Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | 58,232,596 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,408,779,644 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 2,740.5 | $ 2,925 | $ 2,595.3 |
Operating costs and expenses | |||
Cost of sales | 1,786.1 | 1,908.7 | 1,711.8 |
Acquisition integration related charges | 566.5 | 605.2 | 535.6 |
Environmental provision | 0 | 55.8 | 0 |
Restructuring charges | 7.8 | 29.2 | 0 |
Business Combination, Integration Related Costs | 7.2 | 9.8 | 0 |
Total operating costs and expenses | 2,367.6 | 2,608.7 | 2,247.4 |
Operating profit | 372.9 | 316.3 | 347.9 |
Other income (expense): | |||
Interest income | 1.9 | 1.7 | 1.9 |
Interest expense | (37.6) | (39.2) | (26.5) |
Miscellaneous (expense) income | (0.7) | 2.4 | 2.7 |
Total other income (expense) | (36.4) | (35.1) | (21.9) |
Income before income taxes | 336.5 | 281.2 | 326 |
Provision for income taxes | 106.5 | 87.6 | 105.1 |
Discontinued Operations: | |||
Net income before allocation to noncontrolling interests | 230 | 193.6 | 220.9 |
Less: Noncontrolling interest in subsidiaries’ earnings | 1.1 | 0.9 | 1.4 |
Net income attributable to common shareholders | $ 228.9 | $ 192.7 | $ 219.5 |
Earnings Per Share, Basic | $ 3.94 | $ 3.28 | $ 3.79 |
Earnings per share - basic: | |||
Weighted average basic shares outstanding | 58.1 | 58.7 | 57.9 |
Earnings Per Share, Diluted | $ 3.89 | $ 3.23 | $ 3.73 |
Earnings per share - diluted: | |||
Weighted average diluted shares outstanding | 58.8 | 59.6 | 58.8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before allocation to noncontrolling interests | $ 230 | $ 193.6 | $ 220.9 |
Other comprehensive income (loss), net of tax | |||
Currency translation adjustment | (70.1) | (114) | 2.8 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (8.4) | (136.5) | 76.5 |
Net current-period other comprehensive income | (78.5) | (250.5) | 79.3 |
Comprehensive income (loss) before allocation to noncontrolling interests | 151.5 | (56.9) | 300.2 |
Less: Noncontrolling interests in comprehensive income (loss) | (1.1) | (0.9) | (1.4) |
Net Income (Loss) Attributable to Noncontrolling Interest | 1.1 | 0.9 | 1.4 |
Comprehensive income (loss) attributable to common shareholders | $ 150.4 | $ (57.8) | $ 298.8 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 363.5 | $ 346.3 |
Current insurance receivable — asbestos | 20.5 | 20.5 |
Accounts receivable, net | 397.6 | 410.9 |
Inventories | 376.9 | 369.7 |
Current deferred tax assets | 27.5 | 33 |
Other current assets | 17.5 | 14.8 |
Total current assets | 1,203.5 | 1,195.2 |
Property, plant and equipment, net | 276 | 290.3 |
Insurance receivable — asbestos | 108.7 | 126.8 |
Long-term deferred tax assets | 162.4 | 196.2 |
Other assets | 106 | 97.5 |
Intangible assets, net | 317.1 | 353.5 |
Goodwill | 1,167.9 | 1,191.3 |
Total assets | 3,341.6 | 3,450.8 |
Current liabilities: | ||
Short-term borrowings | 49.6 | 100.8 |
Accounts payable | 223.3 | 228.8 |
Current asbestos liability | 75 | 79 |
Accrued liabilities | 218.6 | 225.8 |
U.S. and foreign taxes on income | 6.3 | 5.6 |
Total current liabilities | 572.8 | 640 |
Long-term debt | 749.3 | 749.2 |
Accrued pension and postretirement benefits | 235.4 | 278.3 |
Long-term deferred tax liability | 50 | 46.3 |
Long-term asbestos liability | 470.5 | 534.5 |
Other liabilities | $ 112.8 | $ 131.9 |
Commitments and Contingencies (Note 10) | ||
Equity: | ||
Preferred shares, par value $.01; 5,000,000 shares authorized | $ 0 | $ 0 |
Common shares, par value $1.00; 200,000,000 shares authorized; 72,426,139 shares issued; 58,109,037 shares outstanding (58,121,791 in 2014) | 72.4 | 72.4 |
Capital surplus | 249.2 | |
Retained earnings | 1,674.3 | 1,522.1 |
Accumulated other comprehensive loss | (376.7) | (298.8) |
Treasury stock; 14,317,102 treasury shares (14,304,348 in 2014) | (494.2) | (485.1) |
Total shareholders’ equity | 1,139.4 | 1,059.8 |
Noncontrolling interest | 11.4 | 10.8 |
Total equity | 1,150.8 | 1,070.6 |
Total liabilities and equity | $ 3,341.6 | $ 3,450.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Treasury stock, shares | 14,317,102 | 14,304,348 |
Common stock, shares, outstanding | 58,185,267 | |
Common stock, shares issued | 72,426,139 | 72,426,139 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income attributable to common shareholders | $ 228.9 | $ 192.7 | $ 219.5 |
Noncontrolling interest in subsidiaries' earnings | 1.1 | 0.9 | 1.4 |
Net income before allocation to noncontrolling interests | 230 | 193.6 | 220.9 |
Asbestos Provision | 0 | 0 | 0 |
Environmental provision | 0 | 55.8 | 0 |
Gain on divestiture | 0 | (4.1) | (2.7) |
Restructuring - Non Cash | 2 | 1 | 0 |
Depreciation and amortization | 67 | 75.8 | 54.8 |
Stock-based compensation expense | 21.3 | 20.9 | 22.8 |
Defined benefit plans and postretirement (credit) expense | (11.6) | (11.5) | 4.8 |
Deferred income taxes | 39.7 | 37.9 | 49 |
Cash provided by (used for) operating working capital | (16.1) | 22.5 | (26.7) |
Defined benefit plans and postretirement contributions | (17.9) | (25.5) | (15.9) |
Payments for Environmental Liabilities | (18.2) | (10.4) | (15.4) |
Payments for asbestos-related fees and costs, net of insurance recoveries | (49.9) | (61.3) | (62.8) |
Other | 17 | 30.7 | (10.6) |
Total provided by operating activities | 229.3 | 264 | 239.4 |
Investing activities: | |||
Capital expenditures | (39.6) | (43.7) | (29.5) |
Proceeds from disposition of capital assets | 4.4 | 9.7 | 0.5 |
Proceeds from (payments for) acquisitions | 0 | 2.1 | 6.8 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 6.1 | (801.8) |
Total used for investing activities | (35.2) | (25.8) | (824) |
Equity: | |||
Dividends paid | (76.6) | (73.9) | (67.3) |
Reacquisition of shares on open market | (25) | (50) | 0 |
Stock options exercised - net of shares reacquired | 8.9 | 8.2 | 24.9 |
Excess tax benefit from stock-based compensation | 0.1 | 7.7 | 6.4 |
Proceeds from Lines of Credit | 0 | 0 | 125 |
Debt: | |||
Proceeds received from issuance of long-term notes | (100) | (25) | (0.3) |
Proceeds from (Repayments of) Commercial Paper | 48.8 | ||
Proceeds from Issuance of Long-term Debt | 0 | 0 | 550 |
Payments of Debt Issuance Costs | 0 | 0 | (6) |
Repayments of Long-term Debt | 0 | 0 | (200) |
Total (used for) provided by financing activities | (143.8) | (133) | 432.7 |
Effect of exchange rates on cash and cash equivalents | (33.1) | (29.5) | (1.4) |
Increase (decrease) in cash and cash equivalents | 17.2 | 75.7 | (153.3) |
Cash and cash equivalents at beginning of period | 346.3 | 270.6 | 423.9 |
Cash and cash equivalents at end of period | 363.5 | 346.3 | 270.6 |
Detail of cash used for working capital: | |||
Accounts receivable | (2.4) | 25.2 | (42.9) |
Inventories | (23) | (17.3) | 28.1 |
Other current assets | (3) | 1.8 | 2.9 |
Accounts payable | 3.3 | 7.7 | 18 |
Accrued liabilities | 6.1 | 2.7 | (28.9) |
U.S. and foreign taxes on income | 2.9 | 2.4 | (3.9) |
Total | (16.1) | 22.5 | (26.7) |
Supplemental disclosure of cash flow information: | |||
Interest paid | 37.5 | 39.4 | 28.2 |
Income taxes paid | $ 51.1 | $ 39.6 | $ 53.7 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common Shares Issued At Par Value [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interest [Member] |
Balance, beginning of period at Dec. 31, 2012 | $ 927.4 | $ 72.4 | $ 204.5 | $ 1,251 | $ (128.1) | $ (481.4) | $ 918.4 | $ 9 |
Net income | 220.9 | 219.5 | 219.5 | 1.4 | ||||
Cash dividends ($1.16 per share) | (67.3) | (67.3) | (67.3) | |||||
Exercise of stock options, net of shares reacquired | 27.8 | 27.8 | 27.8 | |||||
Stock option amortization | 10.1 | 10.1 | 10.1 | |||||
Tax benefit — stock options and restricted stock | 6.4 | 6.4 | 6.4 | |||||
Restricted stock, net | 10 | 7.5 | 2.4 | 10 | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 76.5 | 76.5 | 76.5 | |||||
Currency translation adjustment | 2.8 | 2.9 | 2.9 | (0.1) | ||||
Balance, end of period at Dec. 31, 2013 | 1,214.6 | 72.4 | 228.5 | 1,403.2 | (48.7) | (451.2) | 1,204.3 | 10.3 |
Net income | 193.6 | 192.7 | 192.7 | 0.9 | ||||
Cash dividends ($1.16 per share) | (73.9) | (73.9) | (73.9) | |||||
Stock Repurchased During Period, Value | (50) | (50) | (50) | |||||
Exercise of stock options, net of shares reacquired | 16 | 16 | 16 | |||||
Stock option amortization | 8.9 | 8.9 | 8.9 | |||||
Tax benefit — stock options and restricted stock | 7.7 | 7.7 | 7.7 | |||||
Restricted stock, net | 4.2 | 4.1 | 0.1 | 4.2 | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (136.5) | (136.5) | (136.5) | |||||
Currency translation adjustment | (114) | (113.6) | (113.6) | (0.4) | ||||
Balance, end of period at Dec. 31, 2014 | 1,070.6 | 72.4 | 249.2 | 1,522 | (298.8) | (485.1) | 1,059.8 | 10.8 |
Net income | 230 | 228.9 | 228.9 | 1.1 | ||||
Cash dividends ($1.16 per share) | (76.6) | (76.6) | (76.6) | |||||
Stock Repurchased During Period, Value | (25) | (25) | (25) | |||||
Exercise of stock options, net of shares reacquired | 11.1 | 11.1 | 11.1 | |||||
Stock option amortization | 7.8 | 7.8 | 7.8 | |||||
Tax benefit — stock options and restricted stock | 0.1 | 0.1 | 0.1 | |||||
Restricted stock, net | 11.3 | 6.5 | 4.8 | 11.3 | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (8.4) | (8.4) | (8.4) | |||||
Currency translation adjustment | (70.1) | (69.6) | (69.6) | (0.5) | ||||
Balance, end of period at Dec. 31, 2015 | $ 1,150.8 | $ 72.4 | $ 263.6 | $ 1,674.3 | $ (376.7) | $ (494.2) | $ 1,139.4 | $ 11.4 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Reacquisition on open market, shares | 398,095 | 812,793 | 1,271,592 |
Exercise of stock options, shares reacquired | 302,521 | 606,486 | 979,090 |
Nature Of Operations And Signif
Nature Of Operations And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature Of Operations And Significant Accounting Policies | Nature of Operations and Significant Accounting Policies Nature of Operations Crane Co. (the “Company”) is a diversified manufacturer of highly engineered industrial products comprised of four reporting segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Our primary markets are chemicals, power, oil & gas, aerospace & defense, along with a wide range of general industrial and consumer related end markets. See Note 13, “Segment Information” for the relative size of these segments in relation to the total Company (both net sales and total assets). Significant Accounting Policies Accounting Principles The Company’s consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Reclassifications of certain prior year amounts have been made to conform to the current year presentation. Use of Estimates These accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, taxes, asbestos liability and related insurance receivable, environmental liability and contingencies. Currency Translation Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive income (loss) in a separate component of equity. Revenue Recognition Sales revenue is recorded when title (risk of loss) passes to the customer and collection of the resulting receivable is reasonably assured. Revenue on long-term, fixed-price contracts is recorded on a percentage of completion basis using units of delivery as the measurement basis for progress toward completion. Sales under cost reimbursement type contracts are recorded as costs are incurred. Cost of Goods Sold Cost of goods sold includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead, inventoried cost and, accordingly, cost of goods sold include allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. The Company also includes costs directly associated with products sold, such as warranty provisions. Selling, General and Administrative Expenses Selling, general and administrative expense is charged to income as incurred. Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. In addition, compensation for other operating activities such as executive office administrative and engineering functions are included, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals. Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted. Based on consideration of all available evidence regarding their utilization, the Company records net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, the Company establishes a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence the Company considers in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition. The Company accounts for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line of its Consolidated Statement of Operations, while accrued interest and penalties are included within the related tax liability line of its Consolidated Balance Sheets. In determining whether the earnings of its non-U.S. subsidiaries are permanently reinvested overseas, the Company considers the following: • Its history of utilizing non-U.S. cash to acquire non-U.S. businesses, • Its current and future needs for cash outside the U.S. (e.g., to fund capital expenditures, business operations, potential acquisitions, etc.), • Its ability to satisfy U.S.-based cash needs (e.g., domestic pension contributions, interest payment on external debt, dividends to shareholders, etc.) with cash generated by its U.S. businesses, and • The effect U.S. tax reform proposals calling for reduced corporate income tax rates and/or “repatriation” tax holidays would have on the amount of the tax liability. Earnings Per Share The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potential dilutive common shares outstanding during the year. (in millions, except per share data) For the year ended December 31, 2015 2014 2013 Net income attributable to common shareholders $ 228.9 $ 192.7 $ 219.5 Weighted average basic shares outstanding 58.1 58.7 57.9 Effect of dilutive stock options 0.7 0.9 0.9 Weighted average diluted shares outstanding 58.8 59.6 58.8 Earnings per basic share $ 3.94 $ 3.28 $ 3.79 Earnings per diluted share $ 3.89 $ 3.23 $ 3.73 Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. Accounts Receivable Receivables are carried at net realizable value. A summary of allowance for doubtful accounts activity follows: (in millions) December 31, 2015 2014 2013 Balance at beginning of year $ 4.9 $ 4.8 $ 6.7 Provisions 3.0 3.7 1.5 Deductions (3.2 ) (3.6 ) (3.4 ) Balance at end of year $ 4.7 $ 4.9 $ 4.8 Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and relatively small account balances within the majority of the Company’s customer base and their dispersion across different businesses. The Company periodically evaluates the financial strength of its customers and believes that its credit risk exposure is limited. Inventories Inventories consist of the following: (in millions) December 31, 2015 2014 Finished goods $ 102.3 $ 111.8 Finished parts and subassemblies 46.9 42.5 Work in process 60.7 53.2 Raw materials 167.0 162.2 Total inventories $ 376.9 $ 369.7 Inventories include the costs of material, labor and overhead and are stated at the lower of cost or market. Domestic inventories are stated at either the lower of cost or market using the last-in, first-out (“LIFO”) method or the lower of cost or market using the first-in, first-out (“FIFO”) method. Inventories held in foreign locations are primarily stated at the lower of cost or market using the FIFO method. The LIFO method is not being used at the Company’s foreign locations as such a method is not allowable for tax purposes. Changes in the levels of LIFO inventories have reduced cost of sales by $1.5 million , reduced cost of sales by $0.7 million and increased cost of sales by $1.1 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The portion of inventories costed using the LIFO method was 29% and 28% of consolidated inventories at December 31, 2015 and 2014, respectively. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $14.3 million and $15.0 million at December 31, 2015 and 2014 , respectively. The reserve for excess and obsolete inventory was $48.5 million and $47.9 million at December 31, 2015 and 2014, respectively. Property, Plant and Equipment, net Property, plant and equipment, net consist of the following: (in millions) December 31, 2015 2014 Land $ 68.8 $ 73.2 Buildings and improvements 174.7 179.8 Machinery and equipment 566.0 571.9 Gross property, plant and equipment 809.5 824.9 Less: accumulated depreciation 533.5 534.6 Property, plant and equipment, net $ 276.0 $ 290.3 Property, plant and equipment are stated at cost and depreciation is calculated by the straight-line method over the estimated useful lives of the respective assets, which range from 10 to 25 years for buildings and improvements and three to ten years for machinery and equipment. Depreciation expense was $39.1 million , $41.7 million and $38.7 million for the years ended December 31, 2015, 2014 and 2013 , respectively. 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 under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the 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. At December 31, 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 10.0% and 12.5% (a weighted average of 10.8% ), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing the Company’s reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate its discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of its reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. Furthermore, in order to evaluate the sensitivity of the fair value calculations on the goodwill impairment test performed during the fourth quarter of 2015, 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) December 31, 2015 2014 Balance at beginning of period $ 1,191.3 $ 1,249.3 Disposals — (0.8 ) Adjustments to purchase price allocations — (13.9 ) Currency translation (23.4 ) (43.3 ) Balance at end of period $ 1,167.9 $ 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 and $7.8 million of adjustments to preliminary asset valuations of MEI, which is within the Payment & Merchandising Technologies segment. 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) December 31, 2015 2014 Balance at beginning of period, net of accumulated amortization $ 353.5 $ 408.9 Amortization expense (31.5 ) (37.9 ) Currency translation and other (4.9 ) (17.5 ) Balance at end of period, net of accumulated amortization $ 317.1 $ 353.5 As of December 31, 2015 , the Company had $317.1 million of net intangible assets, of which $27.2 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 the intangibles with indefinite useful lives 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 below their carrying value. A summary of intangible assets follows: (in millions) Weighted Average Amortization Period of Finite Lived Assets (in years) December 31, 2015 December 31, 2014 Gross Asset Accumulated Amortization Net Gross Asset Accumulated Amortization Net Intellectual property rights 16.5 $ 88.3 $ 51.4 $ 36.9 $ 91.3 $ 50.4 $ 40.9 Customer relationships and backlog 15.5 395.7 132.9 262.8 402.6 112.5 290.1 Drawings 37.9 11.1 10.1 1.0 11.1 10.0 1.1 Other 12.9 61.8 45.4 16.4 63.2 41.8 21.4 Total 15.8 $ 556.9 $ 239.8 $ 317.1 $ 568.2 $ 214.7 $ 353.5 Amortization expense for these intangible assets is currently estimated to be approximately $30.5 million in 2015, $29.5 million in 2016, $26.7 million in 2017, $24.1 million in 2018 and $179.1 million in 2019 and thereafter. Valuation of Long-Lived Assets The Company reviews its long-lived assets 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. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a loss is recognized 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. Financial Instruments The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company periodically uses forward foreign exchange contracts as economic hedges of anticipated transactions and firm purchase and sale commitments. These contracts are marked to fair value on a current basis and the respective gains and losses are recognized in other income (expense). The Company also periodically enters into interest-rate swap agreements to moderate its exposure to interest rate changes. Interest-rate swaps are agreements to exchange fixed and variable rate payments based on the notional principal amounts. The changes in the fair value of these derivatives are recognized in other comprehensive income for qualifying cash flow hedges. Accumulated Other Comprehensive Loss The tables below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Other Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2014 $ (257.8 ) $ (41.0 ) $ (298.8 ) Other comprehensive loss before reclassifications (16.3 ) (69.6 ) (85.9 ) Amounts reclassified from accumulated other comprehensive loss 7.9 — 7.9 Net current-period other comprehensive loss (8.4 ) (69.6 ) (78.0 ) Balance as of December 31, 2015 $ (266.2 ) $ (110.6 ) $ (376.7 ) (in millions) Defined Benefit Pension and Other Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2013 $ (121.3 ) $ 72.6 $ (48.7 ) Other comprehensive loss before reclassifications (140.6 ) (113.6 ) (254.2 ) Amounts reclassified from accumulated other comprehensive loss 4.1 — 4.1 Net current-period other comprehensive loss (136.5 ) (113.6 ) (250.1 ) Balance as of December 31, 2014 $ (257.8 ) $ (41.0 ) $ (298.8 ) * Net of tax benefit of $109.8 , $114.4 and $53.4 for 2015, 2014, and 2013, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the period ended December 31, 2015 and 2014. Details of Accumulated Other Comprehensive Loss Components (in millions) Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statements of Operations December 31, 2015 2014 Amortization of defined benefit pension items: Prior-service costs $ (0.4 ) $ 0.1 ($0.5) and $0.2 have been recorded within Cost of Sales for the years ended December 31, 2015 and 2014, respectively, and $0.1 and ($0.0) have been recorded within Selling, General & Administrative for the years ended December 31, 2015 and 2014, respectively Net loss (gain) 12.3 5.1 $16.7 and $6.9 have been recorded within Cost of Sales for the years ended December 31, 2015 and 2014, respectively and ($4.4) and ($1.8) have been recorded within Selling, General & Administrative for the years ended December 31, 2015 and 2014, respectively Amortization of other postretirement items: Prior-service costs (0.2 ) (0.2 ) Recorded within Selling, General & Administrative Net loss (gain) (0.4 ) (0.2 ) Recorded within Selling, General & Administrative $ 11.3 $ 4.8 Total before tax 3.4 0.7 Tax benefit Total reclassifications for the period $ 7.9 $ 4.1 Net of tax Recently Issued Accounting Standards In November 2015, the Financial Accounting Standards Board (“FASB”) issued amended guidance to simplify the presentation of deferred income taxes. The amendments require deferred tax liabilities and assets to be classified as noncurrent. The amended guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amended guidance will not have an impact on the Company’s results of operations or cash flows, but will affect the presentation of deferred income taxes on its consolidated financial position. In September 2015, the FASB issued amended guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively. The acquirer is also required to recognize, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the provisional amount, calculated as if the accounting had been completed at the acquisition date. The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015. The Company does not expect the amended guidance to have a material impact on its consolidated financial statements. In July 2015, the FASB issued amended guidance, which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The guidance defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The Company does not expect the amended guidance to have a material impact on its consolidated financial statements. In April 2015, 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 consolidated 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, , December 15, 2016. 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 currently evaluating when to adopt the new standard, the impacts of adoption and the implementation approach to be used. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes The Company’s income (loss) before taxes is as follows: (in millions) For year ended December 31, 2015 2014 2013 U.S. operations $ 261.9 $ 141.8 $ 177.2 Non-U.S. operations 74.6 139.4 148.8 Total $ 336.5 $ 281.2 $ 326.0 The Company’s provision (benefit) for income taxes consists of: (in millions) For year ended 2015 2014 2013 Current: U.S. federal tax $ 43.0 $ 14.0 $ 11.4 U.S. state and local tax 5.4 2.6 3.4 Non-U.S. tax 18.4 33.1 41.3 Total current 66.8 49.7 56.1 Deferred: U.S. federal tax 36.5 30.1 43.8 U.S. state and local tax (0.4 ) 1.3 0.6 Non-U.S. tax 3.6 6.5 4.6 Total deferred 39.7 37.9 49.0 Total provision (benefit) for income taxes $ 106.5 $ 87.6 $ 105.1 A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate is as follows: (in millions) For year ended 2015 2014 2013 Statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % Increase (reduction) from: Income taxed at non-U.S. rates (2.0 )% (4.0 )% (2.0 )% Non-U.S. income inclusion, net of tax credits — % 0.1 % 0.1 % State and local taxes, net of federal benefit 1.3 % 1.3 % 1.2 % U.S. research and development tax credit (0.9 )% (1.0 )% (1.9 )% U.S. domestic manufacturing deduction (1.3 )% (0.7 )% (1.0 )% Non-deductible acquisition costs — % — % 2.3 % Other (0.4 )% 0.5 % (1.5 )% Effective tax rate 31.7 % 31.2 % 32.2 % As of December 31, 2015, the Company has not provided deferred taxes on $660 million of undistributed earnings of its non-U.S. subsidiaries because the Company intends to permanently reinvest these earnings outside the U.S. Determination of the U.S. income taxes and non-U.S. withholding taxes due upon the repatriation of this $660 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions when the remittance occurs. The Company’s non-U.S. subsidiaries held cash of $358 million and $330 million at December 31, 2015 and 2014, respectively, and these balances are generally subject to U.S. income and non-U.S. withholding taxation upon repatriation. The Company’s income taxes payable has been reduced by excess tax benefits from equity-based compensation. For stock options, the Company receives an excess income tax benefit calculated as the tax effect of the difference between the fair market value of the stock at the time of grant and exercise. For restricted share units, the Company receives an excess income tax benefit calculated as the tax effect of the difference between the fair market value of the stock at the time of grant and vesting. The Company had excess tax benefits from equity-based compensation of $1.6 million , $7.7 million and $6.4 million in 2015, 2014 and 2013, respectively, which were reflected as increases to capital surplus. During 2015, 2014 and 2013, tax provision (benefit) of $4.6 million , $(61.1) million , and $36.2 million , respectively, related to changes in pension and post-retirement plan assets and benefit obligations, were recorded to accumulated other comprehensive income. Deferred Taxes and Valuation Allowances The components of deferred tax assets and liabilities included on the Company’s Consolidated Balance Sheets are as follows: (in millions) December 31, 2015 2014 Deferred tax assets: Asbestos-related liabilities $ 162.7 $ 182.6 Tax loss and credit carryforwards 105.6 113.8 Pension and post-retirement benefits 69.1 78.7 Inventories 23.5 19.3 Accrued bonus and stock-based compensation 17.1 14.9 Environmental reserves 16.0 24.5 Other 55.3 50.4 Total 449.3 484.2 Less: valuation allowance 145.9 141.0 Total deferred tax assets, net of valuation allowance 303.4 343.2 Deferred tax liabilities: Basis difference in intangible assets (142.2 ) (134.8 ) Basis difference in fixed assets (21.5 ) (25.8 ) Total deferred tax liabilities (163.7 ) (160.6 ) Net deferred tax asset $ 139.7 $ 182.6 Balance sheet classification: Current deferred tax assets 27.5 $ 33.0 Long-term deferred tax assets 162.4 196.2 Accrued liabilities (0.2 ) (0.4 ) Long-term deferred tax liability (50.0 ) (46.3 ) Net deferred tax asset $ 139.7 $ 182.6 As of December 31, 2015, the Company had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows: (in millions) U.S. U.S. U.S. U.S. Non- Total 2016-2020 $ 17.9 $ 0.2 $ 4.0 $ 27.3 $ 16.3 After 2020 3.5 1.8 2.4 795.9 3.0 Indefinite — — 19.6 — 98.6 Total tax carryforwards $ 21.4 $ 2.0 $ 26.0 $ 823.2 $ 117.9 Deferred tax asset on tax carryforwards $ 21.4 $ 0.7 $ 16.9 $ 37.7 $ 28.9 $ 105.6 Valuation allowance on tax carryforwards (21.4 ) (0.4 ) (16.3 ) (36.9 ) (23.7 ) (98.7 ) Net deferred tax asset on tax carryforwards $ — $ 0.3 $ 0.6 $ 0.8 $ 5.2 $ 6.9 At December 31, 2015 and 2014, the Company determined that it was more likely than not that $98.7 million and $95.5 million , respectively, of its deferred tax assets related to tax loss and credit carryforwards will not be realized. As a result, the Company recorded a valuation allowance against these deferred tax assets. The Company also determined that it is more likely than not that a portion of the benefit related to U.S. state and non-U.S. deferred tax assets other than tax loss and credit carryforwards will be not realized. Accordingly, at December 31, 2015 and 2014, a valuation allowance of $47.2 million and $45.5 million , respectively, was established against these U.S. state and non-U.S. deferred tax assets. The Company’s total valuation allowance at December 31, 2015 and 2014 was $145.9 million and $141.0 million , respectively. Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of the Company’s gross unrecognized tax benefits, excluding interest and penalties, is as follows: (in millions) 2015 2014 2013 Balance of liability as of January 1 $ 40.7 $ 31.4 $ 19.2 Increase as a result of tax positions taken during a prior year 1.5 2.0 6.7 Decrease as a result of tax positions taken during a prior year (2.1 ) (1.2 ) (0.3 ) Increase as a result of tax positions taken during the current year 9.2 11.2 5.9 Decrease as a result of settlements with taxing authorities — (1.1 ) — Reduction as a result of a lapse of the statute of limitations (4.1 ) (1.6 ) (0.1 ) Balance of liability as of December 31 $ 45.2 $ 40.7 $ 31.4 As of December 31, 2015, 2014 and 2013, the amount of the Company’s unrecognized tax benefits that, if recognized, would affect its effective tax rate was $46.6 million , $42.2 million , and $27.7 million , respectively. The difference between these amounts and those reflected in the table above relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of its income tax expense. During the years ended December 31, 2015, 2014 and 2013, the Company recognized interest and penalty expense of $1.1 million , $0.7 million , and $0.9 million , respectively, in its Consolidated Statements of Operations. At December 31, 2015 and 2014, the Company had accrued $5.8 million and $4.7 million , respectively, of interest and penalties related to unrecognized tax benefits in its Consolidated Balance Sheets. During the next twelve months, it is reasonably possible that the Company's unrecognized tax benefits could change by $2.2 million due to settlements of income tax examinations, the expiration of statutes of limitations or other resolution of uncertainties. 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 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 returns for 2013 and 2014 remain 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. As of December 31, 2015, the Company and its subsidiaries are under examination in various jurisdictions, including Germany (2008 through 2012) and California (2010 and 2011). |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of: (in millions) December 31, 2015 2014 Employee related expenses $ 83.1 $ 81.4 Warranty 15.1 15.5 Advanced payment from customers 29.1 20.0 Other 91.3 108.9 Total $ 218.6 $ 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 impairment or loss can be reasonably estimated. Warranty provision is included in cost of sales in the Consolidated Statements of Operations. A summary of the warranty liabilities is as follows: (in millions) December 31, 2015 2014 Balance at beginning of period $ 15.5 $ 18.9 Expense 12.1 13.3 Changes due to acquisitions/divestitures — (0.1 ) Payments / deductions (12.7 ) (16.4 ) Currency translation 0.2 (0.2 ) Balance at end of period $ 15.1 $ 15.5 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities [Abstract] | |
Other Liabilities | Other Liabilities (in millions) December 31, 2015 2014 Environmental $ 48.9 $ 64.4 Other 63.9 67.5 $ 112.8 $ 131.9 |
Research And Development
Research And Development | 12 Months Ended |
Dec. 31, 2015 | |
Research and Development [Abstract] | |
Research And Development | Research and Development Research and development costs are expensed when incurred. These costs were $62.8 million , $68.0 million and $52.7 million in 2015 , 2014 and 2013 , respectively. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits In the United States, the Company sponsors a defined benefit pension plan that covers approximately 19% of all U.S. employees. In the fourth quarter of 2012, the Company announced that pension eligible employees will no longer earn future benefits in the domestic defined benefit pension plan effective January 1, 2013. The benefits are based on years of service and compensation on a final average pay basis, except for certain hourly employees where benefits are fixed per year of service. This plan is funded with a trustee in respect of past and current service. Charges to expense are based upon costs computed by an independent actuary. Contributions are intended to provide for future benefits earned to date. A number of the Company’s non-U.S. subsidiaries sponsor defined benefit pension plans that cover approximately 11% of all non-U.S. employees. The benefits are typically based upon years of service and compensation. These plans are funded with trustees in respect of past and current service. Non-union employees hired after December 31, 2005 are no longer eligible for participation in the ELDEC Corporation (“ELDEC”) and Interpoint Corporation (“Interpoint”) money purchase plan. Qualifying employees receive an additional 3% Company contribution to their 401(K) plan accounts. Certain of the Company’s non-U.S. defined benefit pension plans were also amended whereby eligibility for new participants will cease. Postretirement health care and life insurance benefits are provided for certain employees hired before January 1, 1990, who meet minimum age and service requirements. The Company does not pre-fund these benefits and has the right to modify or terminate the plan. The Company recorded a pretax gain related to postretirement benefits of $0.3 million and $0.0 million in 2015 and 2014, respectively. Accrued postretirement benefits were $8.7 million and $8.6 million as of December 31, 2015 and 2014, respectively. A summary of benefit obligations, fair value of plan assets and funded status is as follows: Pension Benefits (in millions) December 31, 2015 2014 Change in benefit obligation: Beginning of year $ 1,093.2 $ 934.3 Service cost 5.2 4.9 Interest cost 37.9 40.9 Plan participants’ contributions 0.5 0.7 Amendments (18.2 ) — Actuarial (gain) loss (60.3 ) 192.7 Settlement (2.8 ) — Benefits paid (41.4 ) (41.7 ) Foreign currency exchange impact (25.5 ) (38.0 ) Acquisition/divestitures/curtailment (0.3 ) — Adjustment for expenses/tax contained in service cost (0.3 ) (0.6 ) Benefit obligation at end of year $ 988.0 $ 1,093.2 Change in plan assets: Fair value of plan assets at beginning of year $ 874.6 $ 870.7 Actual return on plan assets (2.0 ) 54.7 Foreign currency exchange impact (28.5 ) (33.2 ) Employer contributions 17.0 24.5 Administrative expenses paid (0.9 ) (1.1 ) Plan participants’ contributions 0.5 0.7 Settlement (2.8 ) — Benefits paid (41.4 ) (41.7 ) Fair value of plan assets at end of year $ 816.5 $ 874.6 Funded status $ (171.5 ) $ (218.6 ) Amounts recognized in the Consolidated Balance Sheets consist of: Pension Benefits (in millions) December 31, 2015 2014 Other assets $ 56.3 $ 53.0 Current liabilities (1.1 ) (1.0 ) Accrued pension (226.7 ) (270.6 ) Funded status $ (171.5 ) $ (218.6 ) Amounts recognized in accumulated other comprehensive loss consist of: Pension Benefits (in millions) December 31, 2015 2014 Net actuarial loss (gain) $ 347.4 $ 363.5 Prior service cost (credit) (11.6 ) 0.9 $ 335.8 $ 364.4 The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows: Pension Obligations/Assets U.S. Non-U.S. Total (in millions) December 31, 2015 2014 2015 2014 2015 2014 Projected benefit obligation $ 548.5 $ 581.8 $ 439.5 $ 511.4 $ 988.0 $ 1,093.2 Accumulated benefit obligation 548.4 581.8 432.5 496.7 980.9 1,078.5 Fair value of plan assets 380.2 414.2 436.3 460.4 816.5 874.6 Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: Pension Benefits (in millions) December 31, 2015 2014 Projected benefit obligation $ 791.5 $ 910.3 Accumulated benefit obligation 785.0 896.4 Fair value of plan assets 563.9 638.8 Components of net periodic benefit cost are as follows: Pension Benefits (in millions) December 31, 2015 2014 2013 Net Periodic Benefit Cost: Service cost $ 5.2 $ 4.9 $ 6.4 Interest cost 37.9 40.9 36.8 Expected return on plan assets (62.0 ) (62.5 ) (52.2 ) Amortization of prior service cost (0.4 ) 0.1 — Amortization of net loss 12.3 5.1 13.9 Recognized curtailment loss (5.2 ) — (0.3 ) Settlement costs 0.8 — — Special termination benefits — — — Net periodic (benefit) cost $ (11.4 ) $ (11.5 ) $ 4.6 The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $11.7 million and $(0.6) million , respectively. The weighted average assumptions used to determine benefit obligations are as follows: Pension Benefits December 31, 2015 2014 2013 U.S. Plans: Discount rate 4.41 % 4.10 % 4.90 % Rate of compensation increase N/A N/A 3.50 % Non-U.S. Plans: Discount rate 3.30 % 3.01 % 4.05 % Rate of compensation increase 2.81 % 2.40 % 2.56 % The weighted-average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits December 31, 2015 2014 2013 U.S. Plans: Discount rate 4.10 % 4.90 % 4.20 % Expected rate of return on plan assets 7.75 % 7.75 % 7.75 % Rate of compensation increase N/A N/A 3.50 % Non-U.S. Plans: Discount rate 3.01 % 4.05 % 3.93 % Expected rate of return on plan assets 6.94 % 7.01 % 7.01 % Rate of compensation increase 2.40 % 2.56 % 3.14 % The long-term expected rate of return on plan assets assumptions were determined by the Company with input from independent investment consultants and plan actuaries, utilizing asset pricing models and considering historical returns. The discount rates used by the Company for valuing pension liabilities are based on a review of high quality corporate bond yields with maturities approximating the remaining life of the projected benefit obligations. In the U.S. Plan, the 7.75% expected rate of return on assets assumption for 2015 reflected a long-term asset allocation target comprised of an asset allocation range of 25% - 75% equity securities, 15% - 35% fixed income securities, 10% - 35% alternative assets, and 0% - 10% cash. As of December 31, 2015 , the actual asset allocation for the U.S. plan was 62% equity securities, 15% fixed income securities, 22% alternative assets, and 1% cash and cash equivalents. For the non-U.S. Plans, the 6.94% expected rate of return on assets assumption for 2015 reflected a weighted average of the long-term asset allocation targets for our various international plans. As of December 31, 2015 , the actual weighted average asset allocation for the non-U.S. plans was 38% equity securities, 36% fixed income securities, 25% alternative assets/other, and 1% cash and cash equivalents. Plan Assets The Company’s pension plan target allocations and weighted-average asset allocations by asset category are as follows: Actual Allocation Asset Category December 31, 2015 2014 Equity securities 35%-75% 49 % 51 % Fixed income securities 20%-50% 26 % 27 % Alternative assets/Other 0%-20% 24 % 20 % Money market 0%-10% 1 % 2 % The Company’s pension investment committees and trustees, as applicable, exercise reasonable care, skill and caution in making investment decisions. Independent investment consultants are retained to assist in executing the plans’ investment strategies. A number of factors are evaluated in determining if an investment strategy will be implemented in the Company’s pension trusts. These factors include, but are not limited to, investment style, investment risk, investment manager performance and costs. The primary investment objective of the Company’s various pension trusts is to maximize the value of plan assets, focusing on capital preservation, current income and long-term growth of capital and income. The plans’ assets are typically invested in a broad range of equity securities, fixed income securities, alternative assets and cash instruments. The Company’s investment strategies across its pension plans worldwide results in a global target asset allocation range of 35% - 75% equity securities, 20% - 50% fixed income securities, 0% - 20% alternative assets, and 0% - 10% money market, as noted in the table above. Equity securities include investments in large-cap, mid-cap, and small-cap companies located in both developed countries and emerging markets around the world. Fixed income securities include government bonds of various countries, corporate bonds that are primarily investment-grade, and mortgage-backed securities. Alternative assets include investments in hedge funds with a wide variety of strategies. The Company periodically reviews investment managers and their performance in relation to the plans’ investment objectives. The Company expects its pension trust investments to meet or exceed their predetermined benchmark indices, net of fees. Generally, however, the Company realizes that investment strategies should be given a full market cycle, normally over a three to five year time period, to achieve stated objectives. Equity securities include Crane Co. common stock, which represents 4% of plan assets at both December 31, 2015 and 2014. The fair value of the Company’s pension plan assets at December 31, 2015, by asset category are as follows: (in millions) Active Other Unobservable Total Cash and Money Markets $ 4.9 $ — $ — $ 4.9 Common Stocks Actively Managed U.S. Equities 134.5 — — 134.5 Fixed Income Bonds and Notes — 46.1 — 46.1 Commingled and Mutual Funds U.S. Equity Funds — 49.9 — 49.9 Non-U.S. Equity Funds — 218.6 — 218.6 U.S. Fixed Income, Government and Corporate — 11.5 — 11.5 Non-U.S. Fixed Income, Government and Corporate — 157.2 — 157.2 International Balanced Funds — 10.1 — 10.1 Collective Trust — 17.1 19.0 36.1 Alternative Investments Hedge Funds — 102.3 — 102.3 International Property Funds — 44.3 — 44.3 Annuity Contract — 1.0 — 1.0 Total Fair Value $ 139.4 $ 658.1 $ 19.0 $ 816.5 In 2015, the Pension Plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis. The fair value of the Company’s pension plan assets at December 31, 2014, by asset category are as follows: (in millions) Active Other Unobservable Total Cash and Money Markets $ 18.8 $ — $ — $ 18.8 Common Stocks Actively Managed U.S. Equities 145.1 — — 145.1 Fixed Income Bonds and Notes — 46.1 — 46.1 Commingled and Mutual Funds U.S. Equity Funds — 100.8 — 100.8 Non-U.S. Equity Funds — 202.6 — 202.6 U.S. Fixed Income, Government and Corporate — 11.5 — 11.5 U.S. Tactical Allocation Balanced Fund — 16.0 — 16.0 Non-U.S. Fixed Income, Government and Corporate — 177.5 — 177.5 International Balanced Funds — 10.1 — 10.1 Alternative Investments Hedge Funds — 90.3 — 90.3 International Property Funds — 53.4 — 53.4 Commodities Funds — 1.4 — 1.4 Annuity Contract — 1.0 — 1.0 Total Fair Value $ 163.9 $ 710.7 $ — $ 874.6 The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2015: (in millions) Fair Redemption Unfunded Other Redemption Notice Period Archstone Offshore Fund, Ltd (a) $ 34.9 12 Months None None 90 days written Evanston Capital Management (a) $ 31.8 12 Months None None 65 days written Strategic Value Fund (b) $ 0.8 12 Months None None 90 days written Paloma International (c) $ 8.0 Quarterly None None 65 days written Graham Absolute Return (d) $ 8.0 Quarterly None None 30 days written U.S. Equity Funds (e) $ 49.9 immediate None None None Non-US Equity Funds (f) $ 218.6 immediate None None None Non US Fixed Income, Gov't and Corp. (g) $ 157.2 immediate None None None International Property Funds (h) $ 44.3 immediate None None None International Balanced Funds (i) $ 10.1 immediate None None None US Government and Corporate Fixed Income (j) $ 11.5 immediate None None None Collective Trust Fund (k) $ 36.1 immediate None None None Non-US Tactical/Diversified Alternative Funds (l) $ 18.8 immediate None None None * The fair values of the investments have been estimated using the net asset value of the investment (a) These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities (b) This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation (c) This fund is a direct investment hedge fund that deploys a multi-strategy approach to investing (e.g. long/short, event driven) (d) This fund is a direct investment hedge fund that deploys a multi-manager, a multi-strategy macro approach to investing (e.g. long/short, event driven) (e) These funds invest in Corporate equity securities within the US markets and seek to meet or exceed relative benchmarks (f) These funds invest in Corporate equity securities within the Non-US markets and seek to meet or exceed relative benchmarks (g) These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks (h) These funds invest in real property outside the U.S. (i) These funds invest in a blend of equities, fixed income, cash and property outside the U.S. and seek to outperform a similarly weighted index (j) These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index (k) These funds invest a combination of US and non-US stocks and bonds and are managed by a third party to track liability (l) These funds invest in traditional and alternative strategies and seek to add diversification while adding returns greater than equity in a non-correlated approach The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2014: (in millions) Fair Redemption Unfunded Other Redemption Notice Period Archstone Offshore Fund, Ltd (a) $ 36.3 12 Months None None 90 days written Evanston Capital Management (a) $ 30.9 12 Months None None 60 days written Strategic Value Fund (b) $ 7.7 12 Months None None 90 days written U.S. Equity Funds (c) $ 100.8 immediate None None None Non-U.S. Equity Funds (d) $ 202.6 immediate None None None Non-U.S. Fixed Income, Government and Corporate (e) $ 177.5 immediate None None None International Property Funds (f) $ 53.4 immediate None None None International Balanced Funds (g) $ 10.1 immediate None None None U.S. Government and Corporate Fixed Income (h) $ 11.5 immediate None None None U.S. Tactical Allocation Balanced Fund (i) $ 16.0 immediate None None None Commodities & Metals Fund (j) $ 1.4 immediate None None None Non-US Tactical/Alternative Fund (k) $ 15.4 immediate None None None * The fair values of the investments have been estimated using the net asset value of the investment (a) These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities. (b) This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation. (c) These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks. (d) These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks. (e) These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks. (f) These funds invest in real property outside the U.S. (g) These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes. (h) These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index. (i) These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index. (j) These funds invest in various commodities and precious metals (k) These funds invest in traditional and alternative strategies and seek to add diversification while adding returns greater than equity in a non-correlated approach Cash Flows The Company expects, based on current actuarial calculations, to contribute cash of approximately $8 million to its defined benefit pension plans during 2016. Cash contributions in subsequent years will depend on a number of factors including the investment performance of plan assets. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Estimated future payments (in millions) Pension Benefits 2016 $ 42.1 2017 41.6 2018 43.9 2019 44.9 2020 47.5 2021-2025 264.6 Total payments $ 484.6 The Company’s subsidiaries ELDEC and Interpoint have a money purchase plan to provide retirement benefits for all eligible employees which was frozen effective January 1, 2014. The contributions to this plan were $0.0 million in 2015, $1.1 million in 2014 and $2.2 million in 2013. The Company and its subsidiaries sponsor savings and investment plans that are available to eligible employees of the Company and its subsidiaries. The Company made contributions to the plans of $7.9 million in 2015, $6.9 million in 2014 and $6.7 million in 2013. In addition to participant deferral contributions and Company matching contributions on those deferrals, the Company provides a 3% non-matching contribution to eligible participants. The Company made non-matching contributions to these plans of $8.7 million in 2015, $3.5 million in 2014 and $3.3 million in 2013. |
Long-Term Debt And Notes Payabl
Long-Term Debt And Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Notes Payable | Long-Term Debt and Notes Payable The following table summarizes the Company’s debt as of December 31, 2015 and 2014 : (in millions) December 31, 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 199.3 1,199.2 Total long-term debt $ 749.3 $ 749.2 Short-term borrowings consists of: Revolving credit facility $ — $ 100.0 Commercial paper 49.0 — Other 0.6 0.8 Total short-term borrowings $ 49.6 $ 100.8 2.75% notes due 2018 - In December 2013, the Company issued five year notes having an aggregate principal amount of $250 million . The notes are unsecured, senior obligations that mature on December 15, 2018 and bear interest at 2.75% per annum, payable semi-annually on June 15 and December 15 of each year. The notes have no sinking fund requirement, but may be redeemed, in whole or part, at our option. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if as a consequence, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require us to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in Other assets and then amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 2.92% . 4.45% notes due 2023 - In December 2013, the Company issued 10 year notes having an aggregate principal amount of $300 million . The notes are unsecured, senior obligations that mature on December 15, 2023 and bear interest at 4.45% per annum, payable semi-annually on June 15 and December 15 of each year. The notes have no sinking fund requirement, but may be redeemed, in whole or part, at our option. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if as a consequence, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require us to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in Other assets and then amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 4.56% . 6.55% notes due 2036 - In November 2006, the Company issued 30 year notes having an aggregate principal amount of $200 million . The notes are unsecured, senior obligations of the Company that mature on November 15, 2036 and bear interest at 6.55% per annum, payable semi-annually on May 15 and November 15 of each year. The notes have no sinking fund requirement, but may be redeemed, in whole or in part, at the option of the Company. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if as a consequence, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require the Company to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in Other assets and then amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 6.67% . Commercial Paper program - 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 December 31, 2015, Notes with a principal amount of $49.0 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. Other financing arrangements 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 increased by 5 basis points to 0.10% for base rate loans and 1.10% for LIBOR loans. In May 2012, the Company entered into a five year, $300 million Amended and Restated Credit Agreement (as subsequently amended, and increased to $500 million , the “facility”), which is due to expire in May 2017. The facility allows the Company to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date, and the loan proceeds may be used for general corporate purposes including financing for acquisitions. Interest is based on, at our option, (1) a LIBOR-based formula that is dependent in part on the Company's credit rating (LIBOR plus 105 basis points as of the date of this Report; up to a maximum of LIBOR plus 147.5 basis points), or (2) the greatest of (i) the JPMorgan Chase Bank, N.A.'s prime rate, (ii) the Federal Funds rate plus 50 basis points, or (iii) an adjusted LIBOR rate plus 100 basis points, plus a spread dependent on the Company’s credit rating ( 5 basis points as of the date of this Report; up to a maximum of 47.5 basis points). At December 31, 2015, there were no outstanding borrowings under the facility. The facility contains customary affirmative and negative covenants for credit facilities of this type, including the absence of a material adverse effect and limitations on the Company and its subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. The facility also provides for customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, the fact that any representation or warranty made by us is false in any material respect, default under certain other indebtedness, certain insolvency or receivership events affecting us and our subsidiaries, certain ERISA events, material judgments and a change in control of the Company. The facility contains a leverage ratio covenant requiring a ratio of total debt to total capitalization of less than or equal to 65% . At December 31, 2015, our ratio was 41% , calculated as follows: (in millions) December 31, 2015 Short-term borrowings $ 49.6 Long-term debt 749.3 Total indebtedness $ 798.9 Total indebtedness $ 798.9 Total shareholders’ equity 1,139.4 Capitalization $ 1,938.3 Total indebtedness to capitalization 41 % All outstanding senior, unsecured notes were issued under an indenture dated as of April 1, 1991. The indenture contains certain limitations on liens and sale and lease-back transactions. At December 31, 2015, the Company had open standby letters of credit of $23 million issued pursuant to a $125 million uncommitted Letter of Credit Reimbursement Agreement, and certain other credit lines. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | 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: December 31, 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 $ — $ — $ — $ — $ — $ — $ — $ — 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 $791.1 million and $815.2 million at December 31, 2015 and 2014 , respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [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 December 31, 2015 , the foreign exchange contracts designated as hedging instruments did not have a material impact on the Company’s consolidated 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 $38 million and $216 million as of December 31, 2015 and December 31, 2014 , respectively. The settlement of derivative contracts for the years ended December 31, 2015, 2014 and 2013 resulted in net cash inflows (outflows) of $(13.6) million , $(16.0) million and $4.9 million , respectively, and is reported within “Total provided by operating activities” on the Consolidated Statements of Cash Flows. As of December 31, 2015 and 2014, the Company's payable position for the foreign exchange contracts was $0.4 million and $2.5 million , respectively. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 10 - Commitments and Contingencies Leases The Company leases certain facilities, vehicles and equipment. Future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more consisted of the following at December 31, 2015 : (in millions) Operating Leases 2016 $ 17.1 2017 14.6 2018 11.8 2019 5.9 2020 3.2 Thereafter 7.0 Total minimum lease payments $ 59.6 Rental expense was $25.7 million, $28.7 million and $26.9 million for 2015, 2014 and 2013, respectively. The Company entered into a five year operating lease for an airplane in the first quarter of 2014 which included a maximum residual value guarantee of $7.8 million by the Company if the fair value of the airplane is less than $9.5 million at the end of the lease term. In 2014, the Company made a $9.5 million residual value guarantee payment in connection with a previous airplane lease which ended January 30, 2014 . This payment was reported within "Other" in “Total provided by operating activities” on the Consolidated Statements of Cash Flows. Asbestos Liability Information Regarding Claims and Costs in the Tort System As of December 31, 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: For the year ended December 31, 2015 2014 2013 Beginning claims 47,507 51,490 56,442 New claims 2,572 2,743 2,950 Settlements (954 ) (992 ) (1,142 ) Dismissals (8,035 ) (5,734 ) (6,762 ) MARDOC claims* — — 2 Ending claims 41,090 47,507 51,490 * As of January 1, 2010, the Company was named in 36,448 maritime actions which had been administratively dismissed by the United States District Court for the Eastern District of Pennsylvania ("MARDOC claims"), and therefore were not classified as active claims. In addition, the Company was named in 8 new maritime actions in 2010 (also not classified as active claims). By settlement agreement of December 30, 2013, the Company resolved all of the remaining MARDOC claims with plaintiffs’ counsel. The agreement resulted in the dismissal of all MARDOC claims against the Company. Of the 41,090 pending claims as of December 31, 2015 , approximately 18,500 claims were pending in New York, approximately 5,000 claims were pending in Texas, approximately 5,100 claims were pending in Mississippi, and approximately 200 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. 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 1/11th share of a $14.5 million verdict in the James Nelson claim, and for a 1/20th share of a $3.5 million verdict in the Larry Bell claim. On February 23, 2011, the court entered judgment on the verdicts in the amount of $0.2 million against the Company, only, in Bell, and in the amount of $4.0 million , jointly, against the Company and two other defendants in Nelson, with additional interest in the amount of $0.01 million being assessed against the Company, only, in Nelson. All defendants, including the Company, and the plaintiffs took timely appeals of certain aspects of those judgments. The Company resolved the Bell appeal by settlement, which is reflected in the settled claims for 2012. On September 5, 2013, 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 2016. 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 2016. 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. On August 21, 2015, the Court of Appeal reversed the trial court with respect to a $20,000 damages item, but affirmed the trial court in all other respects. The Company sought review of that ruling before the Supreme Court of California, which was denied. The Company settled the matter in December 2015. The settlement is reflected in the fourth quarter 2015 indemnity amount. 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 Supreme Court of Pennsylvania has accepted the Company’s petition for review. 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 was 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 court denied 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. Oral argument on the appeal took place on February 16, 2016. 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. Oral argument on Sweberg took place on February 16, 2016, and oral argument on Hackshaw is set for March 9, 2016. On July 2, 2015, a St. Louis, Missouri state court jury in the James Poage claim entered a $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. That motion was denied, and judgment was entered against the Company in the amount of $10.8 million . The Company is pursuing an appeal. On February 9, 2016, a Philadelphia, Pennsylvania, federal court jury found the Company responsible for a 30 percent share of a $1.085 million verdict in the Valent Rabovsky claim. The court has ordered briefing on the amount of the judgment. The Company will argue, among other things, that settlement offsets reduce the award to plaintiff under Pennsylvania law. A further hearing is scheduled for April 26, 2016, and it is anticipated that the court will enter judgment on the verdict after that argument. The Company will pursue post-trial relief and 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 years ended December 31, 2015, 2014 and 2013 totaled $ 69.4 million , $ 81.1 million and $ 90.8 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 years ended December 31, 2015, 2014 and 2013 totaled $ 49.9 million , $ 61.3 million and $ 62.8 million , respectively. Detailed below are the comparable amounts for the periods indicated. (in millions) For the year ended December 31, 2015 2014 2013 Settlement / indemnity costs incurred (1) $ 27.7 $ 25.3 $ 31.6 Defense costs incurred (1) 41.7 55.9 59.1 Total costs incurred $ 69.4 $ 81.1 $ 90.8 Settlement / indemnity payments $ 24.5 $ 27.3 $ 37.8 Defense payments 43.5 57.7 59.5 Insurance receipts (18.1 ) (23.8 ) (34.5 ) Pre-tax cash payments $ 49.9 $ 61.3 $ 62.8 (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 December 31, 2015 , the Company has resolved (by settlement or dismissal) approximately 116,000 claims, not including the MARDOC claims referred to above. The related settlement cost incurred by the Company and its insurance carriers is approximately $452 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, 2015, 2014 and 2013 was $3,100 , $3,800 and $3,300 , 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 Consolidated Financial Statements”. Effects on the 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 estimates of the number of individuals likely to develop asbestos-related diseases determined based on widely used previously conducted epidemiological studies augmented with current data inputs. 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 December 31, 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 December 31, 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. As noted above, the Company continues to monitor trend factors, such as the number and type of claims being filed each year, case management orders and legislation restricting the types of claims that can proceed to trial, significant appellate rulings and developments affecting the post-bankruptcy trusts for asbestos claimants to assess whether the existing forecast period is appropriate. 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 $546 million as of December 31, 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 December 31, 2015 was $75 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 asbest |
Acquisitions And Divestitures
Acquisitions And Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions And Divestitures | Acquisitions and Divestitures 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. Acquisition-Related Costs Acquisition-related costs were expensed as incurred. For the year ended December 31, 2015, the Company recorded $7.2 million of acquisition integration related charges and a $0.6 million restructuring gain (see additional discussion in Note 15). For the year ended December 31, 2014, the Company recorded $9.8 million of acquisition integration related charges, $4.8 million of inventory step-up and backlog amortization within cost of sales in the Consolidated Statement of Operations and $10.3 million of restructuring costs (see additional discussion in Note 15). For the year ended December 31, 2013, the Company recorded $22.8 million of transaction costs within the selling, general and administrative category in the Consolidated Statement of Operations. In addition, as part of the execution of regulatory remedies associated with the MEI acquisition, the Company sold a product line, which was formerly part of its Payment & Merchandising Technologies segment, to Suzo-Happ Group for $6.8 million and recorded a $2 million gain. Sales of this product line were $15.1 million in 2013. Supplemental Pro-Forma Data (Unaudited): MEI's results of operations have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on December 11, 2013. MEI contributed sales of approximately $25 million resulting in an operating loss of approximately $2 million for the period from the completion of the acquisition through December 31, 2013. The following unaudited supplemental pro forma data for the year ended December 31, 2013 presents consolidated information as if the acquisition had been completed on January 1, 2012 . There were no significant pro forma adjustments required for the year ended December 31, 2013. The pro forma results were calculated by combining the results of Crane Co. with the stand-alone results of MEI for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: For the year ended December 31, (in millions) 2013 Net Sales $ 2,936 Net income attributable to common shareholders $ 242 Basic earnings per share $ 4.18 Diluted earnings per share $ 4.11 The unaudited supplemental pro-forma data above includes adjustments for inventory step up, depreciation and amortization related to acquired MEI property, plant & equipment and intangible assets, transaction costs, interest expense related financing directly associated with the acquisition and the effect of required dispositions to meet regulatory approval. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Effective February 2013, the Company terminated its two existing stock compensation plans and created a single plan to cover all employees and directors: the Stock Incentive Plan and the Non-Employee Director Stock Compensation Plan. The Stock Incentive Plan is used to provide long-term incentive compensation through stock options, restricted share units and performance-based restricted share units. Options are granted under the Stock Incentive Plan to officers and other key employees and directors at an exercise price equal to the closing price on the date of grant. For grants prior to April 23, 2007, the exercise price is equal to the fair market value of the shares on the date of grant, which is defined for purposes of the plans as the average of the high and low prices for the Company’s common stock on the 10 trading days ending on the date of grant. Unless otherwise determined by the Compensation Committee which administers the plan, options become exercisable at a rate of 25% after the first year, 50% after the second year, 75% after the third year and 100% after the fourth year from the date of grant. Options granted in 2014 expire in 10 years. Options granted from 2004 to 2013 expire six years after the date of grant. All options granted to directors and options granted to officers and employees prior to 2014 and after 2014 expire ten years after date of grant. Options granted prior to January 29, 2007, became exercisable at a rate of 50% after the first year, 75% after the second year and 100% after the third year. The Company determines the fair value of each grant using the Black-Scholes option pricing model. The weighted-average assumptions for grants made during the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Dividend yield 2.95 % 2.50 % 2.76 % Volatility 24.97 % 27.49 % 35.52 % Risk-free interest rate 1.32 % 1.39 % 0.76 % Expected lives in years 4.2 4.2 4.2 Expected dividend yield is based on the Company’s dividend rate. Expected stock volatility was determined based upon the historical volatility for the four-year-period preceding the date of grant. The risk-free interest rate was based on the yield curve in effect at the time the options were granted, using U.S. constant maturities over the expected life of the option. The expected lives of the awards represents the period of time that options granted are expected to be outstanding. Activity in the Company’s stock option plans for the year ended December 31, 2015 was as follows: Option Activity Number of Weighted Weighted Options outstanding at January 1, 2015 2,426 $ 50.52 Granted 749 58.19 Exercised (356 ) 40.25 Canceled (149 ) 52.58 Options outstanding at December 31, 2015 2,670 $ 53.69 5.15 Options exercisable at December 31, 2015 1,123 $ 48.94 2.71 T he weighted-average fair value of options granted during 2015, 2014 and 2013 was $9.80 , $12.57 and $12.08 , respectively. The total fair value of shares vested during 2015, 2014 and 2013 was $9.0 million , $9.6 million and $9.1 million , respectively. The total intrinsic value of options exercised during 2015, 2014 and 2013 was $7.9 million , $25.4 million and $26.2 million , respectively. The total cash received from these option exercises was $11.9 million , $20.5 million and $31.0 million , respectively, and the tax benefit realized for the tax deductions from option exercises and vesting of restricted stock was $1.6 million , $7.7 million and $6.4 million , respectively. The aggregate intrinsic value of exercisable options was $2.1 million , $12.5 million and $26.4 million as of December 31, 2015, 2014 and 2013 , respectively. As of December 31, 2015, there was $10.3 million of total future compensation cost related to unvested share-based awards to be recognized over a weighted-average period of 1.24 years. Restricted stock and restricted share units vest at a rate of 25% after the first year, 50% after the second year, 75% after the third year and 100% after the fourth year from the date of grant and are subject to forfeiture restrictions which lapse over time. The vesting of Performance-based restricted share units is determined in three years based on relative total shareholder return for Crane Co. compared to the S&P Midcap 400 Capital Goods Group, with payout potential ranging from 0% to 175% but capped at 100% if the Company’s three -year total shareholder return is negative. Included in the Company’s share-based compensation was expense recognized for its restricted stock, restricted share unit and performance-based restricted share unit awards of $12.2 million , $10.9 million and $11.9 million in 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $19.0 million of total future compensation cost related to restricted stock, restricted share unit and performance-based restricted share unit award over a weighted-average period of 1.15 years. Changes in the Company’s restricted stock and restricted share units for the year ended December 31, 2015 were as follows: Restricted Stock and Restricted Share Unit Activity Restricted Stock Weighted Restricted Stock and Restricted Share Units at January 1, 2015 650 $ 52.92 Restricted Share Units granted 194 57.15 Restricted Share Units vested (129 ) 51.30 Restricted Share Units forfeited (45 ) 58.14 Performance-based Restricted Share Units granted 90 61.10 Performance-based Restricted Share Units vested (97 ) 47.07 Performance-based Restricted Share Units forfeited (9 ) 54.98 Restricted Stock and Restricted Share Units at December 31, 2015 654 $ 56.16 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has four reporting segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. The Fluid Handling segment is a provider of highly engineered fluid handling equipment for critical performance applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Other Products. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves is engaged primarily in the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, the municipal market. Other Products include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. The Payment & Merchandising Technologies segment consists of Crane Payment Innovations, which provide high technology payment acceptance and dispensing products to original equipment manufacturers, including coin accepters and dispensers, coin hoppers, coin recyclers, bill validators and bill recyclers and, Merchandising Systems, which provide merchandising equipment, including include food, snack and beverage vending machines and vending machine software and online solutions. Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace and military aerospace and defense markets. Engineered Materials segment manufactures fiberglass-reinforced plastic panels and coils (“FRP”), primarily for use in the manufacturing of recreational vehicles, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). In accordance with ASC Topic 280, “Segment Reporting”, for purposes of segment performance measurement, the Company does not allocate to the business segments items that are of a non-operating nature, including charges which occur from time to time related to the Company’s asbestos liability and its legacy environmental liabilities, as such items are not related to current business activities; or corporate organizational and functional expenses of a governance nature. “Corporate expenses-before asbestos and environmental charges” consist of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices. Financial information by reportable segment is set forth below: (in millions) 2015 2014 2013 Fluid Handling Net sales $ 1,091.3 $ 1,263.7 $ 1,288.6 Operating profit 125.4 181.6 194.9 Assets 888.0 963.2 996.1 Goodwill 218.7 227.3 239.2 Capital expenditures 10.0 14.0 16.3 Depreciation and amortization 12.6 14.5 15.7 Payment & Merchandising Technologies Net sales $ 703.0 $ 712.0 $ 380.6 Operating profit 101.4 69.1 34.8 Assets 1,178.0 1,210.1 1,383.0 Goodwill 575.2 589.9 635.8 Capital expenditures 9.8 11.4 4.7 Depreciation and amortization 34.5 41.6 17.5 Aerospace & Electronics Net sales $ 691.3 $ 696.0 $ 693.8 Operating profit 145.1 138.2 160.0 Assets 559.4 512.1 511.7 Goodwill 202.6 202.7 202.8 Capital expenditures 16.2 14.9 6.5 Depreciation and amortization 11.3 11.8 13.3 Engineered Materials Net sales $ 254.8 $ 253.3 $ 232.3 Operating profit 48.4 36.8 34.3 Assets 227.6 229.1 233.2 Goodwill 171.4 171.5 171.6 Capital expenditures 3.3 2.8 1.8 Depreciation and amortization 6.2 6.0 6.0 Information by reportable segment (continued): (in millions) 2015 2014 2013 TOTAL NET SALES $ 2,740.5 $ 2,925.0 $ 2,595.3 Operating profit (loss) Reporting segments $ 420.3 $ 425.7 $ 424.0 Corporate — before asbestos and environmental charges a (47.5 ) (53.6 ) (76.1 ) Corporate expense — environmental charges b — (55.8 ) — TOTAL OPERATING PROFIT $ 372.9 $ 316.3 $ 347.9 Interest income 1.9 1.7 1.9 Interest expense (37.6 ) (39.2 ) (26.5 ) Miscellaneous — net c (0.7 ) 2.4 2.7 INCOME BEFORE INCOME TAXES $ 336.5 $ 281.2 $ 326.0 Assets Reporting segments $ 2,853.0 $ 2,914.5 $ 3,124.0 Corporate 488.6 536.3 435.6 TOTAL ASSETS $ 3,341.6 $ 3,450.8 $ 3,559.6 Goodwill Reporting segments $ 1,167.9 $ 1,191.3 $ 1,249.3 Capital expenditures Reporting segments $ 39.3 $ 43.1 $ 29.3 Corporate 0.3 0.6 0.2 TOTAL CAPITAL EXPENDITURES $ 39.6 $ 43.7 $ 29.5 Depreciation and amortization Reporting segments $ 64.6 $ 73.8 $ 52.5 Corporate 2.4 2.0 2.3 TOTAL DEPRECIATION AND AMORTIZATION $ 67.0 $ 75.8 $ 54.8 a Includes $6.5 million for a settlement lawsuit recorded in 2014. b Includes a $49.0 million charge related to an increase in the Company's liability expected at the Goodyear Site and a $6.8 million charge for expected remediation costs associated with a previously disclosed environmental site in Roseland, New Jersey in 2014. c Includes $1.6 million loss on sale of a small business divested in 2014 and a $1.0 million gain on a real estate divestiture in 2014. Information by geographic region: (in millions) December 31, 2015 2014 2013 Net sales* United States $ 1,698.6 $ 1,719.4 $ 1,523.0 Canada 212.7 256.4 292.7 United Kingdom 350.9 372.1 290.6 Continental Europe 282.2 365.1 343.8 Other international 196.1 212.0 145.2 TOTAL NET SALES $ 2,740.5 $ 2,925.0 $ 2,595.3 Assets* United States $ 1,648.3 $ 1,612.9 $ 1,692.8 Canada 160.8 197.6 206.1 Europe 599.2 662.2 756.0 Other international 444.7 441.8 469.1 Corporate 488.6 536.3 435.6 TOTAL ASSETS $ 3,341.6 $ 3,450.8 $ 3,559.6 Tangible Assets* United States $ 642.0 $ 596.8 $ 657.3 Canada 111.5 138.8 140.9 Europe 335.7 363.9 418.5 Other international 278.8 270.2 249.1 Corporate 488.6 536.3 435.6 TOTAL TANGIBLE ASSETS $ 1,856.6 $ 1,906.0 $ 1,901.4 * Net sales and assets by geographic region are based on the location of the business unit. The table below presents net sales by product line for each segment: (in millions) December 31, 2015 2014 2013 Fluid Handling Process Valves and Related Products $ 681.2 $ 805.1 $ 821.0 Commercial Valves 316.5 362.5 365.2 Other Products 93.7 96.3 102.5 Total Fluid Handling $ 1,091.3 $ 1,263.7 $ 1,288.6 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 496.1 $ 512.5 $ 200.9 Merchandising Equipment 207.0 199.4 179.6 Total Payment & Merchandising Technologies $ 703.0 $ 712.0 $ 380.6 Aerospace & Electronics Commercial Original Equipment $ 349.3 $ 350.7 $ 340.5 Military and Other Original Equipment 152.6 159.1 166.5 Commercial Aftermarket Products 132.1 133.9 133.1 Military Aftermarket Products 57.1 52.3 53.7 Total Aerospace & Electronics $ 691.3 $ 696.0 $ 693.8 Engineered Materials FRP - Recreational Vehicles $ 133.9 $ 133.6 $ 113.6 FRP - Building Products 83.1 81.7 84.0 FRP - Transportation 37.8 38.1 34.7 Total Engineered Materials $ 254.8 $ 253.3 $ 232.3 Total Net Sales $ 2,740.5 $ 2,925.0 $ 2,595.3 |
Quarterly Results For The Year
Quarterly Results For The Year | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) (in millions, except per share data) For year ended December 31, First Second Third Fourth Year 2015 Net sales $ 678.8 $ 711.2 $ 669.9 $ 680.6 $ 2,740.5 Cost of sales 442.0 470.7 431.7 441.7 $ 1,786.1 Gross profit 236.8 240.5 238.2 238.9 954.4 Operating profit 86.0 90.2 93.2 103.5 372.9 Net income attributable to common shareholders 51.1 55.8 56.9 65.1 228.9 Earnings per basic share: — Net income attributable to common shareholders $ 0.88 $ 0.96 $ 0.98 $ 1.12 $ 3.94 Earnings per diluted share: — Net income attributable to common shareholders $ 0.87 $ 0.95 $ 0.97 $ 1.10 $ 3.89 2014 Net sales $ 716.8 $ 750.1 $ 727.4 $ 730.7 $ 2,925.0 Cost of sales 462.7 488.0 476.3 481.7 $ 1,908.7 Gross profit 254.1 262.1 251.1 249.0 1,016.3 Operating profit 81.4 97.6 (a) 47.7 (c) 89.6 316.3 Net income attributable to common shareholders 48.7 59.7 (b) 28.1 (d) 56.2 (e) 192.7 Earnings per basic share: Net income attributable to common shareholders $ 0.83 $ 1.01 $ 0.48 $ 0.96 $ 3.28 Earnings per diluted share: Net income attributable to common shareholders $ 0.82 $ 1.00 $ 0.47 $ 0.95 $ 3.23 (a) Includes a $6.5 million charge related to the settlement of the environmental lawsuits by certain homeowners in Roseland, New Jersey. (b) Includes the impact of item (a) cited above, net of tax and $1.1 million loss on divestiture of a small business. (c) Includes a $49.0 million charge related to an increase in the Company's liability at the Goodyear Site, and $6.8 million charge for expected remediation costs associated with an environmental site in Roseland, New Jersey. (d) Includes the impact of item (c) cited above, net of tax and $0.7 million gain on divestiture of real estate. (e) Includes a $3.5 million gain on divestiture of real estate. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring and Related Costs The following table summarizes the restructuring costs associated with repositioning and acquisition-related actions noted below: (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 2014 Repositioning Actions $ (0.2 ) $ 18.7 2015 Repositioning Actions 8.6 8.6 Acquisition-Related Restructuring (0.6 ) 9.7 Total Restructuring $ 7.8 $ 37.0 2014 Repositioning Actions The Company recorded total pre-tax restructuring charges of $18.7 million (a gain of $0.2 million in 2015 and a charge of $18.9 million in 2014) related to the consolidation of a facility in Europe in the Fluid Handling segment and 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. The following table summarizes the restructuring charges by cost type and segment: (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 Fluid Handling Severance $ (0.6 ) $ 11.6 Other — 0.2 Asset write-down — 0.2 Gain on sale of asset (0.4 ) (0.4 ) Total Fluid Handling Restructuring (1.0 ) 11.6 Aerospace & Electronics Severance $ (2.0 ) $ 2.2 Asset write-down 0.2 0.2 Other 0.5 2.6 Total Aerospace & Electronics Restructuring (1.3 ) 5.0 Corporate Asset write-down $ 2.1 $ 2.1 Total Corporate Restructuring 2.1 2.1 Total Restructuring $ (0.2 ) $ 18.7 In addition to the restructuring costs summarized above, the Company recorded $5.4 million ( $2.8 million in 2015 and $2.6 million in 2014) and $1.6 million ( $0.4 million in 2015 and $1.2 million in 2014) for additional costs incurred as a direct result of the facility consolidations within the Fluid Handling segment and Aerospace & Electronics segment, respectively. 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 December 31, 2015 Fluid Handling Severance $ 10.7 $ (0.6 ) $ (8.8 ) $ 1.3 Total Fluid Handling $ 10.7 $ (0.6 ) $ (8.8 ) $ 1.3 Aerospace & Electronics Severance $ 1.9 $ (2.0 ) $ 0.1 $ — Other 0.5 0.5 (1.0 ) — Total Aerospace & Electronics $ 2.4 $ (1.5 ) $ (0.9 ) $ — Total Restructuring $ 13.1 $ (2.1 ) $ (9.7 ) $ 1.3 The Company does not expect any further significant costs associated with these actions. 2015 Repositioning Actions The Company initiated incremental restructuring activities and recorded pre-tax restructuring charges of $8.6 million in 2015. 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 segment: (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 Fluid Handling Severance $ 7.9 $ 7.9 Aerospace & Electronics Severance 0.7 0.7 Total Restructuring $ 8.6 $ 8.6 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 December 31, 2015 Fluid Handling Severance $ — $ 7.9 $ (3.8 ) $ 4.1 Aerospace & Electronics Severance $ — $ 0.7 $ (0.6 ) $ 0.1 Total Restructuring $ — $ 8.6 $ (4.4 ) $ 4.2 The Company does not expect any further significant costs associated with these actions. Acquisition-Related Restructuring The Company recorded total pre-tax restructuring charges of $9.7 million ( a gain of $0.6 million in 2015 and a charge of $10.3 million in 2014) related to the December 2013 acquisition of MEI within the Company's Payment & Merchandising Technologies segment. The Company expects these actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce. The following table summarizes the restructuring charges by cost type and segment: Acquisition-Related Restructuring (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 Payment & Merchandising Technologies Severance $ 3.6 $ 13.8 Other 0.2 0.2 Asset write-down — 0.1 Pension curtailment gain (4.4 ) (4.4 ) Total Restructuring $ (0.6 ) $ 9.7 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 December 31, 2015 Payment & Merchandising Technologies Severance $ 7.0 $ 3.6 $ (4.3 ) $ 6.3 Other — 0.2 (0.2 ) — Total Restructuring $ 7.0 $ 3.8 $ (4.5 ) $ 6.3 The Company does not expect any further significant costs associated with these actions. |
Nature Of Operations And Sign24
Nature Of Operations And Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates These accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, taxes, asbestos liability and related insurance receivable, environmental liability and contingencies. |
Currency Translation | urrency Translation Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive income (loss) in a separate component of equity. |
Revenue Recognition | Revenue Recognition Sales revenue is recorded when title (risk of loss) passes to the customer and collection of the resulting receivable is reasonably assured. Revenue on long-term, fixed-price contracts is recorded on a percentage of completion basis using units of delivery as the measurement basis for progress toward completion. Sales under cost reimbursement type contracts are recorded as costs are incurred. |
Cost Of Goods Sold | Cost of Goods Sold Cost of goods sold includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead, inventoried cost and, accordingly, cost of goods sold include allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. The Company also includes costs directly associated with products sold, such as warranty provisions. |
Selling, General And Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expense is charged to income as incurred. Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. In addition, compensation for other operating activities such as executive office administrative and engineering functions are included, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted. Based on consideration of all available evidence regarding their utilization, the Company records net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, the Company establishes a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence the Company considers in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition. The Company accounts for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line of its Consolidated Statement of Operations, while accrued interest and penalties are included within the related tax liability line of its Consolidated Balance Sheets. In determining whether the earnings of its non-U.S. subsidiaries are permanently reinvested overseas, the Company considers the following: • Its history of utilizing non-U.S. cash to acquire non-U.S. businesses, • Its current and future needs for cash outside the U.S. (e.g., to fund capital expenditures, business operations, potential acquisitions, etc.), • Its ability to satisfy U.S.-based cash needs (e.g., domestic pension contributions, interest payment on external debt, dividends to shareholders, etc.) with cash generated by its U.S. businesses, and • The effect U.S. tax reform proposals calling for reduced corporate income tax rates and/or “repatriation” tax holidays would have on the amount of the tax liability. |
Earnings Per Share | Earnings Per Share The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potential dilutive common shares outstanding during the year. |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. |
Accounts Receivable | Accounts Receivable Receivables are carried at net realizable value. A summary of allowance for doubtful accounts activity follows: (in millions) December 31, 2015 2014 2013 Balance at beginning of year $ 4.9 $ 4.8 $ 6.7 Provisions 3.0 3.7 1.5 Deductions (3.2 ) (3.6 ) (3.4 ) Balance at end of year $ 4.7 $ 4.9 $ 4.8 Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and relatively small account balances within the majority of the Company’s customer base and their dispersion across different businesses. The Company periodically evaluates the financial strength of its customers and believes that its credit risk exposure is limited. |
Inventories | Inventories Inventories consist of the following: (in millions) December 31, 2015 2014 Finished goods $ 102.3 $ 111.8 Finished parts and subassemblies 46.9 42.5 Work in process 60.7 53.2 Raw materials 167.0 162.2 Total inventories $ 376.9 $ 369.7 Inventories include the costs of material, labor and overhead and are stated at the lower of cost or market. Domestic inventories are stated at either the lower of cost or market using the last-in, first-out (“LIFO”) method or the lower of cost or market using the first-in, first-out (“FIFO”) method. Inventories held in foreign locations are primarily stated at the lower of cost or market using the FIFO method. The LIFO method is not being used at the Company’s foreign locations as such a method is not allowable for tax purposes. Changes in the levels of LIFO inventories have reduced cost of sales by $1.5 million , reduced cost of sales by $0.7 million and increased cost of sales by $1.1 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The portion of inventories costed using the LIFO method was 29% and 28% of consolidated inventories at December 31, 2015 and 2014, respectively. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $14.3 million and $15.0 million at December 31, 2015 and 2014 , respectively. |
Property, Plant And Equipment | Property, Plant and Equipment, net Property, plant and equipment, net consist of the following: (in millions) December 31, 2015 2014 Land $ 68.8 $ 73.2 Buildings and improvements 174.7 179.8 Machinery and equipment 566.0 571.9 Gross property, plant and equipment 809.5 824.9 Less: accumulated depreciation 533.5 534.6 Property, plant and equipment, net $ 276.0 $ 290.3 Property, plant and equipment are stated at cost and depreciation is calculated by the straight-line method over the estimated useful lives of the respective assets, which range from 10 to 25 years for buildings and improvements and three to ten years for machinery and equipment. Depreciation expense was $39.1 million , $41.7 million and $38.7 million for the years ended December 31, 2015, 2014 and 2013 , respectively. |
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 under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the 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. At December 31, 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 10.0% and 12.5% (a weighted average of 10.8% ), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing the Company’s reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate its discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of its reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. Furthermore, in order to evaluate the sensitivity of the fair value calculations on the goodwill impairment test performed during the fourth quarter of 2015, 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) December 31, 2015 2014 Balance at beginning of period $ 1,191.3 $ 1,249.3 Disposals — (0.8 ) Adjustments to purchase price allocations — (13.9 ) Currency translation (23.4 ) (43.3 ) Balance at end of period $ 1,167.9 $ 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 and $7.8 million of adjustments to preliminary asset valuations of MEI, which is within the Payment & Merchandising Technologies segment. 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) December 31, 2015 2014 Balance at beginning of period, net of accumulated amortization $ 353.5 $ 408.9 Amortization expense (31.5 ) (37.9 ) Currency translation and other (4.9 ) (17.5 ) Balance at end of period, net of accumulated amortization $ 317.1 $ 353.5 As of December 31, 2015 , the Company had $317.1 million of net intangible assets, of which $27.2 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 the intangibles with indefinite useful lives 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 below their carrying value. A summary of intangible assets follows: (in millions) Weighted Average Amortization Period of Finite Lived Assets (in years) December 31, 2015 December 31, 2014 Gross Asset Accumulated Amortization Net Gross Asset Accumulated Amortization Net Intellectual property rights 16.5 $ 88.3 $ 51.4 $ 36.9 $ 91.3 $ 50.4 $ 40.9 Customer relationships and backlog 15.5 395.7 132.9 262.8 402.6 112.5 290.1 Drawings 37.9 11.1 10.1 1.0 11.1 10.0 1.1 Other 12.9 61.8 45.4 16.4 63.2 41.8 21.4 Total 15.8 $ 556.9 $ 239.8 $ 317.1 $ 568.2 $ 214.7 $ 353.5 Amortization expense for these intangible assets is currently estimated to be approximately $30.5 million in 2015, $29.5 million in 2016, $26.7 million in 2017, $24.1 million in 2018 and $179.1 million in 2019 and thereafter. Valuation of Long |
Valuation Of Long-Lived Assets | Valuation of Long-Lived Assets The Company reviews its long-lived assets 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. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a loss is recognized 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. |
Financial Instruments | Financial Instruments The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company periodically uses forward foreign exchange contracts as economic hedges of anticipated transactions and firm purchase and sale commitments. These contracts are marked to fair value on a current basis and the respective gains and losses are recognized in other income (expense). The Company also periodically enters into interest-rate swap agreements to moderate its exposure to interest rate changes. Interest-rate swaps are agreements to exchange fixed and variable rate payments based on the notional principal amounts. The changes in the fair value of these derivatives are recognized in other comprehensive income for qualifying cash flow hedges. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The tables below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Other Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2014 $ (257.8 ) $ (41.0 ) $ (298.8 ) Other comprehensive loss before reclassifications (16.3 ) (69.6 ) (85.9 ) Amounts reclassified from accumulated other comprehensive loss 7.9 — 7.9 Net current-period other comprehensive loss (8.4 ) (69.6 ) (78.0 ) Balance as of December 31, 2015 $ (266.2 ) $ (110.6 ) $ (376.7 ) (in millions) Defined Benefit Pension and Other Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2013 $ (121.3 ) $ 72.6 $ (48.7 ) Other comprehensive loss before reclassifications (140.6 ) (113.6 ) (254.2 ) Amounts reclassified from accumulated other comprehensive loss 4.1 — 4.1 Net current-period other comprehensive loss (136.5 ) (113.6 ) (250.1 ) Balance as of December 31, 2014 $ (257.8 ) $ (41.0 ) $ (298.8 ) * Net of tax benefit of $109.8 , $114.4 and $53.4 for 2015, 2014, and 2013, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the period ended December 31, 2015 and 2014. Details of Accumulated Other Comprehensive Loss Components (in millions) Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statements of Operations December 31, 2015 2014 Amortization of defined benefit pension items: Prior-service costs $ (0.4 ) $ 0.1 ($0.5) and $0.2 have been recorded within Cost of Sales for the years ended December 31, 2015 and 2014, respectively, and $0.1 and ($0.0) have been recorded within Selling, General & Administrative for the years ended December 31, 2015 and 2014, respectively Net loss (gain) 12.3 5.1 $16.7 and $6.9 have been recorded within Cost of Sales for the years ended December 31, 2015 and 2014, respectively and ($4.4) and ($1.8) have been recorded within Selling, General & Administrative for the years ended December 31, 2015 and 2014, respectively Amortization of other postretirement items: Prior-service costs (0.2 ) (0.2 ) Recorded within Selling, General & Administrative Net loss (gain) (0.4 ) (0.2 ) Recorded within Selling, General & Administrative $ 11.3 $ 4.8 Total before tax 3.4 0.7 Tax benefit Total reclassifications for the period $ 7.9 $ 4.1 Net of tax |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In November 2015, the Financial Accounting Standards Board (“FASB”) issued amended guidance to simplify the presentation of deferred income taxes. The amendments require deferred tax liabilities and assets to be classified as noncurrent. The amended guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amended guidance will not have an impact on the Company’s results of operations or cash flows, but will affect the presentation of deferred income taxes on its consolidated financial position. |
Nature Of Operations And Sign25
Nature Of Operations And Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | (in millions, except per share data) For the year ended December 31, 2015 2014 2013 Net income attributable to common shareholders $ 228.9 $ 192.7 $ 219.5 Weighted average basic shares outstanding 58.1 58.7 57.9 Effect of dilutive stock options 0.7 0.9 0.9 Weighted average diluted shares outstanding 58.8 59.6 58.8 Earnings per basic share $ 3.94 $ 3.28 $ 3.79 Earnings per diluted share $ 3.89 $ 3.23 $ 3.73 |
Summary Of Allowance For Doubtful Accounts | A summary of allowance for doubtful accounts activity follows: (in millions) December 31, 2015 2014 2013 Balance at beginning of year $ 4.9 $ 4.8 $ 6.7 Provisions 3.0 3.7 1.5 Deductions (3.2 ) (3.6 ) (3.4 ) Balance at end of year $ 4.7 $ 4.9 $ 4.8 |
Summary Of Inventories | Inventories consist of the following: (in millions) December 31, 2015 2014 Finished goods $ 102.3 $ 111.8 Finished parts and subassemblies 46.9 42.5 Work in process 60.7 53.2 Raw materials 167.0 162.2 Total inventories $ 376.9 $ 369.7 |
Summary Of Property, Plant And Equipment, Net | Property, plant and equipment, net consist of the following: (in millions) December 31, 2015 2014 Land $ 68.8 $ 73.2 Buildings and improvements 174.7 179.8 Machinery and equipment 566.0 571.9 Gross property, plant and equipment 809.5 824.9 Less: accumulated depreciation 533.5 534.6 Property, plant and equipment, net $ 276.0 $ 290.3 |
Schedule Of Changes To Goodwill | Changes to goodwill are as follows: (in millions) December 31, 2015 2014 Balance at beginning of period $ 1,191.3 $ 1,249.3 Disposals — (0.8 ) Adjustments to purchase price allocations — (13.9 ) Currency translation (23.4 ) (43.3 ) Balance at end of period $ 1,167.9 $ 1,191.3 |
Schedule Of Changes To Intangible Assets | hanges to intangible assets are as follows: (in millions) December 31, 2015 2014 Balance at beginning of period, net of accumulated amortization $ 353.5 $ 408.9 Amortization expense (31.5 ) (37.9 ) Currency translation and other (4.9 ) (17.5 ) Balance at end of period, net of accumulated amortization $ 317.1 $ 353.5 |
Summary Of Intangible Assets | A summary of intangible assets follows: (in millions) Weighted Average Amortization Period of Finite Lived Assets (in years) December 31, 2015 December 31, 2014 Gross Asset Accumulated Amortization Net Gross Asset Accumulated Amortization Net Intellectual property rights 16.5 $ 88.3 $ 51.4 $ 36.9 $ 91.3 $ 50.4 $ 40.9 Customer relationships and backlog 15.5 395.7 132.9 262.8 402.6 112.5 290.1 Drawings 37.9 11.1 10.1 1.0 11.1 10.0 1.1 Other 12.9 61.8 45.4 16.4 63.2 41.8 21.4 Total 15.8 $ 556.9 $ 239.8 $ 317.1 $ 568.2 $ 214.7 $ 353.5 |
Classification Of Accumulated Other Comprehensive Income (Loss) Reflected On Consolidated Balance Sheets | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the period ended December 31, 2015 and 2014. Details of Accumulated Other Comprehensive Loss Components (in millions) Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statements of Operations December 31, 2015 2014 Amortization of defined benefit pension items: Prior-service costs $ (0.4 ) $ 0.1 ($0.5) and $0.2 have been recorded within Cost of Sales for the years ended December 31, 2015 and 2014, respectively, and $0.1 and ($0.0) have been recorded within Selling, General & Administrative for the years ended December 31, 2015 and 2014, respectively Net loss (gain) 12.3 5.1 $16.7 and $6.9 have been recorded within Cost of Sales for the years ended December 31, 2015 and 2014, respectively and ($4.4) and ($1.8) have been recorded within Selling, General & Administrative for the years ended December 31, 2015 and 2014, respectively Amortization of other postretirement items: Prior-service costs (0.2 ) (0.2 ) Recorded within Selling, General & Administrative Net loss (gain) (0.4 ) (0.2 ) Recorded within Selling, General & Administrative $ 11.3 $ 4.8 Total before tax 3.4 0.7 Tax benefit Total reclassifications for the period $ 7.9 $ 4.1 Net of tax |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Taxes | The Company’s income (loss) before taxes is as follows: (in millions) For year ended December 31, 2015 2014 2013 U.S. operations $ 261.9 $ 141.8 $ 177.2 Non-U.S. operations 74.6 139.4 148.8 Total $ 336.5 $ 281.2 $ 326.0 |
Schedule Of Provision For Income Taxes | The Company’s provision (benefit) for income taxes consists of: (in millions) For year ended 2015 2014 2013 Current: U.S. federal tax $ 43.0 $ 14.0 $ 11.4 U.S. state and local tax 5.4 2.6 3.4 Non-U.S. tax 18.4 33.1 41.3 Total current 66.8 49.7 56.1 Deferred: U.S. federal tax 36.5 30.1 43.8 U.S. state and local tax (0.4 ) 1.3 0.6 Non-U.S. tax 3.6 6.5 4.6 Total deferred 39.7 37.9 49.0 Total provision (benefit) for income taxes $ 106.5 $ 87.6 $ 105.1 |
Schedule Of Deferred Tax Assets And Liabilities | A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate is as follows: (in millions) For year ended 2015 2014 2013 Statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % Increase (reduction) from: Income taxed at non-U.S. rates (2.0 )% (4.0 )% (2.0 )% Non-U.S. income inclusion, net of tax credits — % 0.1 % 0.1 % State and local taxes, net of federal benefit 1.3 % 1.3 % 1.2 % U.S. research and development tax credit (0.9 )% (1.0 )% (1.9 )% U.S. domestic manufacturing deduction (1.3 )% (0.7 )% (1.0 )% Non-deductible acquisition costs — % — % 2.3 % Other (0.4 )% 0.5 % (1.5 )% Effective tax rate 31.7 % 31.2 % 32.2 % |
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate | The components of deferred tax assets and liabilities included on the Company’s Consolidated Balance Sheets are as follows: (in millions) December 31, 2015 2014 Deferred tax assets: Asbestos-related liabilities $ 162.7 $ 182.6 Tax loss and credit carryforwards 105.6 113.8 Pension and post-retirement benefits 69.1 78.7 Inventories 23.5 19.3 Accrued bonus and stock-based compensation 17.1 14.9 Environmental reserves 16.0 24.5 Other 55.3 50.4 Total 449.3 484.2 Less: valuation allowance 145.9 141.0 Total deferred tax assets, net of valuation allowance 303.4 343.2 Deferred tax liabilities: Basis difference in intangible assets (142.2 ) (134.8 ) Basis difference in fixed assets (21.5 ) (25.8 ) Total deferred tax liabilities (163.7 ) (160.6 ) Net deferred tax asset $ 139.7 $ 182.6 Balance sheet classification: Current deferred tax assets 27.5 $ 33.0 Long-term deferred tax assets 162.4 196.2 Accrued liabilities (0.2 ) (0.4 ) Long-term deferred tax liability (50.0 ) (46.3 ) Net deferred tax asset $ 139.7 $ 182.6 |
Summary Of Tax Loss And Tax Credit Carryforwards | As of December 31, 2015, the Company had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows: (in millions) U.S. U.S. U.S. U.S. Non- Total 2016-2020 $ 17.9 $ 0.2 $ 4.0 $ 27.3 $ 16.3 After 2020 3.5 1.8 2.4 795.9 3.0 Indefinite — — 19.6 — 98.6 Total tax carryforwards $ 21.4 $ 2.0 $ 26.0 $ 823.2 $ 117.9 Deferred tax asset on tax carryforwards $ 21.4 $ 0.7 $ 16.9 $ 37.7 $ 28.9 $ 105.6 Valuation allowance on tax carryforwards (21.4 ) (0.4 ) (16.3 ) (36.9 ) (23.7 ) (98.7 ) Net deferred tax asset on tax carryforwards $ — $ 0.3 $ 0.6 $ 0.8 $ 5.2 $ 6.9 |
Schedule Of Gross Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of the Company’s gross unrecognized tax benefits, excluding interest and penalties, is as follows: (in millions) 2015 2014 2013 Balance of liability as of January 1 $ 40.7 $ 31.4 $ 19.2 Increase as a result of tax positions taken during a prior year 1.5 2.0 6.7 Decrease as a result of tax positions taken during a prior year (2.1 ) (1.2 ) (0.3 ) Increase as a result of tax positions taken during the current year 9.2 11.2 5.9 Decrease as a result of settlements with taxing authorities — (1.1 ) — Reduction as a result of a lapse of the statute of limitations (4.1 ) (1.6 ) (0.1 ) Balance of liability as of December 31 $ 45.2 $ 40.7 $ 31.4 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: (in millions) December 31, 2015 2014 Employee related expenses $ 83.1 $ 81.4 Warranty 15.1 15.5 Advanced payment from customers 29.1 20.0 Other 91.3 108.9 Total $ 218.6 $ 225.8 |
Summary Of Warranty Liabilities | A summary of the warranty liabilities is as follows: (in millions) December 31, 2015 2014 Balance at beginning of period $ 15.5 $ 18.9 Expense 12.1 13.3 Changes due to acquisitions/divestitures — (0.1 ) Payments / deductions (12.7 ) (16.4 ) Currency translation 0.2 (0.2 ) Balance at end of period $ 15.1 $ 15.5 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities [Abstract] | |
Schedule Of Other Liabilities | (in millions) December 31, 2015 2014 Environmental $ 48.9 $ 64.4 Other 63.9 67.5 $ 112.8 $ 131.9 |
Pension And Postretirement Be29
Pension And Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status | A summary of benefit obligations, fair value of plan assets and funded status is as follows: Pension Benefits (in millions) December 31, 2015 2014 Change in benefit obligation: Beginning of year $ 1,093.2 $ 934.3 Service cost 5.2 4.9 Interest cost 37.9 40.9 Plan participants’ contributions 0.5 0.7 Amendments (18.2 ) — Actuarial (gain) loss (60.3 ) 192.7 Settlement (2.8 ) — Benefits paid (41.4 ) (41.7 ) Foreign currency exchange impact (25.5 ) (38.0 ) Acquisition/divestitures/curtailment (0.3 ) — Adjustment for expenses/tax contained in service cost (0.3 ) (0.6 ) Benefit obligation at end of year $ 988.0 $ 1,093.2 Change in plan assets: Fair value of plan assets at beginning of year $ 874.6 $ 870.7 Actual return on plan assets (2.0 ) 54.7 Foreign currency exchange impact (28.5 ) (33.2 ) Employer contributions 17.0 24.5 Administrative expenses paid (0.9 ) (1.1 ) Plan participants’ contributions 0.5 0.7 Settlement (2.8 ) — Benefits paid (41.4 ) (41.7 ) Fair value of plan assets at end of year $ 816.5 $ 874.6 Funded status $ (171.5 ) $ (218.6 ) |
Schedule Of Amounts Recognized In Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets consist of: Pension Benefits (in millions) December 31, 2015 2014 Other assets $ 56.3 $ 53.0 Current liabilities (1.1 ) (1.0 ) Accrued pension (226.7 ) (270.6 ) Funded status $ (171.5 ) $ (218.6 ) |
Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss | Amounts recognized in accumulated other comprehensive loss consist of: Pension Benefits (in millions) December 31, 2015 2014 Net actuarial loss (gain) $ 347.4 $ 363.5 Prior service cost (credit) (11.6 ) 0.9 $ 335.8 $ 364.4 |
Schedule Of Accumulated And Projected Benefit Obligations | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows: Pension Obligations/Assets U.S. Non-U.S. Total (in millions) December 31, 2015 2014 2015 2014 2015 2014 Projected benefit obligation $ 548.5 $ 581.8 $ 439.5 $ 511.4 $ 988.0 $ 1,093.2 Accumulated benefit obligation 548.4 581.8 432.5 496.7 980.9 1,078.5 Fair value of plan assets 380.2 414.2 436.3 460.4 816.5 874.6 |
Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: Pension Benefits (in millions) December 31, 2015 2014 Projected benefit obligation $ 791.5 $ 910.3 Accumulated benefit obligation 785.0 896.4 Fair value of plan assets 563.9 638.8 |
Components Of Net Periodic Cost | Components of net periodic benefit cost are as follows: Pension Benefits (in millions) December 31, 2015 2014 2013 Net Periodic Benefit Cost: Service cost $ 5.2 $ 4.9 $ 6.4 Interest cost 37.9 40.9 36.8 Expected return on plan assets (62.0 ) (62.5 ) (52.2 ) Amortization of prior service cost (0.4 ) 0.1 — Amortization of net loss 12.3 5.1 13.9 Recognized curtailment loss (5.2 ) — (0.3 ) Settlement costs 0.8 — — Special termination benefits — — — Net periodic (benefit) cost $ (11.4 ) $ (11.5 ) $ 4.6 The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $11.7 million and $(0.6) million , respectively. The weighted average assumptions used to determine benefit obligations are as follows: Pension Benefits December 31, 2015 2014 2013 U.S. Plans: Discount rate 4.41 % 4.10 % 4.90 % Rate of compensation increase N/A N/A 3.50 % Non-U.S. Plans: Discount rate 3.30 % 3.01 % 4.05 % Rate of compensation increase 2.81 % 2.40 % 2.56 % Components of net periodic benefit cost are as follows: Pension Benefits (in millions) December 31, 2015 2014 2013 Net Periodic Benefit Cost: Service cost $ 5.2 $ 4.9 $ 6.4 Interest cost 37.9 40.9 36.8 Expected return on plan assets (62.0 ) (62.5 ) (52.2 ) Amortization of prior service cost (0.4 ) 0.1 — Amortization of net loss 12.3 5.1 13.9 Recognized curtailment loss (5.2 ) — (0.3 ) Settlement costs 0.8 — — Special termination benefits — — — Net periodic (benefit) cost $ (11.4 ) $ (11.5 ) $ 4.6 |
Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost | The weighted-average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits December 31, 2015 2014 2013 U.S. Plans: Discount rate 4.10 % 4.90 % 4.20 % Expected rate of return on plan assets 7.75 % 7.75 % 7.75 % Rate of compensation increase N/A N/A 3.50 % Non-U.S. Plans: Discount rate 3.01 % 4.05 % 3.93 % Expected rate of return on plan assets 6.94 % 7.01 % 7.01 % Rate of compensation increase 2.40 % 2.56 % 3.14 % |
Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations | The Company’s pension plan target allocations and weighted-average asset allocations by asset category are as follows: Actual Allocation Asset Category December 31, 2015 2014 Equity securities 35%-75% 49 % 51 % Fixed income securities 20%-50% 26 % 27 % Alternative assets/Other 0%-20% 24 % 20 % Money market 0%-10% 1 % 2 % |
Schedule Of Fair Value Of Company Pension Plan Assets | The fair value of the Company’s pension plan assets at December 31, 2014, by asset category are as follows: (in millions) Active Other Unobservable Total Cash and Money Markets $ 18.8 $ — $ — $ 18.8 Common Stocks Actively Managed U.S. Equities 145.1 — — 145.1 Fixed Income Bonds and Notes — 46.1 — 46.1 Commingled and Mutual Funds U.S. Equity Funds — 100.8 — 100.8 Non-U.S. Equity Funds — 202.6 — 202.6 U.S. Fixed Income, Government and Corporate — 11.5 — 11.5 U.S. Tactical Allocation Balanced Fund — 16.0 — 16.0 Non-U.S. Fixed Income, Government and Corporate — 177.5 — 177.5 International Balanced Funds — 10.1 — 10.1 Alternative Investments Hedge Funds — 90.3 — 90.3 International Property Funds — 53.4 — 53.4 Commodities Funds — 1.4 — 1.4 Annuity Contract — 1.0 — 1.0 Total Fair Value $ 163.9 $ 710.7 $ — $ 874.6 |
Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent | The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2014: (in millions) Fair Redemption Unfunded Other Redemption Notice Period Archstone Offshore Fund, Ltd (a) $ 36.3 12 Months None None 90 days written Evanston Capital Management (a) $ 30.9 12 Months None None 60 days written Strategic Value Fund (b) $ 7.7 12 Months None None 90 days written U.S. Equity Funds (c) $ 100.8 immediate None None None Non-U.S. Equity Funds (d) $ 202.6 immediate None None None Non-U.S. Fixed Income, Government and Corporate (e) $ 177.5 immediate None None None International Property Funds (f) $ 53.4 immediate None None None International Balanced Funds (g) $ 10.1 immediate None None None U.S. Government and Corporate Fixed Income (h) $ 11.5 immediate None None None U.S. Tactical Allocation Balanced Fund (i) $ 16.0 immediate None None None Commodities & Metals Fund (j) $ 1.4 immediate None None None Non-US Tactical/Alternative Fund (k) $ 15.4 immediate None None None * The fair values of the investments have been estimated using the net asset value of the investment (a) These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities. (b) This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation. (c) These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks. (d) These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks. (e) These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks. (f) These funds invest in real property outside the U.S. (g) These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes. (h) These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index. (i) These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index. (j) These funds invest in various commodities and precious metals (k) These funds invest in traditional and alternative strategies and seek to add diversification while adding returns greater than equity in a non-correlated approach |
Summary Of Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Estimated future payments (in millions) Pension Benefits 2016 $ 42.1 2017 41.6 2018 43.9 2019 44.9 2020 47.5 2021-2025 264.6 Total payments $ 484.6 |
Long-Term Debt And Notes Paya30
Long-Term Debt And Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following table summarizes the Company’s debt as of December 31, 2015 and 2014 : (in millions) December 31, 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 199.3 1,199.2 Total long-term debt $ 749.3 $ 749.2 Short-term borrowings consists of: Revolving credit facility $ — $ 100.0 Commercial paper 49.0 — Other 0.6 0.8 Total short-term borrowings $ 49.6 $ 100.8 |
Capitalization of Long-Term Debt | (in millions) December 31, 2015 Short-term borrowings $ 49.6 Long-term debt 749.3 Total indebtedness $ 798.9 Total indebtedness $ 798.9 Total shareholders’ equity 1,139.4 Capitalization $ 1,938.3 Total indebtedness to capitalization 41 % |
Fair Value Of Financial Instr31
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 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 $ — $ — $ — $ — $ — $ — $ — $ — Liabilities: Derivatives - foreign exchange contracts $ — $ 0.4 $ — $ 0.4 $ — $ 2.5 $ — $ 2.5 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Payments For Operating Leases | Leases The Company leases certain facilities, vehicles and equipment. Future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more consisted of the following at December 31, 2015 : (in millions) Operating Leases 2016 $ 17.1 2017 14.6 2018 11.8 2019 5.9 2020 3.2 Thereafter 7.0 Total minimum lease payments $ 59.6 |
Schedule Of Activity Related To Asbestos Claims | Activity related to asbestos claims during the periods indicated was as follows: For the year ended December 31, 2015 2014 2013 Beginning claims 47,507 51,490 56,442 New claims 2,572 2,743 2,950 Settlements (954 ) (992 ) (1,142 ) Dismissals (8,035 ) (5,734 ) (6,762 ) MARDOC claims* — — 2 Ending claims 41,090 47,507 51,490 |
Schedule Of Gross Settlement And Defense Costs | Detailed below are the comparable amounts for the periods indicated. (in millions) For the year ended December 31, 2015 2014 2013 Settlement / indemnity costs incurred (1) $ 27.7 $ 25.3 $ 31.6 Defense costs incurred (1) 41.7 55.9 59.1 Total costs incurred $ 69.4 $ 81.1 $ 90.8 Settlement / indemnity payments $ 24.5 $ 27.3 $ 37.8 Defense payments 43.5 57.7 59.5 Insurance receipts (18.1 ) (23.8 ) (34.5 ) Pre-tax cash payments $ 49.9 $ 61.3 $ 62.8 |
Acquisitions And Divestitures A
Acquisitions And Divestitures Acquisitions And Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions And Divestitures [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma results were calculated by combining the results of Crane Co. with the stand-alone results of MEI for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: For the year ended December 31, (in millions) 2013 Net Sales $ 2,936 Net income attributable to common shareholders $ 242 Basic earnings per share $ 4.18 Diluted earnings per share $ 4.11 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule Of Weighted-Average Assumptions For Grants Made | The weighted-average assumptions for grants made during the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Dividend yield 2.95 % 2.50 % 2.76 % Volatility 24.97 % 27.49 % 35.52 % Risk-free interest rate 1.32 % 1.39 % 0.76 % Expected lives in years 4.2 4.2 4.2 |
Schedule Of Company's Stock Option Plans | Activity in the Company’s stock option plans for the year ended December 31, 2015 was as follows: Option Activity Number of Weighted Weighted Options outstanding at January 1, 2015 2,426 $ 50.52 Granted 749 58.19 Exercised (356 ) 40.25 Canceled (149 ) 52.58 Options outstanding at December 31, 2015 2,670 $ 53.69 5.15 Options exercisable at December 31, 2015 1,123 $ 48.94 2.71 |
Schedule Of Changes Of Restricted Stock | Changes in the Company’s restricted stock and restricted share units for the year ended December 31, 2015 were as follows: Restricted Stock and Restricted Share Unit Activity Restricted Stock Weighted Restricted Stock and Restricted Share Units at January 1, 2015 650 $ 52.92 Restricted Share Units granted 194 57.15 Restricted Share Units vested (129 ) 51.30 Restricted Share Units forfeited (45 ) 58.14 Performance-based Restricted Share Units granted 90 61.10 Performance-based Restricted Share Units vested (97 ) 47.07 Performance-based Restricted Share Units forfeited (9 ) 54.98 Restricted Stock and Restricted Share Units at December 31, 2015 654 $ 56.16 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Sales By Product Line [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information by reportable segment is set forth below: (in millions) 2015 2014 2013 Fluid Handling Net sales $ 1,091.3 $ 1,263.7 $ 1,288.6 Operating profit 125.4 181.6 194.9 Assets 888.0 963.2 996.1 Goodwill 218.7 227.3 239.2 Capital expenditures 10.0 14.0 16.3 Depreciation and amortization 12.6 14.5 15.7 Payment & Merchandising Technologies Net sales $ 703.0 $ 712.0 $ 380.6 Operating profit 101.4 69.1 34.8 Assets 1,178.0 1,210.1 1,383.0 Goodwill 575.2 589.9 635.8 Capital expenditures 9.8 11.4 4.7 Depreciation and amortization 34.5 41.6 17.5 Aerospace & Electronics Net sales $ 691.3 $ 696.0 $ 693.8 Operating profit 145.1 138.2 160.0 Assets 559.4 512.1 511.7 Goodwill 202.6 202.7 202.8 Capital expenditures 16.2 14.9 6.5 Depreciation and amortization 11.3 11.8 13.3 Engineered Materials Net sales $ 254.8 $ 253.3 $ 232.3 Operating profit 48.4 36.8 34.3 Assets 227.6 229.1 233.2 Goodwill 171.4 171.5 171.6 Capital expenditures 3.3 2.8 1.8 Depreciation and amortization 6.2 6.0 6.0 Information by reportable segment (continued): (in millions) 2015 2014 2013 TOTAL NET SALES $ 2,740.5 $ 2,925.0 $ 2,595.3 Operating profit (loss) Reporting segments $ 420.3 $ 425.7 $ 424.0 Corporate — before asbestos and environmental charges a (47.5 ) (53.6 ) (76.1 ) Corporate expense — environmental charges b — (55.8 ) — TOTAL OPERATING PROFIT $ 372.9 $ 316.3 $ 347.9 Interest income 1.9 1.7 1.9 Interest expense (37.6 ) (39.2 ) (26.5 ) Miscellaneous — net c (0.7 ) 2.4 2.7 INCOME BEFORE INCOME TAXES $ 336.5 $ 281.2 $ 326.0 Assets Reporting segments $ 2,853.0 $ 2,914.5 $ 3,124.0 Corporate 488.6 536.3 435.6 TOTAL ASSETS $ 3,341.6 $ 3,450.8 $ 3,559.6 Goodwill Reporting segments $ 1,167.9 $ 1,191.3 $ 1,249.3 Capital expenditures Reporting segments $ 39.3 $ 43.1 $ 29.3 Corporate 0.3 0.6 0.2 TOTAL CAPITAL EXPENDITURES $ 39.6 $ 43.7 $ 29.5 Depreciation and amortization Reporting segments $ 64.6 $ 73.8 $ 52.5 Corporate 2.4 2.0 2.3 TOTAL DEPRECIATION AND AMORTIZATION $ 67.0 $ 75.8 $ 54.8 a Includes $6.5 million for a settlement lawsuit recorded in 2014. b Includes a $49.0 million charge related to an increase in the Company's liability expected at the Goodyear Site and a $6.8 million charge for expected remediation costs associated with a previously disclosed environmental site in Roseland, New Jersey in 2014. c Includes $1.6 million loss on sale of a small business divested in 2014 and a $1.0 million gain on a real estate divestiture in 2014. |
Revenue from External Customers by Geographic Areas [Table Text Block] | Information by geographic region: (in millions) December 31, 2015 2014 2013 Net sales* United States $ 1,698.6 $ 1,719.4 $ 1,523.0 Canada 212.7 256.4 292.7 United Kingdom 350.9 372.1 290.6 Continental Europe 282.2 365.1 343.8 Other international 196.1 212.0 145.2 TOTAL NET SALES $ 2,740.5 $ 2,925.0 $ 2,595.3 Assets* United States $ 1,648.3 $ 1,612.9 $ 1,692.8 Canada 160.8 197.6 206.1 Europe 599.2 662.2 756.0 Other international 444.7 441.8 469.1 Corporate 488.6 536.3 435.6 TOTAL ASSETS $ 3,341.6 $ 3,450.8 $ 3,559.6 Tangible Assets* United States $ 642.0 $ 596.8 $ 657.3 Canada 111.5 138.8 140.9 Europe 335.7 363.9 418.5 Other international 278.8 270.2 249.1 Corporate 488.6 536.3 435.6 TOTAL TANGIBLE ASSETS $ 1,856.6 $ 1,906.0 $ 1,901.4 * Net sales and assets by geographic region are based on the location of the business unit. |
Revenue from External Customers by Products and Services [Table Text Block] | The table below presents net sales by product line for each segment: (in millions) December 31, 2015 2014 2013 Fluid Handling Process Valves and Related Products $ 681.2 $ 805.1 $ 821.0 Commercial Valves 316.5 362.5 365.2 Other Products 93.7 96.3 102.5 Total Fluid Handling $ 1,091.3 $ 1,263.7 $ 1,288.6 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 496.1 $ 512.5 $ 200.9 Merchandising Equipment 207.0 199.4 179.6 Total Payment & Merchandising Technologies $ 703.0 $ 712.0 $ 380.6 Aerospace & Electronics Commercial Original Equipment $ 349.3 $ 350.7 $ 340.5 Military and Other Original Equipment 152.6 159.1 166.5 Commercial Aftermarket Products 132.1 133.9 133.1 Military Aftermarket Products 57.1 52.3 53.7 Total Aerospace & Electronics $ 691.3 $ 696.0 $ 693.8 Engineered Materials FRP - Recreational Vehicles $ 133.9 $ 133.6 $ 113.6 FRP - Building Products 83.1 81.7 84.0 FRP - Transportation 37.8 38.1 34.7 Total Engineered Materials $ 254.8 $ 253.3 $ 232.3 Total Net Sales $ 2,740.5 $ 2,925.0 $ 2,595.3 |
Quarterly Results For The Year
Quarterly Results For The Year (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Information | (in millions, except per share data) For year ended December 31, First Second Third Fourth Year 2015 Net sales $ 678.8 $ 711.2 $ 669.9 $ 680.6 $ 2,740.5 Cost of sales 442.0 470.7 431.7 441.7 $ 1,786.1 Gross profit 236.8 240.5 238.2 238.9 954.4 Operating profit 86.0 90.2 93.2 103.5 372.9 Net income attributable to common shareholders 51.1 55.8 56.9 65.1 228.9 Earnings per basic share: — Net income attributable to common shareholders $ 0.88 $ 0.96 $ 0.98 $ 1.12 $ 3.94 Earnings per diluted share: — Net income attributable to common shareholders $ 0.87 $ 0.95 $ 0.97 $ 1.10 $ 3.89 2014 Net sales $ 716.8 $ 750.1 $ 727.4 $ 730.7 $ 2,925.0 Cost of sales 462.7 488.0 476.3 481.7 $ 1,908.7 Gross profit 254.1 262.1 251.1 249.0 1,016.3 Operating profit 81.4 97.6 (a) 47.7 (c) 89.6 316.3 Net income attributable to common shareholders 48.7 59.7 (b) 28.1 (d) 56.2 (e) 192.7 Earnings per basic share: Net income attributable to common shareholders $ 0.83 $ 1.01 $ 0.48 $ 0.96 $ 3.28 Earnings per diluted share: Net income attributable to common shareholders $ 0.82 $ 1.00 $ 0.47 $ 0.95 $ 3.23 (a) Includes a $6.5 million charge related to the settlement of the environmental lawsuits by certain homeowners in Roseland, New Jersey. (b) Includes the impact of item (a) cited above, net of tax and $1.1 million loss on divestiture of a small business. (c) Includes a $49.0 million charge related to an increase in the Company's liability at the Goodyear Site, and $6.8 million charge for expected remediation costs associated with an environmental site in Roseland, New Jersey. (d) Includes the impact of item (c) cited above, net of tax and $0.7 million gain on divestiture of real estate. (e) Includes a $3.5 million gain on divestiture of real estate. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the restructuring charges by cost type and segment: (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 Fluid Handling Severance $ (0.6 ) $ 11.6 Other — 0.2 Asset write-down — 0.2 Gain on sale of asset (0.4 ) (0.4 ) Total Fluid Handling Restructuring (1.0 ) 11.6 Aerospace & Electronics Severance $ (2.0 ) $ 2.2 Asset write-down 0.2 0.2 Other 0.5 2.6 Total Aerospace & Electronics Restructuring (1.3 ) 5.0 Corporate Asset write-down $ 2.1 $ 2.1 Total Corporate Restructuring 2.1 2.1 Total Restructuring $ (0.2 ) $ 18.7 The following table summarizes the restructuring costs associated with repositioning and acquisition-related actions noted below: (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 2014 Repositioning Actions $ (0.2 ) $ 18.7 2015 Repositioning Actions 8.6 8.6 Acquisition-Related Restructuring (0.6 ) 9.7 Total Restructuring $ 7.8 $ 37.0 |
Summary of Restructuring Charges | 2015 Repositioning Actions The Company initiated incremental restructuring activities and recorded pre-tax restructuring charges of $8.6 million in 2015. 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 segment: (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 Fluid Handling Severance $ 7.9 $ 7.9 Aerospace & Electronics Severance 0.7 0.7 Total Restructuring $ 8.6 $ 8.6 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 December 31, 2015 Fluid Handling Severance $ — $ 7.9 $ (3.8 ) $ 4.1 Aerospace & Electronics Severance $ — $ 0.7 $ (0.6 ) $ 0.1 Total Restructuring $ — $ 8.6 $ (4.4 ) $ 4.2 The Company does not expect any further significant costs associated with these actions. Acquisition-Related Restructuring The Company recorded total pre-tax restructuring charges of $9.7 million ( a gain of $0.6 million in 2015 and a charge of $10.3 million in 2014) related to the December 2013 acquisition of MEI within the Company's Payment & Merchandising Technologies segment. The Company expects these actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce. The following table summarizes the restructuring charges by cost type and segment: Acquisition-Related Restructuring (in millions) Costs Incurred in 2015 Total Costs Incurred Through December 31, 2015 Payment & Merchandising Technologies Severance $ 3.6 $ 13.8 Other 0.2 0.2 Asset write-down — 0.1 Pension curtailment gain (4.4 ) (4.4 ) Total Restructuring $ (0.6 ) $ 9.7 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 December 31, 2015 Payment & Merchandising Technologies Severance $ 7.0 $ 3.6 $ (4.3 ) $ 6.3 Other — 0.2 (0.2 ) — Total Restructuring $ 7.0 $ 3.8 $ (4.5 ) $ 6.3 The Company does not expect any further significant costs associated with these actions. |
Nature Of Operations And Sign38
Nature Of Operations And Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 0 | $ (13.9) | |
Number of reporting segments | Segment | 4 | ||
Increase (decrease) in cost of sales by changes in level of LIFO inventories | $ 1.5 | $ 0.7 | $ 1.1 |
Percentage of inventories cost, LIFO method | 29.00% | 28.00% | |
Higher value of LIFO inventories if valued under FIFO | $ 14.3 | $ 15 | |
Depreciation expense | $ 39.1 | 41.7 | $ 38.7 |
Number of reporting units | Segment | 7 | ||
Estimated cost of capital, minimum | 10.00% | ||
Estimated cost of capital, maximum | 12.50% | ||
Estimated cost of capital, weighted | 10.80% | ||
Hypothetical decrease to fair values of each reporting unit | 10.00% | ||
Estimated amortization expense for intangible assets, year 2013 | $ 30.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 29.5 | ||
Estimated amortization expense for intangible assets, year 2015 | 26.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 24.1 | ||
Estimated amortization expense for intangible assets, year 2017 and thereafter | 179.1 | ||
Intangible assets, net | 317.1 | 353.5 | |
Intangibles with indefinite useful lives | $ 27.2 | ||
Minimum [Member] | Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life- minimum, years | 10 years | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life- minimum, years | 3 years | ||
Maximum [Member] | Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life- minimum, years | 25 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life- minimum, years | 10 years | ||
MEI Conlux Holdings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 7.8 |
Nature Of Operations And Sign39
Nature Of Operations And Significant Accounting Policies (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||||
Less: Noncontrolling interest in subsidiaries’ earnings | $ 1.1 | $ 0.9 | $ 1.4 | ||||||||
Net income attributable to common shareholders | $ 65.1 | $ 56.9 | $ 55.8 | $ 51.1 | $ 228.9 | $ 192.7 | $ 219.5 | ||||
Weighted average basic shares outstanding | 58.1 | 58.7 | 57.9 | ||||||||
Effect of dilutive stock options | 0.7 | 0.9 | 0.9 | ||||||||
Average diluted shares outstanding | 58.8 | 59.6 | 58.8 | ||||||||
Earnings per share - diluted: | |||||||||||
Earnings Per Share, Basic | $ 1.12 | $ 0.98 | $ 0.96 | $ 0.88 | $ 0.96 | $ 0.48 | $ 1.01 | $ 0.83 | $ 3.94 | $ 3.28 | $ 3.79 |
Earnings Per Share, Diluted | $ 1.10 | $ 0.97 | $ 0.95 | $ 0.87 | $ 0.95 | $ 0.47 | $ 1 | $ 0.82 | $ 3.89 | $ 3.23 | $ 3.73 |
Nature Of Operations And Sign40
Nature Of Operations And Significant Accounting Policies (Summary Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 4.9 | $ 4.8 | $ 6.7 |
Provision for Loan, Lease, and Other Losses | 3 | 3.7 | 1.5 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (3.2) | (3.6) | (3.4) |
Balance at end of year | $ 4.7 | $ 4.9 | $ 4.8 |
Nature Of Operations And Sign41
Nature Of Operations And Significant Accounting Policies (Summary Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
excessandobsoleteinventoryreserve | $ 48.5 | $ 47.9 |
Finished goods | 102.3 | 111.8 |
Finished parts and subassemblies | 46.9 | 42.5 |
Work in process | 60.7 | 53.2 |
Raw materials | 167 | 162.2 |
Total inventories | $ 376.9 | $ 369.7 |
Nature Of Operations And Sign42
Nature Of Operations And Significant Accounting Policies (Summary Of Property, Plant And Equipment, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Land | $ 68.8 | $ 73.2 |
Buildings and improvements | 174.7 | 179.8 |
Machinery and equipment | 566 | 571.9 |
Gross property, plant and equipment | 809.5 | 824.9 |
Less: accumulated depreciation | 533.5 | 534.6 |
Property, plant and equipment, net | $ 276 | $ 290.3 |
Nature Of Operations And Sign43
Nature Of Operations And Significant Accounting Policies (Schedule Of Changes To Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 1,191.3 | $ 1,249.3 |
Disposals | 0 | 0.8 |
Goodwill, Purchase Accounting Adjustments | 0 | (13.9) |
Currency translation | (23.4) | (43.3) |
Balance at end of period | $ 1,167.9 | 1,191.3 |
MEI Conlux Holdings [Member] | ||
Goodwill [Line Items] | ||
Proceeds Received Related To Adjustment Of Working Capital | 6.1 | |
Goodwill, Purchase Accounting Adjustments | $ 7.8 |
Nature Of Operations And Sign44
Nature Of Operations And Significant Accounting Policies (Schedule Of Changes To Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Balance at beginning of period, net of accumulated amortization | $ 353.5 | $ 408.9 |
Amortization expense | 31.5 | 37.9 |
Finite-Lived Intangible Assets, Translation Adjustments | (4.9) | (17.5) |
Balance at end of period, net of accumulated amortization | $ 317.1 | $ 353.5 |
Nature Of Operations And Sign45
Nature Of Operations And Significant Accounting Policies (Summary Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 179.1 | ||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 15 years 9 months 18 days | ||
Gross Asset | $ 556.9 | $ 568.2 | |
Accumulated Amortization | 239.8 | 214.7 | |
Finite-Lived Intangible Assets, Net | $ 317.1 | 353.5 | $ 408.9 |
Intellectual property rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 16 years 6 months | ||
Gross Asset | $ 88.3 | 91.3 | |
Accumulated Amortization | 51.4 | 50.4 | |
Finite-Lived Intangible Assets, Net | $ 36.9 | 40.9 | |
Customer relationships and backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 15 years 6 months | ||
Gross Asset | $ 395.7 | 402.6 | |
Accumulated Amortization | 132.9 | 112.5 | |
Finite-Lived Intangible Assets, Net | $ 262.8 | 290.1 | |
Drawings [Member] | |||
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 | |
Finite-Lived Intangible Assets, Net | $ 1 | 1.1 | |
Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 12 years 10 months 24 days | ||
Gross Asset | $ 61.8 | 63.2 | |
Accumulated Amortization | 45.4 | 41.8 | |
Finite-Lived Intangible Assets, Net | $ 16.4 | $ 21.4 |
Nature Of Operations And Sign46
Nature Of Operations And Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||
Balance as of December 31, 2012 | $ (298.8) | $ (48.7) | $ (298.8) | $ (48.7) | |||||||
Other comprehensive loss before reclassifications | (85.9) | (254.2) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 7.9 | 4.1 | |||||||||
Net current-period other comprehensive loss | (78) | (250.1) | |||||||||
Balance as of December 31, 2013 | $ (376.7) | $ (298.8) | (376.7) | (298.8) | $ (48.7) | ||||||
Tax benefit | (109.8) | (114.4) | (53.4) | ||||||||
Cost of sales | 441.7 | $ 431.7 | $ 470.7 | 442 | 481.7 | $ 476.3 | $ 488 | 462.7 | 1,786.1 | 1,908.7 | 1,711.8 |
Acquisition integration related charges | 566.5 | 605.2 | 535.6 | ||||||||
Income before income taxes | 336.5 | 281.2 | 326 | ||||||||
Provision (benefit) for income taxes | (106.5) | (87.6) | (105.1) | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||
Balance as of December 31, 2012 | (257.8) | (121.3) | (257.8) | (121.3) | |||||||
Other comprehensive loss before reclassifications | (16.3) | (140.6) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 7.9 | 4.1 | |||||||||
Net current-period other comprehensive loss | (8.4) | (136.5) | |||||||||
Balance as of December 31, 2013 | (266.2) | (257.8) | (266.2) | (257.8) | (121.3) | ||||||
Accumulated Translation Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||
Balance as of December 31, 2012 | $ (41) | $ 72.6 | (41) | 72.6 | |||||||
Other comprehensive loss before reclassifications | (69.6) | (113.6) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||||||||
Net current-period other comprehensive loss | (69.6) | (113.6) | |||||||||
Balance as of December 31, 2013 | $ (110.6) | $ (41) | (110.6) | (41) | 72.6 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||
Income before income taxes | 11.3 | 4.8 | |||||||||
Provision (benefit) for income taxes | (3.4) | (0.7) | |||||||||
Income from continuing operations | 7.9 | 4.1 | |||||||||
Pension Benefits [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.4) | 0.1 | 0 | ||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | (12.3) | (5.1) | $ (13.9) | ||||||||
Pension Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service costs [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.4) | 0.1 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||
Cost of sales | 0 | 0 | |||||||||
Acquisition integration related charges | 0 | 0 | |||||||||
Pension Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Net loss (gain) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | 12.3 | 5.1 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||
Cost of sales | 0 | 0 | |||||||||
Acquisition integration related charges | 0 | 0 | |||||||||
Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service costs [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit | (0.2) | (0.2) | |||||||||
Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Net loss (gain) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
us-gaap_PostretirementPlanAmortizationOfGainsLosses | $ (0.4) | $ (0.2) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ 261.9 | $ 141.8 | $ 177.2 |
Non-U.S. operations | 74.6 | 139.4 | 148.8 |
Income before income taxes | $ 336.5 | $ 281.2 | $ 326 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current, U.S. federal tax | $ 43 | $ 14 | $ 11.4 |
Current, state and local tax | 5.4 | 2.6 | 3.4 |
Current, Non-U.S. tax | 18.4 | 33.1 | 41.3 |
Total current | 66.8 | 49.7 | 56.1 |
Deferred, U.S. federal tax | 36.5 | 30.1 | 43.8 |
Deferred, U.S. state and local tax | (0.4) | 1.3 | 0.6 |
Deferred, Non-U.S. tax | 3.6 | 6.5 | 4.6 |
Total deferred | 39.7 | 37.9 | 49 |
Total provision for income taxes | $ 106.5 | $ 87.6 | $ 105.1 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Non-U.S. taxes | (2.00%) | (4.00%) | (2.00%) |
Repatriation of non-U.S. earnings, net of credits | 0.00% | 0.10% | 0.10% |
State and local taxes, net of federal benefit | 1.30% | 1.30% | 1.20% |
U.S. research and development tax credit | (0.90%) | (1.00%) | (1.90%) |
U.S. domestic manufacturing deduction | (1.30%) | (0.70%) | (1.00%) |
Income tax reconciliation non-deductible acq costs | 0.00% | 0.00% | (2.30%) |
Other | (0.40%) | 0.50% | (1.50%) |
Effective tax rate | 31.70% | 31.20% | 32.20% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Asbestos-related liabilities | $ 162,700 | $ 182,600 |
Tax loss and credit carryforwards | 105,600 | 113,800 |
Pension and post-retirement benefits | 69,100 | 78,700 |
Inventories | 23,500 | 19,300 |
Accrued bonus and stock-based compensation | 17,100 | 14,900 |
Environmental reserves | 16,000 | 24,500 |
Other | 55,300 | 50,400 |
Total | 449,300 | 484,200 |
Less: valuation allowance on non-U.S. and state deferred tax assets, tax loss and credit carryforwards | 145,900 | 141,000 |
Total deferred tax assets, net | 303,400 | 343,200 |
Basis difference in intangible assets | (142,200) | (134,800) |
Basis difference in fixed assets | (21,500) | (25,800) |
Total deferred tax liabilities | (163,700) | (160,600) |
Net deferred tax asset | 139,700 | 182,600 |
Current deferred tax assets | 27,500 | 33,000 |
Long-term deferred tax assets | 162,400 | 196,200 |
Accrued liabilities | (200) | (400) |
Long-term deferred tax liability | $ (50,000) | $ (46,300) |
Income Taxes (Summary Of Tax Lo
Income Taxes (Summary Of Tax Loss And Tax Credit Carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Tax Credit Carryforward [Line Items] | ||
Deferred tax asset on tax carryforwards | $ 105,600 | $ 113,800 |
Valuation Allowance, Amount | (145,900) | $ (141,000) |
Tax Loss and Credit Carryforwards [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax asset on tax carryforwards | 105,600 | |
Valuation Allowance, Amount | (98,700) | |
Net deferred tax asset on tax carryforwards | 6,900 | |
U.S. Federal Tax Credits [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2016-2020 | 17,900 | |
After 2,020 | 3,500 | |
Indefinite | 0 | |
Total tax carryforwards | 21,400 | |
Deferred tax asset on tax carryforwards | 21,400 | |
Valuation Allowance, Amount | (21,400) | |
Net deferred tax asset on tax carryforwards | 0 | |
U.S Federal Tax Losses [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2016-2020 | 200 | |
After 2,020 | 1,800 | |
Total tax carryforwards | 2,000 | |
Deferred tax asset on tax carryforwards | 700 | |
Valuation Allowance, Amount | (400) | |
Net deferred tax asset on tax carryforwards | 300 | |
U.S. State Tax Credits [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2016-2020 | 4,000 | |
After 2,020 | 2,400 | |
Indefinite | 19,600 | |
Total tax carryforwards | 26,000 | |
Deferred tax asset on tax carryforwards | 16,900 | |
Valuation Allowance, Amount | (16,300) | |
Net deferred tax asset on tax carryforwards | 600 | |
U.S. State Tax Losses [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2016-2020 | 27,300 | |
After 2,020 | 795,900 | |
Total tax carryforwards | 823,200 | |
Deferred tax asset on tax carryforwards | 37,700 | |
Valuation Allowance, Amount | (36,900) | |
Net deferred tax asset on tax carryforwards | 800 | |
Non-U.S. Tax Losses [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2016-2020 | 16,300 | |
After 2,020 | 3,000 | |
Indefinite | 98,600 | |
Total tax carryforwards | 117,900 | |
Deferred tax asset on tax carryforwards | 28,900 | |
Valuation Allowance, Amount | (23,700) | |
Net deferred tax asset on tax carryforwards | $ 5,200 |
Income Taxes (Schedule Of Gross
Income Taxes (Schedule Of Gross Unrecognized Tax Benefits Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | |
Income Tax Disclosure [Abstract] | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 660 | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance of liability as of January 1 | 45.2 | $ 40.7 | $ 31.4 | $ 19.2 |
Increase as a result of tax positions taken during a prior year | 1.5 | 2 | 6.7 | |
Decrease as a result of tax positions taken during a prior year | (2.1) | (1.2) | (0.3) | |
Increase as a result of tax positions taken during the current year | 9.2 | 11.2 | 5.9 | |
Decrease as a result of settlements with taxing authorities | 0 | (1.1) | 0 | |
Reduction as a result of a lapse of the statute of limitations | (4.1) | (1.6) | (0.1) | |
Balance of liability as of December 31 | $ 45.2 | $ 40.7 | $ 31.4 | $ 19.2 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Undistributed Earnings of Foreign Subsidiaries | $ 660,000 | ||
Cash held by non-US subsidiaries | 358,000 | $ 330,000 | |
Income tax benefits attributable to equity-based compensation | (1,600) | (7,700) | $ (6,400) |
Tax expense/(benefit) related to changes in pension and post-retirement plan assets and benefit obligations | 4,600 | (61,100) | 36,200 |
Unrealized tax asset on related tax loss | 98,700 | 95,500 | |
Valuation allowance against U.S. and non-U.S. deferred tax assets | 47,200 | 45,500 | |
Total valuation allowance | 145,900 | 141,000 | |
Increase in total amount of unrecognized tax benefits that would impact effective tax rate | 46,600 | 42,200 | 27,700 |
Interest expense and penalties, related to unrecognized tax benefits | 1,100 | 700 | $ 900 |
Unrecognized tax benefits, income tax penalties and interest accrued | 5,800 | $ 4,700 | |
Change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $ 2,200 |
Accrued Liabilities (Schedule O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Accrued Liabilities Schedule Of Accrued Liabilities [Abstract] | |||
Employee related expenses | $ 83.1 | $ 81.4 | |
Warranty | 15.1 | 15.5 | $ 18.9 |
Customer Advances, Current | 29.1 | 20 | |
Other | 91.3 | 108.9 | |
Total | $ 218.6 | $ 225.8 |
Accrued Liabilities (Summary Of
Accrued Liabilities (Summary Of Warranty Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Accrued Liabilities Summary Of Warranty Liabilities [Abstract] | ||
Balance at beginning of period | $ 15.5 | $ 18.9 |
Expense | 12.1 | 13.3 |
Changes due to acquisitions/divestitures | 0 | (0.1) |
Payments / deductions | (12.7) | (16.4) |
Currency translation | 0.2 | (0.2) |
Balance at end of period | $ 15.1 | $ 15.5 |
Other Liabilities (Schedule Of
Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities [Abstract] | ||
Environmental | $ 48.9 | $ 64.4 |
Other | 63.9 | 67.5 |
Total other liabilities | $ 112.8 | $ 131.9 |
Research And Development (Detai
Research And Development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Research and Development [Abstract] | |||
Research and development costs | $ 62.8 | $ 68 | $ 52.7 |
Pension And Postretirement Be58
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Qualifying employees receive additional contribution, percentage | 3.00% | ||
Percentage of non-matching contribution to participants | 3.00% | ||
postretirementgainpretax | $ 0.3 | $ 0 | |
gaap_PostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent | 8.7 | 8.6 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net gain/loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost | 11.7 | ||
Estimated net gain/loss that will be amortized from accumulated other compreshensive income into net peridoic benefit cost, prior service cost | (0.6) | ||
Defined benefit plans contribution by the company | $ 17 | $ 24.5 | |
Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 49.00% | 51.00% | |
Target plan asset allocation range minimum | 35.00% | ||
Target plan asset allocation range maximum | 75.00% | ||
Fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 26.00% | 27.00% | |
Target plan asset allocation range minimum | 20.00% | ||
Target plan asset allocation range maximum | 50.00% | ||
Alternative assets/Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 24.00% | 20.00% | |
Target plan asset allocation range minimum | 0.00% | ||
Target plan asset allocation range maximum | 20.00% | ||
Money market [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 1.00% | 2.00% | |
Target plan asset allocation range minimum | 0.00% | ||
Target plan asset allocation range maximum | 10.00% | ||
Common Stock [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 4.00% | ||
Money Purchase Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plans contribution by the company | $ 1.1 | $ 2.2 | |
Savings And Investment Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plans contribution by the company | $ 7.9 | 6.9 | 6.7 |
2% Non-Matching Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plans contribution by the company | $ 8.7 | $ 3.5 | $ 3.3 |
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan employees, percentage | 11.00% | ||
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan employees, percentage | 19.00% | ||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 7.75% | ||
U.S. [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 7.75% | 7.75% | 7.75% |
U.S. [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 62.00% | ||
U.S. [Member] | Equity securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 25.00% | ||
U.S. [Member] | Equity securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 75.00% | ||
U.S. [Member] | Fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 15.00% | ||
U.S. [Member] | Fixed income securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 15.00% | ||
U.S. [Member] | Fixed income securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
U.S. [Member] | Alternative assets/Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 22.00% | ||
U.S. [Member] | Alternative assets/Other [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 10.00% | ||
U.S. [Member] | Alternative assets/Other [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
U.S. [Member] | Cash [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 0.00% | ||
U.S. [Member] | Cash [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 10.00% | ||
U.S. [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 1.00% | ||
Non-U.S. [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 6.94% | 7.01% | 7.01% |
Non-U.S. [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 38.00% | ||
Non-U.S. [Member] | Fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 36.00% | ||
Non-U.S. [Member] | Alternative assets/Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 25.00% | ||
Non-U.S. [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 1.00% | ||
Scenario, Forecast [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contribution based on current actuarial calculations in 2012 | $ 8 |
Pension And Postretirement Be59
Pension And Postretirement Benefits (Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Change in plan assets, Fair value of plan assets at beginning of year | $ 874.6 | ||
Change in plan assets, Fair value of plan assets at end of year | 816.5 | $ 874.6 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Change in benefit obligation Beginning of year | 1,093.2 | 934.3 | |
Change in benefit obligation, Service cost | 5.2 | 4.9 | $ 6.4 |
Change in benefit obligation, Interest cost | 37.9 | 40.9 | 36.8 |
Change in benefit obligation, Plan participants' contributions | 0.5 | 0.7 | |
Change in benefit obligation, Amendments | (18.2) | 0 | |
Change in benefit obligation, Actuarial loss | (60.3) | 192.7 | |
Change in benefit obligation, Settlement | (2.8) | 0 | |
Change in benefits paid | (41.4) | (41.7) | |
Change in benefit obligation, Foreign currency exchange impact | (25.5) | (38) | |
Change in benefit obligation, Acquisition/divestitures/curtailment | (0.3) | 0 | |
Change in benefit obligation, Adjustment for expenses/tax contained in service cost | (0.3) | (0.6) | |
Change in benefit obligation at end of year | 988 | 1,093.2 | 934.3 |
Change in plan assets, Fair value of plan assets at beginning of year | 874.6 | 870.7 | |
Change in plan assets, Actual return on plan assets | (2) | 54.7 | |
Change in plan assets, Foreign currency exchange impact | (28.5) | (33.2) | |
Change in plan assets, Employer contributions | 17 | 24.5 | |
Change in plan assets, Acquisition/transferred asset | (0.9) | (1.1) | |
Change in plan assets, Plan participants' contributions | 0.5 | 0.7 | |
Change in plan assets, Settlement | (2.8) | 0 | |
Change in plan assets, Fair value of plan assets at end of year | 816.5 | 874.6 | $ 870.7 |
Change in plan assets, Funded status | $ (171.5) | $ (218.6) |
Pension And Postretirement Be60
Pension And Postretirement Benefits (Schedule Of Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and postretirement benefits | $ (235.4) | $ (278.3) |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 56.3 | 53 |
Current liabilities | (1.1) | (1) |
Accrued pension and postretirement benefits | (226.7) | (270.6) |
Amounts recognized in the Consolidated Balance Sheets | $ (171.5) | $ (218.6) |
Pension And Postretirement Be61
Pension And Postretirement Benefits (Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 347.4 | $ 363.5 |
Prior service cost (credit) | (11.6) | 0.9 |
Amounts recognized in accumulated other comprehensive (income) loss total | $ 335.8 | $ 364.4 |
Pension And Postretirement Be62
Pension And Postretirement Benefits (Schedule Of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 816.5 | $ 874.6 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 988 | 1,093.2 | $ 934.3 |
Fair value of plan assets | 816.5 | 874.6 | $ 870.7 |
Pension Obligations/Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 988 | 1,093.2 | |
Accumulated benefit obligation | 980.9 | 1,078.5 | |
Fair value of plan assets | $ 816.5 | $ 874.6 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on plan assets | 7.75% | ||
U.S. [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.41% | 4.10% | 4.90% |
Rate of compensation increase | 3.50% | ||
Discount rate | 4.10% | 4.90% | 4.20% |
Expected rate of return on plan assets | 7.75% | 7.75% | 7.75% |
Rate of compensation increase | 3.50% | ||
U.S. [Member] | Pension Obligations/Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 548.5 | $ 581.8 | |
Accumulated benefit obligation | 548.4 | 581.8 | |
Fair value of plan assets | $ 380.2 | $ 414.2 | |
Non-U.S. [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.30% | 3.01% | 4.05% |
Rate of compensation increase | 2.81% | 2.40% | 2.56% |
Discount rate | 3.01% | 4.05% | 3.93% |
Expected rate of return on plan assets | 6.94% | 7.01% | 7.01% |
Rate of compensation increase | 2.40% | 2.56% | 3.14% |
Non-U.S. [Member] | Pension Obligations/Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 439.5 | $ 511.4 | |
Accumulated benefit obligation | 432.5 | 496.7 | |
Fair value of plan assets | $ 436.3 | $ 460.4 |
Pension And Postretirement Be63
Pension And Postretirement Benefits (Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 791.5 | $ 910.3 |
Accumulated benefit obligation | 785 | 896.4 |
Fair value of plan assets | $ 563.9 | $ 638.8 |
Pension And Postretirement Be64
Pension And Postretirement Benefits (Components Of Net Periodic Benefits Cost) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 5.2 | $ 4.9 | $ 6.4 |
Interest cost | 37.9 | 40.9 | 36.8 |
Expected return on plan assets | (62) | (62.5) | (52.2) |
Amortization of prior service cost | (0.4) | 0.1 | 0 |
Amortization of net (gain) loss | 12.3 | 5.1 | 13.9 |
Recognized Curtailments Gain/(Loss) | (5.2) | 0 | (0.3) |
Settlement costs | 0.8 | 0 | 0 |
Special termination benefits | 0 | 0 | |
Net periodic benefit cost | $ (11.4) | $ (11.5) | $ 4.6 |
Pension And Postretirement Be65
Pension And Postretirement Benefits (Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) - Pension Benefits [Member] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.41% | 4.10% | 4.90% |
Rate of compensation increase | 3.50% | ||
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.30% | 3.01% | 4.05% |
Rate of compensation increase | 2.81% | 2.40% | 2.56% |
Pension And Postretirement Be66
Pension And Postretirement Benefits (Schedule Of Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on plan assets | 7.75% | ||
U.S. [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 4.90% | 4.20% |
Expected rate of return on plan assets | 7.75% | 7.75% | 7.75% |
Rate of compensation increase | 3.50% | ||
Non-U.S. [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.01% | 4.05% | 3.93% |
Expected rate of return on plan assets | 6.94% | 7.01% | 7.01% |
Rate of compensation increase | 2.40% | 2.56% | 3.14% |
Pension And Postretirement Be67
Pension And Postretirement Benefits (Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations By Asset Category) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 75.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 35.00% | |
Actual asset allocation, percentage | 49.00% | 51.00% |
DefinedBenefitPlantargetallocationrange | 35%-75% | |
Fixed income securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 20.00% | |
Actual asset allocation, percentage | 26.00% | 27.00% |
DefinedBenefitPlantargetallocationrange | 20%-50% | |
Alternative assets/Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 20.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | |
Actual asset allocation, percentage | 24.00% | 20.00% |
DefinedBenefitPlantargetallocationrange | 0%-20% | |
Money market [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | |
Actual asset allocation, percentage | 1.00% | 2.00% |
DefinedBenefitPlantargetallocationrange | 0%-10% |
Pension And Postretirement Be68
Pension And Postretirement Benefits (Schedule Of Fair Value Of Company Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | $ 816.5 | $ 874.6 |
Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 139.4 | 163.9 |
Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 658.1 | 710.7 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 19 | |
Cash and Money Markets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 4.9 | 18.8 |
Cash and Money Markets [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 4.9 | 18.8 |
Common Stocks Actively Managed U.S. Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 134.5 | 145.1 |
Common Stocks Actively Managed U.S. Equities [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 134.5 | 145.1 |
Fixed Income Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 46.1 | 46.1 |
Fixed Income Investments [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 46.1 | 46.1 |
U.S. Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 49.9 | 100.8 |
U.S. Equity Funds [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 49.9 | 100.8 |
Non-U.S. Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 218.6 | 202.6 |
Non-U.S. Equity Funds [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 218.6 | 202.6 |
U.S. Fixed Income, Government and Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 11.5 | 11.5 |
U.S. Fixed Income, Government and Corporate [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 11.5 | 11.5 |
U S Tactical Allocation Balanced Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 16 | |
U S Tactical Allocation Balanced Fund [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 16 | |
Non-U.S. Fixed Income, Government And Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 157.2 | 177.5 |
Non-U.S. Fixed Income, Government And Corporate [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 157.2 | 177.5 |
International Balanced Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 10.1 | 10.1 |
International Balanced Funds [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 10.1 | 10.1 |
CollectiveTrust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 36.1 | |
CollectiveTrust [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 17.1 | |
CollectiveTrust [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 19 | |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 102.3 | 90.3 |
Hedge Funds [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 102.3 | 90.3 |
International Property Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 44.3 | 53.4 |
International Property Funds [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 44.3 | 53.4 |
Commodities Fund [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 1.4 | |
Commodities Fund [Member] [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 1.4 | |
Annuity Contract [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 1 | 1 |
Annuity Contract [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | $ 1 | $ 1 |
Pension And Postretirement Be69
Pension And Postretirement Benefits (Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Archstone Offshore Fund, Ltd [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[2] | $ 34.9 | $ 36.3 | ||
Redemption Frequency | [2] | 12 Months | 12 Months | ||
Unfunded Commitment | [2] | None | None | ||
Other Redemption Restrictions | [2] | None | None | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | 90 days written | |||
Evanston Capital Management [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[2] | $ 31.8 | $ 30.9 | ||
Redemption Frequency | [2] | 12 Months | 12 Months | ||
Unfunded Commitment | [2] | None | None | ||
Other Redemption Restrictions | [2] | None | None | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | 65 days written | 60 days written | ||
Strategic Value Fund [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[3] | $ 0.8 | $ 7.7 | ||
Redemption Frequency | [3] | 12 Months | 12 Months | ||
Unfunded Commitment | [3] | None | None | ||
Other Redemption Restrictions | [3] | None | None | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | 90 days written | 90 days written | ||
Paloma International [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[4] | $ 8 | |||
Redemption Frequency | [4] | Quarterly | |||
Other Redemption Restrictions | [4] | None | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | 65 days written | |||
U.S. Equity Funds [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | $ 49.9 | $ 100.8 | [1],[4] | ||
Redemption Frequency | immediate | immediate | [4] | ||
Unfunded Commitment | [4] | None | None | ||
Other Redemption Restrictions | None | None | [4] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None | [3] | ||
Graham Absolute Return [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[5] | $ 8 | |||
Redemption Frequency | [5] | Quarterly | |||
Unfunded Commitment | [5] | None | |||
Other Redemption Restrictions | [5] | None | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | 30 days written | |||
Non-U.S. Equity Funds [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | $ 218.6 | $ 202.6 | [1],[5] | ||
Redemption Frequency | immediate | immediate | [5] | ||
Unfunded Commitment | None | None | [5] | ||
Other Redemption Restrictions | None | None | [5] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None | [3] | ||
Foreign Fixed Income Government And Corporate [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | $ 157.2 | $ 177.5 | [1],[6] | ||
Redemption Frequency | immediate | immediate | [6] | ||
Unfunded Commitment | None | None | [6] | ||
Other Redemption Restrictions | None | None | [6] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None | [3] | ||
International Property Funds [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | $ 44.3 | $ 53.4 | [1],[7] | ||
Redemption Frequency | immediate | immediate | [7] | ||
Unfunded Commitment | None | None | [7] | ||
Other Redemption Restrictions | None | None | [7] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None | [3] | ||
International Balanced Funds [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | $ 10.1 | $ 10.1 | [1],[8] | ||
Redemption Frequency | immediate | immediate | [8] | ||
Unfunded Commitment | None | None | [8] | ||
Other Redemption Restrictions | None | None | [8] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None | [3] | ||
Commodities Fund [Member] [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[9] | $ 1.4 | |||
Redemption Frequency | [9] | immediate | |||
Unfunded Commitment | [9] | None | |||
Other Redemption Restrictions | [9] | None | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | None | |||
Collective Trust Fund [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[9] | $ 36.1 | |||
Redemption Frequency | [9] | immediate | |||
Unfunded Commitment | [9] | None | |||
Other Redemption Restrictions | [9] | None | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | None | |||
Non-US Tactical/Alternative Fund [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[9] | $ 18.8 | $ 15.4 | ||
Redemption Frequency | immediate | [2] | immediate | [9] | |
Unfunded Commitment | None | [2] | None | [9] | |
Other Redemption Restrictions | None | [2] | None | [9] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None | [3] | ||
Commodities Fund [Member] [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | $ 11.5 | $ 11.5 | [1],[10] | ||
Redemption Frequency | immediate | immediate | [10] | ||
Unfunded Commitment | None | None | [10] | ||
Other Redemption Restrictions | None | None | [10] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None | [3] | ||
Us Tactical Allocation Balanced Fund [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||||
Fair Value | [1],[9] | $ 16 | |||
Redemption Frequency | [9] | immediate | |||
Unfunded Commitment | [9] | None | |||
Other Redemption Restrictions | [9] | None | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | [3] | None | |||
[1] | The fair values of the investments have been estimated using the net asset value of the investment | ||||
[2] | These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities. | ||||
[3] | This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation. | ||||
[4] | These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks | ||||
[5] | These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks. | ||||
[6] | These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks. | ||||
[7] | These funds invest in real property outside the U.S. | ||||
[8] | These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes. | ||||
[9] | These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index. | ||||
[10] | These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index. |
Pension And Postretirement Be70
Pension And Postretirement Benefits (Summary Of Estimated Future Benefit Payments) (Details) - Pension Benefits [Member] $ in Millions | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,014 | $ 42.1 |
2,015 | 41.6 |
2,016 | 43.9 |
2,017 | 44.9 |
2,018 | 47.5 |
2019-2023 | 264.6 |
Total payments | $ 484.6 |
Long-Term Debt And Notes Paya71
Long-Term Debt And Notes Payable (Components Of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total Long-term debt | $ 749.3 | $ 749.2 | |
Short-term borrowings | 49.6 | 100.8 | |
5.50% Notes Due 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Total Long-term debt | [1] | 250 | 250 |
2.75% Notes Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Total Long-term debt | 300 | 300 | |
4.45% Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Total Long-term debt | 199.3 | 1,199.2 | |
6.55% Notes Due 2036 [Member] | |||
Debt Instrument [Line Items] | |||
Total Long-term debt | 749.3 | 749.2 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total Long-term debt | 100 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Total Long-term debt | 49 | ||
Other Liabilities [Member] | |||
Debt Instrument [Line Items] | |||
Total Long-term debt | $ 0.6 | $ 0.8 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjJmMmJmNGUzMmYwZDQ0ZWNiNDY1NTE1YzI0ODM5NTY1fFRleHRTZWxlY3Rpb246NTUxMzFFMkNFMkUzQTFEOTEyQjY4ODVDMUI1RTAxMTAM} |
Long-Term Debt And Notes Paya72
Long-Term Debt And Notes Payable (Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | May. 31, 2012 | Nov. 30, 2006 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2003 | ||
Debt Instrument [Line Items] | |||||||||
Amended and restated credit agreement duration, years | 5 years | ||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | ||||||||
Line of credit facility, amended maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||||||
Long-term debt | $ 749,300,000 | 749,200,000 | |||||||
Total debt to capitalization ratio | 0.41 | ||||||||
Repayments of Long-term Debt | $ 0 | $ 0 | $ 200,000,000 | ||||||
Standby letters of credit | 23,000,000 | ||||||||
Uncommitted letter of credit reimbursement agreement | $ 125,000,000 | ||||||||
Long-term Commercial Paper | $ 500,000,000 | ||||||||
number of days to maturity | 397 | ||||||||
Facility fee | 0.15% | ||||||||
Margin | 0.10% | ||||||||
Rate for LIBOR loans | 1.10% | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt to capitalization ratio | 0.65 | ||||||||
4.45% Notes Due 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued, term | 10 years | ||||||||
Notes issued | $ 300,000,000 | ||||||||
Debt instrument interest rate | 4.45% | ||||||||
Long-term debt | $ 199,300,000 | $ 1,199,200,000 | |||||||
Percentage of principal amount Company may be required to buy back at | 101.00% | ||||||||
Annualized interest rate including debt issuance cost amortization | 4.56% | ||||||||
2.75% Notes Due 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued | $ 250,000,000 | ||||||||
Debt instrument interest rate | 2.75% | ||||||||
Long-term debt | $ 300,000,000 | $ 300,000,000 | |||||||
Percentage of principal amount Company may be required to buy back at | 101.00% | ||||||||
Annualized interest rate including debt issuance cost amortization | 2.92% | ||||||||
5.50% Notes Due 2013 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate | 5.50% | ||||||||
Long-term debt | [1] | $ 250,000,000 | 250,000,000 | ||||||
6.55% Notes Due 2036 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued, term | 30 years | ||||||||
Notes issued | $ 200,000,000 | ||||||||
Debt instrument interest rate | 6.55% | ||||||||
Long-term debt | $ 749,300,000 | $ 749,200,000 | |||||||
Percentage of principal amount Company may be required to buy back at | 101.00% | ||||||||
Annualized interest rate including debt issuance cost amortization | 6.67% | ||||||||
Commercial Paper [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 49,000,000 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.05% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.475% | ||||||||
Federal Funds Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
Adjusted London Interbank Offered Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Adjusted London Interbank Offered Rate [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.05% | ||||||||
Adjusted London Interbank Offered Rate [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.475% | ||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjJmMmJmNGUzMmYwZDQ0ZWNiNDY1NTE1YzI0ODM5NTY1fFRleHRTZWxlY3Rpb246NTUxMzFFMkNFMkUzQTFEOTEyQjY4ODVDMUI1RTAxMTAM} |
Long-Term Debt And Notes Paya73
Long-Term Debt And Notes Payable (Capitalization Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Disclosure [Abstract] | ||
Short-term borrowings | $ 49.6 | $ 100.8 |
Long-term debt | 749.3 | 749.2 |
Total indebtedness | 798.9 | |
Total shareholders' equity | 1,139.4 | $ 1,059.8 |
Capitalization | $ 1,938.3 | |
Total indebtedness to capitalization | 0.41 |
Fair Value Of Financial Instr74
Fair Value Of Financial Instruments (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - foreign exchange contracts, Liabilities | $ 0.4 | $ 2.5 |
Estimated fair value of long-term debt | 791.1 | 815.2 |
Foreign Exchange Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - foreign exchange contracts, Assets | 0 | 0 |
Derivatives - foreign exchange contracts, Liabilities | 0.4 | 2.5 |
Significant Other Observable Inputs Level 2 [Member] | Foreign Exchange Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - foreign exchange contracts, Assets | 0 | 0 |
Derivatives - foreign exchange contracts, Liabilities | $ 0.4 | $ 2.5 |
Derivative Instruments And He75
Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Derivative Instruments And Hedging Activities Narrative [Abstract] | |||
Derivative, Notional Amount | $ 38 | $ 216 | |
Net cash outflow/inflow from settlement of derivative contracts | (13.6) | (16) | $ 4.9 |
Derivative Liability | $ 0.4 | $ 2.5 |
Commitments And Contingencies76
Commitments And Contingencies (Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Operating Leases, 2014 | $ 17.1 | ||||
Operating Leases, 2013 | 14.6 | ||||
Operating Leases, 2014 | 11.8 | ||||
Operating Leases, 2015 | 5.9 | ||||
Operating Leases, 2019 | 3.2 | ||||
Operating Leases, Thereafter | 7 | ||||
Operating Leases, Future Minimum Payments Due, Total | 59.6 | ||||
Rental expense | $ 0 | $ 0 | $ 0 | ||
Airplane Operating Lease Period Years | 5 | ||||
Residual value guarantee liability | $ 7.8 | ||||
Fair Value Of Residual Value Guarantee, Fair Value of Operating Lease Asset Threshold | $ 9.5 | ||||
ResidualValueGuaranteePayment | $ 9.5 |
Commitments And Contingencies77
Commitments And Contingencies (Asbestos Liability) (Details) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2015USD ($)Claim | Dec. 31, 2014USD ($)Claim | Dec. 31, 2013USD ($)Claim | Dec. 31, 2010Claim | Feb. 09, 2016USD ($) | Aug. 21, 2015USD ($) | Jul. 02, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 16, 2014USD ($) | Sep. 17, 2013USD ($) | Sep. 11, 2013USD ($) | Jul. 31, 2013USD ($) | Mar. 01, 2013USD ($) | Feb. 25, 2013USD ($) | Dec. 31, 2012Claim | Nov. 28, 2012USD ($) | Oct. 23, 2012USD ($) | Aug. 29, 2012USD ($) | Mar. 09, 2012 | Dec. 31, 2011USD ($) | Aug. 17, 2011USD ($) | Feb. 23, 2011USD ($) | Mar. 23, 2010USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Pre-tax cash payments | $ 49,900,000 | $ 61,300,000 | $ 62,800,000 | ||||||||||||||||||||
Current portion of total estimated liability | $ 75,000,000 | $ 79,000,000 | |||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
NumberOfNewMaritimeClaims | Claim | 8 | ||||||||||||||||||||||
Pending claims | Claim | 41,090 | 47,507 | 51,490 | 56,442 | |||||||||||||||||||
Gross Settlement And Defense Incurred Costs | $ 69,400,000 | $ 81,100,000 | $ 90,800,000 | ||||||||||||||||||||
Number of coverage-in-place agreements with excess insurer groups | 11 | ||||||||||||||||||||||
Number of buyout agreements with excess insurer groups | 10 | ||||||||||||||||||||||
Pre-tax cash payments | $ 49,900,000 | 61,300,000 | 62,800,000 | ||||||||||||||||||||
Cumulative claims resolved | Claim | 116,000 | ||||||||||||||||||||||
Settlement cost | $ 452,000,000 | ||||||||||||||||||||||
Average settlement cost per resolved claim | 3,100 | $ 3,800 | $ 3,300 | ||||||||||||||||||||
Cumulative average settlement cost per resolved claim | $ 3,900 | ||||||||||||||||||||||
Number of years included in methodology base reference period | 2 | ||||||||||||||||||||||
Additional quarters included in methodology base reference period | 3 | ||||||||||||||||||||||
Estimated payments to current and future claimants | $ 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 | 546,000,000 | $ 894,000,000 | |||||||||||||||||||||
Percentage Of Asbestos Liability Attributable To Settlement And Denfese Costs For Future Claims | 80.00% | ||||||||||||||||||||||
Current portion of total estimated liability | 75,000,000 | ||||||||||||||||||||||
Insurance reimbursement asset | 129,000,000 | $ 225,000,000 | |||||||||||||||||||||
Forecasted liability reimbursement rate | 25.00% | ||||||||||||||||||||||
Aggregate value of policy buyout agreements | $ 82,500,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | New York [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Pending claims | Claim | 18,500 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Mississippi [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Pending claims | Claim | 5,100 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Texas [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Pending claims | Claim | 5,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Ohio [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Pending claims | Claim | 200 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Ivan Sweberg [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Jury Verdict Total | $ 15,000,000 | ||||||||||||||||||||||
Court_Reduced_Verdict | 10,000,000 | ||||||||||||||||||||||
Court judgment | 5,300,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Selwyn Hackshaw [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Jury Verdict Total | 10,000,000 | ||||||||||||||||||||||
Court_Reduced_Verdict | 6,000,000 | ||||||||||||||||||||||
Court judgment | $ 3,100,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | James Nelson [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 9.09% | ||||||||||||||||||||||
Jury verdict | $ 14,500,000 | ||||||||||||||||||||||
Court judgment against all parties held responsible | $ 4,000,000 | ||||||||||||||||||||||
Additional interest on the compensation awarded | 10,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Larry Bell [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 5.00% | ||||||||||||||||||||||
Jury verdict | $ 3,500,000 | ||||||||||||||||||||||
Court judgment | $ 200,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Ronald Dummitt [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Jury verdict percentage of responsibility | 99.00% | ||||||||||||||||||||||
Jury verdict | $ 32,000,000 | ||||||||||||||||||||||
Court judgment | 4,900,000 | ||||||||||||||||||||||
Court written decision | $ 8,000,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Frank Paasch [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 12.50% | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | William Paulus [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Jury verdict payment | $ 900,000 | ||||||||||||||||||||||
Share of responsibility of verdict | 10.00% | ||||||||||||||||||||||
Jury Verdict Non-Economic Damages | $ 6,500,000 | ||||||||||||||||||||||
Jury Verdict Economic Damages | 400,000 | ||||||||||||||||||||||
Court judgment | $ 800,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Gerald Suttner [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 4.00% | ||||||||||||||||||||||
Plaintiff's Damages | $ 3,000,000 | ||||||||||||||||||||||
Court judgment | $ 100,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | James Hellam [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 7.00% | ||||||||||||||||||||||
Jury Verdict Non-Economic Damages | $ 4,500,000 | ||||||||||||||||||||||
Jury Verdict Economic Damages | 900,000 | ||||||||||||||||||||||
Court judgment | 1,282,000 | ||||||||||||||||||||||
Court Judgment Including Set-offs | $ 1,100,000 | ||||||||||||||||||||||
DamagesReversedInPart | $ 20,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Thomas Amato [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 10.00% | ||||||||||||||||||||||
Jury verdict | $ 2,500,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Frank Vincinguerra [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 20.00% | ||||||||||||||||||||||
Jury verdict | $ 2,300,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Ivo Peraica [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Jury Verdict Total | $ 35,000,000 | ||||||||||||||||||||||
Court_Reduced_Verdict | 18,000,000 | ||||||||||||||||||||||
Court judgment | $ 10,600,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Holdsworth [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Jury Verdict Total | $ 3,100,000 | ||||||||||||||||||||||
Court judgment | $ 1,700,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Lloyd Garvin [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Additional damages | $ 11,000,000 | ||||||||||||||||||||||
Court_Reduced_Verdict | 2,500,000 | ||||||||||||||||||||||
Court Reduced damages | 3,500,000 | ||||||||||||||||||||||
Court Judgment Including Set-offs | 3,500,000 | ||||||||||||||||||||||
compensatory_damages | $ 11,000,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Richard DeLisle [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 16.00% | ||||||||||||||||||||||
Jury verdict | $ 8,000,000 | ||||||||||||||||||||||
Court judgment | $ 1,300,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | James Poage [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Additional damages | $ 10,000,000 | ||||||||||||||||||||||
Court judgment | 10,800,000 | ||||||||||||||||||||||
compensatory_damages | $ 1,500,000 | ||||||||||||||||||||||
Asbestos Commitments And Contingencies [Member] | Valent Rabovsky [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Share of responsibility of verdict | 30.00% | ||||||||||||||||||||||
Jury Verdict Total | $ 1,085,000 |
Commitments And Contingencies78
Commitments And Contingencies (Schedule Of Activity Related To Asbestos Claims) (Details) - Asbestos Commitments And Contingencies [Member] $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015Claim | Dec. 31, 2014Claim | Dec. 31, 2013Claim | Dec. 31, 2010Claim | Feb. 25, 2013USD ($) | Dec. 30, 2009Claim | |
Activity Related to Asbestos Claims [Roll Forward] | ||||||
Beginning claims | 47,507 | 51,490 | 56,442 | |||
New claims | 2,572 | 2,743 | 2,950 | |||
Settlements | (954) | (992) | (1,142) | |||
Dismissals | (8,035) | (5,734) | (6,762) | |||
Number Of Activated Maritime Claims | 0 | 0 | 2 | |||
Ending claims | 41,090 | 47,507 | 51,490 | |||
Maritime actions | 8 | |||||
Maritime Claims [Member] | ||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||
Total number of maritime claims | 36,448 | |||||
Thomas Amato [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Jury Verdict | $ | $ 2.5 |
Commitments And Contingencies79
Commitments And Contingencies (Schedule Of Gross Settlement And Defense Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Pre-tax cash payments | $ 49.9 | $ 61.3 | $ 62.8 |
Asbestos Commitments And Contingencies [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement / indemnity costs incurred | 27.7 | 25.3 | 31.6 |
Defense costs incurred | 41.7 | 55.9 | 59.1 |
Gross Settlement And Defense Incurred Costs | 69.4 | 81.1 | 90.8 |
Settlement / indemnity payments | 24.5 | 27.3 | 37.8 |
Defense payments | 43.5 | 57.7 | 59.5 |
Insurance Receipts | (18.1) | (23.8) | (34.5) |
Pre-tax cash payments | $ 49.9 | $ 61.3 | $ 62.8 |
Commitments And Contingencies80
Commitments And Contingencies (Other Contingencies) (Details) $ in Millions | Aug. 08, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2011HomeHomeowner | Dec. 31, 2015USD ($) | Dec. 31, 2013Homeowner | Dec. 31, 2012acre | Apr. 15, 2011Homeowner | Jul. 31, 2006 |
Loss Contingencies [Line Items] | |||||||||
Residual value guarantee liability | $ 7.8 | ||||||||
Environmental Claims For Site In Goodyear Arizona [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Estimated liability | $ 63.7 | ||||||||
Additional charge | 49 | ||||||||
Accrued environmental loss contingencies, current portion of total gross estimated liability | 16 | ||||||||
Other receivables | $ 14 | ||||||||
Loss contingency reimbursement rate | 21.00% | ||||||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Approximate size of referenced site, acres | acre | 55,000 | ||||||||
Environmental Claims For Site In Roseland New Jersey [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Additional charge | $ 6.8 | ||||||||
Approximate number of homes tested for contaminants | Home | 40 | ||||||||
Homeowners Filing Suits Against Company | Homeowner | 139 | 3 | |||||||
Number of tenants who filed a separate lawsuit | Homeowner | 1 | ||||||||
Number of members in the purported class | Homeowner | 138 | ||||||||
Loss Contingency, Damages Paid, Value | $ 6.5 | $ 6.5 |
Acquisitions And Divestitures (
Acquisitions And Divestitures (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||
Intangible asset useful life | 15 years 9 months 18 days | ||||
Business Combination, Integration Related Costs | $ 7,200,000 | $ 9,800,000 | $ 0 | ||
Inventory and Backlog Amortization | 4,800,000 | ||||
Restructuring charges | 7,800,000 | 29,200,000 | 0 | ||
Goodwill | $ 1,249,300,000 | $ 1,249,300,000 | $ 1,167,900,000 | 1,191,300,000 | 1,249,300,000 |
Acquisition related costs | 22,800,000 | ||||
Net Sales | 2,936,000,000 | ||||
Net income attributable to common shareholders | $ 242,000,000 | ||||
Basic earnings per share from continuing operations | $ 4.18 | ||||
Diluted earnings per share from continuing operations | $ 4.11 | ||||
MEI Conlux Holdings [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | 804,000,000 | ||||
Sales reported by acquired entity | $ 399,000,000 | ||||
Pro-forma information, sales of acquiree since acquisition date | 25,000,000 | ||||
Pro-forma information, gross profit of acquiree since acquisition date | $ 2,000,000 | ||||
Proceeds Received Related To Adjustment Of Working Capital | $ 6,100,000 | ||||
2.75% Notes Due 2018 [Member] | |||||
Business Acquisition [Line Items] | |||||
Notes issued | 250,000,000 | ||||
Debt instrument interest rate | 2.75% | ||||
4.45% Notes Due 2023 [Member] | |||||
Business Acquisition [Line Items] | |||||
Notes issued | $ 300,000,000 | ||||
Debt instrument interest rate | 4.45% | ||||
Customer relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible asset useful life | 15 years 6 months | ||||
Merchandising Systems [Member] | |||||
Business Acquisition [Line Items] | |||||
Sale price of product line | $ 6,800,000 | ||||
Gain on divestitures | 2,000,000 | ||||
Sales of product line sold during period | $ 15,100,000 | ||||
Acquisition Related Restructuring [Member] | |||||
Business Acquisition [Line Items] | |||||
Restructuring charges | 10,300,000 | ||||
Acquisition Related Restructuring [Member] | |||||
Business Acquisition [Line Items] | |||||
Restructuring charges | $ (600,000) | $ 10,300,000 |
Stock-Based Compensation Plan82
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout cap | 100.00% | ||
Period of time to measure Company total shareholder return and apply vesting payout cap | 3 years | ||
Weighted-average fair value of options granted during period | $ 9.80 | $ 12.57 | $ 12.08 |
Fair value of shares vested | $ 9 | $ 9.6 | $ 9.1 |
Total intrinsic value of options exercised | 7.9 | 25.4 | 26.2 |
Cash received from options exercised | 8.9 | 8.2 | 24.9 |
Proceeds and Excess Tax Benefit from Share-based Compensation | 1.6 | ||
Tax benefit/(shortfall) realized for tax deductions from option exercises and vesting of restricted stock | 0.1 | 7.7 | 6.4 |
Aggregate intrinsic value of exercisable options | 2.1 | 12.5 | 26.4 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 10.3 | ||
weighted average period for unvested share-based options to be recognized | 1 year 2 months 27 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 19 | ||
weighted average period for unvested share-based RSUs to be recognized | 1.15 | ||
Restricted Stock And Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense recognized for restricted stock awards | $ 12.2 | 10.9 | 11.9 |
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After First Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 25.00% | ||
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After Second Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 50.00% | ||
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After Third Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 75.00% | ||
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After Fourth Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 100.00% | ||
Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock trading days | 10 days | ||
Cash received from options exercised | $ 11.9 | $ 20.5 | $ 31 |
Stock Incentive Plan [Member] | Options Exercisable After First Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 25.00% | ||
Stock Incentive Plan [Member] | Options Exercisable After Second Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 50.00% | ||
Stock Incentive Plan [Member] | Options Exercisable After Third Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 75.00% | ||
Stock Incentive Plan [Member] | Options Exercisable After Fourth Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 100.00% | ||
Stock Incentive Plan [Member] | Prior To January 29, 2007 [Member] | Options Exercisable After First Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 50.00% | ||
Stock Incentive Plan [Member] | Prior To January 29, 2007 [Member] | Options Exercisable After Second Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 75.00% | ||
Stock Incentive Plan [Member] | Prior To January 29, 2007 [Member] | Options Exercisable After Third Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 100.00% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout potential range | 0.00% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout potential range | 175.00% |
Stock-Based Compensation Plan83
Stock-Based Compensation Plans (Schedule Of Weighted-Average Assumptions For Grants Made) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Dividend yield | 2.95% | 2.50% | 2.76% |
Volatility | 24.97% | 27.49% | 35.52% |
Risk-free interest rate | 1.32% | 1.39% | 0.76% |
Expected lives in years | 4 years 2 months 12 days | 4 years 2 months 12 days | 4 years 2 months 12 days |
Stock-Based Compensation Plan84
Stock-Based Compensation Plans (Schedule Of Company's Stock Option Plans) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares, Options outstanding Beginning Balance | shares | 2,426 |
Number of Shares, Granted | shares | 749 |
Number of Shares, Exercised | shares | (356) |
Number of Shares, Canceled | shares | (149) |
Number of Shares, Options outstanding Ending Balance | shares | 2,670 |
Number of Shares, Options exercisable Ending Balance | shares | 1,123 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price, Options outstanding Beginning Balance | $ / shares | $ 50.52 |
Weighted Average Exercise Price, Granted | $ / shares | 58.19 |
Weighted Average Exercise Price, Exercised | $ / shares | 40.25 |
Weighted Average Exercise Price, Canceled | $ / shares | 52.58 |
Weighted Average Exercise Price, Options outstanding Ending Balance | $ / shares | 53.69 |
Weighted Average Exercise Price, Options exercisable Ending Balance | $ / shares | $ 48.94 |
Weighted Average Remaining Life (Years), Options outstanding | 5 years 1 month 24 days |
Weighted Average Remaining Life (Years), Options exercisable | 2 years 8 months 16 days |
Stock-Based Compensation Plan85
Stock-Based Compensation Plans (Schedule Of Changes Of Restricted Stock) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Restricted Stock And Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Restricted Stock and Restricted Stock Units, Beginning Balance | shares | 650 |
Restricted Stock and Restricted Stock Units, Ending Balance | shares | 654 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Beginning Balance | $ / shares | $ 52.92 |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Ending Balance | $ / shares | $ 56.16 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Restricted Stock and Restricted Stock Units, vested | shares | (129) |
Restricted Stock and Restricted Share Units, forfeited | shares | (45) |
Restricted Shares Units and Performance-based Restricted Share Units, granted | shares | 194 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Vested | $ / shares | $ 51.30 |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Forfeited | $ / shares | 58.14 |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Granted | $ / shares | $ 57.15 |
Performance Based Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Restricted Stock and Restricted Stock Units, vested | shares | (97) |
Restricted Stock and Restricted Share Units, forfeited | shares | (9) |
Restricted Shares Units and Performance-based Restricted Share Units, granted | shares | 90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Vested | $ / shares | $ 47.07 |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Forfeited | $ / shares | 54.98 |
Weighted Average Grant-Date Fair Value, Restricted Stock and Restricted Stock Units, Granted | $ / shares | $ 61.10 |
Segment Information (Schedule O
Segment Information (Schedule Of Financial Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Business Combination, Integration Related Costs | $ 7.2 | $ 9.8 | $ 0 | ||||||||
Net sales | $ 680.6 | $ 669.9 | $ 711.2 | $ 678.8 | $ 730.7 | $ 727.4 | $ 750.1 | $ 716.8 | 2,740.5 | 2,925 | 2,595.3 |
Operating profit (loss) | 103.5 | $ 93.2 | $ 90.2 | $ 86 | 89.6 | $ 47.7 | $ 97.6 | $ 81.4 | 372.9 | 316.3 | 347.9 |
Assets | 3,341.6 | 3,450.8 | 3,341.6 | 3,450.8 | 3,559.6 | ||||||
Goodwill | 1,167.9 | 1,191.3 | 1,167.9 | 1,191.3 | 1,249.3 | ||||||
Capital expenditures | 39.6 | 43.7 | 29.5 | ||||||||
Depreciation and amortization | 67 | 75.8 | 54.8 | ||||||||
Restructuring charges | 7.8 | 29.2 | 0 | ||||||||
Inventory and Backlog Amortization | 4.8 | ||||||||||
Acquisition related costs | 22.8 | ||||||||||
Aerospace And Electronics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss) | 145.1 | 138.2 | 160 | ||||||||
Assets | 559.4 | 512.1 | 559.4 | 512.1 | 511.7 | ||||||
Goodwill | 202.6 | 202.7 | 202.6 | 202.7 | 202.8 | ||||||
Capital expenditures | 16.2 | 14.9 | 6.5 | ||||||||
Depreciation and amortization | 11.3 | 11.8 | 13.3 | ||||||||
Engineered Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss) | 48.4 | 36.8 | 34.3 | ||||||||
Assets | 227.6 | 229.1 | 227.6 | 229.1 | 233.2 | ||||||
Goodwill | 171.4 | 171.5 | 171.4 | 171.5 | 171.6 | ||||||
Capital expenditures | 3.3 | 2.8 | 1.8 | ||||||||
Depreciation and amortization | 6.2 | 6 | 6 | ||||||||
Fluid Handling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss) | 125.4 | 181.6 | 194.9 | ||||||||
Assets | 888 | 963.2 | 888 | 963.2 | 996.1 | ||||||
Goodwill | 218.7 | 227.3 | 218.7 | 227.3 | 239.2 | ||||||
Capital expenditures | 10 | 14 | 16.3 | ||||||||
Depreciation and amortization | 12.6 | 14.5 | 15.7 | ||||||||
Payment and Merchandising Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss) | 101.4 | 69.1 | 34.8 | ||||||||
Assets | 1,178 | 1,210.1 | 1,178 | 1,210.1 | 1,383 | ||||||
Goodwill | $ 575.2 | $ 589.9 | 575.2 | 589.9 | 635.8 | ||||||
Capital expenditures | 9.8 | 11.4 | 4.7 | ||||||||
Depreciation and amortization | 34.5 | 41.6 | 17.5 | ||||||||
Outside [Member] | Aerospace And Electronics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 691.3 | 696 | 693.8 | ||||||||
Outside [Member] | Engineered Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 254.8 | 253.3 | 232.3 | ||||||||
Outside [Member] | Fluid Handling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,091.3 | 1,263.7 | 1,288.6 | ||||||||
Outside [Member] | Payment and Merchandising Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 703 | $ 712 | $ 380.6 |
Segment Information (Schedule87
Segment Information (Schedule Of Consolidated Financial Statements By Industry Segments) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Business Combination, Integration Related Costs | $ 7,200,000 | $ 9,800,000 | $ 0 | ||||||||||||
Net sales | $ 680,600,000 | $ 669,900,000 | $ 711,200,000 | $ 678,800,000 | $ 730,700,000 | $ 727,400,000 | $ 750,100,000 | $ 716,800,000 | 2,740,500,000 | 2,925,000,000 | 2,595,300,000 | ||||
Operating profit from continuing operations | 103,500,000 | $ 93,200,000 | $ 90,200,000 | $ 86,000,000 | 89,600,000 | 47,700,000 | 97,600,000 | $ 81,400,000 | 372,900,000 | 316,300,000 | 347,900,000 | ||||
Interest income | 1,900,000 | 1,700,000 | 1,900,000 | ||||||||||||
Interest expense | (37,600,000) | (39,200,000) | (26,500,000) | ||||||||||||
Miscellaneous income | (700,000) | 2,400,000 | 2,700,000 | ||||||||||||
Income before income taxes | 336,500,000 | 281,200,000 | 326,000,000 | ||||||||||||
Assets | 3,341,600,000 | 3,450,800,000 | 3,341,600,000 | 3,450,800,000 | 3,559,600,000 | ||||||||||
Goodwill | 1,167,900,000 | 1,191,300,000 | 1,167,900,000 | 1,191,300,000 | 1,249,300,000 | ||||||||||
Capital expenditures | 39,600,000 | 43,700,000 | 29,500,000 | ||||||||||||
Depreciation and amortization | 67,000,000 | 75,800,000 | 54,800,000 | ||||||||||||
Restructuring charges | 7,800,000 | 29,200,000 | 0 | ||||||||||||
Acquisition related costs | 22,800,000 | ||||||||||||||
Environmental provision | 0 | 55,800,000 | 0 | ||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,600,000 | ||||||||||||||
Gains (Losses) on Sales of Other Real Estate | 3,500,000 | 700,000 | $ 1,100,000 | 1,000,000 | |||||||||||
Corporate Before Environmental Charges [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating profit from continuing operations | [1] | (47,500,000) | (53,600,000) | (76,100,000) | |||||||||||
Corporate expense - environmental charges [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating profit from continuing operations | [2] | 0 | (55,800,000) | 0 | |||||||||||
Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating profit from continuing operations | 420,300,000 | 425,700,000 | 424,000,000 | ||||||||||||
Assets | 2,853,000,000 | 2,914,500,000 | 2,853,000,000 | 2,914,500,000 | 3,124,000,000 | ||||||||||
Capital expenditures | 39,300,000 | 43,100,000 | 29,300,000 | ||||||||||||
Depreciation and amortization | 64,600,000 | 73,800,000 | 52,500,000 | ||||||||||||
Corporate Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | $ 488,600,000 | $ 536,300,000 | [3] | 488,600,000 | 536,300,000 | [3] | 435,600,000 | [3] | |||||||
Capital expenditures | 300,000 | 600,000 | 200,000 | ||||||||||||
Depreciation and amortization | 2,400,000 | $ 2,000,000 | $ 2,300,000 | ||||||||||||
Environmental Claims For Site In Goodyear Arizona [Member] | Corporation [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Loss Contingency, Damages Paid, Value | 6,500,000 | ||||||||||||||
Environmental provision | 49,000,000 | 49,000,000 | |||||||||||||
Environmental Claims For Site In Roseland New Jersey [Member] | Corporation [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Environmental provision | $ 6,800,000 | $ 6,800,000 | |||||||||||||
[1] | Includes $6.5 million for a settlement lawsuit recorded in 2014 | ||||||||||||||
[2] | Includes a $49.0 million charge related to an increase in the Company's liability expected at the Goodyear Site and a $6.8 million charge for expected remediation costs associated with a previously disclosed environmental site in Roseland, New Jersey in 2014. | ||||||||||||||
[3] | Net sales and assets by geographic region are based on the location of the business unit. |
Segment Information (Schedule88
Segment Information (Schedule Of Net Sales And Assets By Geographic Region) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 680.6 | $ 669.9 | $ 711.2 | $ 678.8 | $ 730.7 | $ 727.4 | $ 750.1 | $ 716.8 | $ 2,740.5 | $ 2,925 | $ 2,595.3 | |||
Assets | 3,341.6 | 3,450.8 | 3,341.6 | 3,450.8 | 3,559.6 | |||||||||
Long-Lived Assets | 1,856.6 | 1,906 | 1,856.6 | 1,906 | 1,901.4 | |||||||||
U.S. [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,698.6 | 1,719.4 | [1] | 1,523 | [1] | |||||||||
Assets | 1,648.3 | 1,612.9 | [1] | 1,648.3 | 1,612.9 | [1] | 1,692.8 | [1] | ||||||
Long-Lived Assets | 642 | 596.8 | [1] | 642 | 596.8 | [1] | 657.3 | [1] | ||||||
Canada [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 212.7 | 256.4 | [1] | 292.7 | [1] | |||||||||
Assets | 160.8 | 197.6 | [1] | 160.8 | 197.6 | [1] | 206.1 | [1] | ||||||
Long-Lived Assets | 111.5 | 138.8 | [1] | 111.5 | 138.8 | [1] | 140.9 | [1] | ||||||
United Kingdom [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 350.9 | 372.1 | [1] | 290.6 | [1] | |||||||||
Europe [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 282.2 | 365.1 | [1] | 343.8 | [1] | |||||||||
Assets | 599.2 | 662.2 | [1] | 599.2 | 662.2 | [1] | 756 | [1] | ||||||
Long-Lived Assets | 335.7 | 363.9 | [1] | 335.7 | 363.9 | [1] | 418.5 | [1] | ||||||
Other International [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 196.1 | 212 | [1] | 145.2 | [1] | |||||||||
Assets | 444.7 | 441.8 | [1] | 444.7 | 441.8 | [1] | 469.1 | [1] | ||||||
Long-Lived Assets | 278.8 | 270.2 | [1] | 278.8 | 270.2 | [1] | 249.1 | [1] | ||||||
Corporate Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Assets | 488.6 | 536.3 | [1] | 488.6 | 536.3 | [1] | 435.6 | [1] | ||||||
Long-Lived Assets | $ 488.6 | $ 536.3 | [1] | $ 488.6 | $ 536.3 | [1] | $ 435.6 | [1] | ||||||
[1] | Net sales and assets by geographic region are based on the location of the business unit. |
Segment Information Segment I89
Segment Information Segment Information (Sales By Major Product Group) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 680.6 | $ 669.9 | $ 711.2 | $ 678.8 | $ 730.7 | $ 727.4 | $ 750.1 | $ 716.8 | $ 2,740.5 | $ 2,925 | $ 2,595.3 |
Process Valves and Related Products [Member] | Fluid Handling [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 681.2 | 805.1 | 821 | ||||||||
Commercial Valves [Member] | Fluid Handling [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 316.5 | 362.5 | 365.2 | ||||||||
otherproducts [Member] | Fluid Handling [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 93.7 | 96.3 | 102.5 | ||||||||
Payment Acceptance and Dispensing Products [Member] [Member] | Payment and Merchandising Technologies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 496.1 | 512.5 | 200.9 | ||||||||
Merchandising Equipment [Member] | Payment and Merchandising Technologies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 207 | 199.4 | 179.6 | ||||||||
Commercial Original Equipment [Member] | Aerospace And Electronics [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 349.3 | 350.7 | 340.5 | ||||||||
Military and Other Original Equipment [Member] | Aerospace And Electronics [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 152.6 | 159.1 | 166.5 | ||||||||
Commercial Aftermarket Products [Member] | Aerospace And Electronics [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 132.1 | 133.9 | 133.1 | ||||||||
Military Aftermarket Products [Member] | Aerospace And Electronics [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 57.1 | 52.3 | 53.7 | ||||||||
FRP - Recreational Vehicles [Member] | Engineered Materials [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 133.9 | 133.6 | 113.6 | ||||||||
FRP - Building Products [Member] | Engineered Materials [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 83.1 | 81.7 | 84 | ||||||||
FRP - Transportation [Member] | Engineered Materials [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 37.8 | 38.1 | 34.7 | ||||||||
Outside [Member] | Fluid Handling [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 1,091.3 | 1,263.7 | 1,288.6 | ||||||||
Outside [Member] | Payment and Merchandising Technologies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 703 | 712 | 380.6 | ||||||||
Outside [Member] | Aerospace And Electronics [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 691.3 | 696 | 693.8 | ||||||||
Outside [Member] | Engineered Materials [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 254.8 | $ 253.3 | $ 232.3 |
Quarterly Results For The Yea90
Quarterly Results For The Year (Details) - USD ($) | Aug. 08, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory and Backlog Amortization | $ 4,800,000 | ||||||||||||
Business Combination, Integration Related Costs | $ 7,200,000 | 9,800,000 | $ 0 | ||||||||||
Net sales | $ 680,600,000 | $ 669,900,000 | $ 711,200,000 | $ 678,800,000 | $ 730,700,000 | $ 727,400,000 | $ 750,100,000 | $ 716,800,000 | 2,740,500,000 | 2,925,000,000 | 2,595,300,000 | ||
Cost of sales | 441,700,000 | 431,700,000 | 470,700,000 | 442,000,000 | 481,700,000 | 476,300,000 | 488,000,000 | 462,700,000 | 1,786,100,000 | 1,908,700,000 | 1,711,800,000 | ||
Gross profit | 238,900,000 | 238,200,000 | 240,500,000 | 236,800,000 | 249,000,000 | 251,100,000 | 262,100,000 | 254,100,000 | 954,400,000 | 1,016,300,000 | |||
Operating profit from continuing operations | 103,500,000 | 93,200,000 | 90,200,000 | 86,000,000 | 89,600,000 | 47,700,000 | 97,600,000 | 81,400,000 | 372,900,000 | 316,300,000 | 347,900,000 | ||
Income from continuing operations attributable to common shareholders | 56,200,000 | 28,100,000 | 59,700,000 | $ 48,700,000 | 192,700,000 | ||||||||
Net income attributable to common shareholders | $ 65,100,000 | $ 56,900,000 | $ 55,800,000 | $ 51,100,000 | 228,900,000 | 192,700,000 | 219,500,000 | ||||||
Earnings per diluted share | |||||||||||||
Restructuring charges | 7,800,000 | 29,200,000 | 0 | ||||||||||
Acquisition costs associated with the potential acquisition of MEI | 22,800,000 | ||||||||||||
Asbestos provision | 0 | 0 | 0 | ||||||||||
Environmental provision | 0 | $ 55,800,000 | $ 0 | ||||||||||
Gains (Losses) on Sales of Other Real Estate | $ 3,500,000 | $ 700,000 | $ 1,100,000 | $ 1,000,000 | |||||||||
Earnings Per Share, Basic | $ 1.12 | $ 0.98 | $ 0.96 | $ 0.88 | $ 0.96 | $ 0.48 | $ 1.01 | $ 0.83 | $ 3.94 | $ 3.28 | $ 3.79 | ||
Earnings Per Share, Diluted | $ 1.10 | $ 0.97 | $ 0.95 | $ 0.87 | $ 0.95 | $ 0.47 | $ 1 | $ 0.82 | $ 3.89 | $ 3.23 | $ 3.73 | ||
Acquisition Related Restructuring [Member] | |||||||||||||
Earnings per diluted share | |||||||||||||
Restructuring charges | $ (600,000) | $ 10,300,000 | |||||||||||
2014 Repositioning Actions [Member] | |||||||||||||
Earnings per diluted share | |||||||||||||
Restructuring charges | (200,000) | 18,900,000 | |||||||||||
Environmental Claims For Site In Roseland New Jersey [Member] | |||||||||||||
Earnings per diluted share | |||||||||||||
Loss Contingency, Damages Paid, Value | $ 6,500,000 | $ 6,500,000 | |||||||||||
Corporate Before Environmental Charges [Member] | |||||||||||||
Operating profit from continuing operations | [1] | (47,500,000) | $ (53,600,000) | $ (76,100,000) | |||||||||
Environmental Claims For Site In Goodyear Arizona [Member] | Environmental Claims For Site In Roseland NJ [Member] | |||||||||||||
Earnings per diluted share | |||||||||||||
Loss Contingency, Damages Paid, Value | 6,500,000 | ||||||||||||
Environmental provision | $ 49,000,000 | 49,000,000 | |||||||||||
Environmental Claims For Site In Roseland New Jersey [Member] | Environmental Claims For Site In Roseland NJ [Member] | |||||||||||||
Earnings per diluted share | |||||||||||||
Environmental provision | $ 6,800,000 | $ 6,800,000 | |||||||||||
[1] | Includes $6.5 million for a settlement lawsuit recorded in 2014 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($)employee | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 37 | ||
Restructuring charges | (7.8) | $ (29.2) | $ 0 |
Acquisition Related Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (10.3) | ||
2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
repositioning costs incurred to date | 9.7 | ||
Restructuring and Related Cost, Cost Incurred to Date | 18.7 | ||
Restructuring charges | $ 0.2 | (18.9) | |
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 320 | ||
Reduction of global workforce | 3.00% | ||
2015 Repositioning Actions [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 8.6 | ||
Restructuring charges | $ (8.6) | ||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 125 | ||
Reduction of global workforce | 1.00% | ||
Acquisition Related Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 9.7 | ||
Restructuring charges | 0.6 | $ (10.3) | |
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 240 | ||
Reduction of global workforce | 2.00% | ||
Acquisition Related Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 13.8 | ||
Restructuring charges | (3.6) | ||
Acquisition Related Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | ||
Restructuring charges | (0.2) | ||
Acquisition Related Restructuring [Member] | Asset Write Down [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 0.1 | ||
Restructuring charges | 0 | ||
Acquisition Related Restructuring [Member] | pension curtailment gain [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 4.4 | ||
Restructuring charges | (4.4) | ||
Payment and Merchandising Technologies [Member] | Acquisition Related Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 6.3 | $ 7 | |
Restructuring charges | (3.8) | ||
Restructuring Reserve, Utilization | 4.5 | ||
Payment and Merchandising Technologies [Member] | Acquisition Related Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 6.3 | 7 | |
Restructuring charges | (3.6) | ||
Restructuring Reserve, Utilization | 4.3 | ||
Payment and Merchandising Technologies [Member] | Acquisition Related Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | 0 | |
Restructuring charges | (0.2) | ||
Restructuring Reserve, Utilization | 0.2 | ||
Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | 2.4 | |
repositioning costs incurred to date | 1.6 | ||
Restructuring and Related Cost, Cost Incurred to Date | 5 | ||
Restructuring charges | 1.3 | ||
Restructuring and Related Cost, Incurred Cost | 0.4 | 1.2 | |
Restructuring Reserve, Utilization | (0.9) | ||
Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | 1.9 | |
Restructuring and Related Cost, Cost Incurred to Date | 2.2 | ||
Restructuring charges | 2 | ||
Restructuring Reserve, Utilization | 0.1 | ||
Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | 0.5 | |
Restructuring and Related Cost, Cost Incurred to Date | 2.6 | ||
Restructuring charges | (0.5) | ||
Restructuring Reserve, Utilization | (1) | ||
Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | Asset Write Down [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | ||
Restructuring charges | (0.2) | ||
Aerospace And Electronics [Member] | 2015 Repositioning Actions [Member] [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0.1 | 0 | |
Restructuring and Related Cost, Cost Incurred to Date | 0.7 | ||
Restructuring charges | (0.7) | ||
Restructuring Reserve, Utilization | (0.6) | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 1.3 | 10.7 | |
repositioning costs incurred to date | 5.4 | ||
Restructuring and Related Cost, Cost Incurred to Date | 11.6 | ||
Restructuring charges | 1 | ||
Restructuring and Related Cost, Incurred Cost | 2.8 | 2.6 | |
Restructuring Reserve, Utilization | (8.8) | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 1.3 | 10.7 | |
Restructuring and Related Cost, Cost Incurred to Date | 11.6 | ||
Restructuring charges | 0.6 | ||
Restructuring Reserve, Utilization | (8.8) | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | ||
Restructuring charges | 0 | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | Asset Write Down [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | ||
Restructuring charges | 0 | ||
Fluid Handling [Member] | 2015 Repositioning Actions [Member] [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4.1 | 0 | |
Restructuring and Related Cost, Cost Incurred to Date | 7.9 | ||
Restructuring charges | (7.9) | ||
Restructuring Reserve, Utilization | (3.8) | ||
Operating Expense [Member] | Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1.5 | ||
Operating Expense [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.6 | ||
Operating Expense [Member] | Fluid Handling [Member] | 2014 Repositioning Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.6 | ||
cash-related restructuring [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 1.3 | 13.1 | |
Restructuring charges | 2.1 | ||
Restructuring Reserve, Utilization | (9.7) | ||
cash-related restructuring [Member] | 2015 Repositioning Actions [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4.2 | $ 0 | |
Restructuring charges | (8.6) | ||
Restructuring Reserve, Utilization | $ (4.4) |
Restructuring (Summary of Restr
Restructuring (Summary of Restructuring Charges) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Reserve [Roll Forward] | |||
Expense | $ (7.8) | $ (29.2) | $ 0 |
Restructuring and Related Cost, Cost Incurred to Date | 37 | ||
Acquisition Related Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Expense | (10.3) | ||
2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
repositioning costs incurred to date | $ 9.7 | ||
Reduction Of Global Workforce Percentage | 3.00% | ||
Restructuring Reserve [Roll Forward] | |||
Expense | $ 0.2 | (18.9) | |
Restructuring and Related Cost, Cost Incurred to Date | $ 18.7 | ||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 320 | ||
2015 Repositioning Actions [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reduction Of Global Workforce Percentage | 1.00% | ||
Restructuring Reserve [Roll Forward] | |||
Expense | $ (8.6) | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 8.6 | ||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 125 | ||
Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 0 | 2.4 | |
repositioning costs incurred to date | 1.6 | ||
Restructuring Reserve [Roll Forward] | |||
Expense | 1.3 | ||
Restructuring and Related Cost, Cost Incurred to Date | 5 | ||
Restructuring and Related Cost, Incurred Cost | 0.4 | 1.2 | |
Restructuring Reserve, Utilization | (0.9) | ||
Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | Asset Write Down [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Expense | (0.2) | ||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | ||
Aerospace And Electronics [Member] | 2014 Repositioning Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | 1.9 | |
Restructuring Reserve [Roll Forward] | |||
Expense | 2 | ||
Restructuring and Related Cost, Cost Incurred to Date | 2.2 | ||
Restructuring Reserve, Utilization | 0.1 | ||
Aerospace And Electronics [Member] | 2015 Repositioning Actions [Member] [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0.1 | 0 | |
Restructuring Reserve [Roll Forward] | |||
Expense | (0.7) | ||
Restructuring and Related Cost, Cost Incurred to Date | 0.7 | ||
Restructuring Reserve, Utilization | (0.6) | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 1.3 | 10.7 | |
repositioning costs incurred to date | 5.4 | ||
Restructuring Reserve [Roll Forward] | |||
Expense | 1 | ||
Restructuring and Related Cost, Cost Incurred to Date | 11.6 | ||
Restructuring and Related Cost, Incurred Cost | 2.8 | 2.6 | |
Restructuring Reserve, Utilization | (8.8) | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | Asset Write Down [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Expense | 0 | ||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 1.3 | 10.7 | |
Restructuring Reserve [Roll Forward] | |||
Expense | 0.6 | ||
Restructuring and Related Cost, Cost Incurred to Date | 11.6 | ||
Restructuring Reserve, Utilization | (8.8) | ||
Fluid Handling [Member] | 2014 Repositioning Actions [Member] | gain on sale of asset [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Expense | 0.4 | ||
Restructuring and Related Cost, Cost Incurred to Date | 0.4 | ||
Fluid Handling [Member] | 2015 Repositioning Actions [Member] [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4.1 | 0 | |
Restructuring Reserve [Roll Forward] | |||
Expense | (7.9) | ||
Restructuring and Related Cost, Cost Incurred to Date | 7.9 | ||
Restructuring Reserve, Utilization | (3.8) | ||
Corporate Segment [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Expense | (2.1) | ||
Restructuring and Related Cost, Cost Incurred to Date | 2.1 | ||
Corporate Segment [Member] | 2014 Repositioning Actions [Member] | Asset Write Down [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Expense | (2.1) | ||
Restructuring and Related Cost, Cost Incurred to Date | 2.1 | ||
cash-related restructuring [Member] | 2014 Repositioning Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 1.3 | 13.1 | |
Restructuring Reserve [Roll Forward] | |||
Expense | 2.1 | ||
Restructuring Reserve, Utilization | (9.7) | ||
cash-related restructuring [Member] | 2015 Repositioning Actions [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4.2 | $ 0 | |
Restructuring Reserve [Roll Forward] | |||
Expense | (8.6) | ||
Restructuring Reserve, Utilization | $ (4.4) |