Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CR | |
Entity Registrant Name | Crane Co /DE/ | |
Entity Central Index Key | 25,445 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 58,049,857 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 711.2 | $ 750.1 | $ 1,390 | $ 1,466.9 |
Operating costs and expenses: | ||||
Cost of sales | 470.7 | 488 | 912.8 | 950.8 |
Selling, general and administrative | 141.7 | 159.2 | 290.3 | 317.1 |
Restructuring Charges | 6.8 | 3.3 | 7.3 | 13.3 |
Acquisition integration related charges | 1.8 | 2 | 3.4 | 6.8 |
Operating profit | 90.2 | 97.6 | 176.2 | 179 |
Other income (expense): | ||||
Interest income | 0.5 | 0.4 | 1 | 0.8 |
Interest expense | (9.5) | (9.8) | (19.4) | (19.6) |
Miscellaneous - net | 0.4 | (1.5) | 0 | (1.7) |
Nonoperating Income (Expense), Total | (8.6) | (10.9) | (18.4) | (20.5) |
Income before income taxes | 81.5 | 86.7 | 157.8 | 158.4 |
Provision for Income Taxes | 25.7 | 26.8 | 50.6 | 49.6 |
Discontinued Operations: | ||||
Net income before allocation to noncontrolling interests | 55.9 | 59.9 | 107.2 | 108.8 |
Less: Noncontrolling interest in subsidiaries' earnings | 0.1 | 0.2 | 0.4 | 0.4 |
Net income attributable to common shareholders | $ 55.8 | $ 59.7 | $ 106.8 | $ 108.4 |
Earnings per share - basic: (a) | ||||
Net income attributable to common shareholders | $ 0.96 | $ 1.01 | $ 1.84 | $ 1.85 |
Earnings per share - diluted: (a) | ||||
Net income attributable to common shareholders | $ 0.95 | $ 1 | $ 1.82 | $ 1.82 |
Average basic shares outstanding | 58 | 58.9 | 58 | 58.7 |
Average diluted shares outstanding | 58.8 | 59.8 | 58.8 | 59.7 |
Dividends per share | $ 330,000 | $ 300,000 | $ 660,000 | $ 600,000 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income before allocation to noncontrolling interests | $ 55.9 | $ 59.9 | $ 107.2 | $ 108.8 |
Currency translation adjustment | 26.7 | 11.9 | (44.2) | 9.4 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax benefit | 1.9 | 0.8 | 3.9 | 2.3 |
Other comprehensive income (loss) | 28.6 | 12.7 | (40.3) | 11.7 |
Comprehensive income before allocation to noncontrolling interests | 84.5 | 72.6 | 66.9 | 120.4 |
Less: Noncontrolling interests in comprehensive income (loss) | 0.2 | 0.3 | 0.3 | 0.4 |
Comprehensive income attributable to common shareholders | $ 84.3 | $ 72.3 | $ 66.6 | $ 120 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 326.3 | $ 346.3 |
Accounts receivable, net | 432 | 410.9 |
Current insurance receivable - asbestos | 20.5 | 20.5 |
Inventories, net: | ||
Finished goods | 116.1 | 111.8 |
Finished parts and subassemblies | 45 | 42.5 |
Work in process | 61.7 | 53.2 |
Raw materials | 165.1 | 162.2 |
Inventories, net | 387.9 | 369.7 |
Current deferred tax asset | 37.6 | 33 |
Other current assets | 20.1 | 14.8 |
Total current assets | 1,224.4 | 1,195.2 |
Property, plant and equipment: | ||
Cost | 818.1 | 824.9 |
Less: accumulated depreciation | 535 | 534.7 |
Property, plant and equipment, net | 283.1 | 290.3 |
Long-term insurance receivable - asbestos | 119.8 | 126.8 |
Long-term deferred tax assets | 180.4 | 196.2 |
Other assets | 101 | 97.6 |
Intangible assets, net | 336 | 353.5 |
Goodwill | 1,183.4 | 1,191.3 |
Total assets | 3,428.1 | 3,450.8 |
Current liabilities: | ||
Short-term borrowings | 122.7 | 100.8 |
Accounts payable | 211.9 | 228.8 |
Current asbestos liability | 79 | 79 |
Accrued liabilities | 228.8 | 225.8 |
U.S. and foreign taxes on income | 13.4 | 5.6 |
Total current liabilities | 655.8 | 640 |
Long-term debt | 749.2 | 749.2 |
Accrued pension and postretirement benefits | 264.5 | 278.3 |
Long-term deferred tax liability | 42.9 | 46.3 |
Long-term asbestos liability | 502.8 | 534.5 |
Other liabilities | 121.1 | 131.9 |
Total liabilities | $ 2,336.3 | $ 2,380.2 |
Commitments and contingencies (Note 8) | ||
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 | 72.4 | 72.4 |
Capital surplus | 253.3 | 249.2 |
Retained earnings | 1,590.5 | 1,522 |
Accumulated other comprehensive loss | (339) | (298.8) |
Treasury stock | (496.5) | (485.1) |
Total shareholders' equity | 1,080.7 | 1,059.8 |
Noncontrolling interests | 11.1 | 10.8 |
Total equity | 1,091.8 | 1,070.6 |
Total liabilities and equity | $ 3,428.1 | $ 3,450.8 |
Common stock issued | 72,426,139 | 72,426,139 |
Less: Common stock held in treasury | (14,384,599) | (14,304,348) |
Common stock outstanding | 58,041,540 | 58,121,791 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 200,000,000,000 | 200,000,000,000 |
Common stock, shares issued | 72,426,139 | 72,426,139 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net income attributable to common shareholders | $ 106.8 | $ 108.4 |
Noncontrolling interests in subsidiaries' earnings | 0.4 | 0.4 |
Net income before allocation to noncontrolling interests | 107.2 | 108.8 |
Restructuring - non-cash | 1.4 | 1 |
Depreciation and amortization | 33.9 | 39.9 |
Stock-based compensation expense | 10.8 | 10.6 |
Defined benefit plans and postretirement (benefit) expense | (3.6) | (5.9) |
Deferred income taxes | 8 | 10.6 |
Cash used for working capital | (54.7) | (54.4) |
Defined benefit plans and postretirement contributions | (8.2) | (13) |
Environmental payments, net of reimbursements | (7.6) | (4.7) |
Payments for asbestos-related fees and costs, net of insurance recoveries | (24.8) | (30.8) |
Other | (16.4) | (16.9) |
Total provided by operating activities | 46 | 45.3 |
Investing activities: | ||
Capital expenditures | (20.1) | (20.7) |
Proceeds from disposition of capital assets | 1.9 | 1.1 |
Proceeds from divestitures | 0 | 2.1 |
Proceeds from acquisition | 0 | 6.1 |
Total used for investing activities | (18.2) | (11.4) |
Financing activities: | ||
Dividends paid | 38.3 | (35.3) |
Payments for Repurchase of Common Stock | (25) | 0 |
Stock options exercised - net of shares reacquired | 7 | 7.8 |
Excess tax benefit from stock-based compensation | (0.2) | 7.5 |
Proceeds received from credit facility | 121.9 | 0 |
Proceeds from (Repayments of) Lines of Credit | (100) | 28 |
Total provided by financing activities | (34.6) | 8 |
Effect of exchange rates on cash and cash equivalents | (13.3) | 1.7 |
Increase (Decrease) in cash and cash equivalents | (20) | 43.5 |
Cash and cash equivalents at beginning of period | 346.3 | |
Cash and cash equivalents at end of period | 326.3 | |
Detail of cash used for working capital: | ||
Accounts receivable | (27.8) | (26.3) |
Inventories | (24.4) | (32.2) |
Other current assets | (5.4) | (1) |
Accounts payable | (13.9) | 5.1 |
Accrued liabilities | 8.1 | (4.7) |
U.S. and foreign taxes on income | 8.7 | 4.7 |
Total | (54.7) | (54.4) |
Supplemental disclosure of cash flow information: | ||
Interest paid | 19.3 | 19.8 |
Income taxes paid | $ 23.6 | $ 26.9 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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, 2014 . Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued amended guidance to simplify the presentation of debt issuance costs. The amended guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment is effective for periods beginning after December 15, 2015, with early adoption permitted. The Company does not expect the amended guidance to have a material impact on its financial statements. In January 2015, the FASB issued amended guidance to eliminate the concept of extraordinary items from U.S. GAAP to simplify income statement classification. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The amendment is effective for periods beginning after December 15, 2015, with early adoption permitted. The Company does not expect the amended guidance to have a material impact on its financial statements. In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all current industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB agreed to a one-year deferral of the effective date; the new standard is now effective for reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption of the new revenue standard is permitted, however, entities reporting under U.S. GAAP are not permitted to adopt the standard earlier than the original effective date. The new standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the impact of adopting this new accounting standard on its financial statements, as well as its plans for the timing and means of adoption. |
Segment Results
Segment Results | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Results | Segment Results 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: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. 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. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net sales Fluid Handling $ 291.8 $ 324.5 $ 567.3 $ 635.4 Payment & Merchandising Technologies 186.5 184.6 358.4 353.7 Aerospace & Electronics 167.1 177.6 328.7 346.5 Engineered Materials 65.8 63.4 135.5 131.4 Total $ 711.2 $ 750.1 $ 1,390.0 $ 1,466.9 Operating profit (loss) Fluid Handling $ 32.5 $ 52.2 $ 66.8 $ 96.7 Payment & Merchandising Technologies 26.1 18.6 47.3 26.1 Aerospace & Electronics 31.7 35.9 61.7 68.4 Engineered Materials 12.2 9.8 26.4 20.6 Corporate a (12.3 ) (18.9 ) (26.1 ) (32.8 ) Total 90.2 97.6 176.2 179.0 Interest income 0.5 0.4 1.0 0.8 Interest expense (9.5 ) (9.8 ) (19.4 ) (19.6 ) Miscellaneous - net 0.4 (1.5 ) — (1.7 ) Income before income taxes $ 81.5 $ 86.7 $ 157.8 $ 158.4 a Includes a $6.5 million charge related to the settlement of an environmental lawsuit recorded in the three and six months ended June 30, 2014 As of June 30, December 31, (in millions) 2015 2014 Assets Fluid Handling $ 917.9 $ 963.2 Payment & Merchandising Technologies 1,223.1 1,210.1 Aerospace & Electronics 525.9 512.1 Engineered Materials 235.1 229.1 Corporate 526.1 536.3 Total $ 3,428.1 $ 3,450.8 As of June 30, December 31, (in millions) 2015 2014 Goodwill Fluid Handling $ 222.4 $ 227.3 Payment & Merchandising Technologies 586.8 589.9 Aerospace & Electronics 202.7 202.7 Engineered Materials 171.5 171.5 Total $ 1,183.4 $ 1,191.3 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [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 period. 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 period. Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share data) 2015 2014 2015 2014 Net income attributable to common shareholders $ 55.8 $ 59.7 $ 106.8 $ 108.4 Average basic shares outstanding 58.0 58.9 58.0 58.7 Effect of dilutive stock options 0.8 1.0 0.8 1.0 Average diluted shares outstanding 58.8 59.8 58.8 59.7 Earnings per basic share $ 0.96 $ 1.01 $ 1.84 $ 1.85 Earnings per diluted share $ 0.95 $ 1.00 $ 1.82 $ 1.82 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 ( 1.3 million and 0.6 million average options were excluded for the second quarter of 2015 and 2014, respectively, and 1.0 million and 0.5 million average options for the first half of 2015 and 2014, respectively). |
Changes in Equity and Comprehen
Changes in Equity and Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Changes in Equity and Comprehensive Income | Changes in Equity and Accumulated Other Comprehensive Income A summary of the changes in equity for the six months ended June 30, 2015 and 2014 is provided below: Six Months Ended June 30, 2015 2014 (in millions) Total Shareholders’ Equity Noncontrolling Interests Total Equity Total Shareholders’ Equity Noncontrolling Interests Total Equity Balance, beginning of period $ 1,059.8 $ 10.8 $ 1,070.6 $ 1,204.3 $ 10.4 $ 1,214.7 Dividends (38.3 ) — (38.3 ) (35.3 ) — (35.3 ) Reacquisition on open market (25.0 ) — (25.0 ) — — — Exercise of stock options, net of shares reacquired 7.0 — 7.0 7.8 — 7.8 Stock compensation expense 10.8 — 10.8 10.6 — 10.6 Excess tax benefit (shortfall) from stock based compensation (0.2 ) — (0.2 ) 7.5 — 7.5 Net income 106.8 0.4 107.2 108.4 0.4 108.8 Other comprehensive income (loss) (40.2 ) (0.1 ) (40.3 ) 11.6 — 11.7 Comprehensive income 66.6 0.3 66.9 120.0 0.4 120.4 Balance, end of period $ 1,080.7 $ 11.1 $ 1,091.8 $ 1,314.9 $ 10.8 $ 1,325.7 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 millions) Defined Benefit Pension and Other Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2014 $ (257.8 ) $ (40.9 ) $ (298.8 ) Other comprehensive income (loss) before reclassifications — (44.1 ) (44.1 ) Amounts reclassified from accumulated other comprehensive income 3.9 — 3.9 Net current-period other comprehensive income (loss) 3.9 (44.1 ) (40.2 ) Balance as of June 30, 2015 $ (253.9 ) $ (85.0 ) $ (339.0 ) * Net of tax benefit of $112.7 million and $114.4 million for June 30, 2015 and December 31, 2014 , respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the three month periods ended June 30, 2015 and 2014. Details of Accumulated Other Comprehensive Income Components (in millions) Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement of Operations Three Months Ended June 30, 2015 2014 Amortization of defined benefit pension items: Prior-service costs $ (0.2 ) $ 0.03 $(0.3) and $.04 has been recorded within Cost of Sales for the three months ended June 30, 2015 and 2014, respectively, and $0.1 and ($.01) has been recorded within General & Administrative for the three months ended June 30, 2015 and 2014, respectively Net loss (gain) 3.1 1.3 $4.2 and $1.7 has been recorded within Cost of Sales for the three months ended June 30, 2015 and 2014, respectively, and ($1.1) and ($0.4) has been recorded within General & Administrative for the three months ended June 30, 2015 and 2014, respectively Amortization of other postretirement items: Prior-service costs (0.1 ) (0.1 ) Recorded within Selling, General & Administrative Net loss (gain) (0.1 ) (0.1 ) Recorded within Selling, General & Administrative $ 2.7 $ 1.2 Total before tax 0.8 0.4 Tax benefit Total reclassifications for the period $ 1.9 $ 0.8 Net of tax The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the six month periods ended June 30, 2015 and 2014. Details of Accumulated Other Comprehensive Income Components (in millions) Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement of Operations Six Months Ended June 30, 2015 2014 Amortization of defined benefit pension items: Prior-service costs $ (0.1 ) $ 0.1 $(0.2) and $0.1 has been recorded within Cost of Sales for the six months ended June 30, 2015 and 2014, respectively, and $0.1 and $0 has been recorded within General & Administrative for the six months ended June 30, 2015 and 2014, respectively Net loss (gain) 6.2 2.5 $8.4 and $3.4 has been recorded within Cost of Sales for the six months ended June 30, 2015 and 2014, respectively, and ($2.2) and ($0.9) has been recorded within General & Administrative for the six months ended June 30, 2015 and 2014, respectively Amortization of other postretirement items: Prior-service costs (0.1 ) (0.1 ) Recorded within Selling, General & Administrative Net loss (gain) (0.3 ) (0.1 ) Recorded within Selling, General & Administrative $ 5.7 $ 2.4 Total before tax 1.8 — Tax benefit Total reclassifications for the period $ 3.9 $ 2.3 Net of tax |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On December 11, 2013, the Company completed the acquisition of MEI Conlux Holdings (U.S.), inc. and its affiliate MEI Conlux Holdings (Japan), Inc. (together, "MEI"), a leading provider of payment solutions for unattended transaction systems, serving customers in the transportation, gaming, retail, financial services and vending markets. The purchase price was $804 million for all of the outstanding equity interests of MEI. MEI had sales of $399 million in 2012 and has been integrated into the Company's Crane Payment Innovations business within its Payment & Merchandising Technologies segment. The amount allocated to goodwill reflects the benefits the Company expects to realize from the acquisition, as the acquisition is expected to strengthen and broaden the Company’s product offering and will allow the Company to strengthen its global position in all sectors of the end market, as described above. Goodwill from this acquisition is not deductible for tax purposes. To finance the cash consideration for the MEI acquisition, the Company issued $250 million of 2.75% Senior Notes due 2018 and $300 million of 4.45% Senior Notes due 2023. For the remainder of the cash consideration, the Company utilized cash and cash equivalents generated from operating activities. Acquisition-Related Costs Acquisition-related costs are expensed as incurred. For the three months ended June 30, 2015 , the Company recorded $1.8 million of acquisition integration related charges. For the three months ended June 30, 2014, the Company recorded $2.0 million of acquisition integration related charges and $1.6 million of restructuring costs. For the six months ended June 30, 2015 , the Company recorded $3.4 million of acquisition integration related charges and $0.2 million of restructuring costs. For the six months ended June 30, 2014, the Company recorded $6.8 million of acquisition integration related charges, $4.8 million of inventory step-up and backlog amortization and $5.6 million of restructuring costs. See additional discussion in Note 14. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [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 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 June 30, 2015 , the Company had seven 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 13.5% (a weighted average of 10.7% ), 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 judgment is necessary 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 2014, 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 millions) Six Months Ended June 30, 2015 Year Ended December 31, 2014 Balance at beginning of period $ 1,191.3 $ 1,249.3 Disposals — (0.8 ) Adjustments to purchase price allocations — (13.9 ) Currency translation and other (7.9 ) (43.3 ) Balance at end of period $ 1,183.4 $ 1,191.3 For the year ended December 31, 2014, the adjustments to purchase price allocations primarily included $6.1 million related to cash received by the Company as part of the final working capital adjustment of the December 2013 acquisition of MEI and $7.8 million of adjustments to preliminary asset valuations. The disposal represents goodwill associated with the pre-tax loss on sale of a small business divested in June 2014. Changes to intangible assets are as follows: (in millions) Six Months Ended June 30, 2015 Year Ended December 31, 2014 Balance at beginning of period, net of accumulated amortization $ 353.5 $ 408.9 Amortization expense (16.0 ) (37.9 ) Currency translation and other (1.5 ) (17.6 ) Balance at end of period, net of accumulated amortization $ 336.0 $ 353.5 As of June 30, 2015 , the Company had $336.0 million of net intangible assets, of which $27.8 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) June 30, 2015 December 31, 2014 (in millions) Gross Asset Accumulated Amortization Net Gross Asset Accumulated Amortization Net Intellectual property rights 16.5 $ 89.8 $ 51.1 $ 38.7 $ 91.3 $ 50.4 $ 40.9 Customer relationships and backlog 15.5 400.9 123.6 277.3 402.6 112.5 290.1 Drawings 37.9 11.1 10.1 1.0 11.1 10.1 1.1 Other 12.9 62.9 43.9 19.0 63.2 41.8 21.4 Total 15.8 $ 564.7 $ 228.7 $ 336.0 $ 568.2 $ 214.8 $ 353.5 Amortization expense for these intangible assets is currently estimated to be approximately $15.9 million in total for the remainder of 2015, $30.7 million in 2016, $29.7 million in 2017, $27.0 million in 2018, $24.4 million in 2019 and $180.5 million in 2020 and thereafter. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of: June 30, December 31, (in millions) Employee related expenses $ 86.2 $ 81.4 Warranty 15.4 15.5 Other 127.2 128.8 Total $ 228.8 $ 225.8 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 millions) Six Months Ended June 30, 2015 Year Ended December 31, 2014 Balance at beginning of period $ 15.5 $ 18.9 Expense 6.0 13.3 Changes due to acquisitions/divestitures — (0.1 ) Payments / deductions (6.2 ) (16.4 ) Currency translation 0.1 (0.2 ) Balance at end of period $ 15.4 $ 15.5 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos Liability Information Regarding Claims and Costs in the Tort System As of June 30, 2015 , 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 Six Months Ended Year Ended June 30, June 30, December 31, 2015 2014 2015 2014 2014 Beginning claims 44,587 50,899 47,507 51,490 51,490 New claims 658 662 1,291 1,342 2,743 Settlements (313 ) (251 ) (521 ) (554 ) (992 ) Dismissals (2,880 ) (1,540 ) (6,225 ) (2,508 ) (5,734 ) Ending claims 42,052 49,770 42,052 49,770 47,507 Of the 42,052 pending claims as of June 30, 2015 , approximately 18,600 claims were pending in New York, approximately 5,800 claims were pending in Texas, approximately 5,100 claims were pending in Mississippi, and approximately 300 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 three 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 third payment, in the amount of $0.9 million , was made in June 2014, approximately two years after the adverse verdict in the William Paulus matter in California, after the Company had exhausted all post-trial and appellate remedies. The Company has tried several cases resulting in defense verdicts by the jury or directed verdicts for the defense by the court. The Company further has pursued appeals of certain adverse jury verdicts that have resulted in reversals in favor of the defense. On March 23, 2010, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1 / 11t h 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, a panel of the Pennsylvania Superior Court, in a 2-1 decision, vacated the Nelson verdict against all defendants, reversing and remanding for a new trial. Plaintiffs requested a rehearing in the Superior Court and by order dated November 18, 2013, the Superior Court vacated the panel opinion, and granted en banc reargument. On December 23, 2014, the Superior Court issued a second opinion reversing the jury verdict. Plaintiffs sought leave to appeal to the Pennsylvania Supreme Court, which defendants have opposed. By order dated May 20, 2015, the Supreme Court of Pennsylvania is holding, but not acting on, the plaintiffs' petition pending the outcome of another appeal in which the Company is not a party. 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 appealed, and the judgment was affirmed in a 3-2 decision and order dated July 3, 2014. The Company has appealed to the New York Court of Appeals. The parties' briefing has concluded and oral argument may be heard in 2015. 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 appealed, and the judgment was affirmed by order dated February 21, 2014. The Company sought review of certain aspects of the ruling before the California Supreme Court, and review was denied. Having exhausted all post-trial and appellate remedies, the Company in June 2014 paid to plaintiffs the amount of $0.9 million , the judgment including interest, and this amount is included in the second quarter 2014 indemnity totals. 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 appealed, and the judgment was affirmed by order dated March 21, 2014. The Company sought reargument of this decision, which was denied. The Company sought review before the New York Court of Appeals, which was accepted in the fourth quarter of 2014. The parties' briefing has concluded and oral argument may be heard in 2015. 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 entered judgment against the Company in the amount of $1.1 million . The Company appealed. By opinion dated April 16, 2014, the Court of Appeal affirmed the finding of liability against the Company, and the California Supreme Court denied review of this ruling. The Court of Appeal reserved the arguments relating to recoverable damages to a subsequent appeal that remains pending. The argument of that second appeal is set for July 21, 2015. 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, and on April 17, 2015, a panel of the Superior Court of Pennsylvania affirmed the trial court's ruling. The Company's motion for reconsideration was denied, and it is seeking review before the Supreme Court of Pennsylvania. 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. After the trial court remitted the verdict to $18 million , but otherwise denied the Company’s post-trial motion, judgment also entered against the Company in the amount of $10.6 million (including interest). The Company has appealed. The Company has taken a separate appeal of the trial court’s denial of its summary judgment motion. The Court has consolidated the appeals, which were heard in the fourth quarter of 2014. 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 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. Post-trial motions were denied, and the court entered judgment in the amount of $1.7 million . On June 12, 2015, the Appellate Division, Fourth Department, affirmed the trial court's ruling denying the Company's motion for summary judgment. The Company is seeking reargument of that ruling. The Company is pursuing a further appeal of the trial court rulings and judgment. 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 million . The jury also awarded exemplary damages against both other defendants. The Company filed post-trial motions seeking to overturn the verdict, which were denied, except that the Court remitted the compensatory damages award to $2.5 million and exemplary damages award to $3.5 million . Considering settlement offsets, the Court further reduced the total damages award to $3.5 million . The Company has settled the matter. The settlement is reflected in the first quarter 2015 indemnity amount. 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 trial court denied all parties’ post-trial motions, and entered judgment against the Company in the amount of $1.3 million . The Company has appealed. On June 16, 2014, a New York City state court jury entered a $15 million verdict against the Company in the Ivan Sweberg claim and a $10 million verdict against the Company in the Selwyn Hackshaw claim. The two claims were consolidated for trial. The Company filed post-trial motions seeking to overturn the verdicts, to grant new trials, or to reduce the damages, which were denied, except that the Court reduced the Sweberg award to $10 million , and reduced the Hackshaw award to $6 million . Judgments have been entered in the amount of $5.3 million in Sweberg and $3.1 million in Hackshaw. The Company has appealed. On July 2, 2015, a St. Louis, Missouri state court jury in the James Poage claim entered an $1.5 million verdict for compensatory damages against the Company. The jury also awarded exemplary damages against the Company in the amount of $10 million . The Company filed a motion seeking to reduce the verdict to account for the verdict set-offs, and it will pursue additional issues through post-trial motions when, if ever, judgment is entered against the Company. 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 six-month periods ended June 30, 2015 and 2014 totaled $37.8 million and $45.0 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 six-month periods ended June 30, 2015 and 2014 totaled $24.8 million and $30.8 million , respectively. Detailed below are the comparable amounts for the periods indicated. Three Months Ended Six Months Ended Year Ended (in millions) June 30, June 30, December 31, 2015 2014 2015 2014 2014 Settlement / indemnity costs incurred (1) $ 8.9 $ 7.6 $ 16.7 $ 15.2 $ 25.3 Defense costs incurred (1) 10.6 16.9 21.1 29.7 55.9 Total costs incurred $ 19.5 $ 24.4 $ 37.8 $ 45.0 $ 81.1 Settlement / indemnity payments $ 5.6 $ 5.6 $ 11.1 $ 12.4 $ 27.3 Defense payments 12.5 16.0 20.6 27.4 57.7 Insurance receipts (4.0 ) (3.8 ) (6.9 ) (9.0 ) (23.8 ) Pre-tax cash payments $ 14.1 $ 17.8 $ 24.8 $ 30.8 $ 61.3 (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 June 30, 2015 , the Company has resolved (by settlement or dismissal) approximately 114,000 claims. The related settlement cost incurred by the Company and its insurance carriers is approximately $441 million , for an average settlement cost per resolved claim of approximately $3,900 . The average settlement cost per claim resolved during the years ended December 31, 2014 , 2013 and 2012 was $3,800 , $3,300 and $6,300 , 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 June 30, 2015 , 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 June 30, 2015 . 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 $582 million as of June 30, 2015 . 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 June 30, 2015 was $79 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 $140 million as of June 30, 2015 . 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 t |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans The components of net periodic cost are as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2014 (in millions) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 2015 2014 2015 2014 Service cost $ 1.2 $ 1.3 $ — $ — $ 2.7 $ 2.5 $ — $ — Interest cost 9.4 10.2 0.1 0.1 19.0 20.5 0.2 0.2 Expected return on plan assets (15.4 ) (15.7 ) — — (31.2 ) (31.4 ) — — Amortization of prior service cost (0.2 ) — (0.1 ) (0.1 ) (0.1 ) 0.1 (0.1 ) (0.1 ) Amortization of net loss (gain) 3.1 1.3 (0.1 ) (0.1 ) 6.2 2.5 (0.3 ) (0.1 ) Net periodic cost $ (1.9 ) $ (2.9 ) $ (0.1 ) $ — $ (3.4 ) $ (5.9 ) $ (0.2 ) $ — The Company expects, based on current actuarial calculations, to contribute approximately $17.0 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2015, of which $8.1 million and $0.1 million have been contributed during the first six months of 2015, respectively. The Company contributed $24.5 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2014. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented. Effective Tax Rates The Company's effective tax rates are as follows: 2015 2014 Three months ended June 30, 31.5% 30.9% Six months ended June 30, 32.1% 31.3% The Company’s effective tax rates for both the three and six months ended June 30, 2015 are higher than the prior year’s comparable periods primarily due to a higher amount of income earned in jurisdictions with higher statutory tax rates, partially offset by a lower amount of statutorily non-deductible expenses. The Company’s effective tax rates for both the three and six months ended June 30, 2015 are lower than the statutory U.S. federal tax rate of 35% primarily due to the favorable impact of income earned in jurisdictions with tax rates lower than the U.S. statutory rate and the U.S. federal tax benefit for domestic manufacturing activities, partially offset by the unfavorable impact of U.S. state taxes and certain expenses that are statutorily non-deductible for income tax purposes. Unrecognized Tax Benefits During the three and six months ended June 30, 2015, the Company’s gross unrecognized tax benefits increased by $2.0 million and $1.8 million , respectively, primarily as a result of tax positions taken in both the current and prior periods, partially offset by reductions resulting from the expiration of statutes of limitation. During the three and six months ended June 30, 2015, the total amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate increased by $2.2 million each period, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of its income tax expense. During the three and six months ended June 30, 2015, the Company recognized $0.4 million and $0.7 million , respectively, of interest and penalty expense related to unrecognized tax benefits in its condensed consolidated statement of operations. At June 30, 2015 and December 31, 2014, the total amount of accrued interest and penalty expense related to unrecognized tax benefits recorded in the Company’s condensed consolidated balance sheets was $5.4 million and $4.7 million , respectively. During the next twelve months, it is reasonably possible that the Company’s unrecognized tax benefits may decrease by $2.3 million due to the expiration of statutes of limitations and settlements with tax authorities. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, the Company will record additional income tax expense or benefit in the period in which such matters are effectively settled. Income Tax Examinations The Company’s income tax returns are subject to examination by the U.S. federal, U.S. state and local, and non-U.S. tax authorities. The Company’s federal income tax returns for the years 2010 through 2012 are currently under examination by the U.S. Internal Revenue Service, and its federal income tax return for 2013 remains subject to examination. In addition, acquired subsidiaries’ federal income tax returns (2011 through 2013) and federal tax carry forwards (2006 through 2013) 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 2009. Currently, the Company and its subsidiaries are under examination in various jurisdictions, including Germany (2006 through 2012), Hungary (2011), Mexico (2012), and Spain (2010 and 2011). |
Long-Term Debt and Notes Payabl
Long-Term Debt and Notes Payable | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Notes Payable | Long-Term Debt and Short-Term Borrowings The following table summarizes the Company’s debt as of June 30, 2015 and December 31, 2014 : (in millions) June 30, December 31, Long-term debt consists of: 2.75% notes due 2018 $ 250.0 $ 250.0 4.45% notes due 2023 300.0 300.0 6.55% notes due 2036 199.2 199.3 Total long-term debt $ 749.2 $ 749.2 Short-term borrowings consists of: Revolving credit facility $ — $ 100.0 Commercial paper 121.9 — Other 0.8 0.8 Total short-term borrowings $ 122.7 $ 100.8 On March 2, 2015, the Company entered into a commercial paper program (the “CP Program”) pursuant to which it may issue short-term, unsecured commercial paper notes (the “Notes”) pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Notes outstanding under the CP Program at any time not to exceed $500 million . The Notes will have maturities of up to 397 days from date of issue. The Notes will rank at least pari passu with all of our other unsecured and unsubordinated indebtedness. At June 30, 2015, Notes with a principal amount of $121.9 million were outstanding. The net proceeds of the issuances of the Notes were used to repay amounts under our revolving credit facility and for general corporate purposes. On May 27, 2015, the Company entered into an amendment ("Amendment No. 2") to the Company’s five-year, $500 million Second Amended and Restated Credit Agreement. Amendment No. 2, among other things, (i) extends the maturity date under the Second Amended and Restated Credit Agreement to May 27, 2020 and (ii) amends the facility fee and applicable margins on the revolving loans made pursuant to the Second Amended and Restated Credit Agreement. Following the effectiveness of Amendment No. 2, at the Company’s current credit rating, the facility fee is reduced by 5 basis points to 0.15% while the applicable margin on revolving loans is is increased by 5 basis points to 0.10% for base rate loans and 1.10% for LIBOR loans. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 June 30, 2015 , the foreign exchange contracts designated as hedging instruments did not have a material impact on the Company’s statement of operations, balance sheet 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 $46 million and $216 million as of June 30, 2015 and December 31, 2014 , respectively. The settlement of derivative contracts for the three months ended June 30, 2015 and 2014 resulted in net cash outflows of $12.0 million and $2.7 million , respectively, and is reported within other in “Total used for operating activities” on the Condensed Consolidated Statements of Cash Flows. As of June 30, 2015 and December 31, 2014, the Company's receivable position for the foreign exchange contracts was $0.5 million and $31 thousand , respectively. As of June 30, 2015 and December 31, 2014, the Company's payable position for the foreign exchange contracts was $0.4 million and $2.5 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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: June 30, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in millions) Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Assets: Derivatives - foreign exchange contracts $ — $ 0.5 $ — $ 0.5 $ — $ — $ — $ — Liabilities: Derivatives - foreign exchange contracts $ — $ 0.4 $ — $ 0.4 $ — $ 2.5 $ — $ 2.5 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 $796.3 million and $815.2 million at June 30, 2015 and December 31, 2014 , respectively. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring 2015 Repositioning Actions The Company initiated incremental restructuring activities and recorded pre-tax restructuring charges of $7.0 million in the second quarter of 2015 which includes $5.9 million of severance costs at selected facilities and $1.1 million of non-cash restructuring costs related to an asset write-down. The Company expects these actions to result in workforce reductions of approximately 125 employees, or about 1% , of the Company’s global workforce. The following table summarizes the restructuring charges by cost type and business segment: (in millions) Severance Asset write-down Total Fluid Handling $ 5.1 $ — $ 5.1 Aerospace & Electronics 0.8 — 0.8 Corporate — 1.1 1.1 $ 5.9 $ 1.1 $ 7.0 The Company does not expect any further significant costs associated with these actions. 2014 Repositioning Actions The Company recorded pre-tax restructuring charges of $18.9 million in 2014, which included $18.7 million of severance and other cash-related restructuring costs and $0.2 million of non-cash restructuring costs related to asset write-downs. The $18.7 million of severance and other cash-related restructuring costs included $4.6 million related to the consolidation of a facility in the United Kingdom in the Fluid Handling segment, $7.8 million primarily related to the consolidation of a facility in Europe in the Fluid Handling segment and $6.3 million associated with certain facility consolidation activities in the Aerospace & Electronics segment. The Company expects these repositioning actions to result in workforce reductions of approximately 320 employees, or about 3% of the Company’s global workforce. During the six months ended June 30, 2015, the Company recorded pre-tax restructuring charges of $0.2 million which included $0.4 million related to severance costs and $0.2 million of a net restructuring gain driven by the sale of assets related to a consolidated facility. The following table summarizes the accrual balances related to these cash-related restructuring charges: (in millions) Balance at December 31, 2014 Expense Utilization Balance at June 30, 2015 Fluid Handling Severance $ 10.7 $ (0.1 ) $ (5.7 ) $ 4.9 Other — — — — Total Fluid Handling $ 10.7 $ (0.1 ) $ (5.7 ) $ 4.9 Aerospace & Electronics Severance $ 1.9 $ — $ (1.5 ) $ 0.4 Other 0.5 0.5 — 1.0 Total Aerospace & Electronics $ 2.4 $ 0.5 $ (1.5 ) $ 1.4 Total Restructuring $ 13.1 $ 0.4 $ (7.2 ) $ 6.3 Related to the 2014 repositioning actions, in 2014, the Company recorded $2.6 million and $1.2 million for additional costs incurred as a direct result of the facility consolidations within the Fluid Handling segment and Aerospace & Electronics segments, respectively. During the six months ended June 30, 2015, the Company recorded $2.4 million and $0.1 million within the Fluid Handling segment and Aerospace & Electronics segments, respectively. The Company does not expect any further significant costs associated with these actions. Acquisition-Related Restructuring In 2014, the Company recorded pre-tax restructuring charges of $10.3 million , which included $10.2 million of severance and other cash-related restructuring costs and $0.1 million of non-cash restructuring costs related to asset write-downs related to the December 2013 acquisition of MEI in the Company's Payment & Merchandising Technologies segment. The Company expects these 2014 actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce. During the six months ended June 30, 2015, the Company recorded pre-tax restructuring charges of $0.2 million of other cash-related costs related to these actions. The following table summarizes the accrual balances related to these cash-related restructuring charges: (in millions) Balance at December 31, 2014 Expense Utilization Balance at June 30, 2015 Payment & Merchandising Technologies Severance $ 7.0 $ — $ (1.5 ) $ 5.5 Other — 0.2 (0.2 ) — Total Restructuring $ 7.0 $ 0.2 $ (1.7 ) $ 5.5 The Company does not expect any further significant costs associated with these actions. |
Segment Results (Tables)
Segment Results (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Information By Reportable Segment | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net sales Fluid Handling $ 291.8 $ 324.5 $ 567.3 $ 635.4 Payment & Merchandising Technologies 186.5 184.6 358.4 353.7 Aerospace & Electronics 167.1 177.6 328.7 346.5 Engineered Materials 65.8 63.4 135.5 131.4 Total $ 711.2 $ 750.1 $ 1,390.0 $ 1,466.9 Operating profit (loss) Fluid Handling $ 32.5 $ 52.2 $ 66.8 $ 96.7 Payment & Merchandising Technologies 26.1 18.6 47.3 26.1 Aerospace & Electronics 31.7 35.9 61.7 68.4 Engineered Materials 12.2 9.8 26.4 20.6 Corporate a (12.3 ) (18.9 ) (26.1 ) (32.8 ) Total 90.2 97.6 176.2 179.0 Interest income 0.5 0.4 1.0 0.8 Interest expense (9.5 ) (9.8 ) (19.4 ) (19.6 ) Miscellaneous - net 0.4 (1.5 ) — (1.7 ) Income before income taxes $ 81.5 $ 86.7 $ 157.8 $ 158.4 a Includes a $6.5 million charge related to the settlement of an environmental lawsuit recorded in the three and six months ended June 30, 2014 As of June 30, December 31, (in millions) 2015 2014 Assets Fluid Handling $ 917.9 $ 963.2 Payment & Merchandising Technologies 1,223.1 1,210.1 Aerospace & Electronics 525.9 512.1 Engineered Materials 235.1 229.1 Corporate 526.1 536.3 Total $ 3,428.1 $ 3,450.8 |
Schedule Of Assets By Segment | As of June 30, December 31, (in millions) 2015 2014 Assets Fluid Handling $ 917.9 $ 963.2 Payment & Merchandising Technologies 1,223.1 1,210.1 Aerospace & Electronics 525.9 512.1 Engineered Materials 235.1 229.1 Corporate 526.1 536.3 Total $ 3,428.1 $ 3,450.8 |
Schedule Of Goodwill By Segment | As of June 30, December 31, (in millions) 2015 2014 Goodwill Fluid Handling $ 222.4 $ 227.3 Payment & Merchandising Technologies 586.8 589.9 Aerospace & Electronics 202.7 202.7 Engineered Materials 171.5 171.5 Total $ 1,183.4 $ 1,191.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share data) 2015 2014 2015 2014 Net income attributable to common shareholders $ 55.8 $ 59.7 $ 106.8 $ 108.4 Average basic shares outstanding 58.0 58.9 58.0 58.7 Effect of dilutive stock options 0.8 1.0 0.8 1.0 Average diluted shares outstanding 58.8 59.8 58.8 59.7 Earnings per basic share $ 0.96 $ 1.01 $ 1.84 $ 1.85 Earnings per diluted share $ 0.95 $ 1.00 $ 1.82 $ 1.82 |
Changes in Equity and Compreh23
Changes in Equity and Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary Of Changes In Equity | A summary of the changes in equity for the six months ended June 30, 2015 and 2014 is provided below: Six Months Ended June 30, 2015 2014 (in millions) Total Shareholders’ Equity Noncontrolling Interests Total Equity Total Shareholders’ Equity Noncontrolling Interests Total Equity Balance, beginning of period $ 1,059.8 $ 10.8 $ 1,070.6 $ 1,204.3 $ 10.4 $ 1,214.7 Dividends (38.3 ) — (38.3 ) (35.3 ) — (35.3 ) Reacquisition on open market (25.0 ) — (25.0 ) — — — Exercise of stock options, net of shares reacquired 7.0 — 7.0 7.8 — 7.8 Stock compensation expense 10.8 — 10.8 10.6 — 10.6 Excess tax benefit (shortfall) from stock based compensation (0.2 ) — (0.2 ) 7.5 — 7.5 Net income 106.8 0.4 107.2 108.4 0.4 108.8 Other comprehensive income (loss) (40.2 ) (0.1 ) (40.3 ) 11.6 — 11.7 Comprehensive income 66.6 0.3 66.9 120.0 0.4 120.4 Balance, end of period $ 1,080.7 $ 11.1 $ 1,091.8 $ 1,314.9 $ 10.8 $ 1,325.7 |
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 millions) Defined Benefit Pension and Other Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2014 $ (257.8 ) $ (40.9 ) $ (298.8 ) Other comprehensive income (loss) before reclassifications — (44.1 ) (44.1 ) Amounts reclassified from accumulated other comprehensive income 3.9 — 3.9 Net current-period other comprehensive income (loss) 3.9 (44.1 ) (40.2 ) Balance as of June 30, 2015 $ (253.9 ) $ (85.0 ) $ (339.0 ) * Net of tax benefit of $112.7 million and $114.4 million for June 30, 2015 and December 31, 2014 , respectively. |
Amounts Reclassified out of each Component of AOCI | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the three month periods ended June 30, 2015 and 2014. Details of Accumulated Other Comprehensive Income Components (in millions) Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement of Operations Three Months Ended June 30, 2015 2014 Amortization of defined benefit pension items: Prior-service costs $ (0.2 ) $ 0.03 $(0.3) and $.04 has been recorded within Cost of Sales for the three months ended June 30, 2015 and 2014, respectively, and $0.1 and ($.01) has been recorded within General & Administrative for the three months ended June 30, 2015 and 2014, respectively Net loss (gain) 3.1 1.3 $4.2 and $1.7 has been recorded within Cost of Sales for the three months ended June 30, 2015 and 2014, respectively, and ($1.1) and ($0.4) has been recorded within General & Administrative for the three months ended June 30, 2015 and 2014, respectively Amortization of other postretirement items: Prior-service costs (0.1 ) (0.1 ) Recorded within Selling, General & Administrative Net loss (gain) (0.1 ) (0.1 ) Recorded within Selling, General & Administrative $ 2.7 $ 1.2 Total before tax 0.8 0.4 Tax benefit Total reclassifications for the period $ 1.9 $ 0.8 Net of tax The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the six month periods ended June 30, 2015 and 2014. Details of Accumulated Other Comprehensive Income Components (in millions) Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement of Operations Six Months Ended June 30, 2015 2014 Amortization of defined benefit pension items: Prior-service costs $ (0.1 ) $ 0.1 $(0.2) and $0.1 has been recorded within Cost of Sales for the six months ended June 30, 2015 and 2014, respectively, and $0.1 and $0 has been recorded within General & Administrative for the six months ended June 30, 2015 and 2014, respectively Net loss (gain) 6.2 2.5 $8.4 and $3.4 has been recorded within Cost of Sales for the six months ended June 30, 2015 and 2014, respectively, and ($2.2) and ($0.9) has been recorded within General & Administrative for the six months ended June 30, 2015 and 2014, respectively Amortization of other postretirement items: Prior-service costs (0.1 ) (0.1 ) Recorded within Selling, General & Administrative Net loss (gain) (0.3 ) (0.1 ) Recorded within Selling, General & Administrative $ 5.7 $ 2.4 Total before tax 1.8 — Tax benefit Total reclassifications for the period $ 3.9 $ 2.3 Net of tax |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes To Goodwill | Changes to goodwill are as follows: (in millions) Six Months Ended June 30, 2015 Year Ended December 31, 2014 Balance at beginning of period $ 1,191.3 $ 1,249.3 Disposals — (0.8 ) Adjustments to purchase price allocations — (13.9 ) Currency translation and other (7.9 ) (43.3 ) Balance at end of period $ 1,183.4 $ 1,191.3 |
Changes To Intangible Assets | Changes to intangible assets are as follows: (in millions) Six Months Ended June 30, 2015 Year Ended December 31, 2014 Balance at beginning of period, net of accumulated amortization $ 353.5 $ 408.9 Amortization expense (16.0 ) (37.9 ) Currency translation and other (1.5 ) (17.6 ) Balance at end of period, net of accumulated amortization $ 336.0 $ 353.5 |
Summary Of Intangible Assets | A summary of intangible assets follows: Weighted Average Amortization Period of Finite Lived Assets (in years) June 30, 2015 December 31, 2014 (in millions) Gross Asset Accumulated Amortization Net Gross Asset Accumulated Amortization Net Intellectual property rights 16.5 $ 89.8 $ 51.1 $ 38.7 $ 91.3 $ 50.4 $ 40.9 Customer relationships and backlog 15.5 400.9 123.6 277.3 402.6 112.5 290.1 Drawings 37.9 11.1 10.1 1.0 11.1 10.1 1.1 Other 12.9 62.9 43.9 19.0 63.2 41.8 21.4 Total 15.8 $ 564.7 $ 228.7 $ 336.0 $ 568.2 $ 214.8 $ 353.5 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: June 30, December 31, (in millions) Employee related expenses $ 86.2 $ 81.4 Warranty 15.4 15.5 Other 127.2 128.8 Total $ 228.8 $ 225.8 |
Summary Of Warranty Liabilities | A summary of the warranty liabilities is as follows: (in millions) Six Months Ended June 30, 2015 Year Ended December 31, 2014 Balance at beginning of period $ 15.5 $ 18.9 Expense 6.0 13.3 Changes due to acquisitions/divestitures — (0.1 ) Payments / deductions (6.2 ) (16.4 ) Currency translation 0.1 (0.2 ) Balance at end of period $ 15.4 $ 15.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Activity Related To Asbestos Claims | Activity related to asbestos claims during the periods indicated was as follows: Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, 2015 2014 2015 2014 2014 Beginning claims 44,587 50,899 47,507 51,490 51,490 New claims 658 662 1,291 1,342 2,743 Settlements (313 ) (251 ) (521 ) (554 ) (992 ) Dismissals (2,880 ) (1,540 ) (6,225 ) (2,508 ) (5,734 ) Ending claims 42,052 49,770 42,052 49,770 47,507 |
Schedule Of Settlement And Defense Costs | Detailed below are the comparable amounts for the periods indicated. Three Months Ended Six Months Ended Year Ended (in millions) June 30, June 30, December 31, 2015 2014 2015 2014 2014 Settlement / indemnity costs incurred (1) $ 8.9 $ 7.6 $ 16.7 $ 15.2 $ 25.3 Defense costs incurred (1) 10.6 16.9 21.1 29.7 55.9 Total costs incurred $ 19.5 $ 24.4 $ 37.8 $ 45.0 $ 81.1 Settlement / indemnity payments $ 5.6 $ 5.6 $ 11.1 $ 12.4 $ 27.3 Defense payments 12.5 16.0 20.6 27.4 57.7 Insurance receipts (4.0 ) (3.8 ) (6.9 ) (9.0 ) (23.8 ) Pre-tax cash payments $ 14.1 $ 17.8 $ 24.8 $ 30.8 $ 61.3 (1) Before insurance recoveries and tax effects. |
Pension and Other Postretirem27
Pension and Other Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components Of Net Periodic Cost | The components of net periodic cost are as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2014 (in millions) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 2015 2014 2015 2014 Service cost $ 1.2 $ 1.3 $ — $ — $ 2.7 $ 2.5 $ — $ — Interest cost 9.4 10.2 0.1 0.1 19.0 20.5 0.2 0.2 Expected return on plan assets (15.4 ) (15.7 ) — — (31.2 ) (31.4 ) — — Amortization of prior service cost (0.2 ) — (0.1 ) (0.1 ) (0.1 ) 0.1 (0.1 ) (0.1 ) Amortization of net loss (gain) 3.1 1.3 (0.1 ) (0.1 ) 6.2 2.5 (0.3 ) (0.1 ) Net periodic cost $ (1.9 ) $ (2.9 ) $ (0.1 ) $ — $ (3.4 ) $ (5.9 ) $ (0.2 ) $ — |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The Company's effective tax rates are as follows: 2015 2014 Three months ended June 30, 31.5% 30.9% Six months ended June 30, 32.1% 31.3% |
Long-Term Debt and Notes Paya29
Long-Term Debt and Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Components Of Debt | The following table summarizes the Company’s debt as of June 30, 2015 and December 31, 2014 : (in millions) June 30, December 31, Long-term debt consists of: 2.75% notes due 2018 $ 250.0 $ 250.0 4.45% notes due 2023 300.0 300.0 6.55% notes due 2036 199.2 199.3 Total long-term debt $ 749.2 $ 749.2 Short-term borrowings consists of: Revolving credit facility $ — $ 100.0 Commercial paper 121.9 — Other 0.8 0.8 Total short-term borrowings $ 122.7 $ 100.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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: June 30, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in millions) Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Assets: Derivatives - foreign exchange contracts $ — $ 0.5 $ — $ 0.5 $ — $ — $ — $ — Liabilities: Derivatives - foreign exchange contracts $ — $ 0.4 $ — $ 0.4 $ — $ 2.5 $ — $ 2.5 |
Restructuring Restructuring (Ta
Restructuring Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the accrual balances related to these cash-related restructuring charges: (in millions) Balance at December 31, 2014 Expense Utilization Balance at June 30, 2015 Fluid Handling Severance $ 10.7 $ (0.1 ) $ (5.7 ) $ 4.9 Other — — — — Total Fluid Handling $ 10.7 $ (0.1 ) $ (5.7 ) $ 4.9 Aerospace & Electronics Severance $ 1.9 $ — $ (1.5 ) $ 0.4 Other 0.5 0.5 — 1.0 Total Aerospace & Electronics $ 2.4 $ 0.5 $ (1.5 ) $ 1.4 Total Restructuring $ 13.1 $ 0.4 $ (7.2 ) $ 6.3 The following table summarizes the accrual balances related to these cash-related restructuring charges: (in millions) Balance at December 31, 2014 Expense Utilization Balance at June 30, 2015 Payment & Merchandising Technologies Severance $ 7.0 $ — $ (1.5 ) $ 5.5 Other — 0.2 (0.2 ) — Total Restructuring $ 7.0 $ 0.2 $ (1.7 ) $ 5.5 |
Schedule of Restructuring and Related Costs [Table Text Block] | The following table summarizes the restructuring charges by cost type and business segment: (in millions) Severance Asset write-down Total Fluid Handling $ 5.1 $ — $ 5.1 Aerospace & Electronics 0.8 — 0.8 Corporate — 1.1 1.1 $ 5.9 $ 1.1 $ 7.0 |
Segment Results (Narrative) (De
Segment Results (Narrative) (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Results (Schedule Of Fi
Segment Results (Schedule Of Financial Information By Reportable Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Pre-tax loss on sale of small business | $ 6.5 | |||
Operating profit (loss) from continuing operations | ||||
Net sales | $ 711.2 | $ 750.1 | $ 1,390 | 1,466.9 |
Operating profit (loss) | 90.2 | 97.6 | 176.2 | 179 |
Interest income | 0.5 | 0.4 | 1 | 0.8 |
Interest expense | (9.5) | (9.8) | (19.4) | (19.6) |
Miscellaneous - net | 0.4 | (1.5) | 0 | (1.7) |
Income before income taxes | 81.5 | 86.7 | 157.8 | 158.4 |
Fluid Handling [Member] | ||||
Operating profit (loss) from continuing operations | ||||
Net sales | 291.8 | 324.5 | 567.3 | 635.4 |
Operating profit (loss) | 32.5 | 52.2 | 66.8 | 96.7 |
Payment and Merchandising Technologies [Member] | ||||
Operating profit (loss) from continuing operations | ||||
Net sales | 186.5 | 184.6 | 358.4 | 353.7 |
Operating profit (loss) | 26.1 | 18.6 | 47.3 | 26.1 |
Engineered Materials | ||||
Operating profit (loss) from continuing operations | ||||
Net sales | 65.8 | 63.4 | 135.5 | 131.4 |
Operating profit (loss) | 12.2 | 9.8 | 26.4 | 20.6 |
Aerospace and Electronics [Member] | ||||
Operating profit (loss) from continuing operations | ||||
Net sales | 167.1 | 177.6 | 328.7 | 346.5 |
Operating profit (loss) | 31.7 | 35.9 | 61.7 | 68.4 |
Corporate | ||||
Operating profit (loss) from continuing operations | ||||
Operating profit (loss) | $ (12.3) | $ (18.9) | $ (26.1) | $ (32.8) |
Segment Results (Schedule Of As
Segment Results (Schedule Of Assets By Segment) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 3,428.1 | $ 3,450.8 |
Fluid Handling [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 917.9 | 963.2 |
Payment and Merchandising Technologies [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,223.1 | 1,210.1 |
Aerospace and Electronics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 525.9 | 512.1 |
Engineered Materials | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 235.1 | 229.1 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 526.1 | $ 536.3 |
Segment Results (Schedule Of Go
Segment Results (Schedule Of Goodwill By Segment) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 1,183.4 | $ 1,191.3 | $ 1,249.3 |
Fluid Handling [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 222.4 | 227.3 | |
Payment and Merchandising Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 586.8 | 589.9 | |
Aerospace and Electronics [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 202.7 | 202.7 | |
Engineered Materials | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 171.5 | $ 171.5 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to common shareholders | $ 55.8 | $ 59.7 | $ 106.8 | $ 108.4 |
Average basic shares outstanding | 58 | 58.9 | 58 | 58.7 |
Effect of dilutive stock options | 0.8 | 1 | 0.8 | 1 |
Average diluted shares outstanding | 58.8 | 59.8 | 58.8 | 59.7 |
Earnings per share - basic: | ||||
Net income attributable to common shareholders | $ 0.96 | $ 1.01 | $ 1.84 | $ 1.85 |
Earnings per share - diluted: | ||||
Net income attributable to common shareholders | $ 0.95 | $ 1 | $ 1.82 | $ 1.82 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Average options excluded from computation of diluted earnings per share | 1.3 | 0.6 | 1 | 0.5 |
Changes In Equity And Compreh38
Changes In Equity And Comprehensive Income (Summary Of Changes In Equity) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, beginning of period | $ 1,070.6 | $ 1,214.7 | ||
Dividends | (38.3) | (35.3) | ||
Reacquisition on open market | (25) | 0 | ||
Exercise of stock options, net of shares reacquired | 7 | 7.8 | ||
Stock compensation expense | 10.8 | 10.6 | ||
Excess tax benefit from stock based compensation | (0.2) | 7.5 | ||
Net income | $ 55.9 | $ 59.9 | 107.2 | 108.8 |
Other comprehensive income (loss) | 28.6 | 12.7 | (40.3) | 11.7 |
Comprehensive income | 84.5 | 72.6 | 66.9 | 120.4 |
Balance, end of period | 1,091.8 | 1,325.7 | 1,091.8 | 1,325.7 |
Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, beginning of period | 1,059.8 | 1,204.3 | ||
Dividends | (38.3) | (35.3) | ||
Reacquisition on open market | (25) | 0 | ||
Exercise of stock options, net of shares reacquired | 7 | 7.8 | ||
Stock compensation expense | 10.8 | 10.6 | ||
Excess tax benefit from stock based compensation | (0.2) | 7.5 | ||
Net income | 106.8 | 108.4 | ||
Other comprehensive income (loss) | (40.2) | 11.6 | ||
Comprehensive income | 66.6 | 120 | ||
Balance, end of period | 1,080.7 | 1,314.9 | 1,080.7 | 1,314.9 |
Noncontrolling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, beginning of period | 10.8 | 10.4 | ||
Net income | 0.4 | 0.4 | ||
Other comprehensive income (loss) | (0.1) | 0 | ||
Comprehensive income | 0.4 | |||
Balance, end of period | $ 11.1 | $ 10.8 | $ 11.1 | $ 10.8 |
Changes In Equity And Compreh39
Changes In Equity And Comprehensive Income (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | $ (298.8) | |
Other comprehensive income (loss) before reclassifications | (44.1) | |
Amounts reclassified from accumulated other comprehensive income | 3.9 | |
Net current-period othre comprehensive income (loss) | (40.2) | |
Accumulated other comprehensive loss, ending balance | (339) | $ (298.8) |
Changes in pension and post-retirement plan assets and benefit obligation, Tax benefit | 112.7 | 114.4 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | (257.8) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income | 3.9 | |
Net current-period othre comprehensive income (loss) | 3.9 | |
Accumulated other comprehensive loss, ending balance | (253.9) | (257.8) |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | (40.9) | |
Other comprehensive income (loss) before reclassifications | (44.1) | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Net current-period othre comprehensive income (loss) | (44.1) | |
Accumulated other comprehensive loss, ending balance | $ (85) | $ (40.9) |
Changes in Equity and Compreh40
Changes in Equity and Comprehensive Income Changes in Equity and Comprehensive Income (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 112.7 | $ 114.4 | |||
Income Tax Expense (Benefit) | $ (25.7) | $ (26.8) | (50.6) | $ (49.6) | |
Amounts reclassified from accumulated other comprehensive income | 3.9 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs, Pension [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
PriorServiceCostsCOS | (0.3) | 0 | (0.2) | 0.1 | |
PriorServiceCostSG&A | 0.1 | 0 | 0.1 | 0 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Loss (Gain), Pension [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | 0 | 0 | |
NetlossgainCOS | 4.2 | 1.7 | 8.4 | 3.4 | |
NetlossgainSG&A | (1.1) | (0.4) | (2.2) | (0.9) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs, Postretirement [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Loss(Gain), Postretirement [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Defined Benefit Plan, Amortization of Gains (Losses) | $ 0 | $ 0 | $ 0 | $ 0 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 11, 2013 | |
Business Acquisition [Line Items] | ||||||||
Business Combination, Integration Related Costs | $ 1,800,000 | $ 2,000,000 | $ 3,400,000 | $ 6,800,000 | ||||
Inventory and Backlog Amortization | 4,800,000 | |||||||
Restructuring Charges | $ 6,800,000 | 3,300,000 | $ 7,300,000 | 13,300,000 | ||||
MEI Conlux Holdings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 804,000,000 | |||||||
Sales reported by acquired entity | $ 399,000,000 | |||||||
2.75% Notes Due 2018 | ||||||||
Business Acquisition [Line Items] | ||||||||
Notes Issued | 250,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | ||||
Four Point Four Five Percent Notes Due 2023 [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Notes Issued | $ 300,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |||||||
Acquisition Related Restructuring [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Restructuring Charges | $ 10,300,000 | |||||||
Acquisition Related Restructuring [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Restructuring Charges | $ 1,600,000 | $ 200,000 | $ 5,600,000 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets (Narrative) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($)Segment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Goodwill And Intangible Assets [Line Items] | ||||
Number of reporting units | Segment | 7 | |||
Estimated cost of capital, minimum | 9.50% | 9.50% | ||
Estimated cost of capital, maximum | 13.50% | 13.50% | ||
Estimated cost of capital, weighted | 10.70% | 10.70% | ||
Hypothetical decrease to fair values of each reporting unit | 10.00% | |||
Net intangible assets | $ 336 | $ 336 | $ 353.5 | |
Intangibles with indefinite useful lives | 27.8 | 27.8 | ||
Estimated amortization expense for intangible assets, current year | 15.9 | 15.9 | ||
Estimated amortization expense for intangible assets, year 2015 | 30.7 | 30.7 | ||
Estimated amortization expense for intangible assets, year 2016 | 29.7 | 29.7 | ||
Estimated amortization expense for intangible assets, year 2017 | 27 | 27 | ||
Estimated amortization expense for intangible assets, year 2018 | 24.4 | 24.4 | ||
Estimated amortization expense for intangible assets, year 2019 and thereafter | 180.5 | $ 180.5 | ||
Goodwill, Purchase Accounting Adjustments | $ 0 | $ (13.9) | ||
MEI Conlux Holdings [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Proceeds Received Related To Adjustment Of Working Capital | 6.1 | |||
Goodwill, Purchase Accounting Adjustments | $ 7.8 |
Goodwill And Intangible Asset43
Goodwill And Intangible Assets (Changes To Goodwill) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Balance at beginning of period | $ 1,191.3 | $ 1,249.3 | $ 1,249.3 | |
Disposals | 0 | (0.8) | ||
Adjustments to purchase price allocations | $ 0 | (13.9) | ||
Currency translation and other | (7.9) | $ (43.3) | ||
Balance at end of period | $ 1,183.4 | $ 1,183.4 | $ 1,191.3 |
Goodwill And Intangible Asset44
Goodwill And Intangible Assets (Changes To Intangible Assets) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of period, net of accumulated amortization | $ 353.5 | $ 408.9 |
Amortization expense | (16) | (37.9) |
Currency translation and other | 1.5 | $ 17.6 |
Balance at end of period, net of accumulated amortization | $ 336 |
Goodwill And Intangible Asset45
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 15 years 9 months 18 days | ||
Gross Asset | $ 564.7 | $ 568.2 | |
Accumulated Amortization | 228.7 | 214.8 | |
Net | 336 | 353.5 | |
Finite-Lived Intangible Assets, Net | $ 336 | 353.5 | $ 408.9 |
Intellectual Property Rights | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 16 years 6 months | ||
Gross Asset | $ 89.8 | 91.3 | |
Accumulated Amortization | 51.1 | 50.4 | |
Net | $ 38.7 | 40.9 | |
Customer Relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 15 years 6 months | ||
Gross Asset | $ 400.9 | 402.6 | |
Accumulated Amortization | 123.6 | 112.5 | |
Net | $ 277.3 | 290.1 | |
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 | $ 11.1 | 11.1 | |
Accumulated Amortization | 10.1 | 10.1 | |
Net | $ 1 | 1.1 | |
Other Intangible Assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 12 years 10 months 24 days | ||
Gross Asset | $ 62.9 | 63.2 | |
Accumulated Amortization | 43.9 | 41.8 | |
Net | $ 19 | $ 21.4 |
Accrued Liabilities (Schedule O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Employee related expenses | $ 86.2 | $ 81.4 |
Warranty | 15.4 | 15.5 |
Other | 127.2 | 128.8 |
Total | $ 228.8 | $ 225.8 |
Accrued Liabilities (Summary Of
Accrued Liabilities (Summary Of Warranty Liabilities) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Payables and Accruals [Abstract] | ||
Balance at beginning of period | $ 15.5 | |
Expense | 6 | $ 13.3 |
Additions through acquisitions/divestitures | 0 | (0.1) |
Payments / deductions | (6.2) | (16.4) |
Currency translation | 0.1 | $ (0.2) |
Balance at end of period | $ 15.4 |
Commitments And Contingencies48
Commitments And Contingencies (Schedule Of Activity Related To Asbestos Claim) (Detail) - Asbestos Commitments and Contingencies | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||||
Beginning claims | 44,587 | 50,899 | 47,507 | 51,490 | 51,490 |
New claims | 658 | 662 | 1,291 | 1,342 | 2,743 |
Settlements | (313) | (251) | (521) | (554) | (992) |
Dismissals | (2,880) | (1,540) | (6,225) | (2,508) | (5,734) |
Ending claims | 42,052 | 49,770 | 42,052 | 49,770 | 47,507 |
Commitments And Contingencies49
Commitments And Contingencies (Asbestos Liability) (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2015USD ($)LegalMatterClaimInsurer_GroupYear | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)LegalMatterClaimInsurer_GroupYear | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Jul. 02, 2015USD ($) | Mar. 31, 2015 | Sep. 30, 2014USD ($) | Jun. 16, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 17, 2013USD ($) | Sep. 11, 2013USD ($) | Jul. 31, 2013USD ($) | Mar. 01, 2013USD ($) | Feb. 25, 2013USD ($) | Nov. 28, 2012USD ($) | Oct. 23, 2012USD ($) | Aug. 29, 2012USD ($) | Mar. 09, 2012USD ($) | Dec. 31, 2011USD ($) | Aug. 17, 2011USD ($) | Feb. 23, 2011USD ($) | Mar. 23, 2010USD ($) | Jun. 30, 2009USD ($) | Jul. 14, 2008USD ($)Year | |
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Payments for asbestos-related fees and costs, net of insurance recoveries | $ 24,800,000 | $ 30,800,000 | |||||||||||||||||||||||||
Current portion of total estimated liability | $ 79,000,000 | $ 79,000,000 | $ 79,000,000 | ||||||||||||||||||||||||
Airplane Operating Lease Period Years | |||||||||||||||||||||||||||
Fair Value Of Residual Value Guarantee | $ 7,800,000 | ||||||||||||||||||||||||||
Fair Value Of Residual Value Guarantee, Fair Value of Operating Lease Asset Threshold | $ 9,500,000 | ||||||||||||||||||||||||||
ResidualValueGuaranteePayment | $ 9,500,000 | ||||||||||||||||||||||||||
Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Pending claims | 42,052 | 49,770 | 42,052 | 49,770 | 47,507 | 51,490 | 44,587 | 50,899 | |||||||||||||||||||
Number of judgments paid | 3 | 3 | |||||||||||||||||||||||||
Payments for asbestos-related fees and costs, net of insurance recoveries | $ 14,100,000 | $ 17,800,000 | $ 24,800,000 | $ 30,800,000 | $ 61,300,000 | ||||||||||||||||||||||
Cumulative claims resolved | Claim | 114,000 | 114,000 | |||||||||||||||||||||||||
Settlement cost | $ 441,000,000 | $ 441,000,000 | |||||||||||||||||||||||||
Average settlement cost per resolved claim | 3,800 | $ 3,300 | $ 6,300 | ||||||||||||||||||||||||
Cumulative average settlement cost per resolved claim | $ 3,900 | $ 3,900 | |||||||||||||||||||||||||
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 | 582,000,000 | 582,000,000 | $ 894,000,000 | ||||||||||||||||||||||||
Percentage Of Asbestos Liability Attributable To Settlement And Denfese Costs For Future Claims | 80.00% | ||||||||||||||||||||||||||
Current portion of total estimated liability | $ 79,000,000 | $ 79,000,000 | |||||||||||||||||||||||||
Number of coverage in place agreements with excess insurer groups | 11 | 11 | |||||||||||||||||||||||||
Number of buyout agreements with excess insurer groups | Insurer_Group | 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 | 140,000,000 | 140,000,000 | $ 225,000,000 | ||||||||||||||||||||||||
Gross Settlement And Defense Incurred Costs | $ 19,500,000 | 24,400,000 | $ 37,800,000 | 45,000,000 | $ 81,100,000 | ||||||||||||||||||||||
Frank Paasch | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Jury verdict | $ 123,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 12.50% | ||||||||||||||||||||||||||
Joseph Norris | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of years after judgment paid, years | Year | 2 | ||||||||||||||||||||||||||
Jury verdict payment including accrued judgment interest | $ 2,540,000 | ||||||||||||||||||||||||||
Earl Haupt | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of years after judgment paid, years | Year | 2 | 2 | |||||||||||||||||||||||||
Jury verdict payment | $ 20,000 | ||||||||||||||||||||||||||
James Nelson | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Jury verdict | $ 14,500,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 9.09% | ||||||||||||||||||||||||||
Court judgment against all parties held responsible | $ 4,000,000 | ||||||||||||||||||||||||||
Additional interest on the compensation awarded | 10,000 | ||||||||||||||||||||||||||
Larry Bell | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | $ 200,000 | ||||||||||||||||||||||||||
Jury verdict | $ 3,500,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 5.00% | ||||||||||||||||||||||||||
Ronald Dummitt | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court written decision | $ 8,000,000 | ||||||||||||||||||||||||||
Court judgment | $ 4,900,000 | ||||||||||||||||||||||||||
Jury verdict percentage of responsibility. | 99.00% | ||||||||||||||||||||||||||
Jury verdict | $ 32,000,000 | ||||||||||||||||||||||||||
Frank Paasch | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Jury verdict | $ 2,500,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 10.00% | ||||||||||||||||||||||||||
William Paulus | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Jury verdict payment | $ 900,000 | $ 900,000 | $ 900,000 | $ 900,000 | |||||||||||||||||||||||
Court judgment | $ 800,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 10.00% | ||||||||||||||||||||||||||
Jury Verdict Non-Economic Damages | $ 6,500,000 | ||||||||||||||||||||||||||
Jury Verdict Economic Damages | $ 400,000 | ||||||||||||||||||||||||||
Frank Vincinguerra | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Jury verdict | $ 2,300,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 20.00% | ||||||||||||||||||||||||||
Gerald Suttner | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | $ 100,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 4.00% | ||||||||||||||||||||||||||
Plaintiff's Damages | $ 3,000,000 | ||||||||||||||||||||||||||
James Hellam | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | $ 1,282,000 | ||||||||||||||||||||||||||
CourtJudgmentIncludingSetoffs | $ 1,100,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 7.00% | ||||||||||||||||||||||||||
Jury Verdict Non-Economic Damages | $ 4,500,000 | ||||||||||||||||||||||||||
Jury Verdict Economic Damages | $ 900,000 | ||||||||||||||||||||||||||
Ivo Peraica | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | $ 10,600,000 | ||||||||||||||||||||||||||
Jury Verdict Total | 35,000,000 | ||||||||||||||||||||||||||
Court_Reduced_Verdict | $ 18,000,000 | ||||||||||||||||||||||||||
Holdsworth [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | $ 1,700,000 | ||||||||||||||||||||||||||
Jury Verdict Total | $ 3,100,000 | ||||||||||||||||||||||||||
Lloyd Garvin [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Compensatory Damages | $ 11,000,000 | ||||||||||||||||||||||||||
Additional damages | 11,000,000 | ||||||||||||||||||||||||||
CourtJudgmentIncludingSetoffs | 3,500,000 | ||||||||||||||||||||||||||
Court_Reduced_Verdict | 2,500,000 | ||||||||||||||||||||||||||
Court Reduced damages | $ 3,500,000 | ||||||||||||||||||||||||||
Richard DeLisle [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | $ 1,300,000 | ||||||||||||||||||||||||||
Jury verdict | $ 8,000,000 | ||||||||||||||||||||||||||
Share Of Responsibility Of Verdict | 16.00% | ||||||||||||||||||||||||||
Ivan Sweberg [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | $ 5,300,000 | ||||||||||||||||||||||||||
Jury Verdict Total | 15,000,000 | ||||||||||||||||||||||||||
Court_Reduced_Verdict | 10,000,000 | ||||||||||||||||||||||||||
Selwyn Hackshaw [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Court judgment | 3,100,000 | ||||||||||||||||||||||||||
Jury Verdict Total | 10,000,000 | ||||||||||||||||||||||||||
Court_Reduced_Verdict | $ 6,000,000 | ||||||||||||||||||||||||||
James Poage [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Compensatory Damages | $ 1,500,000 | ||||||||||||||||||||||||||
Additional damages | $ 10,000,000 | ||||||||||||||||||||||||||
New York | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Pending claims | LegalMatter | 18,600 | 18,600 | |||||||||||||||||||||||||
Mississippi | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Pending claims | LegalMatter | 5,100 | 5,100 | |||||||||||||||||||||||||
Texas | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Pending claims | LegalMatter | 5,800 | 5,800 | |||||||||||||||||||||||||
Ohio | Asbestos Commitments and Contingencies | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Pending claims | LegalMatter | 300 | 300 |
Commitments And Contingencies50
Commitments And Contingencies (Schedule Of Settlement And Defense Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||||
Pre-tax cash payments | $ 24.8 | $ 30.8 | |||
Asbestos Commitments and Contingencies | |||||
Loss Contingencies [Line Items] | |||||
Settlement / indemnity costs incurred (1) | $ 8.9 | $ 7.6 | 16.7 | 15.2 | $ 25.3 |
Defense costs incurred (1) | 10.6 | 16.9 | 21.1 | 29.7 | 55.9 |
Total costs incurred | 19.5 | 24.4 | 37.8 | 45 | 81.1 |
Settlement / indemnity payments | 5.6 | 5.6 | 11.1 | 12.4 | 27.3 |
Defense payments | 12.5 | 16 | 20.6 | 27.4 | 57.7 |
Insurance receipts | (4) | (3.8) | (6.9) | (9) | (23.8) |
Pre-tax cash payments | $ 14.1 | $ 17.8 | $ 24.8 | $ 30.8 | $ 61.3 |
Commitments And Contingencies51
Commitments And Contingencies (Other Contingencies) (Detail) | Aug. 08, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2014 | Dec. 31, 2013USD ($)Homeowner | Dec. 31, 2011HomeownerHome | Jun. 30, 2015USD ($) | Dec. 31, 2012acre | Apr. 15, 2011Homeowner | Dec. 31, 2007USD ($) | Jul. 31, 2006 |
Loss Contingencies [Line Items] | ||||||||||||
Airplane operating lease period, years | ||||||||||||
Fair Value Of Residual Value Guarantee | $ 7,800,000 | |||||||||||
Fair Value Of Residual Value Guarantee, Fair Value of Operating Lease Asset Threshold | 9,500,000 | |||||||||||
Environmental Claims For A Site In Goodyear Arizona | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated liability | $ 65,200,000 | $ 72,000,000 | $ 41,500,000 | |||||||||
Amount of additional remediation activities | 49,000,000 | $ 30,300,000 | $ 24,300,000 | |||||||||
Accrued environmental loss contingencies current | 15,500,000 | |||||||||||
Loss contingency reimbursement rate | 21.00% | |||||||||||
Other receivables | $ 15,500,000 | |||||||||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Approximate size of referenced site, acres | acre | 55,000 | |||||||||||
amount paid into escrow | $ 166,667 | |||||||||||
Environmental Claims For Site In Roseland New Jersey | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount of additional remediation activities | $ 6,800,000 | |||||||||||
Approximate number of homes tested for contaminants | Home | 40 | |||||||||||
Number of Homes Where Contaminants Were Found | Home | 3 | |||||||||||
Homeowners Filing Suits Against Company | Homeowner | 139 | 3 | ||||||||||
Homes Suing Company Where Vapor Mitigation Equipment Was Installed | Homeowner | 3 | |||||||||||
Loss Contingency, Damages Paid, Value | $ 6,500,000 | |||||||||||
Number Of Tenants Who Filed Separate Lawsuit | Homeowner | 1 | |||||||||||
Number of members in the purported class | Homeowner | 138 |
Pension And Other Postretirem52
Pension And Other Postretirement Benefit Plans (Components Of Net Periodic Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1.2 | $ 1.3 | $ 2.7 | $ 2.5 |
Interest cost | 9.4 | 10.2 | 19 | 20.5 |
Expected return on plan assets | (15.4) | (15.7) | (31.2) | (31.4) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.2) | 0 | (0.1) | 0.1 |
Amortization of net loss (gain) | 3.1 | 1.3 | 6.2 | 2.5 |
Net periodic cost | (1.9) | (2.9) | (3.4) | (5.9) |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0.1 | 0.1 | 0.2 | 0.2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.1) | (0.1) | (0.1) | (0.1) |
Amortization of net loss (gain) | (0.1) | (0.1) | (0.3) | (0.1) |
Net periodic cost | $ (0.1) | $ 0 | $ (0.2) | $ 0 |
Pension And Other Postretirem53
Pension And Other Postretirement Benefit Plans (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plans contribution by the company | $ 17 | |||
Defined benefit plans contribution by the company | $ 8.1 | $ 24.5 | ||
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 | $ 0.1 | $ 1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Company's effective tax rate | 31.50% | 30.90% | 32.10% | 31.30% | |
Federal statutory income tax rate | 35.00% | ||||
Increase in gross unrecognized tax benefits | $ 2 | $ 1.8 | |||
Increase in total amount of unrecognized tax benefits, would impact effective tax rate | 2.2 | ||||
Recognized interest expense related to unrecognized tax benefits | 0.4 | 0.7 | |||
Interest and penalty related to unrecognized tax benefits recorded | 5.4 | 5.4 | $ 4.7 | ||
Reasonable possible increase in unrecognized tax benefits during the next twelve months | $ (2.3) | $ (2.3) |
Long-Term Debt And Notes Paya55
Long-Term Debt And Notes Payable (Components Of Debt) (Detail) - USD ($) | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 11, 2013 | |
Debt Instrument [Line Items] | ||||
Facility fee | 0.15% | |||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||
Long-term Commercial Paper | $ 500,000,000 | |||
number of days to maturity | ||||
Net decrease in short-term debt | $ 121,900,000 | $ 0 | ||
Long-term debt | 749,200,000 | $ 749,200,000 | ||
Line of Credit Facility, Amended Maximum Borrowing Capacity | 500,000,000 | |||
Short-term borrowings | $ 122,700,000 | $ 100,800,000 | ||
Margin | 0.10% | |||
Rate for LIBOR loans | 1.10% | |||
2.75% Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Maturity Year Of Debt Instrument | 2,018 | 2,018 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | |
Long-term debt | $ 250,000,000 | $ 250,000,000 | ||
Other Liabilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 800,000 | 800,000 | ||
Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 121,900,000 | 0 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | 100,000,000 | ||
Six Point Five Five Percent Notes Due 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 199,200,000 | 199,300,000 | ||
Four Point Four Five Percent Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |||
Long-term debt | $ 300,000,000 | $ 300,000,000 | ||
4.45% Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Maturity Year Of Debt Instrument | 2,023 | 2,023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | 4.45% | ||
6.55% Notes Due 2036 | ||||
Debt Instrument [Line Items] | ||||
Maturity Year Of Debt Instrument | 2,036 | 2,036 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | 6.55% |
Derivative Instruments And He56
Derivative Instruments And Hedging Activities (Narrative) (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional value of foreign exchange contracts | $ 216 | ||
Net cash outflow/inflow from settlement of derivative contracts | $ (12) | $ (2.7) | |
Derivatives Assets | 0.5 | 0 | |
Derivatives Liabilities | 0.4 | $ 2.5 | |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional value of foreign exchange contracts | $ 46 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives Assets | $ 0.5 | $ 0 |
Derivatives Liabilities | 0.4 | 2.5 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives Assets | 0 | |
Derivatives Liabilities | 2.5 | |
Fair Value, Measurements, Recurring | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives Assets | 0.5 | 0 |
Derivatives Liabilities | $ 0.4 | $ 2.5 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Estimated fair value of long-term debt | $ 796.3 | $ 815.2 |
Restructuring Restructuring 201
Restructuring Restructuring 2015 Repositioning Actions (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014employee | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 6.8 | $ 3.3 | $ 7.3 | $ 13.3 | |
2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 7 | ||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 125 | ||||
Reduction Of Global Workforce Percentage | 1.00% | ||||
Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 5.9 | ||||
Asset Write Down [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1.1 | ||||
Fluid Handling [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 5.1 | ||||
Fluid Handling [Member] | Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 5.1 | ||||
Fluid Handling [Member] | Asset Write Down [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Aerospace and Electronics [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.8 | ||||
Aerospace and Electronics [Member] | Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.8 | ||||
Aerospace and Electronics [Member] | Asset Write Down [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Corporate, Non-Segment [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1.1 | ||||
Corporate, Non-Segment [Member] | Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Corporate, Non-Segment [Member] | Asset Write Down [Member] | 2015 Repositioning Actions [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 1.1 |
Restructuring Restructuring 260
Restructuring Restructuring 2014 Repositioning Actions (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)employee | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 6.8 | $ 3.3 | $ 7.3 | $ 13.3 | |
2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 6.3 | 6.3 | $ 13.1 | ||
Restructuring Charges | 0.2 | $ 18.9 | |||
Restructuring Reserve, Utilization | 7.2 | ||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 320 | ||||
Reduction Of Global Workforce Percentage | 3.00% | ||||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 4.9 | 4.9 | $ 10.7 | ||
Restructuring Charges | 7.8 | ||||
Restructuring Reserve, Utilization | 5.7 | ||||
Aerospace and Electronics [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 1.4 | 1.4 | 2.4 | ||
Restructuring Charges | 6.3 | ||||
Restructuring Reserve, Utilization | 1.5 | ||||
cash-related restructuring [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.4 | 18.7 | |||
cash-related restructuring [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 2.4 | 2.6 | |||
cash-related restructuring [Member] | Aerospace and Electronics [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0.1 | 1.2 | |||
non cash restructuring [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.2 | 0.2 | |||
UNITED KINGDOM | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 4.6 | ||||
Employee Severance [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 4.9 | 4.9 | 10.7 | ||
Restructuring Reserve, Utilization | 5.7 | ||||
Employee Severance [Member] | Aerospace and Electronics [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 0.4 | 0.4 | 1.9 | ||
Restructuring Reserve, Utilization | 1.5 | ||||
Other Restructuring [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 0 | 0 | 0 | ||
Restructuring Reserve, Utilization | 0 | ||||
Other Restructuring [Member] | Aerospace and Electronics [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 1 | 1 | $ 0.5 | ||
Restructuring Reserve, Utilization | 0 | ||||
Operating Expense [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | (0.1) | ||||
Operating Expense [Member] | Aerospace and Electronics [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.5 | ||||
Operating Expense [Member] | Employee Severance [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | (0.1) | ||||
Operating Expense [Member] | Employee Severance [Member] | Aerospace and Electronics [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Operating Expense [Member] | Other Restructuring [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Operating Expense [Member] | Other Restructuring [Member] | Aerospace and Electronics [Member] | 2014 Repositioning Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 0.5 |
Restructuring Restructuring Acq
Restructuring Restructuring Acquisition-Related Restructuring (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)employee | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 6.8 | $ 3.3 | $ 7.3 | $ 13.3 | |
Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 10.3 | ||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 240 | ||||
Reduction Of Global Workforce Percentage | 2.00% | ||||
cash-related restructuring [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 10.2 | ||||
non cash restructuring [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.2 | 0.1 | |||
Payment and Merchandising Technologies [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 5.5 | 5.5 | 7 | ||
Restructuring Reserve, Utilization | 1.7 | ||||
Payment and Merchandising Technologies [Member] | Employee Severance [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 5.5 | 5.5 | 7 | ||
Restructuring Reserve, Utilization | 1.5 | ||||
Payment and Merchandising Technologies [Member] | Other Restructuring [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 0 | 0 | $ 0 | ||
Restructuring Reserve, Utilization | 0.2 | ||||
Operating Expense [Member] | Payment and Merchandising Technologies [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.2 | ||||
Operating Expense [Member] | Payment and Merchandising Technologies [Member] | Employee Severance [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Operating Expense [Member] | Payment and Merchandising Technologies [Member] | Other Restructuring [Member] | Acquisition Related Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 0.2 |
Uncategorized Items - cr-201506
Label | Element | Value |
Standard Product Warranty Accrual, Current | us-gaap_StandardProductWarrantyAccrualCurrent | $ 18.9 |