||||||||
2013 | 2012 | (in millions) | Imposed | Agreement | |||||||||||||||||||||||
Boilermaker-Blacksmith National Pension Trust | 48-6168020/ | Yellow | Yellow | Yes | $ | 19 | $ | 18.9 | $ | 25.9 | No | Described | |||||||||||||||
1 | Below | ||||||||||||||||||||||||||
All Other | 11.9 | 5.3 | 5.5 | ||||||||||||||||||||||||
$ | 30.9 | $ | 24.2 | $ | 31.4 | ||||||||||||||||||||||
The Boilermaker-Blacksmith National Pension Trust (the “Boilermaker Plan”) is, by plan, the only significant contribution of our total contributions to these funds. Our collective bargaining agreements with the Boilermaker Plan are under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. |
Asset_Sales_and_Impairment_of_
Asset Sales and Impairment of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Asset Sales and Impairment of Long-Lived Assets | ' |
NOTE 8 – ASSET SALES AND IMPAIRMENT OF LONG-LIVED ASSETS | |
We had net gains on asset sales of approximately $3.1 million during the year ended December 31, 2011, primarily attributable to the sale of a wholly owned manufacturing facility in a Chinese subsidiary in our Power Generation segment. | |
During the years ended December 31, 2013, 2012 and 2011, we did not record any impairments of property, plant and equipment. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Capital Stock | ' |
NOTE 9 – CAPITAL STOCK | |
In November 2012, our Board of Directors authorized us to repurchase an indeterminate number of shares of our common stock at an aggregate value of up to $250 million. In addition, in May 2013 our Board of Directors authorized us to repurchase an additional $250 million of aggregate value of common stock. On December 9, 2013, we completed the repurchase of the first $250 million, and we may continue to repurchase shares from time to time during a two-year period in the open market under the second $250 million repurchase authorization. As of December 31, 2013, we have repurchased 9,529,374 shares of common stock for approximately $253.7 million. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
NOTE 10 – STOCK-BASED COMPENSATION | |||||||||||||||||
2010 Long-Term Incentive Plan of The Babcock & Wilcox Company | |||||||||||||||||
We established the 2010 Long-Term Incentive Plan of The Babcock & Wilcox Company (the “Plan”) allowing members of the Board of Directors, executive officers, key employees and consultants eligibility to participate in the Plan. The Compensation Committee of the Board of Directors selects the participants for the Plan. The Plan provides for a number of forms of stock-based compensation, including incentive and non-qualified stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. Shares subject to awards under the Plan that are cancelled, forfeited, terminated or expire unexercised, shall immediately become available for the granting of awards under this Plan. In addition, 10,000,000 shares of common stock were authorized for issuance through the Plan. Options to purchase shares are granted at not less than 100% of the fair market value closing price on the date of grant, become exercisable at such time or times as determined when granted and expire not more than seven years after the date of grant. | |||||||||||||||||
At December 31, 2013, we had awarded 5,865,871 shares under the Plan and had a total of 4,134,129 shares of our common stock available for future awards. In the event of a change in control of our company, the terms of the awards under the Plan contain provisions that may cause restrictions to lapse and accelerate the vesting of plan awards. | |||||||||||||||||
2012 Long-Term Incentive Plan of Babcock & Wilcox Technical Services Group, Inc. | |||||||||||||||||
In June 2012, we established the 2012 Long-Term Incentive Plan of Babcock & Wilcox Technical Services Group, Inc., a cash-settled plan for employees of certain subsidiaries and unconsolidated affiliates as selected by the plan committee. The cash-settled plan provides for a number of forms of stock-based compensation, including stock appreciation rights, restricted stock units and performance units, subject to satisfaction of specific performance goals. Stock appreciation rights are granted at not less than 100% of the fair market value closing price of a share of B&W common stock on the date of grant, become exercisable at such time or times as determined when granted and expire not more than seven years after the date of grant. Stock appreciation rights are cash settled for the excess of the market price of B&W common stock on the exercise date minus the exercise price. Restricted stock units and performance units are cash settled upon vesting as determined when granted. We will not issue any shares of B&W common stock under this plan, as all awards are cash settled. | |||||||||||||||||
In the event of a change in control of our company, the terms of the awards under the cash-settled plan contain provisions that may cause restrictions to lapse and accelerate the vesting of plan awards. | |||||||||||||||||
Total stock-based compensation expense for all of our plans recognized for the years ended December 31, 2013, 2012 and 2011 totaled $16.5 million, $18.3 million and $17.9 million, respectively, with associated tax benefit recognized for the years ended December 31, 2013, 2012 and 2011 totaling $6.2 million, $6.9 million and $6.6 million, respectively. | |||||||||||||||||
As of December 31, 2013, total unrecognized estimated compensation expense related to nonvested awards was $13.5 million, net of estimated tax benefits of $8.2 million. The total gross unrecognized estimated compensation expense of $21.7 million is expected to be recognized over a weighted-average period of 1.9 years. | |||||||||||||||||
B&W Stock Options | |||||||||||||||||
The fair value of each option grant was estimated at the date of grant using Black-Scholes, with the following weighted-average assumptions: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 0.56 | % | 0.65 | % | 1.52 | % | |||||||||||
Expected volatility | 0.33 | 0.36 | 0.46 | ||||||||||||||
Expected life of the option in years | 3.93 | 3.98 | 3.75 | ||||||||||||||
Expected dividend yield | 1.19 | % | 0 | % | 0 | % | |||||||||||
The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected life of the option. The expected volatility is based on implied volatility from publicly traded options on our common stock, historical volatility of the price of our common stock and other factors. The expected life of the option is based on observed historical patterns. The expected dividend yield is based on the projected annual dividend payment per share divided by the stock price at the date of grant. This amount was zero prior to 2013 because we did not expect to pay dividends at the grant dates for those stock options awarded. | |||||||||||||||||
The following table summarizes activity for our stock options for the year ended December 31, 2013 (share data in thousands): | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||
Shares | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in millions) | |||||||||||||||
Term | |||||||||||||||||
Outstanding at beginning of period | 1,432 | $ | 25.65 | ||||||||||||||
Granted | 1,009 | 27 | |||||||||||||||
Exercised | (241 | ) | 19.68 | ||||||||||||||
Cancelled/expired/forfeited | (226 | ) | 27.36 | ||||||||||||||
Outstanding at end of period | 1,974 | $ | 26.87 | 5.1 Years | $ | 14.6 | |||||||||||
Exercisable at end of period | 705 | $ | 26.75 | 3.9 Years | $ | 5.4 | |||||||||||
The aggregate intrinsic value included in the table above represents the total pretax intrinsic value that would have been received by the option holders had all option holders exercised their options on December 31, 2013. The intrinsic value is calculated as the total number of option shares multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the options. This amount changes based on the price of our common stock. | |||||||||||||||||
The weighted-average fair value of the stock options granted in the years ended December 31, 2013, 2012 and 2011 was $6.41, $7.30 and $12.33, respectively. | |||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the total intrinsic value of stock options exercised was $2.3 million, $3.8 million and $7.5 million, respectively. The actual tax benefits realized related to the stock options exercised during the year ended December 31, 2013 were $0.2 million. | |||||||||||||||||
B&W Performance Shares | |||||||||||||||||
Nonvested performance shares as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (share data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at beginning of period | 799 | $ | 29.55 | ||||||||||||||
Adjustment to assumed vesting percentage | (223 | ) | 28.02 | ||||||||||||||
Granted | 426 | 27.1 | |||||||||||||||
Vested | — | — | |||||||||||||||
Cancelled/forfeited | (168 | ) | 28.06 | ||||||||||||||
Nonvested at end of period | 834 | $ | 29.07 | ||||||||||||||
The actual number of shares in which each participant vests is dependent upon achievement of certain Return on Invested Capital and Diluted Earnings Per Share targets over three-year performance periods. The number of shares in which participants can vest ranges from zero to 200% of the initial performance shares granted, to be determined upon completion of the three-year performance period. The nonvested shares at the end of the period in the table above assumes weighted-average vesting of 95%. | |||||||||||||||||
B&W Restricted Stock Units | |||||||||||||||||
Nonvested restricted stock units as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (share data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at beginning of period | 421 | $ | 26.58 | ||||||||||||||
Granted | 278 | 27.48 | |||||||||||||||
Vested | (253 | ) | 27.02 | ||||||||||||||
Cancelled/forfeited | (61 | ) | 27.42 | ||||||||||||||
Nonvested at end of period | 385 | $ | 26.78 | ||||||||||||||
Cash-Settled Stock Appreciation Rights | |||||||||||||||||
The fair value of each stock appreciation right grant was calculated at the grant date using Black-Scholes and was remeasured at the end of the reporting period with the following weighted-average assumptions: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 0.77 | % | 0.5 | % | |||||||||||||
Expected volatility | 0.3 | 0.32 | |||||||||||||||
Expected life of the option in years | 3.21 | 3.55 | |||||||||||||||
Expected dividend yield | 1.19 | % | 1.23 | % | |||||||||||||
The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected life of the stock appreciation right. The expected volatility is based on implied volatility from publicly traded options on our common stock, historical volatility of the price of our common stock and other factors. The expected life of the stock appreciation right is based on observed historical patterns and the length of time each award has been outstanding as of each measurement date. The expected dividend yield is based on the projected annual dividend payment per share divided by the stock price at the date of measurement. | |||||||||||||||||
The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2013 (unit data in thousands): | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||
Units | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in millions) | |||||||||||||||
Term | |||||||||||||||||
Outstanding at beginning of period | 37 | $ | 25.27 | ||||||||||||||
Granted | 76 | 26.8 | |||||||||||||||
Exercised | (7 | ) | 25.42 | ||||||||||||||
Cancelled/expired/forfeited | (10 | ) | 26.39 | ||||||||||||||
Outstanding at end of period | 96 | $ | 26.35 | 6.0 Years | $ | 0.8 | |||||||||||
Exercisable at end of period | 6 | $ | 25.11 | 5.5 Years | $ | 0.1 | |||||||||||
The aggregate intrinsic value included in the table above represents the total pretax intrinsic value that would have been received by the stock appreciation rights holders had all holders exercised their rights on December 31, 2013. The intrinsic value is calculated as the total number of stock appreciation rights multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the stock appreciation rights. This amount changes based on the price of our common stock. | |||||||||||||||||
The weighted-average fair value as of December 31, 2013 for stock appreciation rights granted for the years ended December 31, 2013 and 2012 was $9.92 and $10.26, respectively. The fair value is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. | |||||||||||||||||
Cash-Settled Performance Units | |||||||||||||||||
Nonvested cash-settled performance units as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (unit data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Units | Fair Value | ||||||||||||||||
Nonvested at beginning of period | 30 | ||||||||||||||||
Adjustment to assumed vesting percentage | (6 | ) | |||||||||||||||
Granted | 33 | ||||||||||||||||
Vested | — | ||||||||||||||||
Cancelled/forfeited | (6 | ) | |||||||||||||||
Nonvested at end of period | 51 | $ | 34.19 | ||||||||||||||
The actual number of units in which each participant vests is dependent upon achievement of certain Return on Invested Capital and Diluted Earnings Per Share targets over three-year performance periods. The number of units in which participants can vest ranges from zero to 200% of the initial performance units granted, to be determined upon completion of the three-year performance period. The nonvested shares at the end of the period in the table above assumes weighted-average vesting of 90%. | |||||||||||||||||
The weighted-average fair value for these cash-settled awards is based on our closing stock price as of December 31, 2013. The fair value is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. | |||||||||||||||||
Cash-Settled Restricted Stock Units | |||||||||||||||||
Nonvested restricted stock units as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (unit data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Units | Fair Value | ||||||||||||||||
Nonvested at beginning of period | 14 | ||||||||||||||||
Granted | 16 | ||||||||||||||||
Vested | (5 | ) | |||||||||||||||
Cancelled/forfeited | (2 | ) | |||||||||||||||
Nonvested at end of period | 23 | $ | 34.19 | ||||||||||||||
The weighted-average fair value for these cash-settled awards is based on our closing stock price as of December 31, 2013. The fair value is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. | |||||||||||||||||
Thrift Plan | |||||||||||||||||
On August 13, 2010, 5,000,000 of the authorized and unissued shares of B&W common stock were reserved for issuance for the employer match to the Thrift Plan. Those matching employer contributions equal 50% of the first 6% of compensation, as defined in the Thrift Plan, contributed by participants, and fully vest and are nonforfeitable after three years of service or upon retirement, death, lay-off or approved disability. The Thrift Plan allows employees to sell their interest in B&W’s common stock fund at any time, except as limited by applicable securities laws and regulations. During the year ended December 31, 2013, we issued 464,451 shares of B&W’s common stock as employer contributions pursuant to the Thrift Plan. At December 31, 2013, 3,257,219 shares of B&W’s common stock remained available for issuance under the Thrift Plan. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
NOTE 11 – COMMITMENTS AND CONTINGENCIES | |||||
Investigations and Litigation | |||||
Apollo and Parks Township | |||||
In January 2010, Michelle McMunn, Cara D. Steele and Yvonne Sue Robinson filed suit against Babcock & Wilcox Power Generation Group, Inc. (“B&W PGG”), Babcock & Wilcox Technical Services Group, Inc., formerly known as B&W Nuclear Environmental Services, Inc. (the “B&W Parties”) and Atlantic Richfield Company (“ARCO”) in the United States District Court for the Western District of Pennsylvania. Since January 2010, additional suits have been filed by additional plaintiffs and there are currently fourteen lawsuits pending in the U.S. District Court for the Western District of Pennsylvania against the B&W Parties and ARCO. Following the June 2012 dismissal of a number of claims, ten additional primary claims were filed on February 4, 2013, followed by the filing of two additional primary claims on May 17, 2013 and eight additional primary claims on October 21, 2013. In total, the suits presently involve approximately 95 primary claimants alleging, among other things, personal injuries and property damage as a result of alleged releases of radioactive material relating to the operation, remediation, and/or decommissioning of two former nuclear fuel processing facilities located in Apollo Borough and Parks Township, Pennsylvania (collectively, the “Apollo and Parks Litigation”). Those facilities previously were owned by Nuclear Materials and Equipment Company, a former subsidiary of ARCO (“NUMEC”), which was acquired by B&W PGG. The plaintiffs in the Apollo and Parks Litigation seek compensatory and punitive damages. All of the suits, except for the most recent filings, have been consolidated for non-dispositive pre-trial matters. Fact discovery in the Apollo and Parks Litigation is closed except with regard to the most recent eight primary claims. No trial date has been set. | |||||
At the time of ARCO’s sale of NUMEC stock to B&W PGG, B&W PGG received an indemnity and hold harmless agreement from ARCO with respect to claims and liabilities arising prior to or as a result of conduct or events predating the acquisition. | |||||
Insurance coverage and/or the ARCO indemnity currently provides coverage for the claims alleged in the Apollo and Parks Litigation, although no assurance can be given that insurance and/or the indemnity will be available or sufficient in the event of liability, if any. | |||||
The B&W Parties and ARCO were defendants in a prior litigation filed in 1994 relating to the operation of the Apollo Borough and Parks Township facilities in the matter of Donald F. Hall and Mary Ann Hall, et al., v. Babcock & Wilcox Company, et al. (the “Hall Litigation”). In 1998, the B&W Parties settled all then-pending and future punitive damage claims in the Hall Litigation for $8.0 million and sought reimbursement from third parties, including its insurers, American Nuclear Insurers and Mutual Atomic Energy Liability Underwriters (“ANI”). In 2008, ARCO settled the Hall Litigation with the plaintiffs for $27.5 million. The B&W Parties then settled the Hall Litigation in 2009 for $52.5 million, settling approximately 250 personal injury and wrongful death claims, as well as approximately 125 property damage claims, alleging damages as a result of alleged releases involving the facilities. ARCO and the B&W Parties retained their insurance rights against ANI in their respective settlements; however, under a related settlement regarding ARCO’s indemnification of B&W PGG relating to the two facilities, ARCO assigned to the B&W Parties 58.33% of the total of all ARCO’s proceeds/amounts recovered against ANI on account of the Hall Litigation. | |||||
The B&W Parties sought recovery from ANI for amounts paid by the B&W Parties to settle the Hall Litigation, along with unreimbursed attorneys fees, allocated amounts assigned by ARCO to the B&W Parties, and applicable interest based upon ANI’s breach of contract and bad faith conduct in the matter of The Babcock & Wilcox Company et al. v. American Nuclear Insurers, et al. (the “ANI Litigation”). ARCO also sought recovery against ANI in the ANI Litigation, which has been pending before the Court of Common Pleas of Allegheny County, Pennsylvania. | |||||
In September 2011, a jury returned a verdict in the ANI Litigation, finding that the B&W Parties’ settlement of the Hall Litigation for $52.5 million and ARCO’s settlement for $27.5 million were fair and reasonable. Following the verdict, in February 2012, the B&W Parties, ARCO and ANI entered into an agreement in which the parties agreed to the dismissal with prejudice of all remaining claims pending in the ANI Litigation, excluding the B&W Parties’ and ARCO’s claims seeking reimbursement from ANI for the $52.5 million and $27.5 million settlements (plus interest) (the “Settlement Claims”). By agreement, ANI also waived: (1) any and all rights to appeal the September 2011 jury verdict on the basis of the trial court’s evidentiary rulings; and (2) any defenses and arguments of any kind except ANI’s position that it was not required to reimburse the B&W Parties’ and ARCO for their settlements under the provisions of the ANI policies. In February 2012, the Court granted the parties’ proposed order implementing their agreement and entered final judgment in favor of the B&W Parties and ARCO on the Settlement Claims. As part of the final order and judgment, the Court ruled that the B&W Parties and ARCO are entitled to pre-judgment interest on their $52.5 million and $27.5 million settlements, in the amounts of approximately $8.8 million and $6.2 million, respectively. In addition, post-verdict interest from the date of the jury verdict was awarded at 6%. In March 2012, ANI filed a notice of appeal as to the final judgment and a supersedeas appeal bond in the amount of 120% of the total final judgment amount. The parties filed their respective briefs with the Superior Court and oral arguments were held October 31, 2012. | |||||
In July 2013, the Superior Court reversed the judgment of the trial court with instructions to reconsider the issue of the Settlement Claims under a different standard. In August 2013, B&W and ARCO filed a request for appeal of the Superior Court’s decision to the Pennsylvania Supreme Court. On January 24, 2014, the Supreme Court of Pennsylvania granted B&W and ARCO’s request for appeal. The parties’ briefs on the appeal are due March 31, 2014, but the date for oral arguments has not been set. B&W has not recognized any amounts claimed in the ANI Litigation in its financial statements due to the uncertainty surrounding the ultimate amount to be realized. | |||||
Berlin Station | |||||
Our subsidiary, Babcock & Wilcox Construction Co., Inc. (“BWCC”), is currently in a dispute with a customer in connection with a 75MW biomass-energy power plant that BWCC designed and built in Berlin, New Hampshire. The dispute primarily concerns (1) material claims by BWCC against its customer for contract changes relating to schedule delays, delay costs and extra work and (2) whether liquidated damages for delay (“Delay LDs”) are due to the customer under the contract. The customer contends it is owed Delay LDs, capped under the terms of the contract at approximately $18.7 million, and has made two partial draws (approximately $3.3 million related to the period commencing October 16, 2013 through December 31, 2013 and $1.3 million for the period from January 1, 2014 through January 31, 2014, for a total of approximately $4.6 million) against $44 million of letters of credit from BWCC. BWCC has asserted that substantial completion has been achieved and that any further delays to completion of the project, beyond the delays already caused by the customer during construction or otherwise excusable under the contract are the result of the customer’s failure to supply wood fuel complying with the contract specifications. BWCC’s aggregate liquidated damages cap under the contract is approximately $37.4 million, which includes an additional $18.7 million cap for performance LDs. There is a risk that the customer will attempt to call all or part of the letters of credit during the pendency of this matter. We believe any such call would be wrongful and entitle us to return of the funds and other damages. Nevertheless, we have made provisions in our financial statements totaling $7.8 million based on Delay LDs called to date and management’s estimation of further calls against the letters of credit and have not recorded offsetting claims revenue in our financial statements. | |||||
Following the customer’s denial of BWCC’s change order request relating to schedule delays, delay costs and extra work, on January 16, 2014, BWCC filed suit against the customer in the Court of Common Pleas, Summit County, Ohio, Case No. 2014 01 0208, seeking damages in excess of $37 million. In addition, BWCC has submitted claims based on the customer’s failure to supply wood fuel complying with the contract specifications that has resulted (and continues to result) in further delays, reduced plant performance abilities and damage to plant equipment. BWCC’s suit asserts counts including the customer’s breach of contract, fraud, constructive fraud, negligent misrepresentation, fraudulent inducement and fraudulent concealment. On or about January 30, 2014, BWCC’s customer filed suit against BWCC in the Superior Court of Coos County, New Hampshire, Case No. 214-2014-CV-14 alleging breach of contract and seeking unspecified amounts. | |||||
We believe BWCC has sound legal and factual bases for its claims. BWCC intends to aggressively pursue recovery on its claims, including recovery of the wrongful calls against BWCC’s letters of credit. However, it is premature to predict the outcome of this matter. The litigation could be lengthy, and if BWCC’s customer were to prevail completely or substantially in this matter, the outcome could have a material adverse effect on our financial statements. | |||||
Other Litigation and Settlements | |||||
Additionally, due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities, including, among other things: | |||||
• | performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and | ||||
• | workers’ compensation claims, premises liability claims and other claims. | ||||
Based upon our prior experience, we do not expect that any of these other litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. | |||||
Environmental Matters | |||||
We have been identified as a potentially responsible party at various cleanup sites under the Comprehensive Environmental Response, Compensation, and Liability Act, as amended (“CERCLA”). CERCLA and other environmental laws can impose liability for the entire cost of cleanup on any of the potentially responsible parties, regardless of fault or the lawfulness of the original conduct. Generally, however, where there are multiple responsible parties, a final allocation of costs is made based on the amount and type of wastes disposed of by each party and the number of financially viable parties, although this may not be the case with respect to any particular site. We have not been determined to be a major contributor of wastes to any of these sites. On the basis of our relative contribution of waste to each site, we expect our share of the ultimate liability for the various sites will not have a material adverse effect on our consolidated financial condition, results of operations or cash flows in any given year. | |||||
The Department of Environmental Protection of the Commonwealth of Pennsylvania (“PADEP”) advised us in March 1994 that it would seek monetary sanctions and remedial and monitoring relief related to the clean-up sites located in Parks Township, Pennsylvania (the “Parks Facilities”). The relief sought is related to potential groundwater contamination resulting from previous operations at the facilities. These facilities are currently owned by a subsidiary in our Nuclear Operations segment. PADEP has advised us that it does not intend to assess any monetary sanctions, provided our Nuclear Operations segment continues its remediation program for the Parks Facilities. Whether additional nonradiation contamination remediation will be required at the Parks Facilities remains unclear. Results from sampling completed by our Nuclear Operations segment have indicated that such remediation may not be necessary. Our Nuclear Operations segment continues to evaluate closure of the groundwater issues pursuant to applicable Pennsylvania law. | |||||
We perform significant amounts of work for the U.S. Government under both prime contracts and subcontracts and operate certain facilities that are licensed to possess and process special nuclear materials. As a result of these activities, we are subject to continuing reviews by governmental agencies, including the U.S. Environmental Protection Agency and the NRC. | |||||
The NRC’s decommissioning regulations require our Nuclear Operations segment to provide financial assurance that it will be able to pay the expected cost of decommissioning each of its licensed facilities at the end of its service life. We provided financial assurance aggregating $47.2 million during the year ended December 31, 2013 with existing letters of credit for the ultimate decommissioning of these licensed facilities. These two facilities have provisions in their government contracts pursuant to which substantially all of our decommissioning costs and financial assurance obligations are covered by the DOE, including the costs to complete the decommissioning projects underway at the facility in Erwin, Tennessee. These letters of credit are to cover decommissioning required pursuant to work not subject to this DOE obligation. | |||||
Our compliance with U.S. federal, state and local environmental control and protection regulations resulted in pretax charges of approximately $13.1 million in the year ended December 31, 2013. In addition, compliance with existing environmental regulations necessitated capital expenditures of $1.1 million in the year ended December 31, 2013. At December 31, 2013 and 2012, we had total environmental accruals (including provisions for the facilities discussed above) of $58.1 million and $49.6 million, respectively. Of our total environmental accruals at December 31, 2013 and 2012, $4.7 million and $3.1 million, respectively, were included in current liabilities. Inherent in the estimates of those accruals and recoveries are our expectations regarding the levels of contamination, decommissioning costs and recoverability from other parties, which may vary significantly as decommissioning activities progress. Accordingly, changes in estimates could result in material adjustments to our operating results, and the ultimate loss may differ materially from the amounts that we have provided for in our consolidated financial statements. | |||||
Operating Leases | |||||
Future minimum payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year at December 31, 2013 are as follows (in thousands): | |||||
Fiscal Year Ending December 31, | Amount | ||||
2014 | $ | 10,814 | |||
2015 | $ | 8,291 | |||
2016 | $ | 5,496 | |||
2017 | $ | 4,962 | |||
2018 | $ | 4,281 | |||
Thereafter | $ | 5,605 | |||
Total rental expense for the years ended December 31, 2013, 2012 and 2011 was $11.6 million, $12.1 million and $11.1 million, respectively. These expense amounts include contingent rentals and are net of sublease income, neither of which is material. |
Risks_and_Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Risks and Uncertainties | ' |
NOTE 12 – RISKS AND UNCERTAINTIES | |
Percentage-of-Completion Accounting | |
As of December 31, 2013, in accordance with the percentage-of-completion method of accounting, we have provided for our estimated costs to complete all of our ongoing contracts. However, it is possible that current estimates could change due to unforeseen events, which could result in adjustments to overall contract costs. The risk on fixed-priced contracts is that revenue from the customer does not cover increases in our costs. It is possible that current estimates could materially change for various reasons, including, but not limited to, fluctuations in forecasted labor productivity or steel and other raw material prices. Increases in costs on our fixed-price contracts could have a material adverse impact on our consolidated financial condition, results of operations and cash flows. Alternatively, reductions in overall contract costs at completion could materially improve our consolidated financial condition, results of operations and cash flows. | |
Insurance | |
Upon the February 22, 2006 effectiveness of the settlement relating to the Chapter 11 proceedings involving several of our subsidiaries, most of our subsidiaries contributed substantial insurance rights to the asbestos personal injury trust, including rights to (1) certain pre-1979 primary and excess insurance coverages and (2) certain of our 1979-1986 excess insurance coverage. These insurance rights provided coverage for, among other things, asbestos and other personal injury claims, subject to the terms and conditions of the policies. The contribution of these insurance rights was made in exchange for the agreement on the part of the representatives of the asbestos claimants, including the representative of future claimants, to the entry of a permanent injunction, pursuant to Section 524(g) of the U.S. Bankruptcy Code, to channel to the asbestos trust all asbestos-related claims against our subsidiaries and former subsidiaries arising out of, resulting from or attributable to their operations, and the implementation of related releases and indemnification provisions protecting those subsidiaries and their affiliates from future liability for such claims. Although we are not aware of any significant, unresolved claims against our subsidiaries and former subsidiaries that are not subject to the channeling injunction and that relate to the periods during which such excess insurance coverage related, with the contribution of these insurance rights to the asbestos personal injury trust, it is possible that we could have underinsured or uninsured exposure for non-derivative asbestos claims or other personal injury or other claims that would have been insured under these coverages had the insurance rights not been contributed to the asbestos personal injury trust. |
Financial_Instruments_with_Con
Financial Instruments with Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks And Uncertainties [Abstract] | ' |
Financial Instruments with Concentrations of Credit Risk | ' |
NOTE 13 – FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK | |
Our Power Generation and Nuclear Energy segments’ major customers are large utilities. The primary customer of our Nuclear Operations segment is the U.S. Government, including some of its contractors. These concentrations of customers may impact our overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic or other conditions. In the years ended December 31, 2013, 2012 and 2011, the U.S. Government accounted for approximately 38%, 34% and 38%, respectively, of our total revenues. Accounts receivable due directly or indirectly from the U.S. Government represented 20% and 26% of net receivables at December 31, 2013 and December 31, 2012, respectively. See Note 17 for additional information about our operations in different geographic areas. | |
We believe that our provision for possible losses on uncollectible accounts receivable is adequate for our credit loss exposure. At December 31, 2013 and 2012, the allowance for possible losses that we deducted from accounts receivable – trade on the accompanying consolidated balance sheets was $3.6 million and $3.8 million, respectively. |
Investments
Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
NOTE 14 – INVESTMENTS | |||||||||||||||||
The following is a summary of our available-for-sale securities at December 31, 2013: | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
U.S. Government and agency securities | $ | 2,999 | $ | 1 | $ | — | $ | 3,000 | |||||||||
Mutual funds | 3,752 | 249 | — | 4,001 | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 472 | 8 | (55 | ) | 425 | ||||||||||||
Commercial paper | 7,748 | — | — | 7,748 | |||||||||||||
Total | $ | 14,971 | $ | 258 | $ | (55 | ) | $ | 15,174 | ||||||||
The following is a summary of our available-for-sale securities at December 31, 2012: | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
U.S. Government and agency securities | $ | 21,436 | $ | 10 | $ | — | $ | 21,446 | |||||||||
Mutual funds | 2,958 | 679 | — | 3,637 | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 554 | 2 | (102 | ) | 454 | ||||||||||||
Commercial paper | 67,313 | 9 | — | 67,322 | |||||||||||||
Total | $ | 92,261 | $ | 700 | $ | (102 | ) | $ | 92,859 | ||||||||
Proceeds, gross realized gains and gross realized losses on sales of available-for-sale securities were as follows: | |||||||||||||||||
Proceeds | Gross | Gross | |||||||||||||||
Realized Gains | Realized Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2013 | $ | 168,879 | $ | 1,127 | $ | — | |||||||||||
Year Ended December 31, 2012 | $ | 247,649 | $ | 35 | $ | — | |||||||||||
Year Ended December 31, 2011 | $ | 147,288 | $ | — | $ | 5 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative Financial Instruments | ' | ||||||||
NOTE 15 – DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
Our global operations give rise to exposure to market risks from changes in foreign currency exchange (“FX”) rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments primarily to hedge our exposure associated with revenues or costs on our long-term contracts that are denominated in currencies other than our operating entities’ functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. | |||||||||
We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments denominated in foreign currencies. We record these contracts at fair value on our consolidated balance sheets. Depending on the hedge designation at the inception of the contract, the related gains and losses on these contracts are either deferred in stockholders’ equity as a component of accumulated other comprehensive income, until the hedged item is recognized in earnings, or offset against the change in fair value of the hedged firm commitment through earnings. Any ineffective portion of a derivative’s change in fair value and any portion excluded from the assessment of effectiveness are immediately recognized in other– net on our consolidated statements of income. The gain or loss on a derivative instrument not designated as a hedging instrument is also immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of other – net in our consolidated statements of income. | |||||||||
We have designated all of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the forward contracts attributable to the difference between FX spot rates and FX forward rates. At December 31, 2013, we had deferred approximately $0.6 million of net gains on these derivative financial instruments in accumulated other comprehensive income. Assuming current market conditions continue, we expect to recognize substantially all of this amount in the next twelve months. | |||||||||
At December 31, 2013, substantially all of our derivative financial instruments consisted of FX forward contracts. The notional value of our FX forward contracts totaled $78.8 million at December 31, 2013, with maturities extending to December 2016. These instruments consist primarily of contracts to purchase or sell Canadian Dollars. We are exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. The counterparties to all of our FX forward contracts are financial institutions included in our credit facility. Our hedge counterparties have the benefit of the same collateral arrangements and covenants as described under our credit facility. | |||||||||
The following tables summarize our derivative financial instruments at December 31, 2013 and 2012: | |||||||||
Asset and Liability Derivatives | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Derivatives Designated as Hedges: | |||||||||
Foreign Exchange Contracts: | |||||||||
Location | |||||||||
Accounts receivable-other | $ | 1,139 | $ | 2,251 | |||||
Other assets | $ | 94 | $ | 3,777 | |||||
Accounts payable | $ | 581 | $ | 1,893 | |||||
Other liabilities | $ | 603 | $ | 29 | |||||
Derivatives Not Designated as Hedges: | |||||||||
Foreign Exchange Contracts: | |||||||||
Location | |||||||||
Accounts receivable-other | $ | 464 | $ | — | |||||
Other assets | $ | 50 | $ | 191 | |||||
Accounts payable | $ | 10 | $ | 962 | |||||
Stock Warrants: | |||||||||
Location | |||||||||
Other assets | $ | — | $ | 317 | |||||
The effects of derivatives on our financial statements are outlined below: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Derivatives Designated as Hedges: | |||||||||
Cash Flow Hedges: | |||||||||
Foreign Exchange Contracts: | |||||||||
Amount of gain (loss) recognized in other comprehensive income | $ | (5,936 | ) | $ | 2,031 | ||||
Gain (loss) reclassified from accumulated other comprehensive income into earnings: effective portion | |||||||||
Location | |||||||||
Revenues | $ | (1,885 | ) | $ | (1,082 | ) | |||
Cost of operations | $ | (2,174 | ) | $ | 3,833 | ||||
Other-net | $ | 144 | $ | (24 | ) | ||||
Loss recognized in income: portion excluded from effectiveness testing | |||||||||
Location | |||||||||
Other-net | $ | (349 | ) | $ | (185 | ) | |||
Derivatives Not Designated as Hedges: | |||||||||
Forward Contracts: | |||||||||
Gain (loss) recognized in income | |||||||||
Location | |||||||||
Other-net | $ | 96 | $ | (169 | ) | ||||
Stock Warrants: | |||||||||
Loss recognized in income | |||||||||
Location | |||||||||
Other-net | $ | (317 | ) | $ | (560 | ) |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
NOTE 16 – FAIR VALUE MEASUREMENTS | |||||||||||||||||
FASB Topic Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. This topic also sets forth the disclosure requirements regarding fair value and establishes a hierarchy for valuation inputs that emphasizes the use of observable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy established by this topic is as follows: | |||||||||||||||||
• | Level 1 – inputs are based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||
• | Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for similar or identical instruments in inactive markets and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets and liabilities. | ||||||||||||||||
• | Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar valuation techniques. | ||||||||||||||||
The following sections describe the valuation methodologies we use to measure the fair values of our available-for-sale securities, derivatives and nonrecurring fair value measurements. | |||||||||||||||||
Available-for-Sale-Securities | |||||||||||||||||
Investments other than derivatives primarily include U.S. Government and agency securities, money-market funds, mortgage-backed securities and corporate notes and bonds. | |||||||||||||||||
In general, and where applicable, we principally use a composite of observable prices and quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to our Level 1 and Level 2 investments. | |||||||||||||||||
Our investments are currently in an unrealized gain position totaling approximately $0.2 million at December 31, 2013. At December 31, 2012, we had an unrealized gain on our investments totaling approximately $0.6 million. Based on our analysis of these investments, we believe that none of our available-for-sale securities were other than temporarily impaired at December 31, 2013. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The following is a summary of our available-for-sale securities measured at fair value at December 31, 2013: | |||||||||||||||||
12/31/13 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Mutual funds | $ | 4,001 | $ | — | $ | 4,001 | $ | — | |||||||||
U.S. Government and agency securities | 3,000 | 3,000 | — | — | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 425 | — | 425 | — | |||||||||||||
Commercial paper | 7,748 | — | 7,748 | — | |||||||||||||
Total | $ | 15,174 | $ | 3,000 | $ | 12,174 | $ | — | |||||||||
The following is a summary of our available-for-sale securities measured at fair value at December 31, 2012: | |||||||||||||||||
12/31/12 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Mutual funds | $ | 3,637 | $ | — | $ | 3,637 | $ | — | |||||||||
U.S. Government and agency securities | 21,446 | 21,446 | — | — | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 454 | — | 454 | — | |||||||||||||
Commercial paper | 67,322 | — | 67,322 | — | |||||||||||||
Total | $ | 92,859 | $ | 21,446 | $ | 71,413 | $ | — | |||||||||
We estimate the fair value of investments based on quoted market prices. For investments for which there are no quoted market prices, we derive fair values from available yield curves for investments of similar quality and terms. | |||||||||||||||||
Derivatives | |||||||||||||||||
Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At December 31, 2013 and 2012, we had forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian Dollars, with a total fair value of $0.6 million and $3.3 million, respectively. | |||||||||||||||||
Other Financial Instruments | |||||||||||||||||
We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: | |||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents. The carrying amounts that we have reported in the accompanying consolidated balance sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. | |||||||||||||||||
Long- and short-term debt. We base the fair values of debt instruments on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. The fair value of our debt instruments approximated their carrying value at December 31, 2013 and December 31, 2012. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
NOTE 17 – SEGMENT REPORTING | |||||||||||||
Our reportable segments are Power Generation, Nuclear Operations, Technical Services, Nuclear Energy and mPower, as described in Note 1. In connection with our segment reporting change we have revised historical amounts to conform to our current segment presentation. | |||||||||||||
The operations of our segments are managed separately and each has unique technology, services and customer class. We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on operating income exclusive of general corporate expenses, contract and insurance claims provisions, legal expenses and gains (losses) on sales of corporate assets. | |||||||||||||
1. Information about Operations in our Different Industry Segments: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
REVENUES (1): | |||||||||||||
Power Generation | $ | 1,767,651 | $ | 1,785,959 | $ | 1,541,509 | |||||||
Nuclear Operations | 1,167,683 | 1,098,031 | 1,043,185 | ||||||||||
Technical Services | 104,254 | 107,851 | 119,711 | ||||||||||
Nuclear Energy | 283,857 | 325,655 | 321,469 | ||||||||||
mPower | 1,523 | 326 | 1,325 | ||||||||||
Adjustments and Eliminations | (55,760 | ) | (26,463 | ) | (75,159 | ) | |||||||
$ | 3,269,208 | $ | 3,291,359 | $ | 2,952,040 | ||||||||
(1) | Segment revenues are net of the following intersegment transfers and other adjustments: | ||||||||||||
Power Generation Transfers | $ | 37,552 | $ | 7,932 | $ | 53,852 | |||||||
Nuclear Operations Transfers | 6,773 | 6,015 | 5,860 | ||||||||||
Technical Services Transfers | 3,817 | 3,496 | 2,155 | ||||||||||
Nuclear Energy Transfers | 7,618 | 8,992 | 11,928 | ||||||||||
mPower Transfers | — | 28 | 1,364 | ||||||||||
$ | 55,760 | $ | 26,463 | $ | 75,159 | ||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
OPERATING INCOME: | |||||||||||||
Power Generation | $ | 155,837 | $ | 183,387 | $ | 183,984 | |||||||
Nuclear Operations | 237,855 | 226,269 | 194,438 | ||||||||||
Technical Services | 58,234 | 59,655 | 69,915 | ||||||||||
Nuclear Energy | 8,641 | 50,649 | (20,777 | ) | |||||||||
mPower | (81,304 | ) | (113,528 | ) | (96,110 | ) | |||||||
$ | 379,263 | $ | 406,432 | $ | 331,450 | ||||||||
Unallocated Corporate(1) | (26,039 | ) | (27,953 | ) | (20,361 | ) | |||||||
Special Charges for Restructuring Activities | (39,599 | ) | — | — | |||||||||
Mark to Market Adjustment | 222,737 | (31,890 | ) | (215,418 | ) | ||||||||
Total Operating Income(2) | $ | 536,362 | $ | 346,589 | $ | 95,671 | |||||||
Other Income (Expense): | |||||||||||||
Interest income | 1,443 | 1,491 | 1,342 | ||||||||||
Interest expense | (3,115 | ) | (3,735 | ) | (4,543 | ) | |||||||
Other - net | (17,517 | ) | (24,927 | ) | 2,028 | ||||||||
Total Other Expense | (19,189 | ) | (27,171 | ) | (1,173 | ) | |||||||
Income before Provision for Income Taxes | $ | 517,173 | $ | 319,418 | $ | 94,498 | |||||||
(1) Unallocated corporate includes general corporate overhead not allocated to segments | |||||||||||||
(2) Included in operating income is the following: | |||||||||||||
(Gains) Losses on Asset Disposals – Net: | |||||||||||||
Power Generation | $ | 1,181 | $ | 3,276 | $ | (3,456 | ) | ||||||
Nuclear Operations | 163 | (339 | ) | — | |||||||||
Technical Services | — | (1,517 | ) | — | |||||||||
Nuclear Energy | (28 | ) | (1 | ) | 96 | ||||||||
mPower | — | — | — | ||||||||||
Unallocated Corporate | (267 | ) | — | 273 | |||||||||
$ | 1,049 | $ | 1,419 | $ | (3,087 | ) | |||||||
Equity in Income of Investees: | |||||||||||||
Power Generation | $ | 18,388 | $ | 17,402 | $ | 25,778 | |||||||
Nuclear Operations | — | — | — | ||||||||||
Technical Services | 50,281 | 49,621 | 52,877 | ||||||||||
Nuclear Energy | (611 | ) | (314 | ) | — | ||||||||
mPower | — | — | — | ||||||||||
$ | 68,058 | $ | 66,709 | $ | 78,655 | ||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
SEGMENT ASSETS: | |||||||||||||
Power Generation | $ | 970,718 | $ | 1,059,824 | $ | 1,325,959 | |||||||
Nuclear Operations | 778,203 | 708,607 | 679,818 | ||||||||||
Technical Services | 120,559 | 125,494 | 123,717 | ||||||||||
Nuclear Energy | 439,325 | 391,096 | 346,759 | ||||||||||
mPower | 21,790 | 10,137 | 399 | ||||||||||
Total Segment Assets | 2,330,595 | 2,295,158 | 2,476,652 | ||||||||||
Corporate Assets | 278,558 | 545,197 | 312,459 | ||||||||||
Total Assets | $ | 2,609,153 | $ | 2,840,355 | $ | 2,789,111 | |||||||
CAPITAL EXPENDITURES: | |||||||||||||
Power Generation | $ | 15,280 | $ | 24,592 | $ | 15,788 | |||||||
Nuclear Operations | 31,572 | 44,810 | 32,082 | ||||||||||
Technical Services | 98 | — | — | ||||||||||
Nuclear Energy | 5,506 | 5,881 | 7,257 | ||||||||||
mPower | 2,854 | 2,554 | — | ||||||||||
Segment Capital Expenditures | 55,310 | 77,837 | 55,127 | ||||||||||
Corporate Capital Expenditures | 9,640 | 8,798 | 8,747 | ||||||||||
Total Capital Expenditures | $ | 64,950 | $ | 86,635 | $ | 63,874 | |||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||||
Power Generation | $ | 23,892 | $ | 19,126 | $ | 17,264 | |||||||
Nuclear Operations | 26,975 | 32,013 | 38,169 | ||||||||||
Technical Services | 185 | 244 | 262 | ||||||||||
Nuclear Energy | 6,520 | 5,923 | 5,346 | ||||||||||
mPower | 554 | 279 | — | ||||||||||
Segment Depreciation and Amortization | 58,126 | 57,585 | 61,041 | ||||||||||
Corporate Depreciation and Amortization | 12,399 | 12,112 | 11,962 | ||||||||||
Total Depreciation and Amortization | $ | 70,525 | $ | 69,697 | $ | 73,003 | |||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES: | |||||||||||||
Power Generation | $ | 144,475 | $ | 139,399 | $ | 124,686 | |||||||
Nuclear Operations | — | — | — | ||||||||||
Technical Services | 40,329 | 46,928 | 38,882 | ||||||||||
Nuclear Energy | 27 | 27 | — | ||||||||||
mPower | — | — | — | ||||||||||
Total Investment in Unconsolidated Affiliates | $ | 184,831 | $ | 186,354 | $ | 163,568 | |||||||
2. Information about our Product and Service Lines: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
REVENUES: | |||||||||||||
Power Generation: | |||||||||||||
New Build Environmental Equipment | $ | 434,228 | $ | 446,514 | $ | 235,750 | |||||||
New Build Steam Generation Systems | 454,277 | 511,201 | 416,779 | ||||||||||
Aftermarket Services | 885,185 | 841,571 | 894,677 | ||||||||||
Eliminations/Other | (6,039 | ) | (13,327 | ) | (5,697 | ) | |||||||
1,767,651 | 1,785,959 | 1,541,509 | |||||||||||
Nuclear Operations: | |||||||||||||
Nuclear Component Program | 1,153,216 | 1,086,081 | 1,025,838 | ||||||||||
Commercial Operations | 7,681 | 5,908 | 11,674 | ||||||||||
Eliminations/Other | 6,786 | 6,042 | 5,673 | ||||||||||
1,167,683 | 1,098,031 | 1,043,185 | |||||||||||
Technical Services: | |||||||||||||
Commercial Operations | 21,227 | 20,819 | 29,708 | ||||||||||
Nuclear Environmental Services | 73,043 | 78,228 | 76,267 | ||||||||||
Management & Operation Contracts of U.S. Government Facilities | 9,984 | 8,804 | 13,736 | ||||||||||
Eliminations/Other | — | — | — | ||||||||||
104,254 | 107,851 | 119,711 | |||||||||||
Nuclear Energy: | |||||||||||||
Nuclear Services | 113,180 | 158,365 | 151,118 | ||||||||||
Nuclear Equipment | 83,449 | 134,011 | 122,789 | ||||||||||
Nuclear Projects | 87,002 | 33,319 | 45,539 | ||||||||||
Eliminations/Other | 226 | (40 | ) | 2,023 | |||||||||
283,857 | 325,655 | 321,469 | |||||||||||
mPower: | 1,523 | 326 | 1,325 | ||||||||||
Eliminations | (55,760 | ) | (26,463 | ) | (75,159 | ) | |||||||
$ | 3,269,208 | $ | 3,291,359 | $ | 2,952,040 | ||||||||
3. Information about our Operations in Different Geographic Areas: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
REVENUES(1): | |||||||||||||
United States | $ | 2,589,521 | $ | 2,615,387 | $ | 2,340,299 | |||||||
Canada | 313,881 | 288,246 | 238,663 | ||||||||||
China | 58,775 | 45,830 | 48,153 | ||||||||||
Denmark | 56,336 | 18,504 | 12,310 | ||||||||||
Colombia | 44,622 | 1,163 | 1,647 | ||||||||||
Sweden | 37,823 | 101,688 | 94,337 | ||||||||||
Germany | 22,869 | 34,364 | 8,222 | ||||||||||
United Kingdom | 20,927 | 6,653 | 6,150 | ||||||||||
Chile | 9,240 | 11,582 | 6,811 | ||||||||||
Korea | 9,033 | 14,461 | 6,272 | ||||||||||
Saudi Arabia | 8,200 | 7,973 | 3,307 | ||||||||||
Netherlands | 8,099 | 5,376 | 851 | ||||||||||
Indonesia | 6,227 | 7,828 | 4,642 | ||||||||||
Argentina | 5,737 | 23,529 | 21,016 | ||||||||||
India | 4,670 | 13,306 | 8,891 | ||||||||||
Italy | 4,156 | 8,477 | 6,516 | ||||||||||
France | 3,930 | 2,384 | 3,433 | ||||||||||
Mexico | 3,461 | 3,384 | 2,523 | ||||||||||
Trinidad | 3,264 | 2,401 | 2,668 | ||||||||||
Austria | 2,970 | 2,218 | 465 | ||||||||||
Israel | 2,919 | 2,502 | 2,071 | ||||||||||
Brazil | 2,751 | 2,585 | 4,671 | ||||||||||
Thailand | 2,650 | 3,041 | 1,946 | ||||||||||
Russia | 2,607 | 2,727 | 1,405 | ||||||||||
Norway | 2,594 | 9,939 | 29,844 | ||||||||||
Singapore | 2,507 | 171 | 468 | ||||||||||
South Africa | 2,208 | 2,993 | 4,204 | ||||||||||
Other Countries | 37,231 | 52,647 | 90,255 | ||||||||||
$ | 3,269,208 | $ | 3,291,359 | $ | 2,952,040 | ||||||||
(1) | We allocate geographic revenues based on the location of the customer’s operations. | ||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT: | |||||||||||||
United States | $ | 367,672 | $ | 363,447 | $ | 348,498 | |||||||
Canada | 38,738 | 45,402 | 41,868 | ||||||||||
China | 10,980 | 7,926 | 2,145 | ||||||||||
United Kingdom | 9,414 | 9,714 | 9,758 | ||||||||||
Denmark | 8,715 | 8,565 | 8,813 | ||||||||||
Mexico | 8,312 | 8,302 | 7,024 | ||||||||||
Other Countries | 3,248 | 3,665 | 4,185 | ||||||||||
$ | 447,079 | $ | 447,021 | $ | 422,291 | ||||||||
4. Information about our Major Customers: | |||||||||||||
In the years ended December 31, 2013, 2012 and 2011, the U.S. Government accounted for approximately 38%, 34% and 38% of our total revenues, respectively. Substantially, these revenues are included in our Nuclear Operations and Technical Services segments. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
NOTE 18 – QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenues | $ | 805,423 | $ | 886,136 | $ | 774,834 | $ | 802,815 | |||||||||
Operating income (1) | $ | 60,213 | $ | 98,706 | $ | 82,121 | $ | 295,322 | |||||||||
Equity in income of investees | $ | 14,787 | $ | 18,775 | $ | 18,151 | $ | 16,345 | |||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 47,174 | $ | 72,870 | $ | 60,446 | $ | 165,588 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.41 | $ | 0.65 | $ | 0.54 | $ | 1.5 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.41 | $ | 0.65 | $ | 0.54 | $ | 1.48 | |||||||||
(1) | Includes equity in income of investees. | ||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenues | $ | 765,892 | $ | 852,585 | $ | 807,586 | $ | 865,296 | |||||||||
Operating income (1) | $ | 86,420 | $ | 110,077 | $ | 84,399 | $ | 65,693 | |||||||||
Equity in income of investees | $ | 17,357 | $ | 16,687 | $ | 14,546 | $ | 18,119 | |||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 59,950 | $ | 77,231 | $ | 51,443 | $ | 39,071 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.51 | $ | 0.65 | $ | 0.43 | $ | 0.33 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.5 | $ | 0.65 | $ | 0.43 | $ | 0.33 | |||||||||
(1) | Includes equity in income of investees. | ||||||||||||||||
Our June 30, 2012 quarter included an $18.1 million favorable settlement with Energy Northwest. Our September 30, 2012 quarter included a $27.0 million impairment of our investment in USEC Inc. with no related tax benefit and a $25.3 million reduction in our provision for income taxes related to the recognition of previously unrecognized tax benefits. Our December 31, 2012 quarter also included contract losses of $16.9 million for additional estimated costs to complete a project in our Power Generation segment. Our June 30, 2013 quarter included contract losses of $30.2 million for additional estimated costs to complete a project in our Power Generation segment. Our December 31, 2013 quarter included a $19.1 million impairment of our investment in USEC, Inc. with no related tax benefit. | |||||||||||||||||
We immediately recognize actuarial gains and losses for our pension and postretirement benefit plans into earnings in the fourth quarter of each year as a component of net periodic benefit cost. The effect of this adjustment, recorded in the quarters ended December 31, 2013 and 2012 on pre-tax income was $222.9 million and $(32.0) million, respectively. Included in the 2013 adjustment is approximately $23 million ($17 million net of tax) of pension gains that should have been recognized in the quarter ended September 30, 2013 because of the interim remeasurement requirements resulting from settlements of certain pension obligations. The recognition of this amount in the quarter ended December 31, 2013 is not material to any interim period presented. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
NOTE 19 – EARNINGS PER SHARE | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except shares and | |||||||||||||
per share amounts) | |||||||||||||
Basic: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 346,078 | $ | 227,695 | $ | 78,319 | |||||||
Weighted average common shares | 111,901,750 | 118,418,930 | 117,560,594 | ||||||||||
Basic earnings per common share: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 3.09 | $ | 1.92 | $ | 0.67 | |||||||
Diluted: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 346,078 | $ | 227,695 | $ | 78,319 | |||||||
Weighted average common shares (basic) | 111,901,750 | 118,418,930 | 117,560,594 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options, restricted stock and performance shares(1) | 783,667 | 602,394 | 844,003 | ||||||||||
Adjusted weighted average common shares | 112,685,417 | 119,021,324 | 118,404,597 | ||||||||||
Diluted earnings per common share: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 3.07 | $ | 1.91 | $ | 0.66 | |||||||
-1 | At December 31, 2013, 2012 and 2011, we excluded from the diluted share calculation 442,226, 1,082,904 and 742,035 shares, respectively, related to stock options, as their effect would have been antidilutive. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||
Business Segments | |||||||||||||||||||||
We operate in five reportable segments: Power Generation, Nuclear Operations, Technical Services, Nuclear Energy and mPower. Our reportable segments at December 31, 2013 reflect changes we made during the first quarter of 2013 in the manner in which our segment operating information is reported for purposes of assessing operating performance and allocating resources. Prior to 2013, we reported four segments: Power Generation, Nuclear Operations, Technical Services and Nuclear Energy. Our small modular nuclear reactor business, previously included in our Nuclear Energy segment, is now being reported as a separate segment, mPower. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and disclosures included in this report. For financial information about our segments, see Note 17 to our consolidated financial statements included in this report. | |||||||||||||||||||||
Our reportable segments are further described as follows: | |||||||||||||||||||||
• | Our Power Generation segment supplies boilers fired with fossil fuels, such as coal, oil and natural gas, or renewable fuels such as biomass and municipal solid waste. In addition, we supply environmental equipment and components and related services to customers in different regions around the world. This segment owns or leases manufacturing facilities in the U.S., Canada, Denmark, Germany, Mexico, China and Scotland. We design, engineer, manufacture, supply, construct and service large utility and industrial power generation systems, including boilers used to generate steam in electric power plants, pulp and paper making, chemical and process applications and other industrial uses. We also provide the same complement of services for our renewable portfolio of boiler technology, which includes biomass fired, waste-to-energy and concentrated solar energy for steam generating solutions. In addition, this segment is a technological leader in providing cost-effective and efficient air pollution control solutions and material handling systems. We have successfully developed advanced technologies to control nitrogen oxides, sulfur dioxide, fine particulate, mercury, acid gases and other hazardous air emissions. In addition, our Power Generation segment offers a variety of construction services for the entire balance of plant, from large steam generation or environmental equipment projects, to cogeneration and combined cycle installations. This segment also offers a full suite of aftermarket services. Our Power Generation segment’s full-scope boiler, environmental and auxiliary equipment retrofits, upgrades and services improve plant performance and efficiency and increase the reliability of vital steam generating assets. | ||||||||||||||||||||
• | Our Nuclear Operations segment manufactures naval nuclear reactors for the U.S. Department of Energy (“DOE”)/National Nuclear Security Administration’s (“NNSA”) Naval Nuclear Propulsion Program, which in turn supplies them to the U.S. Navy for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Mount Vernon, Indiana; Euclid, Ohio; Barberton, Ohio; and Erwin, Tennessee. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components. These two locations are N-Stamp certified by the American Society of Mechanical Engineers (“ASME”), making them two of only a few North American suppliers of large, heavy-walled nuclear components and vessels. The Euclid facility, which is also ASME N-Stamp certified, fabricates electro-mechanical equipment for the U.S. Government, and performs design, manufacturing, inspection, assembly and testing activities. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. Fuel for the naval nuclear reactors is provided by Nuclear Fuel Services, Inc. (“NFS”), one of our wholly owned subsidiaries. Located in Erwin, NFS also converts Cold War-era government stockpiles of highly enriched uranium into material suitable for further processing into commercial nuclear reactor fuel. | ||||||||||||||||||||
• | Our Technical Services segment provides various services to the U.S. Government, including uranium processing, environmental site restoration services and management and operating services for various U.S. Government-owned facilities. These services are provided to the DOE, including the NNSA, the Office of Nuclear Energy and the Office of Science; the Department of Defense and the Office of Environmental Management. Through this segment we deliver products and management solutions to nuclear operations and high-consequence manufacturing facilities. We also perform specialty manufacturing through production of centrifuge machines for USEC Inc.’s (“USEC”) American Centrifuge Plant. A significant portion of this segment’s operations are conducted through joint ventures. | ||||||||||||||||||||
• | Our Nuclear Energy segment supplies commercial nuclear steam generators and components to nuclear utility customers. B&W has supplied the nuclear industry with more than 1,300 large, heavy components worldwide. This segment is the only heavy nuclear component, N-Stamp certified manufacturer in North America. Our Nuclear Energy segment fabricates pressure vessels, reactors, steam generators, heat exchangers and other auxiliary equipment. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development and metallurgy and materials engineering. Our Nuclear Energy segment also provides power plant construction and management and maintenance services. In addition, this segment offers services for nuclear steam generators and balance of plant equipment, as well as nondestructive examination and tooling/repair solutions for other plant systems and components. | ||||||||||||||||||||
• | Our mPower segment is actively designing the B&W mPowerTM reactor, a small modular reactor (“SMR”) design generally based on proven light-water nuclear technology and able to operate for four years without refueling. Through our majority-owned joint venture, Generation mPower LLC (“GmP”), we are developing the associated mPower Plant power generating facility, which will use two B&W mPowerTM reactors to generate 360 MW within an advanced passively safe and secure plant architecture. As part of this initiative, we have been selected as the only recipient to receive funding pursuant to a Cooperative Agreement with the DOE under its Small Modular Reactor Licensing Technical Support Program (the “Funding Program”) for SMR deployment by 2022. This Funding Program provides financial assistance for our mPower Plant design engineering and licensing activities supporting the planned first mPower Plant commercial operation date by 2022. | ||||||||||||||||||||
The consolidated results of operations, financial position and cash flows for the year ended December 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include our estimate of costs to complete long-term construction contracts and estimates we make in selecting assumptions related to the valuations of our pension and postretirement plans, including the selection of our discount rates and expected rates of return on our pension plan assets. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. | |||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||
We have computed earnings per common share on the basis of the weighted average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We have a number of forms of stock-based compensation, including incentive and non-qualified stock options, restricted stock, restricted stock units and performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in dilutive earnings per share when related performance criteria have been met. | |||||||||||||||||||||
Investments | ' | ||||||||||||||||||||
Investments | |||||||||||||||||||||
Our investments, primarily U.S. Government obligations, mutual funds, and commercial paper, are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as noncurrent assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity. That amortization is included in interest income. We include realized gains and losses on our investments in other – net. The cost of securities sold is based on the specific identification method. We include interest on securities in interest income. | |||||||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||
We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate income statement items at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency financial statements as a component of accumulated other comprehensive income. We report foreign currency transaction gains and losses in income. We have included in other – net transaction gains (losses) of $0.5 million, $(0.6) million and $(1.9) million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Contracts and Revenue Recognition | ' | ||||||||||||||||||||
Contracts and Revenue Recognition | |||||||||||||||||||||
We generally recognize contract revenues and related costs on a percentage-of-completion method for individual contracts or combinations of contracts based on work performed, man hours, or a cost-to-cost method, as applicable to the product or activity involved. We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for materials and major third party subcontractors, if it appears that such exclusion would result in a more meaningful measurement of actual contract progress and resulting periodic allocation of income. We include revenues and related costs so recorded, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in contracts in progress. We include in advance billings on contracts billings that exceed accumulated contract costs and revenues and costs recognized under the percentage-of-completion method. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. | |||||||||||||||||||||
For contracts as to which we are unable to estimate the final profitability except to assure that no loss will ultimately be incurred, we recognize equal amounts of revenue and cost until the final results can be estimated more precisely. For these deferred profit recognition contracts, we recognize revenue and cost equally and only recognize gross margin when probable and reasonably estimable, which we generally determine to be when the contract is approximately 70% complete. We treat long-term construction contracts that contain such a level of risk and uncertainty that estimation of the final outcome is impractical, except to assure that no loss will be incurred, as deferred profit recognition contracts. | |||||||||||||||||||||
Our policy is to account for fixed-price contracts under the completed-contract method if we believe that we are unable to reasonably forecast cost to complete at start-up. Under the completed-contract method, income is recognized only when a contract is completed or substantially complete. | |||||||||||||||||||||
For parts orders and certain aftermarket services activities, we recognize revenues as goods are delivered and work is performed. | |||||||||||||||||||||
Variations from estimated contract performance could result in material adjustments to operating results for any fiscal quarter or year. We include claims for extra work or changes in scope of work to the extent of costs incurred in contract revenues when we believe collection is probable. | |||||||||||||||||||||
In the year ended December 31, 2013, we recorded a contract loss totaling approximately $35.6 million based on our estimate of costs to complete a project. This is in addition to approximately $16.9 million of contract losses, net of claims, recorded on this project in 2012. In the year ended December 31, 2011, we recorded additional costs totaling approximately $61.8 million ($50.7 million in our Nuclear Energy segment and $11.1 in our Nuclear Operations segment) to complete certain projects attributable to changes in estimate due to productivity and scheduling issues. In May 2012, we entered into an agreement with the customer of the Nuclear Energy project to settle contract claims resulting in recognition of revenues totaling approximately $18.4 million in 2012. | |||||||||||||||||||||
The following represent the components of our contracts in progress and advance billings on contracts included in our consolidated balance sheets: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Included in Contracts in Progress: | |||||||||||||||||||||
Costs incurred less costs of revenue recognized | $ | 150,724 | $ | 135,972 | |||||||||||||||||
Revenues recognized less billings to customers | 220,096 | 180,546 | |||||||||||||||||||
Contracts In Progress | $ | 370,820 | $ | 316,518 | |||||||||||||||||
Included In Advance Billings on Contracts: | |||||||||||||||||||||
Billings to customers less revenues recognized | $ | 411,156 | $ | 541,983 | |||||||||||||||||
Costs incurred less costs of revenue recognized | (93,385 | ) | (69,696 | ) | |||||||||||||||||
Advance Billings on Contracts | $ | 317,771 | $ | 472,287 | |||||||||||||||||
The following amounts represent retainages on contracts: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Retainages expected to be collected within one year | $ | 84,389 | $ | 85,776 | |||||||||||||||||
Retainages expected to be collected after one year | 12,820 | 28,661 | |||||||||||||||||||
Total retainages | $ | 97,209 | $ | 114,437 | |||||||||||||||||
We have included in accounts receivable – trade retainages expected to be collected in 2014. Retainages expected to be collected after one year are included in other assets. Of the long-term retainages at December 31, 2013, we anticipate collecting $3.1 million in 2015, $4.8 million in 2016, $4.6 million in 2017 and $0.3 million in 2018. | |||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
The components of accumulated other comprehensive income included in stockholders’ equity are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Currency translation adjustments | $ | 38,415 | $ | 40,899 | |||||||||||||||||
Net unrealized gain on investments | 130 | 597 | |||||||||||||||||||
Net unrealized gain on derivative financial instruments | 627 | 2,103 | |||||||||||||||||||
Unrecognized prior service cost on benefit obligations | (10,824 | ) | (10,871 | ) | |||||||||||||||||
Accumulated other comprehensive income | $ | 28,348 | $ | 32,728 | |||||||||||||||||
The amounts reclassified out of accumulated other comprehensive income by component and the affected consolidated statements of income line items are as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Accumulated Other Comprehensive Income | (In thousands) | Line Item Presented | |||||||||||||||||||
Component Recognized | |||||||||||||||||||||
Realized (losses) gains on derivative financial instruments | $ | (1,885 | ) | $ | (1,082 | ) | $ | (4,128 | ) | Revenues | |||||||||||
(2,174 | ) | 3,833 | 2,350 | Cost of operations | |||||||||||||||||
144 | (24 | ) | (373 | ) | Other-net | ||||||||||||||||
(3,915 | ) | 2,727 | (2,151 | ) | Total before tax | ||||||||||||||||
973 | (704 | ) | 496 | Provision for Income Taxes | |||||||||||||||||
$ | (2,942 | ) | $ | 2,023 | $ | (1,655 | ) | Net Income | |||||||||||||
Amortization of prior service cost on benefit obligations | $ | (2,813 | ) | $ | (3,271 | ) | $ | (3,650 | ) | Cost of operations | |||||||||||
(197 | ) | (169 | ) | (104 | ) | Selling, general and administrative expenses | |||||||||||||||
(3,010 | ) | (3,440 | ) | (3,754 | ) | Total before tax | |||||||||||||||
1,035 | 1,159 | 1,267 | Provision for Income Taxes | ||||||||||||||||||
$ | (1,975 | ) | $ | (2,281 | ) | $ | (2,487 | ) | Net Income | ||||||||||||
Realized gains (losses) on investments | $ | 799 | $ | 35 | $ | (5 | ) | Other-net | |||||||||||||
(30 | ) | 0 | 0 | Provision for Income Taxes | |||||||||||||||||
$ | 769 | $ | 35 | $ | (5 | ) | Net Income | ||||||||||||||
Total reclassification for the period | $ | (4,148 | ) | $ | (223 | ) | $ | (4,147 | ) | ||||||||||||
Warranty Expense | ' | ||||||||||||||||||||
Warranty Expense | |||||||||||||||||||||
We accrue estimated expense included in cost of operations on our consolidated statements of income to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. | |||||||||||||||||||||
The following summarizes the changes in the carrying amount of accrued warranty expense: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 83,682 | $ | 97,209 | $ | 109,588 | |||||||||||||||
Additions | 18,486 | 20,972 | 21,267 | ||||||||||||||||||
Expirations and other changes | (24,801 | ) | (24,766 | ) | (14,288 | ) | |||||||||||||||
Charges | (20,250 | ) | (10,217 | ) | (19,035 | ) | |||||||||||||||
Translation and other | (681 | ) | 484 | (323 | ) | ||||||||||||||||
Balance at end of period | $ | 56,436 | $ | 83,682 | $ | 97,209 | |||||||||||||||
Asset Retirement Obligations and Environmental Clean-up Costs | ' | ||||||||||||||||||||
Asset Retirement Obligations and Environmental Clean-up Costs | |||||||||||||||||||||
We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility’s life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission (the “NRC”). In accordance with the FASB Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of clean-up activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. | |||||||||||||||||||||
Substantially all of our asset retirement obligations relate to the remediation of our nuclear analytical laboratory and the NFS facility in our Nuclear Operations segment. The following table reflects our asset retirement obligations: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 42,366 | $ | 35,885 | $ | 32,657 | |||||||||||||||
Costs incurred | — | — | (2,265 | ) | |||||||||||||||||
Additions/Adjustments | (109 | ) | 3,422 | 2,935 | |||||||||||||||||
Accretion | 2,514 | 3,059 | 2,558 | ||||||||||||||||||
Balance at end of period | $ | 44,771 | $ | 42,366 | $ | 35,885 | |||||||||||||||
Research and Development | ' | ||||||||||||||||||||
Research and Development | |||||||||||||||||||||
Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Substantially all of these costs are in our Power Generation and mPower segments, the majority of which are related to the development of our B&W mPower™ reactor and the associated mPower Plant. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis and include contracts, cooperative agreements and grants. Research and development activities (including in-kind research and development services described below) totaled $200.8 million, $173.9 million and $163.0 million in the years ended December 31, 2013, 2012 and 2011, respectively. This includes amounts paid for by our customers of $43.2 million, $53.4 million and $56.6 million, in the years ended December 31, 2013, 2012 and 2011, respectively, and DOE funding described below of $78.4 million in the year ended December 31, 2013. | |||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recognized $15.8 million, $17.9 million and $16.6 million, respectively, of non-cash in-kind research and development costs (included above) related to services contributed by our minority partner to GmP, our majority-owned subsidiary formed in 2011 to oversee the program to develop the small modular nuclear power plant based on B&W mPower™ technology. | |||||||||||||||||||||
On April 12, 2013, Babcock & Wilcox mPower, Inc., a wholly owned subsidiary of B&W, entered into a Cooperative Agreement establishing the terms and conditions of a funding award totaling $150 million under the DOE’s Funding Program. This cost-sharing award requires us to use the DOE funds to cover first-of-a-kind engineering costs associated with SMR design certification and licensing efforts. The DOE will provide cost reimbursement for up to 50% of qualified expenditures incurred from April 1, 2013 to March 31, 2018. The DOE has authorized $99.3 million of funding for this award program as of December 31, 2013. Congress has allocated and designated an additional $85 million from the 2014 budget to the Cooperative Agreement; however, the DOE has not yet obligated those funds to us. The Cooperative Agreement also provides for reimbursement of pre-award costs incurred from October 1, 2012 to March 31, 2013. During the year ended December 31, 2013, we recognized $78.4 million associated with the funding award, including $21.5 million of pre-award cost reimbursement, as a reduction of research and development costs on our consolidated statements of income. Of the total pre-award cost reimbursement, $9.7 million relates to research and development costs incurred in the year ended December 31, 2012. | |||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Income tax expense for federal, foreign, state and local income taxes are calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of provision for income taxes on our consolidated statements of income. | |||||||||||||||||||||
Inventories | ' | ||||||||||||||||||||
Inventories | |||||||||||||||||||||
We carry our inventories at the lower of cost or market. We determine cost principally on the first-in, first-out basis, except for certain materials inventories of our Power Generation segment, for which we use the last-in, first-out (“LIFO”) method. We determined the cost of approximately 18% and 17% of our total inventories using the LIFO method at December 31, 2013 and 2012, respectively, and our total LIFO reserve at December 31, 2013 and 2012 was approximately $7.7 million and $7.5 million, respectively. Inventories are summarized below: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Raw Materials and Supplies | $ | 85,455 | $ | 98,428 | |||||||||||||||||
Work in Progress | 10,872 | 7,956 | |||||||||||||||||||
Finished Goods | 16,731 | 17,834 | |||||||||||||||||||
Total Inventories | $ | 113,058 | $ | 124,218 | |||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
We carry our property, plant and equipment at depreciated cost, less any impairment provisions. | |||||||||||||||||||||
We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 33 years for buildings and three to 28 years for machinery and equipment. Our depreciation expense was $62.2 million, $59.4 million and $61.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them. | |||||||||||||||||||||
Property, plant and equipment is stated at cost and is set forth below: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Land | $ | 11,718 | $ | 11,875 | |||||||||||||||||
Buildings | 249,614 | 241,281 | |||||||||||||||||||
Machinery and equipment | 782,633 | 776,678 | |||||||||||||||||||
Property under construction | 82,718 | 69,206 | |||||||||||||||||||
1,126,683 | 1,099,040 | ||||||||||||||||||||
Less accumulated depreciation | 679,604 | 652,019 | |||||||||||||||||||
Net Property, Plant and Equipment | $ | 447,079 | $ | 447,021 | |||||||||||||||||
Investments in Unconsolidated Affiliates | ' | ||||||||||||||||||||
Investments in Unconsolidated Affiliates | |||||||||||||||||||||
We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, substantially all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which our investment ownership is less than 20% and where we are unable to exert significant influence are carried at cost. | |||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||
The following summarizes the changes in the carrying amount of goodwill: | |||||||||||||||||||||
Power | Nuclear | Technical | Nuclear | Total | |||||||||||||||||
Generation | Operations | Services | Energy | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 99,102 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 276,180 | |||||||||||
Purchase price adjustment for acquisition of Loibl (Note 2) | 3,727 | — | — | — | 3,727 | ||||||||||||||||
Foreign currency translation adjustments and other | 873 | — | — | — | 873 | ||||||||||||||||
Balance at December 31, 2012 | $ | 103,702 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 280,780 | |||||||||||
Foreign currency translation adjustments and other | 928 | — | — | — | 928 | ||||||||||||||||
Balance at December 31, 2013 | $ | 104,630 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 281,708 | |||||||||||
Intangible Assets | ' | ||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||
We amortize intangible assets with definite lives to operating expense using the straight-line method. Our intangible assets are as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||
Gross cost: | |||||||||||||||||||||
Customer relationships | $ | 35,383 | $ | 36,644 | $ | 40,051 | |||||||||||||||
Acquired backlog | 0 | 2,979 | 22,435 | ||||||||||||||||||
Tradename | 11,945 | 11,945 | 15,169 | ||||||||||||||||||
Unpatented technology | 6,422 | 6,422 | 6,402 | ||||||||||||||||||
Patented technology | 2,521 | 6,961 | 6,961 | ||||||||||||||||||
All other | 9,755 | 7,912 | 7,901 | ||||||||||||||||||
Total | $ | 66,026 | $ | 72,863 | $ | 98,919 | |||||||||||||||
Accumulated amortization: | |||||||||||||||||||||
Customer relationships | $ | (13,490 | ) | $ | (11,173 | ) | $ | (8,618 | ) | ||||||||||||
Acquired backlog | 0 | (1,457 | ) | (17,040 | ) | ||||||||||||||||
Tradename | (8,015 | ) | (6,422 | ) | (6,509 | ) | |||||||||||||||
Unpatented technology | (3,335 | ) | (2,682 | ) | (2,033 | ) | |||||||||||||||
Patented technology | (806 | ) | (4,235 | ) | (3,219 | ) | |||||||||||||||
All other | (3,994 | ) | (4,343 | ) | (3,594 | ) | |||||||||||||||
Total | $ | (29,640 | ) | $ | (30,312 | ) | $ | (41,013 | ) | ||||||||||||
Net amortized intangible assets | $ | 36,386 | $ | 42,551 | $ | 57,906 | |||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||
NRC category 1 license | $ | 43,830 | $ | 43,830 | $ | 43,830 | |||||||||||||||
Trademarks and trade names | 1,305 | 1,305 | 1,305 | ||||||||||||||||||
Total unamortized intangible assets | $ | 45,135 | $ | 45,135 | $ | 45,135 | |||||||||||||||
The following summarizes the changes in the carrying amount of intangible assets: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 87,686 | $ | 103,041 | $ | 105,604 | |||||||||||||||
Business acquisitions & adjustments | 2,200 | (1,746 | ) | 9,100 | |||||||||||||||||
Amortization expense | (8,324 | ) | (11,010 | ) | (11,545 | ) | |||||||||||||||
Impairment charge | (1,260 | ) | (3,216 | ) | — | ||||||||||||||||
Foreign currency translation adjustments and other | 1,219 | 617 | (118 | ) | |||||||||||||||||
Balance at end of period | $ | 81,521 | $ | 87,686 | $ | 103,041 | |||||||||||||||
We recognized impairment charges totaling $1.3 million and $3.2 million in the years ended December 31, 2013 and 2012, respectively, related to the cancellation of operations and maintenance services contracts in our Power Generation segment. | |||||||||||||||||||||
The estimated amortization expense for the next five fiscal years is as follows (in thousands): | |||||||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||||||
2014 | $ | 5,578 | |||||||||||||||||||
2015 | $ | 4,421 | |||||||||||||||||||
2016 | $ | 4,349 | |||||||||||||||||||
2017 | $ | 4,108 | |||||||||||||||||||
2018 | $ | 3,351 | |||||||||||||||||||
Other Non-Current Assets | ' | ||||||||||||||||||||
Other Non-Current Assets | |||||||||||||||||||||
We have included deferred debt issuance costs in other assets. We amortize deferred debt issuance costs as interest expense over the life of the related debt. The following summarizes the changes in the carrying amount of these assets: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 8,468 | $ | 5,723 | $ | 8,102 | |||||||||||||||
Additions | — | 4,902 | 82 | ||||||||||||||||||
Interest expense – debt issuance costs | (1,950 | ) | (2,157 | ) | (2,461 | ) | |||||||||||||||
Balance at end of period | $ | 6,518 | $ | 8,468 | $ | 5,723 | |||||||||||||||
Capitalization of Interest Cost | ' | ||||||||||||||||||||
Capitalization of Interest Cost | |||||||||||||||||||||
We capitalize interest in accordance with FASB Topic Interest. We incurred total interest of $4.8 million, $4.9 million and $6.1 million in the years ended December 31, 2013, 2012 and 2011, respectively, of which we capitalized $1.7 million, $1.2 million and $1.6 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | ' | ||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||||||||||||||
Our cash equivalents are highly liquid investments, with maturities of three months or less when we purchase them. | |||||||||||||||||||||
We record cash and cash equivalents as restricted when we are unable to freely use such cash and cash equivalents for our general operating purposes. At December 31, 2013, we had restricted cash and cash equivalents totaling $48.7 million, $3.9 million of which was held in restricted foreign cash accounts, $2.8 million of which was held for future decommissioning of facilities (which is included in other assets on our consolidated balance sheets), and $42.0 million of which was held to meet reinsurance reserve requirements of our captive insurer (in lieu of long-term investments). | |||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
Our global operations give rise to exposure to market risks from changes in foreign currency exchange (“FX”) rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments primarily to hedge our exposure associated with revenues or costs on our long-term contracts that are denominated in currencies other than our operating entities’ functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. | |||||||||||||||||||||
We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments denominated in foreign currencies. We record these contracts at fair value on our consolidated balance sheets. Depending on the hedge designation at the inception of the contract, the related gains and losses on these contracts are either deferred in stockholders’ equity as a component of accumulated other comprehensive income until the hedged item is recognized in earnings or offset against the change in fair value of the hedged firm commitment through earnings. Any ineffective portion of a derivative’s change in fair value and any portion excluded from the assessment of effectiveness is immediately recognized in other – net on our consolidated statements of income. The gain or loss on a derivative instrument not designated as a hedging instrument is also immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of other – net in our consolidated statements of income. | |||||||||||||||||||||
Self Insurance | ' | ||||||||||||||||||||
Self-Insurance | |||||||||||||||||||||
We have a wholly owned insurance subsidiary that provides employer’s liability, general and automotive liability and workers’ compensation insurance and, from time to time, builder’s risk insurance (within certain limits) to our companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. Included in other liabilities on our consolidated balance sheets are reserves for self-insurance totaling $37.8 million and $42.8 million at December 31, 2013 and 2012, respectively. The reduction in 2013 was primarily attributable to a change in estimate recognized in cost of operations in our consolidated statements of income. | |||||||||||||||||||||
Loss Contingencies | ' | ||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||
We estimate liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. We provide disclosure when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not reasonably estimable. We are currently involved in some significant litigation, as discussed in Note 11. Our losses are typically resolved over long periods of time and are often difficult to assess and estimate due to, among other reasons, the possibility of multiple actions by third parties; the attribution of damages, if any, among multiple defendants; plaintiffs, in most cases involving personal injury claims, do not specify the amount of damages claimed; the discovery process may take multiple years to complete; during the litigation process, it is common to have multiple complex unresolved procedural and substantive issues; the potential availability of insurance and indemnity coverages; the wide-ranging outcomes reached in similar cases, including the variety of damages awarded; the likelihood of settlements for de minimus amounts prior to trial; the likelihood of success at trial; and the likelihood of success on appeal. Consequently, it is possible future earnings could be affected by changes in our assessments of the probability that a loss has been incurred in a material pending litigation against us and/or changes in our estimates related to such matters. | |||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
We expense stock-based compensation in accordance with FASB Topic Compensation – Stock Compensation. Under this topic, the fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Grant date fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Grant date fair values for stock options and stock appreciation rights are determined using a Black-Scholes option-pricing model (“Black-Scholes”). The determination of the fair value of a share-based payment award using an option-pricing model requires the input of significant assumptions, such as the expected life of the award and stock price volatility. | |||||||||||||||||||||
Under the provisions of this FASB topic, we recognize expense, net of an estimated forfeiture rate, for all share-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. This topic requires compensation expense to be recognized, net of an estimate for forfeitures, such that compensation expense is recorded only for those awards expected to vest. We review the estimate for forfeitures periodically and record any adjustments deemed necessary for each reporting period. If our actual forfeiture rate is materially different from our estimate, the stock-based compensation expense could be significantly different from what we have recorded in the current period. | |||||||||||||||||||||
Additionally, this FASB topic amended FASB Topic Statement of Cash Flows, to require excess tax benefits to be reported as a financing cash flow, rather than as a reduction of taxes paid. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. | |||||||||||||||||||||
Recently Adopted Accounting Standards | ' | ||||||||||||||||||||
Recently Adopted Accounting Standards | |||||||||||||||||||||
In July 2012, the Financial Accounting Standards Board (the “FASB”) issued an update to Topic Intangibles – Goodwill and Other. This update permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test currently required under this topic. On January 1, 2013, we adopted this update. The adoption of these provisions did not have an impact on our financial statements. | |||||||||||||||||||||
In February 2013, the FASB issued an update to Topic Comprehensive Income. This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of income or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. On January 1, 2013, we adopted this update. The adoption of these provisions did not have an impact on our financial statements. | |||||||||||||||||||||
New Accounting Standards | ' | ||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||
In February 2013, the FASB issued an update to the Topic Liabilities. This update requires an entity to recognize obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. This update will be effective for us in 2014. We do not expect the adoption of this update to have a material impact on our financial statements. | |||||||||||||||||||||
In July 2013, the FASB issued an update to the Topic Income Taxes. This update relates to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This update will be effective for us in 2014. We do not expect the adoption of this update to have a material impact on our financial statements. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Contracts in Progress and Advance Billings | ' | ||||||||||||||||||||
The following represent the components of our contracts in progress and advance billings on contracts included in our consolidated balance sheets: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Included in Contracts in Progress: | |||||||||||||||||||||
Costs incurred less costs of revenue recognized | $ | 150,724 | $ | 135,972 | |||||||||||||||||
Revenues recognized less billings to customers | 220,096 | 180,546 | |||||||||||||||||||
Contracts In Progress | $ | 370,820 | $ | 316,518 | |||||||||||||||||
Included In Advance Billings on Contracts: | |||||||||||||||||||||
Billings to customers less revenues recognized | $ | 411,156 | $ | 541,983 | |||||||||||||||||
Costs incurred less costs of revenue recognized | (93,385 | ) | (69,696 | ) | |||||||||||||||||
Advance Billings on Contracts | $ | 317,771 | $ | 472,287 | |||||||||||||||||
Retainages on Contracts | ' | ||||||||||||||||||||
The following amounts represent retainages on contracts: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Retainages expected to be collected within one year | $ | 84,389 | $ | 85,776 | |||||||||||||||||
Retainages expected to be collected after one year | 12,820 | 28,661 | |||||||||||||||||||
Total retainages | $ | 97,209 | $ | 114,437 | |||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The components of accumulated other comprehensive income included in stockholders’ equity are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Currency translation adjustments | $ | 38,415 | $ | 40,899 | |||||||||||||||||
Net unrealized gain on investments | 130 | 597 | |||||||||||||||||||
Net unrealized gain on derivative financial instruments | 627 | 2,103 | |||||||||||||||||||
Unrecognized prior service cost on benefit obligations | (10,824 | ) | (10,871 | ) | |||||||||||||||||
Accumulated other comprehensive income | $ | 28,348 | $ | 32,728 | |||||||||||||||||
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The amounts reclassified out of accumulated other comprehensive income by component and the affected consolidated statements of income line items are as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Accumulated Other Comprehensive Income | (In thousands) | Line Item Presented | |||||||||||||||||||
Component Recognized | |||||||||||||||||||||
Realized (losses) gains on derivative financial instruments | $ | (1,885 | ) | $ | (1,082 | ) | $ | (4,128 | ) | Revenues | |||||||||||
(2,174 | ) | 3,833 | 2,350 | Cost of operations | |||||||||||||||||
144 | (24 | ) | (373 | ) | Other-net | ||||||||||||||||
(3,915 | ) | 2,727 | (2,151 | ) | Total before tax | ||||||||||||||||
973 | (704 | ) | 496 | Provision for Income Taxes | |||||||||||||||||
$ | (2,942 | ) | $ | 2,023 | $ | (1,655 | ) | Net Income | |||||||||||||
Amortization of prior service cost on benefit obligations | $ | (2,813 | ) | $ | (3,271 | ) | $ | (3,650 | ) | Cost of operations | |||||||||||
(197 | ) | (169 | ) | (104 | ) | Selling, general and administrative expenses | |||||||||||||||
(3,010 | ) | (3,440 | ) | (3,754 | ) | Total before tax | |||||||||||||||
1,035 | 1,159 | 1,267 | Provision for Income Taxes | ||||||||||||||||||
$ | (1,975 | ) | $ | (2,281 | ) | $ | (2,487 | ) | Net Income | ||||||||||||
Realized gains (losses) on investments | $ | 799 | $ | 35 | $ | (5 | ) | Other-net | |||||||||||||
(30 | ) | 0 | 0 | Provision for Income Taxes | |||||||||||||||||
$ | 769 | $ | 35 | $ | (5 | ) | Net Income | ||||||||||||||
Total reclassification for the period | $ | 4,148 | $ | (223 | ) | $ | (4,147 | ) | |||||||||||||
Summary of Changes in Carrying Amount of Accrued Warranty Expense | ' | ||||||||||||||||||||
The following summarizes the changes in the carrying amount of accrued warranty expense: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 83,682 | $ | 97,209 | $ | 109,588 | |||||||||||||||
Additions | 18,486 | 20,972 | 21,267 | ||||||||||||||||||
Expirations and other changes | (24,801 | ) | (24,766 | ) | (14,288 | ) | |||||||||||||||
Charges | (20,250 | ) | (10,217 | ) | (19,035 | ) | |||||||||||||||
Translation and other | (681 | ) | 484 | (323 | ) | ||||||||||||||||
Balance at end of period | $ | 56,436 | $ | 83,682 | $ | 97,209 | |||||||||||||||
Asset Retirement Obligations | ' | ||||||||||||||||||||
The following table reflects our asset retirement obligations: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 42,366 | $ | 35,885 | $ | 32,657 | |||||||||||||||
Costs incurred | — | — | (2,265 | ) | |||||||||||||||||
Additions/Adjustments | (109 | ) | 3,422 | 2,935 | |||||||||||||||||
Accretion | 2,514 | 3,059 | 2,558 | ||||||||||||||||||
Balance at end of period | $ | 44,771 | $ | 42,366 | $ | 35,885 | |||||||||||||||
Inventories | ' | ||||||||||||||||||||
Inventories are summarized below: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Raw Materials and Supplies | $ | 85,455 | $ | 98,428 | |||||||||||||||||
Work in Progress | 10,872 | 7,956 | |||||||||||||||||||
Finished Goods | 16,731 | 17,834 | |||||||||||||||||||
Total Inventories | $ | 113,058 | $ | 124,218 | |||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||
Property, plant and equipment is stated at cost and is set forth below: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Land | $ | 11,718 | $ | 11,875 | |||||||||||||||||
Buildings | 249,614 | 241,281 | |||||||||||||||||||
Machinery and equipment | 782,633 | 776,678 | |||||||||||||||||||
Property under construction | 82,718 | 69,206 | |||||||||||||||||||
1,126,683 | 1,099,040 | ||||||||||||||||||||
Less accumulated depreciation | 679,604 | 652,019 | |||||||||||||||||||
Net Property, Plant and Equipment | $ | 447,079 | $ | 447,021 | |||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||
The following summarizes the changes in the carrying amount of goodwill: | |||||||||||||||||||||
Power | Nuclear | Technical | Nuclear | Total | |||||||||||||||||
Generation | Operations | Services | Energy | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 99,102 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 276,180 | |||||||||||
Purchase price adjustment for acquisition of Loibl (Note 2) | 3,727 | — | — | — | 3,727 | ||||||||||||||||
Foreign currency translation adjustments and other | 873 | — | — | — | 873 | ||||||||||||||||
Balance at December 31, 2012 | $ | 103,702 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 280,780 | |||||||||||
Foreign currency translation adjustments and other | 928 | — | — | — | 928 | ||||||||||||||||
Balance at December 31, 2013 | $ | 104,630 | $ | 118,103 | $ | 45,000 | $ | 13,975 | $ | 281,708 | |||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||||
Our intangible assets are as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||
Gross cost: | |||||||||||||||||||||
Customer relationships | $ | 35,383 | $ | 36,644 | $ | 40,051 | |||||||||||||||
Acquired backlog | — | 2,979 | 22,435 | ||||||||||||||||||
Tradename | 11,945 | 11,945 | 15,169 | ||||||||||||||||||
Unpatented technology | 6,422 | 6,422 | 6,402 | ||||||||||||||||||
Patented technology | 2,521 | 6,961 | 6,961 | ||||||||||||||||||
All other | 9,755 | 7,912 | 7,901 | ||||||||||||||||||
Total | $ | 66,026 | $ | 72,863 | $ | 98,919 | |||||||||||||||
Accumulated amortization: | |||||||||||||||||||||
Customer relationships | $ | (13,490 | ) | $ | (11,173 | ) | $ | (8,618 | ) | ||||||||||||
Acquired backlog | — | (1,457 | ) | (17,040 | ) | ||||||||||||||||
Tradename | (8,015 | ) | (6,422 | ) | (6,509 | ) | |||||||||||||||
Unpatented technology | (3,335 | ) | (2,682 | ) | (2,033 | ) | |||||||||||||||
Patented technology | (806 | ) | (4,235 | ) | (3,219 | ) | |||||||||||||||
All other | (3,994 | ) | (4,343 | ) | (3,594 | ) | |||||||||||||||
Total | $ | (29,640 | ) | $ | (30,312 | ) | $ | (41,013 | ) | ||||||||||||
Net amortized intangible assets | $ | 36,386 | $ | 42,551 | $ | 57,906 | |||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||
NRC category 1 license | $ | 43,830 | $ | 43,830 | $ | 43,830 | |||||||||||||||
Trademarks and trade names | 1,305 | 1,305 | 1,305 | ||||||||||||||||||
Total unamortized intangible assets | $ | 45,135 | $ | 45,135 | $ | 45,135 | |||||||||||||||
Changes in Carrying Amount of Intangible Assets | ' | ||||||||||||||||||||
The following summarizes the changes in the carrying amount of intangible assets: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 87,686 | $ | 103,041 | $ | 105,604 | |||||||||||||||
Business acquisitions & adjustments | 2,200 | (1,746 | ) | 9,100 | |||||||||||||||||
Amortization expense | (8,324 | ) | (11,010 | ) | (11,545 | ) | |||||||||||||||
Impairment charge | (1,260 | ) | (3,216 | ) | — | ||||||||||||||||
Foreign currency translation adjustments and other | 1,219 | 617 | (118 | ) | |||||||||||||||||
Balance at end of period | $ | 81,521 | $ | 87,686 | $ | 103,041 | |||||||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||||||
The estimated amortization expense for the next five fiscal years is as follows (in thousands): | |||||||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||||||
2014 | $ | 5,578 | |||||||||||||||||||
2015 | $ | 4,421 | |||||||||||||||||||
2016 | $ | 4,349 | |||||||||||||||||||
2017 | $ | 4,108 | |||||||||||||||||||
2018 | $ | 3,351 | |||||||||||||||||||
Changes in Carrying Amount of Other Non-Current Assets | ' | ||||||||||||||||||||
The following summarizes the changes in the carrying amount of these assets: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 8,468 | $ | 5,723 | $ | 8,102 | |||||||||||||||
Additions | — | 4,902 | 82 | ||||||||||||||||||
Interest expense – debt issuance costs | (1,950 | ) | (2,157 | ) | (2,461 | ) | |||||||||||||||
Balance at end of period | $ | 6,518 | $ | 8,468 | $ | 5,723 | |||||||||||||||
Business_Acquisitions_and_Inve1
Business Acquisitions and Investments (Tables) (Loibl [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loibl [Member] | ' | ||||||||
Components of Intangible Assets | ' | ||||||||
The intangible assets consist of the following (dollar amounts in thousands): | |||||||||
Amount | Amortization | ||||||||
Period | |||||||||
Customer relationships | $ | 3,200 | 8 years | ||||||
Backlog | $ | 3,100 | 2 years | ||||||
Tradename | $ | 800 | 5 years | ||||||
Unpatented technology | $ | 500 | 12 years |
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Summary of Combined Balance Sheet Information | ' | ||||||||||||
Summarized below is combined balance sheet and income statement information for investments accounted for under the equity method: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 800,704 | $ | 835,997 | |||||||||
Noncurrent assets | 252,430 | 271,233 | |||||||||||
Total Assets | $ | 1,053,134 | $ | 1,107,230 | |||||||||
Current liabilities | $ | 610,329 | $ | 616,786 | |||||||||
Noncurrent liabilities | 72,742 | 89,285 | |||||||||||
Owners’ equity | 370,063 | 401,159 | |||||||||||
Total Liabilities and Owners’ Equity | $ | 1,053,134 | $ | 1,107,230 | |||||||||
Summary of Combined Income Statement Information | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 2,832,202 | $ | 2,758,159 | $ | 2,669,923 | |||||||
Gross profit | $ | 208,714 | $ | 210,425 | $ | 271,920 | |||||||
Income before provision for income taxes | $ | 150,511 | $ | 146,911 | $ | 185,859 | |||||||
Provision for income taxes | 8,603 | 9,000 | 14,258 | ||||||||||
Net Income | $ | 141,908 | $ | 137,911 | $ | 171,601 | |||||||
Reconciliation of Net Income to Equity in Income | ' | ||||||||||||
Reconciliation of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Equity income based on stated ownership percentages | $ | 68,305 | $ | 66,064 | $ | 81,971 | |||||||
All other adjustments due to amortization of basis differences, timing of GAAP adjustments and other adjustments | (247 | ) | 645 | (3,316 | ) | ||||||||
Equity in income of investees | $ | 68,058 | $ | 66,709 | $ | 78,655 | |||||||
Schedule of Transactions with Unconsolidated Affiliates | ' | ||||||||||||
Our transactions with unconsolidated affiliates were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Sales to | $ | 99,443 | $ | 42,538 | $ | 49,400 | |||||||
Purchases from | $ | 4,645 | $ | 1,814 | $ | 980 | |||||||
Dividends received | $ | 79,595 | $ | 51,594 | $ | 57,801 | |||||||
Capital contributions, net of returns | $ | 6,884 | $ | 6,289 | $ | 38,176 |
Global_Competitiveness_Initiat1
Global Competitiveness Initiative (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||
Changes in Restructuring Liabilities | ' | ||||||||
The following summarizes the changes in our GCI restructuring liability for the years ended December 31, 2013 and December 31, 2012: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Liability balance at the beginning of the period | $ | — | $ | — | |||||
Special charges for restructuring activities(1) | 36,150 | — | |||||||
Payments | (26,096 | ) | — | ||||||
Liability balance at the end of the period | $ | 10,054 | $ | — | |||||
-1 | The charges in the year ended December 31, 2013 exclude $2.0 million of accelerated depreciation and $1.4 million of asset impairments that did not impact the restructuring liability. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||||||
A reconciliation of unrecognized tax benefits follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | 4,487 | $ | 32,357 | $ | 36,342 | |||||||||||
Increases based on tax positions taken in the current year | 732 | 980 | 1,171 | ||||||||||||||
Increases based on tax positions taken in the prior years | 1,546 | 65 | 3,269 | ||||||||||||||
Decreases based on tax positions taken in the prior years | (167 | ) | (3,114 | ) | (4,329 | ) | |||||||||||
Decreases due to settlements with tax authorities | — | (1,101 | ) | (1,073 | ) | ||||||||||||
Decreases due to lapse of applicable statute of limitation | (868 | ) | (24,700 | ) | (3,023 | ) | |||||||||||
Balance at end of period | $ | 5,730 | $ | 4,487 | $ | 32,357 | |||||||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||
Significant components of deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Pension liability | $ | 105,370 | $ | 201,229 | |||||||||||||
Accrued warranty expense | 18,003 | 26,695 | |||||||||||||||
Accrued vacation pay | 12,865 | 13,312 | |||||||||||||||
Accrued liabilities for self-insurance (including postretirement health care benefits) | 33,349 | 35,374 | |||||||||||||||
Accrued liabilities for executive and employee incentive compensation | 45,413 | 39,483 | |||||||||||||||
Environmental and products liabilities | 8,858 | 8,024 | |||||||||||||||
Investments in joint ventures and affiliated companies | 23,780 | 16,993 | |||||||||||||||
Long-term contracts | 37,684 | 29,807 | |||||||||||||||
Net operating loss carryforward | 12,539 | 15,787 | |||||||||||||||
State tax net operating loss carryforward | 21,252 | 21,757 | |||||||||||||||
Foreign tax credit carryforward | 320 | 808 | |||||||||||||||
Other | 7,135 | 7,722 | |||||||||||||||
Total deferred tax assets | 326,568 | 416,991 | |||||||||||||||
Valuation allowance for deferred tax assets | (24,872 | ) | (19,979 | ) | |||||||||||||
Deferred tax assets | 301,696 | 397,012 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Property, plant and equipment | 35,797 | 39,016 | |||||||||||||||
Investments in joint ventures and affiliated companies | — | 1,064 | |||||||||||||||
Long-term contracts | 27,628 | 30,571 | |||||||||||||||
Intangibles | 29,388 | 24,756 | |||||||||||||||
Other | 8,631 | 9,580 | |||||||||||||||
Total deferred tax liabilities | 101,444 | 104,987 | |||||||||||||||
Net deferred tax assets | $ | 200,252 | $ | 292,025 | |||||||||||||
Income Before Provision for Income Taxes | ' | ||||||||||||||||
Income before provision for income taxes was as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
U.S. | $ | 399,263 | $ | 222,840 | $ | 39,417 | |||||||||||
Other than U.S. | 117,910 | 96,578 | 55,081 | ||||||||||||||
Income before provision for income taxes | $ | 517,173 | $ | 319,418 | $ | 94,498 | |||||||||||
Components of Provision for Income Taxes | ' | ||||||||||||||||
The provision for income taxes consisted of: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Current: | |||||||||||||||||
U.S. – federal | $ | 70,660 | $ | 39,784 | $ | 24,591 | |||||||||||
U.S. – state and local | 6,388 | 7,979 | 7,452 | ||||||||||||||
Other than U.S. | 13,467 | 11,060 | 11,037 | ||||||||||||||
Total current | 90,515 | 58,823 | 43,080 | ||||||||||||||
Deferred: | |||||||||||||||||
U.S. – Federal | 69,810 | 24,560 | (20,066 | ) | |||||||||||||
U.S. – State and local | 6,546 | 6,545 | 5,195 | ||||||||||||||
Other than U.S. | 17,712 | 11,933 | (4,329 | ) | |||||||||||||
Total deferred (benefit) provision | 94,068 | 43,038 | (19,200 | ) | |||||||||||||
Provision for income taxes | $ | 184,583 | $ | 101,861 | $ | 23,880 | |||||||||||
Reconciliation of U.S. Statutory Federal Tax Rate to Consolidated and Combined Effective Tax Rate | ' | ||||||||||||||||
The following is a reconciliation of the U.S. statutory federal tax rate (35%) to the consolidated effective tax rate: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
U.S. federal statutory (benefit) rate | 35 | % | 35 | % | 35 | % | |||||||||||
State and local income taxes | 2.5 | 4.3 | 6.4 | ||||||||||||||
Foreign rate differential | (2.5 | ) | (4.1 | ) | (11.8 | ) | |||||||||||
Foreign operations | — | 0.5 | 6.4 | ||||||||||||||
Tax credits | (2.0 | ) | (2.5 | ) | (46.8 | ) | |||||||||||
Dividends and deemed dividends from affiliates | 1.2 | 2.3 | 38.7 | ||||||||||||||
Valuation allowances | 0.9 | 3.4 | 7.6 | ||||||||||||||
Uncertain tax positions | 0.3 | (9.0 | ) | (2.8 | ) | ||||||||||||
Non-deductible expenses | 0.4 | 1.3 | 5.5 | ||||||||||||||
Additional spin related benefit | — | — | (4.6 | ) | |||||||||||||
Manufacturing deduction | (1.4 | ) | (1.3 | ) | (3.6 | ) | |||||||||||
Minority interest | 1 | 1.1 | 3.2 | ||||||||||||||
Other | 0.3 | 0.9 | (7.9 | ) | |||||||||||||
Effective tax rate | 35.7 | % | 31.9 | % | 25.3 | % | |||||||||||
Valuation Allowance for Deferred Tax Assets | ' | ||||||||||||||||
The following is an analysis of our valuation allowance for deferred tax assets: | |||||||||||||||||
Beginning | Charges To | Charged To | Ending | ||||||||||||||
Balance | Costs and | Other | Balance | ||||||||||||||
Expenses | Accounts | ||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2013 | $ | (19,979 | ) | (4,893 | ) | — | $ | (24,872 | ) | ||||||||
Year Ended December 31, 2012 | $ | (9,354 | ) | (10,625 | ) | — | $ | (19,979 | ) | ||||||||
Year Ended December 31, 2011 | $ | (2,205 | ) | (7,149 | ) | — | $ | (9,354 | ) |
LongTerm_Debt_and_Notes_Payabl1
Long-Term Debt and Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-Term Debt and Notes Payable | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Long-term debt consists of: | |||||||||
Secured Debt: | |||||||||
Power Generation – various notes payable | $ | 444 | $ | 639 | |||||
Other | 3 | 5 | |||||||
447 | 644 | ||||||||
Less: Amounts due within one year | 222 | 214 | |||||||
Long-term debt | $ | 225 | $ | 430 | |||||
Notes payable and current maturities of long-term debt consist of: | |||||||||
Short-term lines of credit | $ | 4,449 | $ | 3,848 | |||||
Current maturities of long-term debt | 222 | 214 | |||||||
Total | $ | 4,671 | $ | 4,062 | |||||
Interest rate on short-term borrowing | 6.6 | % | 6.6 | % | |||||
Comparison of Key Financial Covenants and Current Compliance | ' | ||||||||
A comparison of the key financial covenants and current compliance at December 31, 2013 is as follows: | |||||||||
Required | Actual | ||||||||
Less than | |||||||||
Maximum leverage ratio | 2.75 to 1.0 | 0.08 to 1.0 | |||||||
Greater than | |||||||||
Minimum interest coverage ratio | 4.0 to1.0 | 87.84 to 1.0 |
Pension_Plans_and_Postretireme1
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Obligations and Funded Status | ' | ||||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits Year | ||||||||||||||||||||||||||
Year Ended | Ended December 31, | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 2,779,990 | $ | 2,687,007 | $ | 116,256 | $ | 122,460 | |||||||||||||||||||
Service cost | 46,417 | 46,828 | 975 | 1,138 | |||||||||||||||||||||||
Interest cost | 111,200 | 122,605 | 3,745 | 5,124 | |||||||||||||||||||||||
Plan participants’ contributions | 266 | 300 | 1,055 | 115 | |||||||||||||||||||||||
Curtailments | — | (94,642 | ) | — | — | ||||||||||||||||||||||
Amendments | 3,105 | 2,996 | — | (1,302 | ) | ||||||||||||||||||||||
Settlements | (21,862 | ) | (57,430 | ) | — | — | |||||||||||||||||||||
Actuarial loss (gain) | (195,290 | ) | 198,935 | (16,335 | ) | (2,153 | ) | ||||||||||||||||||||
Foreign currency exchange rate changes | (17,465 | ) | 6,793 | (655 | ) | 220 | |||||||||||||||||||||
Benefits paid | (136,266 | ) | (133,402 | ) | (9,135 | ) | (9,346 | ) | |||||||||||||||||||
Benefit obligation at end of period | $ | 2,570,095 | $ | 2,779,990 | $ | 95,906 | $ | 116,256 | |||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 2,127,694 | $ | 1,917,850 | $ | 37,324 | $ | 33,558 | |||||||||||||||||||
Actual return on plan assets | 155,071 | 207,728 | 6,056 | 2,233 | |||||||||||||||||||||||
Plan participants’ contributions | 266 | 300 | 1,055 | 115 | |||||||||||||||||||||||
Company contributions | 70,681 | 187,284 | 7,974 | 10,764 | |||||||||||||||||||||||
Settlements | (21,862 | ) | (57,430 | ) | — | — | |||||||||||||||||||||
Foreign currency exchange rate changes | (14,261 | ) | 5,364 | — | — | ||||||||||||||||||||||
Benefits paid | (136,266 | ) | (133,402 | ) | (9,135 | ) | (9,346 | ) | |||||||||||||||||||
Fair value of plan assets at the end of period | 2,181,323 | 2,127,694 | 43,274 | 37,324 | |||||||||||||||||||||||
Funded status | $ | (388,772 | ) | $ | (652,296 | ) | $ | (52,632 | ) | $ | (78,932 | ) | |||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||||
Accrued employee benefits | $ | (54,391 | ) | $ | (75,119 | ) | $ | (9,438 | ) | $ | (7,724 | ) | |||||||||||||||
Accumulated postretirement benefit obligation | — | — | (43,194 | ) | (71,208 | ) | |||||||||||||||||||||
Pension liability | (334,538 | ) | (577,177 | ) | — | — | |||||||||||||||||||||
Prepaid pension | 157 | — | — | — | |||||||||||||||||||||||
Accrued benefit liability, net | $ | (388,772 | ) | $ | (652,296 | ) | $ | (52,632 | ) | $ | (78,932 | ) | |||||||||||||||
Amount recognized in accumulated comprehensive income (before taxes): | |||||||||||||||||||||||||||
Prior service cost (credit) | $ | 18,237 | $ | 18,327 | $ | (2,338 | ) | $ | (2,523 | ) | |||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||
Plans with accumulated benefit obligation in excess of plan assets | |||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,433,369 | $ | 2,779,990 | N/A | N/A | |||||||||||||||||||||
Accumulated benefit obligation | $ | 2,406,269 | $ | 2,723.93 | $ | 95,906 | $ | 116,256 | |||||||||||||||||||
Fair value of plan assets | $ | 2,047,507 | $ | 2,127,694 | $ | 43,274 | $ | 37,324 | |||||||||||||||||||
Plans with plan assets in excess of accumulated benefit obligation | |||||||||||||||||||||||||||
Projected benefit obligation | $ | 136,726 | $ | — | N/A | N/A | |||||||||||||||||||||
Accumulated benefit obligation | $ | 132,221 | $ | — | $ | — | $ | — | |||||||||||||||||||
Fair value of plan assets | $ | 133,816 | $ | — | $ | — | $ | — | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||
Pension Benefits | Other Benefits Year Ended | ||||||||||||||||||||||||||
Year Ended | December 31, | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 46,417 | $ | 46,828 | $ | 43,495 | $ | 975 | $ | 1,138 | $ | 1,143 | |||||||||||||||
Interest cost | 111,200 | 122,605 | 134,927 | 3,745 | 5,124 | 5,805 | |||||||||||||||||||||
Expected return on plan assets | (147,621 | ) | (136,913 | ) | (148,347 | ) | (2,116 | ) | (1,930 | ) | (1,919 | ) | |||||||||||||||
Amortization of prior service cost | 3,158 | 3,579 | 3,721 | (148 | ) | (139 | ) | 33 | |||||||||||||||||||
Recognized net actuarial loss (gain) | (202,442 | ) | 34,496 | 212,802 | (20,483 | ) | (2,456 | ) | 2,952 | ||||||||||||||||||
Net periodic benefit cost (income) | $ | (189,288 | ) | $ | 70,595 | $ | 246,598 | $ | (18,027 | ) | $ | 1,737 | $ | 8,014 | |||||||||||||
Recognized Net Actuarial Loss (Gain) and the Affected Consolidated Statements of Income | ' | ||||||||||||||||||||||||||
The recognized net actuarial loss (gain) and the affected consolidated statements of income line items are as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cost of operations | $ | (191,352 | ) | $ | 23,893 | $ | 176,449 | ||||||||||||||||||||
Selling, general and administrative expenses | (31,384 | ) | 7,997 | 38,969 | |||||||||||||||||||||||
Other-net | (189 | ) | 150 | 336 | |||||||||||||||||||||||
Total | $ | (222,925 | ) | $ | 32,040 | $ | 215,754 | ||||||||||||||||||||
Summary of Additional Information | ' | ||||||||||||||||||||||||||
Additional Information | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Increase (decrease) in accumulated other comprehensive income due to actuarial losses - before taxes | $ | (3,105 | ) | $ | (1,957 | ) | $ | — | $ | 1,302 | |||||||||||||||||
Weighted Average Assumptions | ' | ||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit obligations at December 31: | |||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4.09 | % | 4.23 | % | 3.43 | % | |||||||||||||||||||
Rate of compensation increase | 2.56 | % | 2.57 | % | — | — | |||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||||||||||||
Discount rate | 4.09 | % | 4.76 | % | 3.43 | % | 4.34 | % | |||||||||||||||||||
Expected return on plan assets | 7.06 | % | 7.08 | % | 5.74 | % | 5.76 | % | |||||||||||||||||||
Rate of compensation increase | 2.57 | % | 3.69 | % | — | — | |||||||||||||||||||||
Assumed Health-Care Cost Trend Rates | ' | ||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Assumed health-care cost trend rates at December 31 | |||||||||||||||||||||||||||
Health-care cost trend rate assumed for next year | 8 | % | 8.5 | % | |||||||||||||||||||||||
Rates to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Year that the rate reaches ultimate trend rate | 2021 | 2021 | |||||||||||||||||||||||||
Effect of One-Percentage-Point Change in Assumed Health-Care Cost Trend Rates | ' | ||||||||||||||||||||||||||
A one-percentage-point change in our assumed health-care cost trend rates would have the following effects: | |||||||||||||||||||||||||||
One-Percentage- | One-Percentage- | ||||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 422 | $ | (351 | ) | ||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 6,821 | $ | (5,774 | ) | ||||||||||||||||||||||
Summary of Total Investments Measured at Fair Value | ' | ||||||||||||||||||||||||||
The following is a summary of total investments for our plans measured at fair value at December 31, 2013: | |||||||||||||||||||||||||||
12/31/13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Pension and Other Benefits: | |||||||||||||||||||||||||||
Fixed Income | $ | 682,028 | $ | — | $ | 682,028 | $ | — | |||||||||||||||||||
Equities | 144,438 | 144,438 | — | — | |||||||||||||||||||||||
Commingled and Mutual Funds | 861,354 | 31,083 | 830,271 | — | |||||||||||||||||||||||
U.S. Government Securities | 355,245 | 355,245 | — | — | |||||||||||||||||||||||
Partnerships with Security Holdings | 116,154 | — | — | 116,154 | |||||||||||||||||||||||
Real Estate | 6,214 | — | — | 6,214 | |||||||||||||||||||||||
Cash and Accrued Items | 59,164 | 48,087 | 11,077 | — | |||||||||||||||||||||||
Total Assets | $ | 2,224,597 | $ | 578,853 | $ | 1,523,376 | $ | 122,368 | |||||||||||||||||||
The following is a summary of total investments for our plans measured at fair value at December 31, 2012: | |||||||||||||||||||||||||||
12/31/12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Pension and Other Benefits: | |||||||||||||||||||||||||||
Fixed Income | $ | 649,978 | $ | 1,031 | $ | 648,947 | $ | — | |||||||||||||||||||
Equities | 120,223 | 120,220 | — | 3 | |||||||||||||||||||||||
Commingled and Mutual Funds | 791,195 | 9,084 | 782,111 | — | |||||||||||||||||||||||
U.S. Government Securities | 425,709 | 425,709 | — | — | |||||||||||||||||||||||
Partnerships with Security Holdings | 112,881 | — | — | 112,881 | |||||||||||||||||||||||
Real Estate | 14,516 | — | — | 14,516 | |||||||||||||||||||||||
Cash and Accrued Items | 50,516 | 46,785 | 3,731 | — | |||||||||||||||||||||||
Total Assets | $ | 2,165,018 | $ | 602,829 | $ | 1,434,789 | $ | 127,400 | |||||||||||||||||||
Summary of Changes in Plans' Level 3 Instruments Measured on Recurring Basis | ' | ||||||||||||||||||||||||||
The following is a summary of the changes in the Plans’ Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 127,400 | $ | 187,861 | |||||||||||||||||||||||
Issuances and acquisitions | 6,016 | 12,593 | |||||||||||||||||||||||||
Dispositions | (31,471 | ) | (74,329 | ) | |||||||||||||||||||||||
Realized gain | 18,058 | 692 | |||||||||||||||||||||||||
Unrealized gain | 2,365 | 583 | |||||||||||||||||||||||||
Balance at end of period | $ | 122,368 | $ | 127,400 | |||||||||||||||||||||||
Cash Flows | ' | ||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | ||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Expected employer contributions to trusts of defined benefit plans: | |||||||||||||||||||||||||||
2014 | $ | 41,230 | $ | 1,936 | $ | 21,670 | N/A | ||||||||||||||||||||
Expected benefit payments: | |||||||||||||||||||||||||||
2014 | $ | 138,591 | 9,090 | $ | 10,913 | 565 | |||||||||||||||||||||
2015 | 143,260 | 8,632 | 11,567 | 559 | |||||||||||||||||||||||
2016 | 147,481 | 8,219 | 12,164 | 546 | |||||||||||||||||||||||
2017 | 151,205 | 7,689 | 12,559 | 566 | |||||||||||||||||||||||
2018 | 154,378 | 7,276 | 13,044 | 593 | |||||||||||||||||||||||
2019-2023 | 798,800 | 27,059 | 72,787 | 3,098 | |||||||||||||||||||||||
Summary of Contributions to Multiemployer Plans | ' | ||||||||||||||||||||||||||
The following table summarizes our contributions to multiemployer plans for the years covered by this report: | |||||||||||||||||||||||||||
Pension Fund | EIN/PIN | Pension Protection | FIP/RP Status | Contributions | Expiration Date | ||||||||||||||||||||||
Act Zone | Pending/ | Of Collective | |||||||||||||||||||||||||
Zone Status | Implemented | 2013 | 2012 | 2011 | Surcharge | Bargaining | |||||||||||||||||||||
2013 | 2012 | (in millions) | Imposed | Agreement | |||||||||||||||||||||||
Boilermaker-Blacksmith National Pension Trust | 48-6168020/ | Yellow | Yellow | Yes | $ | 19 | $ | 18.9 | $ | 25.9 | No | Described | |||||||||||||||
1 | Below | ||||||||||||||||||||||||||
All Other | 11.9 | 5.3 | 5.5 | ||||||||||||||||||||||||
$ | 30.9 | $ | 24.2 | $ | 31.4 | ||||||||||||||||||||||
Domestic Plans [Member] | ' | ||||||||||||||||||||||||||
Plan Asset Allocations by Asset Category | ' | ||||||||||||||||||||||||||
The following is a summary of the asset allocations for the Master Trust at December 31, 2013 and 2012 by asset category: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||
Commingled and Mutual Funds | 36 | % | 34 | % | |||||||||||||||||||||||
Fixed Income (excluding U. S. Government Securities) | 30 | % | 29 | % | |||||||||||||||||||||||
U.S. Government Securities | 18 | % | 22 | % | |||||||||||||||||||||||
Equity Securities | 7 | % | 6 | % | |||||||||||||||||||||||
Partnerships with Security Holdings | 6 | % | 6 | % | |||||||||||||||||||||||
Real Estate | 1 | % | 1 | % | |||||||||||||||||||||||
Other | 2 | % | 2 | % | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||
Target Allocation by Asset Class | ' | ||||||||||||||||||||||||||
The target allocation for 2014 for the domestic plans, by asset class, is as follows: | |||||||||||||||||||||||||||
Asset Class: | |||||||||||||||||||||||||||
Fixed Income | 55 | % | |||||||||||||||||||||||||
Equities | 45 | % | |||||||||||||||||||||||||
Foreign Plans [Member] | ' | ||||||||||||||||||||||||||
Plan Asset Allocations by Asset Category | ' | ||||||||||||||||||||||||||
The combined weighted average asset allocations of these plans at December 31, 2013 and 2012 by asset category were as follows: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||
Equity Securities and Commingled Mutual Funds | 58 | % | 58 | % | |||||||||||||||||||||||
Fixed Income | 39 | % | 40 | % | |||||||||||||||||||||||
Other | 3 | % | 2 | % | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||
Target Allocation by Asset Class | ' | ||||||||||||||||||||||||||
The target allocation for 2014 for the foreign plans, by asset class, is as follows: | |||||||||||||||||||||||||||
Canadian | Diamond | ||||||||||||||||||||||||||
Plans | UK Plan | ||||||||||||||||||||||||||
Asset Class: | |||||||||||||||||||||||||||
U. S. Equity | 17 | % | 7 | % | |||||||||||||||||||||||
Global Equity | 38 | % | 16 | % | |||||||||||||||||||||||
Fixed Income | 45 | % | 77 | % |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Assumptions Used to Calculate Fair Value of Option Grant | ' | ||||||||||||||||
The fair value of each stock appreciation right grant was calculated at the grant date using Black-Scholes and was remeasured at the end of the reporting period with the following weighted-average assumptions: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 0.77 | % | 0.5 | % | |||||||||||||
Expected volatility | 0.3 | 0.32 | |||||||||||||||
Expected life of the option in years | 3.21 | 3.55 | |||||||||||||||
Expected dividend yield | 1.19 | % | 1.23 | % | |||||||||||||
Summarized Activity of Stock Options | ' | ||||||||||||||||
The following table summarizes activity for our stock options for the year ended December 31, 2013 (share data in thousands): | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||
Shares | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in millions) | |||||||||||||||
Term | |||||||||||||||||
Outstanding at beginning of period | 1,432 | $ | 25.65 | ||||||||||||||
Granted | 1,009 | 27 | |||||||||||||||
Exercised | (241 | ) | 19.68 | ||||||||||||||
Cancelled/expired/forfeited | (226 | ) | 27.36 | ||||||||||||||
Outstanding at end of period | 1,974 | $ | 26.87 | 5.1 Years | $ | 14.6 | |||||||||||
Exercisable at end of period | 705 | $ | 26.75 | 3.9 Years | $ | 5.4 | |||||||||||
Schedule of Summarized Activity of Stock Appreciation | ' | ||||||||||||||||
The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2013 (unit data in thousands): | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||
Units | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in millions) | |||||||||||||||
Term | |||||||||||||||||
Outstanding at beginning of period | 37 | $ | 25.27 | ||||||||||||||
Granted | 76 | 26.8 | |||||||||||||||
Exercised | (7 | ) | 25.42 | ||||||||||||||
Cancelled/expired/forfeited | (10 | ) | 26.39 | ||||||||||||||
Outstanding at end of period | 96 | $ | 26.35 | 6.0 Years | $ | 0.8 | |||||||||||
Exercisable at end of period | 6 | $ | 25.11 | 5.5 Years | $ | 0.1 | |||||||||||
Cash Settled Performance Shares [Member] | ' | ||||||||||||||||
Schedule of Cash Settled Performance Units | ' | ||||||||||||||||
Nonvested cash-settled performance units as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (unit data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Units | Fair Value | ||||||||||||||||
Nonvested at beginning of period | 30 | ||||||||||||||||
Adjustment to assumed vesting percentage | (6 | ) | |||||||||||||||
Granted | 33 | ||||||||||||||||
Vested | — | ||||||||||||||||
Cancelled/forfeited | (6 | ) | |||||||||||||||
Nonvested at end of period | 51 | $ | 34.19 | ||||||||||||||
Cash Settled Restricted Stock Units [Member] | ' | ||||||||||||||||
Schedule of Cash Settled Performance Units | ' | ||||||||||||||||
Nonvested restricted stock units as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (unit data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Units | Fair Value | ||||||||||||||||
Nonvested at beginning of period | 14 | ||||||||||||||||
Granted | 16 | ||||||||||||||||
Vested | (5 | ) | |||||||||||||||
Cancelled/forfeited | (2 | ) | |||||||||||||||
Nonvested at end of period | 23 | $ | 34.19 | ||||||||||||||
B&W Stock Options [Member] | ' | ||||||||||||||||
Schedule of Assumptions Used to Calculate Fair Value of Option Grant | ' | ||||||||||||||||
The fair value of each option grant was estimated at the date of grant using Black-Scholes, with the following weighted-average assumptions: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 0.56 | % | 0.65 | % | 1.52 | % | |||||||||||
Expected volatility | 0.33 | 0.36 | 0.46 | ||||||||||||||
Expected life of the option in years | 3.93 | 3.98 | 3.75 | ||||||||||||||
Expected dividend yield | 1.19 | % | 0 | % | 0 | % | |||||||||||
B&W Cash-Based Performance and Restricted Stock Units [Member] | ' | ||||||||||||||||
Schedule of Cash Settled Performance Units | ' | ||||||||||||||||
Nonvested performance shares as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (share data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at beginning of period | 799 | $ | 29.55 | ||||||||||||||
Adjustment to assumed vesting percentage | (223 | ) | 28.02 | ||||||||||||||
Granted | 426 | 27.1 | |||||||||||||||
Vested | — | — | |||||||||||||||
Cancelled/forfeited | (168 | ) | 28.06 | ||||||||||||||
Nonvested at end of period | 834 | $ | 29.07 | ||||||||||||||
B&W Restricted Stock Units [Member] | ' | ||||||||||||||||
Schedule of Cash Settled Performance Units | ' | ||||||||||||||||
Nonvested restricted stock units as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows (share data in thousands): | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of | Average | ||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at beginning of period | 421 | $ | 26.58 | ||||||||||||||
Granted | 278 | 27.48 | |||||||||||||||
Vested | (253 | ) | 27.02 | ||||||||||||||
Cancelled/forfeited | (61 | ) | 27.42 | ||||||||||||||
Nonvested at end of period | 385 | $ | 26.78 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Payments for Operating Leases | ' | ||||
Future minimum payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year at December 31, 2013 are as follows (in thousands): | |||||
Fiscal Year Ending December 31, | Amount | ||||
2014 | $ | 10,814 | |||
2015 | $ | 8,291 | |||
2016 | $ | 5,496 | |||
2017 | $ | 4,962 | |||
2018 | $ | 4,281 | |||
Thereafter | $ | 5,605 |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Summary of Available for Sale Securities | ' | ||||||||||||||||
The following is a summary of our available-for-sale securities at December 31, 2013: | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
U.S. Government and agency securities | $ | 2,999 | $ | 1 | $ | — | $ | 3,000 | |||||||||
Mutual funds | 3,752 | 249 | — | 4,001 | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 472 | 8 | (55 | ) | 425 | ||||||||||||
Commercial paper | 7,748 | — | — | 7,748 | |||||||||||||
Total | $ | 14,971 | $ | 258 | $ | (55 | ) | $ | 15,174 | ||||||||
The following is a summary of our available-for-sale securities at December 31, 2012: | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
U.S. Government and agency securities | $ | 21,436 | $ | 10 | $ | — | $ | 21,446 | |||||||||
Mutual funds | 2,958 | 679 | — | 3,637 | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 554 | 2 | (102 | ) | 454 | ||||||||||||
Commercial paper | 67,313 | 9 | — | 67,322 | |||||||||||||
Total | $ | 92,261 | $ | 700 | $ | (102 | ) | $ | 92,859 | ||||||||
Summary of Proceeds, Gross Realized Gains and Gross Realized Losses on Sales of Available for Sale Securities | ' | ||||||||||||||||
Proceeds, gross realized gains and gross realized losses on sales of available-for-sale securities were as follows: | |||||||||||||||||
Proceeds | Gross | Gross | |||||||||||||||
Realized Gains | Realized Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2013 | $ | 168,879 | $ | 1,127 | $ | — | |||||||||||
Year Ended December 31, 2012 | $ | 247,649 | $ | 35 | $ | — | |||||||||||
Year Ended December 31, 2011 | $ | 147,288 | $ | — | $ | 5 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||
Summary of Derivative Financial Instruments | ' | ||||||||
The following tables summarize our derivative financial instruments at December 31, 2013 and 2012: | |||||||||
Asset and Liability Derivatives | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Derivatives Designated as Hedges: | |||||||||
Foreign Exchange Contracts: | |||||||||
Location | |||||||||
Accounts receivable-other | $ | 1,139 | $ | 2,251 | |||||
Other assets | $ | 94 | $ | 3,777 | |||||
Accounts payable | $ | 581 | $ | 1,893 | |||||
Other liabilities | $ | 603 | $ | 29 | |||||
Derivatives Not Designated as Hedges: | |||||||||
Foreign Exchange Contracts: | |||||||||
Location | |||||||||
Accounts receivable-other | $ | 464 | $ | — | |||||
Other assets | $ | 50 | $ | 191 | |||||
Accounts payable | $ | 10 | $ | 962 | |||||
Stock Warrants: | |||||||||
Location | |||||||||
Other assets | $ | — | $ | 317 | |||||
Schedule of Effect of Derivative Instruments on Statements of Financial Performance | ' | ||||||||
The effects of derivatives on our financial statements are outlined below: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Derivatives Designated as Hedges: | |||||||||
Cash Flow Hedges: | |||||||||
Foreign Exchange Contracts: | |||||||||
Amount of gain (loss) recognized in other comprehensive income | $ | (5,936 | ) | $ | 2,031 | ||||
Gain (loss) reclassified from accumulated other comprehensive income into earnings: effective portion | |||||||||
Location | |||||||||
Revenues | $ | (1,885 | ) | $ | (1,082 | ) | |||
Cost of operations | $ | (2,174 | ) | $ | 3,833 | ||||
Other-net | $ | 144 | $ | (24 | ) | ||||
Loss recognized in income: portion excluded from effectiveness testing | |||||||||
Location | |||||||||
Other-net | $ | (349 | ) | $ | (185 | ) | |||
Derivatives Not Designated as Hedges: | |||||||||
Forward Contracts: | |||||||||
Gain (loss) recognized in income | |||||||||
Location | |||||||||
Other-net | $ | 96 | $ | (169 | ) | ||||
Stock Warrants: | |||||||||
Loss recognized in income | |||||||||
Location | |||||||||
Other-net | $ | (317 | ) | $ | (560 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Available-for-Sale Securities Measured at Fair Value | ' | ||||||||||||||||
The following is a summary of our available-for-sale securities measured at fair value at December 31, 2013: | |||||||||||||||||
12/31/13 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Mutual funds | $ | 4,001 | $ | — | $ | 4,001 | $ | — | |||||||||
U.S. Government and agency securities | 3,000 | 3,000 | — | — | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 425 | — | 425 | — | |||||||||||||
Commercial paper | 7,748 | — | 7,748 | — | |||||||||||||
Total | $ | 15,174 | $ | 3,000 | $ | 12,174 | $ | — | |||||||||
The following is a summary of our available-for-sale securities measured at fair value at December 31, 2012: | |||||||||||||||||
12/31/12 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Mutual funds | $ | 3,637 | $ | — | $ | 3,637 | $ | — | |||||||||
U.S. Government and agency securities | 21,446 | 21,446 | — | — | |||||||||||||
Asset-backed securities and collateralized mortgage obligations | 454 | — | 454 | — | |||||||||||||
Commercial paper | 67,322 | — | 67,322 | — | |||||||||||||
Total | $ | 92,859 | $ | 21,446 | $ | 71,413 | $ | — | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Operating Results by Segment | ' | ||||||||||||
1. Information about Operations in our Different Industry Segments: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
REVENUES (1): | |||||||||||||
Power Generation | $ | 1,767,651 | $ | 1,785,959 | $ | 1,541,509 | |||||||
Nuclear Operations | 1,167,683 | 1,098,031 | 1,043,185 | ||||||||||
Technical Services | 104,254 | 107,851 | 119,711 | ||||||||||
Nuclear Energy | 283,857 | 325,655 | 321,469 | ||||||||||
mPower | 1,523 | 326 | 1,325 | ||||||||||
Adjustments and Eliminations | (55,760 | ) | (26,463 | ) | (75,159 | ) | |||||||
$ | 3,269,208 | $ | 3,291,359 | $ | 2,952,040 | ||||||||
(1) | Segment revenues are net of the following intersegment transfers and other adjustments: | ||||||||||||
Power Generation Transfers | $ | 37,552 | $ | 7,932 | $ | 53,852 | |||||||
Nuclear Operations Transfers | 6,773 | 6,015 | 5,860 | ||||||||||
Technical Services Transfers | 3,817 | 3,496 | 2,155 | ||||||||||
Nuclear Energy Transfers | 7,618 | 8,992 | 11,928 | ||||||||||
mPower Transfers | — | 28 | 1,364 | ||||||||||
$ | 55,760 | $ | 26,463 | $ | 75,159 | ||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
OPERATING INCOME: | |||||||||||||
Power Generation | $ | 155,837 | $ | 183,387 | $ | 183,984 | |||||||
Nuclear Operations | 237,855 | 226,269 | 194,438 | ||||||||||
Technical Services | 58,234 | 59,655 | 69,915 | ||||||||||
Nuclear Energy | 8,641 | 50,649 | (20,777 | ) | |||||||||
mPower | (81,304 | ) | (113,528 | ) | (96,110 | ) | |||||||
$ | 379,263 | $ | 406,432 | $ | 331,450 | ||||||||
Unallocated Corporate(1) | (26,039 | ) | (27,953 | ) | (20,361 | ) | |||||||
Special Charges for Restructuring Activities | (39,599 | ) | — | — | |||||||||
Mark to Market Adjustment | 222,737 | (31,890 | ) | (215,418 | ) | ||||||||
Total Operating Income(2) | $ | 536,362 | $ | 346,589 | $ | 95,671 | |||||||
Other Income (Expense): | |||||||||||||
Interest income | 1,443 | 1,491 | 1,342 | ||||||||||
Interest expense | (3,115 | ) | (3,735 | ) | (4,543 | ) | |||||||
Other - net | (17,517 | ) | (24,927 | ) | 2,028 | ||||||||
Total Other Expense | (19,189 | ) | (27,171 | ) | (1,173 | ) | |||||||
Income before Provision for Income Taxes | $ | 517,173 | $ | 319,418 | $ | 94,498 | |||||||
(1) Unallocated corporate includes general corporate overhead not allocated to segments | |||||||||||||
(2) Included in operating income is the following: | |||||||||||||
(Gains) Losses on Asset Disposals – Net: | |||||||||||||
Power Generation | $ | 1,181 | $ | 3,276 | $ | (3,456 | ) | ||||||
Nuclear Operations | 163 | (339 | ) | — | |||||||||
Technical Services | — | (1,517 | ) | — | |||||||||
Nuclear Energy | (28 | ) | (1 | ) | 96 | ||||||||
mPower | — | — | — | ||||||||||
Unallocated Corporate | (267 | ) | — | 273 | |||||||||
$ | 1,049 | $ | 1,419 | $ | (3,087 | ) | |||||||
Equity in Income of Investees: | |||||||||||||
Power Generation | $ | 18,388 | $ | 17,402 | $ | 25,778 | |||||||
Nuclear Operations | — | — | — | ||||||||||
Technical Services | 50,281 | 49,621 | 52,877 | ||||||||||
Nuclear Energy | (611 | ) | (314 | ) | — | ||||||||
mPower | — | — | — | ||||||||||
$ | 68,058 | $ | 66,709 | $ | 78,655 | ||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
SEGMENT ASSETS: | |||||||||||||
Power Generation | $ | 970,718 | $ | 1,059,824 | $ | 1,325,959 | |||||||
Nuclear Operations | 778,203 | 708,607 | 679,818 | ||||||||||
Technical Services | 120,559 | 125,494 | 123,717 | ||||||||||
Nuclear Energy | 439,325 | 391,096 | 346,759 | ||||||||||
mPower | 21,790 | 10,137 | 399 | ||||||||||
Total Segment Assets | 2,330,595 | 2,295,158 | 2,476,652 | ||||||||||
Corporate Assets | 278,558 | 545,197 | 312,459 | ||||||||||
Total Assets | $ | 2,609,153 | $ | 2,840,355 | $ | 2,789,111 | |||||||
CAPITAL EXPENDITURES: | |||||||||||||
Power Generation | $ | 15,280 | $ | 24,592 | $ | 15,788 | |||||||
Nuclear Operations | 31,572 | 44,810 | 32,082 | ||||||||||
Technical Services | 98 | — | — | ||||||||||
Nuclear Energy | 5,506 | 5,881 | 7,257 | ||||||||||
mPower | 2,854 | 2,554 | — | ||||||||||
Segment Capital Expenditures | 55,310 | 77,837 | 55,127 | ||||||||||
Corporate Capital Expenditures | 9,640 | 8,798 | 8,747 | ||||||||||
Total Capital Expenditures | $ | 64,950 | $ | 86,635 | $ | 63,874 | |||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||||
Power Generation | $ | 23,892 | $ | 19,126 | $ | 17,264 | |||||||
Nuclear Operations | 26,975 | 32,013 | 38,169 | ||||||||||
Technical Services | 185 | 244 | 262 | ||||||||||
Nuclear Energy | 6,520 | 5,923 | 5,346 | ||||||||||
mPower | 554 | 279 | — | ||||||||||
Segment Depreciation and Amortization | 58,126 | 57,585 | 61,041 | ||||||||||
Corporate Depreciation and Amortization | 12,399 | 12,112 | 11,962 | ||||||||||
Total Depreciation and Amortization | $ | 70,525 | $ | 69,697 | $ | 73,003 | |||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES: | |||||||||||||
Power Generation | $ | 144,475 | $ | 139,399 | $ | 124,686 | |||||||
Nuclear Operations | — | — | — | ||||||||||
Technical Services | 40,329 | 46,928 | 38,882 | ||||||||||
Nuclear Energy | 27 | 27 | — | ||||||||||
mPower | — | — | — | ||||||||||
Total Investment in Unconsolidated Affiliates | $ | 184,831 | $ | 186,354 | $ | 163,568 | |||||||
Schedule of Revenue Information from Products and Service Lines | ' | ||||||||||||
2. Information about our Product and Service Lines: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
REVENUES: | |||||||||||||
Power Generation: | |||||||||||||
New Build Environmental Equipment | $ | 434,228 | $ | 446,514 | $ | 235,750 | |||||||
New Build Steam Generation Systems | 454,277 | 511,201 | 416,779 | ||||||||||
Aftermarket Services | 885,185 | 841,571 | 894,677 | ||||||||||
Eliminations/Other | (6,039 | ) | (13,327 | ) | (5,697 | ) | |||||||
1,767,651 | 1,785,959 | 1,541,509 | |||||||||||
Nuclear Operations: | |||||||||||||
Nuclear Component Program | 1,153,216 | 1,086,081 | 1,025,838 | ||||||||||
Commercial Operations | 7,681 | 5,908 | 11,674 | ||||||||||
Eliminations/Other | 6,786 | 6,042 | 5,673 | ||||||||||
1,167,683 | 1,098,031 | 1,043,185 | |||||||||||
Technical Services: | |||||||||||||
Commercial Operations | 21,227 | 20,819 | 29,708 | ||||||||||
Nuclear Environmental Services | 73,043 | 78,228 | 76,267 | ||||||||||
Management & Operation Contracts of U.S. Government Facilities | 9,984 | 8,804 | 13,736 | ||||||||||
Eliminations/Other | — | — | — | ||||||||||
104,254 | 107,851 | 119,711 | |||||||||||
Nuclear Energy: | |||||||||||||
Nuclear Services | 113,180 | 158,365 | 151,118 | ||||||||||
Nuclear Equipment | 83,449 | 134,011 | 122,789 | ||||||||||
Nuclear Projects | 87,002 | 33,319 | 45,539 | ||||||||||
Eliminations/Other | 226 | (40 | ) | 2,023 | |||||||||
283,857 | 325,655 | 321,469 | |||||||||||
mPower: | 1,523 | 326 | 1,325 | ||||||||||
Eliminations | (55,760 | ) | (26,463 | ) | (75,159 | ) | |||||||
$ | 3,269,208 | $ | 3,291,359 | $ | 2,952,040 | ||||||||
Schedule of Revenues by Geographical Area | ' | ||||||||||||
3. Information about our Operations in Different Geographic Areas: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
REVENUES(1): | |||||||||||||
United States | $ | 2,589,521 | $ | 2,615,387 | $ | 2,340,299 | |||||||
Canada | 313,881 | 288,246 | 238,663 | ||||||||||
China | 58,775 | 45,830 | 48,153 | ||||||||||
Denmark | 56,336 | 18,504 | 12,310 | ||||||||||
Colombia | 44,622 | 1,163 | 1,647 | ||||||||||
Sweden | 37,823 | 101,688 | 94,337 | ||||||||||
Germany | 22,869 | 34,364 | 8,222 | ||||||||||
United Kingdom | 20,927 | 6,653 | 6,150 | ||||||||||
Chile | 9,240 | 11,582 | 6,811 | ||||||||||
Korea | 9,033 | 14,461 | 6,272 | ||||||||||
Saudi Arabia | 8,200 | 7,973 | 3,307 | ||||||||||
Netherlands | 8,099 | 5,376 | 851 | ||||||||||
Indonesia | 6,227 | 7,828 | 4,642 | ||||||||||
Argentina | 5,737 | 23,529 | 21,016 | ||||||||||
India | 4,670 | 13,306 | 8,891 | ||||||||||
Italy | 4,156 | 8,477 | 6,516 | ||||||||||
France | 3,930 | 2,384 | 3,433 | ||||||||||
Mexico | 3,461 | 3,384 | 2,523 | ||||||||||
Trinidad | 3,264 | 2,401 | 2,668 | ||||||||||
Austria | 2,970 | 2,218 | 465 | ||||||||||
Israel | 2,919 | 2,502 | 2,071 | ||||||||||
Brazil | 2,751 | 2,585 | 4,671 | ||||||||||
Thailand | 2,650 | 3,041 | 1,946 | ||||||||||
Russia | 2,607 | 2,727 | 1,405 | ||||||||||
Norway | 2,594 | 9,939 | 29,844 | ||||||||||
Singapore | 2,507 | 171 | 468 | ||||||||||
South Africa | 2,208 | 2,993 | 4,204 | ||||||||||
Other Countries | 37,231 | 52,647 | 90,255 | ||||||||||
$ | 3,269,208 | $ | 3,291,359 | $ | 2,952,040 | ||||||||
(1) | We allocate geographic revenues based on the location of the customer’s operations. | ||||||||||||
Schedule of Property, Plant and Equipment, Net by Geographical Area | ' | ||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT: | |||||||||||||
United States | $ | 367,672 | $ | 363,447 | $ | 348,498 | |||||||
Canada | 38,738 | 45,402 | 41,868 | ||||||||||
China | 10,980 | 7,926 | 2,145 | ||||||||||
United Kingdom | 9,414 | 9,714 | 9,758 | ||||||||||
Denmark | 8,715 | 8,565 | 8,813 | ||||||||||
Mexico | 8,312 | 8,302 | 7,024 | ||||||||||
Other Countries | 3,248 | 3,665 | 4,185 | ||||||||||
$ | 447,079 | $ | 447,021 | $ | 422,291 | ||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Information | ' | ||||||||||||||||
The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenues | $ | 805,423 | $ | 886,136 | $ | 774,834 | $ | 802,815 | |||||||||
Operating income (1) | $ | 60,213 | $ | 98,706 | $ | 82,121 | $ | 295,322 | |||||||||
Equity in income of investees | $ | 14,787 | $ | 18,775 | $ | 18,151 | $ | 16,345 | |||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 47,174 | $ | 72,870 | $ | 60,446 | $ | 165,588 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.41 | $ | 0.65 | $ | 0.54 | $ | 1.5 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.41 | $ | 0.65 | $ | 0.54 | $ | 1.48 | |||||||||
(1) | Includes equity in income of investees. | ||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenues | $ | 765,892 | $ | 852,585 | $ | 807,586 | $ | 865,296 | |||||||||
Operating income (1) | $ | 86,420 | $ | 110,077 | $ | 84,399 | $ | 65,693 | |||||||||
Equity in income of investees | $ | 17,357 | $ | 16,687 | $ | 14,546 | $ | 18,119 | |||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 59,950 | $ | 77,231 | $ | 51,443 | $ | 39,071 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.51 | $ | 0.65 | $ | 0.43 | $ | 0.33 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 0.5 | $ | 0.65 | $ | 0.43 | $ | 0.33 | |||||||||
(1) | Includes equity in income of investees. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except shares and | |||||||||||||
per share amounts) | |||||||||||||
Basic: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 346,078 | $ | 227,695 | $ | 78,319 | |||||||
Weighted average common shares | 111,901,750 | 118,418,930 | 117,560,594 | ||||||||||
Basic earnings per common share: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 3.09 | $ | 1.92 | $ | 0.67 | |||||||
Diluted: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 346,078 | $ | 227,695 | $ | 78,319 | |||||||
Weighted average common shares (basic) | 111,901,750 | 118,418,930 | 117,560,594 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options, restricted stock and performance shares(1) | 783,667 | 602,394 | 844,003 | ||||||||||
Adjusted weighted average common shares | 112,685,417 | 119,021,324 | 118,404,597 | ||||||||||
Diluted earnings per common share: | |||||||||||||
Net income attributable to The Babcock & Wilcox Company | $ | 3.07 | $ | 1.91 | $ | 0.66 | |||||||
-1 | At December 31, 2013, 2012 and 2011, we excluded from the diluted share calculation 442,226, 1,082,904 and 742,035 shares, respectively, related to stock options, as their effect would have been antidilutive. |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Facility | |||||
Supplier | |||||
Segment | |||||
Location | |||||
Component | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Number of business segments | ' | ' | 5 | ' | ' |
Number of segments reported | ' | ' | 4 | ' | ' |
Number of N-Stamp certified locations | ' | ' | 2 | ' | ' |
Number of large, heavy-walled nuclear components and vessels suppliers | ' | ' | 2 | ' | ' |
Number of large, heavy components supplied to worldwide | ' | ' | 1,300 | ' | ' |
Operating period of light water nuclear technology | ' | ' | '4 years | ' | ' |
Net foreign currency transaction gains (losses) included in other expense | ' | ' | $500,000 | ($600,000) | ($1,900,000) |
Revenue recognition, percentage of contract completion | ' | ' | 70.00% | ' | ' |
Additional costs related to changes in estimates and scheduling issues | 30,200,000 | 16,900,000 | 35,600,000 | 16,900,000 | 61,800,000 |
Recognition of revenues from settlement | ' | ' | ' | 18,400,000 | ' |
Long-term retainages, anticipated collection in 2015 | ' | ' | 3,100,000 | ' | ' |
Long-term retainages, anticipated collection in 2016 | ' | ' | 4,800,000 | ' | ' |
Long-term retainages, anticipated collection in 2017 | ' | ' | 4,600,000 | ' | ' |
Long-term retainages, anticipated collection in 2018 | ' | ' | 300,000 | ' | ' |
Number of facilities with U.S. Government decommissioning costs obligation | ' | ' | 2 | ' | ' |
Research and development activities | ' | ' | 200,800,000 | 173,900,000 | 163,000,000 |
Research and development activities, paid by customers | ' | ' | 43,200,000 | 53,400,000 | 56,600,000 |
DOE funding | ' | ' | 78,400,000 | ' | ' |
Research and development activities | ' | ' | 15,794,000 | 17,942,000 | 16,584,000 |
Funding award | ' | ' | 150,000,000 | ' | ' |
Cost reimbursement percentage | ' | ' | 50.00% | ' | ' |
Authorized funding award | ' | ' | 99,300,000 | ' | ' |
Additional allocation received | ' | ' | 85,000,000 | ' | ' |
Recognized funding award | ' | ' | 78,400,000 | ' | ' |
Pre-award costs under the program | ' | ' | 21,500,000 | 9,700,000 | ' |
Percentage of total inventories using LIFO method | ' | 17.00% | 18.00% | 17.00% | ' |
LIFO reserve | ' | 7,500,000 | 7,700,000 | 7,500,000 | ' |
Depreciation expense | ' | ' | 62,200,000 | 59,400,000 | 61,800,000 |
Impairment charges recognized | ' | ' | 1,260,000 | 3,216,000 | ' |
Interest expense | ' | ' | 4,800,000 | 4,900,000 | 6,100,000 |
Capitalized interest expense | ' | ' | 1,700,000 | 1,200,000 | 1,600,000 |
Restricted cash and cash equivalents | ' | ' | 48,700,000 | ' | ' |
Reserves for self-insurance | ' | 42,800,000 | 37,800,000 | 42,800,000 | ' |
Restricted Foreign Cash [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | 3,900,000 | ' | ' |
Cash Held for Future Decommissioning of Facilities [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | 2,800,000 | ' | ' |
Cash Held to Meet Reinsurance Reserve Requirements [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | 42,000,000 | ' | ' |
Nuclear Energy [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Additional costs related to changes in estimates and scheduling issues | ' | ' | ' | ' | 50,700,000 |
Nuclear Operations [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Additional costs related to changes in estimates and scheduling issues | ' | ' | ' | ' | 11,100,000 |
Generation mPower LLC [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Research and development activities | ' | ' | $15,800,000 | $17,900,000 | $16,600,000 |
Maximum [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Investment ownership in percentage | ' | ' | 20.00% | ' | ' |
Maximum [Member] | Buildings [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated economic useful life | ' | ' | '33 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated economic useful life | ' | ' | '28 years | ' | ' |
Minimum [Member] | Buildings [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated economic useful life | ' | ' | '8 years | ' | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated economic useful life | ' | ' | '3 years | ' | ' |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Contracts in Progress and Advance Billings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Collaboration Arrangement Disclosure [Abstract] | ' | ' |
Costs incurred less costs of revenue recognized | $150,724 | $135,972 |
Revenues recognized less billings to customers | 220,096 | 180,546 |
Contracts In Progress | 370,820 | 316,518 |
Billings to customers less revenues recognized | 411,156 | 541,983 |
Costs incurred less costs of revenue recognized | -93,385 | -69,696 |
Advance Billings on Contracts | $317,771 | $472,287 |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies - Retainages on Contracts (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Collaboration Arrangement Disclosure [Abstract] | ' | ' |
Retainages expected to be collected within one year | $84,389 | $85,776 |
Retainages expected to be collected after one year | 12,820 | 28,661 |
Total retainages | $97,209 | $114,437 |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Detail) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Collaboration Arrangement Disclosure [Abstract] | ' | ' |
Currency translation adjustments | $38,415 | $40,899 |
Net unrealized gain on investments | 130 | 597 |
Net unrealized gain on derivative financial instruments | 627 | 2,103 |
Unrecognized prior service cost on benefit obligations | -10,824 | -10,871 |
Accumulated other comprehensive income | $28,348 | $32,728 |
Basis_of_Presentation_and_Sign7
Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $802,815 | $774,834 | $886,136 | $805,423 | $865,296 | $807,586 | $852,585 | $765,892 | $3,269,208 | $3,291,359 | $2,952,040 |
Other - net | ' | ' | ' | ' | ' | ' | ' | ' | -17,517 | -24,927 | 2,028 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -379,382 | -428,293 | -447,561 |
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 517,173 | 319,418 | 94,498 |
Provision for Income Taxes | 0 | ' | ' | ' | ' | 0 | ' | ' | -184,583 | -101,861 | -23,880 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 332,590 | 217,557 | 70,618 |
Accumulated Other Comprehensive Income Component Recognized [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total reclassification for the period | ' | ' | ' | ' | ' | ' | ' | ' | 4,148 | -223 | -4,147 |
Accumulated Other Comprehensive Income Component Recognized [Member] | Realized (Losses) Gains on Derivative Financial Instruments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,885 | -1,082 | -4,128 |
Cost of operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,174 | 3,833 | 2,350 |
Other - net | ' | ' | ' | ' | ' | ' | ' | ' | 144 | -24 | -373 |
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,915 | 2,727 | -2,151 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 973 | -704 | 496 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | -2,942 | 2,023 | -1,655 |
Accumulated Other Comprehensive Income Component Recognized [Member] | Amortization of Prior Service Cost on Benefit Obligations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,813 | -3,271 | -3,650 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -197 | -169 | -104 |
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,010 | -3,440 | -3,754 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,035 | 1,159 | 1,267 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | -1,975 | -2,281 | -2,487 |
Accumulated Other Comprehensive Income Component Recognized [Member] | Realized Gains (Losses) On Investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other - net | ' | ' | ' | ' | ' | ' | ' | ' | 799 | 35 | -5 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -30 | 0 | 0 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $769 | $35 | ($5) |
Basis_of_Presentation_and_Sign8
Basis of Presentation and Significant Accounting Policies - Summary of Changes in Carrying Amount of Accrued Warranty Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collaboration Arrangement Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $83,682 | $97,209 | $109,588 |
Additions | 18,486 | 20,972 | 21,267 |
Expirations and other changes | -24,801 | -24,766 | -14,288 |
Charges | -20,250 | -10,217 | -19,035 |
Translation and other | -681 | 484 | -323 |
Balance at end of period | $56,436 | $83,682 | $97,209 |
Basis_of_Presentation_and_Sign9
Basis of Presentation and Significant Accounting Policies - Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset retirement obligations Abstract | ' | ' | ' |
Balance at beginning of period | $42,366 | $35,885 | $32,657 |
Costs incurred | ' | ' | -2,265 |
Additions/Adjustments | -109 | 3,422 | 2,935 |
Accretion | 2,514 | 3,059 | 2,558 |
Balance at end of period | $44,771 | $42,366 | $35,885 |
Recovered_Sheet1
Basis of Presentation and Significant Accounting Policies - Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Collaboration Arrangement Disclosure [Abstract] | ' | ' |
Raw Materials and Supplies | $85,455 | $98,428 |
Work in Progress | 10,872 | 7,956 |
Finished Goods | 16,731 | 17,834 |
Total Inventories | $113,058 | $124,218 |
Recovered_Sheet2
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross | $1,126,683 | $1,099,040 | ' |
Less accumulated depreciation | 679,604 | 652,019 | ' |
Net Property, Plant and Equipment | 447,079 | 447,021 | 422,291 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross | 11,718 | 11,875 | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross | 249,614 | 241,281 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross | 782,633 | 776,678 | ' |
Property Under Construction [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross | $82,718 | $69,206 | ' |
Recovered_Sheet3
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Balance balance | $280,780 | $276,180 |
Purchase price adjustment for acquisition of Loibl (Note 2) | ' | 3,727 |
Foreign currency translation adjustments and other | 928 | 873 |
Ending balance | 281,708 | 280,780 |
Power Generation [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance balance | 103,702 | 99,102 |
Purchase price adjustment for acquisition of Loibl (Note 2) | ' | 3,727 |
Foreign currency translation adjustments and other | 928 | 873 |
Ending balance | 104,630 | 103,702 |
Nuclear Operations [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance balance | 118,103 | 118,103 |
Purchase price adjustment for acquisition of Loibl (Note 2) | ' | ' |
Foreign currency translation adjustments and other | ' | ' |
Ending balance | 118,103 | 118,103 |
Technical Services [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance balance | 45,000 | 45,000 |
Purchase price adjustment for acquisition of Loibl (Note 2) | ' | ' |
Foreign currency translation adjustments and other | ' | ' |
Ending balance | 45,000 | 45,000 |
Nuclear Energy [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance balance | 13,975 | 13,975 |
Purchase price adjustment for acquisition of Loibl (Note 2) | ' | ' |
Foreign currency translation adjustments and other | ' | ' |
Ending balance | $13,975 | $13,975 |
Recovered_Sheet4
Basis of Presentation and Significant Accounting Policies - Schedule of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Amortized intangible assets | $66,026 | $72,863 | $98,919 |
Accumulated amortization | -29,640 | -30,312 | -41,013 |
Net amortized intangible assets | 36,386 | 42,551 | 57,906 |
Unamortized intangible assets | 45,135 | 45,135 | 45,135 |
Customer Relationships [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Amortized intangible assets | 35,383 | 36,644 | 40,051 |
Accumulated amortization | -13,490 | -11,173 | -8,618 |
Acquired Backlog [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Amortized intangible assets | ' | 2,979 | 22,435 |
Accumulated amortization | ' | -1,457 | -17,040 |
Tradename [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Amortized intangible assets | 11,945 | 11,945 | 15,169 |
Accumulated amortization | -8,015 | -6,422 | -6,509 |
Unpatented Technology [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Amortized intangible assets | 6,422 | 6,422 | 6,402 |
Accumulated amortization | -3,335 | -2,682 | -2,033 |
Patented Technology [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Amortized intangible assets | 2,521 | 6,961 | 6,961 |
Accumulated amortization | -806 | -4,235 | -3,219 |
All Other [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Amortized intangible assets | 9,755 | 7,912 | 7,901 |
Accumulated amortization | -3,994 | -4,343 | -3,594 |
NRC Category 1 License [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Unamortized intangible assets | 43,830 | 43,830 | 43,830 |
Trademarks and Trade Names [Member] | ' | ' | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' | ' | ' |
Unamortized intangible assets | $1,305 | $1,305 | $1,305 |
Recovered_Sheet5
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collaboration Arrangement Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $87,686 | $103,041 | $105,604 |
Business acquisitions & adjustments | 2,200 | -1,746 | 9,100 |
Amortization expense | -8,324 | -11,010 | -11,545 |
Impairment charge | -1,260 | -3,216 | ' |
Foreign currency translation adjustments and other | 1,219 | 617 | -118 |
Balance at end of period | $81,521 | $87,686 | $103,041 |
Recovered_Sheet6
Basis of Presentation and Significant Accounting Policies - Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Collaboration Arrangement Disclosure [Abstract] | ' |
2014 | $5,578 |
2015 | 4,421 |
2016 | 4,349 |
2017 | 4,108 |
2018 | $3,351 |
Recovered_Sheet7
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Other Non-Current Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collaboration Arrangement Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $8,468 | $5,723 | $8,102 |
Additions | ' | 4,902 | 82 |
Interest expense - debt issuance costs | -1,950 | -2,157 | -2,461 |
Balance at end of period | $6,518 | $8,468 | $5,723 |
Business_Acquisitions_and_Inve2
Business Acquisitions and Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 02, 2013 | Jul. 02, 2013 | Jun. 12, 2012 | Dec. 16, 2013 | Jun. 12, 2012 | Sep. 30, 2010 | Sep. 30, 2012 | 31-May-10 | 31-May-10 | 31-May-10 | 31-May-10 | 31-May-10 | Sep. 30, 2010 | Sep. 30, 2010 | Nov. 30, 2011 | Dec. 31, 2012 | |
Common Class B [Member] | Common Class B [Member] | US Department of Energy (DOE) [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | USEC, Inc. Investment [Member] | Anlagenbau und Fordertechnik Arthur Loibl GmbH [Member] | Anlagenbau und Fordertechnik Arthur Loibl GmbH [Member] | |||||
After Reverse Stock Split [Member] | Toshiba Corporation [Member] | Series B-1 [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Front-End Nuclear Fuel Facilities [Member] | American Centrifuge Program [Member] | |||||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||
Business Acquisitions And Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24,200,000 | ' |
Goodwill | ' | 281,708,000 | 280,780,000 | 276,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' |
Intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' |
Other net liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' |
Loibl acquisition, increase in goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 |
Strategic investment business agreement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'May 2010 | ' | ' | ' | ' | ' | ' | ' | ' |
Strategic investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Uncommitted funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' |
Investment in equity and cost method investees | ' | 6,884,000 | 6,064,000 | 38,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500,000 | ' | ' |
Number of convertible preferred stock received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' |
Percentage of convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.75% | ' | ' | ' | ' | ' | ' | ' |
Number of warrants to purchase common stock | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | 3,125,000 | ' | ' | ' | ' | ' | ' |
Common stock exercise price per share | ' | ' | ' | ' | ' | $187.50 | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' | ' | ' | ' | ' | ' |
Warrants exercisable dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-15 | 31-Dec-16 | ' | ' | ' | ' |
Reverse stock split ratio | ' | ' | ' | ' | '1-for-25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Cooperative Agreement | ' | ' | ' | ' | ' | ' | 80.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | 27,000,000 | 19,139,000 | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in USEC Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of USEC's convertible notes | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock received | ' | ' | ' | ' | ' | ' | ' | 7.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock received | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock and warrants | ' | ' | ' | ' | ' | ' | ' | 12.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan support agreement termination fund | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of termination funding | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | 19,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining book value of investment | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisitions_and_Inve3
Business Acquisitions and Investments - Components of Intangible Assets (Detail) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2011 |
Customer Relationships [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, Amount | $3,200 |
Intangible Assets, Amortization Period, years | '8 years |
Backlog [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, Amount | 3,100 |
Intangible Assets, Amortization Period, years | '2 years |
Tradename [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, Amount | 800 |
Intangible Assets, Amortization Period, years | '5 years |
Unpatented Technology [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, Amount | $500 |
Intangible Assets, Amortization Period, years | '12 years |
Equity_Method_Investments_Addi
Equity Method Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' |
Undistributed earnings of equity method investees | $113 | $115.60 | ' |
Reimbursable costs included in revenues of equity method investees | 2,121 | 2,222.40 | 1,956.70 |
Investment in equity method investees in excess of underlying equity in net assets | 4.5 | ' | ' |
Gain on sale of interest in joint venture | ' | $1.20 | ' |
Equity_Method_Investments_Summ
Equity Method Investments - Summary of Combined Balance Sheet Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investments And Joint Ventures [Abstract] | ' | ' |
Current assets | $800,704 | $835,997 |
Noncurrent assets | 252,430 | 271,233 |
Total Assets | 1,053,134 | 1,107,230 |
Current liabilities | 610,329 | 616,786 |
Noncurrent liabilities | 72,742 | 89,285 |
Owners' equity | 370,063 | 401,159 |
Total Liabilities and Owners' Equity | $1,053,134 | $1,107,230 |
Equity_Method_Investments_Summ1
Equity Method Investments - Summary of Combined Income Statement Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' |
Revenues | $2,832,202 | $2,758,159 | $2,669,923 |
Gross profit | 208,714 | 210,425 | 271,920 |
Income before provision for income taxes | 150,511 | 146,911 | 185,859 |
Provision for income taxes | 8,603 | 9,000 | 14,258 |
Net Income | $141,908 | $137,911 | $171,601 |
Equity_Method_Investments_Reco
Equity Method Investments - Reconciliation of Net Income to Equity in Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity income based on stated ownership percentages | $68,305 | ' | ' | ' | $66,064 | ' | ' | ' | $68,305 | $66,064 | $81,971 |
All other adjustments due to amortization of basis differences, timing of GAAP adjustments and other adjustments | -247 | ' | ' | ' | 645 | ' | ' | ' | -247 | 645 | -3,316 |
Equity in Income of Investees | $16,345 | $18,151 | $18,775 | $14,787 | $18,119 | $14,546 | $16,687 | $17,357 | $68,058 | $66,709 | $78,655 |
Equity_Method_Investments_Sche
Equity Method Investments - Schedule of Transactions with Unconsolidated Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' |
Sales to | $99,443 | $42,538 | $49,400 |
Purchases from | 4,645 | 1,814 | 980 |
Dividends received | 79,595 | 51,594 | 57,801 |
Capital contributions, net of returns | $6,884 | $6,289 | $38,176 |
Global_Competitiveness_Initiat2
Global Competitiveness Initiative - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Employee Termination Benefits | $23,700,000 | ' | ' |
Consulting and other program administrative costs, net | 8,500,000 | ' | ' |
Facility consolidation charges | 7,400,000 | ' | ' |
Unpaid GCI charges for employee termination | 8,600,000 | ' | ' |
Unpaid GCI charges related to facility consolidation | 1,500,000 | ' | ' |
GCI charges related to the operating segments | 39,599,000 | ' | ' |
Operating Segments [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
GCI charges related to the operating segments | 39,599,000 | ' | ' |
Operating Segments [Member] | Power Generation [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
GCI charges related to the operating segments | 18,200,000 | ' | ' |
Operating Segments [Member] | Nuclear Energy [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
GCI charges related to the operating segments | $8,600,000 | ' | ' |
Global_Competitiveness_Initiat3
Global Competitiveness Initiative - Changes In Restructuring Liabilities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring And Related Activities [Abstract] | ' | ' |
Liability balance at the beginning of the period | ' | ' |
Special charges for restructuring activities | 36,150 | ' |
Payments | -26,096 | ' |
Liability balance at the end of the period | $10,054 | ' |
Global_Competitiveness_Initiat4
Global Competitiveness Initiative - Changes In Restructuring Liabilities (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Restructuring And Related Activities [Abstract] | ' |
Accelerated depreciation | $2 |
Restructuring Reserve Asset Impairment | $1.40 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | ' | $4,487 | $32,357 | $36,342 |
Increases based on tax positions taken in the current year | ' | 732 | 980 | 1,171 |
Increases based on tax positions taken in the prior years | ' | 1,546 | 65 | 3,269 |
Decreases based on tax positions taken in the prior years | ' | -167 | -3,114 | -4,329 |
Decreases due to settlements with tax authorities | ' | ' | -1,101 | -1,073 |
Decreases due to lapse of applicable statute of limitation | -25,300 | -868 | -24,700 | -3,023 |
Balance at end of period | ' | $5,730 | $4,487 | $32,357 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Unrecognized tax benefits that would reduce effective tax rate if recognized | $5,700,000 | ' | ' | ' |
Increase in accruals | 100,000 | ' | ' | ' |
Liability for the payment of tax related interest and penalties | ' | 300,000 | 1,100,000 | ' |
Valuation Allowance for deferred tax asset | -24,872,000 | -19,979,000 | -9,354,000 | -2,205,000 |
Net operating loss carryforwards | 50,500,000 | ' | ' | ' |
Foreign net operating loss carryforwards scheduled to expire | 3,800,000 | ' | ' | ' |
Undistributed earnings of subsidiaries | 275,600,000 | ' | ' | ' |
Unrecognized deferred income tax liabilities | 42,600,000 | ' | ' | ' |
Tax benefit on earnings with intent to remit | 6,500,000 | ' | ' | ' |
Scenario, Forecast [Member] | Maximum [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Increase in accruals | 1,000,000 | ' | ' | ' |
Foreign [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Foreign tax credit carryovers | 300,000 | ' | ' | ' |
Foreign [Member] | Maximum [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards, expiration date | '2033 | ' | ' | ' |
Foreign [Member] | Minimum [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards, expiration date | '2017 | ' | ' | ' |
State [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 404,000,000 | ' | ' | ' |
Net operating loss carryforwards, valuation allowance | $9,800,000 | ' | ' | ' |
State [Member] | Minimum [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards, expiration date | '2014 | ' | ' | ' |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets: | ' | ' | ' | ' |
Pension liability | $105,370 | $201,229 | ' | ' |
Accrued warranty expense | 18,003 | 26,695 | ' | ' |
Accrued vacation pay | 12,865 | 13,312 | ' | ' |
Accrued liabilities for self-insurance (including postretirement health care benefits) | 33,349 | 35,374 | ' | ' |
Accrued liabilities for executive and employee incentive compensation | 45,413 | 39,483 | ' | ' |
Environmental and products liabilities | 8,858 | 8,024 | ' | ' |
Investments in joint ventures and affiliated companies | 23,780 | 16,993 | ' | ' |
Long-term contracts | 37,684 | 29,807 | ' | ' |
Net operating loss carryforward | 12,539 | 15,787 | ' | ' |
State tax net operating loss carryforward | 21,252 | 21,757 | ' | ' |
Foreign tax credit carryforward | 320 | 808 | ' | ' |
Other | 7,135 | 7,722 | ' | ' |
Total deferred tax assets | 326,568 | 416,991 | ' | ' |
Valuation allowance for deferred tax assets | -24,872 | -19,979 | -9,354 | -2,205 |
Deferred tax assets | 301,696 | 397,012 | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' |
Property, plant and equipment | 35,797 | 39,016 | ' | ' |
Investments in joint ventures and affiliated companies | ' | 1,064 | ' | ' |
Long-term contracts | 27,628 | 30,571 | ' | ' |
Intangibles | 29,388 | 24,756 | ' | ' |
Other | 8,631 | 9,580 | ' | ' |
Total deferred tax liabilities | 101,444 | 104,987 | ' | ' |
Net deferred tax assets | $200,252 | $292,025 | ' | ' |
Income_Taxes_Income_Before_Pro
Income Taxes - Income Before Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. | $399,263 | $222,840 | $39,417 |
Other than U.S. | 117,910 | 96,578 | 55,081 |
Income before Provision for Income Taxes | $517,173 | $319,418 | $94,498 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
U.S. - federal | ' | ' | $70,660 | $39,784 | $24,591 |
U.S. - state and local | ' | ' | 6,388 | 7,979 | 7,452 |
Other than U.S. | ' | ' | 13,467 | 11,060 | 11,037 |
Total current | ' | ' | 90,515 | 58,823 | 43,080 |
U.S. - Federal | ' | ' | 69,810 | 24,560 | -20,066 |
U.S. - State and local | ' | ' | 6,546 | 6,545 | 5,195 |
Other than U.S. | ' | ' | 17,712 | 11,933 | -4,329 |
Total deferred (benefit) provision | ' | ' | 94,068 | 43,038 | -19,200 |
Provision for income taxes | $0 | $0 | $184,583 | $101,861 | $23,880 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of U.S. Statutory Federal Tax Rate to Consolidated and Combined Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory (benefit) rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 2.50% | 4.30% | 6.40% |
Foreign rate differential | -2.50% | -4.10% | -11.80% |
Foreign operations | ' | 0.50% | 6.40% |
Tax credits | -2.00% | -2.50% | -46.80% |
Dividends and deemed dividends from affiliates | 1.20% | 2.30% | 38.70% |
Valuation allowances | 0.90% | 3.40% | 7.60% |
Uncertain tax positions | 0.30% | -9.00% | -2.80% |
Non-deductible expenses | 0.40% | 1.30% | 5.50% |
Additional spin related benefit | ' | ' | -4.60% |
Manufacturing deduction | -1.40% | -1.30% | -3.60% |
Minority interest | 1.00% | 1.10% | 3.20% |
Other | 0.30% | 0.90% | -7.90% |
Effective tax rate | 35.70% | 31.90% | 25.30% |
Income_Taxes_Valuation_Allowan
Income Taxes - Valuation Allowance for Deferred Tax Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning Balance | ($19,979) | ($9,354) | ($2,205) |
Charges To Costs and Expenses | -4,893 | -10,625 | -7,149 |
Charged To Other Accounts | ' | ' | ' |
Ending Balance | ($24,872) | ($19,979) | ($9,354) |
LongTerm_Debt_and_Notes_Payabl2
Long-Term Debt and Notes Payable - Components of Long-Term Debt and Notes Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Secured Debt: Power Generation - various notes payable | $444 | $639 |
Other | 3 | 5 |
Long-term debt, gross total | 447 | 644 |
Less: Amounts due within one year | 222 | 214 |
Long-term debt | 225 | 430 |
Short-term lines of credit | 4,449 | 3,848 |
Current maturities of long-term debt | 222 | 214 |
Total | $4,671 | $4,062 |
Interest rate on short-term borrowing | 6.60% | 6.60% |
LongTerm_Debt_and_Notes_Payabl3
Long-Term Debt and Notes Payable - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
3-May-10 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Short-term line of credit interest rate | ' | 6.60% | 6.60% |
Amounts due within one year | ' | $200 | ' |
Maturity of long-term debt, 2015 | ' | 200,000 | ' |
Maturity of long-term debt, 2016 | ' | 0 | ' |
Maturity of long-term debt, 2017 | ' | 0 | ' |
Maturity of long-term debt, 2018 | ' | 0 | ' |
Aggregate outstanding amount | 700,000,000 | 163,000,000 | ' |
Credit facility maturity date | 8-Jun-17 | ' | ' |
Aggregate maximum borrowing capacity | 1,000,000,000 | ' | ' |
Commitment fee | ' | 0.25% | ' |
Aggregate borrowing capacity | ' | 537,000,000 | ' |
Interest rate under the facility, per year | ' | 3.75% | ' |
Aggregate value of bank guarantees | ' | 96,400,000 | ' |
Bonds issued and outstanding | ' | $405,800,000 | ' |
Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 0.23% | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 0.35% | ' |
Eurodollar-Rate Loans [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 1.50% | ' |
Eurodollar-Rate Loans [Member] | Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 1.25% | ' |
Eurodollar-Rate Loans [Member] | Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 2.25% | ' |
Base-Rate Loans [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 0.50% | ' |
Base-Rate Loans [Member] | Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 0.25% | ' |
Base-Rate Loans [Member] | Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 1.25% | ' |
Financial Letter of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 1.50% | ' |
Financial Letter of Credit [Member] | Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 1.25% | ' |
Financial Letter of Credit [Member] | Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 2.25% | ' |
Performance Letter of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 0.88% | ' |
Performance Letter of Credit [Member] | Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 0.80% | ' |
Performance Letter of Credit [Member] | Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fee | ' | 1.25% | ' |
Federal Funds Rate [Member] | Base-Rate Loans [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 0.50% | ' |
30-Day Eurodollar Rate [Member] | Base-Rate Loans [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin added to interest rate | ' | 1.00% | ' |
Pension_Plans_and_Postretireme2
Pension Plans and Postretirement Benefits - Obligations and Funded Status (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Actuarial loss (gain) | $222,925 | ($32,040) | ($215,754) |
Fair value of plan assets at beginning of period | 2,165,018 | ' | ' |
Fair value of plan assets at the end of period | 2,224,597 | 2,165,018 | ' |
Accumulated postretirement benefit obligation | -43,194 | -71,208 | ' |
Pension liability | -336,878 | -579,165 | ' |
Pension Benefits Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Benefit obligation at beginning of period | 2,779,990 | 2,687,007 | ' |
Service cost | 46,417 | 46,828 | 43,495 |
Interest cost | 111,200 | 122,605 | 134,927 |
Plan participants' contributions | 266 | 300 | ' |
Curtailments | ' | -94,642 | ' |
Amendments | 3,105 | 2,996 | ' |
Settlements | -21,862 | -57,430 | ' |
Actuarial loss (gain) | -195,290 | 198,935 | ' |
Foreign currency exchange rate changes | -17,465 | 6,793 | ' |
Benefits paid | -136,266 | -133,402 | ' |
Benefit obligation at end of period | 2,570,095 | 2,779,990 | 2,687,007 |
Fair value of plan assets at beginning of period | 2,127,694 | 1,917,850 | ' |
Actual return on plan assets | 155,071 | 207,728 | ' |
Plan participants' contributions | 266 | 300 | ' |
Company contributions | 70,681 | 187,284 | ' |
Settlements | -21,862 | -57,430 | ' |
Foreign currency exchange rate changes | -14,261 | 5,364 | ' |
Benefits paid | -136,266 | -133,402 | ' |
Fair value of plan assets at the end of period | 2,181,323 | 2,127,694 | 1,917,850 |
Funded status | -388,772 | -652,296 | ' |
Accrued employee benefits | -54,391 | -75,119 | ' |
Accumulated postretirement benefit obligation | ' | ' | ' |
Pension liability | -334,538 | -577,177 | ' |
Prepaid pension | 157 | ' | ' |
Accrued benefit liability, net | -388,772 | -652,296 | ' |
Prior service cost (credit) | 18,237 | 18,327 | ' |
Plans with accumulated benefit obligation in excess of plan assets, Projected benefit obligation | 2,433,369 | 2,779,990 | ' |
Plans with accumulated benefit obligation in excess of plan assets, Accumulated benefit obligation | 2,406,269 | 2,723,930 | ' |
Plans with accumulated benefit obligation in excess of plan assets, Fair value of plan assets | 2,047,507 | 2,127,694 | ' |
Plans with plan assets in excess of accumulated benefit obligation, Projected benefit obligation | 136,726 | ' | ' |
Plans with plan assets in excess of accumulated benefit obligation, Accumulated benefit obligation | 132,221 | ' | ' |
Plans with plan assets in excess of accumulated benefit obligation, Fair value of plan assets | 133,816 | ' | ' |
Postretirement Benefit Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Benefit obligation at beginning of period | 116,256 | 122,460 | ' |
Service cost | 975 | 1,138 | 1,143 |
Interest cost | 3,745 | 5,124 | 5,805 |
Plan participants' contributions | 1,055 | 115 | ' |
Curtailments | ' | ' | ' |
Amendments | ' | -1,302 | ' |
Settlements | ' | ' | ' |
Actuarial loss (gain) | -16,335 | -2,153 | ' |
Foreign currency exchange rate changes | -655 | 220 | ' |
Benefits paid | -9,135 | -9,346 | ' |
Benefit obligation at end of period | 95,906 | 116,256 | 122,460 |
Fair value of plan assets at beginning of period | 37,324 | 33,558 | ' |
Actual return on plan assets | 6,056 | 2,233 | ' |
Plan participants' contributions | 1,055 | 115 | ' |
Company contributions | 7,974 | 10,764 | ' |
Settlements | ' | ' | ' |
Foreign currency exchange rate changes | ' | ' | ' |
Benefits paid | -9,135 | -9,346 | ' |
Fair value of plan assets at the end of period | 43,274 | 37,324 | 33,558 |
Funded status | -52,632 | -78,932 | ' |
Accrued employee benefits | -9,438 | -7,724 | ' |
Accumulated postretirement benefit obligation | -43,194 | -71,208 | ' |
Pension liability | ' | ' | ' |
Prepaid pension | ' | ' | ' |
Accrued benefit liability, net | -52,632 | -78,932 | ' |
Prior service cost (credit) | -2,338 | -2,523 | ' |
Plans with accumulated benefit obligation in excess of plan assets, Projected benefit obligation | ' | ' | ' |
Plans with accumulated benefit obligation in excess of plan assets, Accumulated benefit obligation | 95,906 | 116,256 | ' |
Plans with accumulated benefit obligation in excess of plan assets, Fair value of plan assets | 43,274 | 37,324 | ' |
Plans with plan assets in excess of accumulated benefit obligation, Accumulated benefit obligation | ' | ' | ' |
Plans with plan assets in excess of accumulated benefit obligation, Fair value of plan assets | ' | ' | ' |
Pension_Plans_and_Postretireme3
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $46,417 | $46,828 | $43,495 |
Interest cost | 111,200 | 122,605 | 134,927 |
Expected return on plan assets | -147,621 | -136,913 | -148,347 |
Amortization of prior service cost | 3,158 | 3,579 | 3,721 |
Recognized net actuarial loss (gain) | -202,442 | 34,496 | 212,802 |
Net periodic benefit cost (income) | -189,288 | 70,595 | 246,598 |
Postretirement Benefit Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 975 | 1,138 | 1,143 |
Interest cost | 3,745 | 5,124 | 5,805 |
Expected return on plan assets | -2,116 | -1,930 | -1,919 |
Amortization of prior service cost | -148 | -139 | 33 |
Recognized net actuarial loss (gain) | -20,483 | -2,456 | 2,952 |
Net periodic benefit cost (income) | ($18,027) | $1,737 | $8,014 |
Pension_Plans_and_Postretireme4
Pension Plans and Postretirement Benefits - Recognized Net Actuarial Loss (Gain) and the Affected Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Mark to Market Adjustment | ($222,925) | $32,040 | $215,754 |
Cost of Operations [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Mark to Market Adjustment | -191,352 | 23,893 | 176,449 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Mark to Market Adjustment | -31,384 | 7,997 | 38,969 |
Other-net [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Mark to Market Adjustment | ($189) | $150 | $336 |
Pension_Plans_and_Postretireme5
Pension Plans and Postretirement Benefits - Summary of Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Increase (decrease) in accumulated other comprehensive income due to actuarial losses - before taxes | $3,105 | ($1,957) |
Postretirement Benefit Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Increase (decrease) in accumulated other comprehensive income due to actuarial losses - before taxes | ' | $1,302 |
Pension_Plans_and_Postretireme6
Pension Plans and Postretirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other comprehensive loss as components of net periodic benefit cost for pension benefit in the current fiscal year | $3.20 | ' | ' |
Other comprehensive loss as components of net periodic benefit cost for other benefit in the current fiscal year | -0.1 | ' | ' |
Other comprehensive loss as components of net periodic benefit cost for pension benefit in the next fiscal year | 2.8 | ' | ' |
Other comprehensive loss as components of net periodic benefit cost for other benefit in the next fiscal year | -0.2 | ' | ' |
Expected return on plan assets | 7.20% | ' | ' |
Percentage of investment return on domestic plan assets | 7.00% | 12.00% | ' |
Term of written notice required for termination from plan (in days) | '90 days | ' | ' |
Contributions as a percentage of total contributions to the Boilermaker Plan | 5.00% | ' | ' |
Voluntary Employees' Beneficiary Association Trust [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of total assets | 86.00% | ' | ' |
Pension Benefits Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | 7.06% | 7.08% | ' |
Percentage of total assets | 89.00% | ' | ' |
SERP Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contributions | 0.7 | 0.6 | 0.3 |
Thrift Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of matching contribution by employer | 50.00% | ' | ' |
Participants' contributions as a percentage of compensation | 6.00% | ' | ' |
Thrift Plan and MII Thrift Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contributions | 24.3 | 24.2 | 22.1 |
Restoration Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contributions | 0.2 | 0.1 | ' |
Canadian Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contributions | $0.60 | $0.50 | ' |
Pension_Plans_and_Postretireme7
Pension Plans and Postretirement Benefits - Weighted Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted average assumptions used to determine net periodic benefit cost, Expected return on plan assets | 7.20% | ' |
Pension Benefits Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted average assumptions used to determine net periodic benefit obligations, Discount rate | 4.78% | 4.09% |
Weighted average assumptions used to determine net periodic benefit obligations, Rate of compensation increase | 2.56% | 2.57% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 4.09% | 4.76% |
Weighted average assumptions used to determine net periodic benefit cost, Expected return on plan assets | 7.06% | 7.08% |
Weighted average assumptions used to determine net periodic benefit cost, Rate of compensation increase | 2.57% | 3.69% |
Postretirement Benefit Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted average assumptions used to determine net periodic benefit obligations, Discount rate | 4.23% | 3.43% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 3.43% | 4.34% |
Weighted average assumptions used to determine net periodic benefit cost, Expected return on plan assets | 5.74% | 5.76% |
Pension_Plans_and_Postretireme8
Pension Plans and Postretirement Benefits - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Health-care cost trend rate assumed for next year | 8.00% | 8.50% |
Rates to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches ultimate trend rate | '2021 | '2021 |
Pension_Plans_and_Postretireme9
Pension Plans and Postretirement Benefits - Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' |
One-Percentage-Point Increase, Effect on total of service and interest cost | $422 |
One-Percentage-Point Increase, Effect on postretirement benefit obligation | 6,821 |
One-Percentage-Point Decrease, Effect on total of service and interest cost | -351 |
One-Percentage-Point Decrease, Effect on postretirement benefit obligation | ($5,774) |
Recovered_Sheet8
Pension Plans and Postretirement Benefits - Plan Asset Allocations by Asset Category (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Domestic Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 100.00% | 100.00% |
Domestic Plans [Member] | Commingled and Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 36.00% | 34.00% |
Domestic Plans [Member] | Fixed Income (Excluding U. S. Government Securities) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 30.00% | 29.00% |
Domestic Plans [Member] | U.S. Government Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 18.00% | 22.00% |
Domestic Plans [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 7.00% | 6.00% |
Domestic Plans [Member] | Partnerships with Security Holdings [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 6.00% | 6.00% |
Domestic Plans [Member] | Real Estate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 1.00% | 1.00% |
Domestic Plans [Member] | Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 2.00% | 2.00% |
Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 100.00% | 100.00% |
Foreign Plans [Member] | Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 3.00% | 2.00% |
Foreign Plans [Member] | Equity Securities and Commingled Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 58.00% | 58.00% |
Foreign Plans [Member] | Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total | 39.00% | 40.00% |
Recovered_Sheet9
Pension Plans and Postretirement Benefits - Target Allocation by Asset Class (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Canadian Plans [Member] | Scenario, Plan [Member] | U. S. Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 17.00% |
Canadian Plans [Member] | Scenario, Plan [Member] | Global Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 38.00% |
Canadian Plans [Member] | Scenario, Plan [Member] | Fixed Income [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 45.00% |
Diamond UK Plan [Member] | Scenario, Plan [Member] | U. S. Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 7.00% |
Diamond UK Plan [Member] | Scenario, Plan [Member] | Global Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 16.00% |
Diamond UK Plan [Member] | Scenario, Plan [Member] | Fixed Income [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 77.00% |
Domestic Plans [Member] | Fixed Income [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 55.00% |
Domestic Plans [Member] | Equities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target allocation by asset class | 45.00% |
Recovered_Sheet10
Pension Plans and Postretirement Benefits - Summary of Total Investments Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | $2,224,597 | $2,165,018 | ' |
Fixed Income [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 682,028 | 649,978 | ' |
Equities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 144,438 | 120,223 | ' |
Commingled and Mutual Funds [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 861,354 | 791,195 | ' |
U.S. Government Securities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 355,245 | 425,709 | ' |
Partnerships with Security Holdings [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 116,154 | 112,881 | ' |
Real Estate [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 6,214 | 14,516 | ' |
Cash and Accrued Items [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 59,164 | 50,516 | ' |
Level 1 [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 578,853 | 602,829 | ' |
Level 1 [Member] | Fixed Income [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | 1,031 | ' |
Level 1 [Member] | Equities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 144,438 | 120,220 | ' |
Level 1 [Member] | Commingled and Mutual Funds [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 31,083 | 9,084 | ' |
Level 1 [Member] | U.S. Government Securities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 355,245 | 425,709 | ' |
Level 1 [Member] | Partnerships with Security Holdings [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 1 [Member] | Real Estate [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 1 [Member] | Cash and Accrued Items [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 48,087 | 46,785 | ' |
Level 2 [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 1,523,376 | 1,434,789 | ' |
Level 2 [Member] | Fixed Income [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 682,028 | 648,947 | ' |
Level 2 [Member] | Equities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 2 [Member] | Commingled and Mutual Funds [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 830,271 | 782,111 | ' |
Level 2 [Member] | U.S. Government Securities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 2 [Member] | Partnerships with Security Holdings [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 2 [Member] | Real Estate [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 2 [Member] | Cash and Accrued Items [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 11,077 | 3,731 | ' |
Level 3 [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 122,368 | 127,400 | 187,861 |
Level 3 [Member] | Fixed Income [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 3 [Member] | Equities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | 3 | ' |
Level 3 [Member] | Commingled and Mutual Funds [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 3 [Member] | U.S. Government Securities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Level 3 [Member] | Partnerships with Security Holdings [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 116,154 | 112,881 | ' |
Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | 6,214 | 14,516 | ' |
Level 3 [Member] | Cash and Accrued Items [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total Assets | ' | ' | ' |
Recovered_Sheet11
Pension Plans and Postretirement Benefits - Summary of Changes in Plans Level 3 Instruments Measured on Recurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets at the end of period | $2,224,597 | $2,165,018 |
Level 3 [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets at beginning of period | 127,400 | 187,861 |
Issuances and acquisitions | 6,016 | 12,593 |
Dispositions | -31,471 | -74,329 |
Realized gain | 18,058 | 692 |
Unrealized gain | 2,365 | 583 |
Fair value of plan assets at the end of period | $122,368 | $127,400 |
Recovered_Sheet12
Pension Plans and Postretirement Benefits - Cash Flows (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Domestic Plans [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Expected employer contributions to trusts of defined benefit plans, 2014 | $41,230 |
Expected benefit payments, 2014 | 138,591 |
Expected benefit payments, 2015 | 143,260 |
Expected benefit payments, 2016 | 147,481 |
Expected benefit payments, 2017 | 151,205 |
Expected benefit payments, 2018 | 154,378 |
Expected benefit payments, 2019-2023 | 798,800 |
Domestic Plans, Other Benefits [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Expected employer contributions to trusts of defined benefit plans, 2014 | 1,936 |
Expected benefit payments, 2014 | 9,090 |
Expected benefit payments, 2015 | 8,632 |
Expected benefit payments, 2016 | 8,219 |
Expected benefit payments, 2017 | 7,689 |
Expected benefit payments, 2018 | 7,276 |
Expected benefit payments, 2019-2023 | 27,059 |
Foreign Plans [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Expected employer contributions to trusts of defined benefit plans, 2014 | 21,670 |
Expected benefit payments, 2014 | 10,913 |
Expected benefit payments, 2015 | 11,567 |
Expected benefit payments, 2016 | 12,164 |
Expected benefit payments, 2017 | 12,559 |
Expected benefit payments, 2018 | 13,044 |
Expected benefit payments, 2019-2023 | 72,787 |
Foreign Plans, Other Benefits [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Expected benefit payments, 2014 | 565 |
Expected benefit payments, 2015 | 559 |
Expected benefit payments, 2016 | 546 |
Expected benefit payments, 2017 | 566 |
Expected benefit payments, 2018 | 593 |
Expected benefit payments, 2019-2023 | $3,098 |
Recovered_Sheet13
Pension Plans and Postretirement Benefits - Summary of Contribution to Multiemployer Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Contributions | $30.90 | $24.20 | $31.40 |
Boilermaker-Blacksmith National Pension Trust [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN/PIN | '48-6168020/ 001 | ' | ' |
Pension Protection Act Zone Zone Status | 'Yellow | 'Yellow | ' |
FIP/RP Status Pending/Implemented | 'Yes | ' | ' |
Contributions | 19 | 18.9 | 25.9 |
Surcharge Imposed | 'No | ' | ' |
All Other [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Contributions | $11.90 | $5.30 | $5.50 |
Asset_Sales_and_Impairment_of_1
Asset Sales and Impairment of Long-Lived Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Losses (gains) on asset disposals and impairments | $1,049 | $1,419 | ($3,087) |
Impairment of property, plant and equipment | $0 | $0 | $0 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Common stock at an aggregate purchase price | $250,000,000 |
Additional common stock at an aggregate purchase price | 250,000,000 |
Common stock repurchased | $253,700,000 |
Common stock repurchased, shares | 9,529,374 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 13, 2010 | Dec. 31, 2013 |
B&W Cash-Based Performance and Restricted Stock Units [Member] | B&W Cash-Based Performance and Restricted Stock Units [Member] | B&W Cash-Based Performance and Restricted Stock Units [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Appreciation Right [Member] | Stock Appreciation Right [Member] | Cash Settled Performance Shares [Member] | 2012 Long-Term Incentive Plan [Member] | 2012 Long-Term Incentive Plan [Member] | 2010 Long-Term Incentive Plan [Member] | 2010 Long-Term Incentive Plan [Member] | MII Legacy Stock-Based Compensation Plans [Member] | MII Legacy Stock-Based Compensation Plans [Member] | MII Legacy Stock-Based Compensation Plans [Member] | Thrift Plan [Member] | Thrift Plan [Member] | |
Minimum [Member] | Maximum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 5,000,000 | ' |
Minimum percentage of fair market value closing price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Expiry date of B&W common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | '7 years | ' | ' | ' | ' | ' |
Shares issued under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,865,871 | ' | ' | ' | ' | ' | 464,451 |
Shares available for issuance of awards in future | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,134,129 | ' | ' | ' | ' | ' | 3,257,219 |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.50 | $18.30 | $17.90 | ' | ' |
Stock-based compensation, tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.2 | 6.9 | 6.6 | ' | ' |
Total unrecognized estimated compensation expense, nonvested awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.5 | ' | ' | ' | ' | ' | ' | ' |
Estimated tax benefits of unrecognized compensation expense, nonvested awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.2 | ' | ' | ' | ' | ' | ' | ' |
Total gross unrecognized estimated compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.7 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized estimated compensation expense to be recognized, weighted-average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 24 days | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of options granted | ' | ' | ' | $6.41 | $7.30 | $12.33 | $9.92 | $10.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of stock options exercised | ' | ' | ' | 2.3 | 3.8 | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual tax benefits realized related to the stock options exercised | ' | ' | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares in which participants can vest | ' | 0.00% | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average vested shares | 95.00% | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | '3 years | ' |
Percentage of matching contribution by employer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Participants contributions as a percentage of compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Assumptions Used to Calculate Fair Value of Option Grant (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.56% | 0.65% | 1.52% |
Expected volatility | 0.33% | 0.36% | 0.46% |
Expected life of the option in years | '3 years 11 months 5 days | '3 years 11 months 23 days | '3 years 9 months 0 days |
Expected dividend yield | 1.19% | 0.00% | 0.00% |
Cash Settled Stock Appreciation Rights [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.77% | 0.50% | ' |
Expected volatility | 0.30% | 0.32% | ' |
Expected life of the option in years | '3 years 2 months 16 days | '3 years 6 months 18 days | ' |
Expected dividend yield | 1.19% | 1.23% | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summarized Activity of Stock Options (Detail) (Equity Option [Member], USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Equity Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of period, Number of Shares | 1,432,000 |
Granted, Number of Shares | 1,009,000 |
Exercised, Number of Shares | -241,000 |
Cancelled/expired/forfeited, Number of Shares | -226,000 |
Outstanding at end of period, Number of Shares | 1,974,000 |
Exercisable at end of period, Number of Shares | 705,000 |
Outstanding at beginning of period, Weighted-Average Exercise Price | $25.65 |
Granted, Weighted-Average Exercise Price | $27 |
Exercised, Weighted-Average Exercise Price | $19.68 |
Cancelled/expired/forfeited, Weighted-Average Exercise Price | $27.36 |
Outstanding at end of period, Weighted-Average Exercise Price | $26.87 |
Exercisable at end of period, Weighted-Average Exercise Price | $26.75 |
Outstanding at end of period, Weighted-Average Remaining Contractual Term | '5 years 1 month 6 days |
Exercisable at end of period, Weighted-Average Remaining Contractual Term | '3 years 10 months 24 days |
Outstanding at end of period, Aggregate Intrinsic Value | $14.60 |
Exercisable at end of period, Aggregate Intrinsic Value | $5.40 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Changes in Nonvested Stock Awards (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
B&W Cash-Based Performance and Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Number of Shares | 799 |
Adjustment to assumed vesting percentage, Number of Shares | -223 |
Granted, Number of Shares | 426 |
Vested, Number of Shares | ' |
Cancelled/forfeited, Number of Shares | -168 |
Nonvested at end of period, Number of Shares | 834 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $29.55 |
Adjustment to assumed vesting percentage, Weighted-Average Grant Date Fair Value | $28.02 |
Granted, Weighted-Average Grant Date Fair Value | $27.10 |
Vested, Weighted-Average Grant Date Fair Value | ' |
Cancelled/forfeited, Weighted-Average Grant Date Fair Value | $28.06 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $29.07 |
B&W Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Number of Shares | 421 |
Granted, Number of Shares | 278 |
Vested, Number of Shares | -253 |
Cancelled/forfeited, Number of Shares | -61 |
Nonvested at end of period, Number of Shares | 385 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $26.58 |
Granted, Weighted-Average Grant Date Fair Value | $27.48 |
Vested, Weighted-Average Grant Date Fair Value | $27.02 |
Cancelled/forfeited, Weighted-Average Grant Date Fair Value | $27.42 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $26.78 |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Summarized Activity of Stock Appreciation (Detail) (Stock Appreciation Right [Member], USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Appreciation Right [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of period, Number of Shares | 37,000 |
Granted, Number of Units | 76,000 |
Exercised, Number of Units | -7,000 |
Cancelled/expired/forfeited, Number of Units | -10,000 |
Outstanding at end of period, Number of Shares | 96,000 |
Exercisable at end of period, Number of Shares | 6,000 |
Outstanding at beginning of period, Weighted-Average Exercise Price | $25.27 |
Granted, Weighted-Average Exercise Price | $26.80 |
Exercised, Weighted-Average Exercise Price | $25.42 |
Cancelled/expired/forfeited, Weighted-Average Exercise Price | $26.39 |
Outstanding at end of period, Weighted-Average Exercise Price | $26.35 |
Exercisable at end of period, Weighted-Average Exercise Price | $25.11 |
Outstanding at end of period, Weighted-Average Remaining Contractual Term | '6 years |
Exercisable at end of period, Weighted-Average Remaining Contractual Term | '5 years 6 months |
Outstanding at end of period, Aggregate Intrinsic Value | $0.80 |
Exercisable at end of period, Aggregate Intrinsic Value | $0.10 |
StockBased_Compensation_Schedu3
Stock-Based Compensation - Schedule of Nonvested Cash Settled Performance Units (Detail) (Cash Settled Performance Shares [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Cash Settled Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Number of Shares | 30 |
Adjustment to assumed vesting percentage | -6 |
Granted, Number of Units | 33 |
Vested, Number of Units | ' |
Cancelled/forfeited, Number of Units | -6 |
Nonvested at end of period, Number of Shares | 51 |
Nonvested at end of period, Weighted-Average Fair Value | $34.19 |
StockBased_Compensation_Schedu4
Stock-Based Compensation - Schedule of Nonvested Cash Settled Restricted Stock Units (Detail) (Cash Settled Restricted Stock Unit [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Cash Settled Restricted Stock Unit [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Number of Shares | 14 |
Granted, Number of Units | 16 |
Vested, Number of Units | -5 |
Cancelled/forfeited, Number of Units | -2 |
Nonvested at end of period, Number of Shares | 23 |
Nonvested at end of period, Weighted-Average Fair Value | $34.19 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 14, 2012 | Jan. 16, 2014 | Jan. 31, 2014 | Oct. 21, 2013 | 17-May-13 | Feb. 04, 2013 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 1998 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Subsequent Event [Member] | Subsequent Event [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Apollo and Parks Township [Member] | Environmental Matters [Member] | Environmental Matters [Member] | ||||||
Claim | Claim | Claim | Cases | Personal Injury and Wrongful Death Claims [Member] | Property Damage Claims [Member] | 2008 Settlement [Member] | 2009 Settlement [Member] | |||||||||||||
Facility | Claim | Claim | ||||||||||||||||||
Claim | ||||||||||||||||||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional claims | ' | ' | ' | ' | ' | ' | ' | 8 | 2 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of claimants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of cases consolidated for most non-dispositive pre-trial matters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of cases for which fact finding is not closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate settlement amount for claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52.50 | ' | $27.50 | $8 | ' | ' | ' | ' | ' | ' |
Number of claims settled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 125 | ' | ' | ' | ' |
Percentage of ARCO's recovery amounts assigned to company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.33% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest accrued on settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.8 | 6.2 | ' | ' |
Interest rate on settlement | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Appeal bond required as a percentage of total judgment | ' | ' | ' | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount capped under the contract | ' | 18.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Two partial draws | 3.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First commencing period of partial draws | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secondly commencing period of partial draws | ' | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partial draws against letter of credit | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate liquidated damages cap | ' | 37.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provisions in financial statements | ' | 7.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages in excess | ' | ' | ' | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assurance to pay expected cost of decommissioning | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.2 | ' |
Pretax charge to comply U.S. federal, state and local environmental control and protection regulations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.1 | ' |
Capital expenditure to comply environmental regulations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' |
Environmental reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.1 | 49.6 |
Environmental reserves included in current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.7 | 3.1 |
Total rental expense | ' | $11.60 | $12.10 | $11.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments for Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $10,814 |
2015 | 8,291 |
2016 | 5,496 |
2017 | 4,962 |
2018 | 4,281 |
Thereafter | $5,605 |
Financial_Instruments_with_Con1
Financial Instruments with Concentrations of Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' | ' |
Allowance for possible losses on accounts receivable - trade | 3.6 | 3.8 | ' |
Government Contracts Concentration Risk [Member] | Revenue [Member] | ' | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' | ' |
Concentration risk percentage | 38.00% | 34.00% | 38.00% |
Government Contracts Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' | ' |
Concentration risk percentage | 20.00% | 26.00% | ' |
Investments_Summary_of_Availab
Investments - Summary of Available for Sale Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $14,971 | $92,261 |
Gross Unrealized Gains | 258 | 700 |
Gross Unrealized Losses | -55 | -102 |
Estimated Fair Value | 15,174 | 92,859 |
U.S. Government and Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,999 | 21,436 |
Gross Unrealized Gains | 1 | 10 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | 3,000 | 21,446 |
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,752 | 2,958 |
Gross Unrealized Gains | 249 | 679 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | 4,001 | 3,637 |
Asset-Backed Securities and Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 472 | 554 |
Gross Unrealized Gains | 8 | 2 |
Gross Unrealized Losses | -55 | -102 |
Estimated Fair Value | 425 | 454 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 7,748 | 67,313 |
Gross Unrealized Gains | ' | 9 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | $7,748 | $67,322 |
Investments_Summary_of_Proceed
Investments - Summary of Proceeds, Gross Realized Gains and Gross Realized Losses on Sales of Available for Sale Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' | ' |
Proceeds | $168,879 | $247,649 | $147,288 |
Gross Realized Gains | 1,127 | 35 | ' |
Gross Realized Losses | ' | ' | $5 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Offsetting [Abstract] | ' |
Net gains deferred on derivative financial instruments in accumulated other comprehensive loss | $0.60 |
Notional amount of foreign currency forward contracts | $78.80 |
Maturity date of foreign currency forward contracts | 'December 2016 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives Designated As Hedges [Member] | Foreign Exchange Contracts [Member] | Accounts Receivable-Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $1,139 | $2,251 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contracts [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 94 | 3,777 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contracts [Member] | Accounts Payable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 581 | 1,893 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 603 | 29 |
Derivatives Not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Accounts Receivable-Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 464 | ' |
Derivatives Not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 50 | 191 |
Derivatives Not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Accounts Payable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 10 | 962 |
Derivatives Not Designated as Hedges [Member] | Stock Warrants [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | ' | $317 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Statements of Financial Performance (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives Designated As Hedges [Member] | Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain (loss) recognized in other comprehensive income | ($5,936) | $2,031 |
Derivatives Designated As Hedges [Member] | Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | Revenues [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) reclassified from accumulated other comprehensive income into earnings: effective portion | -1,885 | -1,082 |
Derivatives Designated As Hedges [Member] | Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | Cost of Operations [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) reclassified from accumulated other comprehensive income into earnings: effective portion | -2,174 | 3,833 |
Derivatives Designated As Hedges [Member] | Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | Other - net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) reclassified from accumulated other comprehensive income into earnings: effective portion | 144 | -24 |
Loss recognized in income: portion excluded from effectiveness testing | -349 | -185 |
Derivatives Not Designated as Hedges [Member] | Forward Contracts [Member] | Other - net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) recognized in income | 96 | -169 |
Derivatives Not Designated as Hedges [Member] | Stock Warrants [Member] | Other - net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) recognized in income | ($317) | ($560) |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting [Abstract] | ' | ' |
Net unrealized (gain) losses on investments | $0.20 | $0.60 |
Fair value of foreign currency forward contracts | $0.60 | $3.30 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Available-For-Sale Securities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | $15,174 | $92,859 |
Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 4,001 | 3,637 |
U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 3,000 | 21,446 |
Asset-Backed Securities and Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 425 | 454 |
Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 7,748 | 67,322 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 3,000 | 21,446 |
Level 1 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 1 [Member] | U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 3,000 | 21,446 |
Level 1 [Member] | Asset-Backed Securities and Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 1 [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 12,174 | 71,413 |
Level 2 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 4,001 | 3,637 |
Level 2 [Member] | U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 2 [Member] | Asset-Backed Securities and Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 425 | 454 |
Level 2 [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | 7,748 | 67,322 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 3 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 3 [Member] | U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 3 [Member] | Asset-Backed Securities and Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Level 3 [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities measured at fair value | ' | ' |
Segment_Reporting_Schedule_of_
Segment Reporting - Schedule of Operating Results by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $802,815 | $774,834 | $886,136 | $805,423 | $865,296 | $807,586 | $852,585 | $765,892 | $3,269,208 | $3,291,359 | $2,952,040 |
Special Charges for Restructuring Activities | ' | ' | ' | ' | ' | ' | ' | ' | -39,599 | ' | ' |
Operating income | 295,322 | 82,121 | 98,706 | 60,213 | 65,693 | 84,399 | 110,077 | 86,420 | 536,362 | 346,589 | 95,671 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,443 | 1,491 | 1,342 |
Losses (gains) on asset disposals and impairments | ' | ' | ' | ' | ' | ' | ' | ' | 1,049 | 1,419 | -3,087 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,115 | -3,735 | -4,543 |
Equity in Income of Investees | 16,345 | 18,151 | 18,775 | 14,787 | 18,119 | 14,546 | 16,687 | 17,357 | 68,058 | 66,709 | 78,655 |
Other - net | ' | ' | ' | ' | ' | ' | ' | ' | -17,517 | -24,927 | 2,028 |
Total Other Expense | ' | ' | ' | ' | ' | ' | ' | ' | -19,189 | -27,171 | -1,173 |
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 517,173 | 319,418 | 94,498 |
Power Generation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,767,651 | 1,785,959 | 1,541,509 |
Nuclear Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,167,683 | 1,098,031 | 1,043,185 |
Technical Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 104,254 | 107,851 | 119,711 |
Nuclear Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 283,857 | 325,655 | 321,469 |
mPower [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -55,760 | -26,463 | -75,159 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Charges for Restructuring Activities | ' | ' | ' | ' | ' | ' | ' | ' | -39,599 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 536,362 | 346,589 | 95,671 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,443 | 1,491 | 1,342 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,115 | -3,735 | -4,543 |
Other - net | ' | ' | ' | ' | ' | ' | ' | ' | -17,517 | -24,927 | 2,028 |
Total Other Expense | ' | ' | ' | ' | ' | ' | ' | ' | -19,189 | -27,171 | -1,173 |
Operating Segments [Member] | Power Generation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,767,651 | 1,785,959 | 1,541,509 |
Special Charges for Restructuring Activities | ' | ' | ' | ' | ' | ' | ' | ' | -18,200 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 155,837 | 183,387 | 183,984 |
Losses (gains) on asset disposals and impairments | ' | ' | ' | ' | ' | ' | ' | ' | 1,181 | 3,276 | -3,456 |
Equity in Income of Investees | ' | ' | ' | ' | ' | ' | ' | ' | 18,388 | 17,402 | 25,778 |
Operating Segments [Member] | Nuclear Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,167,683 | 1,098,031 | 1,043,185 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 237,855 | 226,269 | 194,438 |
Losses (gains) on asset disposals and impairments | ' | ' | ' | ' | ' | ' | ' | ' | 163 | -339 | ' |
Equity in Income of Investees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Segments [Member] | Technical Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 104,254 | 107,851 | 119,711 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 58,234 | 59,655 | 69,915 |
Losses (gains) on asset disposals and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,517 | ' |
Equity in Income of Investees | ' | ' | ' | ' | ' | ' | ' | ' | 50,281 | 49,621 | 52,877 |
Operating Segments [Member] | Nuclear Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 283,857 | 325,655 | 321,469 |
Special Charges for Restructuring Activities | ' | ' | ' | ' | ' | ' | ' | ' | -8,600 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 8,641 | 50,649 | -20,777 |
Losses (gains) on asset disposals and impairments | ' | ' | ' | ' | ' | ' | ' | ' | -28 | -1 | 96 |
Equity in Income of Investees | ' | ' | ' | ' | ' | ' | ' | ' | -611 | -314 | ' |
Operating Segments [Member] | mPower [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,523 | 326 | 1,325 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -81,304 | -113,528 | -96,110 |
Losses (gains) on asset disposals and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in Income of Investees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Segments [Member] | Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 379,263 | 406,432 | 331,450 |
Operating Segments [Member] | Mark to Market Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 222,737 | -31,890 | -215,418 |
Eliminations/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -55,760 | -26,463 | -75,159 |
Eliminations/Other [Member] | Power Generation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 37,552 | 7,932 | 53,852 |
Eliminations/Other [Member] | Nuclear Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,773 | 6,015 | 5,860 |
Eliminations/Other [Member] | Technical Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,817 | 3,496 | 2,155 |
Eliminations/Other [Member] | Nuclear Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,618 | 8,992 | 11,928 |
Eliminations/Other [Member] | mPower [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 1,364 |
Unallocated Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -26,039 | -27,953 | -20,361 |
Losses (gains) on asset disposals and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ($267) | ' | $273 |
Segment_Reporting_Schedule_of_1
Segment Reporting - Schedule of Segment Reporting Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | $2,609,153 | $2,840,355 | $2,789,111 |
Total Capital Expenditures | 64,950 | 86,635 | 63,874 |
Total Depreciation and Amortization | 70,525 | 69,697 | 73,003 |
Total Investment in Unconsolidated Affiliates | 184,831 | 186,354 | 163,568 |
Power Generation [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 970,718 | 1,059,824 | 1,325,959 |
Total Capital Expenditures | 15,280 | 24,592 | 15,788 |
Total Depreciation and Amortization | 23,892 | 19,126 | 17,264 |
Total Investment in Unconsolidated Affiliates | 144,475 | 139,399 | 124,686 |
Nuclear Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 778,203 | 708,607 | 679,818 |
Total Capital Expenditures | 31,572 | 44,810 | 32,082 |
Total Depreciation and Amortization | 26,975 | 32,013 | 38,169 |
Total Investment in Unconsolidated Affiliates | ' | ' | ' |
Technical Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 120,559 | 125,494 | 123,717 |
Total Capital Expenditures | 98 | ' | ' |
Total Depreciation and Amortization | 185 | 244 | 262 |
Total Investment in Unconsolidated Affiliates | 40,329 | 46,928 | 38,882 |
Nuclear Energy [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 439,325 | 391,096 | 346,759 |
Total Capital Expenditures | 5,506 | 5,881 | 7,257 |
Total Depreciation and Amortization | 6,520 | 5,923 | 5,346 |
Total Investment in Unconsolidated Affiliates | 27 | 27 | ' |
mPower [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 21,790 | 10,137 | 399 |
Total Capital Expenditures | 2,854 | 2,554 | ' |
Total Depreciation and Amortization | 554 | 279 | ' |
Total Investment in Unconsolidated Affiliates | ' | ' | ' |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 278,558 | 545,197 | 312,459 |
Total Capital Expenditures | 9,640 | 8,798 | 8,747 |
Total Depreciation and Amortization | 12,399 | 12,112 | 11,962 |
Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 2,330,595 | 2,295,158 | 2,476,652 |
Total Capital Expenditures | 55,310 | 77,837 | 55,127 |
Total Depreciation and Amortization | $58,126 | $57,585 | $61,041 |
Segment_Reporting_Schedule_of_2
Segment Reporting - Schedule of Revenue Information from Products and Service Lines (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $802,815 | $774,834 | $886,136 | $805,423 | $865,296 | $807,586 | $852,585 | $765,892 | $3,269,208 | $3,291,359 | $2,952,040 |
Power Generation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,767,651 | 1,785,959 | 1,541,509 |
Power Generation [Member] | New Build Environmental Equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 434,228 | 446,514 | 235,750 |
Power Generation [Member] | New Build Steam Generation Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 454,277 | 511,201 | 416,779 |
Power Generation [Member] | Aftermarket Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 885,185 | 841,571 | 894,677 |
Power Generation [Member] | Eliminations/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -6,039 | -13,327 | -5,697 |
Nuclear Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,167,683 | 1,098,031 | 1,043,185 |
Nuclear Operations [Member] | Eliminations/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,786 | 6,042 | 5,673 |
Nuclear Operations [Member] | Nuclear Component Program [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,153,216 | 1,086,081 | 1,025,838 |
Nuclear Operations [Member] | Commercial Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,681 | 5,908 | 11,674 |
Technical Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 104,254 | 107,851 | 119,711 |
Technical Services [Member] | Eliminations/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technical Services [Member] | Commercial Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21,227 | 20,819 | 29,708 |
Technical Services [Member] | Nuclear Environmental Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 73,043 | 78,228 | 76,267 |
Technical Services [Member] | Management & Operation Contracts Of U.S. Government Facilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,984 | 8,804 | 13,736 |
Nuclear Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 283,857 | 325,655 | 321,469 |
Nuclear Energy [Member] | Eliminations/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 226 | -40 | 2,023 |
Nuclear Energy [Member] | Nuclear Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 113,180 | 158,365 | 151,118 |
Nuclear Energy [Member] | Nuclear Equipment Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 83,449 | 134,011 | 122,789 |
Nuclear Energy [Member] | Nuclear Projects [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 87,002 | 33,319 | 45,539 |
mPower [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -55,760 | -26,463 | -75,159 |
mPower [Member] | Eliminations/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,523 | $326 | $1,325 |
Segment_Reporting_Schedule_of_3
Segment Reporting - Schedule of Revenues by Geographical Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $802,815 | $774,834 | $886,136 | $805,423 | $865,296 | $807,586 | $852,585 | $765,892 | $3,269,208 | $3,291,359 | $2,952,040 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,589,521 | 2,615,387 | 2,340,299 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 313,881 | 288,246 | 238,663 |
China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 58,775 | 45,830 | 48,153 |
Denmark [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 56,336 | 18,504 | 12,310 |
COLOMBIA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 44,622 | 1,163 | 1,647 |
Sweden [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 37,823 | 101,688 | 94,337 |
Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 22,869 | 34,364 | 8,222 |
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 20,927 | 6,653 | 6,150 |
Chile [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,240 | 11,582 | 6,811 |
Korea [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,033 | 14,461 | 6,272 |
Saudi Arabia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,200 | 7,973 | 3,307 |
NETHERLANDS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,099 | 5,376 | 851 |
Indonesia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,227 | 7,828 | 4,642 |
Argentina [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,737 | 23,529 | 21,016 |
India [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,670 | 13,306 | 8,891 |
Italy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,156 | 8,477 | 6,516 |
France [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,930 | 2,384 | 3,433 |
Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,461 | 3,384 | 2,523 |
TRINIDAD AND TOBAGO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,264 | 2,401 | 2,668 |
Austria [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,970 | 2,218 | 465 |
ISRAEL | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,919 | 2,502 | 2,071 |
Brazil [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,751 | 2,585 | 4,671 |
THAILAND | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,650 | 3,041 | 1,946 |
RUSSIAN FEDERATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,607 | 2,727 | 1,405 |
Norway [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,594 | 9,939 | 29,844 |
SINGAPORE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,507 | 171 | 468 |
SOUTH AFRICA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,208 | 2,993 | 4,204 |
Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $37,231 | $52,647 | $90,255 |
Segment_Reporting_Schedule_of_4
Segment Reporting - Schedule of Property, Plant and Equipment, Net by Geographical Area (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | $447,079 | $447,021 | $422,291 |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | 367,672 | 363,447 | 348,498 |
Canada [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | 38,738 | 45,402 | 41,868 |
China [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | 10,980 | 7,926 | 2,145 |
United Kingdom [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | 9,414 | 9,714 | 9,758 |
Denmark [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | 8,715 | 8,565 | 8,813 |
Mexico [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | 8,312 | 8,302 | 7,024 |
Other Countries [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Property, Plant and Equipment | $3,248 | $3,665 | $4,185 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of revenue from U.S. Government | 38.00% | 34.00% | 38.00% |
Quarterly_Financial_Data_Selec
Quarterly Financial Data - Selected Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $802,815 | $774,834 | $886,136 | $805,423 | $865,296 | $807,586 | $852,585 | $765,892 | $3,269,208 | $3,291,359 | $2,952,040 |
Operating income | 295,322 | 82,121 | 98,706 | 60,213 | 65,693 | 84,399 | 110,077 | 86,420 | 536,362 | 346,589 | 95,671 |
Equity in Income of Investees | 16,345 | 18,151 | 18,775 | 14,787 | 18,119 | 14,546 | 16,687 | 17,357 | 68,058 | 66,709 | 78,655 |
Net income attributable to The Babcock & Wilcox Company | $165,588 | $60,446 | $72,870 | $47,174 | $39,071 | $51,443 | $77,231 | $59,950 | $346,078 | $227,695 | $78,319 |
Net income attributable to The Babcock & Wilcox Company, Basic earnings per common share | $1.50 | $0.54 | $0.65 | $0.41 | $0.33 | $0.43 | $0.65 | $0.51 | $3.09 | $1.92 | $0.67 |
Net income attributable to The Babcock & Wilcox Company, Diluted earnings per common share | $1.48 | $0.54 | $0.65 | $0.41 | $0.33 | $0.43 | $0.65 | $0.50 | $3.07 | $1.91 | $0.66 |
Quarterly_Financial_Data_Addit
Quarterly Financial Data - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on settlement with sellers of NFS | ' | ' | ' | ' | $18,100,000 | ' | ' | ' |
Related Tax Benefit (Income Tax) | 0 | ' | ' | 0 | ' | 184,583,000 | 101,861,000 | 23,880,000 |
Reduction of Provision for Income Taxes Related to Previous Unrecognized Tax Benefits | ' | ' | ' | 25,300,000 | ' | 868,000 | 24,700,000 | 3,023,000 |
Project costs | ' | 30,200,000 | 16,900,000 | ' | ' | 35,600,000 | 16,900,000 | 61,800,000 |
Pre-tax defined benefit plan actuarial (gain) loss | ' | ' | ' | ' | ' | -222,925,000 | 32,040,000 | 215,754,000 |
Pension and Post Retirement Benefit Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax defined benefit plan actuarial (gain) loss | 222,900,000 | ' | -32,000,000 | ' | ' | ' | ' | ' |
Adjustment on pension gains | ' | ' | ' | ' | ' | 23,000,000 | ' | ' |
Adjustment on pension gains, net of tax | ' | ' | ' | ' | ' | 17,000,000 | ' | ' |
USEC, Inc. Investment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Investment in USEC, Inc | $19,100,000 | ' | ' | $27,000,000 | ' | ' | ' | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Basic And Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to The Babcock & Wilcox Company | $165,588 | $60,446 | $72,870 | $47,174 | $39,071 | $51,443 | $77,231 | $59,950 | $346,078 | $227,695 | $78,319 |
Weighted average common shares, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 111,901,750 | 118,418,930 | 117,560,594 |
Net income attributable to The Babcock & Wilcox Company, Basic earnings per common share | $1.50 | $0.54 | $0.65 | $0.41 | $0.33 | $0.43 | $0.65 | $0.51 | $3.09 | $1.92 | $0.67 |
Stock options, restricted stock and performance shares | ' | ' | ' | ' | ' | ' | ' | ' | 783,667 | 602,394 | 844,003 |
Adjusted weighted average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 112,685,417 | 119,021,324 | 118,404,597 |
Net income attributable to The Babcock & Wilcox Company, Diluted earnings per common share | $1.48 | $0.54 | $0.65 | $0.41 | $0.33 | $0.43 | $0.65 | $0.50 | $3.07 | $1.91 | $0.66 |
Earnings_Per_Share_Computation1
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share Basic And Diluted [Abstract] | ' | ' | ' |
Antidilutive shares related to stock options excluded from the diluted share | 442,226 | 1,082,904 | 742,035 |