Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CTB | ||
Entity Registrant Name | COOPER TIRE & RUBBER CO | ||
Entity Central Index Key | 24491 | ||
Current Fiscal Year End Date | -19 | ||
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 | 57,389,702 | ||
Entity Public Float | $1,829,259,610 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $3,424,809 | $3,439,233 | $4,200,836 |
Cost of products sold | 2,852,051 | 2,923,042 | 3,546,568 |
Gross profit | 572,758 | 516,191 | 654,268 |
Selling, general and administrative | 272,300 | 275,477 | 257,306 |
Operating profit | 300,458 | 240,714 | 396,962 |
Interest expense | -28,138 | -27,906 | -29,546 |
Interest income | 1,500 | 810 | 2,560 |
Gain on sale of interest in subsidiary | 77,471 | ||
Other - expense | -2,772 | -647 | -1,526 |
Income before income taxes | 348,519 | 212,971 | 368,450 |
Provision for income taxes | 111,697 | 79,406 | 116,024 |
Net income | 236,822 | 133,565 | 252,426 |
Net income attributable to noncontrolling shareholders' interests | 23,244 | 22,552 | 32,055 |
Net income attributable to Cooper Tire & Rubber Company | $213,578 | $111,013 | $220,371 |
Basic earnings per share: | |||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $3.48 | $1.75 | $3.52 |
Diluted earnings per share: | |||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $3.42 | $1.73 | $3.49 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $236,822 | $133,565 | $252,426 |
Other comprehensive income (loss) | |||
Cumulative currency translation adjustments | -54,896 | 18,730 | 13,720 |
Financial instruments | |||
Change in the fair value of derivatives and marketable securities | 5,321 | 1,858 | -7,469 |
Income tax benefit (expense) on derivative instruments | -2,174 | -670 | 2,555 |
Financial instruments, net of tax | 3,147 | 1,188 | -4,914 |
Postretirement benefit plans | |||
Amortization of actuarial loss | 36,473 | 52,849 | 46,712 |
Amortization of prior service credit | -566 | -566 | -873 |
Pension curtailment gain | -7,460 | ||
Actuarial gain (loss) | -165,357 | 158,589 | -97,972 |
Income tax (expense) benefit on postretirement benefit plans | 50,317 | -84,713 | 22,083 |
Foreign currency translation effect | 6,005 | -1,366 | 199 |
Postretirement benefit plans, net of tax | -73,128 | 124,793 | -37,311 |
Other comprehensive income (loss) | -124,877 | 144,711 | -28,505 |
Comprehensive income | 111,945 | 278,276 | 223,921 |
Less comprehensive income attributable to noncontrolling shareholders' interests | 18,949 | 25,757 | 34,198 |
Comprehensive income attributable to Cooper Tire & Rubber Company | $92,996 | $252,519 | $189,723 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $551,652 | $397,731 |
Notes receivable | 4,546 | 86,965 |
Accounts receivable, less allowances of $16,996 at 2013 and $8,792 at 2014 | 368,393 | 360,405 |
Inventories at lower of cost or market: | ||
Finished goods | 302,032 | 360,686 |
Work in process | 28,611 | 35,576 |
Raw materials and supplies | 91,208 | 120,913 |
Inventories at lower of cost or market | 421,851 | 517,175 |
Other current assets | 81,110 | 92,514 |
Total current assets | 1,427,552 | 1,454,790 |
Property, plant and equipment: | ||
Land and land improvements | 49,760 | 51,186 |
Buildings | 277,602 | 326,635 |
Machinery and equipment | 1,552,140 | 1,847,576 |
Molds, cores and rings | 218,827 | 246,760 |
Total property, plant and equipment | 2,098,329 | 2,472,157 |
Less accumulated depreciation and amortization | 1,358,126 | 1,497,888 |
Net property, plant and equipment | 740,203 | 974,269 |
Goodwill | 18,851 | 18,851 |
Intangibles, net of accumulated amortization of $63,354 at 2013 and $49,010 at 2014 | 137,784 | 160,308 |
Restricted cash | 653 | 2,759 |
Deferred income tax assets | 148,183 | 111,644 |
Other assets | 16,705 | 15,526 |
Total assets | 2,489,931 | 2,738,147 |
Current liabilities: | ||
Notes payable | 64,551 | 22,105 |
Accounts payable | 258,373 | 302,422 |
Accrued liabilities | 184,332 | 211,090 |
Income taxes payable | 1,994 | 11,098 |
Current portion of long-term debt | 2,115 | 17,868 |
Total current liabilities | 511,365 | 564,583 |
Long-term debt | 298,931 | 320,959 |
Postretirement benefits other than pensions | 264,305 | 238,653 |
Pension benefits | 373,360 | 291,808 |
Other long-term liabilities | 152,775 | 157,918 |
Deferred income tax liabilities | 4,934 | 6,601 |
Equity: | ||
Preferred stock, $1 par value; 5,000,000 shares authorized; none issued | ||
Common stock, $1 par value; 300,000,000 shares authorized; 87,850,292 shares issued at 2013 and at 2014 | 87,850 | 87,850 |
Capital in excess of par value | 5,742 | 4,433 |
Retained earnings | 1,867,126 | 1,741,611 |
Cumulative other comprehensive loss | -530,602 | -410,020 |
Parent stockholders' equity before treasury stock | 1,430,116 | 1,423,874 |
Less: common shares in treasury at cost (24,464,264 at 2013 and 29,698,893 at 2014) | -586,324 | -433,008 |
Total parent stockholders' equity | 843,792 | 990,866 |
Noncontrolling shareholders' interests in consolidated subsidiaries | 40,469 | 166,759 |
Total equity | 884,261 | 1,157,625 |
Total liabilities and equity | $2,489,931 | $2,738,147 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $8,792 | $16,996 |
Accumulated amortization of intangibles | $49,010 | $63,354 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 87,850,292 | 87,850,292 |
Treasury stock, shares | 29,698,893 | 24,464,264 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Redeemable Noncontrolling Shareholder's Interest [Member] | Common Stock [Member] | Capital In Excess of Par Value [Member] | Retained Earnings [Member] | Cumulative Other Comprehensive Income (Loss) [Member] | Common Shares in Treasury [Member] | Total Parent Stockholders' Equity [Member] | Noncontrolling Shareholders' Interests in Consolidated Subsidiaries [Member] |
In Thousands | |||||||||
Beginning Balance at Dec. 31, 2011 | $697,890 | $87,850 | $1,042 | $1,464,392 | ($520,878) | ($454,605) | $577,801 | $120,089 | |
Net income | 252,426 | 220,371 | 220,371 | 32,055 | |||||
Other comprehensive income (loss) | -28,505 | -30,648 | -30,648 | 2,143 | |||||
Comprehensive income (loss) | 223,921 | 220,371 | -30,648 | 189,723 | 34,198 | ||||
Dividends payable to noncontrolling shareholder | -3,495 | -3,495 | |||||||
Acquisition of noncontrolling shareholders' interests | -71 | -71 | -71 | ||||||
Stock compensation plans, including tax benefit | 16,444 | -52 | -554 | 17,050 | 16,444 | ||||
Cash dividends - $.42 per share | -26,273 | -26,273 | -26,273 | ||||||
Ending Balance at Dec. 31, 2012 | 908,416 | 87,850 | 919 | 1,657,936 | -551,526 | -437,555 | 757,624 | 150,792 | |
Net income | 133,565 | 111,013 | 111,013 | 22,552 | |||||
Other comprehensive income (loss) | 144,711 | 141,506 | 141,506 | 3,205 | |||||
Comprehensive income (loss) | 278,276 | 111,013 | 141,506 | 252,519 | 25,757 | ||||
Dividends payable to noncontrolling shareholder | -9,790 | -9,790 | |||||||
Stock compensation plans, including tax benefit | 7,327 | 3,514 | -734 | 4,547 | 7,327 | ||||
Cash dividends - $.42 per share | -26,604 | -26,604 | -26,604 | ||||||
Ending Balance at Dec. 31, 2013 | 1,157,625 | 87,850 | 4,433 | 1,741,611 | -410,020 | -433,008 | 990,866 | 166,759 | |
Reclassification of redeemable noncontrolling shareholder interest | -152,250 | 152,250 | -3,838 | -24,447 | -28,285 | -123,965 | |||
Net income | 236,822 | ||||||||
Net income | 217,556 | 213,578 | 213,578 | 3,978 | |||||
Other comprehensive income (loss) | -124,877 | ||||||||
Net income | 19,266 | ||||||||
Comprehensive income (loss) | 111,945 | ||||||||
Other comprehensive income (loss) | -124,315 | -120,582 | -120,582 | -3,733 | |||||
Other comprehensive income (loss) | -562 | ||||||||
Comprehensive income (loss) | 93,241 | 213,578 | -120,582 | 92,996 | 245 | ||||
Comprehensive income (loss) | 18,704 | ||||||||
Dividends payable to noncontrolling shareholder | -2,570 | -5,243 | -2,570 | ||||||
Sale of interest in subsidiary | -165,711 | ||||||||
Accelerated share repurchase program | -200,000 | -2,010 | -37,990 | -160,000 | -200,000 | ||||
Stock compensation plans, including tax benefit | 13,753 | 7,157 | -88 | 6,684 | 13,753 | ||||
Cash dividends - $.42 per share | -25,538 | -25,538 | -25,538 | ||||||
Ending Balance at Dec. 31, 2014 | $884,261 | $87,850 | $5,742 | $1,867,126 | ($530,602) | ($586,324) | $843,792 | $40,469 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax benefit of Stock compensation plans | $1,268 | $494 | $2,469 |
Cash dividends per share | $0.42 | $0.42 | $0.42 |
Capital In Excess of Par Value [Member] | |||
Tax benefit of Stock compensation plans | 1,268 | 494 | 2,469 |
Retained Earnings [Member] | |||
Tax benefit of Stock compensation plans | 1,268 | 494 | 2,469 |
Cash dividends per share | $0.42 | $0.42 | $0.42 |
Common Shares in Treasury [Member] | |||
Tax benefit of Stock compensation plans | 1,268 | 494 | 2,469 |
Total Parent Stockholders' Equity [Member] | |||
Tax benefit of Stock compensation plans | $1,268 | $494 | $2,469 |
Cash dividends per share | $0.42 | $0.42 | $0.42 |
Consolidated_Statements_of_Cas
Consolidated Statements of CashFlows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $236,822 | $133,565 | $252,426 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 139,166 | 134,751 | 128,916 |
Deferred income taxes | 3,629 | 34,029 | 209 |
Stock based compensation | 9,047 | 6,973 | 8,036 |
Change in LIFO reserve | -35,205 | -11,411 | -63,685 |
Amortization of unrecognized postretirement benefits | 35,907 | 52,283 | 45,839 |
Gain on sale of interest in subsidiary, net of tax | -55,704 | ||
Changes in operating assets and liabilities of continuing operations, net of effect of sale of interest in subsidiary: | |||
Accounts and notes receivable | -64,636 | 25,361 | 38,180 |
Inventories | -524 | 62,620 | -28,201 |
Other current assets | -2,162 | -28,851 | -8,936 |
Accounts payable | 67,734 | -81,603 | 37,939 |
Accrued liabilities | 25,943 | 4,639 | 60,318 |
Other items | -40,933 | -59,981 | -16,821 |
Net cash provided by operating activities | 319,084 | 272,375 | 454,220 |
Investing activities: | |||
Additions to property, plant and equipment and capitalized software | -145,041 | -180,448 | -187,336 |
Proceeds from sale of interest in subsidiary, net of cash sold | 170,711 | ||
Acquisition of assets in Serbia | -18,534 | ||
Proceeds from the sale of assets | 1,248 | 723 | 798 |
Net cash provided by (used in) investing activities | 26,918 | -179,725 | -205,072 |
Financing activities: | |||
Net issuances of (payments on) short-term debt | 55,447 | -11,915 | -99,805 |
Additions to long-term debt | 15,634 | 24,527 | 10,089 |
Repayments of long-term debt | -35,715 | -24,162 | -22,013 |
Repurchase of common stock | -200,000 | ||
Acquisition of noncontrolling shareholder interest | -71 | ||
Payment of dividends to noncontrolling shareholders | -7,813 | -9,790 | -3,495 |
Payment of dividends | -25,538 | -26,604 | -26,273 |
Issuance of common shares and excess tax benefits on options | 3,230 | 1,438 | 8,963 |
Net cash used in financing activities | -194,755 | -46,506 | -132,605 |
Effects of exchange rate changes on cash of continuing operations | 2,674 | -230 | 1,564 |
Changes in cash and cash equivalents | 153,921 | 45,914 | 118,107 |
Cash and cash equivalents at beginning of year | 397,731 | 351,817 | 233,710 |
Cash and cash equivalents at end of year | $551,652 | $397,731 | $351,817 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies | Note 1 - Significant Accounting Policies | ||||||||||||
Principles of consolidation - The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Acquired businesses are included in the consolidated financial statements from the dates of acquisition. All intercompany accounts and transactions have been eliminated. | |||||||||||||
The Company consolidates into its financial statements the accounts of the Company, all wholly-owned subsidiaries, and any partially-owned subsidiary that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50-percent owned are consolidated, investments in subsidiaries of 50 percent or less but greater than 20-percent are accounted for using the equity method, and investments in subsidiaries of 20 percent or less are accounted for using the cost method. The Company does not consolidate any entity for which it has a variable interest based solely on power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, the Company’s joint ventures are businesses established and maintained in connection with the Company’s operating strategy. | |||||||||||||
Cash and cash equivalents and Short-term investments - The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||||||||
The Company’s objectives related to the investment of cash not required for operations is to preserve capital, meet the Company’s liquidity needs and earn a return consistent with these guidelines and market conditions. Investments deemed eligible for the investment of the Company’s cash include: 1) U.S. Treasury securities and general obligations fully guaranteed with respect to principal and interest by the government; 2) obligations of U.S. government agencies; 3) commercial paper or other corporate notes of prime quality purchased directly from the issuer or through recognized money market dealers; 4) time deposits, certificates of deposit or bankers’ acceptances of banks rated “A-” by Standard & Poor’s or “A3” by Moody’s; 5) collateralized mortgage obligations rated “AAA” by Standard & Poor’s and “Aaa” by Moody’s; 6) tax-exempt and taxable obligations of state and local governments of prime quality; and 7) mutual funds or outside managed portfolios that invest in the above investments. The Company had cash and cash equivalents totaling $397,731 and $551,652 at December 31, 2013 and December 31, 2014, respectively. The majority of the cash and cash equivalents were invested in eligible financial instruments in excess of amounts insured by the Federal Deposit Insurance Corporation and, therefore, subject to credit risk. Management believes that the probability of losses related to credit risk on investments classified as cash and cash equivalents is unlikely. | |||||||||||||
Notes receivable – The Company has received bank secured notes from certain of its customers in the PRC to settle trade accounts receivable. These notes generally have maturities of six months or less and are redeemable at the bank of issuance. The Company evaluates the credit risk of the issuing bank prior to accepting a bank secured note from a customer. Management believes that the probability of material losses related to credit risk on notes receivable is remote. | |||||||||||||
Accounts receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. | |||||||||||||
Allowance for doubtful accounts - The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts throughout the year. The evaluation includes historical trends in collections and write-offs, management’s judgment of the probability of collecting specific accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. Accounts are determined to be uncollectible when the debt is deemed to be worthless or only recoverable in part, and are written off at that time through a charge against the allowance for doubtful accounts. | |||||||||||||
Inventories - Inventories are valued at cost, which is not in excess of market. Inventory costs have been determined by the LIFO method for substantially all U.S. inventories. Costs of other inventories have been determined by the FIFO and average cost methods. Inventories include direct material, direct labor, and applicable manufacturing and engineering overhead costs. | |||||||||||||
Long-lived assets - Property, plant and equipment are recorded at cost and depreciated or amortized using the straight-line or accelerated methods over the following expected useful lives: | |||||||||||||
Buildings and improvements | 10 to 40 years | ||||||||||||
Machinery and equipment | 5 to 14 years | ||||||||||||
Furniture and fixtures | 5 to 10 years | ||||||||||||
Molds, cores and rings | 4 to 10 years | ||||||||||||
The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software. | |||||||||||||
Intangibles with definite lives include trademarks, technology and intellectual property which are amortized over their useful lives, which range from five years to 30 years. The Company evaluates the recoverability of long-lived assets based on undiscounted projected cash flows excluding interest and taxes when any impairment is indicated. Goodwill and indefinite-lived intangibles are assessed for potential impairment at least annually or when events or circumstances indicate impairment may have occurred. | |||||||||||||
Earnings per common share – Net income per share is computed on the basis of the weighted average number of common shares outstanding each year. Diluted earnings per share includes the dilutive effect of stock options and other stock units. The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
(Number of shares and dollar amounts in thousands except per share amounts) | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Numerator | |||||||||||||
Numerator for basic and diluted earnings per share - income from continuing operations available to common stockholders | $ | 220,371 | $ | 111,013 | $ | 213,578 | |||||||
Denominator | |||||||||||||
Denominator for basic earnings per share - weighted average shares outstanding | 62,561 | 63,327 | 61,402 | ||||||||||
Effect of dilutive securities - stock options and other stock units | 663 | 955 | 999 | ||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares outstanding | 63,224 | 64,282 | 62,401 | ||||||||||
Basic earnings per share: | |||||||||||||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $ | 3.52 | $ | 1.75 | $ | 3.48 | |||||||
Diluted earnings per share: | |||||||||||||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $ | 3.49 | $ | 1.73 | $ | 3.42 | |||||||
Options to purchase shares of the Company’s common stock not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common shares were 13,100 and 342,413 in 2012 and 2013, respectively. These options could be dilutive in the future depending on the performance of the Company’s stock. For 2014, all options to purchase shares of the Company’s common stock were included in the computation of diluted earnings per share as the options’ exercise prices were less than the average market price of the common shares. | |||||||||||||
On August 6, 2014, the Company entered into a $200,000 ASR program with an ASR Counterparty to repurchase shares of the Company’s common stock. Under the ASR program, the Company paid $200,000 to the ASR Counterparty and received 5,567,154 shares of its common stock from the ASR Counterparty, which represents approximately 80 percent of the shares expected to be purchased pursuant to the ASR program, based on the closing price on August 6, 2014. The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s initial receipt of 5,567,154 shares pursuant to the ASR program during the quarter ended September 30, 2014. The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share does not include additional shares, if any, the Company may receive upon final settlement of the ASR program. The effect of these potential additional shares was not included in the computation of diluted earnings per share at December 31, 2014 because the inclusion of these potential additional shares would have been anti-dilutive. | |||||||||||||
Derivative financial instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange risks. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. The Company does not enter into financial instruments for trading or speculative purposes. The Company offsets fair value amounts recognized on the Consolidated Balance Sheets for derivative financial instruments executed with the same counter-party. | |||||||||||||
The Company uses foreign currency forward contracts as hedges of the fair value of certain non-U.S. dollar denominated asset and liability positions, primarily accounts receivable. Gains and losses resulting from the impact of currency exchange rate movements on these forward contracts are recognized in the accompanying Consolidated Statements of Income in the period in which the exchange rates change and offset the foreign currency gains and losses on the underlying exposure being hedged. | |||||||||||||
Foreign currency forward contracts are also used to hedge variable cash flows associated with forecasted sales and purchases denominated in currencies that are not the functional currency of certain entities. The forward contracts have maturities of less than twelve months pursuant to the Company’s policies and hedging practices. These forward contracts meet the criteria for and have been designated as cash flow hedges. Accordingly, the effective portion of the change in fair value of unrealized gains and losses on such forward contracts are recorded as a separate component of stockholders’ equity in the accompanying Consolidated Balance Sheets and reclassified into earnings as the hedged transaction affects earnings. | |||||||||||||
The Company assesses hedge effectiveness quarterly. In doing so, the Company monitors the actual and forecasted foreign currency sales and purchases versus the amounts hedged to identify any hedge ineffectiveness. The Company also performs regression analysis comparing the change in value of the hedging contracts versus the underlying foreign currency sales and purchases, which confirms a high correlation and hedge effectiveness. Any hedge ineffectiveness is recorded as an adjustment in the accompanying Consolidated Statements of Income in the period in which the ineffectiveness occurs. | |||||||||||||
The Company is exposed to price risk related to forecasted purchases of certain commodities that are used as raw materials, principally natural rubber. Accordingly, it uses commodity contracts with forward pricing. These contracts generally qualify for the normal purchase exception under guidance for derivative instruments and hedging activities, and therefore are not subject to its provisions. | |||||||||||||
Income taxes - Income tax expense is based on reported earnings (loss) before income taxes in accordance with the tax rules and regulations of the specific legal entities within the various specific taxing jurisdictions where the Company’s income is earned. Taxable income may differ from earnings before income taxes for financial accounting purposes. To the extent that differences are due to revenue or expense items reported in one period for tax purposes and in another period for financial accounting purposes, a provision for deferred income taxes is made using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized if it is anticipated that some or all of a deferred tax asset may not be realized. Deferred income taxes generally are not recorded on the majority undistributed earnings of international subsidiaries based on the Company’s intention that these earnings will continue to be reinvested. The Company measures for the current tax impact of the earnings of international subsidiaries it intends to distribute in a future period and records the tax impact if the amount is material. | |||||||||||||
Products liability – The Company accrues costs for products liability at the time a loss is probable and the amount of loss can be estimated. The Company believes the probability of loss can be established and the amount of loss can be estimated only after certain minimum information is available, including verification that Company-produced products were involved in the incident giving rise to the claim, the condition of the product purported to be involved in the claim, the nature of the incident giving rise to the claim and the extent of the purported injury or damages. In cases where such information is known, each products liability claim is evaluated based on its specific facts and circumstances. A judgment is then made to determine the requirement for establishment or revision of an accrual for any potential liability. The liability often cannot be determined with precision until the claim is resolved. | |||||||||||||
Pursuant to applicable accounting rules, the Company accrues the minimum liability for each known claim when the estimated outcome is a range of possible loss and no one amount within that range is more likely than another. The Company uses a range of settlements because an average settlement cost would not be meaningful since the products liability claims faced by the Company are unique and widely variable. The cases involve different types of tires, models and lines, different circumstances surrounding the accident such as different applications, vehicles, speeds, road conditions, weather conditions, driver error, tire repair and maintenance practices, service life conditions, as well as different jurisdictions and different injuries. In addition, in many of the Company’s products liability lawsuits the plaintiff alleges that his or her harm was caused by one or more co-defendants who acted independently of the Company. Accordingly, the claims asserted and the resolutions of those claims have an enormous amount of variability. The costs have ranged from zero dollars to $33 million in one case with no “average” that is meaningful. No specific accrual is made for individual unasserted claims or for premature claims, asserted claims where the minimum information needed to evaluate the probability of a liability is not yet known. However, an accrual for such claims based, in part, on management’s expectations for future litigation activity and the settled claims history is maintained. Because of the speculative nature of litigation in the U.S., the Company does not believe a meaningful aggregate range of potential loss for asserted and unasserted claims can be determined. The Company’s experience has demonstrated that its estimates have been reasonably accurate and, on average, cases are settled at amounts close to the reserves established. However, it is possible an individual claim from time to time may result in an aberration from the norm and could have a material impact. | |||||||||||||
The products liability expense reported by the Company includes amortization of insurance premium costs, adjustments to settlement reserves and legal costs incurred in defending claims against the Company. Legal costs are expensed as incurred and products liability insurance premiums are amortized over coverage periods. | |||||||||||||
Advertising expense – Expenses incurred for advertising include production and media and are generally expensed when incurred. Costs associated with dealer-earned cooperative advertising are recorded as a reduction of revenue component of Net sales at the time of sale. Advertising expense for 2012, 2013 and 2014 was $49,756, $48,976 and $57,439, respectively. | |||||||||||||
Stock-based compensation – The Company’s incentive compensation plans allow the Company to grant awards to key employees in the form of stock options, stock awards, restricted stock units (“RSUs”), stock appreciation rights, performance stock units (“PSUs”), dividend equivalents and other awards. Compensation related to these awards is determined based on the fair value on the date of grant and is amortized to expense over the vesting period. For RSUs and PSUs, the Company recognizes compensation expense based on the earlier of the vesting date or the date when the employee becomes eligible to retire. If awards can be settled in cash, these awards are recorded as liabilities and marked to market. See Note 15 – Stock-Based Compensation for additional information. | |||||||||||||
Warranties – Warranties are provided on the sale of certain of the Company’s products, and an accrual for estimated future claims is recorded at the time revenue is recognized. Tire replacement under most of the warranties the Company offers is on a prorated basis. The Company provides for the estimated cost of product warranties based primarily on historical return rates, estimates of the eligible tire population and the value of tires to be replaced. The following table summarizes the activity in the Company’s product warranty liabilities which are recorded in Accrued liabilities and Other long-term liabilities on the Company’s Consolidated Balance Sheets: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Reserve at January 1 | $ | 27,400 | $ | 30,139 | $ | 30,853 | |||||||
Additions | 23,184 | 19,677 | 17,413 | ||||||||||
Payments | (20,445 | ) | (18,963 | ) | (19,112 | ) | |||||||
Decrease due to sale of interest in subsidiary | — | — | (15,149 | ) | |||||||||
Reserve at December 31 | $ | 30,139 | $ | 30,853 | $ | 14,005 | |||||||
The CCT portion of the warranty accrual consisted of a January 1, 2012 reserve of $18,127; additions to the reserve of $10,742, $4,642 and $6,813 for 2012, 2013 and 2014, through the date of sale, respectively, and payments of $9,417, $7,287 and $8,471 for 2012, 2013 and 2014, through the date of sale, respectively. | |||||||||||||
Use of estimates – The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of: (1) revenues and expenses during the reporting period; and (2) assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the consolidated financial statements. Actual results could differ from those estimates. | |||||||||||||
Revenue recognition – Revenues are recognized when title to the product passes to customers. Shipping and handling costs are recorded in cost of products sold. Allowance programs such as volume rebates and cash discounts are recorded at the time of sale as a reduction to revenue based on anticipated accrual rates for the year. | |||||||||||||
Research and development – Costs are charged to cost of products sold as incurred and amounted to approximately $50,801, $51,127 and $56,848 during 2012, 2013 and 2014, respectively. | |||||||||||||
Related Party Transactions – The Company’s CCT joint venture paid $900, $648 and $15 of interest to the noncontrolling shareholder in 2012, 2013 and 2014, respectively. The CCT joint venture also paid $46,235, $36,865 and $32,918 to the noncontrolling shareholder primarily for the purchase of utilities during 2012, 2013 and 2014, respectively. The Company’s COOCSA joint venture paid $29,865, $26,674 and $27,573 in 2012, 2013 and 2014, respectively, to an employment services company in Mexico owned in part by members of the joint venture workforce. The Company believes the payment for services to related parties are consistent with market rate for comparable services from third parties. | |||||||||||||
Apollo related expenses – The Company incurred approximately $18,049 of expenses in 2013 related to the Apollo merger agreement. These expenses are recorded in selling, general and administrative expenses on the Consolidated Statements of Income. | |||||||||||||
Accounting Pronouncements | |||||||||||||
Changes to accounting principles generally accepted in the United States of America (“U.S. GAAP”) are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. | |||||||||||||
The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements. | |||||||||||||
Accounting Pronouncements – Recently Adopted | |||||||||||||
Foreign Currency Matters – In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this update are effective for the annual and interim periods beginning on or after December 15, 2013. With the sale of CCT in November 2014, the Company applied the guidance in ASU 2013-05 and included the related cumulative translation adjustment in the calculation of the gain on sale of interest in subsidiary. | |||||||||||||
Income Taxes – In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which clarifies treatment of unrecognized tax benefits based on surrounding circumstances. The amendments in this update are effective for the annual and interim periods beginning on or after December 15, 2013. The adoption of this accounting standards update did not have an impact on the Company’s consolidated financial statements. | |||||||||||||
Pushdown Accounting – In November 2014, the FASB issued ASU 2014-17, “Pushdown Accounting,” which provides that an acquired entity may elect to apply pushdown accounting in its separate financial statements upon a change-in-control event in which an acquirer obtains control of the entity. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. The guidance is effective November 18, 2014. The adoption of this accounting standards update did not have an impact on the Company’s consolidated financial statements. | |||||||||||||
Accounting Pronouncements – To be adopted | |||||||||||||
Discontinued Operations – In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which requires that a disposal representing a strategic shift that has or will have a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The guidance is effective for the interim and annual periods beginning on or after December 15, 2014 with early adoption permitted only for disposals that have not been previously reported. The Company will adopt this guidance on January 1, 2015. | |||||||||||||
Revenue Recognition – In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which will supersede most current revenue recognition guidance, including industry-specific guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step model to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 with early adoption not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of the amended guidance on its consolidated financial statements and related disclosures. | |||||||||||||
Stock-Based Compensation – In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance is effective for the interim and annual periods beginning on or after December 15, 2015 and can be applied either prospectively or retrospectively to all awards outstanding as of the beginning of the earliest annual period presented as an adjustment to opening retained earnings. Early adoption is permitted. The Company is evaluating the impact, if any, of adopting this new accounting guidance on its consolidated financial statements. |
CCT_Agreements
CCT Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
CCT Agreements | Note 2 – CCT Agreements | ||||||||||||
On January 29, 2014, the Company entered into an agreement (the “CCT Agreement”) with Chengshan Group Company Ltd. (“Chengshan”) and The Union of Cooper Chengshan (Shandong) Tire Company Co., Ltd. (the “Union”) regarding CCT that, among other matters, provided Chengshan, with certain conditions and exceptions, a limited contractual right to either (i) purchase the Company’s 65 percent equity interest in CCT for 65 percent of the Option Price (as defined below) or (ii) sell its 35 percent equity interest in CCT to the Company for 35 percent of the Option Price. In the event Chengshan elected not to exercise its right to purchase the Company’s equity interest or sell its interest in CCT to the Company, the Company had the right to purchase Chengshan’s 35 percent equity interest in CCT for 35 percent of the Option Price subject to certain conditions. In the event neither Chengshan nor the Company exercised their respective options prior to their expiration, the agreement allowed for continuation of the joint venture as currently structured. | |||||||||||||
The “Option Price” under the CCT Agreement was defined as the greater of (i) the fair market value of CCT on a stand-alone basis, which value will not take into consideration the value of the trademarks and technologies licensed by the Company to CCT, as determined by an internationally recognized valuation firm (the “CCT valuation”) and (ii) $435,000. | |||||||||||||
Under the terms of the CCT Agreement, once the Option Price was determined, the noncontrolling shareholder had 45 days to elect to either purchase the Company’s 65 percent ownership interest in CCT for 65 percent of the Option Price or sell to the Company its 35 percent ownership interest in CCT at 35 percent of the Option Price or do neither. If the noncontrolling shareholder did not exercise these options, the options would expire and the Company would have the right to purchase the noncontrolling shareholder’s 35 percent ownership interest in CCT at 35 percent of the Option Price. The CCT Agreement provided that, if the CCT valuation is not provided on or before August 11, 2014 (the “Option Commencement Deadline”), the options of both parties would terminate and be of no effect unless the Company, at its sole discretion, elected to extend the deadline for the CCT valuation. On August 11, 2014, the Company extended the Option Commencement Deadline from August 11, 2014 to August 14, 2014 to allow the parties to finalize the Option Agreement, as defined below and related matters. | |||||||||||||
As contemplated by the CCT Agreement, on August 14, 2014, the Company, Cooper Tire Investment Holding (Barbados) Ltd., a wholly owned subsidiary of CTB, Chengshan and Prairie Investment Limited (“Prairie”), a wholly owned subsidiary of Chengshan, entered into an option agreement (the “Option Agreement”). The Option Agreement further extended the Option Commencement Deadline until August 24, 2014. Furthermore, the Option Agreement, among other matters, set forth the details for exercising the options under the CCT Agreement and effecting the transactions pursuant thereto. | |||||||||||||
The CCT Agreement and the Option Agreement were separate and in addition to the purchase, sale, transfer, right of first refusal and other protective rights set forth in the existing joint venture agreement between the Company and Chengshan with respect to CCT, which continued to be in effect and fully operational. | |||||||||||||
The Company determined the CCT Agreement constituted an accounting extinguishment and new issuance of the Chengshan Group’s equity interest in CCT. In accordance with ASC 810, “Consolidation”, changes in a parent’s interest while the parent retains its controlling financial interest in its subsidiary shall be accounted for as equity transactions. Therefore, gains and losses are not recorded in the Consolidated Statement of Income as a result of the CCT Agreement. The Company was required to measure the noncontrolling shareholder interest at fair value as of January 29, 2014, the transaction date (the “Transaction Date Assessment”). | |||||||||||||
The measurement of the noncontrolling shareholder interest as of the transaction date related to the CCT Agreement was determined by assessing CCT as an ongoing component of the Company’s operations. The CCT Agreement Transaction Date Assessment was not meant to be representative of the fair market value of CCT as a stand-alone entity as defined by the CCT Agreement. Further, the Transaction Date Assessment also considered specific discounts attributable to a noncontrolling shareholder interest, including discounts for lack of control of the entity and lack of marketability. Any adjustment to the noncontrolling shareholder interest as a result of the Transaction Date Assessment was offset by a reduction to Capital in excess of par value, to the extent available, with any remaining amount treated as a reduction in Retained earnings. | |||||||||||||
In addition, because the CCT Agreement provided put and call options to the noncontrolling shareholder interest owner, these options were measured at fair value (the “Options Assessment”). Adjustments to the carrying value of the noncontrolling shareholder interest as a result of the Options Assessment were to be treated like a dividend to the noncontrolling shareholder interest owner. Any adjustment to the noncontrolling shareholder interest as a result of the Options Assessment was to be offset by a reduction to Retained earnings and reflected in the computation of earnings per share available to the Company’s common stockholders. | |||||||||||||
Further, as a result of the CCT Agreement, during the term of its put option rights, the noncontrolling shareholder interest in CCT had redemption features that were not within the control of the Company. Accordingly, the noncontrolling shareholder interest in CCT was recorded outside of total equity during the interim period between the CCT Agreement and eventual date of sale as described below. If the Transaction Date Assessment and Options Assessment resulted in a noncontrolling shareholder interest that was less than 35 percent of the minimum Option Price, ASC 480, “Distinguishing Liabilities from Equity”, requires that the noncontrolling shareholder interest be adjusted to 35 percent of the minimum Option Price. | |||||||||||||
The Company’s CCT Agreement Transaction Date Assessment, in accordance with the appropriate accounting guidance, resulted in an adjustment to the redeemable noncontrolling shareholder interest of $28,285, increasing the total noncontrolling shareholder interest to $152,250. The Options Assessment did not result in any further adjustment to the redeemable noncontrolling shareholder interest. The redeemable noncontrolling shareholder interest was classified outside of permanent equity on the Company’s Consolidated Balance Sheet, in accordance with the authoritative accounting guidance. | |||||||||||||
On August 24, 2014, the CCT valuation was completed by an internationally recognized valuation firm. The CCT valuation amount was approximately $437,700. As contemplated by the CCT Agreement, the CCT Valuation amount was to be used as the Option Price, as it was greater than $435,000. Subsequent to the Transaction Date Assessment, in accordance with ASC 480, the carrying value of the redeemable noncontrolling shareholder interest was evaluated to determine if the redemption value as of the reporting date exceeded the carrying value. At September 30, 2014, no adjustment to the redeemable noncontrolling shareholder interest was required as the carrying value of $168,435 was greater than the redemption value of $153,206, which is 35 percent of the CCT valuation amount of $437,700. | |||||||||||||
The Company determined that the recurring fair value measurements related to CCT relied primarily on Company-specific inputs and the Company’s assumptions about the use of the assets and settlements of liabilities, as observable inputs are not available and, as such, reside within Level 3 of the fair value hierarchy as defined in Note 11 – Fair Value of Financial Instruments. The Company utilized third parties to assist in the determination of the fair value of CCT based upon internal and external inputs considering various relevant market transactions, discounted cash flow valuation methods and probability weighting, among other factors. | |||||||||||||
In October 2014, the Company received the required documentation from the noncontrolling shareholder interest owner indicating its intent to exercise its call option under the CCT Agreement. On November 26, 2014, the Chinese State Administration for Industry & Commerce issued a new business license for CCT and on November 30, 2014, the Company completed the sale of its 65 percent ownership interest in CCT to Prairie, all in accordance with the previously described option agreement between the Company and Chengshan, referred to as the “Sale”. Under the terms of the CCT agreement, the Company received approximately $262,000, in cash, net of taxes and including dividends. The sale of CCT resulted in a gain on sale, net of tax, of $55,704. The gain on sale is recorded on the Company’s Consolidated Statement of Income as Gain on sale of interest in subsidiary. Subsequent to the Sale, the Company continues to have off-take rights, with CCT agreeing to produce Cooper branded products until mid-2018. | |||||||||||||
The Company evaluated the Sale to determine if it met the discontinued operations criteria in accordance with ASC 205 “Presentation of Financial Statements”. Based upon the Company’s significant continuing involvement in the operations of CCT through the off-take agreements, the Sale is not deemed to meet the discontinued operations criteria. CCT will be presented in the Consolidated Financial Statements of the Company through the Sale date. | |||||||||||||
The following table reflects the results of CCT included in the Company’s Consolidated Statements of Income for the years ended December 31: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Net Sales | |||||||||||||
External Customers | $ | 749 | $ | 640 | $ | 546 | |||||||
Intercompany | 282 | 127 | 121 | ||||||||||
$ | 1,031 | $ | 767 | $ | 667 | ||||||||
Operating Profit | $ | 111 | $ | 75 | $ | 77 | |||||||
Net income attributable to Cooper Tire & Rubber Company | $ | 51 | $ | 33 | $ | 39 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 – Acquisitions |
On January 17, 2012, the Company acquired certain assets of Trayal Korporacija in Krusevac, Serbia for approximately $18,500, including transaction costs. The assets purchased include land, building and certain machinery and equipment. In conjunction with the asset acquisition, the Company established Cooper Tire & Rubber Company Serbia d.o.o. (“Cooper Serbia”). Cooper Serbia is comprised of the assets acquired from Trayal Korporacija, coupled with those assets acquired through additional capital spending. Cooper Serbia’s tire-making operations will complement the Company’s operations and product offerings in Europe. The newly formed Serbian entity is included in the International Tire Operations segment. This transaction was accounted for as an asset acquisition by the Company. | |
During the first quarter of 2012, the Company received approximately $10,600 of grants from the government of Serbia to be used to fund capital expenditures. The Company does not have to re-pay the grants contingent upon the Company investing approximately $63,700 (including the original purchase price) over the next three years and maintaining a minimum employment level during the period. At December 31, 2013, the Company had recorded $1,268 of restricted cash on the Consolidated Balance Sheets representing the proportionate share of the capital expenditures yet to be made. As of December 31, 2014, the Company has satisfied the criteria listed and does not have to re-pay the grants. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4 – Inventories |
Inventory costs are determined using the LIFO method for substantially all U.S. inventories. The current cost of this inventory under the FIFO method was $432,906 and $419,977 at December 31, 2013 and 2014, respectively. These FIFO values have been reduced by approximately $161,436 and $126,231 at December 31, 2013 and 2014, respectively, to arrive at the LIFO value reported on the Consolidated Balance Sheets. The remaining inventories have been valued under the FIFO or average cost method. All inventories are stated at the lower of cost or market. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Current Assets | Note 5 – Other Current Assets | ||||||||
Other current assets at December 31 were as follows: | |||||||||
2013 | 2014 | ||||||||
Deferred tax assets | $ | 44,168 | $ | 40,996 | |||||
Value added tax recoverable | 1,863 | 11,962 | |||||||
Income tax recoverable | 29,590 | 9,613 | |||||||
Other | 16,893 | 18,539 | |||||||
$ | 92,514 | $ | 81,110 |
Goodwill_and_Intangibles
Goodwill and Intangibles | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangibles | Note 6 - Goodwill and Intangibles | ||||||||||||||||||||||||
Goodwill is recorded in the segment where it was generated by acquisitions. Goodwill in the amount of $18,851 was recorded in 2011 as a result of an acquisition. There have been no changes to the value of goodwill since 2011. Goodwill prior to 2011 was zero. Purchased goodwill and indefinite-lived intangible assets are tested annually for impairment unless indicators are present that would require an earlier test. | |||||||||||||||||||||||||
During the fourth quarter of 2013, the Company completed its annual goodwill and intangible assets impairment tests and no impairment was indicated. During the fourth quarter of 2014, the Company wrote off the intangible assets of CCT in connection with the sale of its interest in the subsidiary. The Company also wrote off approximately $13,636 of fully amortized intangible assets determined to no longer hold value at the time of its intangible asset impairment review. | |||||||||||||||||||||||||
The following table presents intangible assets and accumulated amortization balances as of December 31, 2013 and 2014: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Definite-lived: | |||||||||||||||||||||||||
Capitalized software costs | $ | 160,979 | $ | (31,771 | ) | $ | 129,208 | $ | 161,589 | $ | (39,831 | ) | $ | 121,758 | |||||||||||
Land use rights | 20,041 | (3,802 | ) | 16,239 | 3,465 | (540 | ) | 2,925 | |||||||||||||||||
Trademarks and tradenames | 10,973 | (6,850 | ) | 4,123 | 8,800 | (6,188 | ) | 2,612 | |||||||||||||||||
Patents and technology | 14,637 | (14,634 | ) | 3 | — | — | — | ||||||||||||||||||
Other | 7,215 | (6,297 | ) | 918 | 3,123 | (2,451 | ) | 672 | |||||||||||||||||
213,845 | (63,354 | ) | 150,491 | 176,977 | (49,010 | ) | 127,967 | ||||||||||||||||||
Indefinite-lived: | |||||||||||||||||||||||||
Trademarks | 9,817 | — | 9,817 | 9,817 | — | 9,817 | |||||||||||||||||||
$ | 223,662 | $ | (63,354 | ) | $ | 160,308 | $ | 186,794 | $ | (49,010 | ) | $ | 137,784 | ||||||||||||
Estimated amortization expense over the next five years is as follows: 2015 - $9,973, 2016 - $10,693, 2017 - $15,502, 2018 - $17,591 and 2019 - $17,437. | |||||||||||||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets | Note 7 - Other Assets | ||||||||
Other assets at December 31 were as follows: | |||||||||
2013 | 2014 | ||||||||
Tax incentives | $ | 12,622 | $ | 12,509 | |||||
Other | 2,904 | 4,196 | |||||||
$ | 15,526 | $ | 16,705 | ||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | Note 8 - Accrued Liabilities | ||||||||
Accrued liabilities at December 31 were as follows: | |||||||||
2013 | 2014 | ||||||||
Products liability | $ | 70,472 | $ | 69,892 | |||||
Payroll and withholdings | 59,158 | 52,727 | |||||||
Other postretirement benefits | 14,213 | 14,562 | |||||||
Advertising | 12,146 | 11,428 | |||||||
Warranty | 20,917 | 8,331 | |||||||
Other | 34,184 | 27,392 | |||||||
$ | 211,090 | $ | 184,332 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 9 - Income Taxes | ||||||||||||
Components of income from continuing operations before income taxes and noncontrolling shareholders’ interests were as follows: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
United States | $ | 206,853 | $ | 107,918 | $ | 165,888 | |||||||
Foreign | 161,597 | 105,053 | 182,631 | ||||||||||
Total | $ | 368,450 | $ | 212,971 | $ | 348,519 | |||||||
The provision (benefit) for income tax for continuing operations consisted of the following: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Current: | |||||||||||||
Federal | $ | 67,921 | $ | 7,879 | $ | 46,270 | |||||||
State and local | 9,812 | 2,576 | 8,678 | ||||||||||
Foreign | 38,082 | 34,922 | 53,120 | ||||||||||
115,815 | 45,377 | 108,068 | |||||||||||
Deferred: | |||||||||||||
Federal | (4,225 | ) | 26,647 | 5,282 | |||||||||
State and local | (573 | ) | 7,255 | 82 | |||||||||
Foreign | 5,007 | 127 | (1,735 | ) | |||||||||
209 | 34,029 | 3,629 | |||||||||||
$ | 116,024 | $ | 79,406 | $ | 111,697 | ||||||||
A reconciliation of income tax expense (benefit) for continuing operations to the tax based on the U.S. statutory rate is as follows: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income tax provision at 35% | $ | 128,958 | $ | 74,540 | $ | 121,982 | |||||||
State and local income tax, net of federal income tax effect | 4,391 | 4,414 | 7,123 | ||||||||||
U.S. tax credits | — | (2,334 | ) | (1,455 | ) | ||||||||
Difference in effective tax rates of international operations | (16,545 | ) | (9,633 | ) | (35,095 | ) | |||||||
Tax on gain from sale of CCT | — | — | 21,767 | ||||||||||
Tax law or rate change | 2,016 | 3,702 | — | ||||||||||
Valuation allowance | (181 | ) | 4,001 | 1,382 | |||||||||
Other - net | (2,615 | ) | 4,716 | (4,007 | ) | ||||||||
Income tax expense | $ | 116,024 | $ | 79,406 | $ | 111,697 | |||||||
Payments for income taxes in 2012, 2013 and 2014, net of refunds, were $97,093, $76,782 and $63,390, respectively. | |||||||||||||
Deferred tax assets and liabilities result from differences in the basis of assets and liabilities for tax and financial reporting purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31 were as follows: | |||||||||||||
2013 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Postretirement and other employee benefits | $ | 175,643 | $ | 224,123 | |||||||||
Products liability | 67,587 | 68,355 | |||||||||||
Net operating loss, capital loss, and tax credits carryforwards | 28,947 | 28,812 | |||||||||||
All other items | 51,213 | 48,087 | |||||||||||
Total deferred tax assets | 323,390 | 369,377 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | (134,075 | ) | (141,374 | ) | |||||||||
All other items | (7,736 | ) | (10,455 | ) | |||||||||
Total deferred tax liabilities | (141,811 | ) | (151,829 | ) | |||||||||
181,579 | 217,548 | ||||||||||||
Valuation allowances | (32,370 | ) | (33,303 | ) | |||||||||
Net deferred tax asset | $ | 149,209 | $ | 184,245 | |||||||||
At December 31, 2014, the Company has apportioned state tax losses of $13,405 and foreign tax losses of $45,098 available for carryforward. The Company has used all of the U.S. federal tax credits available, and has state tax credits of $613 in addition to a U.S. capital loss of $52,505 available for carryforward. Valuation allowances have been provided for those items for which, based upon an assessment, it is more likely than not that some portion may not be realized. The U.S. federal and state tax attributes and state loss carryforwards will expire from 2015 through 2026. A portion of the foreign tax losses expired in 2014, with additional losses expected to expire in 2015. The remaining U.S. capital loss carryforward will expire in 2015. | |||||||||||||
The Company applies the rules under ASC 740-10 in its Accounting for Uncertainty in Income Taxes for uncertain tax positions using a “more likely than not” recognition threshold. Pursuant to these rules, the Company will initially recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on the Company’s estimate of the largest amount that meets the more likely than not recognition threshold. The Company’s unrecognized tax benefits, exclusive of interest, totaled approximately $8,314 at December 31, 2014, as itemized in the tabular roll forward below. The unrecognized tax benefits at December 31, 2014 relate to uncertain tax positions in tax years 2011 through 2014. | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Balance at January 1 | $ | 987 | $ | 5,138 | $ | 5,878 | |||||||
Settlements for tax positions of prior years | — | (409 | ) | — | |||||||||
Additions for tax positions of the current year | 4,195 | 566 | 230 | ||||||||||
Additions for tax positions of prior years | 181 | 1,054 | 2,206 | ||||||||||
Reductions for tax positions of prior years | (225 | ) | (471 | ) | — | ||||||||
Balance at December 31 | $ | 5,138 | $ | 5,878 | $ | 8,314 | |||||||
Of this amount, the effective rate would change upon the recognition of approximately $8,314 of these unrecognized tax benefits. The Company accrued, through the tax provision, approximately $27, $138 and $261 of interest expense for 2012, 2013 and 2014, respectively. At December 31, 2014, the Company has $425 interest accrued as an ASC 740-10 reserve. | |||||||||||||
The Company generally considers the earnings of certain non-U.S. subsidiaries to be indefinitely invested outside the United States. In the event that the Company plans to repatriate foreign earnings, the income tax provision would be adjusted in the period it is determined that the earnings will no longer be indefinitely invested outside the United States. During 2015, the Company plans to remit dividends from one of its non-U.S. subsidiaries. As a result of this decision made in 2014, the Company assessed the need for incremental U.S. income and foreign withholding tax on the anticipated amount. This assessment resulted in no additional tax expense being recorded. The remaining portion of the Company’s foreign earnings is considered to be indefinitely reinvested outside the United States. The Company has not recorded a deferred tax liability related to the U.S. federal and state income taxes and foreign withholding taxes on approximately $516,292 of these undistributed earnings. It is not practicable to determine the amount of additional U.S. income taxes that could be payable upon remittance of these earnings since taxes payable would be reduced by foreign tax credits based upon income tax laws and circumstances at the time of distribution, plus the uncertainty in estimating the impacts of future exchange rates. | |||||||||||||
The Company operates in multiple jurisdictions throughout the world. The Company has effectively settled U.S. federal tax examinations for years before 2011 and state and local examinations for years before 2010, with limited exceptions. Furthermore, the Company’s non-U.S. subsidiaries are no longer subject to income tax examinations in major foreign taxing jurisdictions for years prior to 2008. The income tax returns of various subsidiaries in various jurisdictions are currently under examination and it is possible that these examinations will conclude within the next twelve months. However, it is not possible to estimate net increases or decreases to the Company’s unrecognized tax benefits during the next twelve months. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Note 10 – Debt | ||||||||
The Company has an accounts receivable securitization facility of up to $175,000. Pursuant to the terms of the facility, the Company is permitted to sell certain of its domestic trade receivables on a continuous basis to its wholly-owned, bankruptcy-remote subsidiary, Cooper Receivables LLC (“CRLLC”). In turn, CRLLC may sell from time to time an undivided ownership interest in the purchased trade receivables, without recourse, to a PNC Bank administered, asset-backed commercial paper conduit. During 2012, the maturity of this facility was extended until June 2015. | |||||||||
On November 9, 2007, the Company and its subsidiary, Max-Trac Tire Co., Inc., entered into a Loan and Security Agreement (the “Credit Agreement”) with a consortium of four banks. This Credit Agreement provides a $200,000 credit facility to the Company and Max-Trac Tire Co., Inc. The Credit Agreement is a revolving credit facility and is secured by the Company’s U.S. inventory, certain North American accounts receivable that have not been previously pledged and general intangibles related to the foregoing. The Credit Agreement has a maturity date of July 2016. Borrowings under the Credit Agreement bear a margin based on the London Interbank Offered Rate. | |||||||||
The Credit Agreement and the accounts receivable securitization facility have no significant financial covenants until availability is reduced to specified levels. There were no borrowings under the Credit Agreement or the accounts receivable securitization facility at December 31, 2013. Borrowing under the accounts receivable securitization facility was $40,000 at December 31, 2014. Amounts used to secure letters of credit totaled $45,100 and $39,200 at December 31, 2013 and 2014, respectively. The Company’s additional borrowing capacity, net of amounts used to back letters of credit and based on eligible collateral through use of its credit facility with its bank group and its accounts receivable securitization facility at December 31, 2014, was $250,600. | |||||||||
The Company’s consolidated operations in Asia have renewable unsecured credit lines that provide up to $132,800 of borrowings and do not contain financial covenants. The additional borrowing capacity on the Asian credit lines, based on eligible collateral and the short-term notes payable, totaled $116,400 at December 31, 2014. | |||||||||
In 2010, Industrial Revenue Bonds (IRBs) were issued by the City of Texarkana to finance the design, equipping, construction and start-up of the expansion of the Texarkana manufacturing facility in return for real estate and equipment located at the Company’s Texarkana tire manufacturing plant. Because the assets related to the expansion provide security for the bonds issued by the City of Texarkana, the City retains title to the assets which in turn provides a 100 percent property tax exemption to the Company. However, the Company has recorded the property in its Consolidated Balance Sheets, along with a capital lease obligation to repay the proceeds of the IRB because the arrangement is cancelable at any time at the Company’s request. The Company has also purchased the IRBs and therefore is the bondholder as well as the borrower/lessee of the property purchased with the IRB proceeds. The capital lease obligation and IRB asset are recorded net in the Consolidated Balance Sheets. At December 31, 2013 and 2014, the assets and liabilities associated with these City of Texarkana IRBs were $20,000. | |||||||||
The following table summarizes the long-term debt of the Company at December 31, 2013 and 2014. The unsecured notes outstanding as of December 31, 2013 were eliminated as a result of the sale of the Company’s interest in CCT in November 2014. The secured notes due in 2016 are guaranteed by certain plant assets of the Company’s COOCSA subsidiary. Except for these secured notes and capitalized leases and other, the long-term debt is due in an aggregate principal payment on the due date: | |||||||||
2013 | 2014 | ||||||||
Parent company | |||||||||
8% unsecured notes due December 2019 | $ | 173,578 | $ | 173,578 | |||||
7.625% unsecured notes due March 2027 | 116,880 | 116,880 | |||||||
Capitalized leases and other | 8,662 | 8,062 | |||||||
299,120 | 298,520 | ||||||||
Subsidiaries | |||||||||
4.27% to 6.15% unsecured notes due in 2014 | 15,560 | — | |||||||
4.27% to 4.70% unsecured notes due in 2015 | 8,554 | — | |||||||
4.00% to 6.15% unsecured notes due in 2016 | 11,036 | — | |||||||
5.46% and 5.63% secured notes due in 2016 | 4,557 | 2,526 | |||||||
39,707 | 2,526 | ||||||||
338,827 | 301,046 | ||||||||
Less current maturities | 17,868 | 2,115 | |||||||
$ | 320,959 | $ | 298,931 | ||||||
Over the next five years, the Company has payments related to the above debt of: 2015 - $2,115, 2016 - $1,610, 2017 - $600, 2018 - $600 and 2019 - $174,178. In addition, the Company has short-term notes payable of $64,551 due in 2015. The short-term notes payable consist of $40,000 borrowed under the accounts receivable securitization facility discussed above and $24,551 borrowed by the Company’s partially-owned, consolidated subsidiary operations in the PRC and Mexico. The weighted average interest rate of the short-term notes payable at December 31, 2013 and 2014 was 5.15 percent and 1.67 percent, respectively. | |||||||||
Interest paid on debt during 2012, 2013 and 2014 was $38,727, $30,694 and $30,346, respectively. The amount of interest capitalized was $7,649, $3,068 and $1,878 during 2012, 2013 and 2014, respectively. The larger amount of capitalized interest in 2012 is related to the Company’s global ERP project. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | Note 11 - Fair Value of Financial Instruments | ||||||||||||||||
Derivative financial instruments are utilized by the Company to reduce foreign currency exchange risks. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. The Company does not enter into financial instruments for trading or speculative purposes. The derivative financial instruments include fair value and cash flow hedges of foreign currency exposures. Exchange rate fluctuations on the foreign currency-denominated intercompany loans and obligations are offset by the change in values of the fair value foreign currency hedges. The Company presently hedges exposures in the Euro, Canadian dollar, British pound sterling, Swiss franc, Swedish kronar, Mexican peso and Chinese yuan generally for transactions expected to occur within the next 12 months. The notional amount of these foreign currency derivative instruments at December 31, 2013 and 2014 was $148,036 and $170,750, respectively. The counterparties to each of these agreements are major commercial banks. Management believes that the probability of losses related to credit risk on derivative financial instruments is unlikely. | |||||||||||||||||
The Company uses foreign currency forward contracts as hedges of the fair value of certain non-U.S. dollar denominated asset and liability positions, primarily accounts receivable and debt. Gains and losses resulting from the impact of currency exchange rate movements on these forward contracts are recognized in the accompanying Consolidated Statements of Income in the period in which the exchange rates change and offset the foreign currency gains and losses on the underlying exposure being hedged. | |||||||||||||||||
Foreign currency forward contracts are also used to hedge variable cash flows associated with forecasted sales and purchases denominated in currencies that are not the functional currency of certain entities. The forward contracts have maturities of less than twelve months pursuant to the Company’s policies and hedging practices. These forward contracts meet the criteria for and have been designated as cash flow hedges. Accordingly, the effective portion of the change in fair value of such forward contracts (approximately $398 and $5,719 as of December 31, 2013 and 2014, respectively) are recorded as a separate component of stockholders’ equity in the accompanying consolidated balance sheets and reclassified into earnings as the hedged transaction affects earnings. | |||||||||||||||||
The Company assesses hedge ineffectiveness quarterly using the hypothetical derivative methodology. In doing so, the Company monitors the actual and forecasted foreign currency sales and purchases versus the amounts hedged to identify any hedge ineffectiveness. Any hedge ineffectiveness is recorded as an adjustment in the accompanying Consolidated Statements of Income in the period in which the ineffectiveness occurs. The Company also performs regression analysis comparing the change in value of the hedging contracts versus the underlying foreign currency sales and purchases, which confirms a high correlation and hedge effectiveness. | |||||||||||||||||
The derivative instruments are subject to master netting arrangements with the counterparties to the contracts. The following table presents the location and amounts of derivative instrument fair values in the Consolidated Balance Sheets: | |||||||||||||||||
Year ended December 31 | |||||||||||||||||
Assets/(Liabilities) | 2013 | 2014 | |||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Gross amounts recognized | $ | 2,702 | $ | 6,483 | |||||||||||||
Gross amounts offset | (2,232 | ) | (504 | ) | |||||||||||||
Net amounts | 470 | 5,979 | |||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Gross amounts recognized | (121 | ) | — | ||||||||||||||
Gross amounts offset | — | — | |||||||||||||||
Net amounts | (121 | ) | — | ||||||||||||||
Other current assets | $ | 349 | $ | 5,979 | |||||||||||||
The following table presents the location and amount of gains and losses on derivative instruments in the Consolidated Statements of Income: | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Amount of Gain (Loss) | Amount of Gain | Amount of Gain (Loss) | ||||||||||||||
Recognized in | Reclassified | Recognized in | |||||||||||||||
Other Comprehensive | from Cumulative | Income | |||||||||||||||
Income on Derivative | Other Comprehensive | on Derivative | |||||||||||||||
(Effective Portion) | Loss into Income | (Ineffective Portion) | |||||||||||||||
(Effective Portion) | |||||||||||||||||
Year ended Dec. 31, 2012 | $ | (1,770 | ) | $ | 5,699 | $ | 256 | ||||||||||
Year ended Dec. 31, 2013 | $ | 2,943 | $ | 1,085 | $ | (122 | ) | ||||||||||
Year ended Dec. 31, 2014 | $ | 9,020 | $ | 3,699 | $ | (188 | ) | ||||||||||
Derivatives not Designated as Hedging Instruments | Location of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||
on Derivatives | on Derivatives | ||||||||||||||||
Year ended Dec. 31, 2012 | Other income (expense) | $ | 590 | ||||||||||||||
Year ended Dec. 31, 2013 | Other income (expense) | $ | (366 | ) | |||||||||||||
Year ended Dec. 31, 2014 | Other income (expense) | $ | 121 | ||||||||||||||
For effective designated foreign exchange hedges, the Company reclassifies the gain (loss) from Other Comprehensive Income into Net Sales and the ineffective portion is recorded directly into Other – net. | |||||||||||||||||
The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within the different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||||||||||
Financial assets and liabilities recorded on the Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows: | |||||||||||||||||
Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access. | |||||||||||||||||
Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following. | |||||||||||||||||
a. | Quoted prices for similar assets or liabilities in active markets; | ||||||||||||||||
b. | Quoted prices for identical or similar assets or liabilities in non-active markets; | ||||||||||||||||
c. | Pricing models whose inputs are observable for substantially the full term of the asset or liability; and | ||||||||||||||||
d. | Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3. Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. | |||||||||||||||||
The valuation of foreign exchange forward contracts was determined using widely accepted valuation techniques. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including forward points. The Company incorporated credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as current credit ratings, to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2013 and December 31, 2014, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. | |||||||||||||||||
The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2014: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Assets | in Active Markets | Other | Unobservable | ||||||||||||||
(Liabilities) | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | Level (3) | |||||||||||||||
Level (1) | Level (2) | ||||||||||||||||
Foreign Exchange Contracts | $ | 349 | $ | — | $ | 349 | $ | — | |||||||||
Stock-based Liabilities | $ | (12,462 | ) | $ | (12,462 | ) | $ | — | $ | — | |||||||
31-Dec-14 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Assets | in Active Markets | Other | Unobservable | ||||||||||||||
(Liabilities) | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | Level (3) | |||||||||||||||
Level (1) | Level (2) | ||||||||||||||||
Foreign Exchange Contracts | $ | 5,979 | $ | — | $ | 5,979 | $ | — | |||||||||
Stock-based Liabilities | $ | (19,079 | ) | $ | (19,079 | ) | $ | — | $ | — | |||||||
The following table presents the movement in the Level 3 fair value measurements for the year ended December 31, 2014. | |||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Redeemable noncontrolling shareholder interest | |||||||||||||||||
Year Ended | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Beginning Balance | $ | — | |||||||||||||||
Transfer into Level 3 - Redeemable noncontrolling shareholder interest | (152,250 | ) | |||||||||||||||
Adjustment for CCT valuation amount | (956 | ) | |||||||||||||||
Sale of interest in subsidiary | 153,206 | ||||||||||||||||
Ending Balance | $ | — | |||||||||||||||
The fair value of the Company’s debt was based upon prices of similar instruments in the marketplace. The carrying amounts and fair values of the Company’s financial instruments were as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2014 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Measurements | Amount | Measurements | ||||||||||||||
Using Quoted | Using Quoted | ||||||||||||||||
Prices in Active | Prices in Active | ||||||||||||||||
Markets for | Markets for | ||||||||||||||||
Identical | Identical | ||||||||||||||||
Instruments | Instruments | ||||||||||||||||
Level (1) | Level (1) | ||||||||||||||||
Cash and cash equivalents | $ | 397,731 | $ | 397,731 | $ | 551,652 | $ | 551,652 | |||||||||
Notes receivable | 86,965 | 86,965 | 4,546 | 4,546 | |||||||||||||
Restricted cash | 2,759 | 2,759 | 653 | 653 | |||||||||||||
Notes payable | (22,105 | ) | (22,105 | ) | (64,551 | ) | (64,551 | ) | |||||||||
Current portion of long-term debt | (17,868 | ) | (17,868 | ) | (2,115 | ) | (2,115 | ) | |||||||||
Long-term debt | (320,959 | ) | (334,759 | ) | (298,931 | ) | (325,431 | ) |
Pensions_and_Postretirement_Be
Pensions and Postretirement Benefits Other than Pensions | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Pensions and Postretirement Benefits Other than Pensions | Note 12 - Pensions and Postretirement Benefits Other than Pensions | ||||||||||||||||||||||||||||||||
The Company and its subsidiaries have a number of plans providing pension, retirement or profit-sharing benefits. These plans include defined benefit and defined contribution plans. The plans cover substantially all U.S. domestic employees. There are also plans that cover a significant number of employees in the U.K. and Germany. The Company has an unfunded, nonqualified supplemental retirement benefit plan in the U.S. covering certain employees whose participation in the qualified plan is limited by provisions of the Internal Revenue Code. | |||||||||||||||||||||||||||||||||
For defined benefit plans, benefits are generally based on compensation and length of service for salaried employees and length of service for hourly employees. In the U.S., the Company froze the pension benefits in its Spectrum (salaried employees) Plan in 2009. In 2012, the Company closed the U.S. pension plans for the bargaining units to new participants. Certain grandfathered participants in the bargaining unit plans continue to accrue pension benefits. Employees of certain of the Company’s foreign operations are covered by either contributory or non-contributory trusteed pension plans. In 2012, the Company froze the benefits in the U.K. pension plan. | |||||||||||||||||||||||||||||||||
Participation in the Company’s defined contribution plans is voluntary. The Company matches certain plan participants’ contributions up to various limits. Participants’ contributions are limited based on their compensation and, for certain supplemental contributions which are not eligible for company matching, based on their age. Expense for those plans was $12,003, $12,522 and $12,510 for 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||||||
The Company currently provides retiree health care and life insurance benefits to a significant percentage of its U.S. salaried and hourly employees. U.S. salaried and non-bargained hourly employees hired on or after January 1, 2003 are not eligible for retiree health care or life insurance coverage. The Company has reserved the right to modify or terminate certain of these salaried benefits at any time. | |||||||||||||||||||||||||||||||||
The Company has implemented household caps on the amounts of retiree medical benefits it will provide to certain retirees. The caps do not apply to individuals who retired prior to certain specified dates. Costs in excess of these caps will be paid by plan participants. The Company implemented increased cost sharing in 2004 in the retiree medical coverage provided to certain eligible current and future retirees. Since then cost sharing has expanded such that nearly all covered retirees pay a charge to be enrolled. | |||||||||||||||||||||||||||||||||
In accordance with U.S. GAAP, the Company recognizes the funded status (i.e., the difference between the fair value of plan assets and the projected benefit obligation) of its pension and OPEB plans and the net unrecognized actuarial losses and unrecognized prior service costs in the Consolidated Balance Sheets. The unrecognized actuarial losses and unrecognized prior service costs (components of cumulative other comprehensive loss in the stockholders’ equity section of the balance sheet) will be subsequently recognized as net periodic pension cost pursuant to the Company’s historical accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods and are not recognized as net periodic benefit costs in the same periods will be recognized as a component of other comprehensive income. | |||||||||||||||||||||||||||||||||
The following table reflects changes in the projected obligations and fair market values of assets in all defined benefit pension and other postretirement benefit plans of the Company: | |||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | 2013 | 2014 | ||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Projected Benefit Obligation at January 1 | $ | 1,064,070 | $ | 374,925 | $ | 1,438,995 | $ | 973,276 | $ | 431,146 | $ | 1,404,422 | $ | 308,226 | $ | 252,866 | |||||||||||||||||
Service cost - employer | 11,879 | 8 | 11,887 | 9,760 | 8 | 9,768 | 3,813 | 2,404 | |||||||||||||||||||||||||
Interest cost | 38,751 | 15,661 | 54,412 | 42,842 | 19,620 | 62,462 | 10,791 | 11,305 | |||||||||||||||||||||||||
Actuarial (gain)/loss | (82,219 | ) | 47,613 | (34,606 | ) | 137,217 | 47,015 | 184,232 | (59,898 | ) | 24,294 | ||||||||||||||||||||||
Benefits paid | (59,205 | ) | (14,362 | ) | (73,567 | ) | (57,995 | ) | (14,631 | ) | (72,626 | ) | (10,066 | ) | (12,002 | ) | |||||||||||||||||
Foreign currency translation effect | — | 7,301 | 7,301 | — | (25,926 | ) | (25,926 | ) | — | — | |||||||||||||||||||||||
Projected Benefit Obligation at December 31 | $ | 973,276 | $ | 431,146 | $ | 1,404,422 | $ | 1,105,100 | $ | 457,232 | $ | 1,562,332 | $ | 252,866 | $ | 278,867 | |||||||||||||||||
Change in plans’ assets: | |||||||||||||||||||||||||||||||||
Fair value of plans’ assets at January 1 | $ | 745,871 | $ | 259,703 | $ | 1,005,574 | $ | 823,790 | $ | 288,524 | $ | 1,112,314 | $ | — | $ | — | |||||||||||||||||
Actual return on plans’ assets | 101,400 | 28,371 | 129,771 | 56,284 | 65,128 | 121,412 | — | — | |||||||||||||||||||||||||
Employer contribution | 35,724 | 8,485 | 44,209 | 35,746 | 12,454 | 48,200 | — | — | |||||||||||||||||||||||||
Benefits paid | (59,205 | ) | (14,362 | ) | (73,567 | ) | (57,995 | ) | (14,631 | ) | (72,626 | ) | — | — | |||||||||||||||||||
Foreign currency translation effect | — | 6,327 | 6,327 | — | (20,627 | ) | (20,627 | ) | — | — | |||||||||||||||||||||||
Fair value of plans’ assets at December 31 | $ | 823,790 | $ | 288,524 | $ | 1,112,314 | $ | 857,825 | $ | 330,848 | $ | 1,188,673 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (149,486 | ) | $ | (142,622 | ) | $ | (292,108 | ) | $ | (247,275 | ) | $ | (126,384 | ) | $ | (373,659 | ) | $ | (252,866 | ) | $ | (278,867 | ) | |||||||||
Amounts recognized in the balance sheets: | |||||||||||||||||||||||||||||||||
Accrued liabilities | $ | (300 | ) | $ | — | $ | (300 | ) | $ | (300 | ) | $ | — | $ | (300 | ) | $ | (14,213 | ) | $ | (14,562 | ) | |||||||||||
Postretirement benefits other than pensions | — | — | — | — | — | — | (238,653 | ) | (264,305 | ) | |||||||||||||||||||||||
Pension benefits | (149,186 | ) | (142,622 | ) | (291,808 | ) | (246,975 | ) | (126,384 | ) | $ | (373,359 | ) | — | — | ||||||||||||||||||
Included in cumulative other comprehensive loss at December 31, 2013 are the following amounts that have not yet been recognized in net periodic benefit cost: unrecognized prior service credits of ($3,301) (($2,427) net of tax) and unrecognized actuarial losses of $526,501 ($473,723 net of tax). | |||||||||||||||||||||||||||||||||
Included in cumulative other comprehensive loss at December 31, 2014 are the following amounts that have not yet been recognized in net periodic benefit cost: unrecognized prior service credits of ($2,736) (($2,078) net of tax) and unrecognized actuarial losses of $647,115 ($546,502 net of tax). The prior service credit and actuarial loss included in cumulative other comprehensive loss that are expected to be recognized in net periodic benefit cost during the fiscal year-ended December 31, 2015 are ($566) and $46,876, respectively. | |||||||||||||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $1,401,109 and $1,558,908 at December 31, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||||||||||||||||||
All plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.53 | % | 3.7 | % | 4.6 | % | 3.8 | % | |||||||||||||||||||||||||
Domestic plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.55 | % | 3.75 | % | 4.6 | % | 3.8 | % | |||||||||||||||||||||||||
Foreign plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.49 | % | 3.59 | % | — | — | |||||||||||||||||||||||||||
At December 31, 2014, the weighted average assumed annual rate of increase in the cost of medical benefits was 7.00 percent for 2015 trending linearly to 4.50 percent per annum in 2023. | |||||||||||||||||||||||||||||||||
Pension Benefits - Domestic | Pension Benefits - International | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 9,415 | $ | 11,879 | $ | 9,760 | $ | 725 | $ | 8 | $ | 8 | |||||||||||||||||||||
Interest cost | 43,005 | 38,751 | 42,842 | 17,106 | 15,661 | 19,620 | |||||||||||||||||||||||||||
Expected return on plan assets | (43,269 | ) | (51,284 | ) | (56,661 | ) | (15,323 | ) | (14,981 | ) | (19,977 | ) | |||||||||||||||||||||
Amortization of prior service cost | — | — | — | (185 | ) | — | — | ||||||||||||||||||||||||||
Amortization of actuarial loss | 36,818 | 44,370 | 28,021 | 6,818 | 6,564 | 8,452 | |||||||||||||||||||||||||||
Cooper Avon curtailment gain | — | — | — | (7,460 | ) | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 45,969 | $ | 43,716 | $ | 23,962 | $ | 1,681 | $ | 7,252 | $ | 8,103 | |||||||||||||||||||||
Other Post Retirement Benefits | |||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 4,161 | $ | 3,813 | $ | 2,404 | |||||||||||||||||||||||||||
Interest cost | 12,532 | 10,791 | 11,305 | ||||||||||||||||||||||||||||||
Amortization of prior service cost | (688 | ) | (566 | ) | (566 | ) | |||||||||||||||||||||||||||
Amortization of actuarial loss | 3,076 | 1,915 | — | ||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 19,081 | $ | 15,953 | $ | 13,143 | |||||||||||||||||||||||||||
Effective April 6, 2012, the Company amended the Cooper Avon Pension Plan to freeze all future pension benefits. As a result of this amendment, the Company recognized a pre-tax pension curtailment gain of $7,460 which was credited to cost of goods sold in the second quarter of 2012. This curtailment gain represents the prior service credit from a previous plan amendment. | |||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||||||
All plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.83 | % | 3.92 | % | 4.53 | % | 4.15 | % | 3.6 | % | 4.6 | % | |||||||||||||||||||||
Expected return on plan assets | 6.86 | % | 6.75 | % | 6.91 | % | — | — | — | ||||||||||||||||||||||||
Rate of compensation increase | 0.86 | % | 0 | % | 0 | % | — | — | — | ||||||||||||||||||||||||
Domestic plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.8 | % | 3.75 | % | 4.55 | % | 4.15 | % | 3.6 | % | 4.6 | % | |||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | — | — | — | ||||||||||||||||||||||||
Foreign plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.92 | % | 4.39 | % | 4.49 | % | — | — | — | ||||||||||||||||||||||||
Expected return on plan assets | 6.43 | % | 6.01 | % | 6.66 | % | — | — | — | ||||||||||||||||||||||||
Rate of compensation increase | 3.17 | % | 0 | % | 0 | % | — | — | — | ||||||||||||||||||||||||
The following table lists the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets at December 31, 2013 and 2014: | |||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||
Projected | Accumulated | Projected | Accumulated | ||||||||||||||||||||||||||||||
benefit | benefit | benefit | benefit | ||||||||||||||||||||||||||||||
obligation | obligation | obligation | obligation | ||||||||||||||||||||||||||||||
exceeds plan | exceeds plan | exceeds plan | exceeds plan | ||||||||||||||||||||||||||||||
assets | assets | assets | assets | ||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,404,422 | $ | 1,404,422 | $ | 1,562,333 | $ | 1,562,333 | |||||||||||||||||||||||||
Accumulated benefit obligation | 1,401,109 | 1,401,109 | 1,558,908 | 1,558,908 | |||||||||||||||||||||||||||||
Fair value of plan assets | 1,112,314 | 1,112,314 | 1,188,673 | 1,188,673 | |||||||||||||||||||||||||||||
Assumed health care cost trend rates for other postretirement benefits have a significant effect on the amounts reported. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||||||||
Percentage Point | |||||||||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||||||||
Increase (decrease) in total service and interest cost components | $ | 72 | $ | (63 | ) | ||||||||||||||||||||||||||||
Increase (decrease) in the postretirement benefit obligation | 1,889 | (1,665 | ) | ||||||||||||||||||||||||||||||
The table below presents the Company’s weighted average asset allocations for its domestic and U.K. pension plans’ assets at December 31, 2013 and December 31, 2014 by asset category. Certain amounts for 2013 have been reclassified to conform to the current year presentation. | |||||||||||||||||||||||||||||||||
U.S. Plans | U.K. Plan | ||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||||||||||
Equity securities | 59 | % | 53 | % | 51 | % | 20 | % | |||||||||||||||||||||||||
Debt securities | 41 | 47 | 40 | 72 | |||||||||||||||||||||||||||||
Other investments | 0 | 0 | 5 | 8 | |||||||||||||||||||||||||||||
Cash | 0 | 0 | 4 | 0 | |||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||
The Company’s asset allocation strategy is based on a combination of factors, including the profile of the pension liability, the timing of future cash requirements, and the level of invested assets available to meet plan obligations. The goal is to manage the assets in such a way that the cost and risk are managed through portfolio diversification which is designed to maximize returns consistent with levels of liquidity and investment risk that are prudent and reasonable. Rebalancing of asset portfolios occurs periodically if the mix differs from the target allocation. Equity security investments are structured to achieve a balance between growth and value stocks. The Company also has a pension plan in Germany and the assets of that plan consist of investments in German insurance contracts. | |||||||||||||||||||||||||||||||||
The fair market value of U.S. plan assets was $823,790 and $857,825 at December 31, 2013 and 2014, respectively. The fair market value of the U.K. plan assets was $286,158 and $328,802 at December 31, 2013 and 2014, respectively. The fair market value of the German pension plan assets was $2,366 and $2,046 at December 31, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||||||
The table below classifies the assets of the U.S. and U.K. plans using the Fair Value Hierarchy described in Note 12 – Fair Value of Financial Instruments. Certain amounts for 2013 have been reclassified to conform to the current year presentation including reclassifying $31,458 from Level 1 Cash and Cash Equivalents to Level 2 Fixed income securities. | |||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
United States plans | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 775 | $ | 775 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 484,822 | 187,685 | 297,137 | — | |||||||||||||||||||||||||||||
Fixed income securities | 338,193 | 123,776 | 214,417 | — | |||||||||||||||||||||||||||||
$ | 823,790 | $ | 312,236 | $ | 511,554 | $ | — | ||||||||||||||||||||||||||
United Kingdom plan | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 12,418 | $ | 12,418 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 146,575 | 146,575 | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 113,250 | 113,250 | — | — | |||||||||||||||||||||||||||||
Other investments | 13,915 | — | — | 13,915 | |||||||||||||||||||||||||||||
$ | 286,158 | $ | 272,243 | $ | — | $ | 13,915 | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
United States plans | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 770 | $ | 770 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 451,893 | 153,129 | 298,764 | — | |||||||||||||||||||||||||||||
Fixed income securities | 405,162 | 137,693 | 267,469 | — | |||||||||||||||||||||||||||||
$ | 857,825 | $ | 291,592 | $ | 566,233 | $ | — | ||||||||||||||||||||||||||
United Kingdom plan | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 935 | $ | 935 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 67,224 | 67,224 | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 234,775 | 234,775 | — | — | |||||||||||||||||||||||||||||
Other investments | 25,868 | — | 12,775 | 13,093 | |||||||||||||||||||||||||||||
$ | 328,802 | $ | 302,934 | $ | 12,775 | $ | 13,093 | ||||||||||||||||||||||||||
Plan assets are measured at fair value. While the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s valuation methodologies used for the plan assets measured at fair value are as follows: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents – Cash and cash equivalents include cash on deposit and investments in money market mutual funds that invest mainly in short-term instruments and cash, both of which are valued using a market approach. | |||||||||||||||||||||||||||||||||
Equity securities – Common, preferred, and foreign stocks are valued using a market approach at the closing price on their principal exchange and are included in Level 1 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Fixed Income Securities – Corporate and foreign bonds are valued using a market approach at the closing price reported on the active market on which the individual securities are traded and are included in Level 1 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Common/Commingled Trust Funds – Common/Commingled trust funds are valued at the net asset value of units held at year end and are included in Level 2 of the fair value hierarchy. The various funds consist of either equity or fixed income investment portfolios with underlying investments held in U.S. and non-U.S. securities. | |||||||||||||||||||||||||||||||||
The Level 3 asset in the U.K. plan is an investment in a European Infrastructure fund. The fair market value is determined by the fund manager using a discounted cash flow methodology. The future cash flows expected to be generated by the assets of the fund and made available to investors are estimated and then discounted back to the valuation data. The discount rate is derived by adding a risk premium to the risk-free interest rate applicable to the country in which the asset is located. | |||||||||||||||||||||||||||||||||
The following table details the activity in this investment for the year ended December 31, 2013 and 2014: | |||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 13,822 | $ | 13,915 | |||||||||||||||||||||||||||||
Contributions | 642 | 133 | |||||||||||||||||||||||||||||||
Disbursements | (642 | ) | (133 | ) | |||||||||||||||||||||||||||||
Change in fair value | (170 | ) | — | ||||||||||||||||||||||||||||||
Foreign currency translation effect | 263 | (822 | ) | ||||||||||||||||||||||||||||||
Balance at December 31 | $ | 13,915 | $ | 13,093 | |||||||||||||||||||||||||||||
The Company determines the annual expected rates of return on pension assets by first analyzing the composition of its asset portfolio. Historical rates of return are applied to the portfolio. These computed rates of return are reviewed by the Company’s investment advisors and actuaries. Industry comparables and other outside guidance are also considered in the annual selection of the expected rates of return on pension assets. | |||||||||||||||||||||||||||||||||
During 2014, the Company contributed $48,200 to its domestic and foreign pension plans, and during 2015, the Company expects to contribute between $45,000 and $55,000 to its domestic and foreign pension plans. | |||||||||||||||||||||||||||||||||
The Company estimates its benefit payments for its domestic and foreign pension plans and other postretirement benefit plans during the next ten years to be as follows: | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2015 | $ | 80,300 | $ | 14,600 | |||||||||||||||||||||||||||||
2016 | 78,400 | 15,000 | |||||||||||||||||||||||||||||||
2017 | 79,700 | 15,400 | |||||||||||||||||||||||||||||||
2018 | 80,600 | 15,600 | |||||||||||||||||||||||||||||||
2019 | 81,700 | 16,000 | |||||||||||||||||||||||||||||||
2020 through 2024 | 425,800 | 82,900 |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other Long-Term Liabilities | Note 13 - Other Long-Term Liabilities | ||||||||
Other long-term liabilities at December 31 were as follows: | |||||||||
2013 | 2014 | ||||||||
Products liability | $ | 119,041 | $ | 108,999 | |||||
Deferred compensation | 12,462 | 19,079 | |||||||
Other | 26,415 | 24,697 | |||||||
$ | 157,918 | $ | 152,775 | ||||||
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Common Stock | Note 14 - Common Stock |
Share Repurchase Program | |
On August 6, 2014, the Company entered into a $200,000 ASR program with the ASR Counterparty to repurchase shares of the Company’s common stock. Under the ASR program, the Company paid $200,000 to the ASR Counterparty and received 5,567,154 shares of its common stock from the ASR Counterparty, which represents approximately 80 percent of the shares expected to be purchased pursuant to the ASR program, based on the closing price on August 6, 2014. The total number of shares to be repurchased under the ASR program will be based generally on the volume-weighted average price of the Company’s common stock, less a discount, during the repurchase period, subject to provisions that set a minimum and maximum number of shares. The total number of shares to be repurchased will be determined on final settlement, which the Company expects to occur no later than the final repurchase date in February 2015, although settlement may be accelerated or delayed under certain circumstances. The ASR program is accounted for as treasury stock repurchase transactions, reducing the weighted average number of basic and diluted common shares outstanding by the 5,567,154 shares initially repurchased, and as a forward contract indexed to the Company’s own common stock for the future settlement provisions. The forward contract is accounted for as an equity instrument. | |
Reserved Shares | |
There were 10.5 million common shares reserved for grants under compensation plans and contributions to the Company’s Spectrum Investment Savings Plan and Pre-Tax Savings plans at December 31, 2014. The Company eliminated the option for plan participants in the Company’s Spectrum Investment Savings Plan and Pre-Tax Savings plans to invest in the Company’s common stock in March 2014. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-Based Compensation | Note 15 - Stock-Based Compensation | ||||||||||||
The Company’s incentive compensation plans allow the Company to grant awards to certain employees in the form of stock options, stock awards, RSUs, stock appreciation rights, PSUs, dividend equivalents and other awards. Compensation related to these awards is determined based on the fair value on the date of the grant and is amortized to expense over the vesting period. For RSUs and PSUs, the Company recognizes compensation expense based on the earlier of the vesting date or the date when the employee becomes eligible to retire. Awards settled in common shares have been settled with treasury shares. If awards can be settled in cash, these awards are recorded as liabilities and marked to market. | |||||||||||||
The following table discloses the amount of stock-based compensation expense: | |||||||||||||
Stock-Based Compensation | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Stock options | $ | 3,388 | $ | 3,934 | $ | 4,218 | |||||||
Stock awards | 67 | — | — | ||||||||||
Restricted stock units | 1,169 | 1,092 | 2,206 | ||||||||||
Performance stock units | 3,412 | 1,947 | 2,623 | ||||||||||
Total stock-based compensation | $ | 8,036 | $ | 6,973 | $ | 9,047 | |||||||
Stock Options | |||||||||||||
The 2001, 2006, 2010 and 2014 incentive compensation plans provide for granting options to key employees to purchase common shares at prices not less than market at the date of grant. Options under these plans may have terms of up to ten years becoming exercisable in whole or in consecutive installments, cumulative or otherwise. The plans allow the granting of nonqualified stock options which are not intended to qualify for the tax treatment applicable to incentive stock options under provisions of the Internal Revenue Code. | |||||||||||||
The Company’s 2002 nonqualified stock option plan provides for granting options to directors who are not current or former employees of the Company to purchase common shares at prices not less than market at the date of grant. Options granted under this plan have a term of ten years and become exercisable one year after the date of grant. | |||||||||||||
In April 2009, executives participating in the 2009 – 2011 Long-Term Incentive Plan were granted 1,155,000 stock options which vested one third each year through April 2012. This plan does not contain any performance-based criteria. In March 2010, executives participating in the 2010 – 2012 Long-Term Incentive Plan were granted 303,120 stock options which vested one third each year through March 2013. During 2011, executives participating in the 2011 – 2013 Long-Term Incentive Plan were granted 311,670 stock options, which vested one-third each year through 2014. In February 2012, executives participating in the 2012 – 2014 Long-Term Incentive Plan were granted 589,934 stock options which will vest one-third each year through February 2015. In February 2013, executives participating in the 2013-2015 Long-Term Incentive Plan were granted 330,639 stock options, which will vest one-third each year through February 2016. In February 2014, executives participating in the 2014-2016 Long-Term Incentive Plan were granted 380,064 stock options, which will vest one-third each year through February 2017. The fair value of these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Risk-free interest rate | 1.2 | % | 1.2 | % | 2 | % | |||||||
Dividend yield | 2.7 | % | 1.7 | % | 1.8 | % | |||||||
Expected volatility of the Company’s common stock | 0.644 | 0.646 | 0.64 | ||||||||||
Expected life in years | 6 | 6 | 6 | ||||||||||
The weighted average fair value of options granted in 2012, 2013 and 2014 was $7.33, $12.97 and $12.26, respectively. Compensation expense for these options is recorded over the vesting period. | |||||||||||||
Summarized information for the plans follows: | |||||||||||||
Number of | Weighted | Aggregate | |||||||||||
Shares | Average | Intrinsic | |||||||||||
Exercise | Value | ||||||||||||
Price (per share) | (thousands) | ||||||||||||
Outstanding at January 1, 2014 | 1,710,244 | $ | 19.09 | ||||||||||
Granted | 380,064 | 23.96 | |||||||||||
Exercised | (245,745 | ) | 18.11 | ||||||||||
Canceled | (78,641 | ) | 20.76 | ||||||||||
Outstanding at December 31, 2014 | 1,765,922 | 20.2 | $ | 25,514 | |||||||||
Exercisable at December 31, 2014 | 992,759 | 18.55 | 15,985 | ||||||||||
Available for Grant at December 31, 2014 | 2,834,394 | ||||||||||||
Year ended December 31 | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Weighted average grant-date fair value of options granted (per share) | $ | 7.33 | $ | 12.97 | $ | 12.26 | |||||||
Aggregate intrinsic value of options exercised (thousands) | $ | 10,256 | $ | 877 | $ | 2,711 | |||||||
Total fair value of shares vested (thousands) | $ | 2,641 | $ | 3,407 | $ | 3,905 | |||||||
The weighted average remaining contractual life of options outstanding at December 31, 2014 is 7.0 years. Approximately 393,157 stock options will become exercisable over the next twelve months. | |||||||||||||
Segregated disclosure of options outstanding at December 31, 2014 was as follows: | |||||||||||||
Range of Exercise Prices | |||||||||||||
Less than or | Greater than $15.63 | ||||||||||||
equal to $15.63 | |||||||||||||
Options outstanding | 597,663 | 1,168,259 | |||||||||||
Weighted average exercise price | $ | 14.34 | $ | 23.2 | |||||||||
Remaining contractual life | 6.5 | 7.3 | |||||||||||
Options exercisable | 408,525 | 584,234 | |||||||||||
Weighted average exercise price | $ | 13.75 | $ | 21.91 | |||||||||
At December 31, 2014, the Company had $5,128 of unvested compensation cost related to stock options, and this cost will be recognized as expense over a weighted average period of 21 months. | |||||||||||||
Restricted Stock Units | |||||||||||||
Under the 1998, 2001, 2006, 2010 and 2014 Incentive Compensation Plans, RSUs may be granted to officers and certain other employees. Compensation related to the RSUs is determined based on the fair value of the Company’s stock on the date of grant and is amortized to expense over the vesting period. The RSUs granted in 2011, 2012, 2013 and 2014 have vesting periods ranging from two to four years. The Company recognizes compensation expense based on the earlier of the vesting date or the date when the employee becomes eligible to retire. The following table provides details of the nonvested RSUs for 2014: | |||||||||||||
Number of | Weighted | ||||||||||||
Restricted | Average | ||||||||||||
Units | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
(per share) | |||||||||||||
Nonvested at January 1, 2014 | 60,686 | $ | 22.61 | ||||||||||
Granted | 181,500 | 27.53 | |||||||||||
Vested | (46,144 | ) | 25.69 | ||||||||||
Accrued dividend equivalents | 1,796 | 31.4 | |||||||||||
Nonvested at December 31, 2014 | 197,838 | $ | 26.48 | ||||||||||
Year ended December 31 | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Weighted average grant-date fair value of restricted shares granted (per share) | $ | 15.54 | $ | 25.72 | $ | 27.53 | |||||||
Total fair value of shares vested (thousands) | $ | 1,495 | $ | 1,122 | $ | 1,185 | |||||||
The number of vested RSUs at December 31, 2013 and 2014 was 97,059 and 111,790, respectively. At December 31, 2014, the Company has $3,910 of unvested compensation cost related to RSUs and this cost will be recognized as expense over a weighted average period of 21 months. | |||||||||||||
Performance Stock Units | |||||||||||||
Compensation related to the PSUs is determined based on the fair value of the Company’s stock on the date of grant combined with performance metrics and is amortized to expense over the vesting period. During 2010, executives participating in the Company’s Long-Term Incentive Plan earned 244,043 PSUs based on the Company’s financial performance in 2010. Of these units, 183,961 vested in 2010 and 60,082 vested in 2012. No PSUs were earned in 2011. During 2012, executives participating in the Company’s Long-Term Incentive Plan earned 307,813 PSUs based on the Company’s financial performance in 2012. Of these units, 91,190 vested in 2012 and 84,401 vested in 2013 and 132,222 vested in 2014. During 2013, executives participating in the Company’s Long-Term Incentive Plan earned 33,405 PSUs based on the Company’s financial performance in 2013. Of these units, 9,821 vested in 2013, 13,959 vested in 2014 and 9,625 will vest in 2015. During 2014, executives participating in the Company’s Long-Term Incentive Plan earned 123,788 PSUs based on the Company’s financial performance in 2014. Of these units, 49,248 vested in 2014 and 33,910 and 40,630 will vest in 2015 and 2016, respectively. Similar to RSUs, the Company recognizes compensation expense based on the earlier of the vesting date or the date when the employee becomes eligible to retire. | |||||||||||||
The following table provides details of the nonvested PSUs earned under the Company’s Long-Term Incentive Plan: | |||||||||||||
Number of | Weighted | ||||||||||||
Restricted | Average | ||||||||||||
Units | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
(per share) | |||||||||||||
Nonvested at January 1, 2014 | 156,772 | $ | 17.25 | ||||||||||
Earned | 123,788 | 23.96 | |||||||||||
Vested | (196,351 | ) | 18.64 | ||||||||||
Canceled | (3,128 | ) | 20.14 | ||||||||||
Accrued dividend equivalents | 2,434 | 26.82 | |||||||||||
Nonvested at December 31, 2014 | 83,515 | $ | 24.11 | ||||||||||
The weighted average fair value of PSUs granted in 2012, 2013 and 2014 was $15.63, $25.43 and $23.96, respectively. | |||||||||||||
At December 31, 2014, the Company has $960 of unvested compensation cost related to PSUs and this cost will be recognized as expense over a weighted average period of 19 months. | |||||||||||||
The Company’s RSUs and PSUs are not participating securities. These units will be converted into shares of Company common stock in accordance with the distribution date indicated in the agreements. RSUs earn dividend equivalents from the time of the award until distribution is made in common shares. PSUs earn dividend equivalents from the time the units have been earned based upon Company performance metrics until distribution is made in common shares. Dividend equivalents are only earned subject to vesting of the underlying RSUs or PSUs, accordingly, such units do not represent participating securities. | |||||||||||||
The Company recognized $2,469, $494 and $1,268 of excess tax benefits on stock based compensation transactions as a financing cash inflow for the years ended December 31, 2012, 2013 and 2014, respectively. |
Cumulative_Other_Comprehensive
Cumulative Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Cumulative Other Comprehensive Loss | Note 16 - Cumulative Other Comprehensive Loss | ||||||||||||||||
The balances of each component of cumulative other comprehensive loss in the accompanying Consolidated Statements of Equity were as follows: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Cumulative | Changes | Unrecognized | Total | ||||||||||||||
Currency | in the Fair | Postretirement | |||||||||||||||
Translation | Value of | Benefit | |||||||||||||||
Adjustment | Derivatives | Plans | |||||||||||||||
January 1, 2013 | $ | 44,135 | $ | 427 | $ | (596,088 | ) | $ | (551,526 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 15,525 | 1,727 | (a) | 91,506 | (c) | 108,758 | |||||||||||
Amount reclassified from accumulated other comprehensive loss | — | (539 | )(b) | 33,287 | (d) | 32,748 | |||||||||||
Net current-period other comprehensive income (loss) | 15,525 | 1,188 | 124,793 | 141,506 | |||||||||||||
December 31, 2013 | $ | 59,660 | $ | 1,615 | $ | (471,295 | ) | $ | (410,020 | ) | |||||||
(a) | This amount represents $2,943 of unrealized gains on cash flow hedges, net of tax of $1,216, that were recognized in Other Comprehensive Loss (see Footnote 11 for additional details). | ||||||||||||||||
(b) | This amount represents $1,085 of gains on cash flow hedges, net of tax of $546, that were reclassified out of Cumulative Other Comprehensive Loss and are included in Other income on the Condensed Consolidated Statements of Income (see Footnote 11 for additional details). | ||||||||||||||||
(c) | This amount represents $156,627 of other comprehensive gain, net of tax of $65,121 that was recognized in Other Comprehensive Loss. | ||||||||||||||||
(d) | This amount represents amortization of prior service credit of $566 and amortization of actuarial losses of ($52,849), net of tax of $18,996, that were reclassified out of Cumulative Other Comprehensive Loss and are included in the computation of net periodic benefit cost (see Footnote 12 for additional details). | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Cumulative | Changes | Unrecognized | Total | ||||||||||||||
Currency | in the Fair | Postretirement | |||||||||||||||
Translation | Value of | Benefit | |||||||||||||||
Adjustment | Derivatives | Plans | |||||||||||||||
January 1, 2014 | $ | 59,660 | $ | 1,615 | $ | (471,295 | ) | $ | (410,020 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (50,601 | ) | 5,626 | (a) | (96,737 | )(c) | (141,712 | ) | |||||||||
Amount reclassified from accumulated other comprehensive loss | — | (2,479 | )(b) | 23,609 | (d) | 21,130 | |||||||||||
Net current-period other comprehensive income (loss) | (50,601 | ) | 3,147 | (73,128 | ) | (120,582 | ) | ||||||||||
December 31, 2014 | $ | 9,059 | $ | 4,762 | $ | (544,423 | ) | $ | (530,602 | ) | |||||||
(a) | This amount represents $9,020 of unrealized gains on cash flow hedges, net of tax of $3,394, that were recognized in Other Comprehensive Loss (see Footnote 11 for additional details). | ||||||||||||||||
(b) | This amount represents $3,699 of gains on cash flow hedges, net of tax of $1,220, that were reclassified out of Cumulative Other Comprehensive Loss and are included in Other income on the Condensed Consolidated Statements of Income (see Footnote 11 for additional details). | ||||||||||||||||
(c) | This amount represents $157,087 of other comprehensive loss, net of tax of $60,350 that was recognized in Other Comprehensive Loss. | ||||||||||||||||
(d) | This amount represents amortization of prior service credit of $566 and amortization of actuarial losses of ($36,473), net of tax of $12,298, that were reclassified out of Cumulative Other Comprehensive Loss and are included in the computation of net periodic benefit cost (see Footnote 12 for additional details). |
Comprehensive_Income_Attributa
Comprehensive Income Attributable to Noncontrolling Shareholders' Interests | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Comprehensive Income Attributable to Noncontrolling Shareholders' Interests | Note 17 – Comprehensive Income Attributable to Noncontrolling Shareholders’ Interests | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Net income attributable to noncontrolling shareholders’ interests | $ | 32,055 | $ | 22,552 | $ | 23,244 | |||||||
Other comprehensive income: | |||||||||||||
Currency translation adjustments | 2,143 | 3,205 | (4,295 | ) | |||||||||
Comprehensive income attributable to noncontrolling shareholders’ interests | $ | 34,198 | $ | 25,757 | $ | 18,949 | |||||||
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Lease Commitments | Note 18 - Lease Commitments | ||||
The Company rents certain distribution and other facilities and equipment under long-term leases expiring at various dates. The total rental expense for the Company, including these long-term leases and all other rentals, was $29,275, $33,199 and $40,934 for 2012, 2013 and 2014, respectively. | |||||
Future minimum payments for all non-cancelable operating leases through the end of their terms, which in aggregate total $89,215, are listed below. Certain of these leases contain provisions for optional renewal at the end of the lease terms. | |||||
2015 | $ | 22,811 | |||
2016 | 17,581 | ||||
2017 | 13,603 | ||||
2018 | 9,996 | ||||
2019 | 9,736 | ||||
Thereafter | 15,488 |
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Contingent Liabilities | Note 19 - Contingent Liabilities |
Litigation | |
Products Liability Litigation | |
The Company is a defendant in various products liability claims brought in numerous jurisdictions in which individuals seek damages resulting from motor vehicle accidents allegedly caused by defective tires manufactured by the Company. Each of the products liability claims faced by the Company generally involve different types of tires, models and lines, different circumstances surrounding the accident such as different applications, vehicles, speeds, road conditions, weather conditions, driver error, tire repair and maintenance practices, service life conditions, as well as different jurisdictions and different injuries. In addition, in many of the Company’s products liability lawsuits the plaintiff alleges that his or her harm was caused by one or more co-defendants who acted independently of the Company. Accordingly, both the claims asserted and the resolutions of those claims have an enormous amount of variability. The aggregate amount of damages asserted at any point in time is not determinable since often times when claims are filed, the plaintiffs do not specify the amount of damages. Even when there is an amount alleged, at times the amount is wildly inflated and has no rational basis. | |
The fact that the Company is a defendant in products liability lawsuits is not surprising given the current litigation climate, which is largely confined to the United States. However, the fact that the Company is subject to claims does not indicate that there is a quality issue with the Company’s tires. The Company sells approximately 30 to 35 million passenger, light truck, SUV, radial medium truck and motorcycle tires per year in North America. The Company estimates that approximately 300 million Company-produced tires – made up of thousands of different specifications – are still on the road in North America. While tire disablements do occur, it is the Company’s and the tire industry’s experience that the vast majority of tire failures relate to service-related conditions, which are entirely out of the Company’s control – such as failure to maintain proper tire pressure, improper maintenance, road hazard and excessive speed. | |
The Company accrues costs for products liability at the time a loss is probable and the amount of loss can be estimated. The Company believes the probability of loss can be established and the amount of loss can be estimated only after certain minimum information is available, including verification that Company-produced products were involved in the incident giving rise to the claim, the condition of the product purported to be involved in the claim, the nature of the incident giving rise to the claim and the extent of the purported injury or damages. In cases where such information is known, each products liability claim is evaluated based on its specific facts and circumstances. A judgment is then made to determine the requirement for establishment or revision of an accrual for any potential liability. The liability often cannot be determined with precision until the claim is resolved. | |
Pursuant to applicable accounting rules, the Company accrues the minimum liability for each known claim when the estimated outcome is a range of possible loss and no one amount within that range is more likely than another. The Company uses a range of losses because an average cost would not be meaningful since the products liability claims faced by the Company are unique and widely variable, and accordingly, the resolutions of those claims have an enormous amount of variability. The costs have ranged from zero dollars to $33 million in one case with no “average” that is meaningful. No specific accrual is made for individual unasserted claims or for premature claims, asserted claims where the minimum information needed to evaluate the probability of a liability is not yet known. However, an accrual for such claims based, in part, on management’s expectations for future litigation activity and the settled claims history is maintained. Because of the speculative nature of litigation in the U.S., the Company does not believe a meaningful aggregate range of potential loss for asserted and unasserted claims can be determined. The Company’s experience has demonstrated that its estimates have been reasonably accurate and, on average, cases are settled at amounts close to the reserves established. However, it is possible an individual claim from time to time may result in an aberration from the norm and could have a material impact. | |
During 2013, the Company increased its products liability reserve by $60,091. The addition of another year of self-insured incidents accounted for $50,436 of this increase. The Company revised its estimates of future settlements for unasserted and premature claims. These revisions increased the reserve by $8,298. Finally, changes in the amount of reserves for cases where sufficient information is known to estimate a liability increased by $1,357. | |
During 2014, the Company increased its products liability reserve by $47,609. The addition of another year of self-insured incidents accounted for $49,324 of this increase. The Company revised its estimates of future settlements for unasserted and premature claims. These revisions decreased the reserve by $179. Finally, changes in the amount of reserves for cases where sufficient information is known to estimate a liability decreased by $1,536. | |
The time frame for the payment of a products liability claim is too variable to be meaningful. From the time a claim is filed to its ultimate disposition depends on the unique nature of the case, how it is resolved – claim dismissed, negotiated settlement, trial verdict and appeals process – and is highly dependent on jurisdiction, specific facts, the plaintiff’s attorney, the court’s docket and other factors. Given that some claims may be resolved in weeks and others may take five years or more, it is impossible to predict with any reasonable reliability the time frame over which the accrued amounts may be paid. | |
During 2013, the Company paid $76,927 to resolve cases and claims. The Company’s products liability reserve balance at December 31, 2013 totaled $189,513 (current portion of $70,472). | |
During 2014, the Company paid $58,231 to resolve cases and claims. The Company’s products liability reserve balance at December 31, 2014 totaled $178,891 (current portion of $69,892). | |
Products liability expenses totaled $103,610, $89,044 and $78,143 in 2012, 2013 and 2014, respectively. | |
Products liability expenses are included in cost of goods sold in the Condensed Consolidated Statements of Income. | |
Certain Litigation Related to the Apollo Merger | |
Following the announcement of the proposed acquisition of the Company by wholly owned subsidiaries of Apollo Tyres Ltd. (the “Apollo entities”) in June 2013, alleged stockholders of the Company filed putative class action lawsuits in state courts in Delaware and Ohio. These lawsuits, captioned In re Cooper Tire & Rubber Co. Stockholders Litigation, No. 9658 VCL and Auld v. Cooper Tire & Rubber Co., et al., No. 2013 CV 293, alleged that the directors of the Company breached their fiduciary duties to the Company’s stockholders by agreeing to enter into the proposed transaction for an allegedly unfair price and as the result of an allegedly unfair process. The lawsuits sought, among other things, declaratory and injunctive relief. On December 30, 2013, the Company terminated the merger agreement with the Apollo entities. Following the termination of the merger agreement, the plaintiffs voluntarily dismissed the Delaware and Ohio lawsuits in April 2014. | |
On October 4, 2013, the Company filed a complaint in the Court of Chancery of the State of Delaware, captioned Cooper Tire Co. v. Apollo (Mauritius) Holdings Pvt. Ltd., et al., No. 8980- VCG, asking that the Apollo entities be required to use their reasonable efforts to close the then pending merger transaction as expeditiously as possible and also seeking, among other things, declaratory relief and damages. On October 14, 2013, the Apollo entities filed counterclaims against the Company seeking declaratory and injunctive relief. | |
On October 31, 2014, the court granted Apollo’s motion for declaratory judgment that the conditions to closing the then pending transaction were not satisfied before the November 2013 trial. On November 26, 2014, the Company appealed the Chancery Court’s decision to the Delaware Supreme Court. On December 3, 2014, the parties reached an agreement to dismiss the appeal and the underlying action, acknowledge the termination of the Merger Agreement, and to release all claims relating to the Merger Agreement, subject to the dismissal of the action. On December 17, 2014, the Company dismissed the appeal and the parties filed a stipulation of dismissal of the underlying action. | |
Federal Securities Litigation | |
On January 17, 2014, alleged stockholders of the Company filed a putative class-action lawsuit against the Company and certain of its officers in the United States District Court for the District of Delaware relating to the terminated Apollo transaction. That lawsuit, captioned OFI Risk Arbitrages, et al. v. Cooper Tire & Rubber Co., et al., No. 1:14-cv-00068-LPS, generally alleges that the Company and certain officers violated the federal securities laws by issuing allegedly misleading disclosures in connection with the terminated transaction and seeks, among other things, damages. The Company and its officers believe that the allegations against them lack merit and intend to defend the lawsuit vigorously. | |
The Company regularly reviews the probable outcome of such legal proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and accrues for these proceedings at the time a loss is probable and the amount of the loss can be estimated. | |
The outcome of these pending proceedings cannot be predicted with certainty and an estimate of any such loss cannot be made at this time. The Company believes that based upon information currently available, any liabilities that may result from these proceedings are not reasonably likely to have a material adverse effect on the Company’s liquidity, financial condition or results of operations. | |
Stockholder Derivative Litigation | |
On February 24, March 6, and April 17, 2014, purported stockholders of the Company filed derivative actions on behalf of the Company in the U.S. District Court for the Northern District of Ohio and the U.S. District Court for the District of Delaware against certain current officers and employees and the then current members of the Company’s board of directors. The lawsuits have been transferred to the U.S. District Court for the District of Delaware and consolidated under the caption Fitzgerald v. Armes, et al., No. 1:14-cv-479 (D. Del.). The Company is named as a nominal defendant in the lawsuits, and the lawsuits seek recovery for the benefit of the Company. The plaintiffs allege that the defendants breached their fiduciary duties to the Company by issuing allegedly misleading disclosures in connection with the terminated merger transaction and that the defendants violated Section 14(a) of the Securities Exchange Act of 1934 by means of the same allegedly misleading disclosures. The plaintiffs also assert claims for waste of corporate assets, unjust enrichment, “gross mismanagement” and “abuse of control.” The complaints seek, among other things, unspecified money damages from the defendants, injunctive relief and an award of attorney’s fees. A purported shareholder of the Company has also submitted a demand to the Company’s board of directors that it cause the Company to bring claims against certain of the Company’s officers and directors for the matters alleged in the shareholder derivative lawsuits. | |
The Company regularly reviews the probable outcome of such legal proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and accrues for such legal proceedings at the time a loss is probable and the amount of the loss can be estimated. | |
These cases do not assert claims against the Company. The outcome of these pending proceedings cannot be predicted with certainty and an estimate of any loss cannot be made at this time. The Company believes that based upon information currently available, any liabilities that may result from these proceedings are not reasonably likely to have a material adverse effect on the Company’s liquidity, financial condition or results of operations. | |
Other Litigation | |
In addition to the proceedings described above, the Company is involved in various other legal proceedings arising in the ordinary course of business. The Company regularly reviews the probable outcome of these proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and accrues for these proceedings at the time a loss is probable and the amount of the loss can be estimated. Although the outcome of these pending proceedings cannot be predicted with certainty and an estimate of any such loss cannot be made, the Company believes that any liabilities that may result from these proceedings are not reasonably likely to have a material adverse effect on the Company’s liquidity, financial condition or results of operations. | |
Employment Contracts and Agreements | |
The Company has an employment agreement with Mr. Armes. No other executives have employment agreements. The other Named Executive Officers are covered by the Cooper Tire & Rubber Company Change in Control Severance Pay Plan. | |
At December 31, 2014, approximately 38% of the Company’s workforce was represented by collective bargaining units. | |
Unconditional Purchase Orders | |
Noncancelable purchase order commitments for capital expenditures and raw materials, principally natural rubber, made in the ordinary course of business were $77,781 at December 31, 2014. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Business Segments | Note 20 - Business Segments | ||||||||||||||||||||||||
The Company has two reportable segments – Americas Tire Operations and International Tire Operations. The Company’s reportable segments are each managed separately. The reportable segments are based on components of the Company that engage in business activities that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available. | |||||||||||||||||||||||||
The Americas Tire Operations segment manufactures and markets passenger car and light truck tires, primarily for sale in the U.S. replacement market. The segment has a joint venture manufacturing operation in Mexico, COOCSA, which supplies passenger car tires to the U.S., Mexican, Central American and South American markets. The segment also distributes tires for racing, medium truck and motorcycles. The racing and motorcycle tires are manufactured in the Company’s International Tire Operations segment. The medium truck tires are sourced through an off-take agreement subsequent to the Company’s sale of its ownership interest in CCT. Major distribution channels and customers include independent tire dealers, wholesale distributors, regional and national retail tire chains, and large retail chains that sell tires as well as other automotive products. The segment does not currently sell its products directly to end users, except through three Company-owned retail stores. The segment sells a limited number of tires to original equipment manufacturers. | |||||||||||||||||||||||||
The International Tire Operations segment has affiliated operations in the U.K., the PRC and Serbia. The U.K. entity manufactures and markets passenger car, light truck, motorcycle and racing tires and tire retread material for domestic and global markets. In the PRC, Cooper Kunshan Tire manufactures light vehicle tires and, under an agreement with the government of the PRC, these tires were exported to markets outside of the PRC through 2012. Beginning in 2013, tires produced at the facility have also been sold in the domestic market. The segment also had a joint venture in the PRC, CCT, which manufactured and marketed radial and bias medium truck tires as well as passenger and light truck tires for domestic and global markets. The segment sold its ownership interest in this joint venture in November 2014 and the Company will now procure these tires under an offtake agreement through 2018. The Serbian entity manufactures light vehicle tires primarily for the European markets. The majority of the tires manufactured by the segment are sold in the replacement market, with a relatively small percentage currently sold to OEMs. | |||||||||||||||||||||||||
The following customer of the Americas Tire Operations segment contributed ten percent or more of the Company’s total consolidated net sales in 2012, 2013 and 2014. Net sales and percentage of consolidated Company sales for this customer in 2012, 2013 and 2014 were as follows: | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Customer | Net Sales | Consolidated | Net Sales | Consolidated | Net Sales | Consolidated | |||||||||||||||||||
Net Sales | Net Sales | Net Sales | |||||||||||||||||||||||
TBC/Treadways | $ | 549,685 | 13 | % | $ | 364,493 | 11 | % | $ | 361,546 | 11 | % | |||||||||||||
The accounting policies of the reportable segments are consistent with those described in the Significant Accounting Policies note to the consolidated financial statements. Corporate administrative expenses are allocated to segments based principally on assets, employees and sales. The following table details segment financial information: | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Americas Tire | |||||||||||||||||||||||||
External Customers | $ | 3,011,314 | $ | 2,429,808 | $ | 2,524,554 | |||||||||||||||||||
Intercompany | 84,244 | 56,778 | 60,930 | ||||||||||||||||||||||
3,095,558 | 2,486,586 | 2,585,484 | |||||||||||||||||||||||
International Tire | |||||||||||||||||||||||||
External Customers | 1,189,522 | 1,009,425 | 900,255 | ||||||||||||||||||||||
Intercompany | 386,476 | 232,104 | 240,571 | ||||||||||||||||||||||
1,575,998 | 1,241,529 | 1,140,826 | |||||||||||||||||||||||
Eliminations and other | (470,720 | ) | (288,882 | ) | (301,501 | ) | |||||||||||||||||||
Consolidated | 4,200,836 | 3,439,233 | 3,424,809 | ||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||
Americas Tire | 295,900 | 204,239 | 274,837 | ||||||||||||||||||||||
International Tire | 143,589 | 83,990 | 74,566 | ||||||||||||||||||||||
Unallocated corporate charges and eliminations | (42,527 | ) | (47,515 | ) | (48,945 | ) | |||||||||||||||||||
Operating profit | 396,962 | 240,714 | 300,458 | ||||||||||||||||||||||
Interest expense | (29,546 | ) | (27,906 | ) | (28,138 | ) | |||||||||||||||||||
Interest income | 2,560 | 810 | 1,500 | ||||||||||||||||||||||
Gain on sale in interest in subsidiary | — | — | 77,471 | ||||||||||||||||||||||
Other - income (expense) | (1,526 | ) | (647 | ) | (2,772 | ) | |||||||||||||||||||
Income from continuing operations before income taxes | 368,450 | 212,971 | 348,519 | ||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||
Americas Tire | 76,035 | 75,132 | 82,457 | ||||||||||||||||||||||
International Tire | 51,846 | 54,825 | 54,400 | ||||||||||||||||||||||
Corporate | 1,035 | 4,794 | 2,309 | ||||||||||||||||||||||
Consolidated | 128,916 | 134,751 | 139,166 | ||||||||||||||||||||||
Segment assets | |||||||||||||||||||||||||
Americas Tire | 1,181,500 | 1,172,555 | 1,285,296 | ||||||||||||||||||||||
International Tire | 893,390 | 958,914 | 423,059 | ||||||||||||||||||||||
Corporate and other | 726,270 | 606,678 | 781,576 | ||||||||||||||||||||||
Consolidated | 2,801,160 | 2,738,147 | 2,489,931 | ||||||||||||||||||||||
Expenditures for long-lived assets | |||||||||||||||||||||||||
Americas Tire | 68,655 | 87,655 | 95,539 | ||||||||||||||||||||||
International Tire | 79,286 | 61,973 | 44,741 | ||||||||||||||||||||||
Corporate | 57,929 | 30,820 | 4,761 | ||||||||||||||||||||||
Consolidated | 205,870 | 180,448 | 145,041 | ||||||||||||||||||||||
Geographic information for revenues, based on country of origin, and long-lived assets follows: | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
United States | $ | 2,914,721 | $ | 2,332,526 | $ | 2,423,471 | |||||||||||||||||||
PRC | 879,424 | 745,444 | 635,632 | ||||||||||||||||||||||
Rest of world | 406,691 | 361,263 | 365,706 | ||||||||||||||||||||||
Consolidated | 4,200,836 | 3,439,233 | 3,424,809 | ||||||||||||||||||||||
Long-lived assets | |||||||||||||||||||||||||
United States | 545,169 | 453,693 | 474,357 | ||||||||||||||||||||||
PRC | 357,782 | 353,551 | 113,335 | ||||||||||||||||||||||
Rest of world | 149,717 | 167,025 | 152,511 | ||||||||||||||||||||||
Consolidated | 1,052,668 | 974,269 | 740,203 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21 - Subsequent Events |
On February 13, 2015, the Company completed its ASR program. The Company received 784,694 shares of its common stock from the ASR counterparty upon completion of the program. Under the ASR program, the Company paid $200,000 to the ASR counterparty and received a total 6,351,848 shares of its common stock. | |
On February 20, 2015, the Board of Directors authorized a new program to repurchase up to $200,000 of the Company’s common stock through December 31, 2016. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | COOPER TIRE & RUBBER COMPANY | ||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Years ended December 31, 2012, 2013 and 2014 | |||||||||||||||||||||
Balance at | Additions | Deductions | Balance | ||||||||||||||||||
Beginning | (a) | at End | |||||||||||||||||||
of Year | Charged | Business | of Year | ||||||||||||||||||
To Income | Acquisitions | ||||||||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||||||
2012 | $ | 10,622,274 | $ | 6,760,626 | $ | — | $ | 4,115,716 | $ | 13,267,184 | |||||||||||
2013 | $ | 13,267,184 | $ | 4,179,025 | $ | — | $ | 450,541 | $ | 16,995,668 | |||||||||||
2014 | $ | 16,995,668 | $ | 1,227,513 | $ | — | $ | 9,430,963 | $ | 8,792,218 | |||||||||||
(a) | Accounts charged off during the year, net of recoveries of accounts previously charged off and in 2014, the elimination of the CCT allowance for doubtful accounts. | ||||||||||||||||||||
Balance at | Additions | Deductions | Balance | ||||||||||||||||||
Beginning | (a) | at End | |||||||||||||||||||
of Year | Charged | Charged | of Year | ||||||||||||||||||
To Income | To Equity | ||||||||||||||||||||
Tax valuation allowance | |||||||||||||||||||||
2012 | $ | 28,270,571 | $ | 2,406,334 | $ | — | $ | 2,684,283 | $ | 27,992,622 | |||||||||||
2013 | $ | 27,992,622 | $ | 6,953,692 | $ | — | $ | 2,575,949 | $ | 32,370,365 | |||||||||||
2014 | $ | 32,370,365 | $ | 3,634,906 | $ | — | $ | 2,702,163 | $ | 33,303,108 | |||||||||||
(a) | Net decrease in tax valuation allowance is primarily a result of net changes in cumulative book/tax timing differences and changes in judgment about the realizability of deferred tax assets. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Principles of consolidation | Principles of consolidation - The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Acquired businesses are included in the consolidated financial statements from the dates of acquisition. All intercompany accounts and transactions have been eliminated. | ||||||||||||
The Company consolidates into its financial statements the accounts of the Company, all wholly-owned subsidiaries, and any partially-owned subsidiary that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50-percent owned are consolidated, investments in subsidiaries of 50 percent or less but greater than 20-percent are accounted for using the equity method, and investments in subsidiaries of 20 percent or less are accounted for using the cost method. The Company does not consolidate any entity for which it has a variable interest based solely on power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, the Company’s joint ventures are businesses established and maintained in connection with the Company’s operating strategy. | |||||||||||||
Cash and cash equivalents and Short-term investments | Cash and cash equivalents and Short-term investments - The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. | ||||||||||||
The Company’s objectives related to the investment of cash not required for operations is to preserve capital, meet the Company’s liquidity needs and earn a return consistent with these guidelines and market conditions. Investments deemed eligible for the investment of the Company’s cash include: 1) U.S. Treasury securities and general obligations fully guaranteed with respect to principal and interest by the government; 2) obligations of U.S. government agencies; 3) commercial paper or other corporate notes of prime quality purchased directly from the issuer or through recognized money market dealers; 4) time deposits, certificates of deposit or bankers’ acceptances of banks rated “A-” by Standard & Poor’s or “A3” by Moody’s; 5) collateralized mortgage obligations rated “AAA” by Standard & Poor’s and “Aaa” by Moody’s; 6) tax-exempt and taxable obligations of state and local governments of prime quality; and 7) mutual funds or outside managed portfolios that invest in the above investments. The Company had cash and cash equivalents totaling $397,731 and $551,652 at December 31, 2013 and December 31, 2014, respectively. The majority of the cash and cash equivalents were invested in eligible financial instruments in excess of amounts insured by the Federal Deposit Insurance Corporation and, therefore, subject to credit risk. Management believes that the probability of losses related to credit risk on investments classified as cash and cash equivalents is unlikely. | |||||||||||||
Notes receivable | Notes receivable – The Company has received bank secured notes from certain of its customers in the PRC to settle trade accounts receivable. These notes generally have maturities of six months or less and are redeemable at the bank of issuance. The Company evaluates the credit risk of the issuing bank prior to accepting a bank secured note from a customer. Management believes that the probability of material losses related to credit risk on notes receivable is remote. | ||||||||||||
Accounts receivable | Accounts receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. | ||||||||||||
Allowance for doubtful accounts | Allowance for doubtful accounts - The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts throughout the year. The evaluation includes historical trends in collections and write-offs, management’s judgment of the probability of collecting specific accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. Accounts are determined to be uncollectible when the debt is deemed to be worthless or only recoverable in part, and are written off at that time through a charge against the allowance for doubtful accounts. | ||||||||||||
Inventories | Inventories - Inventories are valued at cost, which is not in excess of market. Inventory costs have been determined by the LIFO method for substantially all U.S. inventories. Costs of other inventories have been determined by the FIFO and average cost methods. Inventories include direct material, direct labor, and applicable manufacturing and engineering overhead costs. | ||||||||||||
Long-lived assets | Long-lived assets - Property, plant and equipment are recorded at cost and depreciated or amortized using the straight-line or accelerated methods over the following expected useful lives: | ||||||||||||
Buildings and improvements | 10 to 40 years | ||||||||||||
Machinery and equipment | 5 to 14 years | ||||||||||||
Furniture and fixtures | 5 to 10 years | ||||||||||||
Molds, cores and rings | 4 to 10 years | ||||||||||||
The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software. | |||||||||||||
Intangibles with definite lives include trademarks, technology and intellectual property which are amortized over their useful lives, which range from five years to 30 years. The Company evaluates the recoverability of long-lived assets based on undiscounted projected cash flows excluding interest and taxes when any impairment is indicated. Goodwill and indefinite-lived intangibles are assessed for potential impairment at least annually or when events or circumstances indicate impairment may have occurred. | |||||||||||||
Earnings per common share | Earnings per common share – Net income per share is computed on the basis of the weighted average number of common shares outstanding each year. Diluted earnings per share includes the dilutive effect of stock options and other stock units. The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
(Number of shares and dollar amounts in thousands except per share amounts) | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Numerator | |||||||||||||
Numerator for basic and diluted earnings per share - income from continuing operations available to common stockholders | $ | 220,371 | $ | 111,013 | $ | 213,578 | |||||||
Denominator | |||||||||||||
Denominator for basic earnings per share - weighted average shares outstanding | 62,561 | 63,327 | 61,402 | ||||||||||
Effect of dilutive securities - stock options and other stock units | 663 | 955 | 999 | ||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares outstanding | 63,224 | 64,282 | 62,401 | ||||||||||
Basic earnings per share: | |||||||||||||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $ | 3.52 | $ | 1.75 | $ | 3.48 | |||||||
Diluted earnings per share: | |||||||||||||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $ | 3.49 | $ | 1.73 | $ | 3.42 | |||||||
Options to purchase shares of the Company’s common stock not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common shares were 13,100 and 342,413 in 2012 and 2013, respectively. These options could be dilutive in the future depending on the performance of the Company’s stock. For 2014, all options to purchase shares of the Company’s common stock were included in the computation of diluted earnings per share as the options’ exercise prices were less than the average market price of the common shares. | |||||||||||||
On August 6, 2014, the Company entered into a $200,000 ASR program with an ASR Counterparty to repurchase shares of the Company’s common stock. Under the ASR program, the Company paid $200,000 to the ASR Counterparty and received 5,567,154 shares of its common stock from the ASR Counterparty, which represents approximately 80 percent of the shares expected to be purchased pursuant to the ASR program, based on the closing price on August 6, 2014. The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s initial receipt of 5,567,154 shares pursuant to the ASR program during the quarter ended September 30, 2014. The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share does not include additional shares, if any, the Company may receive upon final settlement of the ASR program. The effect of these potential additional shares was not included in the computation of diluted earnings per share at December 31, 2014 because the inclusion of these potential additional shares would have been anti-dilutive. | |||||||||||||
Derivative financial instruments | Derivative financial instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange risks. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. The Company does not enter into financial instruments for trading or speculative purposes. The Company offsets fair value amounts recognized on the Consolidated Balance Sheets for derivative financial instruments executed with the same counter-party. | ||||||||||||
The Company uses foreign currency forward contracts as hedges of the fair value of certain non-U.S. dollar denominated asset and liability positions, primarily accounts receivable. Gains and losses resulting from the impact of currency exchange rate movements on these forward contracts are recognized in the accompanying Consolidated Statements of Income in the period in which the exchange rates change and offset the foreign currency gains and losses on the underlying exposure being hedged. | |||||||||||||
Foreign currency forward contracts are also used to hedge variable cash flows associated with forecasted sales and purchases denominated in currencies that are not the functional currency of certain entities. The forward contracts have maturities of less than twelve months pursuant to the Company’s policies and hedging practices. These forward contracts meet the criteria for and have been designated as cash flow hedges. Accordingly, the effective portion of the change in fair value of unrealized gains and losses on such forward contracts are recorded as a separate component of stockholders’ equity in the accompanying Consolidated Balance Sheets and reclassified into earnings as the hedged transaction affects earnings. | |||||||||||||
The Company assesses hedge effectiveness quarterly. In doing so, the Company monitors the actual and forecasted foreign currency sales and purchases versus the amounts hedged to identify any hedge ineffectiveness. The Company also performs regression analysis comparing the change in value of the hedging contracts versus the underlying foreign currency sales and purchases, which confirms a high correlation and hedge effectiveness. Any hedge ineffectiveness is recorded as an adjustment in the accompanying Consolidated Statements of Income in the period in which the ineffectiveness occurs. | |||||||||||||
The Company is exposed to price risk related to forecasted purchases of certain commodities that are used as raw materials, principally natural rubber. Accordingly, it uses commodity contracts with forward pricing. These contracts generally qualify for the normal purchase exception under guidance for derivative instruments and hedging activities, and therefore are not subject to its provisions. | |||||||||||||
Income taxes | Income taxes - Income tax expense is based on reported earnings (loss) before income taxes in accordance with the tax rules and regulations of the specific legal entities within the various specific taxing jurisdictions where the Company’s income is earned. Taxable income may differ from earnings before income taxes for financial accounting purposes. To the extent that differences are due to revenue or expense items reported in one period for tax purposes and in another period for financial accounting purposes, a provision for deferred income taxes is made using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized if it is anticipated that some or all of a deferred tax asset may not be realized. Deferred income taxes generally are not recorded on the majority undistributed earnings of international subsidiaries based on the Company’s intention that these earnings will continue to be reinvested. The Company measures for the current tax impact of the earnings of international subsidiaries it intends to distribute in a future period and records the tax impact if the amount is material. | ||||||||||||
Products liability | Products liability – The Company accrues costs for products liability at the time a loss is probable and the amount of loss can be estimated. The Company believes the probability of loss can be established and the amount of loss can be estimated only after certain minimum information is available, including verification that Company-produced products were involved in the incident giving rise to the claim, the condition of the product purported to be involved in the claim, the nature of the incident giving rise to the claim and the extent of the purported injury or damages. In cases where such information is known, each products liability claim is evaluated based on its specific facts and circumstances. A judgment is then made to determine the requirement for establishment or revision of an accrual for any potential liability. The liability often cannot be determined with precision until the claim is resolved. | ||||||||||||
Pursuant to applicable accounting rules, the Company accrues the minimum liability for each known claim when the estimated outcome is a range of possible loss and no one amount within that range is more likely than another. The Company uses a range of settlements because an average settlement cost would not be meaningful since the products liability claims faced by the Company are unique and widely variable. The cases involve different types of tires, models and lines, different circumstances surrounding the accident such as different applications, vehicles, speeds, road conditions, weather conditions, driver error, tire repair and maintenance practices, service life conditions, as well as different jurisdictions and different injuries. In addition, in many of the Company’s products liability lawsuits the plaintiff alleges that his or her harm was caused by one or more co-defendants who acted independently of the Company. Accordingly, the claims asserted and the resolutions of those claims have an enormous amount of variability. The costs have ranged from zero dollars to $33 million in one case with no “average” that is meaningful. No specific accrual is made for individual unasserted claims or for premature claims, asserted claims where the minimum information needed to evaluate the probability of a liability is not yet known. However, an accrual for such claims based, in part, on management’s expectations for future litigation activity and the settled claims history is maintained. Because of the speculative nature of litigation in the U.S., the Company does not believe a meaningful aggregate range of potential loss for asserted and unasserted claims can be determined. The Company’s experience has demonstrated that its estimates have been reasonably accurate and, on average, cases are settled at amounts close to the reserves established. However, it is possible an individual claim from time to time may result in an aberration from the norm and could have a material impact. | |||||||||||||
The products liability expense reported by the Company includes amortization of insurance premium costs, adjustments to settlement reserves and legal costs incurred in defending claims against the Company. Legal costs are expensed as incurred and products liability insurance premiums are amortized over coverage periods. | |||||||||||||
Advertising expense | Advertising expense – Expenses incurred for advertising include production and media and are generally expensed when incurred. Costs associated with dealer-earned cooperative advertising are recorded as a reduction of revenue component of Net sales at the time of sale. Advertising expense for 2012, 2013 and 2014 was $49,756, $48,976 and $57,439, respectively. | ||||||||||||
Stock-based compensation | Stock-based compensation – The Company’s incentive compensation plans allow the Company to grant awards to key employees in the form of stock options, stock awards, restricted stock units (“RSUs”), stock appreciation rights, performance stock units (“PSUs”), dividend equivalents and other awards. Compensation related to these awards is determined based on the fair value on the date of grant and is amortized to expense over the vesting period. For RSUs and PSUs, the Company recognizes compensation expense based on the earlier of the vesting date or the date when the employee becomes eligible to retire. If awards can be settled in cash, these awards are recorded as liabilities and marked to market. See Note 15 – Stock-Based Compensation for additional information. | ||||||||||||
Warranties | Warranties – Warranties are provided on the sale of certain of the Company’s products, and an accrual for estimated future claims is recorded at the time revenue is recognized. Tire replacement under most of the warranties the Company offers is on a prorated basis. The Company provides for the estimated cost of product warranties based primarily on historical return rates, estimates of the eligible tire population and the value of tires to be replaced. The following table summarizes the activity in the Company’s product warranty liabilities which are recorded in Accrued liabilities and Other long-term liabilities on the Company’s Consolidated Balance Sheets: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Reserve at January 1 | $ | 27,400 | $ | 30,139 | $ | 30,853 | |||||||
Additions | 23,184 | 19,677 | 17,413 | ||||||||||
Payments | (20,445 | ) | (18,963 | ) | (19,112 | ) | |||||||
Decrease due to sale of interest in subsidiary | — | — | (15,149 | ) | |||||||||
Reserve at December 31 | $ | 30,139 | $ | 30,853 | $ | 14,005 | |||||||
The CCT portion of the warranty accrual consisted of a January 1, 2012 reserve of $18,127; additions to the reserve of $10,742, $4,642 and $6,813 for 2012, 2013 and 2014, through the date of sale, respectively, and payments of $9,417, $7,287 and $8,471 for 2012, 2013 and 2014, through the date of sale, respectively. | |||||||||||||
Use of estimates | Use of estimates – The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of: (1) revenues and expenses during the reporting period; and (2) assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the consolidated financial statements. Actual results could differ from those estimates. | ||||||||||||
Revenue recognition | Revenue recognition – Revenues are recognized when title to the product passes to customers. Shipping and handling costs are recorded in cost of products sold. Allowance programs such as volume rebates and cash discounts are recorded at the time of sale as a reduction to revenue based on anticipated accrual rates for the year. | ||||||||||||
Research and development | Research and development – Costs are charged to cost of products sold as incurred and amounted to approximately $50,801, $51,127 and $56,848 during 2012, 2013 and 2014, respectively. | ||||||||||||
Related Party Transactions | Related Party Transactions – The Company’s CCT joint venture paid $900, $648 and $15 of interest to the noncontrolling shareholder in 2012, 2013 and 2014, respectively. The CCT joint venture also paid $46,235, $36,865 and $32,918 to the noncontrolling shareholder primarily for the purchase of utilities during 2012, 2013 and 2014, respectively. The Company’s COOCSA joint venture paid $29,865, $26,674 and $27,573 in 2012, 2013 and 2014, respectively, to an employment services company in Mexico owned in part by members of the joint venture workforce. The Company believes the payment for services to related parties are consistent with market rate for comparable services from third parties. | ||||||||||||
Accounting Pronouncements | Accounting Pronouncements | ||||||||||||
Changes to accounting principles generally accepted in the United States of America (“U.S. GAAP”) are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. | |||||||||||||
The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements. | |||||||||||||
Accounting Pronouncements – Recently Adopted | |||||||||||||
Foreign Currency Matters – In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this update are effective for the annual and interim periods beginning on or after December 15, 2013. With the sale of CCT in November 2014, the Company applied the guidance in ASU 2013-05 and included the related cumulative translation adjustment in the calculation of the gain on sale of interest in subsidiary. | |||||||||||||
Income Taxes – In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which clarifies treatment of unrecognized tax benefits based on surrounding circumstances. The amendments in this update are effective for the annual and interim periods beginning on or after December 15, 2013. The adoption of this accounting standards update did not have an impact on the Company’s consolidated financial statements. | |||||||||||||
Pushdown Accounting – In November 2014, the FASB issued ASU 2014-17, “Pushdown Accounting,” which provides that an acquired entity may elect to apply pushdown accounting in its separate financial statements upon a change-in-control event in which an acquirer obtains control of the entity. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. The guidance is effective November 18, 2014. The adoption of this accounting standards update did not have an impact on the Company’s consolidated financial statements. | |||||||||||||
Accounting Pronouncements – To be adopted | |||||||||||||
Discontinued Operations – In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which requires that a disposal representing a strategic shift that has or will have a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The guidance is effective for the interim and annual periods beginning on or after December 15, 2014 with early adoption permitted only for disposals that have not been previously reported. The Company will adopt this guidance on January 1, 2015. | |||||||||||||
Revenue Recognition – In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which will supersede most current revenue recognition guidance, including industry-specific guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step model to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 with early adoption not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of the amended guidance on its consolidated financial statements and related disclosures. | |||||||||||||
Stock-Based Compensation – In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance is effective for the interim and annual periods beginning on or after December 15, 2015 and can be applied either prospectively or retrospectively to all awards outstanding as of the beginning of the earliest annual period presented as an adjustment to opening retained earnings. Early adoption is permitted. The Company is evaluating the impact, if any, of adopting this new accounting guidance on its consolidated financial statements. | |||||||||||||
Apollo [Member] | |||||||||||||
Apollo related expenses | Apollo related expenses – The Company incurred approximately $18,049 of expenses in 2013 related to the Apollo merger agreement. These expenses are recorded in selling, general and administrative expenses on the Consolidated Statements of Income. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Expected Useful Lives of Property, Plant and Equipment Recorded at Cost and Depreciated or Amortized | Long-lived assets - Property, plant and equipment are recorded at cost and depreciated or amortized using the straight-line or accelerated methods over the following expected useful lives: | ||||||||||||
Buildings and improvements | 10 to 40 years | ||||||||||||
Machinery and equipment | 5 to 14 years | ||||||||||||
Furniture and fixtures | 5 to 10 years | ||||||||||||
Molds, cores and rings | 4 to 10 years | ||||||||||||
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
(Number of shares and dollar amounts in thousands except per share amounts) | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Numerator | |||||||||||||
Numerator for basic and diluted earnings per share - income from continuing operations available to common stockholders | $ | 220,371 | $ | 111,013 | $ | 213,578 | |||||||
Denominator | |||||||||||||
Denominator for basic earnings per share - weighted average shares outstanding | 62,561 | 63,327 | 61,402 | ||||||||||
Effect of dilutive securities - stock options and other stock units | 663 | 955 | 999 | ||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares outstanding | 63,224 | 64,282 | 62,401 | ||||||||||
Basic earnings per share: | |||||||||||||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $ | 3.52 | $ | 1.75 | $ | 3.48 | |||||||
Diluted earnings per share: | |||||||||||||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $ | 3.49 | $ | 1.73 | $ | 3.42 | |||||||
Summary of Activity in Product Warranty Liabilities | The following table summarizes the activity in the Company’s product warranty liabilities which are recorded in Accrued liabilities and Other long-term liabilities on the Company’s Consolidated Balance Sheets: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Reserve at January 1 | $ | 27,400 | $ | 30,139 | $ | 30,853 | |||||||
Additions | 23,184 | 19,677 | 17,413 | ||||||||||
Payments | (20,445 | ) | (18,963 | ) | (19,112 | ) | |||||||
Decrease due to sale of interest in subsidiary | — | — | (15,149 | ) | |||||||||
Reserve at December 31 | $ | 30,139 | $ | 30,853 | $ | 14,005 | |||||||
CCT_Agreements_Tables
CCT Agreements (Tables) (CCT Agreement [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
CCT Agreement [Member] | |||||||||||||
Summary of effect of sale | The following table reflects the results of CCT included in the Company’s Consolidated Statements of Income for the years ended December 31: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Net Sales | |||||||||||||
External Customers | $ | 749 | $ | 640 | $ | 546 | |||||||
Intercompany | 282 | 127 | 121 | ||||||||||
$ | 1,031 | $ | 767 | $ | 667 | ||||||||
Operating Profit | $ | 111 | $ | 75 | $ | 77 | |||||||
Net income attributable to Cooper Tire & Rubber Company | $ | 51 | $ | 33 | $ | 39 |
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Current Assets | Other current assets at December 31 were as follows: | ||||||||
2013 | 2014 | ||||||||
Deferred tax assets | $ | 44,168 | $ | 40,996 | |||||
Value added tax recoverable | 1,863 | 11,962 | |||||||
Income tax recoverable | 29,590 | 9,613 | |||||||
Other | 16,893 | 18,539 | |||||||
$ | 92,514 | $ | 81,110 |
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Intangible Assets and Accumulated Amortization | The following table presents intangible assets and accumulated amortization balances as of December 31, 2013 and 2014: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Definite-lived: | |||||||||||||||||||||||||
Capitalized software costs | $ | 160,979 | $ | (31,771 | ) | $ | 129,208 | $ | 161,589 | $ | (39,831 | ) | $ | 121,758 | |||||||||||
Land use rights | 20,041 | (3,802 | ) | 16,239 | 3,465 | (540 | ) | 2,925 | |||||||||||||||||
Trademarks and tradenames | 10,973 | (6,850 | ) | 4,123 | 8,800 | (6,188 | ) | 2,612 | |||||||||||||||||
Patents and technology | 14,637 | (14,634 | ) | 3 | — | — | — | ||||||||||||||||||
Other | 7,215 | (6,297 | ) | 918 | 3,123 | (2,451 | ) | 672 | |||||||||||||||||
213,845 | (63,354 | ) | 150,491 | 176,977 | (49,010 | ) | 127,967 | ||||||||||||||||||
Indefinite-lived: | |||||||||||||||||||||||||
Trademarks | 9,817 | — | 9,817 | 9,817 | — | 9,817 | |||||||||||||||||||
$ | 223,662 | $ | (63,354 | ) | $ | 160,308 | $ | 186,794 | $ | (49,010 | ) | $ | 137,784 | ||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Components of Other Assets | Other assets at December 31 were as follows: | ||||||||
2013 | 2014 | ||||||||
Tax incentives | $ | 12,622 | $ | 12,509 | |||||
Other | 2,904 | 4,196 | |||||||
$ | 15,526 | $ | 16,705 | ||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Components of Accrued Liabilities | Accrued liabilities at December 31 were as follows: | ||||||||
2013 | 2014 | ||||||||
Products liability | $ | 70,472 | $ | 69,892 | |||||
Payroll and withholdings | 59,158 | 52,727 | |||||||
Other postretirement benefits | 14,213 | 14,562 | |||||||
Advertising | 12,146 | 11,428 | |||||||
Warranty | 20,917 | 8,331 | |||||||
Other | 34,184 | 27,392 | |||||||
$ | 211,090 | $ | 184,332 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Income from Continuing Operations before Income Taxes and Noncontrolling Shareholders' Interests | Components of income from continuing operations before income taxes and noncontrolling shareholders’ interests were as follows: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
United States | $ | 206,853 | $ | 107,918 | $ | 165,888 | |||||||
Foreign | 161,597 | 105,053 | 182,631 | ||||||||||
Total | $ | 368,450 | $ | 212,971 | $ | 348,519 | |||||||
Provision (Benefit) for Income Tax for Continuing Operations | The provision (benefit) for income tax for continuing operations consisted of the following: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Current: | |||||||||||||
Federal | $ | 67,921 | $ | 7,879 | $ | 46,270 | |||||||
State and local | 9,812 | 2,576 | 8,678 | ||||||||||
Foreign | 38,082 | 34,922 | 53,120 | ||||||||||
115,815 | 45,377 | 108,068 | |||||||||||
Deferred: | |||||||||||||
Federal | (4,225 | ) | 26,647 | 5,282 | |||||||||
State and local | (573 | ) | 7,255 | 82 | |||||||||
Foreign | 5,007 | 127 | (1,735 | ) | |||||||||
209 | 34,029 | 3,629 | |||||||||||
$ | 116,024 | $ | 79,406 | $ | 111,697 | ||||||||
Reconciliation of Income Tax Expense (Benefit) for Continuing Operations | A reconciliation of income tax expense (benefit) for continuing operations to the tax based on the U.S. statutory rate is as follows: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income tax provision at 35% | $ | 128,958 | $ | 74,540 | $ | 121,982 | |||||||
State and local income tax, net of federal income tax effect | 4,391 | 4,414 | 7,123 | ||||||||||
U.S. tax credits | — | (2,334 | ) | (1,455 | ) | ||||||||
Difference in effective tax rates of international operations | (16,545 | ) | (9,633 | ) | (35,095 | ) | |||||||
Tax on gain from sale of CCT | — | — | 21,767 | ||||||||||
Tax law or rate change | 2,016 | 3,702 | — | ||||||||||
Valuation allowance | (181 | ) | 4,001 | 1,382 | |||||||||
Other - net | (2,615 | ) | 4,716 | (4,007 | ) | ||||||||
Income tax expense | $ | 116,024 | $ | 79,406 | $ | 111,697 | |||||||
Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31 were as follows: | ||||||||||||
2013 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Postretirement and other employee benefits | $ | 175,643 | $ | 224,123 | |||||||||
Products liability | 67,587 | 68,355 | |||||||||||
Net operating loss, capital loss, and tax credits carryforwards | 28,947 | 28,812 | |||||||||||
All other items | 51,213 | 48,087 | |||||||||||
Total deferred tax assets | 323,390 | 369,377 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | (134,075 | ) | (141,374 | ) | |||||||||
All other items | (7,736 | ) | (10,455 | ) | |||||||||
Total deferred tax liabilities | (141,811 | ) | (151,829 | ) | |||||||||
181,579 | 217,548 | ||||||||||||
Valuation allowances | (32,370 | ) | (33,303 | ) | |||||||||
Net deferred tax asset | $ | 149,209 | $ | 184,245 | |||||||||
Unrecognized Tax Benefits for Permanent and Temporary Book/Tax Differences for Continuing Operations, Exclusive of Interest | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Balance at January 1 | $ | 987 | $ | 5,138 | $ | 5,878 | |||||||
Settlements for tax positions of prior years | — | (409 | ) | — | |||||||||
Additions for tax positions of the current year | 4,195 | 566 | 230 | ||||||||||
Additions for tax positions of prior years | 181 | 1,054 | 2,206 | ||||||||||
Reductions for tax positions of prior years | (225 | ) | (471 | ) | — | ||||||||
Balance at December 31 | $ | 5,138 | $ | 5,878 | $ | 8,314 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long Term Debt | The following table summarizes the long-term debt of the Company at December 31, 2013 and 2014. The unsecured notes outstanding as of December 31, 2013 were eliminated as a result of the sale of the Company’s interest in CCT in November 2014. The secured notes due in 2016 are guaranteed by certain plant assets of the Company’s COOCSA subsidiary. Except for these secured notes and capitalized leases and other, the long-term debt is due in an aggregate principal payment on the due date: | ||||||||
2013 | 2014 | ||||||||
Parent company | |||||||||
8% unsecured notes due December 2019 | $ | 173,578 | $ | 173,578 | |||||
7.625% unsecured notes due March 2027 | 116,880 | 116,880 | |||||||
Capitalized leases and other | 8,662 | 8,062 | |||||||
299,120 | 298,520 | ||||||||
Subsidiaries | |||||||||
4.27% to 6.15% unsecured notes due in 2014 | 15,560 | — | |||||||
4.27% to 4.70% unsecured notes due in 2015 | 8,554 | — | |||||||
4.00% to 6.15% unsecured notes due in 2016 | 11,036 | — | |||||||
5.46% and 5.63% secured notes due in 2016 | 4,557 | 2,526 | |||||||
39,707 | 2,526 | ||||||||
338,827 | 301,046 | ||||||||
Less current maturities | 17,868 | 2,115 | |||||||
$ | 320,959 | $ | 298,931 | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Fair Value of Gross Position of Derivative Contracts in Consolidated Balance Sheets | The following table presents the location and amounts of derivative instrument fair values in the Consolidated Balance Sheets: | ||||||||||||||||
Year ended December 31 | |||||||||||||||||
Assets/(Liabilities) | 2013 | 2014 | |||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Gross amounts recognized | $ | 2,702 | $ | 6,483 | |||||||||||||
Gross amounts offset | (2,232 | ) | (504 | ) | |||||||||||||
Net amounts | 470 | 5,979 | |||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Gross amounts recognized | (121 | ) | — | ||||||||||||||
Gross amounts offset | — | — | |||||||||||||||
Net amounts | (121 | ) | — | ||||||||||||||
Other current assets | $ | 349 | $ | 5,979 | |||||||||||||
Gains and Losses on Derivative Instruments in Consolidated Statement of Operations | The following table presents the location and amount of gains and losses on derivative instruments in the Consolidated Statements of Income: | ||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Amount of Gain (Loss) | Amount of Gain | Amount of Gain (Loss) | ||||||||||||||
Recognized in | Reclassified | Recognized in | |||||||||||||||
Other Comprehensive | from Cumulative | Income | |||||||||||||||
Income on Derivative | Other Comprehensive | on Derivative | |||||||||||||||
(Effective Portion) | Loss into Income | (Ineffective Portion) | |||||||||||||||
(Effective Portion) | |||||||||||||||||
Year ended Dec. 31, 2012 | $ | (1,770 | ) | $ | 5,699 | $ | 256 | ||||||||||
Year ended Dec. 31, 2013 | $ | 2,943 | $ | 1,085 | $ | (122 | ) | ||||||||||
Year ended Dec. 31, 2014 | $ | 9,020 | $ | 3,699 | $ | (188 | ) | ||||||||||
Derivatives not Designated as Hedging Instruments | Location of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||
on Derivatives | on Derivatives | ||||||||||||||||
Year ended Dec. 31, 2012 | Other income (expense) | $ | 590 | ||||||||||||||
Year ended Dec. 31, 2013 | Other income (expense) | $ | (366 | ) | |||||||||||||
Year ended Dec. 31, 2014 | Other income (expense) | $ | 121 | ||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2014: | ||||||||||||||||
December 31, 2013 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Assets | in Active Markets | Other | Unobservable | ||||||||||||||
(Liabilities) | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | Level (3) | |||||||||||||||
Level (1) | Level (2) | ||||||||||||||||
Foreign Exchange Contracts | $ | 349 | $ | — | $ | 349 | $ | — | |||||||||
Stock-based Liabilities | $ | (12,462 | ) | $ | (12,462 | ) | $ | — | $ | — | |||||||
31-Dec-14 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Assets | in Active Markets | Other | Unobservable | ||||||||||||||
(Liabilities) | for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | Level (3) | |||||||||||||||
Level (1) | Level (2) | ||||||||||||||||
Foreign Exchange Contracts | $ | 5,979 | $ | — | $ | 5,979 | $ | — | |||||||||
Stock-based Liabilities | $ | (19,079 | ) | $ | (19,079 | ) | $ | — | $ | — | |||||||
Movement in the Level 3 Fair Value Measurements | The following table presents the movement in the Level 3 fair value measurements for the year ended December 31, 2014. | ||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Redeemable noncontrolling shareholder interest | |||||||||||||||||
Year Ended | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Beginning Balance | $ | — | |||||||||||||||
Transfer into Level 3 - Redeemable noncontrolling shareholder interest | (152,250 | ) | |||||||||||||||
Adjustment for CCT valuation amount | (956 | ) | |||||||||||||||
Sale of interest in subsidiary | 153,206 | ||||||||||||||||
Ending Balance | $ | — | |||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments were as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2014 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Measurements | Amount | Measurements | ||||||||||||||
Using Quoted | Using Quoted | ||||||||||||||||
Prices in Active | Prices in Active | ||||||||||||||||
Markets for | Markets for | ||||||||||||||||
Identical | Identical | ||||||||||||||||
Instruments | Instruments | ||||||||||||||||
Level (1) | Level (1) | ||||||||||||||||
Cash and cash equivalents | $ | 397,731 | $ | 397,731 | $ | 551,652 | $ | 551,652 | |||||||||
Notes receivable | 86,965 | 86,965 | 4,546 | 4,546 | |||||||||||||
Restricted cash | 2,759 | 2,759 | 653 | 653 | |||||||||||||
Notes payable | (22,105 | ) | (22,105 | ) | (64,551 | ) | (64,551 | ) | |||||||||
Current portion of long-term debt | (17,868 | ) | (17,868 | ) | (2,115 | ) | (2,115 | ) | |||||||||
Long-term debt | (320,959 | ) | (334,759 | ) | (298,931 | ) | (325,431 | ) | |||||||||
Pensions_and_Postretirement_Be1
Pensions and Postretirement Benefits Other than Pensions (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Defined Benefit Pension and Other Postretirement Benefits Plans | The following table reflects changes in the projected obligations and fair market values of assets in all defined benefit pension and other postretirement benefit plans of the Company: | ||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | 2013 | 2014 | ||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Projected Benefit Obligation at January 1 | $ | 1,064,070 | $ | 374,925 | $ | 1,438,995 | $ | 973,276 | $ | 431,146 | $ | 1,404,422 | $ | 308,226 | $ | 252,866 | |||||||||||||||||
Service cost - employer | 11,879 | 8 | 11,887 | 9,760 | 8 | 9,768 | 3,813 | 2,404 | |||||||||||||||||||||||||
Interest cost | 38,751 | 15,661 | 54,412 | 42,842 | 19,620 | 62,462 | 10,791 | 11,305 | |||||||||||||||||||||||||
Actuarial (gain)/loss | (82,219 | ) | 47,613 | (34,606 | ) | 137,217 | 47,015 | 184,232 | (59,898 | ) | 24,294 | ||||||||||||||||||||||
Benefits paid | (59,205 | ) | (14,362 | ) | (73,567 | ) | (57,995 | ) | (14,631 | ) | (72,626 | ) | (10,066 | ) | (12,002 | ) | |||||||||||||||||
Foreign currency translation effect | — | 7,301 | 7,301 | — | (25,926 | ) | (25,926 | ) | — | — | |||||||||||||||||||||||
Projected Benefit Obligation at December 31 | $ | 973,276 | $ | 431,146 | $ | 1,404,422 | $ | 1,105,100 | $ | 457,232 | $ | 1,562,332 | $ | 252,866 | $ | 278,867 | |||||||||||||||||
Change in plans’ assets: | |||||||||||||||||||||||||||||||||
Fair value of plans’ assets at January 1 | $ | 745,871 | $ | 259,703 | $ | 1,005,574 | $ | 823,790 | $ | 288,524 | $ | 1,112,314 | $ | — | $ | — | |||||||||||||||||
Actual return on plans’ assets | 101,400 | 28,371 | 129,771 | 56,284 | 65,128 | 121,412 | — | — | |||||||||||||||||||||||||
Employer contribution | 35,724 | 8,485 | 44,209 | 35,746 | 12,454 | 48,200 | — | — | |||||||||||||||||||||||||
Benefits paid | (59,205 | ) | (14,362 | ) | (73,567 | ) | (57,995 | ) | (14,631 | ) | (72,626 | ) | — | — | |||||||||||||||||||
Foreign currency translation effect | — | 6,327 | 6,327 | — | (20,627 | ) | (20,627 | ) | — | — | |||||||||||||||||||||||
Fair value of plans’ assets at December 31 | $ | 823,790 | $ | 288,524 | $ | 1,112,314 | $ | 857,825 | $ | 330,848 | $ | 1,188,673 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (149,486 | ) | $ | (142,622 | ) | $ | (292,108 | ) | $ | (247,275 | ) | $ | (126,384 | ) | $ | (373,659 | ) | $ | (252,866 | ) | $ | (278,867 | ) | |||||||||
Amounts recognized in the balance sheets: | |||||||||||||||||||||||||||||||||
Accrued liabilities | $ | (300 | ) | $ | — | $ | (300 | ) | $ | (300 | ) | $ | — | $ | (300 | ) | $ | (14,213 | ) | $ | (14,562 | ) | |||||||||||
Postretirement benefits other than pensions | — | — | — | — | — | — | (238,653 | ) | (264,305 | ) | |||||||||||||||||||||||
Pension benefits | (149,186 | ) | (142,622 | ) | (291,808 | ) | (246,975 | ) | (126,384 | ) | $ | (373,359 | ) | — | — | ||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||||||||||||||||||
All plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.53 | % | 3.7 | % | 4.6 | % | 3.8 | % | |||||||||||||||||||||||||
Domestic plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.55 | % | 3.75 | % | 4.6 | % | 3.8 | % | |||||||||||||||||||||||||
Foreign plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.49 | % | 3.59 | % | — | — | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | At December 31, 2014, the weighted average assumed annual rate of increase in the cost of medical benefits was 7.00 percent for 2015 trending linearly to 4.50 percent per annum in 2023. | ||||||||||||||||||||||||||||||||
Pension Benefits - Domestic | Pension Benefits - International | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 9,415 | $ | 11,879 | $ | 9,760 | $ | 725 | $ | 8 | $ | 8 | |||||||||||||||||||||
Interest cost | 43,005 | 38,751 | 42,842 | 17,106 | 15,661 | 19,620 | |||||||||||||||||||||||||||
Expected return on plan assets | (43,269 | ) | (51,284 | ) | (56,661 | ) | (15,323 | ) | (14,981 | ) | (19,977 | ) | |||||||||||||||||||||
Amortization of prior service cost | — | — | — | (185 | ) | — | — | ||||||||||||||||||||||||||
Amortization of actuarial loss | 36,818 | 44,370 | 28,021 | 6,818 | 6,564 | 8,452 | |||||||||||||||||||||||||||
Cooper Avon curtailment gain | — | — | — | (7,460 | ) | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 45,969 | $ | 43,716 | $ | 23,962 | $ | 1,681 | $ | 7,252 | $ | 8,103 | |||||||||||||||||||||
Other Post Retirement Benefits | |||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 4,161 | $ | 3,813 | $ | 2,404 | |||||||||||||||||||||||||||
Interest cost | 12,532 | 10,791 | 11,305 | ||||||||||||||||||||||||||||||
Amortization of prior service cost | (688 | ) | (566 | ) | (566 | ) | |||||||||||||||||||||||||||
Amortization of actuarial loss | 3,076 | 1,915 | — | ||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 19,081 | $ | 15,953 | $ | 13,143 | |||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||||||
All plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.83 | % | 3.92 | % | 4.53 | % | 4.15 | % | 3.6 | % | 4.6 | % | |||||||||||||||||||||
Expected return on plan assets | 6.86 | % | 6.75 | % | 6.91 | % | — | — | — | ||||||||||||||||||||||||
Rate of compensation increase | 0.86 | % | 0 | % | 0 | % | — | — | — | ||||||||||||||||||||||||
Domestic plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.8 | % | 3.75 | % | 4.55 | % | 4.15 | % | 3.6 | % | 4.6 | % | |||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | — | — | — | ||||||||||||||||||||||||
Foreign plans | |||||||||||||||||||||||||||||||||
Discount rate | 4.92 | % | 4.39 | % | 4.49 | % | — | — | — | ||||||||||||||||||||||||
Expected return on plan assets | 6.43 | % | 6.01 | % | 6.66 | % | — | — | — | ||||||||||||||||||||||||
Rate of compensation increase | 3.17 | % | 0 | % | 0 | % | — | — | — | ||||||||||||||||||||||||
Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Pension Plans | The following table lists the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets at December 31, 2013 and 2014: | ||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||
Projected | Accumulated | Projected | Accumulated | ||||||||||||||||||||||||||||||
benefit | benefit | benefit | benefit | ||||||||||||||||||||||||||||||
obligation | obligation | obligation | obligation | ||||||||||||||||||||||||||||||
exceeds plan | exceeds plan | exceeds plan | exceeds plan | ||||||||||||||||||||||||||||||
assets | assets | assets | assets | ||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,404,422 | $ | 1,404,422 | $ | 1,562,333 | $ | 1,562,333 | |||||||||||||||||||||||||
Accumulated benefit obligation | 1,401,109 | 1,401,109 | 1,558,908 | 1,558,908 | |||||||||||||||||||||||||||||
Fair value of plan assets | 1,112,314 | 1,112,314 | 1,188,673 | 1,188,673 | |||||||||||||||||||||||||||||
One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||||||||
Percentage Point | |||||||||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||||||||
Increase (decrease) in total service and interest cost components | $ | 72 | $ | (63 | ) | ||||||||||||||||||||||||||||
Increase (decrease) in the postretirement benefit obligation | 1,889 | (1,665 | ) | ||||||||||||||||||||||||||||||
Weighted Average Asset Allocations for Domestic and U.K. Pension Plans' Assets | The table below presents the Company’s weighted average asset allocations for its domestic and U.K. pension plans’ assets at December 31, 2013 and December 31, 2014 by asset category. Certain amounts for 2013 have been reclassified to conform to the current year presentation. | ||||||||||||||||||||||||||||||||
U.S. Plans | U.K. Plan | ||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||||||||||
Equity securities | 59 | % | 53 | % | 51 | % | 20 | % | |||||||||||||||||||||||||
Debt securities | 41 | 47 | 40 | 72 | |||||||||||||||||||||||||||||
Other investments | 0 | 0 | 5 | 8 | |||||||||||||||||||||||||||||
Cash | 0 | 0 | 4 | 0 | |||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||
Assets of U.S and U.K Plans Using Fair Value Hierarchy | The table below classifies the assets of the U.S. and U.K. plans using the Fair Value Hierarchy described in Note 12 – Fair Value of Financial Instruments. Certain amounts for 2013 have been reclassified to conform to the current year presentation including reclassifying $31,458 from Level 1 Cash and Cash Equivalents to Level 2 Fixed income securities. | ||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
United States plans | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 775 | $ | 775 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 484,822 | 187,685 | 297,137 | — | |||||||||||||||||||||||||||||
Fixed income securities | 338,193 | 123,776 | 214,417 | — | |||||||||||||||||||||||||||||
$ | 823,790 | $ | 312,236 | $ | 511,554 | $ | — | ||||||||||||||||||||||||||
United Kingdom plan | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 12,418 | $ | 12,418 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 146,575 | 146,575 | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 113,250 | 113,250 | — | — | |||||||||||||||||||||||||||||
Other investments | 13,915 | — | — | 13,915 | |||||||||||||||||||||||||||||
$ | 286,158 | $ | 272,243 | $ | — | $ | 13,915 | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
United States plans | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 770 | $ | 770 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 451,893 | 153,129 | 298,764 | — | |||||||||||||||||||||||||||||
Fixed income securities | 405,162 | 137,693 | 267,469 | — | |||||||||||||||||||||||||||||
$ | 857,825 | $ | 291,592 | $ | 566,233 | $ | — | ||||||||||||||||||||||||||
United Kingdom plan | |||||||||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 935 | $ | 935 | $ | — | $ | — | |||||||||||||||||||||||||
Equity securities | 67,224 | 67,224 | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 234,775 | 234,775 | — | — | |||||||||||||||||||||||||||||
Other investments | 25,868 | — | 12,775 | 13,093 | |||||||||||||||||||||||||||||
$ | 328,802 | $ | 302,934 | $ | 12,775 | $ | 13,093 | ||||||||||||||||||||||||||
Details of Activity in Investment in European Infrastructure Fund | The following table details the activity in this investment for the year ended December 31, 2013 and 2014: | ||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 13,822 | $ | 13,915 | |||||||||||||||||||||||||||||
Contributions | 642 | 133 | |||||||||||||||||||||||||||||||
Disbursements | (642 | ) | (133 | ) | |||||||||||||||||||||||||||||
Change in fair value | (170 | ) | — | ||||||||||||||||||||||||||||||
Foreign currency translation effect | 263 | (822 | ) | ||||||||||||||||||||||||||||||
Balance at December 31 | $ | 13,915 | $ | 13,093 | |||||||||||||||||||||||||||||
Estimated Benefit Payments for Domestic and Foreign Pension Plans and Other Postretirement Benefit Plans | The Company estimates its benefit payments for its domestic and foreign pension plans and other postretirement benefit plans during the next ten years to be as follows: | ||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2015 | $ | 80,300 | $ | 14,600 | |||||||||||||||||||||||||||||
2016 | 78,400 | 15,000 | |||||||||||||||||||||||||||||||
2017 | 79,700 | 15,400 | |||||||||||||||||||||||||||||||
2018 | 80,600 | 15,600 | |||||||||||||||||||||||||||||||
2019 | 81,700 | 16,000 | |||||||||||||||||||||||||||||||
2020 through 2024 | 425,800 | 82,900 |
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Components of Other Long-Term Liabilities | Other long-term liabilities at December 31 were as follows: | ||||||||
2013 | 2014 | ||||||||
Products liability | $ | 119,041 | $ | 108,999 | |||||
Deferred compensation | 12,462 | 19,079 | |||||||
Other | 26,415 | 24,697 | |||||||
$ | 157,918 | $ | 152,775 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock Based Compensation Expense | The following table discloses the amount of stock-based compensation expense: | ||||||||||||
Stock-Based Compensation | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Stock options | $ | 3,388 | $ | 3,934 | $ | 4,218 | |||||||
Stock awards | 67 | — | — | ||||||||||
Restricted stock units | 1,169 | 1,092 | 2,206 | ||||||||||
Performance stock units | 3,412 | 1,947 | 2,623 | ||||||||||
Total stock-based compensation | $ | 8,036 | $ | 6,973 | $ | 9,047 | |||||||
Weighted-Average Assumptions | The fair value of these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Risk-free interest rate | 1.2 | % | 1.2 | % | 2 | % | |||||||
Dividend yield | 2.7 | % | 1.7 | % | 1.8 | % | |||||||
Expected volatility of the Company’s common stock | 0.644 | 0.646 | 0.64 | ||||||||||
Expected life in years | 6 | 6 | 6 | ||||||||||
Details of Stock Options Activity | The weighted average fair value of options granted in 2012, 2013 and 2014 was $7.33, $12.97 and $12.26, respectively. Compensation expense for these options is recorded over the vesting period. | ||||||||||||
Summarized information for the plans follows: | |||||||||||||
Number of | Weighted | Aggregate | |||||||||||
Shares | Average | Intrinsic | |||||||||||
Exercise | Value | ||||||||||||
Price (per share) | (thousands) | ||||||||||||
Outstanding at January 1, 2014 | 1,710,244 | $ | 19.09 | ||||||||||
Granted | 380,064 | 23.96 | |||||||||||
Exercised | (245,745 | ) | 18.11 | ||||||||||
Canceled | (78,641 | ) | 20.76 | ||||||||||
Outstanding at December 31, 2014 | 1,765,922 | 20.2 | $ | 25,514 | |||||||||
Exercisable at December 31, 2014 | 992,759 | 18.55 | 15,985 | ||||||||||
Available for Grant at December 31, 2014 | 2,834,394 | ||||||||||||
Year ended December 31 | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Weighted average grant-date fair value of options granted (per share) | $ | 7.33 | $ | 12.97 | $ | 12.26 | |||||||
Aggregate intrinsic value of options exercised (thousands) | $ | 10,256 | $ | 877 | $ | 2,711 | |||||||
Total fair value of shares vested (thousands) | $ | 2,641 | $ | 3,407 | $ | 3,905 | |||||||
Segregated Disclosure of Options Outstanding | Segregated disclosure of options outstanding at December 31, 2014 was as follows: | ||||||||||||
Range of Exercise Prices | |||||||||||||
Less than or | Greater than $15.63 | ||||||||||||
equal to $15.63 | |||||||||||||
Options outstanding | 597,663 | 1,168,259 | |||||||||||
Weighted average exercise price | $ | 14.34 | $ | 23.2 | |||||||||
Remaining contractual life | 6.5 | 7.3 | |||||||||||
Options exercisable | 408,525 | 584,234 | |||||||||||
Weighted average exercise price | $ | 13.75 | $ | 21.91 | |||||||||
Details of Nonvested Restricted Stock Units Activity | The following table provides details of the nonvested RSUs for 2014: | ||||||||||||
Number of | Weighted | ||||||||||||
Restricted | Average | ||||||||||||
Units | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
(per share) | |||||||||||||
Nonvested at January 1, 2014 | 60,686 | $ | 22.61 | ||||||||||
Granted | 181,500 | 27.53 | |||||||||||
Vested | (46,144 | ) | 25.69 | ||||||||||
Accrued dividend equivalents | 1,796 | 31.4 | |||||||||||
Nonvested at December 31, 2014 | 197,838 | $ | 26.48 | ||||||||||
Year ended December 31 | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Weighted average grant-date fair value of restricted shares granted (per share) | $ | 15.54 | $ | 25.72 | $ | 27.53 | |||||||
Total fair value of shares vested (thousands) | $ | 1,495 | $ | 1,122 | $ | 1,185 | |||||||
Performance Based Units Earned under Long-Term Incentive Plan | The following table provides details of the nonvested PSUs earned under the Company’s Long-Term Incentive Plan: | ||||||||||||
Number of | Weighted | ||||||||||||
Restricted | Average | ||||||||||||
Units | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
(per share) | |||||||||||||
Nonvested at January 1, 2014 | 156,772 | $ | 17.25 | ||||||||||
Earned | 123,788 | 23.96 | |||||||||||
Vested | (196,351 | ) | 18.64 | ||||||||||
Canceled | (3,128 | ) | 20.14 | ||||||||||
Accrued dividend equivalents | 2,434 | 26.82 | |||||||||||
Nonvested at December 31, 2014 | 83,515 | $ | 24.11 | ||||||||||
Cumulative_Other_Comprehensive1
Cumulative Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Cumulative Other Comprehensive Loss in Accompanying Consolidated Statements of Equity | The balances of each component of cumulative other comprehensive loss in the accompanying Consolidated Statements of Equity were as follows: | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Cumulative | Changes | Unrecognized | Total | ||||||||||||||
Currency | in the Fair | Postretirement | |||||||||||||||
Translation | Value of | Benefit | |||||||||||||||
Adjustment | Derivatives | Plans | |||||||||||||||
January 1, 2013 | $ | 44,135 | $ | 427 | $ | (596,088 | ) | $ | (551,526 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 15,525 | 1,727 | (a) | 91,506 | (c) | 108,758 | |||||||||||
Amount reclassified from accumulated other comprehensive loss | — | (539 | )(b) | 33,287 | (d) | 32,748 | |||||||||||
Net current-period other comprehensive income (loss) | 15,525 | 1,188 | 124,793 | 141,506 | |||||||||||||
December 31, 2013 | $ | 59,660 | $ | 1,615 | $ | (471,295 | ) | $ | (410,020 | ) | |||||||
(a) | This amount represents $2,943 of unrealized gains on cash flow hedges, net of tax of $1,216, that were recognized in Other Comprehensive Loss (see Footnote 11 for additional details). | ||||||||||||||||
(b) | This amount represents $1,085 of gains on cash flow hedges, net of tax of $546, that were reclassified out of Cumulative Other Comprehensive Loss and are included in Other income on the Condensed Consolidated Statements of Income (see Footnote 11 for additional details). | ||||||||||||||||
(c) | This amount represents $156,627 of other comprehensive gain, net of tax of $65,121 that was recognized in Other Comprehensive Loss. | ||||||||||||||||
(d) | This amount represents amortization of prior service credit of $566 and amortization of actuarial losses of ($52,849), net of tax of $18,996, that were reclassified out of Cumulative Other Comprehensive Loss and are included in the computation of net periodic benefit cost (see Footnote 12 for additional details). | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Cumulative | Changes | Unrecognized | Total | ||||||||||||||
Currency | in the Fair | Postretirement | |||||||||||||||
Translation | Value of | Benefit | |||||||||||||||
Adjustment | Derivatives | Plans | |||||||||||||||
January 1, 2014 | $ | 59,660 | $ | 1,615 | $ | (471,295 | ) | $ | (410,020 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (50,601 | ) | 5,626 | (a) | (96,737 | )(c) | (141,712 | ) | |||||||||
Amount reclassified from accumulated other comprehensive loss | — | (2,479 | )(b) | 23,609 | (d) | 21,130 | |||||||||||
Net current-period other comprehensive income (loss) | (50,601 | ) | 3,147 | (73,128 | ) | (120,582 | ) | ||||||||||
December 31, 2014 | $ | 9,059 | $ | 4,762 | $ | (544,423 | ) | $ | (530,602 | ) | |||||||
(a) | This amount represents $9,020 of unrealized gains on cash flow hedges, net of tax of $3,394, that were recognized in Other Comprehensive Loss (see Footnote 11 for additional details). | ||||||||||||||||
(b) | This amount represents $3,699 of gains on cash flow hedges, net of tax of $1,220, that were reclassified out of Cumulative Other Comprehensive Loss and are included in Other income on the Condensed Consolidated Statements of Income (see Footnote 11 for additional details). | ||||||||||||||||
(c) | This amount represents $157,087 of other comprehensive loss, net of tax of $60,350 that was recognized in Other Comprehensive Loss. | ||||||||||||||||
(d) | This amount represents amortization of prior service credit of $566 and amortization of actuarial losses of ($36,473), net of tax of $12,298, that were reclassified out of Cumulative Other Comprehensive Loss and are included in the computation of net periodic benefit cost (see Footnote 12 for additional details). |
Comprehensive_Income_Attributa1
Comprehensive Income Attributable to Noncontrolling Shareholders' Interests (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Comprehensive Income Attributable to Noncontrolling Shareholders' Interests | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Net income attributable to noncontrolling shareholders’ interests | $ | 32,055 | $ | 22,552 | $ | 23,244 | |||||||
Other comprehensive income: | |||||||||||||
Currency translation adjustments | 2,143 | 3,205 | (4,295 | ) | |||||||||
Comprehensive income attributable to noncontrolling shareholders’ interests | $ | 34,198 | $ | 25,757 | $ | 18,949 | |||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Payments for all Non-Cancelable Operating Leases | Certain of these leases contain provisions for optional renewal at the end of the lease terms. | ||||
2015 | $ | 22,811 | |||
2016 | 17,581 | ||||
2017 | 13,603 | ||||
2018 | 9,996 | ||||
2019 | 9,736 | ||||
Thereafter | 15,488 |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Net Sales and Percentage of Consolidated Net Sales | Net sales and percentage of consolidated Company sales for this customer in 2012, 2013 and 2014 were as follows: | ||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Customer | Net Sales | Consolidated | Net Sales | Consolidated | Net Sales | Consolidated | |||||||||||||||||||
Net Sales | Net Sales | Net Sales | |||||||||||||||||||||||
TBC/Treadways | $ | 549,685 | 13 | % | $ | 364,493 | 11 | % | $ | 361,546 | 11 | % | |||||||||||||
Segment Financial Information | The following table details segment financial information: | ||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Americas Tire | |||||||||||||||||||||||||
External Customers | $ | 3,011,314 | $ | 2,429,808 | $ | 2,524,554 | |||||||||||||||||||
Intercompany | 84,244 | 56,778 | 60,930 | ||||||||||||||||||||||
3,095,558 | 2,486,586 | 2,585,484 | |||||||||||||||||||||||
International Tire | |||||||||||||||||||||||||
External Customers | 1,189,522 | 1,009,425 | 900,255 | ||||||||||||||||||||||
Intercompany | 386,476 | 232,104 | 240,571 | ||||||||||||||||||||||
1,575,998 | 1,241,529 | 1,140,826 | |||||||||||||||||||||||
Eliminations and other | (470,720 | ) | (288,882 | ) | (301,501 | ) | |||||||||||||||||||
Consolidated | 4,200,836 | 3,439,233 | 3,424,809 | ||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||
Americas Tire | 295,900 | 204,239 | 274,837 | ||||||||||||||||||||||
International Tire | 143,589 | 83,990 | 74,566 | ||||||||||||||||||||||
Unallocated corporate charges and eliminations | (42,527 | ) | (47,515 | ) | (48,945 | ) | |||||||||||||||||||
Operating profit | 396,962 | 240,714 | 300,458 | ||||||||||||||||||||||
Interest expense | (29,546 | ) | (27,906 | ) | (28,138 | ) | |||||||||||||||||||
Interest income | 2,560 | 810 | 1,500 | ||||||||||||||||||||||
Gain on sale in interest in subsidiary | — | — | 77,471 | ||||||||||||||||||||||
Other - income (expense) | (1,526 | ) | (647 | ) | (2,772 | ) | |||||||||||||||||||
Income from continuing operations before income taxes | 368,450 | 212,971 | 348,519 | ||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||
Americas Tire | 76,035 | 75,132 | 82,457 | ||||||||||||||||||||||
International Tire | 51,846 | 54,825 | 54,400 | ||||||||||||||||||||||
Corporate | 1,035 | 4,794 | 2,309 | ||||||||||||||||||||||
Consolidated | 128,916 | 134,751 | 139,166 | ||||||||||||||||||||||
Segment assets | |||||||||||||||||||||||||
Americas Tire | 1,181,500 | 1,172,555 | 1,285,296 | ||||||||||||||||||||||
International Tire | 893,390 | 958,914 | 423,059 | ||||||||||||||||||||||
Corporate and other | 726,270 | 606,678 | 781,576 | ||||||||||||||||||||||
Consolidated | 2,801,160 | 2,738,147 | 2,489,931 | ||||||||||||||||||||||
Expenditures for long-lived assets | |||||||||||||||||||||||||
Americas Tire | 68,655 | 87,655 | 95,539 | ||||||||||||||||||||||
International Tire | 79,286 | 61,973 | 44,741 | ||||||||||||||||||||||
Corporate | 57,929 | 30,820 | 4,761 | ||||||||||||||||||||||
Consolidated | 205,870 | 180,448 | 145,041 | ||||||||||||||||||||||
Geographic Information for Revenues, Based on Country of Origin, and Long-Lived Assets | Geographic information for revenues, based on country of origin, and long-lived assets follows: | ||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
United States | $ | 2,914,721 | $ | 2,332,526 | $ | 2,423,471 | |||||||||||||||||||
PRC | 879,424 | 745,444 | 635,632 | ||||||||||||||||||||||
Rest of world | 406,691 | 361,263 | 365,706 | ||||||||||||||||||||||
Consolidated | 4,200,836 | 3,439,233 | 3,424,809 | ||||||||||||||||||||||
Long-lived assets | |||||||||||||||||||||||||
United States | 545,169 | 453,693 | 474,357 | ||||||||||||||||||||||
PRC | 357,782 | 353,551 | 113,335 | ||||||||||||||||||||||
Rest of world | 149,717 | 167,025 | 152,511 | ||||||||||||||||||||||
Consolidated | 1,052,668 | 974,269 | 740,203 |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 06, 2014 | Sep. 30, 2014 | Jan. 01, 2012 | Dec. 31, 2011 | |
Summary Of Significant Policies [Line Items] | |||||||
Minimum percentage of investment consolidated | 50.00% | ||||||
Maximum percentage of cost method investments | 20.00% | ||||||
Cash and cash equivalents at end of year | $551,652,000 | $397,731,000 | $351,817,000 | $233,710,000 | |||
Maximum maturity period of notes | 6 months | ||||||
Finite lived intangible asset useful life, Minimum | 5 years | ||||||
Finite lived intangible asset useful life, Maximum | 30 years | ||||||
Common stock not included in the computation of diluted share | 342,413 | 13,100 | |||||
Amount paid to counter party under share repurchase program | 200,000,000 | ||||||
Maturities of forward contracts | 12 months | ||||||
Products liability expenses, Minimum | 0 | ||||||
Products liability expenses, Maximum | 33,000,000 | ||||||
Advertising expense | 57,439,000 | 48,976,000 | 49,756,000 | ||||
Product warranty accrual reserve | 14,005,000 | 30,853,000 | 30,139,000 | 18,127,000 | 27,400,000 | ||
Additions to product warranty accrual reserve | 6,813,000 | 4,642,000 | 10,742,000 | ||||
Product warranty accrual payments | -19,112,000 | -18,963,000 | -20,445,000 | ||||
Research and development expense | 56,848,000 | 51,127,000 | 50,801,000 | ||||
Interest paid to related party | 15,000 | 648,000 | 900,000 | ||||
Payment made by company's joint venture to related party for purchases | 32,918,000 | 36,865,000 | 46,235,000 | ||||
Payment made by company's joint venture to related party for services | 27,573,000 | 26,674,000 | 29,865,000 | ||||
Apollo [Member] | |||||||
Summary Of Significant Policies [Line Items] | |||||||
Expenses related to Apollo merger agreement | 18,049,000 | ||||||
ASR Program [Member] | |||||||
Summary Of Significant Policies [Line Items] | |||||||
Share repurchase, amount authorized | 200,000,000 | ||||||
Final repurchase date | 2015-02 | ||||||
Share repurchase, common stock shares | 5,567,154 | 5,567,154 | |||||
Percentage Of Common Shares Initially Delivered Under Share Repurchase Program | 80.00% | ||||||
Amount paid to counter party under share repurchase program | $200,000,000 | $200,000,000 | |||||
Cash Equivalents [Member] | |||||||
Summary Of Significant Policies [Line Items] | |||||||
Original maturity of highly liquid investments | 3 months | ||||||
Minimum [Member] | |||||||
Summary Of Significant Policies [Line Items] | |||||||
Equity investments ownership percentage | 20.00% | ||||||
Maximum [Member] | |||||||
Summary Of Significant Policies [Line Items] | |||||||
Equity investments ownership percentage | 50.00% |
Significant_Accounting_Policie4
Significant Accounting Policies - Expected Useful Lives of Property, Plant and Equipment Recorded at Cost and Depreciated or Amortized (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Minimum [Member] | Molds, Cores and Rings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 4 years |
Maximum [Member] | Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 14 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Maximum [Member] | Molds, Cores and Rings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Significant_Accounting_Policie5
Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator | |||
Numerator for basic and diluted earnings per share - income from continuing operations available to common stockholders | $213,578 | $111,013 | $220,371 |
Denominator | |||
Denominator for basic earnings per share - weighted average shares outstanding | 61,402 | 63,327 | 62,561 |
Effect of dilutive securities - stock options and other stock units | 999 | 955 | 663 |
Denominator for diluted earnings per share - adjusted weighted average shares outstanding | 62,401 | 64,282 | 63,224 |
Basic earnings per share: | |||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $3.48 | $1.75 | $3.52 |
Diluted earnings per share: | |||
Net income attributable to Cooper Tire & Rubber Company common stockholders | $3.42 | $1.73 | $3.49 |
Significant_Accounting_Policie6
Significant Accounting Policies - Summary of Activity in Product Warranty Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Reserve at January 1 | $30,853 | $30,139 | $27,400 |
Additions | 17,413 | 19,677 | 23,184 |
Payments | -19,112 | -18,963 | -20,445 |
Decrease due to sale of interest in subsidiary | -15,149 | ||
Reserve at December 31 | $14,005 | $30,853 | $30,139 |
CCT_Agreements_Additional_Info
CCT Agreements - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Nov. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Aug. 24, 2014 | |
Merger Related Items [Line Items] | ||||
Number of days for Noncontrolling shareholder option price determined | 45 days | |||
Gain on sale of ownership interest net of tax | $55,704,000 | |||
CCT Agreement [Member] | ||||
Merger Related Items [Line Items] | ||||
Equity interest sale option price percentage | 65.00% | |||
Minimum value of joint venture | 435,000,000 | 435,000,000 | ||
Noncontrolling interest's equity ownership percentage | 35.00% | |||
Increase in shareholders interest | 152,250,000 | |||
Adjustment to the noncontrolling shareholders interest liability | 0 | 28,285,000 | ||
Valuation amount | 437,700,000 | |||
Redemption value of redeemable noncontrolling shareholder interest | 153,206,000 | |||
Carrying value of redeemable noncontrolling shareholder interest | 168,435,000 | |||
Proceeds from sale of ownership interest | 262,000,000 | |||
Gain on sale of ownership interest net of tax | $55,704,000 | |||
Chengshan Group Company Ltd [Member] | CCT Agreement [Member] | ||||
Merger Related Items [Line Items] | ||||
Purchase of equity interest | 65.00% | |||
Equity interest sale option price percentage | 35.00% | |||
Company's equity ownership percentage | 65.00% | |||
Noncontrolling interest's equity ownership percentage | 35.00% |
CCT_Agreements_Summary_of_Amou
CCT Agreements - Summary of Amounts Adjusted to Reflect Absence of CCT Results (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Merger Related Items [Line Items] | |||
Net sales | $3,424,809 | $3,439,233 | $4,200,836 |
Operating Profit | 300,458 | 240,714 | 396,962 |
Net income attributable to Cooper Tire & Rubber Company | 213,578 | 111,013 | 220,371 |
CCT Agreement [Member] | |||
Merger Related Items [Line Items] | |||
Net sales | 667 | 767 | 1,031 |
Operating Profit | 77 | 75 | 111 |
Net income attributable to Cooper Tire & Rubber Company | 39 | 33 | 51 |
CCT Agreement [Member] | External Customers [Member] | |||
Merger Related Items [Line Items] | |||
Net sales | 546 | 640 | 749 |
CCT Agreement [Member] | Intercompany [Member] | |||
Merger Related Items [Line Items] | |||
Net sales | $121 | $127 | $282 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Jan. 17, 2012 |
Business Acquisition [Line Items] | |||
Grant received from the government of Serbia | $10,600 | ||
Amount to be invested for grant entitlement | 63,700 | ||
Restricted cash and cash equivalents | 1,268 | ||
Number of years over which investment & employment level is to be maintained | 3 years | ||
Trayal Korporacija [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition of assets of Trayal Korporacija | $18,500 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Current cost of inventory under FIFO | $419,977 | $432,906 |
Reduction in inventories | $126,231 | $161,436 |
Other_Current_Assets_Other_Cur
Other Current Assets - Other Current Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Deferred tax assets | $40,996 | $44,168 |
Value added tax recoverable | 11,962 | 1,863 |
Income tax recoverable | 9,613 | 29,590 |
Other | 18,539 | 16,893 |
Total other current assets | $81,110 | $92,514 |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 14, 2011 | Dec. 31, 2010 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | $18,851 | $18,851 | $18,851 | $0 |
2015 | 9,973 | |||
2016 | 10,693 | |||
2017 | 15,502 | |||
2018 | 17,591 | |||
2019 | 17,437 | |||
CCT Agreement [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Fully amortized intangible assets wrote off | $13,636 |
Goodwill_and_Intangibles_Intan
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $176,977,000 | $213,845,000 |
Intangible assets gross excluding goodwill | 186,794,000 | 223,662,000 |
Accumulated Amortization | -49,010,000 | -63,354,000 |
Finite-Lived Intangible Assets, Net, Total | 127,967,000 | 150,491,000 |
Total | 137,784,000 | 160,308,000 |
Capitalized Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 161,589,000 | 160,979,000 |
Accumulated Amortization | -39,831,000 | -31,771,000 |
Finite-Lived Intangible Assets, Net, Total | 121,758,000 | 129,208,000 |
Land Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,465,000 | 20,041,000 |
Accumulated Amortization | -540,000 | -3,802,000 |
Finite-Lived Intangible Assets, Net, Total | 2,925,000 | 16,239,000 |
Trademarks and Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 8,800,000 | 10,973,000 |
Accumulated Amortization | -6,188,000 | -6,850,000 |
Finite-Lived Intangible Assets, Net, Total | 2,612,000 | 4,123,000 |
Patents and Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 14,637,000 | |
Accumulated Amortization | -14,634,000 | |
Finite-Lived Intangible Assets, Net, Total | 3,000 | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,123,000 | 7,215,000 |
Accumulated Amortization | -2,451,000 | -6,297,000 |
Finite-Lived Intangible Assets, Net, Total | 672,000 | 918,000 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets, Gross | 9,817 | 9,817 |
Indefinite-Lived Intangible Assets, Net | $9,817 | $9,817 |
Other_Assets_Components_of_Oth
Other Assets - Components of Other Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Tax incentives | $12,509 | $12,622 |
Other | 4,196 | 2,904 |
Total | $16,705 | $15,526 |
Accrued_Liabilities_Components
Accrued Liabilities - Components of Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Products liability | $69,892 | $70,472 |
Payroll and withholdings | 52,727 | 59,158 |
Other postretirement benefits | 14,562 | 14,213 |
Advertising | 11,428 | 12,146 |
Warranty | 8,331 | 20,917 |
Other | 27,392 | 34,184 |
Total accrued liabilities | $184,332 | $211,090 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income from Continuing Operations before Income Taxes and Noncontrolling Shareholders' Interests (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income From Continuing Operations Before Income Taxes And Noncontrolling Shareholders Interests [Line Items] | |||
Income from continuing operations before income taxes and noncontrolling shareholders' interests | $348,519 | $212,971 | $368,450 |
U.S. [Member] | |||
Income From Continuing Operations Before Income Taxes And Noncontrolling Shareholders Interests [Line Items] | |||
Income from continuing operations before income taxes and noncontrolling shareholders' interests | 165,888 | 107,918 | 206,853 |
Foreign [Member] | |||
Income From Continuing Operations Before Income Taxes And Noncontrolling Shareholders Interests [Line Items] | |||
Income from continuing operations before income taxes and noncontrolling shareholders' interests | $182,631 | $105,053 | $161,597 |
Income_Taxes_Provision_Benefit
Income Taxes - Provision (Benefit) for Income Tax for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $46,270 | $7,879 | $67,921 |
State and local | 8,678 | 2,576 | 9,812 |
Foreign | 53,120 | 34,922 | 38,082 |
Current income tax provision (benefit) for continuing operations, Total | 108,068 | 45,377 | 115,815 |
Deferred: | |||
Federal | 5,282 | 26,647 | -4,225 |
State and local | 82 | 7,255 | -573 |
Foreign | -1,735 | 127 | 5,007 |
Deferred income tax provision (benefit) for continuing operations, Total | 3,629 | 34,029 | 209 |
Income tax expense | $111,697 | $79,406 | $116,024 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expense (Benefit) for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income tax provision at 35% | $121,982 | $74,540 | $128,958 |
State and local income tax, net of federal income tax effect | 7,123 | 4,414 | 4,391 |
U.S. tax credits | -1,455 | -2,334 | |
Difference in effective tax rates of international operations | -35,095 | -9,633 | -16,545 |
Tax on gain from sale of CCT | 21,767 | ||
Tax law or rate change | 3,702 | 2,016 | |
Valuation allowance | 1,382 | 4,001 | -181 |
Other - net | -4,007 | 4,716 | -2,615 |
Income tax expense | $111,697 | $79,406 | $116,024 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Income Tax Expense (Benefit) for Continuing Operations (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Percentage Of Effective Income Tax | 35.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||
Payments for income taxes net of refunds | $63,390 | $76,782 | $97,093 | |
Tax loss carry forward state | 13,405 | |||
Tax loss carry forward foreign | 45,098 | |||
Deferred tax assets tax credit carry forwards state and local | 613 | |||
Capital losses | 52,505 | |||
Unrecognized tax benefits, exclusive of interest | 8,314 | 5,878 | 5,138 | 987 |
Recognition of unrecognized tax benefit upon which the effective rate would change | 8,314 | |||
Accrued tax provision of interest expense | 261 | 138 | 27 | |
Unrecognized tax benefits interest on income taxes accrued | 425 | |||
Deferred tax liability on undistributed earnings | $516,292 |
Income_Taxes_Components_of_Com
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Postretirement and other employee benefits | $224,123 | $175,643 |
Products liability | 68,355 | 67,587 |
Net operating loss, capital loss, and tax credits carryforwards | 28,812 | 28,947 |
All other items | 48,087 | 51,213 |
Total deferred tax assets | 369,377 | 323,390 |
Deferred tax liabilities: | ||
Property, plant and equipment | -141,374 | -134,075 |
All other items | -10,455 | -7,736 |
Total deferred tax liabilities | -151,829 | -141,811 |
Deferred tax assets (liabilities), Net, Total | 217,548 | 181,579 |
Valuation allowances | -33,303 | -32,370 |
Net deferred tax asset | $184,245 | $149,209 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits for Permanent and Temporary Book/Tax Differences for Continuing Operations, Exclusive of Interest (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $5,878 | $5,138 | $987 |
Settlements for tax positions of prior years | -409 | ||
Additions for tax positions of the current year | 230 | 566 | 4,195 |
Additions for tax positions of prior years | 2,206 | 1,054 | 181 |
Reductions for tax positions of prior years | -471 | -225 | |
Balance at December 31 | $8,314 | $5,878 | $5,138 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Bank | ||||
Debt [Line Items] | ||||
Proceeds from consolidated operations from annual renewable | $200,000 | |||
Consortium Bank | 4 | |||
Additional borrowing capacity of credit facility | 250,600 | |||
Borrowings under new credit agreement | 0 | |||
Borrowing under the accounts receivable securitization facility | 40,000 | |||
Effect of tax exemption granted to Texarkana Industrial Revenue Bonds | 100.00% | |||
Assets associated with city of Texarkana | 20,000 | 20,000 | ||
Liabilities associated with city of Texarkana | 20,000 | 20,000 | ||
Future due payment related to debt in year 2015 | 2,115 | |||
Future due payment related to debt in year 2016 | 1,610 | |||
Future due payment related to debt in year 2017 | 600 | |||
Future due payment related to debt in year 2018 | 600 | |||
Future due payment related to debt in year 2019 | 174,178 | |||
Short term notes payable from consolidated operations | 64,551 | 22,105 | ||
Weighted average interest rate of short term notes payable | 1.67% | 5.15% | ||
Interest paid on debt | 30,346 | 30,694 | 38,727 | |
Interest capitalized | 1,878 | 3,068 | 7,649 | |
Letter of Credit [Member] | ||||
Debt [Line Items] | ||||
Amounts used to secure letters of credit | 39,200 | 45,100 | ||
Accounts Receivable Securitization Facility [Member] | ||||
Debt [Line Items] | ||||
Short term notes payable from consolidated operations | 40,000 | |||
Cooper Receivables LLC [Member] | ||||
Debt [Line Items] | ||||
Accounts receivable from securitization | 175,000 | |||
Operations In Prc And Mexico [Member] | ||||
Debt [Line Items] | ||||
Short-term notes borrowings | 24,551 | |||
Asian Credit Lines [Member] | ||||
Debt [Line Items] | ||||
Proceeds from consolidated operations from annual renewable | 132,800 | |||
Additional borrowing capacity of credit facility | $116,400 |
Debt_LongTerm_Debt_Detail
Debt - Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | $301,046 | $338,827 |
Less current maturities | 2,115 | 17,868 |
Long-term debt, noncurrent | 298,931 | 320,959 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | 298,520 | 299,120 |
Parent Company [Member] | 8% Unsecured Notes Due December 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, total | 173,578 | 173,578 |
Parent Company [Member] | 7.625% Unsecured Notes Due March 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, total | 116,880 | 116,880 |
Parent Company [Member] | Capitalized Leases and Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, noncurrent | 8,062 | 8,662 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, total | 2,526 | 39,707 |
Subsidiaries [Member] | 4.27% to 6.15% Unsecured Notes Due in 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, total | 15,560 | |
Subsidiaries [Member] | 4.27% to 4.70% Unsecured Notes Due in 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, total | 8,554 | |
Subsidiaries [Member] | 4.00% and 6.15% Unsecured Notes Due in 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, total | 11,036 | |
Subsidiaries [Member] | 5.46% and 5.63% Secured Notes Due in 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, total | $2,526 | $4,557 |
Debt_LongTerm_Debt_Parenthetic
Debt - Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2014 |
8% Unsecured Notes Due December 2019 [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 8.00% |
7.625% Unsecured Notes Due March 2027 [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 7.63% |
Unsecured Notes Due in 2014 Interest Rate One [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 4.27% |
Unsecured Notes Due in 2014 Interest Rate Two [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 6.15% |
Unsecured Notes Due in 2015 Interest Rate One [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 4.27% |
Unsecured Notes Due in 2015 Interest Rate Two [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 4.70% |
Unsecured Notes One Due in 2016 Interest Rate One [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 4.00% |
Unsecured Notes Due in 2016 Interest Rate Two [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 6.15% |
Secured Notes Due in 2016 Interest Rate One [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 5.46% |
Secured Notes Due in 2016 Interest Rate Two [Member] | |
Debt Instrument [Line Items] | |
Notes Interest rate percentage | 5.63% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Maturities of forward contracts | 12 months | |
Effective portion of change in fair value of foreign currency forward contracts | $5,719 | $398 |
Foreign Exchange Contracts [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Notional amount of the foreign currency derivative instruments | $170,750 | $148,036 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Fair Value of Gross Position of Derivative Contracts in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives (Assets)/ liabilities as hedging instruments | $5,979 | $349 |
Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives (Assets)/ liabilities as hedging instruments | 5,979 | 470 |
Designated as Hedging Instruments [Member] | Gross Amounts Recognized [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives (Assets)/ liabilities as hedging instruments | 6,483 | 2,702 |
Designated as Hedging Instruments [Member] | Gross Amounts Offset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives (Assets)/ liabilities as hedging instruments | -504 | -2,232 |
Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives (Assets)/ liabilities as hedging instruments | -121 | |
Not Designated as Hedging Instruments [Member] | Gross Amounts Recognized [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives (Assets)/ liabilities as hedging instruments | ($121) |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Gains and Losses on Derivative Instruments in Consolidated Statement of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives Designated as Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $9,020 | $2,943 | ($1,770) |
Amount of Gain Reclassified from Cumulative Other Comprehensive Loss into Income (Effective Portion) | 3,699 | 1,085 | 5,699 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | -188 | -122 | 256 |
Not Designated as Hedging Instruments [Member] | Other Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $121 | ($366) | $590 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets (Liabilities) | $5,979 | $349 |
Stock Based Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets (Liabilities) | -19,079 | -12,462 |
Quoted Prices in Active Markets for Identical Assets Level (1) [Member] | Stock Based Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets (Liabilities) | -19,079 | -12,462 |
Significant Other Observable Inputs Level (2) [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets (Liabilities) | $5,979 | $349 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments - Movement in Level 3 Fair Value Measurements (Detail) (Redeemable Noncontrolling Shareholder's Interest [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Redeemable Noncontrolling Shareholder's Interest [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | $0 |
Transfer into Level 3 - Redeemable noncontrolling shareholder interest | -152,250 |
Adjustment for CCT valuation amount | -956 |
Sale of interest in subsidiary | 153,206 |
Ending Balance | $0 |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Value | $551,652 | $397,731 | $351,817 | $233,710 |
Notes receivable, Carrying Value | 4,546 | 86,965 | ||
Restricted cash, Carrying Value | 653 | 2,759 | ||
Notes payable, Carrying Value | -64,551 | -22,105 | ||
Current portion of long-term debt, Carrying Value | -2,115 | -17,868 | ||
Long-term debt, Carrying Value | -298,931 | -320,959 | ||
Quoted Prices in Active Markets for Identical Assets Level (1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Fair Value | 551,652 | 397,731 | ||
Notes receivable, Fair Value Disclosure | 4,546 | 86,965 | ||
Restricted cash, Fair Value | 653 | 2,759 | ||
Notes payable, Fair Value Disclosure | -64,551 | -22,105 | ||
Current portion of long-term debt, Fair Value | -2,115 | -17,868 | ||
Long-term debt, Fair Value | ($325,431) | ($334,759) |
Pensions_and_Postretirement_Be2
Pensions and Postretirement Benefits Other than Pensions - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expenses for Company's defined contribution plans | $12,492 | $12,522 | $12,003 | |
Unrecognized prior service credit included in cumulative other comprehensive loss | -2,736 | -3,301 | ||
Unrecognized prior service credit, Net of tax included in cumulative other comprehensive loss | -2,078 | -2,427 | ||
Unrecognized actuarial losses included in cumulative other comprehensive loss | -647,115 | -526,501 | ||
Defined benefit plan accumulated other comprehensive income net gains losses net of tax | -546,502 | -473,723 | ||
Prior service credit expected to be recognized in next fiscal year | -566 | |||
Actuarial loss expected to be recognized in next fiscal year | -46,876 | |||
Accumulated benefit obligation | 1,558,908 | 1,401,109 | ||
Weighted average assumed annual rate of increase in the cost of medical benefits | 7.00% | |||
Weighted average assumed annual rate of increase in trending linearly cost | 4.50% | |||
Fair market value of plan assets | 1,188,673 | 1,112,314 | 1,005,574 | |
Fair value of assets transferred from level 1 to level 2 | 31,458 | |||
Contributed domestic and foreign pension plans | 48,200 | |||
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Range Company expects to contribute to its domestic and foreign pension plans | 45,000 | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Range Company expects to contribute to its domestic and foreign pension plans | 55,000 | |||
German Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair market value of plan assets | 2,046 | 2,366 | ||
Cooper Avon Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension curtailment gain expected to be recognized | 7,460 | |||
Pension Benefits - Domestic [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair market value of plan assets | 857,825 | 823,790 | 745,871 | |
U K Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair market value of plan assets | $328,802 | $286,158 |
Pensions_and_Postretirement_Be3
Pensions and Postretirement Benefits Plans - Defined Benefit Pension and Other Postretirement Benefits Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | |||
Projected Benefit Obligation at January 1 | $1,404,422 | $1,438,995 | |
Service cost - employer | 9,768 | 11,887 | |
Interest cost | 62,462 | 54,412 | |
Actuarial (gain)/loss | 184,232 | -34,606 | |
Benefits paid | -72,626 | -73,567 | |
Foreign currency translation effect | -25,926 | 7,301 | |
Projected Benefit Obligation at December 31 | 1,562,332 | 1,404,422 | |
Change in plans' assets: | |||
Fair value of plans' assets at January 1 | 1,112,314 | 1,005,574 | |
Actual return on plans' assets | 121,412 | 129,771 | |
Employer contribution | 48,200 | 44,209 | |
Benefits paid | -72,626 | -73,567 | |
Foreign currency translation effect | -20,627 | 6,327 | |
Fair value of plans' assets at December 31 | 1,188,673 | 1,112,314 | |
Funded status | -373,659 | -292,108 | |
Amounts recognized in the balance sheets: | |||
Accrued liabilities | -300 | -300 | |
Postretirement benefits other than pensions | -264,305 | -238,653 | |
Pension benefits | -373,359 | -291,808 | |
Pension Benefits - Domestic [Member] | |||
Change in benefit obligation: | |||
Projected Benefit Obligation at January 1 | 973,276 | 1,064,070 | |
Service cost - employer | 9,760 | 11,879 | 9,415 |
Interest cost | 42,842 | 38,751 | 43,005 |
Actuarial (gain)/loss | 137,217 | -82,219 | |
Benefits paid | -57,995 | -59,205 | |
Projected Benefit Obligation at December 31 | 1,105,100 | 973,276 | 1,064,070 |
Change in plans' assets: | |||
Fair value of plans' assets at January 1 | 823,790 | 745,871 | |
Actual return on plans' assets | 56,284 | 101,400 | |
Employer contribution | 35,746 | 35,724 | |
Benefits paid | -57,995 | -59,205 | |
Fair value of plans' assets at December 31 | 857,825 | 823,790 | 745,871 |
Funded status | -247,275 | -149,486 | |
Amounts recognized in the balance sheets: | |||
Accrued liabilities | -300 | -300 | |
Pension benefits | -246,975 | -149,186 | |
Pension Benefits - International [Member] | |||
Change in benefit obligation: | |||
Projected Benefit Obligation at January 1 | 431,146 | 374,925 | |
Service cost - employer | 8 | 8 | 725 |
Interest cost | 19,620 | 15,661 | 17,106 |
Actuarial (gain)/loss | 47,015 | 47,613 | |
Benefits paid | -14,631 | -14,362 | |
Foreign currency translation effect | -25,926 | 7,301 | |
Projected Benefit Obligation at December 31 | 457,232 | 431,146 | 374,925 |
Change in plans' assets: | |||
Fair value of plans' assets at January 1 | 288,524 | 259,703 | |
Actual return on plans' assets | 65,128 | 28,371 | |
Employer contribution | 12,454 | 8,485 | |
Benefits paid | -14,631 | -14,362 | |
Foreign currency translation effect | -20,627 | 6,327 | |
Fair value of plans' assets at December 31 | 330,848 | 288,524 | 259,703 |
Funded status | -126,384 | -142,622 | |
Amounts recognized in the balance sheets: | |||
Pension benefits | -126,384 | -142,622 | |
Other Postretirement Benefits - All Plans [Member] | |||
Change in benefit obligation: | |||
Projected Benefit Obligation at January 1 | 252,866 | 308,226 | |
Service cost - employer | 2,404 | 3,813 | 4,161 |
Interest cost | 11,305 | 10,791 | 12,532 |
Actuarial (gain)/loss | 24,294 | -59,898 | |
Benefits paid | -12,002 | -10,066 | |
Projected Benefit Obligation at December 31 | 278,867 | 252,866 | 308,226 |
Change in plans' assets: | |||
Benefits paid | -12,002 | -10,066 | |
Benefits paid | 0 | 0 | |
Funded status | -278,867 | -252,866 | |
Amounts recognized in the balance sheets: | |||
Accrued liabilities | -14,562 | -14,213 | |
Postretirement benefits other than pensions | ($264,305) | ($238,653) |
Pensions_and_Postretirement_Be4
Pensions and Postretirement Benefits Other than Pensions - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits - All Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.70% | 4.53% |
Pension Benefits - Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.75% | 4.55% |
Pension Benefits - International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.59% | 4.49% |
Other Postretirement Benefits - All Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 4.60% |
Other Postretirement Benefits - Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 4.60% |
Pensions_and_Postretirement_Be5
Pensions and Postretirement Benefits Other than Pensions - Components of Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $9,768 | $11,887 | |
Interest cost | 62,462 | 54,412 | |
Amortization of actuarial loss | -36,473 | -52,849 | |
Pension Benefits - Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 9,760 | 11,879 | 9,415 |
Interest cost | 42,842 | 38,751 | 43,005 |
Expected return on plan assets | -56,661 | -51,284 | -43,269 |
Amortization of actuarial loss | 28,021 | 44,370 | 36,818 |
Net periodic benefit cost | 23,962 | 43,716 | 45,969 |
Pension Benefits - International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 8 | 8 | 725 |
Interest cost | 19,620 | 15,661 | 17,106 |
Expected return on plan assets | -19,977 | -14,981 | -15,323 |
Amortization of prior service cost | -185 | ||
Amortization of actuarial loss | 8,452 | 6,564 | 6,818 |
Cooper Avon curtailment gain | -7,460 | ||
Net periodic benefit cost | 8,103 | 7,252 | 1,681 |
Other Postretirement Benefits - All Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2,404 | 3,813 | 4,161 |
Interest cost | 11,305 | 10,791 | 12,532 |
Amortization of prior service cost | -566 | -566 | -688 |
Amortization of actuarial loss | 1,915 | 3,076 | |
Net periodic benefit cost | $13,143 | $15,953 | $19,081 |
Pensions_and_Post_Retirement_B
Pensions and Post Retirement Benefits Other than Pensions - Weighted Average Assumptions Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits - All Plans [Member] | All Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.53% | 3.92% | 4.83% |
Expected return on plan assets | 6.91% | 6.75% | 6.86% |
Rate of compensation increase | 0.00% | 0.00% | 0.86% |
Pension Benefits - All Plans [Member] | Pension Benefits - Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.55% | 3.75% | 4.80% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Pension Benefits - All Plans [Member] | Pension Benefits - International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.49% | 4.39% | 4.92% |
Expected return on plan assets | 6.66% | 6.01% | 6.43% |
Rate of compensation increase | 0.00% | 0.00% | 3.17% |
Other Postretirement Benefits - All Plans [Member] | All Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.60% | 3.60% | 4.15% |
Other Postretirement Benefits - All Plans [Member] | Pension Benefits - Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.60% | 3.60% | 4.15% |
Pensions_and_Postretirement_Be6
Pensions and Postretirement Benefits Other than Pensions - Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Pension Plans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Projected benefit obligation exceeds plan assets, Projected benefit obligation | $1,562,333 | $1,404,422 |
Projected benefit obligation exceeds plan assets, Accumulated benefit obligation | 1,558,908 | 1,401,109 |
Projected benefit obligation exceeds plan assets, Fair value of plan assets | 1,188,673 | 1,112,314 |
Accumulated benefit obligation exceeds plan assets, Projected benefit obligation | 1,562,333 | 1,404,422 |
Accumulated benefit obligation exceeds plan assets, Accumulated benefit obligation | 1,558,908 | 1,401,109 |
Accumulated benefit obligation exceeds plan assets, Fair value of plan assets | $1,188,673 | $1,112,314 |
Pensions_and_Postretirement_Be7
Pensions and Postretirement Benefits Other Than Pensions - One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Postretirement Benefits Other Than Pensions [Abstract] | |
Service and interest cost components, Increase | $72 |
Postretirement benefit obligation, Increase | 1,889 |
Service and interest cost components, Decrease | -63 |
Postretirement benefit obligation, Decrease | ($1,665) |
Pensions_and_Post_Retirement_B1
Pensions and Post Retirement Benefits Other Than Pensions - Weighted Average Asset Allocations for Domestic and U.K. Pension Plans' Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
United States Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 53.00% | 59.00% |
United States Plans [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 47.00% | 41.00% |
United States Plans [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
United States Plans [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
U K Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
U K Pension Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | 51.00% |
U K Pension Plan [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 72.00% | 40.00% |
U K Pension Plan [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 8.00% | 5.00% |
U K Pension Plan [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 4.00% |
Pensions_and_Postretirement_Be8
Pensions and Postretirement Benefits Other than Pensions - Assets of U.S and U.K Plans Using Fair Value Hierarchy (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $1,188,673 | $1,112,314 | $1,005,574 |
United States Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash & Cash Equivalents | 770 | 775 | |
Equity securities | 451,893 | 484,822 | |
Fixed income securities | 405,162 | 338,193 | |
Total | 857,825 | 823,790 | |
U K Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash & Cash Equivalents | 935 | 12,418 | |
Equity securities | 67,224 | 146,575 | |
Fixed income securities | 234,775 | 113,250 | |
Other investments | 25,868 | 13,915 | |
Total | 328,802 | 286,158 | |
Quoted Prices in Active Markets for Identical Assets Level (1) [Member] | United States Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash & Cash Equivalents | 770 | 775 | |
Equity securities | 153,129 | 187,685 | |
Fixed income securities | 137,693 | 123,776 | |
Total | 291,592 | 312,236 | |
Quoted Prices in Active Markets for Identical Assets Level (1) [Member] | U K Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash & Cash Equivalents | 935 | 12,418 | |
Equity securities | 67,224 | 146,575 | |
Fixed income securities | 234,775 | 113,250 | |
Total | 302,934 | 272,243 | |
Significant Other Observable Inputs Level (2) [Member] | United States Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity securities | 298,764 | 297,137 | |
Fixed income securities | 267,469 | 214,417 | |
Total | 566,233 | 511,554 | |
Significant Other Observable Inputs Level (2) [Member] | U K Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other investments | 12,775 | ||
Total | 12,775 | ||
Significant Unobservable Inputs Level (3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other investments | 13,093 | 13,915 | 13,822 |
Significant Unobservable Inputs Level (3) [Member] | U K Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other investments | 13,093 | 13,915 | |
Total | $13,093 | $13,915 |
Pensions_and_Postretirement_Be9
Pensions and Postretirement Benefits Other than Pensions - Details of Activity in Investment in European Infrastructure Fund (Detail) (Significant Unobservable Inputs Level (3) [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Unobservable Inputs Level (3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at January 1 | $13,915 | $13,822 |
Contributions | 133 | 642 |
Disbursements | -133 | -642 |
Change in fair value | -170 | |
Foreign currency translation effect | -822 | 263 |
Balance at December 31 | $13,093 | $13,915 |
Recovered_Sheet1
Pensions and Postretirement Benefits Other than Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans and Other Postretirement Benefit Plans (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits - All Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $80,300 |
2016 | 78,400 |
2017 | 79,700 |
2018 | 80,600 |
2019 | 81,700 |
2020 through 2024 | 425,800 |
Other Postretirement Benefits - All Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 14,600 |
2016 | 15,000 |
2017 | 15,400 |
2018 | 15,600 |
2019 | 16,000 |
2020 through 2024 | $82,900 |
Other_LongTerm_Liabilities_Oth
Other Long-Term Liabilities - Other Long Term Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Products liability | $108,999 | $119,041 |
Deferred compensation | 19,079 | 12,462 |
Other | 24,697 | 26,415 |
Total other long-term liabilities | $152,775 | $157,918 |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Aug. 06, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Aug. 06, 2014 |
Accelerated Share Repurchases [Line Items] | ||||
Amount paid to counter party under share repurchase program | $200,000 | |||
Common shares reserved for compensation plans and contributions | 10,500,000 | |||
ASR Program [Member] | ||||
Accelerated Share Repurchases [Line Items] | ||||
Share repurchase, amount authorized | 200,000 | 200,000 | ||
Final repurchase date | 2015-02 | |||
Share repurchase, common stock shares | 5,567,154 | 5,567,154 | ||
Percentage Of Common Shares Initially Delivered Under Share Repurchase Program | 80.00% | 80.00% | ||
Amount paid to counter party under share repurchase program | $200,000 | $200,000 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $9,047 | $6,973 | $8,036 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 4,218 | 3,934 | 3,388 |
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 67 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 2,206 | 1,092 | 1,169 |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $2,623 | $1,947 | $3,412 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2009 | Mar. 31, 2010 | Dec. 31, 2011 | Feb. 29, 2012 | Feb. 28, 2013 | Dec. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum expected term of options under incentive compensation plans | 10 years | |||||||||
Stock option long term incentive plan granted vesting portion per year | One-third each year | |||||||||
Performance stock units granted | 380,064 | 380,064 | ||||||||
Stock options exercisable over the next twelve months | 393,157 | |||||||||
Weighted average remaining contractual life of options outstanding | 7 years | |||||||||
Unvested compensation cost related to stock options | $5,128 | |||||||||
Unvested compensation cost related to stock options recognized as expense | 21 months | |||||||||
Excess tax benefits | 1,268 | 494 | 2,469 | |||||||
Long-Term Incentive Plan 2009-2011 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance stock units granted | 1,155,000 | |||||||||
Long-Term Incentive Plan 2010-2012 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance stock units granted | 303,120 | |||||||||
Long-Term Incentive Plan 2011- 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance stock units granted | 311,670 | |||||||||
Long-Term Incentive Plan 2012- 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance stock units granted | 589,934 | |||||||||
Long-Term Incentive Plan 2013- 2015 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance stock units granted | 330,639 | |||||||||
Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted Average fair value of option granted | $12.26 | $12.97 | $7.33 | |||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted Stock Units vesting period | 2 years | 2 years | 2 years | 2 years | ||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted Stock Units vesting period | 4 years | 4 years | 4 years | 4 years | ||||||
Restricted Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance stock units granted | 181,500 | |||||||||
Weighted Average fair value of option granted | $27.53 | $25.72 | $15.54 | |||||||
Unvested compensation cost related to stock options | 3,910 | |||||||||
Unvested compensation cost related to stock options recognized as expense | 21 months | |||||||||
Number of shares vested | 111,790 | 97,059 | ||||||||
Performance Stock Units 2010 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 183,961 | |||||||||
Number of performance units, earned | 244,043 | |||||||||
Performance Stock Units 2010 [Member] | Vesting Period 2012 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 60,082 | |||||||||
Performance Stock Units 2012 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 91,190 | |||||||||
Number of performance units, earned | 307,813 | |||||||||
Performance Stock Units 2012 [Member] | Vesting Period 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 84,401 | |||||||||
Performance Stock Units 2012 [Member] | Vesting Period 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 132,222 | |||||||||
Performance Stock Units 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 9,821 | |||||||||
Number of performance units, earned | 33,405 | |||||||||
Performance Stock Units 2013 [Member] | Vesting Period 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 13,959 | |||||||||
Performance Stock Units 2013 [Member] | Vesting Period 2015 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 9,625 | |||||||||
Performance Stock Units 2011 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 49,248 | |||||||||
Number of performance units, earned | 123,788 | |||||||||
Performance Stock Units 2014 [Member] | Vesting Period 2015 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 33,910 | |||||||||
Performance Stock Units 2014 [Member] | Vesting Period 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares vested | 40,630 | |||||||||
Performance Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted Average fair value of option granted | $23.96 | $25.43 | $15.63 | |||||||
Unvested compensation cost related to stock options | $960 | |||||||||
Unvested compensation cost related to stock options recognized as expense | 19 months | |||||||||
Number of performance units, earned | 123,788 |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.00% | 1.20% | 1.20% |
Dividend yield | 1.80% | 1.70% | 2.70% |
Expected volatility of the Company's common stock | 0.64% | 0.65% | 0.64% |
Expected life in years | 6 years | 6 years | 6 years |
StockBased_Compensation_Detail
Stock-Based Compensation - Details of Stock Options Activity (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding, Beginning Balance | 1,710,244 | |||
Number of Shares, Granted | 380,064 | 380,064 | ||
Number of Shares, Exercised | -245,745 | |||
Number of Shares, Cancelled | -78,641 | |||
Outstanding, Ending Balance | 1,765,922 | |||
Exercisable, Ending Balance | 992,759 | |||
Available For Grant | 2,834,394 | |||
Weighted Average Exercise Price, Outstanding, Beginning Balance | $19.09 | |||
Weighted Average Exercise Price, Granted | $23.96 | |||
Weighted Average Exercise Price, Exercised | $18.11 | |||
Weighted Average Exercise Price, Canceled | $20.76 | |||
Weighted Average Exercise Price, Outstanding, Ending Balance | $20.20 | |||
Weighted Average Exercise Price, Exercisable | $18.55 | |||
Aggregate Intrinsic Value, Outstanding | $25,514 | |||
Aggregate Intrinsic Value, Exercisable | 15,985 | |||
Stock Options [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted average grant-date fair value of options granted (per share) | $12.26 | $12.97 | $7.33 | |
Aggregate intrinsic value of options exercised | 2,711 | 877 | 10,256 | |
Total fair value of shares vested | $3,905 | $3,407 | $2,641 |
Stock_Based_Compensation_Segre
Stock- Based Compensation - Segregated Disclosure of Options Outstanding (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding | 1,765,922 | 1,710,244 |
Weighted average exercise price | $20.20 | $19.09 |
Remaining contractual life | 7 years | |
Options exercisable | 992,759 | |
Weighted average exercise price | $18.55 | |
Less Than or Equal to $15.63 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding | 597,663 | |
Weighted average exercise price | $14.34 | |
Remaining contractual life | 6 years 6 months | |
Options exercisable | 408,525 | |
Weighted average exercise price | $13.75 | |
Greater Than $ 15.63 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding | 1,168,259 | |
Weighted average exercise price | $23.20 | |
Remaining contractual life | 7 years 3 months 18 days | |
Options exercisable | 584,234 | |
Weighted average exercise price | $21.91 |
StockBased_Compensation_Detail1
Stock-Based Compensation - Details of Nonvested Restricted Stock Units Activity (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Restricted Stock Units, Granted, Nonvested | 380,064 | 380,064 | ||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Restricted Units Outstanding, Beginning Balance, Nonvested | 60,686 | |||
Number of Restricted Stock Units, Granted, Nonvested | 181,500 | |||
Number of Restricted Stock Units, Vested | -46,144 | |||
Number of Restricted Stock Units , Accrued Dividend Equivalents, Nonvested | 1,796 | |||
Number of Restricted Units Outstanding, Ending Balance, Nonvested | 197,838 | 60,686 | ||
Weighted Average Grant-Date Fair Value, Nonvested, Beginning Balance | 22.61 | |||
Weighted average grant-date fair value of restricted shares granted | 27.53 | $25.72 | $15.54 | |
Weighted Average Grant-Date Fair Value, Vested | 25.69 | |||
Total fair value of shares vested | 1,185 | $1,122 | $1,495 | |
Weighted Average Grant-Date Fair Value, Accrued dividend equivalents | 31.4 | |||
Weighted Average Grant-Date Fair Value, Nonvested, Ending Balance | 26.48 | $22.61 |
StockBased_Compensation_Perfor
Stock-Based Compensation - Performance Based Units Earned under Long-Term Incentive Plan (Detail) (Performance Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Performance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Units Outstanding, Beginning Balance, Nonvested | 156,772 |
Number of Performance Shares, Earned | 123,788 |
Number of Performance Shares, Vested | -196,351 |
Number of Restricted Stock Units, Canceled | -3,128 |
Number of Performance Shares, Accrued Dividend Equivalents | 2,434 |
Number of Restricted Units Outstanding, Ending Balance, Nonvested | 83,515 |
Weighted Average Grant-Date Fair Value, Nonvested, Beginning Balance | $17.25 |
Weighted Average Grant-Date Fair Value, Earned | $23.96 |
Weighted Average Grant-Date Fair Value, Vested | $18.64 |
Weighted Average Grant-Date Fair Value, Canceled | $20.14 |
Weighted Average Grant-Date Fair Value, Accrued dividend equivalents | $26.82 |
Weighted Average Grant-Date Fair Value, Nonvested, Ending Balance | $24.11 |
Cumulative_Other_Comprehensive2
Cumulative Other Comprehensive Loss - Cumulative Other Comprehensive Loss in Accompanying Consolidated Statements of Equity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Ending balance | ($530,602) | ($410,020) |
Cumulative Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 59,660 | 44,135 |
Other comprehensive income (loss) before reclassifications | -50,601 | 15,525 |
Net current-period other comprehensive income (loss) | -50,601 | 15,525 |
Ending balance | 9,059 | 59,660 |
Changes in the Fair Value of Derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 1,615 | 427 |
Other comprehensive income (loss) before reclassifications | 5,626 | 1,727 |
Amount reclassified from accumulated other comprehensive loss | -2,479 | -539 |
Net current-period other comprehensive income (loss) | 3,147 | 1,188 |
Ending balance | 4,762 | 1,615 |
Unrecognized Postretirement Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -471,295 | -596,088 |
Other comprehensive income (loss) before reclassifications | -96,737 | 91,506 |
Amount reclassified from accumulated other comprehensive loss | 23,609 | 33,287 |
Net current-period other comprehensive income (loss) | -73,128 | 124,793 |
Ending balance | -544,423 | -471,295 |
Cumulative Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -410,020 | -551,526 |
Other comprehensive income (loss) before reclassifications | -141,712 | 108,758 |
Amount reclassified from accumulated other comprehensive loss | 21,130 | 32,748 |
Net current-period other comprehensive income (loss) | -120,582 | 141,506 |
Ending balance | ($530,602) | ($410,020) |
Cumulative_Other_Comprehensive3
Cumulative Other Comprehensive Loss - Cumulative Other Comprehensive Loss in Accompanying Consolidated Statements of Equity (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount of gain recognized in other comprehensive loss, tax portion | $2,174 | $670 | ($2,555) |
Amount of gain reclassified from Cumulative Other Comprehensive Loss | 3,699 | 1,085 | |
Income tax benefit (expense) on derivative instruments | 1,220 | 546 | |
Other comprehensive gain (loss), pre-tax | 157,087 | 156,627 | |
Other comprehensive loss, tax | 60,350 | 65,121 | |
Amortization of prior service credit | 566 | 566 | 873 |
Amortization of actuarial loss | -36,473 | -52,849 | |
Income tax provision on postretirement benefit plans | 12,298 | 18,996 | |
Derivatives Designated as Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | 9,020 | 2,943 | -1,770 |
Amount of gain recognized in other comprehensive loss, tax portion | $3,394 | $1,216 |
Comprehensive_Income_Attributa2
Comprehensive Income Attributable to Noncontrolling Shareholders' Interests - Comprehensive Income Attributable to Noncontrolling Shareholders' Interests (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Net income attributable to noncontrolling shareholders' interests | $23,244 | $22,552 | $32,055 |
Other comprehensive income: | |||
Currency translation adjustments | -4,295 | 3,205 | 2,143 |
Comprehensive income attributable to noncontrolling shareholders' interests | $18,949 | $25,757 | $34,198 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Total rental expense including long term leases and all other rentals | $40,934 | $33,199 | $29,275 |
Amount for non-cancelable operating leases | $89,215 |
Lease_Commitments_Future_Minim
Lease Commitments - Future Minimum Payments for all Non- Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $22,811 |
2016 | 17,581 |
2017 | 13,603 |
2018 | 9,996 |
2019 | 9,736 |
Thereafter | $15,488 |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tire | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum estimated sale of passenger, light truck, SUV, radial medium truck and motorcycle tires per year in North America | 30,000,000 | ||
Maximum estimated sale of passenger, light truck, SUV, radial medium truck and motorcycle tires per year in North America | 35,000,000 | ||
Estimated number of Company produced tires of different specifications | 300,000,000 | ||
Products liability expenses, Minimum | $0 | ||
Products liability expenses, Maximum | 33,000,000 | ||
Increased its products liability reserve | 47,609,000 | 60,091,000 | |
Increase in products liability reserve due to self insured incidents | 49,324,000 | 50,436,000 | |
Increase in products liability reserve due to revised estimates of future settlements for unasserted and premature claims | 8,298,000 | ||
Increase (Decrease) in products liability reserve due to changes in estimated amounts on existing reserves | -1,536,000 | 1,357,000 | |
Decrease in products liability reserve due to revised estimates of future settlements for unasserted and premature claims | -179,000 | ||
Period for resolution of few cases | 5 years | ||
Company paid to resolve cases and claims | 58,231,000 | 76,927,000 | |
Products liability reserve balance | 178,891,000 | 189,513,000 | |
Current portion products liability reserve balance | 69,892,000 | 70,472,000 | |
Products liability expenses | 78,143,000 | 89,044,000 | 103,610,000 |
Percentage of workforce subject to collective bargaining units | 38.00% | ||
Non cancelable purchase order commitments for capital expenditures | $77,781,000 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 2 |
Business_Segments_Net_Sales_an
Business Segments - Net Sales and Percentage of Consolidated Net Sales (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Net sales | $3,424,809 | $3,439,233 | $4,200,836 |
Tire [Member] | Americas [Member] | |||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Net sales | $361,546 | $364,493 | $549,685 |
Consolidated Net Sales | 11.00% | 11.00% | 13.00% |
Business_Segments_Segment_Fina
Business Segments - Segment Financial Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Sales revenue goods net | $3,424,809 | $3,439,233 | $4,200,836 |
Segment profit | 300,458 | 240,714 | 396,962 |
Interest expense | -28,138 | -27,906 | -29,546 |
Depreciation and amortization expense | 139,166 | 134,751 | 128,916 |
Interest income | 1,500 | 810 | 2,560 |
Segment assets | 2,489,931 | 2,738,147 | 2,801,160 |
Gain on sale in interest in subsidiary | 77,471 | ||
Expenditures for long-lived assets | 145,041 | 180,448 | 205,870 |
Other - income (expense) | -2,772 | -647 | -1,526 |
Income from continuing operations before income taxes | 348,519 | 212,971 | 368,450 |
Intercompany [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | -301,501 | -288,882 | -470,720 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 2,309 | 4,794 | 1,035 |
Segment assets | 781,576 | 606,678 | 726,270 |
Expenditures for long-lived assets | 4,761 | 30,820 | 57,929 |
Americas [Member] | Tire [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,585,484 | 2,486,586 | 3,095,558 |
Sales revenue goods net | 361,546 | 364,493 | 549,685 |
Segment profit | 274,837 | 204,239 | 295,900 |
Depreciation and amortization expense | 82,457 | 75,132 | 76,035 |
Segment assets | 1,285,296 | 1,172,555 | 1,181,500 |
Expenditures for long-lived assets | 95,539 | 87,655 | 68,655 |
Americas [Member] | External Customers [Member] | Tire [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,524,554 | 2,429,808 | 3,011,314 |
Americas [Member] | Intercompany [Member] | Tire [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 60,930 | 56,778 | 84,244 |
International [Member] | Tire [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,140,826 | 1,241,529 | 1,575,998 |
Segment profit | 74,566 | 83,990 | 143,589 |
Depreciation and amortization expense | 54,400 | 54,825 | 51,846 |
Segment assets | 423,059 | 958,914 | 893,390 |
Expenditures for long-lived assets | 44,741 | 61,973 | 79,286 |
International [Member] | External Customers [Member] | Tire [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 900,255 | 1,009,425 | 1,189,522 |
International [Member] | Intercompany [Member] | Tire [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 240,571 | 232,104 | 386,476 |
Unallocated Corporate Charges [Member] | Intercompany [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment profit | ($48,945) | ($47,515) | ($42,527) |
Business_Segments_Geographic_I
Business Segments - Geographic Information for Revenues, Based on Country of Origin, and Long-Lived Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $3,424,809 | $3,439,233 | $4,200,836 |
Long-Lived Assets | 740,203 | 974,269 | 1,052,668 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,423,471 | 2,332,526 | 2,914,721 |
Long-Lived Assets | 474,357 | 453,693 | 545,169 |
PRC [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 635,632 | 745,444 | 879,424 |
Long-Lived Assets | 113,335 | 353,551 | 357,782 |
Rest of World [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 365,706 | 361,263 | 406,691 |
Long-Lived Assets | $152,511 | $167,025 | $149,717 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Aug. 06, 2014 | Sep. 30, 2014 | Feb. 20, 2015 | Feb. 13, 2015 |
Accelerated Share Repurchases [Line Items] | |||||
Amount paid to counter party under share repurchase program | $200,000 | ||||
ASR Program [Member] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Share repurchase, common stock shares | 5,567,154 | 5,567,154 | |||
Amount paid to counter party under share repurchase program | 200,000 | 200,000 | |||
Share Repurchase Program [Abstract] | |||||
Stock repurchased program, authorized amount | 200,000 | ||||
Subsequent Event [Member] | |||||
Share Repurchase Program [Abstract] | |||||
Stock repurchased program, authorized amount | 200,000 | ||||
Stock repurchase program date of expiration | 31-Dec-16 | ||||
Subsequent Event [Member] | ASR Program [Member] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Share repurchase, common stock shares | 784,694 | ||||
Amount paid to counter party under share repurchase program | $200,000 | ||||
Subsequent Event [Member] | ASR Program [Member] | Counter Party [Member] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Share repurchase, common stock shares | 6,351,848 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $16,995,668 | $13,267,184 | $10,622,274 |
Charged To Income | 1,227,513 | 4,179,025 | 6,760,626 |
Business Acquisitions | 0 | 0 | 0 |
Deductions | 9,430,963 | 450,541 | 4,115,716 |
Balance at End of Year | 8,792,218 | 16,995,668 | 13,267,184 |
Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 32,370,365 | 27,992,622 | 28,270,571 |
Charged To Income | 3,634,906 | 6,953,692 | 2,406,334 |
Charged To Equity | 0 | 0 | 0 |
Deductions | 2,702,163 | 2,575,949 | 2,684,283 |
Balance at End of Year | $33,303,108 | $32,370,365 | $27,992,622 |