Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CR | ' |
Entity Registrant Name | 'Crane Co /DE/ | ' |
Entity Central Index Key | '0000025445 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 58,150,981 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $637,515 | $645,981 | $1,913,832 | $1,949,280 |
Operating costs and expenses: | ' | ' | ' | ' |
Cost of sales | 421,317 | 426,148 | 1,257,161 | 1,291,865 |
Selling, general and administrative | 127,189 | 133,089 | 391,916 | 408,250 |
Restructuring charges | ' | 160 | ' | 14,907 |
Operating profit from continuing operations | 89,009 | 86,584 | 264,755 | 234,258 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 337 | 443 | 1,488 | 1,292 |
Interest expense | -6,688 | -6,618 | -20,651 | -20,114 |
Miscellaneous - net | -456 | -6 | -170 | -704 |
Nonoperating Income (Expense), Total | -6,807 | -6,181 | -19,333 | -19,526 |
Income from Continuing Operations Before Income Taxes | 82,202 | 80,403 | 245,422 | 214,732 |
Provision for Income Taxes | 24,719 | 23,997 | 74,583 | 64,515 |
Income from Continuing Operations | 57,483 | 56,406 | 170,839 | 150,217 |
Discontinued Operations: | ' | ' | ' | ' |
Income from Discontinued Operations, net of tax | 0 | 0 | 0 | 2,456 |
Gain from Sales of Discontinued Operations, net of tax | 0 | 901 | 0 | 19,177 |
Discontinued Operations, net of tax | 0 | 901 | 0 | 21,633 |
Net income before allocation to noncontrolling interests | 57,483 | 57,307 | 170,839 | 171,850 |
Less: Noncontrolling interest in subsidiaries’ earnings | 352 | 182 | 1,043 | 501 |
Net income attributable to common shareholders | $57,131 | $57,125 | $169,796 | $171,349 |
Earnings per share - basic: (a) | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.98 | $0.99 | $2.94 | $2.61 |
Discontinued operations, net of tax | $0 | $0.02 | $0 | $0.38 |
Net income attributable to common shareholders | $0.98 | $1 | $2.94 | $2.98 |
Earnings per share - diluted: (a) | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.97 | $0.97 | $2.89 | $2.56 |
Discontinued operations, net of tax | $0 | $0.02 | $0 | $0.37 |
Net income attributable to common shareholders | $0.97 | $0.99 | $2.89 | $2.93 |
Average basic shares outstanding | 58,093 | 57,123 | 57,814 | 57,565 |
Average diluted shares outstanding | 59,035 | 57,873 | 58,737 | 58,435 |
Dividends per share | $0.30 | $0.28 | $0.86 | $0.80 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income before allocation to noncontrolling interests | $57,483 | $57,307 | $170,839 | $171,850 |
Currency translation adjustment | 30,343 | -733 | 8,015 | 914 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax benefit | 2,290 | 3,012 | 6,872 | 9,870 |
Other comprehensive income (loss) | 32,633 | 2,279 | 14,887 | 10,784 |
Comprehensive income before allocation to noncontrolling interests | 90,116 | 59,586 | 185,726 | 182,634 |
Less: Noncontrolling interests in comprehensive income (loss) | 427 | -174 | 974 | 84 |
Comprehensive income attributable to common shareholders | $89,689 | $59,760 | $184,752 | $182,550 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $403,404 | $423,947 |
Accounts receivable, net | 382,348 | 333,330 |
Current insurance receivable - asbestos | 33,722 | 33,722 |
Inventories, net: | ' | ' |
Finished goods | 117,576 | 113,872 |
Finished parts and subassemblies | 38,238 | 37,517 |
Work in process | 61,723 | 59,277 |
Raw materials | 143,489 | 142,059 |
Inventories, net | 361,026 | 352,725 |
Current deferred tax asset | 24,762 | 21,618 |
Other current assets | 14,936 | 15,179 |
Total current assets | 1,220,198 | 1,180,521 |
Property, plant and equipment: | ' | ' |
Cost | 811,618 | 796,377 |
Less: accumulated depreciation | 552,067 | 528,094 |
Property, plant and equipment, net | 259,551 | 268,283 |
Long-term insurance receivable - asbestos | 147,953 | 171,752 |
Long-term deferred tax assets | 220,880 | 245,843 |
Other assets | 83,498 | 83,774 |
Intangible assets, net | 114,791 | 125,913 |
Goodwill | 811,274 | 813,792 |
Total assets | 2,858,145 | 2,889,878 |
Current liabilities: | ' | ' |
Short-term borrowings | 124,672 | 1,123 |
Accounts payable | 175,731 | 182,731 |
Current asbestos liability | 91,670 | 91,670 |
Accrued liabilities | 189,781 | 220,678 |
U.S. and foreign taxes on income | 10,874 | 15,686 |
Total current liabilities | 592,728 | 511,888 |
Long-term debt | 199,220 | 399,092 |
Accrued pension and postretirement benefits | 217,147 | 233,603 |
Long-term deferred tax liability | 36,145 | 36,853 |
Long-term asbestos liability | 632,081 | 704,195 |
Other liabilities | 71,348 | 76,871 |
Total liabilities | 1,748,669 | 1,962,502 |
Commitments and contingencies (Note 9) | ' | ' |
Equity: | ' | ' |
Preferred shares, par value $.01; 5,000,000 shares authorized | 0 | 0 |
Common stock, par value $1.00; 200,000,000 shares authorized, 72,426,139 shares issued | 72,426 | 72,426 |
Capital surplus | 221,584 | 204,472 |
Retained earnings | 1,370,949 | 1,250,972 |
Accumulated other comprehensive loss | -113,121 | -128,077 |
Treasury stock | -452,329 | -481,410 |
Total shareholders’ equity | 1,099,509 | 918,383 |
Noncontrolling interests | 9,967 | 8,993 |
Total equity | 1,109,476 | 927,376 |
Total liabilities and equity | $2,858,145 | $2,889,878 |
Common stock issued | 72,426,139 | 72,426,139 |
Less: Common stock held in treasury | -14,288,128 | -15,319,967 |
Common stock outstanding | 58,138,011 | 57,106,172 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 72,426,139 | 72,426,139 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income attributable to common shareholders | $169,796 | $171,349 |
Noncontrolling interests in subsidiaries’ earnings | 1,043 | 501 |
Net income before allocation to noncontrolling interests | 170,839 | 171,850 |
Gain on divestitures | 0 | -29,445 |
Restructuring - non cash | 0 | 2,777 |
Depreciation and amortization | 38,159 | 43,122 |
Stock-based compensation expense | 16,299 | 12,860 |
Defined benefit plans and postretirement expense | 3,539 | 14,769 |
Deferred income taxes | 18,124 | 24,417 |
Cash used for working capital | -88,808 | -79,322 |
Defined benefit plans and postretirement contributions | -13,185 | -4,463 |
Environmental payments, net of reimbursements | -11,202 | -11,256 |
Payments for asbestos-related fees and costs, net of insurance recoveries | -48,314 | -60,051 |
Other | 5,548 | -6,005 |
Total provided by operating activities | 90,999 | 79,253 |
Investing activities: | ' | ' |
Capital expenditures | -19,016 | -19,944 |
Proceeds from disposition of capital assets | 372 | 2,254 |
Proceeds from divestiture | ' | 53,599 |
Total (used for) provided by investing activities | -18,644 | 35,909 |
Equity: | ' | ' |
Dividends paid | -49,778 | -45,998 |
Reacquisition of shares on open market | 0 | -49,991 |
Stock options exercised - net of shares reacquired | 24,083 | 8,426 |
Excess tax benefit from stock-based compensation | 5,787 | 3,233 |
Debt: | ' | ' |
Change in short-term debt | 123,197 | 0 |
Repayment of long-term debt | -200,000 | 0 |
Total used for financing activities | -96,711 | -84,330 |
Effect of exchange rates on cash and cash equivalents | 3,813 | 4,615 |
(Decrease) Increase in cash and cash equivalents | -20,543 | 35,447 |
Cash and cash equivalents at beginning of period | 423,947 | 245,089 |
Cash and cash equivalents at end of period | 403,404 | 280,536 |
Detail of cash used for working capital: | ' | ' |
Accounts receivable | -42,883 | -65,061 |
Inventories | -9,605 | -6,205 |
Other current assets | 10 | -3,799 |
Accounts payable | -5,901 | -20,891 |
Accrued liabilities | -30,536 | -8,122 |
U.S. and foreign taxes on income | 107 | 24,756 |
Total | -88,808 | -79,322 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 20,491 | 19,405 |
Income taxes paid | $50,565 | $23,700 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Prior period segment data has been restated to reflect the Company's revised reportable segment structure. See Note 2, "Segment Results" for a discussion of the change in reportable segments. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standard Board ("FASB") issued amended guidance on the presentation of certain unrecognized tax benefits (“UTBs”) in the financial statements. The amendments require the netting of UTBs against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards created by the UTBs. The amendments require prospective adoption but allow optional retrospective adoption (for all periods presented). The amendments are effective for fiscal years and interim periods within those years beginning after December 15, 2013. The Company is currently evaluating the impact that the amended guidance will have on its condensed consolidated balance sheets when adopted. | |
In July 2012, the FASB issued amended guidance to simplify how entities test indefinite-lived intangible assets for impairment. The amendments permit an entity to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired and whether it is necessary to perform the quantitative impairment test for indefinite-lived intangible assets required under current accounting standards. The amendments were effective for annual and interim impairment tests of indefinite-lived intangible assets performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company performs its assessment of intangible assets on an annual basis during the fourth quarter and does not expect the amended guidance to have a material impact on its consolidated financial position, results of operations, cash flows and disclosures. |
Segment_Results
Segment Results | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Segment Results | ' | |||||||||||||||
Segment Results | ||||||||||||||||
Beginning in the first quarter of 2013, the Controls segment (consisting of the Barksdale and Crane Environmental businesses) is included in the Fluid Handling segment. Prior period amounts have been reclassified to the new reporting structure for comparative purposes. | ||||||||||||||||
The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has four reportable segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems and Fluid Handling. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Furthermore, Corporate consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs. | ||||||||||||||||
Financial information by reportable segment is set forth below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | ||||||||||||||||
Aerospace & Electronics | $ | 169,771 | $ | 171,368 | $ | 507,046 | $ | 525,127 | ||||||||
Engineered Materials | 61,956 | 56,956 | 179,933 | 169,603 | ||||||||||||
Merchandising Systems | 83,636 | 92,489 | 257,927 | 277,741 | ||||||||||||
Fluid Handling | 322,152 | 325,168 | 968,926 | 976,809 | ||||||||||||
Total | $ | 637,515 | $ | 645,981 | $ | 1,913,832 | $ | 1,949,280 | ||||||||
Operating profit (loss) from continuing operations | ||||||||||||||||
Aerospace & Electronics | $ | 38,105 | $ | 39,833 | $ | 115,257 | $ | 116,834 | ||||||||
Engineered Materials | 10,792 | 7,226 | 28,538 | 21,178 | ||||||||||||
Merchandising Systems | 7,869 | 9,496 | 26,902 | 23,324 | ||||||||||||
Fluid Handling | 46,594 | 45,736 | 146,688 | 119,433 | ||||||||||||
Corporate | (14,351 | ) | (15,707 | ) | (52,630 | ) | (46,511 | ) | ||||||||
Total | 89,009 | 86,584 | 264,755 | 234,258 | ||||||||||||
Interest income | 337 | 443 | 1,488 | 1,292 | ||||||||||||
Interest expense | (6,688 | ) | (6,618 | ) | (20,651 | ) | (20,114 | ) | ||||||||
Miscellaneous - net | (456 | ) | (6 | ) | (170 | ) | (704 | ) | ||||||||
Income from continuing operations before income taxes | $ | 82,202 | $ | 80,403 | $ | 245,422 | $ | 214,732 | ||||||||
As of | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||
Assets | ||||||||||||||||
Aerospace & Electronics | $ | 512,689 | $ | 509,672 | ||||||||||||
Engineered Materials | 241,455 | 237,478 | ||||||||||||||
Merchandising Systems | 412,629 | 408,702 | ||||||||||||||
Fluid Handling | 968,030 | 993,275 | ||||||||||||||
Corporate | 723,342 | 740,751 | ||||||||||||||
Total | $ | 2,858,145 | $ | 2,889,878 | ||||||||||||
As of | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||
Goodwill | ||||||||||||||||
Aerospace & Electronics | $ | 202,754 | $ | 203,595 | ||||||||||||
Engineered Materials | 171,529 | 171,533 | ||||||||||||||
Merchandising Systems | 199,368 | 201,866 | ||||||||||||||
Fluid Handling | 237,623 | 236,798 | ||||||||||||||
Total | $ | 811,274 | $ | 813,792 | ||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On June 19, 2012, the Company sold Azonix Corporation (“Azonix”) to Cooper Industries for $44.8 million, of which $0.9 million and $0.5 million were recorded in the third and fourth quarters of 2012, respectively, resulting in an after tax gain of $14.5 million. As a result, the Condensed Consolidated Statement of Operations presents Azonix as a discontinued operation. | ||||||||||||||||
On June 28, 2012, the Company sold certain assets and operations of the Company’s valve service center in Houston, Texas to Furmanite Corporation for $9.3 million, resulting in an after tax gain of $4.6 million. As a result, the Condensed Consolidated Statement of Operations presents the Company’s valve service center in Houston, Texas as a discontinued operation. | ||||||||||||||||
The operating results of the discontinued operations for the three and nine months ended September 30, 2013 and 2012 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Sales | $ | — | $ | — | $ | — | $ | 25,544 | ||||||||
Income from discontinued operations before income taxes | $ | — | $ | — | $ | — | $ | 3,777 | ||||||||
Provision for income taxes | — | — | — | 1,321 | ||||||||||||
Income from discontinued operations, net of income taxes | $ | — | $ | — | $ | — | $ | 2,456 | ||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Earnings Per Share | ' | ||||||||||||||
Earnings Per Share | |||||||||||||||
The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, Restricted Share Units, Deferred Stock Units and Performance-based Restricted Share Units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the year. | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Income from continuing operations | $ | 57,483 | $ | 56,406 | $ | 170,839 | $ | 150,217 | |||||||
Less: Noncontrolling interest in subsidiaries’ earnings | 352 | 182 | 1,043 | 501 | |||||||||||
Income from continuing operations attributable to common shareholders | 57,131 | 56,224 | 169,796 | 149,716 | |||||||||||
Discontinued operations, net of tax | — | 901 | — | 21,633 | |||||||||||
Net income attributable to common shareholders | $ | 57,131 | $ | 57,125 | $ | 169,796 | $ | 171,349 | |||||||
Average basic shares outstanding | 58,093 | 57,123 | 57,814 | 57,565 | |||||||||||
Effect of dilutive stock options | 942 | 750 | 923 | 870 | |||||||||||
Average diluted shares outstanding | 59,035 | 57,873 | 58,737 | 58,435 | |||||||||||
Earnings per share - basic: (a) | |||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 0.98 | $ | 0.99 | $ | 2.94 | $ | 2.61 | |||||||
Discontinued operations, net of tax | — | 0.02 | — | 0.38 | |||||||||||
Net income attributable to common shareholders | $ | 0.98 | $ | 1 | $ | 2.94 | $ | 2.98 | |||||||
Earnings per share - diluted: (a) | |||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 0.97 | $ | 0.97 | $ | 2.89 | $ | 2.56 | |||||||
Discontinued operations, net of tax | — | 0.02 | — | 0.37 | |||||||||||
Net income attributable to common shareholders | $ | 0.97 | $ | 0.99 | $ | 2.89 | $ | 2.93 | |||||||
(a) | EPS amounts may not add due to rounding | ||||||||||||||
The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options during the period (13 thousand and 1.9 million average options were excluded for the third quarter of 2013 and 2012, respectively, and 0.9 million and 1.8 million average options for the first nine months of 2013 and 2012, respectively). |
Changes_in_Equity_and_Comprehe
Changes in Equity and Comprehensive Income | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Changes in Equity and Comprehensive Income | ' | |||||||||||||||||||||||
Changes in Equity and Comprehensive Income | ||||||||||||||||||||||||
A summary of the changes in equity for the nine months ended September 30, 2013 and 2012 is provided below: | ||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Total | Noncontrolling | Total Equity | Total | Noncontrolling | Total Equity | ||||||||||||||||||
Shareholders’ | Interests | Shareholders’ | Interests | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
Balance, beginning of period | $ | 918,383 | $ | 8,993 | $ | 927,376 | $ | 813,553 | $ | 8,503 | $ | 822,056 | ||||||||||||
Dividends | (49,819 | ) | — | (49,819 | ) | (45,998 | ) | — | (45,998 | ) | ||||||||||||||
Reacquisition on open market | — | — | — | (49,991 | ) | — | (49,991 | ) | ||||||||||||||||
Exercise of stock options, net of shares reacquired | 24,107 | — | 24,107 | 7,958 | — | 7,958 | ||||||||||||||||||
Stock compensation expense | 16,299 | — | 16,299 | 12,860 | — | 12,860 | ||||||||||||||||||
Excess tax benefit from stock based compensation | 5,787 | — | 5,787 | 3,233 | — | 3,233 | ||||||||||||||||||
Net income | 169,796 | 1,043 | 170,839 | 171,349 | 501 | 171,850 | ||||||||||||||||||
Other comprehensive income (loss) | 14,956 | (69 | ) | 14,887 | 11,201 | (417 | ) | 10,784 | ||||||||||||||||
Comprehensive income | 184,752 | 974 | 185,726 | 182,550 | 84 | 182,634 | ||||||||||||||||||
Balance, end of period | $ | 1,099,509 | $ | 9,967 | $ | 1,109,476 | $ | 924,165 | $ | 8,587 | $ | 932,752 | ||||||||||||
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on the Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension and Other Postretirement Items* | Currency Translation Adjustment | Total | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | (197,806 | ) | $ | 69,729 | $ | (128,077 | ) | ||||||||||||||||
Other comprehensive income before reclassifications | — | 8,084 | 8,084 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 6,872 | — | 6,872 | |||||||||||||||||||||
Net current-period other comprehensive income | 6,872 | 8,084 | 14,956 | |||||||||||||||||||||
Balance as of September 30, 2013 | $ | (190,934 | ) | $ | 77,813 | $ | (113,121 | ) | ||||||||||||||||
* Net of tax benefit of $86,283 and $89,540 for September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||
The table below illustrates the amounts (in thousands) reclassified out of each component of accumulated other comprehensive income for the period ended September 30, 2013. | ||||||||||||||||||||||||
Details of Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Operations | ||||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||||||
Prior-service costs | $ | 10 | $14 and ($4) have been recorded within Cost of Sales and Selling, General & Administrative, respectively | |||||||||||||||||||||
Net loss (gain) | 10,330 | $14,001 and ($3,671) have been recorded within Cost of Sales and Selling, General & Administrative, respectively | ||||||||||||||||||||||
Amortization of other postretirement items: | ||||||||||||||||||||||||
Prior-service costs | (177 | ) | Recorded within Selling, General & Administrative | |||||||||||||||||||||
Net loss (gain) | (34 | ) | Recorded within Selling, General & Administrative | |||||||||||||||||||||
$ | 10,129 | Total before tax | ||||||||||||||||||||||
3,257 | Tax benefit | |||||||||||||||||||||||
Total reclassifications for the period | $ | 6,872 | Net of tax | |||||||||||||||||||||
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Acquisitions | ' |
Acquisitions | |
Acquisitions are accounted for in accordance with the guidance for business combinations. Accordingly, the Company makes an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains this information during due diligence and through other sources. In the months after closing, as the Company obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. | |
In December 2012, the Company entered into a Stock Purchase Agreement to purchase all of the outstanding equity interests of MEI Conlux Holdings (U.S.), Inc. and its affiliate MEI Conlux Holdings (Japan), Inc. (together “MEI”) for a purchase price of $820 million on a cash free and debt free basis. In the course of obtaining required regulatory approvals, the Company agreed to certain conditions imposed by the European Commission (“the Commission”). In July 2013, the Commission cleared the pending acquisition of MEI conditioned upon the Company's entry into agreements satisfactory to the Commission to implement remedies regarding two product lines - divestiture of the B2B bill recycler product line and licensing in Europe for the Currenza C2 coin recycler product line, both manufactured and sold by Crane Co.'s Payment Solutions business, within its Merchandising Systems segment. The remedies would not affect the competing bill and coin recycler product lines of MEI. In connection with these remedies, the Company and the representatives of the owners of MEI reached agreement to revise the purchase price to approximately $804 million on a cash free and debt free basis. The Company also agreed to share in one-third of any refinancing costs incurred by MEI as a result of the delayed closing, up to a maximum of $5 million. Subject to negotiation, execution and approval of agreements implementing the remedies, the acquisition is expected to close in the fourth quarter of 2013. MEI is a leading provider of payment solutions for unattended transaction systems, serving customers in the transportation, gaming, retail, service payment and vending markets. MEI, which had sales of approximately $400 million in 2012, will be integrated into the Company's Payment Solutions business within its Merchandising Systems segment. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||||
The Company’s business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. The Company follows the provisions of Accounting Standards Codification (“ASC”) Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the Condensed Consolidated Financial Statements. These provisions require that the Company, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. The Company performs its annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. The Company believes that there have been no events or circumstances which would more likely than not reduce the fair value for its reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. In certain instances, the Company has aggregated components of an operating segment into a single reporting unit based on similar economic characteristics. At September 30, 2013, the Company had eleven reporting units. | ||||||||||||||||||||||||||
When performing its annual impairment assessment, the Company compares the fair value of each of its reporting units to its respective carrying value. Goodwill is considered to be potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of the Company’s most recent annual impairment assessment, ranged between 9.5% and 17% (a weighted average of 11%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing the Company’s reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate its discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of its reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. Furthermore, in order to evaluate the sensitivity of the fair value calculations on the goodwill impairment test performed during the fourth quarter of 2012, the Company applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in the fair value calculation exceeding the carrying value for each reporting unit. | ||||||||||||||||||||||||||
Changes to goodwill are as follows: | ||||||||||||||||||||||||||
(in thousands) | Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 813,792 | $ | 820,824 | ||||||||||||||||||||||
Disposals | — | (13,966 | ) | |||||||||||||||||||||||
Currency translation | (2,518 | ) | 6,934 | |||||||||||||||||||||||
Balance at end of period | $ | 811,274 | $ | 813,792 | ||||||||||||||||||||||
For the year ended December 31, 2012, the disposals represent goodwill associated with the Company’s divested businesses. See discussion in Note 3, "Discontinued Operations" for further details. | ||||||||||||||||||||||||||
Changes to intangible assets are as follows: | ||||||||||||||||||||||||||
(in thousands) | Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||
Balance at beginning of period, net of accumulated amortization | $ | 125,913 | $ | 146,227 | ||||||||||||||||||||||
Disposals | — | (3,789 | ) | |||||||||||||||||||||||
Amortization expense | (12,290 | ) | (16,907 | ) | ||||||||||||||||||||||
Currency translation and other | 1,168 | 382 | ||||||||||||||||||||||||
Balance at end of period, net of accumulated amortization | $ | 114,791 | $ | 125,913 | ||||||||||||||||||||||
For the year ended December 31, 2012, the disposals represent intangible assets associated with the Company’s divested businesses. See discussion in Note 3, "Discontinued Operations" for further details. | ||||||||||||||||||||||||||
As of September 30, 2013, the Company had $114.8 million of net intangible assets, of which $31.4 million were intangibles with indefinite useful lives, consisting of trade names. The Company amortizes the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. Intangibles with indefinite useful lives are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an intangible asset with an indefinite useful life exceeds the fair value, the intangible asset is written down to its fair value. Fair value is calculated using discounted cash flows. | ||||||||||||||||||||||||||
In addition to annual testing for impairment of indefinite-lived intangible assets, the Company reviews all of its long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups and include estimated future revenues, gross profit margins, operating profit margins and capital expenditures which are based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent our best estimates based on current and forecasted market conditions, and the profit margin assumptions are based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a charge would be taken against net earnings based on the amount by which the carrying amount exceeds the estimated fair value. Judgments that the Company makes which impact these assessments relate to the expected useful lives of long-lived assets and its ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets, and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the fair value of long-lived assets, there is risk that the carrying value of our long-lived assets may require adjustment in future periods. Historical results to date have generally approximated expected cash flows for the identifiable cash flow generating level. The Company believes that there have been no events or circumstances which would more likely than not reduce the fair value of its indefinite-lived and amortizing intangible assets. | ||||||||||||||||||||||||||
A summary of intangible assets follows: | ||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Amortization Period of Finite Lived Assets (in years) | 30-Sep-13 | December 31, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Asset | Amortization | Asset | Amortization | |||||||||||||||||||||||
Intellectual property rights | 18.8 | $ | 88,950 | $ | 49,105 | $ | 39,845 | $ | 88,614 | $ | 47,202 | $ | 41,412 | |||||||||||||
Customer relationships and backlog | 11.7 | 139,774 | 81,092 | 58,682 | 140,250 | 73,630 | 66,620 | |||||||||||||||||||
Drawings | 37.9 | 11,149 | 9,925 | 1,224 | 11,149 | 9,850 | 1,299 | |||||||||||||||||||
Other | 14 | 51,179 | 36,139 | 15,040 | 51,093 | 34,511 | 16,582 | |||||||||||||||||||
Total | 14.1 | $ | 291,052 | $ | 176,261 | $ | 114,791 | $ | 291,106 | $ | 165,193 | $ | 125,913 | |||||||||||||
Amortization expense for these intangible assets is currently estimated to be approximately $4.3 million in total for the remainder of 2013, $14.5 million in 2014, $12.7 million in 2015, $11.9 million in 2016, $11.4 million in 2017 and $28.5 million in 2018 and thereafter. |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ||||||||
Accrued liabilities consist of: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Employee related expenses | $ | 73,178 | $ | 90,911 | ||||
Warranty | 10,005 | 10,718 | ||||||
Other | 106,598 | 119,049 | ||||||
Total | $ | 189,781 | $ | 220,678 | ||||
The Company accrues warranty liabilities when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Warranty provision is included in cost of sales in the Condensed Consolidated Statements of Operations. | ||||||||
A summary of the warranty liabilities is as follows: | ||||||||
(in thousands) | Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | ||||||
Balance at beginning of period | $ | 10,718 | $ | 16,379 | ||||
Expense | 7,810 | 6,190 | ||||||
Changes due to acquisitions/divestitures | — | (498 | ) | |||||
Payments / deductions | (8,558 | ) | (11,426 | ) | ||||
Currency translation | 35 | 73 | ||||||
Balance at end of period | $ | 10,005 | $ | 10,718 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||
Asbestos Liability | ||||||||||||||||||||
Information Regarding Claims and Costs in the Tort System | ||||||||||||||||||||
As of September 30, 2013, the Company was a defendant in cases filed in numerous state and federal courts alleging injury or death as a result of exposure to asbestos. Activity related to asbestos claims during the periods indicated was as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||
September 30, | September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | ||||||||||||||||
Beginning claims | 54,969 | 57,559 | 56,442 | 58,658 | 58,658 | |||||||||||||||
New claims | 683 | 933 | 2,207 | 2,720 | 3,542 | |||||||||||||||
Settlements | (234 | ) | (253 | ) | (688 | ) | (800 | ) | (1,030 | ) | ||||||||||
Dismissals | (1,596 | ) | (1,467 | ) | (4,139 | ) | (3,983 | ) | (4,919 | ) | ||||||||||
MARDOC claims* | — | 1 | — | 178 | 191 | |||||||||||||||
Ending claims | 53,822 | 56,773 | 53,822 | 56,773 | 56,442 | |||||||||||||||
* As of January 1, 2010, the Company was named in 36,448 maritime actions which had been administratively dismissed by the United States District Court for the Eastern District of Pennsylvania ("MARDOC claims"), and therefore were not classified as active claims. In addition, the Company was named in 8 new maritime actions in 2010 (also not classified as active claims). Through September 30, 2013, pursuant to an ongoing review process initiated by the Court, 26,562 claims were permanently dismissed, and 3,391 claims were classified as active, of which 810 claims were subsequently dismissed, and 2,581 claims remain active (and have been added to "Ending claims"). The Company expects that more of the remaining 6,503 maritime actions will be activated, or permanently dismissed, as the Court's review process continues. The number on this line reflects the number of previously inactive MARDOC claims that were newly activated in a given period. | ||||||||||||||||||||
Of the 53,822 pending claims as of September 30, 2013, approximately 19,100 claims were pending in New York, approximately 9,700 claims were pending in Texas, approximately 5,300 claims were pending in Mississippi, and approximately 3,000 claims were pending in Ohio, all jurisdictions in which legislation or judicial orders restrict the types of claims that can proceed to trial on the merits. | ||||||||||||||||||||
Substantially all of the claims the Company resolves are either dismissed or concluded through settlements. To date, the Company has paid two judgments arising from adverse jury verdicts in asbestos matters. The first payment, in the amount of $2.54 million, was made on July 14, 2008, approximately two years after the adverse verdict in the Joseph Norris matter in California, after the Company had exhausted all post-trial and appellate remedies. The second payment, in the amount of $0.02 million, was made in June 2009 after an adverse verdict in the Earl Haupt case in Los Angeles, California on April 21, 2009. | ||||||||||||||||||||
The Company has tried several cases resulting in defense verdicts by the jury or directed verdicts for the defense by the court, one of which, the Patrick O’Neil claim in Los Angeles, was reversed on appeal. In an opinion dated January 12, 2012, the California Supreme Court reversed the decision of the Court of Appeal and instructed the trial court to enter a judgment of nonsuit in favor of the defendants. | ||||||||||||||||||||
On March 14, 2008, the Company received an adverse verdict in the James Baccus claim in Philadelphia, Pennsylvania, with compensatory damages of $2.45 million and additional damages of $11.9 million. The Company’s post-trial motions were denied by order dated January 5, 2009. The case was concluded by settlement in the fourth quarter of 2010 during the pendency of the Company’s appeal to the Superior Court of Pennsylvania. | ||||||||||||||||||||
On May 16, 2008, the Company received an adverse verdict in the Chief Brewer claim in Los Angeles, California. The amount of the judgment entered was $0.68 million plus interest and costs. The Company pursued an appeal in this matter, and on August 2, 2012 the California Court of Appeal reversed the judgment and remanded the matter to the trial court for entry of judgment notwithstanding the verdict in favor of the Company on the ground that this claim could not be distinguished factually from the Patrick O'Neil case decided in the Company's favor by the California Supreme Court. | ||||||||||||||||||||
On February 2, 2009, the Company received an adverse verdict in the Dennis Woodard claim in Los Angeles, California. The jury found that the Company was responsible for one-half of one percent (0.5%) of plaintiffs’ damages of $16.93 million; however, based on California court rules regarding allocation of damages, judgment was entered against the Company in the amount of $1.65 million, plus costs. Following entry of judgment, the Company filed a motion with the trial court requesting judgment in the Company’s favor notwithstanding the jury’s verdict, and on June 30, 2009, the court advised that the Company’s motion was granted and judgment was entered in favor of the Company. The trial court’s ruling was affirmed on appeal by order dated August 25, 2011. The plaintiffs appealed that ruling to the Supreme Court of California, which dismissed the appeal on February 29, 2012; the matter is now finally determined in the Company’s favor. | ||||||||||||||||||||
On March 23, 2010, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1/11th share of a $14.5 million verdict in the James Nelson claim, and for a 1/20th share of a $3.5 million verdict in the Larry Bell claim. On February 23, 2011, the court entered judgment on the verdicts in the amount of $0.2 million against the Company, only, in Bell, and in the amount of $4.0 million, jointly, against the Company and two other defendants in Nelson, with additional interest in the amount of $0.01 million being assessed against the Company, only, in Nelson. All defendants, including the Company, and the plaintiffs took timely appeals of certain aspects of those judgments. The Company resolved the Bell appeal by settlement, which is reflected in the settled claims for 2012. On September 5, 2013, the Pennsylvania Superior Court, in a 2-1 decision, vacated the Nelson verdict against all defendants, reversing and remanding for a new trial. Plaintiffs have requested a rehearing in the Superior Court, which the defendants, including the Company, have opposed. | ||||||||||||||||||||
On August 17, 2011, a New York City state court jury found the Company responsible for a 99% share of a $32 million verdict on the Ronald Dummitt claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argued were excessive under New York appellate case law governing awards for non-economic losses. The Court held oral argument on these motions on October 18, 2011 and issued a written decision on August 21, 2012 confirming the jury's liability findings but reducing the award of damages to $8 million. At plaintiffs' request, the Court entered a judgment in the amount of $4.9 million against the Company, taking into account settlement offsets and accrued interest under New York law. The Company has appealed. | ||||||||||||||||||||
On March 9, 2012, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1/8th share of a $123,000 verdict in the Frank Paasch claim. The Company and plaintiffs filed post-trial motions. On May 31, 2012, on plaintiffs’ motion, the Court entered an order dismissing the claim against the Company, with prejudice, and without any payment. | ||||||||||||||||||||
On August 29, 2012, the Company received an adverse verdict in the William Paulus claim in Los Angeles, California. The jury found that the Company was responsible for ten percent (10%) of plaintiffs' non-economic damages of $6.5 million, plus a portion of plaintiffs' economic damages of $0.4 million. Based on California court rules regarding allocation of damages, judgment was entered in the amount of $0.8 million against the Company. The Company filed post-trial motions requesting judgment in the Company's favor notwithstanding the jury's verdict, which were denied. The Company has appealed. | ||||||||||||||||||||
On October 23, 2012, the Company received an adverse verdict in the Gerald Suttner claim in Buffalo, New York. The jury found that the Company was responsible for four percent (4%) of plaintiffs' damages of $3 million. The Company filed post-trial motions requesting judgment in the Company's favor notwithstanding the jury's verdict, which were denied. The court entered a judgment of $0.1 million against the Company. The Company has appealed. | ||||||||||||||||||||
On November 28, 2012, the Company received an adverse verdict in the James Hellam claim in Oakland, CA. The jury found that the Company was responsible for seven percent (7%) of plaintiffs' non-economic damages of $4.5 million, plus a portion of their economic damages of $0.9 million. Based on California court rules regarding allocation of damages, judgment was entered against the Company in the amount of $1.282 million. The Company filed post-trial motions requesting judgment in the Company's favor notwithstanding the jury's verdict and also requesting that settlement offsets be applied to reduce the judgment in accordance with California law. On January 31, 2013, the court entered an order disposing partially of that motion. On March 1, 2013, the Company filed an appeal regarding the portions of the motion that were denied. The court is expected to resolve the remainder of the issues raised shortly, after which the Company will appeal any remaining issues. | ||||||||||||||||||||
On February 25, 2013, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1/10th share of a $2.5 million verdict in the Thomas Amato claim and a 1/5th share of a $2.3 million verdict in the Frank Vinciguerra claim, which were consolidated for trial. The Company filed post-trial motions requesting judgments in the Company's favor notwithstanding the jury's verdicts or new trials, and also requesting that settlement offsets be applied to reduce the judgment in accordance with Pennsylvania law. These motions were denied. The Company has appealed. | ||||||||||||||||||||
On March 1, 2013, a New York City state court jury entered a $35 million verdict against the Company in the Ivo Peraica claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argues were excessive under New York appellate case law governing awards for non-economic losses and further were subject to settlement offsets. The plaintiffs have requested judgment against the Company in the amount of $19.3 million. The matters remain pending before the trial court. The Company plans to pursue an appeal if necessary. The Company has taken a separate appeal of the trial court’s denial of its summary judgment motion. | ||||||||||||||||||||
On July 31, 2013, a Buffalo, New York, state court jury entered a $3.1 million verdict against the Company in the Lee Holdsworth claim. The Company plans to file post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argues were excessive under New York appellate case law governing awards for non-economic losses and further were subject to settlement offsets. Post-trial motions are scheduled to be heard in the fourth quarter. The Company plans to pursue an appeal if necessary. | ||||||||||||||||||||
On September 11, 2013, a Columbia, South Carolina, state court jury in the Lloyd Garvin claim entered an $11 million verdict for compensatory damages against the Company and two other defendants jointly, and also awarded exemplary damages against the Company in the amount of $11.0 million. The jury also awarded exemplary damages against both other defendants. The Company has filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages. The Company plans to pursue an appeal if necessary. | ||||||||||||||||||||
On September 17, 2013, a Fort Lauderdale, Florida, state court jury in the Richard DeLisle claim found the Company responsible for 16 percent of an $8 million verdict. The Company has filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argues were excessive under Florida law and further were subject to settlement offsets. Plaintiffs have filed competing post-trial motions challenging the jury’s allocation of damages to non-parties. The Company plans to pursue an appeal if necessary. | ||||||||||||||||||||
Such judgment amounts are not included in the Company’s incurred costs until all available appeals are exhausted and the final payment amount is determined. | ||||||||||||||||||||
The gross settlement and defense costs incurred (before insurance recoveries and tax effects) for the Company for the nine-month periods ended September 30, 2013 and 2012 totaled $67.9 million and $73.5 million, respectively. In contrast to the recognition of settlement and defense costs, which reflect the current level of activity in the tort system, cash payments and receipts generally lag the tort system activity by several months or more, and may show some fluctuation from quarter to quarter. Cash payments of settlement amounts are not made until all releases and other required documentation are received by the Company, and reimbursements of both settlement amounts and defense costs by insurers may be uneven due to insurer payment practices, transitions from one insurance layer to the next excess layer and the payment terms of certain reimbursement agreements. The Company’s total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the nine-month periods ended September 30, 2013 and 2012 totaled $48.3 million and $60.1 million, respectively. Detailed below are the comparable amounts for the periods indicated. | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||
(in millions) | September 30, | September 30, | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | ||||||||||||||||
Settlement / indemnity costs incurred (1) | $ | 9 | $ | 8.4 | $ | 23.2 | $ | 29.3 | $ | 37.5 | ||||||||||
Defense costs incurred (1) | 15.8 | 15.3 | 44.7 | 44.2 | 58.7 | |||||||||||||||
Total costs incurred | $ | 24.8 | $ | 23.8 | $ | 67.9 | $ | 73.5 | $ | 96.1 | ||||||||||
Settlement / indemnity payments | $ | 10.6 | $ | 9.8 | $ | 29.5 | $ | 27.8 | $ | 38 | ||||||||||
Defense payments | 14.8 | 13.9 | 42.6 | 41.9 | 59.8 | |||||||||||||||
Insurance receipts | (6.1 | ) | (2.8 | ) | (23.8 | ) | (9.7 | ) | (19.8 | ) | ||||||||||
Pre-tax cash payments | $ | 19.4 | $ | 20.8 | $ | 48.3 | $ | 60.1 | $ | 78 | ||||||||||
-1 | Before insurance recoveries and tax effects. | |||||||||||||||||||
The amounts shown for settlement and defense costs incurred, and cash payments, are not necessarily indicative of future period amounts, which may be higher or lower than those reported. | ||||||||||||||||||||
Cumulatively through September 30, 2013, the Company has resolved (by settlement or dismissal) approximately 95,000 claims, not including the MARDOC claims referred to above. The related settlement cost incurred by the Company and its insurance carriers is approximately $390 million, for an average settlement cost per resolved claim of approximately $4,100. The average settlement cost per claim resolved during the years ended December 31, 2012, 2011 and 2010 was $6,300, $4,123 and $7,036, respectively. Because claims are sometimes dismissed in large groups, the average cost per resolved claim, as well as the number of open claims, can fluctuate significantly from period to period. In addition to large group dismissals, the nature of the disease and corresponding settlement amounts for each claim resolved will also drive changes from period to period in the average settlement cost per claim. Accordingly, the average cost per resolved claim is not considered in the Company’s periodic review of its estimated asbestos liability. For a discussion regarding the four most significant factors affecting the liability estimate, see “Effects on the Condensed Consolidated Financial Statements”. | ||||||||||||||||||||
Effects on the Condensed Consolidated Financial Statements | ||||||||||||||||||||
The Company has retained the firm of Hamilton, Rabinovitz & Associates, Inc. (“HR&A”), a nationally recognized expert in the field, to assist management in estimating the Company’s asbestos liability in the tort system. HR&A reviews information provided by the Company concerning claims filed, settled and dismissed, amounts paid in settlements and relevant claim information such as the nature of the asbestos-related disease asserted by the claimant, the jurisdiction where filed and the time lag from filing to disposition of the claim. The methodology used by HR&A to project future asbestos costs is based largely on the Company’s experience during a base reference period of eleven quarterly periods (consisting of the two full preceding calendar years and three additional quarterly periods to the estimate date) for claims filed, settled and dismissed. The Company's experience is then compared to the results of widely used previously conducted epidemiological studies estimating the number of individuals likely to develop asbestos-related diseases. Those studies were undertaken in connection with national analyses of the population of workers believed to have been exposed to asbestos. Using that information, HR&A estimates the number of future claims that would be filed against the Company and estimates the aggregate settlement or indemnity costs that would be incurred to resolve both pending and future claims based upon the average settlement costs by disease during the reference period. This methodology has been accepted by numerous courts. After discussions with the Company, HR&A augments its liability estimate for the costs of defending asbestos claims in the tort system using a forecast from the Company which is based upon discussions with its defense counsel. Based on this information, HR&A compiles an estimate of the Company’s asbestos liability for pending and future claims, based on claim experience during the reference period and covering claims expected to be filed through the indicated forecast period. The most significant factors affecting the liability estimate are (1) the number of new mesothelioma claims filed against the Company, (2) the average settlement costs for mesothelioma claims, (3) the percentage of mesothelioma claims dismissed against the Company and (4) the aggregate defense costs incurred by the Company. These factors are interdependent, and no one factor predominates in determining the liability estimate. Although the methodology used by HR&A can be applied to show claims and costs for periods subsequent to the indicated period (up to and including the endpoint of the asbestos studies referred to above), management believes that the level of uncertainty regarding the various factors used in estimating future asbestos costs is too great to provide for reasonable estimation of the number of future claims, the nature of such claims or the cost to resolve them for years beyond the indicated estimate. | ||||||||||||||||||||
In the Company’s view, the forecast period used to provide the best estimate for asbestos claims and related liabilities and costs is a judgment based upon a number of trend factors, including the number and type of claims being filed each year; the jurisdictions where such claims are filed, and the effect of any legislation or judicial orders in such jurisdictions restricting the types of claims that can proceed to trial on the merits; and the likelihood of any comprehensive asbestos legislation at the federal level. In addition, the dynamics of asbestos litigation in the tort system have been significantly affected over the past five to ten years by the substantial number of companies that have filed for bankruptcy protection, thereby staying any asbestos claims against them until the conclusion of such proceedings, and the establishment of a number of post-bankruptcy trusts for asbestos claimants, which are estimated to provide $36 billion for payments to current and future claimants. These trend factors have both positive and negative effects on the dynamics of asbestos litigation in the tort system and the related best estimate of the Company’s asbestos liability, and these effects do not move in a linear fashion but rather change over multi-year periods. Accordingly, the Company’s management continues to monitor these trend factors over time and periodically assesses whether an alternative forecast period is appropriate. | ||||||||||||||||||||
Each quarter, HR&A compiles an update based upon the Company’s experience in claims filed, settled and dismissed during the updated reference period (consisting of the preceding eleven quarterly periods) as well as average settlement costs by disease category (mesothelioma, lung cancer, other cancer and non-malignant conditions including asbestosis) during that period. In addition to this claims experience, the Company also considers additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. As part of this process, the Company also takes into account trends in the tort system such as those enumerated above. Management considers all these factors in conjunction with the liability estimate of HR&A and determines whether a change in the estimate is warranted. | ||||||||||||||||||||
Liability Estimate. With the assistance of HR&A, effective as of December 31, 2011, the Company updated and extended its estimate of the asbestos liability, including the costs of settlement or indemnity payments and defense costs relating to currently pending claims and future claims projected to be filed against the Company through 2021. The Company’s previous estimate was for asbestos claims filed or projected to be filed through 2017. As a result of this updated estimate, the Company recorded an additional liability of $285 million as of December 31, 2011. The Company’s decision to take this action at such date was based on several factors which contribute to the Company’s ability to reasonably estimate this liability for the additional period noted. First, the number of mesothelioma claims (which although constituting approximately 8% of the Company’s total pending asbestos claims, have accounted for approximately 90% of the Company’s aggregate settlement and defense costs) being filed against the Company and associated settlement costs have recently stabilized. In the Company’s opinion, the outlook for mesothelioma claims expected to be filed and resolved in the forecast period is reasonably stable. Second, there have been favorable developments in the trend of case law which has been a contributing factor in stabilizing the asbestos claims activity and related settlement costs. Third, there have been significant actions taken by certain state legislatures and courts over the past several years that have reduced the number and types of claims that can proceed to trial, which has been a significant factor in stabilizing the asbestos claims activity. Fourth, the Company has now entered into coverage-in-place agreements with almost all of its excess insurers, which enables the Company to project a more stable relationship between settlement and defense costs paid by the Company and reimbursements from its insurers. Taking all of these factors into account, the Company believes that it can reasonably estimate the asbestos liability for pending claims and future claims to be filed through 2021. While it is probable that the Company will incur additional charges for asbestos liabilities and defense costs in excess of the amounts currently provided, the Company does not believe that any such amount can be reasonably estimated beyond 2021. Accordingly, no accrual has been recorded for any costs which may be incurred for claims which may be made subsequent to 2021. | ||||||||||||||||||||
Management has made its best estimate of the costs through 2021 based on the analysis by HR&A completed in January 2012. Through September 30, 2013, the Company’s actual experience during the updated reference period for mesothelioma claims filed and dismissed generally approximated the assumptions in the Company’s liability estimate. In addition to this claims experience, the Company considered additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. Based on this evaluation, the Company determined that no change in the estimate was warranted for the period ended September 30, 2013. Nevertheless, if certain factors show a pattern of sustained increase or decrease, the liability could change materially; however, all the assumptions used in estimating the asbestos liability are interdependent and no single factor predominates in determining the liability estimate. Because of the uncertainty with regard to and the interdependency of such factors used in the calculation of its asbestos liability, and since no one factor predominates, the Company believes that a range of potential liability estimates beyond the indicated forecast period cannot be reasonably estimated. | ||||||||||||||||||||
A liability of $894 million was recorded as of December 31, 2011 to cover the estimated cost of asbestos claims now pending or subsequently asserted through 2021, of which approximately 80% is attributable to settlement and defense costs for future claims projected to be filed through 2021. The liability is reduced when cash payments are made in respect of settled claims and defense costs. The liability was $724 million as of September 30, 2013. It is not possible to forecast when cash payments related to the asbestos liability will be fully expended; however, it is expected such cash payments will continue for a number of years past 2021, due to the significant proportion of future claims included in the estimated asbestos liability and the lag time between the date a claim is filed and when it is resolved. None of these estimated costs have been discounted to present value due to the inability to reliably forecast the timing of payments. The current portion of the total estimated liability at September 30, 2013 was $92 million and represents the Company’s best estimate of total asbestos costs expected to be paid during the twelve-month period. Such amount is based upon the HR&A model together with the Company’s prior year payment experience for both settlement and defense costs. | ||||||||||||||||||||
Insurance Coverage and Receivables. Prior to 2005, a significant portion of the Company’s settlement and defense costs were paid by its primary insurers. With the exhaustion of that primary coverage, the Company began negotiations with its excess insurers to reimburse the Company for a portion of its settlement and/or defense costs as incurred. To date, the Company has entered into agreements providing for such reimbursements, known as “coverage-in-place”, with eleven of its excess insurer groups. Under such coverage-in-place agreements, an insurer’s policies remain in force and the insurer undertakes to provide coverage for the Company’s present and future asbestos claims on specified terms and conditions that address, among other things, the share of asbestos claims costs to be paid by the insurer, payment terms, claims handling procedures and the expiration of the insurer’s obligations. Similarly, under a variant of coverage-in-place, the Company has entered into an agreement with a group of insurers confirming the aggregate amount of available coverage under the subject policies and setting forth a schedule for future reimbursement payments to the Company based on aggregate indemnity and defense payments made. In addition, with ten of its excess insurer groups, the Company entered into policy buyout agreements, settling all asbestos and other coverage obligations for an agreed sum, totaling $82.5 million in aggregate. Reimbursements from insurers for past and ongoing settlement and defense costs allocable to their policies have been made in accordance with these coverage-in-place and other agreements. All of these agreements include provisions for mutual releases, indemnification of the insurer and, for coverage-in-place, claims handling procedures. With the agreements referenced above, the Company has concluded settlements with all but one of its solvent excess insurers whose policies are expected to respond to the aggregate costs included in the updated liability estimate. That insurer, which issued a single applicable policy, has been paying the shares of defense and indemnity costs the Company has allocated to it, subject to a reservation of rights. There are no pending legal proceedings between the Company and any insurer contesting the Company’s asbestos claims under its insurance policies. | ||||||||||||||||||||
In conjunction with developing the aggregate liability estimate referenced above, the Company also developed an estimate of probable insurance recoveries for its asbestos liabilities. In developing this estimate, the Company considered its coverage-in-place and other settlement agreements described above, as well as a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, the timing and amount of reimbursements will vary because the Company’s insurance coverage for asbestos claims involves multiple insurers, with different policy terms and certain gaps in coverage. In addition to consulting with legal counsel on these insurance matters, the Company retained insurance consultants to assist management in the estimation of probable insurance recoveries based upon the aggregate liability estimate described above and assuming the continued viability of all solvent insurance carriers. Based upon the analysis of policy terms and other factors noted above by the Company’s legal counsel, and incorporating risk mitigation judgments by the Company where policy terms or other factors were not certain, the Company’s insurance consultants compiled a model indicating how the Company’s historical insurance policies would respond to varying levels of asbestos settlement and defense costs and the allocation of such costs between such insurers and the Company. Using the estimated liability as of December 31, 2011 (for claims filed or expected to be filed through 2021), the insurance consultant’s model forecasted that approximately 25% of the liability would be reimbursed by the Company’s insurers. While there are overall limits on the aggregate amount of insurance available to the Company with respect to asbestos claims, those overall limits were not reached by the total estimated liability currently recorded by the Company, and such overall limits did not influence the Company in its determination of the asset amount to record. The proportion of the asbestos liability that is allocated to certain insurance coverage years, however, exceeds the limits of available insurance in those years. The Company allocates to itself the amount of the asbestos liability (for claims filed or expected to be filed through 2021) that is in excess of available insurance coverage allocated to such years. An asset of $225 million was recorded as of December 31, 2011 representing the probable insurance reimbursement for such claims expected through 2021. The asset is reduced as reimbursements and other payments from insurers are received. The asset was $182 million as of September 30, 2013. | ||||||||||||||||||||
The Company reviews the aforementioned estimated reimbursement rate with its insurance consultants on a periodic basis in order to confirm its overall consistency with the Company’s established reserves. The reviews encompass consideration of the performance of the insurers under coverage-in-place agreements and the effect of any additional lump-sum payments under policy buyout agreements. Since December 2011, there have been no developments that have caused the Company to change the estimated 25% rate, although actual insurance reimbursements vary from period to period, and will decline over time, for the reasons cited above. | ||||||||||||||||||||
Uncertainties. Estimation of the Company’s ultimate exposure for asbestos-related claims is subject to significant uncertainties, as there are multiple variables that can affect the timing, severity and quantity of claims and the manner of their resolution. The Company cautions that its estimated liability is based on assumptions with respect to future claims, settlement and defense costs based on past experience that may not prove reliable as predictors. A significant upward or downward trend in the number of claims filed, depending on the nature of the alleged injury, the jurisdiction where filed and the quality of the product identification, or a significant upward or downward trend in the costs of defending claims, could change the estimated liability, as would substantial adverse verdicts at trial that withstand appeal. A legislative solution, structured settlement transaction, or significant change in relevant case law could also change the estimated liability. | ||||||||||||||||||||
The same factors that affect developing estimates of probable settlement and defense costs for asbestos-related liabilities also affect estimates of the probable insurance reimbursements, as do a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, due to the uncertainties inherent in litigation matters, no assurances can be given regarding the outcome of any litigation, if necessary, to enforce the Company’s rights under its insurance policies or settlement agreements. | ||||||||||||||||||||
Many uncertainties exist surrounding asbestos litigation, and the Company will continue to evaluate its estimated asbestos-related liability and corresponding estimated insurance reimbursement as well as the underlying assumptions and process used to derive these amounts. These uncertainties may result in the Company incurring future charges or increases to income to adjust the carrying value of recorded liabilities and assets, particularly if the number of claims and settlement and defense costs change significantly, or if there are significant developments in the trend of case law or court procedures, or if legislation or another alternative solution is implemented; however, the Company is currently unable to estimate such future changes and, accordingly, while it is probable that the Company will incur additional charges for asbestos liabilities and defense costs in excess of the amounts currently provided, the Company does not believe that any such amount can be reasonably determined beyond 2021. Although the resolution of these claims may take many years, the effect on the results of operations, financial position and cash flow in any given period from a revision to these estimates could be material. | ||||||||||||||||||||
Other Contingencies | ||||||||||||||||||||
Environmental Matters | ||||||||||||||||||||
For environmental matters, the Company records a liability for estimated remediation costs when it is probable that the Company will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of September 30, 2013 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. | ||||||||||||||||||||
The Goodyear Site was operated by UniDynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary of the Company in 1985 when the Company acquired UPI’s parent company, UniDynamics Corporation. UPI manufactured explosive and pyrotechnic compounds, including components for critical military programs, for the U.S. government at the Goodyear Site from 1962 to 1993, under contracts with the Department of Defense and other government agencies and certain of their prime contractors. No manufacturing operations have been conducted at the Goodyear Site since 1994. The Goodyear Site was placed on the National Priorities List in 1983, and is now part of the Phoenix-Goodyear Airport North Superfund Site. In 1990, the U.S. Environmental Protection Agency (“EPA”) issued administrative orders requiring UPI to design and carry out certain remedial actions, which UPI has done. Groundwater extraction and treatment systems have been in operation at the Goodyear Site since 1994. A soil vapor extraction system was in operation from 1994 to 1998, was restarted in 2004, and is currently in operation. The Company recorded a liability in 2004 for estimated costs to remediate the Goodyear Site. On July 26, 2006, the Company entered into a consent decree with the EPA with respect to the Goodyear Site providing for, among other things, a work plan for further investigation and remediation activities (inclusive of a supplemental remediation investigation and feasibility study). During the fourth quarter of 2007, the Company and its technical advisors determined that changing groundwater flow rates and contaminant plume direction at the Goodyear Site required additional extraction systems as well as modifications and upgrades of the existing systems. In consultation with its technical advisors, the Company prepared a forecast of the expenditures required for these new and upgraded systems as well as the costs of operation over the forecast period through 2014. Taking these additional costs into consideration, the Company estimated its liability for the costs of such activities through 2014 to be $41.5 million as of December 31, 2007. During the fourth quarter of 2008, based on further consultation with the Company’s advisors and the EPA and in response to groundwater monitoring results that reflected a continuing migration in contaminant plume direction during the year, the Company revised its forecast of remedial activities to increase the level of extraction systems and the number of monitoring wells in and around the Goodyear Site, among other things. As of December 31, 2008, the revised liability estimate was $65.2 million which resulted in an additional charge of $24.3 million during the fourth quarter of 2008. During the fourth quarter of 2011, additional remediation activities were determined to be required, in consultation with the Company’s advisors, to further address the migration of the contaminant plume. As a result, the Company recorded a charge of $30.3 million during the fourth quarter of 2011, extending the accrued costs through 2016. The total estimated gross liability was $37.0 million as of September 30, 2013, and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was approximately $16 million and represents the Company’s best estimate, in consultation with its technical advisors, of total remediation costs expected to be paid during the twelve-month period. | ||||||||||||||||||||
Estimates of the Company’s environmental liabilities at the Goodyear Site are based on currently available facts, present laws and regulations and current technology available for remediation, and are recorded on an undiscounted basis. These estimates consider the Company’s prior experience in the Goodyear Site investigation and remediation, as well as available data from, and in consultation with, the Company’s environmental specialists. Estimates at the Goodyear Site are subject to significant uncertainties caused primarily by the dynamic nature of the Goodyear Site conditions, the range of remediation alternatives available, together with the corresponding estimates of cleanup methodology and costs, as well as ongoing, required regulatory approvals, primarily from the EPA. Accordingly, it is likely that upon completing the supplemental remediation investigation and feasibility study and reaching a final work plan in or before 2016, an adjustment to the Company’s liability estimate may be necessary to account for the agreed upon additional work as further information and circumstances regarding the Goodyear Site characterization develop. While actual remediation cost therefore may be more than amounts accrued, the Company believes it has established adequate reserves for all probable and reasonably estimable costs. | ||||||||||||||||||||
It is not possible at this point to reasonably estimate the amount of any obligation in excess of the Company’s current accruals through the 2016 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years. | ||||||||||||||||||||
On July 31, 2006, the Company entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses the Company for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of September 30, 2013, the Company has recorded a receivable of $9.3 million for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received. | ||||||||||||||||||||
The Company has been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947, the Crab Orchard Site was transferred to the United States Fish and Wildlife Service (“FWS”), and about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. A predecessor to the Company formerly leased portions of the Crab Orchard Site, and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study for the Additional and Uncharacterized Sites Operable Unit (“AUS-OU”) at the Crab Orchard Site, pursuant to an Administrative Order on Consent between GD-OTS and the FWS, the EPA and the Illinois Environmental Protection Agency. The Company is not a party to that agreement, and has not been asked by any agency of the United States Government to participate in any investigative or remedial activity relative to the Crab Orchard Site. The Company has been informed that GD-OTS completed a Phase I remedial investigation in 2008, and a Phase II remedial investigation in 2010. Additionally, FWS completed its human health and baseline ecological risk assessments in 2010, and submitted a revised human health risk assessment in December 2011. GD-OTS is in the process of responding to agency comments on a revised draft remedial investigation report, and in connection with its efforts is awaiting additional technical information from the agencies. In GD-OTS’s most recent summary of developments related to the AUS-OU, it reported that it and the agencies had discussed a target date of August 2013 for submission of a final revised remedial investigation report; it is unclear whether that target date has been met. Work on interim deliverables for the feasibility study is underway. GD-OTS and the agencies project the draft FS report to be submitted in August 2014, with final FS report approval by January 2015, issuance of a Preliminary Remedial Plan by late spring 2015, and issuance of a final Record of Decision by December 2015. In light of the pace of agency activities to date, it is unclear whether those targets will be met. | ||||||||||||||||||||
GD-OTS has asked the Company to participate in a voluntary cost allocation/mediation exercise with respect to response costs it has incurred or will incur with respect to the AUS-OU. To date, the Company, along with a number of other PRPs that were contacted, have declined, citing the absence of certain necessary parties as well as an underdeveloped environmental record. In light of the ongoing investigative activities, and the apparent willingness of the U.S. government to participate in a mediation proceeding, it is possible that an allocation or mediation proceeding may go forward, and may commence as early as late 2013. The Company at present cannot predict when any determination of the allocable share of the various PRPs, including the U.S. Government, is likely to be completed. Although a loss is probable, it is not possible at this time to reasonably estimate the amount of any obligation for remediation of the Crab Orchard Site because the extent of the environmental impact, allocation among PRPs, remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. The Company has notified its insurers of this potential liability and will seek coverage under its insurance policies. | ||||||||||||||||||||
On a related matter, the United States has brought suit against GD-OTS and Schlumberger Technology Corporation (“Schlumberger”), seeking to recover response costs that the United States has allegedly incurred in connection with alleged environmental contamination at a portion of the Crab Orchard Site known as “Site 36,” which is within the Site's Miscellaneous Areas Operable Unit. This area, reported to be the wastewater treatment plant formerly serving the Crab Orchard Site, is not a part of the AUS-OU, as discussed above. On June 1, 2012, GD-OTS and Schlumberger filed a third-party complaint against the Company and seven other third-party defendants, seeking to shift a portion of any costs that GD-OTS and Schlumberger are held liable to pay to other entities formerly conducting activities at Site 36. GD-OTS and Schlumberger have also counterclaimed against the United States, seeking to compel the United States to bear a share of the response costs the United States allegedly has incurred. The United States, GD-OTS, Schlumberger, the Company, and all remaining third-party defendants have resolved in principle their claims against each other and have finalized the terms of a consent decree, which is awaiting approval from senior management in the Department of Justice. Pursuant to the agreement in principle, the Company has paid into escrow $166,667 to resolve all past and future claims for response costs relating to Site 36. The Company's obligation does not become final until the consent decree has been approved by Department of Justice management, lodged for public comment, and entered by the Court. We project that this will take place late in the fourth quarter of 2013 or early in the first quarter of 2014. The Company notified its insurers of this liability and has obtained an agreement for coverage for the settlement amount referenced above. | ||||||||||||||||||||
Other Proceedings | ||||||||||||||||||||
On January 8, 2010, a lawsuit related to the acquisition of Merrimac was filed in the Superior Court of the State of New Jersey. The action, brought by a purported stockholder of Merrimac, names Merrimac, each of Merrimac's directors, and Crane Co. as defendants, and alleges, among other things, breaches of fiduciary duties by the Merrimac directors, aided and abetted by Crane Co., that resulted in the payment to Merrimac stockholders of an allegedly unfair price of $16.00 per share in the acquisition and unjust enrichment of Merrimac's directors. The complaint seeks certification as a class of all Merrimac stockholders, except the defendants and their affiliates, and unspecified damages. Simultaneously with the filing of the complaint, the plaintiff filed a motion that sought to enjoin the transaction from proceeding. After a hearing on January 14, 2010, the court denied the plaintiff's motion. All defendants thereafter filed motions seeking dismissal of the complaint on various grounds. After a hearing on March 19, 2010, the court denied the defendants' motions to dismiss and ordered the case to proceed to pretrial discovery. All defendants have filed their answers and deny any liability. The Court certified the class, and the parties engaged in pre-trial discovery. Fact discovery closed in July 2012, and expert discovery, including the exchange of expert reports and depositions of expert witnesses, closed on November 30, 2012. Summary judgment motions were due to be submitted on or before January 15, 2013. However, on December 26, 2012, plaintiff's counsel proposed a settlement figure that was substantially less than had previously been proposed. This led to negotiations which culminated, on January 11, 2013, in an agreement, in principle, to resolve the case on the following terms, which are subject to Court approval. In consideration of the establishment of a settlement fund in the amount of $2 million, to be funded almost entirely from the insurance policy covering the former officers and directors of Merrimac, and with a single contribution of $150,000 by Crane Co., the plaintiffs agreed (1) to withdraw the single claim asserted in the Complaint against Crane Co., (2) that all plaintiff's attorney's fees and expenses associated with the case will come from the settlement amount, and (3) that all costs of notification of the settlement to the members of the class, costs related to the distribution of pro rata amounts to class members, and any other administrative costs, will also come from the settlement amount. In addition, all defendants, including Crane Co., will receive full class-wide releases. On January 15, 2013, with the consent of counsel for Crane Co. and the other defendants, plaintiff's counsel notified the Court that the parties had reached a provisional agreement to resolve the case, subject to court approval, and asked that the case be stayed for all purposes except for settlement-related proceedings. On July 1, 2013, the settlement of this case received final approval by the Superior Court for Essex County. All claims against all defendants, including the single claim alleged against Crane, have been dismissed with prejudice. | ||||||||||||||||||||
Pursuant to recently enacted environmental regulations in New Jersey, the Company performed certain tests of the indoor air quality of approximately 40 homes in a residential area surrounding a former manufacturing facility in Roseland, New Jersey, to determine if any contaminants (volatile organic compound vapors from groundwater) from the facility were present in those homes. The Company installed vapor mitigation equipment in three homes where contaminants were found. On April 15, 2011, those three homeowners, and the tenants in one of those homes, filed separate suits against the Company seeking unspecified compensatory and punitive damages for their lost property value and nuisance. In addition, a homeowner in the testing area, whose home tested negative for the presence of contaminants, filed a class action suit against the Company on behalf of himself and 141 other homeowners in the surrounding area, claiming damages in the nature of loss of value on their homes due to their proximity to the facility. The plaintiffs in these cases recently amended their complaints to assert claims under New Jersey's Environmental Rights Act for the Company's alleged failure to properly remediate the site. It is not possible at this time to reasonably estimate the amount of a loss and therefore, no loss amount has been accrued for the claims because among other things, the extent of the environmental impact, and consideration of other factors affecting value have not yet advanced to the stage where a reasonable estimate can be made. | ||||||||||||||||||||
A number of other lawsuits, claims and proceedings have been or may be asserted against the Company relating to the conduct of its business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. While the outcome of litigation cannot be predicted with certainty, and some of these other lawsuits, claims or proceedings may be determined adversely to the Company, the Company does not believe that the disposition of any such other pending matters is likely to have a material impact on its financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a significant impact on the Company's results of operations and cash flows for that period. | ||||||||||||||||||||
Other Commitments | ||||||||||||||||||||
The Company entered into a seven year operating lease for an airplane in the first quarter of 2007 which includes a maximum residual value guarantee of $14.1 million by the Company if the fair value of the airplane is less than $22.1 million. This commitment is secured by the leased airplane and the residual value guarantee liability is $8.2 million as of September 30, 2013. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||
The components of net periodic cost are as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(in thousands) | Pension Benefits | Other | Pension Benefits | Other | ||||||||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost | $ | 1,513 | $ | 3,131 | $ | 22 | $ | 29 | $ | 4,540 | $ | 10,121 | $ | 67 | $ | 87 | ||||||||||||||||
Interest cost | 9,144 | 9,525 | 93 | 127 | 27,433 | 28,193 | 279 | 381 | ||||||||||||||||||||||||
Expected return on plan assets | (12,970 | ) | (12,832 | ) | — | — | (38,909 | ) | (38,492 | ) | — | — | ||||||||||||||||||||
Amortization of prior service cost | 3 | 102 | (59 | ) | (59 | ) | 10 | 302 | (177 | ) | (177 | ) | ||||||||||||||||||||
Amortization of net loss (gain) | 3,444 | 4,794 | (11 | ) | (21 | ) | 10,330 | 14,417 | (34 | ) | (63 | ) | ||||||||||||||||||||
Net periodic cost | $ | 1,134 | $ | 4,720 | $ | 45 | $ | 76 | $ | 3,404 | $ | 14,541 | $ | 135 | $ | 228 | ||||||||||||||||
The Company expects, based on current actuarial calculations, to contribute approximately $15 million to its defined benefit plans and $1 million to its other postretirement benefit plans in 2013, of which $12.8 million and $0.4 million have been contributed during the first nine months of 2013, respectively. The Company contributed $4 million to its defined benefit plans and $1 million to its other postretirement benefit plans in 2012. Cash contributions for subsequent years will depend on a number of factors, including the impact of the Pension Protection Act signed into law in 2006, changes in minimum funding requirements, long-term interest rates, the investment performance of plan assets and changes in employee census data affecting the Company’s projected benefit obligations. |
Income_Taxes
Income Taxes | 9 Months Ended | ||
Sep. 30, 2013 | |||
Income Taxes | ' | ||
Income Taxes | |||
Effective Tax Rates | |||
The Company's effective tax rates attributable to income from continuing operations are as follows: | |||
2013 | 2012 | ||
Three months ended September 30, | 30.10% | 29.90% | |
Nine months ended September 30, | 30.40% | 30.10% | |
The Company’s effective tax rates attributable to income from continuing operations for the three and nine months ended September 30, 2013 are higher than the prior year’s comparable periods primarily as a result of income earned in jurisdictions with higher statutory tax rates and certain statutorily non-deductible expenses, partially offset by the U.S. federal research credit, which lapsed during 2012, and a greater U.S. federal tax benefit on domestic manufacturing activities. | |||
The Company’s effective tax rates attributable to continuing operations for the three and nine months ended September 30, 2013 are lower than the statutory U.S. federal tax rate of 35% primarily as a result of income earned in jurisdictions with tax rates lower than the U.S. statutory rate, the U.S. federal tax benefit for domestic manufacturing activities and the U.S. federal research credit. These items are partially offset by U.S. state taxes, and certain statutorily non-deductible expenses. | |||
Unrecognized Tax Benefits | |||
During the three and nine months ended September 30, 2013, the Company's gross unrecognized tax benefits increased by $1.1 million and $4.4 million, respectively, primarily as a result of tax positions taken in both the current and prior periods. During the three and nine months ended September 30, 2013, the total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate increased by $1.1 million and $4.4 million, respectively. | |||
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of its income tax expense. During the three and nine months ended September 30, 2013, the Company recognized $0.1 million and $0.7 million, respectively, of interest and penalty expense related to unrecognized tax benefits in its condensed consolidated statements of operations. At September 30, 2013 and December 31, 2012, the Company had recorded $1.6 million and $1.0 million, respectively, of accrued interest and penalty expense related to unrecognized tax benefits in its condensed consolidated balance sheets. | |||
During the next twelve months, it is reasonably possible that the Company's unrecognized tax benefits may decrease by approximately $0.4 million due to a combination of tax positions expected to be taken during the remainder of the current year, the expiration of the statute of limitations on assessment, and settlements with tax authorities. | |||
Income Tax Examinations | |||
The Company's income tax returns are subject to examination by U.S. federal, U.S. state and local, and non-U.S. tax authorities. | |||
The Company’s consolidated U.S. federal income tax returns for 2010 through 2012 remain subject to examination, as do certain tax carryforwards generated before 2010. Acquired subsidiaries’ U.S. federal income tax returns for 2009 and 2010 also remain subject to examination. | |||
With few exceptions, the Company is no longer subject to U.S. state and local or non-U.S. income tax examinations for years before 2008. As of September 30, 2013, the Company and it is subsidiaries are under examination in various jurisdictions, including Germany (2006 through 2011), Hungary (2009 and 2010), and California (2007 and 2008). In addition, the Company’s appeal of certain Canadian tax assessments (2007 through 2009) is on-going. Overall, the Company believes that adequate accruals have been provided for all jurisdictions’ open years. |
LongTerm_Debt_and_Notes_Payabl
Long-Term Debt and Notes Payable | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-Term Debt and Notes Payable | ' | |||||||
Long-Term Debt and Notes Payable | ||||||||
The following table summarizes the Company’s debt as of September 30, 2013 and December 31, 2012: | ||||||||
(in thousands) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Long-term debt consists of: | ||||||||
5.50% notes due 2013 | $ | — | $ | 199,898 | ||||
6.55% notes due 2036 | 199,220 | 199,194 | ||||||
Total long-term debt | $ | 199,220 | $ | 399,092 | ||||
Short-term borrowings | $ | 124,672 | $ | 1,123 | ||||
The 5.5% senior unsecured notes having an aggregate principal amount of $200 million matured in the third quarter of 2013. The notes were repaid using $90 million of cash and $110 million of borrowings under the multi-year credit facility which are classified as short-term. There are no other significant debt maturities coming due until 2036. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities | |
The Company is exposed to certain risks related to its ongoing business operations, including market risks related to fluctuation in currency exchange. The Company uses foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on the Company’s earnings and cash flows. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. As of September 30, 2013, the foreign exchange contracts designated as hedging instruments did not have a material impact on the Company’s condensed consolidated statement of operations, balance sheets or cash flows. Foreign exchange contracts not designated as hedging instruments which primarily pertain to foreign exchange fluctuation risk of intercompany positions, had a notional value of $295 million and $178 million as of September 30, 2013 and December 31, 2012, respectively. The settlement of derivative contracts for the nine months ended September 30, 2013 and 2012 resulted in a net cash inflow of $4.9 million and a net cash outflow of $13.0 million, respectively, and is reported with “Total provided by operating activities” on the Condensed Consolidated Statements of Cash Flows. As of September 30, 2013 and December 31, 2012, the Company's receivable position for the foreign exchange contracts was $1.7 million and $2.6 million, respectively. As of September 30, 2013 and December 31, 2012, the Company's payable position for the foreign exchange contracts was $3.2 million and $0.2 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||||||||||||||||||
The standards describe three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||||||||||||||
Level 1: Quoted prices in active markets for identical or similar assets and liabilities. | ||||||||||||||||||||||||||||||||
Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. | ||||||||||||||||||||||||||||||||
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||||||||||
The following table summarizes assets and liabilities measured at fair value on a recurring basis at the dates indicated: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Quoted | Significant | Significant | Quoted | Significant | Significant | |||||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||||||
Markets for | Inputs | Markets for | Inputs | |||||||||||||||||||||||||||||
Identical | Identical | |||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Fair | Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivatives - foreign exchange contracts | $ | — | $ | 1,703 | $ | — | $ | 1,703 | $ | — | $ | 2,617 | $ | — | $ | 2,617 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives - foreign exchange contracts | $ | — | $ | 3,173 | $ | — | $ | 3,173 | $ | — | $ | 172 | $ | — | $ | 172 | ||||||||||||||||
Valuation Technique - The Company’s derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. | ||||||||||||||||||||||||||||||||
The carrying value of the Company’s financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term loans payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. Long-term debt rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of long-term debt is measured using Level 2 inputs and was $215.5 million and $431.1 million at September 30, 2013 and December 31, 2012, respectively. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Restructuring | ' | |||||||||||||||
Restructuring | ||||||||||||||||
In 2012, the Company recorded pre-tax restructuring charges of $18.5 million, of which $16.5 million was associated with repositioning actions designed to improve profitability largely beginning in 2013, primarily in the European portion of the Fluid Handling segment and $2.0 million were related to the completion of previous restructuring actions. | ||||||||||||||||
The repositioning actions included $14.6 million of severance and other cash-related restructuring costs and $1.9 million of non-cash restructuring costs related to asset write-downs. The severance and other costs pertain to the closure of two small European plants, the transfer of certain manufacturing operations from higher cost to lower cost Company facilities and other staff reduction actions. These actions resulted in workforce reductions of approximately 200 employees, or about 2% of the Company's global workforce and were substantially completed in 2012. The Company expects the payments related to the repositioning actions to be substantially completed in 2013, which will be funded with cash generated from operations. | ||||||||||||||||
Related to the repositioning actions, the Company also recorded $1.6 million of additional charges related to the write-down of inventory resulting from the closure of a product line which was recorded in cost of sales and a $0.5 million pension curtailment charge which was recorded in selling, general and administrative expenses in 2012. | ||||||||||||||||
The following table summarizes the accrual balances related to these restructuring charges: | ||||||||||||||||
(in millions) | 31-Dec-12 | Expense | Utilization | 30-Sep-13 | ||||||||||||
Severance | $ | 4.6 | $ | (0.2 | ) | $ | (3.9 | ) | $ | 0.5 | ||||||
Other | 1.7 | 0.1 | (1.8 | ) | — | |||||||||||
$ | 6.3 | $ | (0.1 | ) | $ | (5.7 | ) | $ | 0.5 | |||||||
Segment_Results_Tables
Segment Results (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Schedule Of Financial Information By Reportable Segment | ' | |||||||||||||||
Financial information by reportable segment is set forth below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | ||||||||||||||||
Aerospace & Electronics | $ | 169,771 | $ | 171,368 | $ | 507,046 | $ | 525,127 | ||||||||
Engineered Materials | 61,956 | 56,956 | 179,933 | 169,603 | ||||||||||||
Merchandising Systems | 83,636 | 92,489 | 257,927 | 277,741 | ||||||||||||
Fluid Handling | 322,152 | 325,168 | 968,926 | 976,809 | ||||||||||||
Total | $ | 637,515 | $ | 645,981 | $ | 1,913,832 | $ | 1,949,280 | ||||||||
Operating profit (loss) from continuing operations | ||||||||||||||||
Aerospace & Electronics | $ | 38,105 | $ | 39,833 | $ | 115,257 | $ | 116,834 | ||||||||
Engineered Materials | 10,792 | 7,226 | 28,538 | 21,178 | ||||||||||||
Merchandising Systems | 7,869 | 9,496 | 26,902 | 23,324 | ||||||||||||
Fluid Handling | 46,594 | 45,736 | 146,688 | 119,433 | ||||||||||||
Corporate | (14,351 | ) | (15,707 | ) | (52,630 | ) | (46,511 | ) | ||||||||
Total | 89,009 | 86,584 | 264,755 | 234,258 | ||||||||||||
Interest income | 337 | 443 | 1,488 | 1,292 | ||||||||||||
Interest expense | (6,688 | ) | (6,618 | ) | (20,651 | ) | (20,114 | ) | ||||||||
Miscellaneous - net | (456 | ) | (6 | ) | (170 | ) | (704 | ) | ||||||||
Income from continuing operations before income taxes | $ | 82,202 | $ | 80,403 | $ | 245,422 | $ | 214,732 | ||||||||
Schedule Of Assets By Segment | ' | |||||||||||||||
As of | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||
Assets | ||||||||||||||||
Aerospace & Electronics | $ | 512,689 | $ | 509,672 | ||||||||||||
Engineered Materials | 241,455 | 237,478 | ||||||||||||||
Merchandising Systems | 412,629 | 408,702 | ||||||||||||||
Fluid Handling | 968,030 | 993,275 | ||||||||||||||
Corporate | 723,342 | 740,751 | ||||||||||||||
Total | $ | 2,858,145 | $ | 2,889,878 | ||||||||||||
Schedule Of Goodwill By Segment | ' | |||||||||||||||
As of | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||
Goodwill | ||||||||||||||||
Aerospace & Electronics | $ | 202,754 | $ | 203,595 | ||||||||||||
Engineered Materials | 171,529 | 171,533 | ||||||||||||||
Merchandising Systems | 199,368 | 201,866 | ||||||||||||||
Fluid Handling | 237,623 | 236,798 | ||||||||||||||
Total | $ | 811,274 | $ | 813,792 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Discontinued Operations' Operating Results | ' | |||||||||||||||
The operating results of the discontinued operations for the three and nine months ended September 30, 2013 and 2012 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Sales | $ | — | $ | — | $ | — | $ | 25,544 | ||||||||
Income from discontinued operations before income taxes | $ | — | $ | — | $ | — | $ | 3,777 | ||||||||
Provision for income taxes | — | — | — | 1,321 | ||||||||||||
Income from discontinued operations, net of income taxes | $ | — | $ | — | $ | — | $ | 2,456 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Computation of Basic and Diluted Earnings per Share | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Income from continuing operations | $ | 57,483 | $ | 56,406 | $ | 170,839 | $ | 150,217 | |||||||
Less: Noncontrolling interest in subsidiaries’ earnings | 352 | 182 | 1,043 | 501 | |||||||||||
Income from continuing operations attributable to common shareholders | 57,131 | 56,224 | 169,796 | 149,716 | |||||||||||
Discontinued operations, net of tax | — | 901 | — | 21,633 | |||||||||||
Net income attributable to common shareholders | $ | 57,131 | $ | 57,125 | $ | 169,796 | $ | 171,349 | |||||||
Average basic shares outstanding | 58,093 | 57,123 | 57,814 | 57,565 | |||||||||||
Effect of dilutive stock options | 942 | 750 | 923 | 870 | |||||||||||
Average diluted shares outstanding | 59,035 | 57,873 | 58,737 | 58,435 | |||||||||||
Earnings per share - basic: (a) | |||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 0.98 | $ | 0.99 | $ | 2.94 | $ | 2.61 | |||||||
Discontinued operations, net of tax | — | 0.02 | — | 0.38 | |||||||||||
Net income attributable to common shareholders | $ | 0.98 | $ | 1 | $ | 2.94 | $ | 2.98 | |||||||
Earnings per share - diluted: (a) | |||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 0.97 | $ | 0.97 | $ | 2.89 | $ | 2.56 | |||||||
Discontinued operations, net of tax | — | 0.02 | — | 0.37 | |||||||||||
Net income attributable to common shareholders | $ | 0.97 | $ | 0.99 | $ | 2.89 | $ | 2.93 | |||||||
(a) | EPS amounts may not add due to rounding |
Changes_in_Equity_and_Comprehe1
Changes in Equity and Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Summary Of Changes In Equity | ' | |||||||||||||||||||||||
A summary of the changes in equity for the nine months ended September 30, 2013 and 2012 is provided below: | ||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Total | Noncontrolling | Total Equity | Total | Noncontrolling | Total Equity | ||||||||||||||||||
Shareholders’ | Interests | Shareholders’ | Interests | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
Balance, beginning of period | $ | 918,383 | $ | 8,993 | $ | 927,376 | $ | 813,553 | $ | 8,503 | $ | 822,056 | ||||||||||||
Dividends | (49,819 | ) | — | (49,819 | ) | (45,998 | ) | — | (45,998 | ) | ||||||||||||||
Reacquisition on open market | — | — | — | (49,991 | ) | — | (49,991 | ) | ||||||||||||||||
Exercise of stock options, net of shares reacquired | 24,107 | — | 24,107 | 7,958 | — | 7,958 | ||||||||||||||||||
Stock compensation expense | 16,299 | — | 16,299 | 12,860 | — | 12,860 | ||||||||||||||||||
Excess tax benefit from stock based compensation | 5,787 | — | 5,787 | 3,233 | — | 3,233 | ||||||||||||||||||
Net income | 169,796 | 1,043 | 170,839 | 171,349 | 501 | 171,850 | ||||||||||||||||||
Other comprehensive income (loss) | 14,956 | (69 | ) | 14,887 | 11,201 | (417 | ) | 10,784 | ||||||||||||||||
Comprehensive income | 184,752 | 974 | 185,726 | 182,550 | 84 | 182,634 | ||||||||||||||||||
Balance, end of period | $ | 1,099,509 | $ | 9,967 | $ | 1,109,476 | $ | 924,165 | $ | 8,587 | $ | 932,752 | ||||||||||||
Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets | ' | |||||||||||||||||||||||
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on the Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension and Other Postretirement Items* | Currency Translation Adjustment | Total | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | (197,806 | ) | $ | 69,729 | $ | (128,077 | ) | ||||||||||||||||
Other comprehensive income before reclassifications | — | 8,084 | 8,084 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 6,872 | — | 6,872 | |||||||||||||||||||||
Net current-period other comprehensive income | 6,872 | 8,084 | 14,956 | |||||||||||||||||||||
Balance as of September 30, 2013 | $ | (190,934 | ) | $ | 77,813 | $ | (113,121 | ) | ||||||||||||||||
* Net of tax benefit of $86,283 and $89,540 for September 30, 2013 and December 31, 2012, respectively. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||
Changes To Goodwill | ' | |||||||||||||||||||||||||
Changes to goodwill are as follows: | ||||||||||||||||||||||||||
(in thousands) | Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 813,792 | $ | 820,824 | ||||||||||||||||||||||
Disposals | — | (13,966 | ) | |||||||||||||||||||||||
Currency translation | (2,518 | ) | 6,934 | |||||||||||||||||||||||
Balance at end of period | $ | 811,274 | $ | 813,792 | ||||||||||||||||||||||
Changes To Intangible Assets | ' | |||||||||||||||||||||||||
Changes to intangible assets are as follows: | ||||||||||||||||||||||||||
(in thousands) | Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||
Balance at beginning of period, net of accumulated amortization | $ | 125,913 | $ | 146,227 | ||||||||||||||||||||||
Disposals | — | (3,789 | ) | |||||||||||||||||||||||
Amortization expense | (12,290 | ) | (16,907 | ) | ||||||||||||||||||||||
Currency translation and other | 1,168 | 382 | ||||||||||||||||||||||||
Balance at end of period, net of accumulated amortization | $ | 114,791 | $ | 125,913 | ||||||||||||||||||||||
Summary Of Intangible Assets | ' | |||||||||||||||||||||||||
A summary of intangible assets follows: | ||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Amortization Period of Finite Lived Assets (in years) | 30-Sep-13 | December 31, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Asset | Amortization | Asset | Amortization | |||||||||||||||||||||||
Intellectual property rights | 18.8 | $ | 88,950 | $ | 49,105 | $ | 39,845 | $ | 88,614 | $ | 47,202 | $ | 41,412 | |||||||||||||
Customer relationships and backlog | 11.7 | 139,774 | 81,092 | 58,682 | 140,250 | 73,630 | 66,620 | |||||||||||||||||||
Drawings | 37.9 | 11,149 | 9,925 | 1,224 | 11,149 | 9,850 | 1,299 | |||||||||||||||||||
Other | 14 | 51,179 | 36,139 | 15,040 | 51,093 | 34,511 | 16,582 | |||||||||||||||||||
Total | 14.1 | $ | 291,052 | $ | 176,261 | $ | 114,791 | $ | 291,106 | $ | 165,193 | $ | 125,913 | |||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Schedule Of Accrued Liabilities | ' | |||||||
Accrued liabilities consist of: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Employee related expenses | $ | 73,178 | $ | 90,911 | ||||
Warranty | 10,005 | 10,718 | ||||||
Other | 106,598 | 119,049 | ||||||
Total | $ | 189,781 | $ | 220,678 | ||||
Summary Of Warranty Liabilities | ' | |||||||
A summary of the warranty liabilities is as follows: | ||||||||
(in thousands) | Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | ||||||
Balance at beginning of period | $ | 10,718 | $ | 16,379 | ||||
Expense | 7,810 | 6,190 | ||||||
Changes due to acquisitions/divestitures | — | (498 | ) | |||||
Payments / deductions | (8,558 | ) | (11,426 | ) | ||||
Currency translation | 35 | 73 | ||||||
Balance at end of period | $ | 10,005 | $ | 10,718 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Schedule Of Activity Related To Asbestos Claims | ' | |||||||||||||||||||
Activity related to asbestos claims during the periods indicated was as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||
September 30, | September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | ||||||||||||||||
Beginning claims | 54,969 | 57,559 | 56,442 | 58,658 | 58,658 | |||||||||||||||
New claims | 683 | 933 | 2,207 | 2,720 | 3,542 | |||||||||||||||
Settlements | (234 | ) | (253 | ) | (688 | ) | (800 | ) | (1,030 | ) | ||||||||||
Dismissals | (1,596 | ) | (1,467 | ) | (4,139 | ) | (3,983 | ) | (4,919 | ) | ||||||||||
MARDOC claims* | — | 1 | — | 178 | 191 | |||||||||||||||
Ending claims | 53,822 | 56,773 | 53,822 | 56,773 | 56,442 | |||||||||||||||
* As of January 1, 2010, the Company was named in 36,448 maritime actions which had been administratively dismissed by the United States District Court for the Eastern District of Pennsylvania ("MARDOC claims"), and therefore were not classified as active claims. In addition, the Company was named in 8 new maritime actions in 2010 (also not classified as active claims). Through September 30, 2013, pursuant to an ongoing review process initiated by the Court, 26,562 claims were permanently dismissed, and 3,391 claims were classified as active, of which 810 claims were subsequently dismissed, and 2,581 claims remain active (and have been added to "Ending claims"). The Company expects that more of the remaining 6,503 maritime actions will be activated, or permanently dismissed, as the Court's review process continues. The number on this line reflects the number of previously inactive MARDOC claims that were newly activated in a given period. | ||||||||||||||||||||
Schedule Of Settlement And Defense Costs | ' | |||||||||||||||||||
Detailed below are the comparable amounts for the periods indicated. | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||
(in millions) | September 30, | September 30, | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | ||||||||||||||||
Settlement / indemnity costs incurred (1) | $ | 9 | $ | 8.4 | $ | 23.2 | $ | 29.3 | $ | 37.5 | ||||||||||
Defense costs incurred (1) | 15.8 | 15.3 | 44.7 | 44.2 | 58.7 | |||||||||||||||
Total costs incurred | $ | 24.8 | $ | 23.8 | $ | 67.9 | $ | 73.5 | $ | 96.1 | ||||||||||
Settlement / indemnity payments | $ | 10.6 | $ | 9.8 | $ | 29.5 | $ | 27.8 | $ | 38 | ||||||||||
Defense payments | 14.8 | 13.9 | 42.6 | 41.9 | 59.8 | |||||||||||||||
Insurance receipts | (6.1 | ) | (2.8 | ) | (23.8 | ) | (9.7 | ) | (19.8 | ) | ||||||||||
Pre-tax cash payments | $ | 19.4 | $ | 20.8 | $ | 48.3 | $ | 60.1 | $ | 78 | ||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Components Of Net Periodic Cost | ' | |||||||||||||||||||||||||||||||
The components of net periodic cost are as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(in thousands) | Pension Benefits | Other | Pension Benefits | Other | ||||||||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost | $ | 1,513 | $ | 3,131 | $ | 22 | $ | 29 | $ | 4,540 | $ | 10,121 | $ | 67 | $ | 87 | ||||||||||||||||
Interest cost | 9,144 | 9,525 | 93 | 127 | 27,433 | 28,193 | 279 | 381 | ||||||||||||||||||||||||
Expected return on plan assets | (12,970 | ) | (12,832 | ) | — | — | (38,909 | ) | (38,492 | ) | — | — | ||||||||||||||||||||
Amortization of prior service cost | 3 | 102 | (59 | ) | (59 | ) | 10 | 302 | (177 | ) | (177 | ) | ||||||||||||||||||||
Amortization of net loss (gain) | 3,444 | 4,794 | (11 | ) | (21 | ) | 10,330 | 14,417 | (34 | ) | (63 | ) | ||||||||||||||||||||
Net periodic cost | $ | 1,134 | $ | 4,720 | $ | 45 | $ | 76 | $ | 3,404 | $ | 14,541 | $ | 135 | $ | 228 | ||||||||||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Income Tax Disclosure [Abstract] | ' | ||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||
The Company's effective tax rates attributable to income from continuing operations are as follows: | |||
2013 | 2012 | ||
Three months ended September 30, | 30.10% | 29.90% | |
Nine months ended September 30, | 30.40% | 30.10% |
LongTerm_Debt_and_Notes_Payabl1
Long-Term Debt and Notes Payable (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Components Of Debt | ' | |||||||
The following table summarizes the Company’s debt as of September 30, 2013 and December 31, 2012: | ||||||||
(in thousands) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Long-term debt consists of: | ||||||||
5.50% notes due 2013 | $ | — | $ | 199,898 | ||||
6.55% notes due 2036 | 199,220 | 199,194 | ||||||
Total long-term debt | $ | 199,220 | $ | 399,092 | ||||
Short-term borrowings | $ | 124,672 | $ | 1,123 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||||||||||||||||||
The following table summarizes assets and liabilities measured at fair value on a recurring basis at the dates indicated: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Quoted | Significant | Significant | Quoted | Significant | Significant | |||||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||||||
Markets for | Inputs | Markets for | Inputs | |||||||||||||||||||||||||||||
Identical | Identical | |||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Fair | Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivatives - foreign exchange contracts | $ | — | $ | 1,703 | $ | — | $ | 1,703 | $ | — | $ | 2,617 | $ | — | $ | 2,617 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives - foreign exchange contracts | $ | — | $ | 3,173 | $ | — | $ | 3,173 | $ | — | $ | 172 | $ | — | $ | 172 | ||||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Summary of Restructuring Charges | ' | |||||||||||||||
(in millions) | 31-Dec-12 | Expense | Utilization | 30-Sep-13 | ||||||||||||
Severance | $ | 4.6 | $ | (0.2 | ) | $ | (3.9 | ) | $ | 0.5 | ||||||
Other | 1.7 | 0.1 | (1.8 | ) | — | |||||||||||
$ | 6.3 | $ | (0.1 | ) | $ | (5.7 | ) | $ | 0.5 | |||||||
Segment_Results_Narrative_Deta
Segment Results (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Disclosure Segment Results Narrative [Abstract] | ' |
Number of Reportable Segments | 4 |
Segment_Results_Schedule_Of_Fi
Segment Results (Schedule Of Financial Information By Reportable Segment) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | ' | ' | ' | ' |
Net sales | $637,515 | $645,981 | $1,913,832 | $1,949,280 |
Operating profit (loss) from continuing operations | ' | ' | ' | ' |
Operating profit (loss) | 89,009 | 86,584 | 264,755 | 234,258 |
Interest income | 337 | 443 | 1,488 | 1,292 |
Interest expense | -6,688 | -6,618 | -20,651 | -20,114 |
Miscellaneous - net | -456 | -6 | -170 | -704 |
Income from Continuing Operations Before Income Taxes | 82,202 | 80,403 | 245,422 | 214,732 |
Aerospace and Electronics | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Net sales | 169,771 | 171,368 | 507,046 | 525,127 |
Operating profit (loss) from continuing operations | ' | ' | ' | ' |
Operating profit (loss) | 38,105 | 39,833 | 115,257 | 116,834 |
Engineered Materials | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Net sales | 61,956 | 56,956 | 179,933 | 169,603 |
Operating profit (loss) from continuing operations | ' | ' | ' | ' |
Operating profit (loss) | 10,792 | 7,226 | 28,538 | 21,178 |
Merchandising Systems | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Net sales | 83,636 | 92,489 | 257,927 | 277,741 |
Operating profit (loss) from continuing operations | ' | ' | ' | ' |
Operating profit (loss) | 7,869 | 9,496 | 26,902 | 23,324 |
Fluid Handling | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Net sales | 322,152 | 325,168 | 968,926 | 976,809 |
Operating profit (loss) from continuing operations | ' | ' | ' | ' |
Operating profit (loss) | 46,594 | 45,736 | 146,688 | 119,433 |
Corporate | ' | ' | ' | ' |
Operating profit (loss) from continuing operations | ' | ' | ' | ' |
Operating profit (loss) | ($14,351) | ($15,707) | ($52,630) | ($46,511) |
Segment_Results_Schedule_Of_As
Segment Results (Schedule Of Assets By Segment) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $2,858,145 | $2,889,878 |
Aerospace and Electronics | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 512,689 | 509,672 |
Engineered Materials | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 241,455 | 237,478 |
Merchandising Systems | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 412,629 | 408,702 |
Fluid Handling | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 968,030 | 993,275 |
Corporate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $723,342 | $740,751 |
Segment_Results_Schedule_Of_Go
Segment Results (Schedule Of Goodwill By Segment) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | $811,274 | $813,792 | $820,824 |
Aerospace and Electronics | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 202,754 | 203,595 | ' |
Engineered Materials | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 171,529 | 171,533 | ' |
Merchandising Systems | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 199,368 | 201,866 | ' |
Fluid Handling | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | $237,623 | $236,798 | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 19, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 28, 2012 | |
Azonix [Member] | Azonix [Member] | Azonix [Member] | Fluid Handling | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal of discontinued operation, net of tax | ' | ' | ' | ' | $44,800,000 | ' | ' | $9,300,000 |
Disposal of discontinued operation, tax benefit | $0 | $901,000 | $0 | $19,177,000 | $14,500,000 | $900,000 | $500,000 | $4,600,000 |
Discontinued_Operations_Discon
Discontinued Operations (Discontinued Operations' Operating Results) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Discontinued Operations Discontinued Operations Operating Results [Abstract] | ' | ' | ' | ' |
Net Sales | $0 | $0 | $0 | $25,544 |
Income from discontinued operations before income taxes | 0 | 0 | 0 | 3,777 |
Provision for income taxes | 0 | 0 | 0 | 1,321 |
Income from discontinued operations, net of income taxes | $0 | $0 | $0 | $2,456 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Earnings Per Share Computation Of Basic And Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $57,483 | $56,406 | $170,839 | $150,217 |
Less: Non-controlling interest in subsidiaries' earnings | 352 | 182 | 1,043 | 501 |
Income from continuing operations attributable to common shareholders | 57,131 | 56,224 | 169,796 | 149,716 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 901 | 0 | 21,633 |
Net income attributable to common shareholders | 57,131 | 57,125 | 169,796 | 171,349 |
Average basic shares outstanding | 58,093 | 57,123 | 57,814 | 57,565 |
Effect of dilutive stock options | 942 | 750 | 923 | 870 |
Average diluted shares outstanding | 59,035 | 57,873 | 58,737 | 58,435 |
Earnings per share - basic: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.98 | $0.99 | $2.94 | $2.61 |
Discontinued operations, net of tax | $0 | $0.02 | $0 | $0.38 |
Net income attributable to common shareholders | $0.98 | $1 | $2.94 | $2.98 |
Earnings per share - diluted: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders | $0.97 | $0.97 | $2.89 | $2.56 |
Discontinued operations, net of tax | $0 | $0.02 | $0 | $0.37 |
Net income attributable to common shareholders | $0.97 | $0.99 | $2.89 | $2.93 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $57,483 | $57,307 | $170,839 | $171,850 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Earnings Per Share Narrative [Abstract] | ' | ' | ' | ' |
Average options excluded from computation of diluted earnings per share | 0 | 1.9 | 0.9 | 1.8 |
Recovered_Sheet1
Changes In Equity And Comprehensive Income (Summary Of Changes In Equity) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $927,376 | $822,056 |
Dividends | ' | ' | -49,819 | -45,998 |
Reacquisition on open market | ' | ' | 0 | -49,991 |
Exercise of stock options, net of shares reacquired | ' | ' | 24,107 | 7,958 |
Stock compensation expense | ' | ' | 16,299 | 12,860 |
Excess tax benefit from stock based compensation | ' | ' | 5,787 | 3,233 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 57,483 | 57,307 | 170,839 | 171,850 |
Other comprehensive income (loss) | 32,633 | 2,279 | 14,887 | 10,784 |
Comprehensive income | 90,116 | 59,586 | 185,726 | 182,634 |
Balance, end of period | 1,109,476 | 932,752 | 1,109,476 | 932,752 |
Parent [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 918,383 | 813,553 |
Dividends | ' | ' | -49,819 | -45,998 |
Reacquisition on open market | ' | ' | 0 | -49,991 |
Exercise of stock options, net of shares reacquired | ' | ' | 24,107 | 7,958 |
Stock compensation expense | ' | ' | 16,299 | 12,860 |
Excess tax benefit from stock based compensation | ' | ' | 5,787 | 3,233 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | 169,796 | 171,349 |
Other comprehensive income (loss) | ' | ' | 14,956 | 11,201 |
Comprehensive income | ' | ' | 184,752 | 182,550 |
Balance, end of period | 1,099,509 | 924,165 | 1,099,509 | 924,165 |
Noncontrolling Interest | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 8,993 | 8,503 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | 1,043 | 501 |
Other comprehensive income (loss) | ' | ' | -69 | -417 |
Comprehensive income | ' | ' | 974 | 84 |
Balance, end of period | $9,967 | $8,587 | $9,967 | $8,587 |
Recovered_Sheet2
Changes In Equity And Comprehensive Income (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive loss, beginning balance | ($128,077) | ' |
Other comprehensive income before reclassifications | 8,084 | ' |
Amounts reclassified from accumulated other comprehensive income | 6,872 | ' |
Net current-period othre comprehensive income (loss) | 14,956 | ' |
Accumulated other comprehensive loss, ending balance | -113,121 | -128,077 |
Changes in pension and post-retirement plan assets and benefit obligation, Tax benefit | 86,283 | 89,540 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive loss, beginning balance | -197,806 | ' |
Other comprehensive income before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | 6,872 | ' |
Net current-period othre comprehensive income (loss) | 6,872 | ' |
Accumulated other comprehensive loss, ending balance | -190,934 | ' |
Accumulated Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive loss, beginning balance | 69,729 | ' |
Other comprehensive income before reclassifications | 8,084 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Net current-period othre comprehensive income (loss) | 8,084 | ' |
Accumulated other comprehensive loss, ending balance | $77,813 | ' |
Changes_in_Equity_and_Comprehe2
Changes in Equity and Comprehensive Income Changes in Equity and Comprehensive Income (Details of Accumulated Other Comprehensive Income Components) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cost of sales | $421,317 | $426,148 | $1,257,161 | $1,291,865 |
Selling, general and administrative | 127,189 | 133,089 | 391,916 | 408,250 |
Operating Income (Loss) | 89,009 | 86,584 | 264,755 | 234,258 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -82,202 | -80,403 | -245,422 | -214,732 |
Income Tax Expense (Benefit) | -24,719 | -23,997 | -74,583 | -64,515 |
Net Income (Loss) Attributable to Parent | -57,131 | -57,125 | -169,796 | -171,349 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | 10,129 | ' |
Income Tax Expense (Benefit) | ' | ' | 3,257 | ' |
Net Income (Loss) Attributable to Parent | ' | ' | 6,872 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Pension, Net Prior Service Cost (Credit) [Member] | ' | ' | ' | ' |
Cost of sales | ' | ' | 14 | ' |
Selling, general and administrative | ' | ' | -4 | ' |
Operating Income (Loss) | ' | ' | 10 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Pension, Net Unamortized Gain (Loss) [Member] | ' | ' | ' | ' |
Cost of sales | ' | ' | 14,001 | ' |
Selling, general and administrative | ' | ' | -3,671 | ' |
Operating Income (Loss) | ' | ' | 10,330 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Other Postretirement, Net Prior Service Cost (Credit) [Member] | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | -177 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Other Postretirement, Net Unamortized Gain (Loss) [Member] | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ($34) | ' |
Acquisitions_Narrative_Detail
Acquisitions (Narrative) (Detail) (MEI Conlux Holdings [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Oct. 31, 2013 |
MEI Conlux Holdings [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition Cost Of Acquired Entity Original Purchase Price | $820 | ' |
Business acquisition, purchase price | ' | 804 |
MaximumShareofRefinancingCosts | ' | 5 |
Sales reported by acquired entity | $400 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Segment | ||
Disclosure Goodwill And Intangible Assets Narrative [Abstract] | ' | ' |
Number of reporting units | 11 | ' |
Estimated cost of capital, minimum | ' | 9.50% |
Estimated cost of capital, maximum | ' | 17.00% |
Estimated cost of capital, weighted | ' | 11.00% |
Hypothetical decrease to fair values of each reporting unit | ' | 10.00% |
Net intangible assets | $114,791,000 | $125,913,000 |
Intangibles with indefinite useful lives | 31,400,000 | ' |
Estimated amortization expense for intangible assets, current year | 4,300,000 | ' |
Estimated amortization expense for intangible assets, year 2013 | 14,500,000 | ' |
Estimated amortization expense for intangible assets, year 2014 | 12,700,000 | ' |
Estimated amortization expense for intangible assets, year 2015 | 11,900,000 | ' |
Estimated amortization expense for intangible assets, year 2016 | 11,400,000 | ' |
Estimated amortization expense for intangible assets, year 2017 and thereafter | $28,500,000 | ' |
Recovered_Sheet3
Goodwill And Intangible Assets (Changes To Goodwill) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Disclosure Goodwill And Intangible Assets Changes To Goodwill [Abstract] | ' | ' |
Balance at beginning of period | $813,792 | $820,824 |
Disposals | 0 | -13,966 |
Currency translation | -2,518 | 6,934 |
Balance at end of period | $811,274 | $813,792 |
Recovered_Sheet4
Goodwill And Intangible Assets (Changes To Intangible Assets) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Disclosure Goodwill And Intangible Assets Changes To Intangible Assets [Abstract] | ' | ' |
Balance at beginning of period, net of accumulated amortization | $125,913 | $146,227 |
Disposals | 0 | -3,789 |
Amortization expense | -12,290 | -16,907 |
Currency translation and other | 1,168 | 382 |
Balance at end of period, net of accumulated amortization | $114,791 | $125,913 |
Recovered_Sheet5
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted Average Amortization Period of Finite Lived Assets (in years) | '14 years 1 month | ' | ' |
Gross Asset | $291,052 | $291,106 | ' |
Accumulated Amortization | 176,261 | 165,193 | ' |
Net | 114,791 | 125,913 | ' |
Finite-Lived Intangible Assets, Net | 114,791 | 125,913 | 146,227 |
Intellectual Property Rights | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted Average Amortization Period of Finite Lived Assets (in years) | '18 years 9 months 18 days | ' | ' |
Gross Asset | 88,950 | 88,614 | ' |
Accumulated Amortization | 49,105 | 47,202 | ' |
Net | 39,845 | 41,412 | ' |
Customer Relationships | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted Average Amortization Period of Finite Lived Assets (in years) | '11 years 8 months 7 days | ' | ' |
Gross Asset | 139,774 | 140,250 | ' |
Accumulated Amortization | 81,092 | 73,630 | ' |
Net | 58,682 | 66,620 | ' |
Drawings | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted Average Amortization Period of Finite Lived Assets (in years) | '37 years 10 months 24 days | ' | ' |
Gross Asset | 11,149 | 11,149 | ' |
Accumulated Amortization | 9,925 | 9,850 | ' |
Net | 1,224 | 1,299 | ' |
Other Intangible Assets | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted Average Amortization Period of Finite Lived Assets (in years) | '14 years | ' | ' |
Gross Asset | 51,179 | 51,093 | ' |
Accumulated Amortization | 36,139 | 34,511 | ' |
Net | $15,040 | $16,582 | ' |
Accrued_Liabilities_Schedule_O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Employee related expenses | $73,178 | $90,911 |
Warranty | 10,005 | 10,718 |
Other | 106,598 | 119,049 |
Total | $189,781 | $220,678 |
Accrued_Liabilities_Summary_Of
Accrued Liabilities (Summary Of Warranty Liabilities) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Product Warranty Liability [Line Items] | ' | ' |
Balance at beginning of period | $10,718 | $16,379 |
Expense | 7,810 | 6,190 |
Additions through acquisitions/divestitures | 0 | -498 |
Payments / deductions | -8,558 | -11,426 |
Currency translation | 35 | 73 |
Balance at end of period | $10,005 | $10,718 |
Recovered_Sheet6
Commitments And Contingencies (Schedule Of Activity Related To Asbestos Claim) (Detail) (Asbestos Commitments and Contingencies) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 30, 2009 | ||||||
Maritime Claims | Maritime Claims | ||||||||||||
Claim | Claim | ||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Beginning claims | 54,969 | 57,559 | 56,442 | 58,658 | 58,658 | ' | ' | ' | |||||
New claims | 683 | 933 | 2,207 | 2,720 | 3,542 | ' | ' | ' | |||||
Settlements | -234 | -253 | -688 | -800 | -1,030 | ' | ' | ' | |||||
Dismissals | -1,596 | -1,467 | -4,139 | -3,983 | -4,919 | ' | ' | ' | |||||
Number Of Activated Maritime Claims | 0 | [1] | 1 | [1] | 0 | [1] | 178 | [1] | 191 | [1] | ' | ' | ' |
Number Restored Dismissed Maritime Claims | ' | ' | ' | ' | ' | ' | 810 | ' | |||||
Net Number Restored Maritime Claims | ' | ' | ' | ' | ' | ' | 2,581 | ' | |||||
Ending claims | 53,822 | 56,773 | 53,822 | 56,773 | 56,442 | ' | ' | ' | |||||
Claims permanently dismissed | ' | ' | ' | ' | ' | ' | 26,562 | ' | |||||
Number Of Restored Maritime Claims | ' | ' | ' | ' | ' | ' | 3,391 | ' | |||||
Remaining Claims | ' | ' | ' | ' | ' | ' | 6,503 | ' | |||||
Total number of maritime claims | ' | ' | ' | ' | ' | ' | ' | 36,448 | |||||
Number of New Maritime Claims | ' | ' | ' | ' | ' | 8 | ' | ' | |||||
[1] | As of January 1, 2010, the Company was named in 36,448 maritime actions which had been administratively dismissed by the United States District Court for the Eastern District of Pennsylvania ("MARDOC claims"), and therefore were not classified as active claims. In addition, the Company was named in 8 new maritime actions in 2010 (also not classified as active claims). Through September 30, 2013, pursuant to an ongoing review process initiated by the Court, 26,562 claims were permanently dismissed, and 3,391 claims were classified as active, of which 810 claims were subsequently dismissed, and 2,581 claims remain active (and have been added to "Ending claims"). The Company expects that more of the remaining 6,503 maritime actions will be activated, or permanently dismissed, as the Court's review process continues. The number on this line reflects the number of previously inactive MARDOC claims that were newly activated in a given period |
Commitments_And_Contingencies_1
Commitments And Contingencies (Asbestos Liability) (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Mar. 09, 2012 | Jul. 14, 2008 | Jun. 30, 2009 | Mar. 14, 2008 | 16-May-08 | Feb. 23, 2011 | Mar. 23, 2010 | Feb. 23, 2011 | Mar. 23, 2010 | Oct. 26, 2012 | Aug. 21, 2012 | Aug. 17, 2011 | Feb. 25, 2013 | Feb. 02, 2009 | Aug. 29, 2012 | Feb. 25, 2013 | Oct. 23, 2012 | Nov. 28, 2012 | Mar. 01, 2013 | Jul. 31, 2013 | Sep. 11, 2013 | Sep. 17, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Frank Paasch | Joseph Norris | Earl Haupt | James Baccus | Chief Brewer | James Nelson | James Nelson | Larry Bell | Larry Bell | Ronald Dummitt | Ronald Dummitt | Ronald Dummitt | Thomas Amato | Dennis Woodard | William Paulus | Frank Vincinguerra | Gerald Suttner | James Hellam | Ivo Peraica | Holdsworth | Lee Holdsworth | Richard DeLisle | New York | Mississippi | Texas | Ohio | ||||
LegalMatter | LegalMatter | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | Asbestos Commitments and Contingencies | |||||||||||
Insurer_Group | Insurer_Group | Year | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plaintiff's Request | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,300,000 | ' | ' | ' | ' | ' | ' | ' |
Court written decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pending claims | ' | ' | ' | 53,822 | 56,773 | 53,822 | 56,773 | 56,442 | 58,658 | ' | 54,969 | 57,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,100 | 5,300 | 9,700 | 3,000 |
Number of judgments paid | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years after judgment paid, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Jury verdict payment including accrued judgment interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Jury verdict payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' |
Court judgment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 680,000 | ' | ' | 200,000 | ' | 4,900,000 | ' | ' | ' | 1,650,000 | 800,000 | ' | 100,000 | 1,282,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Jury verdict percentage of responsibility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Jury verdict | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,000 | ' | ' | ' | ' | ' | 14,500,000 | ' | 3,500,000 | ' | ' | 32,000,000 | 2,500,000 | 16,930,000 | ' | 2,300,000 | 3,000,000 | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' |
Jury Verdict Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | 3,100,000 | ' | ' | ' | ' | ' | ' |
Compensatory Damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' |
Share Of Responsibility Of Verdict | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' | 9.09% | ' | 5.00% | ' | ' | ' | 10.00% | ' | 10.00% | 20.00% | 4.00% | 7.00% | ' | ' | ' | 16.00% | ' | ' | ' | ' |
Court judgment against all parties held responsible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest on the compensation awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for asbestos-related fees and costs, net of insurance recoveries | 48,314,000 | 60,051,000 | ' | 19,400,000 | 20,800,000 | 48,300,000 | 60,100,000 | 78,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative claims resolved | ' | ' | ' | 95,000 | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement cost | ' | ' | ' | 390,000,000 | ' | 390,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average settlement cost per resolved claim | ' | ' | ' | ' | ' | ' | ' | 6,300 | 4,123 | 7,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative average settlement cost per resolved claim | ' | ' | ' | 4,100 | ' | 4,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years included in methodology base reference period | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional quarters included in methodology base reference period | ' | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated payments to current and future claimants | ' | ' | ' | 36,000,000,000 | ' | 36,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional liability | ' | ' | ' | ' | ' | ' | ' | ' | 285,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of mesothelioma claims of total pending asbestos claims | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of mesothelioma claims of aggregate settlement and defense costs | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for claims | ' | ' | ' | 724,000,000 | ' | 724,000,000 | ' | ' | 894,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Asbestos Liability Attributable To Settlement And Denfese Costs For Future Claims | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of total estimated liability | 91,670,000 | ' | 91,670,000 | 92,000,000 | ' | 92,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of coverage in place agreements with excess insurer groups | ' | ' | ' | 11 | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buyout agreements with excess insurer groups | ' | ' | ' | 10 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of policy buyout agreements | ' | ' | ' | 82,500,000 | ' | 82,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forecasted percentage of liability that would be reimbursed by insurers | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance reimbursement asset | ' | ' | ' | 182,000,000 | ' | 182,000,000 | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Jury Verdict Non-Economic Damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Jury Verdict Economic Damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Settlement And Defense Incurred Costs | ' | ' | ' | $24,800,000 | $23,800,000 | $67,900,000 | $73,500,000 | $96,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Settlement And Defense Costs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | |||||
Pre-tax cash payments | ' | ' | $48,314,000 | $60,051,000 | ' | |||||
Asbestos Commitments and Contingencies | ' | ' | ' | ' | ' | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | |||||
Settlement / indemnity costs incurred (1) | 9,000,000 | [1] | 8,400,000 | [1] | 23,200,000 | [1] | 29,300,000 | [1] | 37,500,000 | [1] |
Defense costs incurred (1) | 15,800,000 | [1] | 15,300,000 | [1] | 44,700,000 | [1] | 44,200,000 | [1] | 58,700,000 | [1] |
Total costs incurred | 24,800,000 | 23,800,000 | 67,900,000 | 73,500,000 | 96,100,000 | |||||
Settlement / indemnity payments | 10,600,000 | 9,800,000 | 29,500,000 | 27,800,000 | 38,000,000 | |||||
Payments For Asbestos Related Defense And Related Fees Costs | 14,800,000 | 13,900,000 | 42,600,000 | 41,900,000 | 59,800,000 | |||||
Insurance receipts | -6,100,000 | -2,800,000 | -23,800,000 | -9,700,000 | -19,800,000 | |||||
Pre-tax cash payments | $19,400,000 | $20,800,000 | $48,300,000 | $60,100,000 | $78,000,000 | |||||
[1] | Before insurance recoveries and tax effects. |
Commitments_And_Contingencies_3
Commitments And Contingencies (Other Contingencies) (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2007 | Dec. 31, 2011 | Dec. 31, 2008 | Sep. 30, 2013 | Dec. 31, 2007 | Jul. 31, 2006 | Sep. 30, 2013 | Jan. 08, 2010 | Dec. 31, 2011 | Dec. 31, 2011 | Apr. 15, 2011 | Jan. 11, 2013 |
Environmental Claims For A Site In Goodyear Arizona | Environmental Claims For A Site In Goodyear Arizona | Environmental Claims For A Site In Goodyear Arizona | Environmental Claims For A Site In Goodyear Arizona | Environmental Claims For A Site In Goodyear Arizona | Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | Merrimac Securities Class Action Lawsuit | Environmental Claims For Site In Roseland New Jersey | Environmental Claims For Site In Roseland New Jersey | Environmental Claims For Site In Roseland New Jersey | Subsequent Event | |||
acre | Home | Homeowner | Home | ||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated liability | ' | ' | ' | $65,200,000 | ' | $41,500,000 | ' | ' | ' | ' | ' | ' | ' |
Amount of additional remediation activities | ' | ' | 30,300,000 | 24,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued environmental loss contingencies current | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency reimbursement rate | ' | ' | ' | ' | ' | ' | 21.00% | ' | ' | ' | ' | ' | ' |
Approximate size of referenced site, acres | ' | ' | ' | ' | ' | ' | ' | 55,000 | ' | ' | ' | ' | ' |
Stock price per share | ' | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | ' |
Approximate number of homes tested for contaminants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 40 | ' | ' |
Number of Homes Where Contaminants Were Found | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' |
Number of tenants who filed a separate lawsuit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Number of members in the purported class | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141 | 141 | ' | ' |
Airplane operating lease period, years | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of residual value guarantee | 8,200,000 | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease, fair value, commitment | ' | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement Fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
Contribution by Company to Settlement Fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000 |
Recovered_Sheet7
Pension And Other Postretirement Benefit Plans (Components Of Net Periodic Cost) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | $1,513 | $3,131 | ' | $4,540 | $10,121 |
Interest cost | 9,144 | 9,525 | ' | 27,433 | 28,193 |
Expected return on plan assets | -12,970 | -12,832 | ' | -38,909 | -38,492 |
Amortization of prior service cost | 3 | 102 | ' | 10 | 302 |
Amortization of net loss (gain) | 3,444 | 4,794 | ' | 10,330 | 14,417 |
Defined Benefit Plan, Settlements, Benefit Obligation | 1,134 | ' | 4,720 | 3,404 | 14,541 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 22 | 29 | ' | 67 | 87 |
Interest cost | 93 | 127 | ' | 279 | 381 |
Amortization of prior service cost | -59 | -59 | ' | -177 | -177 |
Amortization of net loss (gain) | -11 | -21 | ' | -34 | -63 |
Net periodic cost | $45 | $76 | ' | $135 | $228 |
Recovered_Sheet8
Pension And Other Postretirement Benefit Plans (Narrative) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plans contribution by the company | $15 | ' |
Defined benefit plans contribution by the company | 12.8 | 4 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plans contribution by the company | 1 | ' |
Defined benefit plans contribution by the company | $0.40 | $1 |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Company's effective tax rate | 30.10% | 29.90% | 30.40% | 30.10% |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Disclosure Income Taxes Narrative [Abstract] | ' | ' | ' |
Federal statutory income tax rate | 35.00% | ' | ' |
Increase in gross unrecognized tax benefits | $1.10 | $4.40 | ' |
Increase In Unrecognized Tax Benefits That Would Impact Effective Tax Rate | 1.1 | 4.4 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0.1 | 0.7 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1.6 | 1.6 | 1 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | ($0.40) | ($0.40) | ' |
Recovered_Sheet9
Long-Term Debt And Notes Payable (Components Of Debt) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
6.55% notes due 2036 | $199,220 | $399,092 |
Short-term borrowings | 124,672 | 1,123 |
5.50% Notes Due 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
6.55% notes due 2036 | 0 | 199,898 |
6.55% Notes Due 2036 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
6.55% notes due 2036 | $199,220 | $199,194 |
Recovered_Sheet10
Long-Term Debt And Notes Payable (Components Of Debt) (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
5.50% Notes Due 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument interest rate | 5.50% | 5.50% |
Debt instrument maturity year | '2013 | '2013 |
6.55% Notes Due 2036 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument interest rate | 6.55% | 6.55% |
Debt instrument maturity year | '2036 | '2036 |
Recovered_Sheet11
Derivative Instruments And Hedging Activities (Narrative) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Derivative Instruments And Hedging Activities [Line Items] | ' | ' |
Notional value of foreign exchange contracts | $295,000,000 | $178,000,000 |
Net cash outflow/inflow from settlement of derivative contracts | 4,900,000 | 13,000,000 |
Derivatives Assets | 1,703,000 | 2,617,000 |
Derivatives Liabilities | $3,173,000 | $172,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives Assets | $1,703 | $2,617 |
Derivatives Liabilities | 3,173 | 172 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives Assets | 1,703 | 2,617 |
Derivatives Liabilities | $3,173 | $172 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Estimated fair value of long-term debt | $215.50 | $431.10 |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $160,000 | ' | $14,907,000 | $18,500,000 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring Reserve | ' | 6,300,000 | ' | ' |
Restructuring Charges | ' | -100,000 | ' | ' |
Restructuring Reserve, Utilization | ' | -5,700,000 | ' | ' |
Restructuring Reserve | ' | 500,000 | ' | 6,300,000 |
Prior Restructuring Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | 2,000,000 |
Two Thousand Twelve Restructuring Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reduction of workforce by employees | ' | ' | ' | 200 |
Reduction Of Global Workforce Percentage | ' | ' | ' | 2.00% |
Repositioning Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | 16,500,000 |
Other Restructuring Costs | ' | ' | ' | 1,900,000 |
Employee Severence and Other [Member] | Repositioning Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | 14,600,000 |
Employee Severance [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring Reserve | ' | 4,600,000 | ' | ' |
Restructuring Charges | ' | -200,000 | ' | ' |
Restructuring Reserve, Utilization | ' | -3,900,000 | ' | ' |
Restructuring Reserve | ' | 500,000 | ' | ' |
From closure of product lines [Member] | Repositioning Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Inventory Write-down | ' | ' | ' | 1,600,000 |
Other Restructuring [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring Reserve | ' | 1,700,000 | ' | ' |
Restructuring Charges | ' | 100,000 | ' | ' |
Restructuring Reserve, Utilization | ' | -1,800,000 | ' | ' |
Restructuring Reserve | ' | 0 | ' | ' |
Contract Termination [Member] | Repositioning Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | $500,000 |