Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'DIEBOLD INC | ' |
Entity Central Index Key | '0000028823 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 64,608,372 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $222,863 | $230,709 |
Short-term investments | 152,970 | 242,988 |
Trade receivables, less allowances for doubtful accounts of $29,138 and $24,872, respectively | 546,018 | 447,239 |
Inventories | 481,314 | 376,462 |
Deferred income taxes | 102,765 | 110,165 |
Prepaid expenses | 25,335 | 22,031 |
Prepaid income taxes | 17,579 | 21,245 |
Other current assets | 169,153 | 104,511 |
Total current assets | 1,717,997 | 1,555,350 |
Securities and other investments | 82,675 | 82,591 |
Property, plant and equipment, at cost | 599,495 | 599,094 |
Less accumulated depreciation and amortization | 441,191 | 438,199 |
Property, plant and equipment, net | 158,304 | 160,895 |
Goodwill | 181,850 | 179,828 |
Deferred income taxes | 65,352 | 39,461 |
Finance lease receivables | 119,717 | 74,516 |
Other assets | 89,013 | 90,850 |
Total assets | 2,414,908 | 2,183,491 |
Current liabilities | ' | ' |
Notes payable | 63,105 | 43,791 |
Accounts payable | 296,724 | 210,399 |
Deferred revenue | 277,246 | 234,607 |
Payroll and other benefits liabilities | 93,461 | 93,845 |
Other current liabilities | 331,556 | 311,094 |
Total current liabilities | 1,062,092 | 893,736 |
Long-term debt | 490,432 | 480,242 |
Pensions and other benefits | 115,847 | 118,674 |
Post-retirement and other benefits | 19,674 | 19,282 |
Deferred income taxes | 9,423 | 9,150 |
Other long-term liabilities | 48,697 | 41,592 |
Commitments and contingencies | 0 | 0 |
Diebold, Incorporated shareholders' equity | ' | ' |
Preferred shares, no par value, 1,000,000 authorized shares, none issued | 0 | 0 |
Common shares, $1.25 par value, 125,000,000 authorized shares, 79,195,594 and 78,618,517 issued shares, 64,599,752 and 64,068,047 outstanding shares, respectively | 98,994 | 98,273 |
Additional capital | 409,213 | 385,321 |
Retained earnings | 736,780 | 722,743 |
Treasury shares, at cost (14,595,842 and 14,550,470 shares, respectively) | -556,807 | -555,252 |
Accumulated other comprehensive loss | -37,342 | -54,321 |
Total Diebold, Incorporated shareholders' equity | 650,838 | 596,764 |
Noncontrolling interests | 17,905 | 24,051 |
Total equity | 668,743 | 620,815 |
Total liabilities and equity | $2,414,908 | $2,183,491 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets | ' | ' |
Allowances for doubtful accounts | $29,138 | $24,872 |
Diebold, Incorporated shareholders' equity | ' | ' |
Preferred shares, par value | $0 | $0 |
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $1.25 | $1.25 |
Common shares, shares authorized | 125,000,000 | 125,000,000 |
Common shares, shares issued | 79,195,594 | 78,618,517 |
Common shares, shares outstanding | 64,599,752 | 64,068,047 |
Treasury shares, at cost, shares | 14,595,842 | 14,550,470 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | ' | ' | ' | ' |
Services | $409,819 | $413,216 | $793,198 | $795,434 |
Products | 323,638 | 293,897 | 628,552 | 545,190 |
Total sales | 733,457 | 707,113 | 1,421,750 | 1,340,624 |
Cost of sales | ' | ' | ' | ' |
Services | 283,605 | 317,135 | 558,830 | 614,046 |
Products | 263,057 | 232,562 | 511,992 | 439,148 |
Total cost of sales | 546,662 | 549,697 | 1,070,822 | 1,053,194 |
Gross profit | 186,795 | 157,416 | 350,928 | 287,430 |
Selling and administrative expense | 121,006 | 157,205 | 241,298 | 282,718 |
Research, development and engineering expense | 21,637 | 23,417 | 41,707 | 44,447 |
Impairment of assets | 0 | 642 | 0 | 642 |
Gain (Loss) on Disposition of Assets | 13,050 | 226 | 12,558 | 2,839 |
Total operating expense | 129,593 | 181,038 | 270,447 | 324,968 |
Operating profit (loss) | 57,202 | -23,622 | 80,481 | -37,538 |
Other income (expense) | ' | ' | ' | ' |
Investment income | 9,935 | 6,814 | 18,646 | 14,365 |
Interest expense | -7,840 | -6,766 | -14,758 | -14,109 |
Foreign exchange gain (loss), net | 596 | -2,216 | -11,361 | -4,430 |
Miscellaneous, net | 1,308 | 309 | -127 | -789 |
Income (loss) before taxes | 61,201 | -25,481 | 72,881 | -42,501 |
Income tax expense | 18,070 | 78,371 | 24,874 | 75,233 |
Net income (loss) | 43,131 | -103,852 | 48,007 | -117,734 |
Net income (loss) attributable to noncontrolling interests | 1,496 | 1,183 | -3,434 | 747 |
Net income (loss) attributable to Diebold, Incorporated | $41,635 | ($105,035) | $51,441 | ($118,481) |
Basic weighted-average shares outstanding | 64,588 | 63,700 | 64,424 | 63,509 |
Diluted weighted-average shares outstanding | 65,224 | 63,700 | 65,018 | 63,509 |
Net income (loss) attributable to Diebold, Incorporated: | ' | ' | ' | ' |
Basic earnings (loss) per share | $0.64 | ($1.65) | $0.80 | ($1.87) |
Diluted earnings (loss) per share | $0.64 | ($1.65) | $0.79 | ($1.87) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Net income (loss) | $43,131 | ($103,852) | $48,007 | ($117,734) | ||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||
Other comprehensive income (loss), net of tax | 9,056 | -46,322 | 16,425 | -33,962 | ||
Comprehensive income (loss) | 52,187 | -150,174 | 64,432 | -151,696 | ||
Less: comprehensive income (loss) attributable to noncontrolling interests | 1,519 | 1,429 | -3,988 | 1,081 | ||
Comprehensive income (loss) attributable to Diebold, Incorporated | 50,668 | -151,603 | 68,420 | -152,777 | ||
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||
Translation adjustment and foreign currency hedges | 11,353 | -54,625 | 20,806 | -46,502 | ||
Net Investment Hedging [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||
Translation adjustment and foreign currency hedges | -1,975 | 2,482 | -3,572 | 2,668 | ||
Interest Rate Swaps [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||
Net gain recognized in other comprehensive income (net of tax $79, $181, $172 and $292, respectively) | 145 | 337 | 319 | 542 | ||
Reclassification adjustment for amounts recognized in net income (net of tax $(28), $(27), $(58) and $(60), respectively) | -52 | -51 | -109 | -111 | ||
Total interest rate hedges | 93 | 286 | 210 | 431 | ||
Pension Benefits [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||
Net actuarial loss amortization (net of tax $282, $1,940, $564 and $4,132, respectively) | 524 | [1] | 3,600 | 1,049 | [1] | 6,935 |
Net prior service benefit amortization (net of tax $(34), $(36), $(67) and $(77), respectively) | -61 | [1] | -67 | -124 | [1] | -130 |
Curtailment loss (net of tax $0, $0, $0 and $460, respectively) | 0 | 0 | 0 | 699 | ||
Total pension and other post-retirement benefits | 463 | 3,533 | 925 | 7,504 | ||
Available-for-sale Securities [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||
Net (loss) income recognized in other comprehensive income (net of tax $(216), $1,063, $(783) and $1,055, respectively) | -433 | 2,066 | -1,467 | 2,050 | ||
Reclassification adjustment for amounts recognized in net income (net of tax $(237), $(35), $(255) and $(65), respectively) | -445 | -71 | -477 | -127 | ||
Total unrealized (loss) gain on securities, net | -878 | 1,995 | -1,944 | 1,923 | ||
Other Comprehensive Income - Other [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||
Other | $0 | $7 | $0 | $14 | ||
[1] | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12 to the condensed consolidated financial statements). |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Net Investment Hedging [Member] | ' | ' | ' | ' | ||
Foreign currency hedges, amount recognized in other comprehensive income, tax | ($1,063) | $1,336 | ($1,923) | $1,437 | ||
Interest Rate Swaps [Member] | ' | ' | ' | ' | ||
Interest rate hedges, net gain recognized in other comprehensive income, tax | 79 | 181 | 172 | 292 | ||
Derivatives, reclassification adjustment for amounts recognized in net income, tax | -28 | -27 | -58 | -60 | ||
Pension Benefits [Member] | ' | ' | ' | ' | ||
Net actuarial loss amortization, tax | 282 | [1] | 1,940 | 564 | [1] | 4,132 |
Net prior service benefit amortization, tax | -34 | [1] | -36 | -67 | [1] | -77 |
Curtailment loss, tax | 0 | 0 | 0 | 460 | ||
Available-for-sale Securities [Member] | ' | ' | ' | ' | ||
Net (loss) income recognized in other comprehensive income, tax | -216 | 1,063 | -783 | 1,055 | ||
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | ($237) | ($35) | ($255) | ($65) | ||
[1] | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12 to the condensed consolidated financial statements). |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flow from operating activities: | ' | ' |
Net income (loss) | $48,007 | ($117,734) |
Adjustments to reconcile net income (loss) to cash flow used in operating activities: | ' | ' |
Depreciation and amortization | 36,719 | 42,194 |
Share-based compensation | 10,379 | 10,470 |
Excess tax benefits from share-based compensation | -255 | -246 |
Devaluation of Venezuelan balance sheet | 12,101 | 1,584 |
Gain on sale of assets, net | -12,558 | -2,839 |
Impairment of assets | 0 | 642 |
Cash flow from changes in certain assets and liabilities: | ' | ' |
Trade receivables | -100,600 | -44,757 |
Inventories | -101,246 | -62,302 |
Prepaid expenses | -4,464 | 6,759 |
Prepaid income taxes | 3,667 | -30,257 |
Other current assets | -35,092 | -51,948 |
Accounts payable | 87,049 | 23,089 |
Deferred revenue | 42,776 | 12,410 |
Deferred income taxes | -18,462 | 86,198 |
Finance lease receivables | -71,884 | -15,764 |
Certain other assets and liabilities | 12,088 | 79,076 |
Net cash used in operating activities | -91,775 | -63,425 |
Cash flow from investing activities: | ' | ' |
Proceeds from maturities of investments | 300,464 | 225,389 |
Proceeds from sale of investments | -31,047 | -8,790 |
Payments for purchases of investments | -230,454 | -233,374 |
Proceeds from sale of assets | 17,555 | 3,828 |
Capital expenditures | -18,350 | -18,156 |
Collections on purchased finance receivables | 0 | 3,066 |
Increase in certain other assets | -8,003 | -6,981 |
Net cash provided by (used in) investing activities | 92,259 | -17,438 |
Cash flow from financing activities: | ' | ' |
Dividends paid | -37,404 | -36,919 |
Revolving debt borrowings, net | 20,040 | 111,000 |
Other debt borrowings | 95,445 | 21,104 |
Other debt repayments | -86,071 | -101,076 |
Distributions to noncontrolling interest holders | -2,158 | -3,464 |
Excess tax benefits from share-based compensation | 255 | 246 |
Issuance of common shares | 14,234 | 9,841 |
Repurchase of common shares | -1,555 | -1,967 |
Net cash provided by (used in) financing activities | 2,786 | -1,235 |
Effect of exchange rate changes on cash and cash equivalents | -11,116 | -4,125 |
Decrease in cash and cash equivalents | -7,846 | -86,223 |
Cash and cash equivalents at the beginning of the period | 230,709 | 368,792 |
Cash and cash equivalents at the end of the period | $222,863 | $282,569 |
Consolidated_Financial_Stateme
Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
CONSOLIDATED FINANCIAL STATEMENTS | ' |
CONSOLIDATED FINANCIAL STATEMENTS | |
The accompanying unaudited condensed consolidated financial statements of Diebold, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods. | |
The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In addition, some of the Company’s statements in this Quarterly Report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of results to be expected for the full year. | |
The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. | |
The Company's Venezuelan operations consist of a fifty-percent owned subsidiary, which is consolidated. Venezuela is measured using the U.S. dollar as its functional currency because its economy is considered highly inflationary. On March 24, 2014, the Venezuelan government announced a currency exchange mechanism, SICAD 2, which yielded an exchange rate significantly higher than the rates established through the other regulated exchange mechanisms. Management has determined that it is unlikely that the Company will be able to convert bolivars under a currency exchange other than SICAD 2. On March 31, 2014, the Company remeasured its Venezuelan balance sheet using the SICAD 2 rate of 50.86 compared to the previous official government rate of 6.3, resulting in a decrease of $6,051 to the Company’s cash balance and net losses of $12,101 that were recorded within foreign exchange gain (loss), net in the condensed consolidated statements of operations in the first quarter of 2014. In addition, as a result of the currency devaluation, the Company recorded a $4,073 lower of cost or market adjustment related to its service inventory within service cost of sales in the condensed consolidated statements of operations in the first quarter of 2014. In the future, if the Company converts bolivars at a rate other than the SICAD 2 rate, the Company may realize additional gains or losses that would be recorded in the statement of operations. The Company's Venezuelan operations represented less than one percent of the Company's total assets as of June 30, 2014 and less than one percent of net sales for both the three and six months ended June 30, 2014. The Company does not expect its Venezuelan operations to be a significant component of its consolidated revenue or operating profit for the remainder of 2014. | |
In the second quarter of 2014, the Company divested its Diebold Eras, Incorporated (Eras) subsidiary for a sale price of $20,000, including installment payments of $1,000 on the first and second year anniversary dates of the closing. This sale resulted in a gain of $13,709 recognized within gain on sale of assets, net in the condensed consolidated statement of operations. Revenue and operating profit in the six months ended June 30, 2014 related to this divested subsidiary were $6,011 and $2,970, respectively, and are included within the North America (NA) segment. Net income before taxes related to this divested subsidiary are included in continuing operations and were $2,050 and $1,036 for the three months ended June 30, 2014 and 2013, respectively, and $2,978 and $2,084 for the six months ended June 30, 2014 and 2013, respectively. | |
Recently Adopted Accounting Guidance | |
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11), which requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This accounting standard update requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. The adoption of this update did not have a material impact on the financial statements of the Company. | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08), which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. In the second quarter of 2014, the Company elected to early adopt ASU 2014-08. The adoption of this update did not have a material impact on the financial statements of the Company. | |
Recently Issued Accounting Guidance | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Earning_Loss_Per_Share
Earning (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS (LOSS) PER SHARE | ' | ||||||||||||||||
EARNINGS (LOSS) PER SHARE | |||||||||||||||||
Basic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings (loss) per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include restricted stock units (RSUs), deferred shares and shares that were vested, but deferred by the employee. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the three and six months ended June 30, 2014 and 2013, there was no impact in the per share amounts calculated under the two methods. Accordingly, the treasury stock method is disclosed below. | |||||||||||||||||
The following represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) used in basic and diluted earnings per share: | |||||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 41,635 | $ | (105,035 | ) | $ | 51,441 | $ | (118,481 | ) | |||||||
Denominator (in thousands): | |||||||||||||||||
Weighted-average number of common shares used in basic earnings per share | 64,588 | 63,700 | 64,424 | 63,509 | |||||||||||||
Effect of dilutive shares (1) | 636 | — | 594 | — | |||||||||||||
Weighted-average number of shares used in diluted earnings per share | 65,224 | 63,700 | 65,018 | 63,509 | |||||||||||||
Net income (loss) attributable to Diebold, Incorporated: | |||||||||||||||||
Basic earnings (loss) per share | $ | 0.64 | $ | (1.65 | ) | $ | 0.8 | $ | (1.87 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.64 | $ | (1.65 | ) | $ | 0.79 | $ | (1.87 | ) | |||||||
Anti-dilutive shares (in thousands): | |||||||||||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 1,022 | 2,538 | 1,214 | 2,598 | |||||||||||||
(1) Incremental shares of 447 thousand and 505 thousand were excluded from the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2013, respectively, because their effect is anti-dilutive due to the net loss attributable to Diebold, Incorporated. |
Equity
Equity | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
EQUITY | ' | ||||||||||||||||
EQUITY | |||||||||||||||||
The following table presents changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Diebold, Incorporated shareholders' equity | |||||||||||||||||
Balance at beginning of period | $ | 610,251 | $ | 802,859 | $ | 596,764 | $ | 809,963 | |||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | 50,668 | (151,603 | ) | 68,420 | (152,777 | ) | |||||||||||
Common shares | 148 | 178 | 721 | 723 | |||||||||||||
Additional capital | 8,770 | 5,961 | 23,892 | 19,589 | |||||||||||||
Treasury shares | (248 | ) | (283 | ) | (1,555 | ) | (1,968 | ) | |||||||||
Dividends paid | (18,751 | ) | (18,501 | ) | (37,404 | ) | (36,919 | ) | |||||||||
Balance at end of period | $ | 650,838 | $ | 638,611 | $ | 650,838 | $ | 638,611 | |||||||||
Noncontrolling interests | |||||||||||||||||
Balance at beginning of period | $ | 17,036 | $ | 31,536 | $ | 24,051 | $ | 35,348 | |||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 1,519 | 1,429 | (3,988 | ) | 1,081 | ||||||||||||
Distributions to noncontrolling interest holders | (650 | ) | — | (2,158 | ) | (3,464 | ) | ||||||||||
Balance at end of period | $ | 17,905 | $ | 32,965 | $ | 17,905 | $ | 32,965 | |||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||||||||||||||
The following table summarizes the changes in the Company’s accumulated other comprehensive loss (AOCI), net of tax, by component for the three months ended June 30, 2014: | |||||||||||||||||||||||||||||
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Unrealized Gain (Loss) on Securities, Net | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 7,621 | $ | (3,481 | ) | $ | (843 | ) | $ | (51,565 | ) | $ | 1,613 | $ | 280 | $ | (46,375 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications (1) | 11,330 | (1,975 | ) | 145 | — | (433 | ) | — | 9,067 | ||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (52 | ) | 463 | (445 | ) | — | (34 | ) | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 11,330 | (1,975 | ) | 93 | 463 | (878 | ) | — | 9,033 | ||||||||||||||||||||
Balance at June 30, 2014 | $ | 18,951 | $ | (5,456 | ) | $ | (750 | ) | $ | (51,102 | ) | $ | 735 | $ | 280 | $ | (37,342 | ) | |||||||||||
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $23 of translation attributable to noncontrolling interests. | |||||||||||||||||||||||||||||
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the six months ended June 30, 2014: | |||||||||||||||||||||||||||||
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Unrealized Gain (Loss) on Securities, Net | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at January 1, 2014 | $ | (2,409 | ) | $ | (1,884 | ) | $ | (960 | ) | $ | (52,027 | ) | $ | 2,679 | $ | 280 | $ | (54,321 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications (1) | 21,360 | (3,572 | ) | 319 | — | (1,467 | ) | — | 16,640 | ||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (109 | ) | 925 | (477 | ) | — | 339 | ||||||||||||||||||||
Net current-period other comprehensive income (loss) | 21,360 | (3,572 | ) | 210 | 925 | (1,944 | ) | — | 16,979 | ||||||||||||||||||||
Balance at June 30, 2014 | $ | 18,951 | $ | (5,456 | ) | $ | (750 | ) | $ | (51,102 | ) | $ | 735 | $ | 280 | $ | (37,342 | ) | |||||||||||
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $(554) of translation attributable to noncontrolling interests. | |||||||||||||||||||||||||||||
The following table summarizes the details about amounts reclassified from AOCI: | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||||
Amount Reclassified from AOCI | Amount Reclassified from AOCI | Affected Line Item in the Statement of Operations | |||||||||||||||||||||||||||
Interest rate hedges (net of tax of $(28) and $(58), respectively) | (52 | ) | (109 | ) | Interest expense | ||||||||||||||||||||||||
Pension and post-retirement benefits: | |||||||||||||||||||||||||||||
Net actuarial loss amortization (net of tax of $282 and $564, respectively) | 524 | 1,049 | -1 | ||||||||||||||||||||||||||
Net prior service benefit amortization (net of tax of $(34) and $(67), respectively) | (61 | ) | (124 | ) | -1 | ||||||||||||||||||||||||
463 | 925 | ||||||||||||||||||||||||||||
Unrealized gain on securities, net (net of tax of $(237) and $(255), respectively) | (445 | ) | (477 | ) | Investment income | ||||||||||||||||||||||||
Total reclassifications for the period | $ | (34 | ) | $ | 339 | ||||||||||||||||||||||||
(1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12 to the condensed consolidated financial statements). |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||
The Company’s share-based compensation payments to employees are recognized based on their grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is recognized as a component of selling and administrative expense. Total share-based compensation expense was $5,299 and $3,284 for the three months ended June 30, 2014 and 2013, respectively, and $10,379 and $10,470 for the six months ended June 30, 2014 and 2013, respectively. Share-based compensation expense for the six months ended June 30, 2013 included accelerated expense of $2,982 related to executive severance. | ||||||||||||||
Options outstanding and exercisable as of June 30, 2014 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of April 13, 2009) (the 1991 Plan) and changes during the six months ended June 30, 2014, were as follows: | ||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value (1) | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(in thousands) | (per share) | (in years) | ||||||||||||
Outstanding at January 1, 2014 | 1,954 | $ | 39.63 | |||||||||||
Expired or forfeited | (329 | ) | 51.83 | |||||||||||
Exercised | (431 | ) | 33.05 | |||||||||||
Granted | 446 | 34.13 | ||||||||||||
Outstanding at June 30, 2014 | 1,640 | 37.19 | 6 | $ | 8,703 | |||||||||
Options exercisable at June 30, 2014 | 909 | 40.18 | 4 | 3,798 | ||||||||||
Options vested and expected to vest at June 30, 2014 (2) | 1,613 | 37.26 | 6 | 8,505 | ||||||||||
-1 | The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the second quarter of 2014 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on June 30, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. | |||||||||||||
-2 | The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. | |||||||||||||
The following table summarizes information on non-vested RSUs and performance shares for the six months ended June 30, 2014: | ||||||||||||||
Number of | Weighted-Average | |||||||||||||
Shares | Grant-Date Fair | |||||||||||||
Value | ||||||||||||||
(in thousands) | ||||||||||||||
RSUs: | ||||||||||||||
Non-Vested at January 1, 2014 | 499 | $ | 32.28 | |||||||||||
Forfeited | (40 | ) | 32.99 | |||||||||||
Vested | (131 | ) | 32.77 | |||||||||||
Granted (1) | 299 | 34.98 | ||||||||||||
Non-Vested at June 30, 2014 | 627 | 33.42 | ||||||||||||
Performance Shares (2): | ||||||||||||||
Non-Vested at January 1, 2014 | 542 | $ | 37.1 | |||||||||||
Forfeited | (171 | ) | 39.67 | |||||||||||
Granted (3) | 746 | 38.09 | ||||||||||||
Non-Vested at June 30, 2014 | 1,117 | 37.38 | ||||||||||||
-1 | The RSUs granted during the six months ended June 30, 2014 include 35 thousand one-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $39.35. | |||||||||||||
-2 | Non-vested performance shares are based on a maximum potential payout. Actual shares granted at the end of the performance period may be less than the maximum potential payout level depending on achievement of performance share objectives. Performance shares are based on certain annual management objectives, as determined by the Board of Directors. | |||||||||||||
-3 | The maximum performance shares granted during the six months ended June 30, 2014 include 455 thousand which vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.35. | |||||||||||||
As of June 30, 2014, there were 143 thousand director deferred shares vested and outstanding. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The effective tax rate on income was 29.5 percent for the three months ended June 30, 2014 and the effective tax rate on the loss was (307.6) percent for the three months ended June 30, 2013. The second quarter 2014 tax rate benefited from a $2,439 release of a valuation allowance against excess capital losses utilized against capital gains from the sale of Eras. The negative tax rate for 2013 is a result of tax expense of approximately $47,000 related to the repatriation of previously undistributed earnings and the establishment of a valuation allowance of approximately $39,200 on deferred tax assets in the Company’s Brazilian manufacturing facility, both of which occurred in the second quarter of 2013. | |
The effective tax rate on income was 34.1 percent for the six months ended June 30, 2014 and the effective tax rate on the loss was (177.0) percent for the six months ended June 30, 2013. The tax rate for the six months ended June 30, 2014 reflects tax on foreign entities not permanently reinvested and the negative impact from the December 31, 2013 expiration of the Federal Research and Development Tax Credit and the Look-Thru Rule for Related Controlled Foreign Corporations under Section 954(c)(6) of the Internal Revenue Code of 1986, as amended. | |
The Internal Revenue Service (IRS) completed its examination of the Company’s U.S. federal income tax returns for the years 2008-2010 and has issued a Revenue Agent’s Report (RAR) that includes various proposed adjustments, including adjustments related to transfer pricing. The net tax deficiency, excluding interest, associated with the RAR is $6,300 after net operating loss utilization. In May 2014, the Company filed a protest challenging proposed adjustments contained in the RAR and will pursue resolution of these issues with the Appeals Division of the IRS. The time frame for the appeals process has not yet been established. The Company believes it has adequately provided for any related uncertain tax positions. |
Investments
Investments | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
INVESTMENTS | ' | ||||||||||||
INVESTMENTS | |||||||||||||
The Company’s investments, primarily in Brazil, consist of certificates of deposit and U.S. dollar indexed bond funds, which are classified as available-for-sale and stated at fair value based upon quoted market prices and net asset values, respectively. Unrealized gains and losses are recorded in AOCI. Realized gains and losses are recognized in investment income and are determined using the specific identification method. Realized gains from the sale of securities were $682 and $106 for the three months ended June 30, 2014 and 2013, respectively, and $732 and $192 for the six months ended June 30, 2014 and 2013, respectively. Proceeds from the sale of available-for-sale securities were $31,047 and $8,790 during the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||
The Company’s investments, excluding cash surrender value of insurance contracts of $72,660 and $72,214 as of June 30, 2014 and December 31, 2013, respectively, consisted of the following: | |||||||||||||
Cost Basis | Unrealized (Loss) Gain | Fair Value | |||||||||||
As of June 30, 2014 | |||||||||||||
Short-term investments: | |||||||||||||
Certificates of deposit | $ | 144,273 | $ | — | $ | 144,273 | |||||||
U.S. dollar indexed bond funds | 8,963 | (266 | ) | 8,697 | |||||||||
$ | 153,236 | $ | (266 | ) | $ | 152,970 | |||||||
Long-term investments: | |||||||||||||
Assets held in a rabbi trust | $ | 9,285 | $ | 730 | $ | 10,015 | |||||||
As of December 31, 2013 | |||||||||||||
Short-term investments: | |||||||||||||
Certificates of deposit | $ | 215,010 | $ | — | $ | 215,010 | |||||||
U.S. dollar indexed bond funds | 25,263 | 2,715 | 27,978 | ||||||||||
$ | 240,273 | $ | 2,715 | $ | 242,988 | ||||||||
Long-term investments: | |||||||||||||
Assets held in a rabbi trust | $ | 10,085 | $ | 292 | $ | 10,377 | |||||||
Allowance_for_Credit_Losses
Allowance for Credit Losses | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ' | ||||||||||||
ALLOWANCE FOR CREDIT LOSSES | |||||||||||||
Trade Receivables The Company evaluates the collectability of trade receivables based on a percentage of sales related to historical loss experience. The Company will also record periodic adjustments for known events such as specific customer circumstances and changes in the aging of accounts receivable balances. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. | |||||||||||||
Financing Receivables The Company evaluates the collectability of notes and finance lease receivables (collectively, financing receivables) on a customer-by-customer basis and evaluates specific customer circumstances, aging of invoices, credit risk changes, payment patterns and historical loss experience. When the collectability is determined to be at risk based on the above criteria, the Company records the allowance for credit losses, which represents the Company’s current exposure less estimated reimbursement from insurance claims. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. | |||||||||||||
The following table summarizes the Company’s allowance for credit losses for the six months ended June 30, 2014 and 2013: | |||||||||||||
Finance | Notes | Total | |||||||||||
Leases | Receivable | ||||||||||||
Allowance for credit losses | |||||||||||||
Balance at January 1, 2014 | $ | 439 | $ | 4,134 | $ | 4,573 | |||||||
Provision for credit losses | 114 | — | 114 | ||||||||||
Write-offs | (227 | ) | — | (227 | ) | ||||||||
Balance at June 30, 2014 | $ | 326 | $ | 4,134 | $ | 4,460 | |||||||
Balance at January 1, 2013 | $ | 525 | $ | 2,047 | $ | 2,572 | |||||||
Provision for credit losses | 7 | — | 7 | ||||||||||
Recoveries | 3 | — | 3 | ||||||||||
Write-offs | (90 | ) | (2,047 | ) | (2,137 | ) | |||||||
Balance at June 30, 2013 | $ | 445 | $ | — | $ | 445 | |||||||
The Company's allowance of $4,460 and $445 at June 30, 2014 and 2013, respectively, all resulted from individual impairment evaluation. As of June 30, 2014, finance leases and notes receivable individually evaluated for impairment were $194,791 and $18,923, respectively. As of June 30, 2013, finance leases and notes receivable individually evaluated for impairment were $90,490 and $14,428, respectively. As of June 30, 2014 and December 31, 2013, the Company’s finance lease receivables in Brazil were $123,162 and $33,283, respectively. The increase related to customer financing arrangements within the education ministry. | |||||||||||||
The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. | |||||||||||||
As of June 30, 2014 and December 31, 2013, the recorded investment in past-due financing receivables on nonaccrual status was $1,287 and $1,670, respectively, and there were no recorded investments in finance receivables past due 90 days or more and still accruing interest. The recorded investment in impaired notes receivable was $4,134 as of June 30, 2014 and December 31, 2013 and was fully reserved. | |||||||||||||
The following table summarizes the Company’s aging of past-due notes receivable balances: | |||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
30-59 days past due | $ | — | $ | 85 | |||||||||
60-89 days past due | — | — | |||||||||||
> 89 days past due (1) | 759 | — | |||||||||||
Total past due | $ | 759 | $ | 85 | |||||||||
(1) Past-due notes receivable balances greater than 89 days as of June 30, 2014 are fully reserved. |
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
INVENTORIES | |||||||||
Major classes of inventories are summarized as follows: | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Finished goods | $ | 238,493 | $ | 167,577 | |||||
Service parts | 133,748 | 132,508 | |||||||
Raw materials and work in process | 109,073 | 76,377 | |||||||
Total inventories | $ | 481,314 | $ | 376,462 | |||||
Goodwill_and_Other_Assets
Goodwill and Other Assets | 6 Months Ended |
Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
GOODWILL AND OTHER ASSETS | ' |
GOODWILL AND OTHER ASSETS | |
Goodwill In 2013, goodwill was reviewed for impairment based on a two-step test. As a result of the 2013 Step I goodwill impairment test, the Company concluded the Asia Pacific (AP) reporting unit had excess fair value of approximately $23,000 or eight percent when compared to its carrying amount. The amount of goodwill in the Company’s AP reporting unit was $43,005 and $41,307 as of June 30, 2014 and December 31, 2013, respectively. As of December 31, 2013, the Domestic and Canada and Latin America (LA) reporting units had excess fair value significantly greater than their carrying amounts. There have been no impairment indicators identified during the six months ended June 30, 2014. | |
Other Assets Included in other assets are net capitalized software development costs of $37,018 and $40,235 as of June 30, 2014 and December 31, 2013, respectively. Amortization expense on capitalized software included in product cost of sales was $4,335 and $6,402 for the three months ended June 30, 2014 and 2013, respectively, and $8,924 and $11,251 for the six months ended June 30, 2014 and 2013, respectively. Other long-term assets also consist of patents, trademarks and other intangible assets. Where applicable, other assets are stated at cost and, if applicable, are amortized ratably over the relevant contract period or the estimated life of the assets. Fees to renew or extend the term of the Company’s intangible assets are expensed when incurred. | |
Impairment of long-lived assets is recognized when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss may be recognized at that time to reduce the asset to the lower of its fair value or its net book value. |
Debt
Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
DEBT | ' | ||||||||
DEBT | |||||||||
Outstanding debt balances were as follows: | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Notes payable: | |||||||||
Uncommitted lines of credit | $ | 62,281 | $ | 43,062 | |||||
Other | 824 | 729 | |||||||
$ | 63,105 | $ | 43,791 | ||||||
Long-term debt: | |||||||||
Credit facility | $ | 251,040 | $ | 239,000 | |||||
Senior notes | 225,000 | 225,000 | |||||||
Industrial development revenue bonds | 11,900 | 11,900 | |||||||
Other | 2,492 | 4,342 | |||||||
$ | 490,432 | $ | 480,242 | ||||||
As of June 30, 2014, the Company had various international short-term uncommitted lines of credit with borrowing limits of $124,595. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of June 30, 2014 and December 31, 2013 was 4.64 percent and 3.24 percent, respectively. The increase in the weighted-average interest rate is attributable to the change in mix of borrowings in foreign entities. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at June 30, 2014 was $62,314. | |||||||||
As of June 30, 2014, the Company had borrowing limits under its credit facility totaling $500,000, which expires in June 2016. Under the terms of the credit facility, the Company has the ability, subject to various approvals, to increase the borrowing limits by $250,000. Up to $50,000 of the revolving credit facility is available under a swing line sub-facility. The weighted-average interest rate on outstanding credit facility borrowings as of June 30, 2014 and December 31, 2013 was 1.37 percent and 1.36 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). The amount available under the credit facility as of June 30, 2014 was $248,960. | |||||||||
In March 2006, the Company issued senior notes in an aggregate principal amount of $300,000 with a weighted-average fixed interest rate of 5.50 percent. The Company entered into a derivative transaction to hedge interest rate risk on $200,000 of the senior notes, which was treated as a cash flow hedge. This reduced the effective interest rate from 5.50 percent to 5.36 percent. The Company funded the repayment of $75,000 of the senior notes at maturity in March 2013 using borrowings under its revolving credit facility. The maturity dates of the remaining senior notes are staggered, with $175,000 and $50,000 due in 2016 and 2018, respectively. | |||||||||
In 1997, industrial development revenue bonds were issued on behalf of the Company. The proceeds from the bond issuances were used to construct new manufacturing facilities in the United States. The Company guaranteed the payments of principal and interest on the bonds by obtaining letters of credit. The bonds were issued with a 20-year original term and are scheduled to mature in 2017. Each industrial development revenue bond carries a variable interest rate, which is reset weekly by the remarketing agents. The weighted-average interest rate on the bonds was 0.35 percent and 0.36 percent as of June 30, 2014 and December 31, 2013, respectively. | |||||||||
The Company’s financing agreements contain various restrictive financial covenants, including net debt to capitalization and net interest coverage ratios. As of June 30, 2014, the Company was in compliance with the financial and other covenants in its debt agreements. |
Benefit_Plans
Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
BENEFIT PLANS | ' | ||||||||||||||||
BENEFIT PLANS | |||||||||||||||||
The Company has qualified pension plans covering certain U.S. employees that have been closed to new participants since 2003. Plans that cover salaried employees provide pension benefits based on the employee’s compensation during the ten years before retirement. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees and union members generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations. Employees of the Company’s operations in countries outside of the United States participate to varying degrees in local pension plans, which in the aggregate are not significant. | |||||||||||||||||
The Company has non-qualified pension plans to provide supplemental retirement benefits to certain officers. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. During the first quarter of 2013, the Company recognized a curtailment loss of $1,159 within selling and administrative expense as a result of the departure of certain executive officers. | |||||||||||||||||
In July 2013, the Company's board of directors approved the freezing of certain pension and supplemental executive retirement plan benefits effective as of December 31, 2013 for U.S.-based salaried employees. | |||||||||||||||||
In addition to providing pension benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Eligible employees may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. Currently, the Company has made no commitments to increase these benefits for existing retirees or for employees who may become eligible for these benefits in the future. Currently there are no plan assets and the Company funds the benefits as the claims are paid. | |||||||||||||||||
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended June 30: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 732 | $ | 3,330 | $ | — | $ | — | |||||||||
Interest cost | 5,750 | 6,956 | 157 | 157 | |||||||||||||
Expected return on plan assets | (6,449 | ) | (8,802 | ) | — | — | |||||||||||
Amortization of prior service (benefit) cost | (39 | ) | 19 | (56 | ) | (122 | ) | ||||||||||
Recognized net actuarial loss | 756 | 5,435 | 50 | 105 | |||||||||||||
Net periodic pension benefit cost | $ | 750 | $ | 6,938 | $ | 151 | $ | 140 | |||||||||
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the six months ended June 30: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1,464 | $ | 6,661 | $ | — | $ | — | |||||||||
Interest cost | 11,500 | 13,913 | 314 | 314 | |||||||||||||
Expected return on plan assets | (12,898 | ) | (17,605 | ) | — | — | |||||||||||
Amortization of prior service (benefit) cost | (78 | ) | 37 | (113 | ) | (244 | ) | ||||||||||
Recognized net actuarial loss | 1,512 | 10,856 | 101 | 211 | |||||||||||||
Curtailment loss (1) | — | 1,159 | — | — | |||||||||||||
Net periodic pension benefit cost | $ | 1,500 | $ | 15,021 | $ | 302 | $ | 281 | |||||||||
(1) Curtailment loss during the six months ended June 30, 2013 resulted from the departure of certain executive officers and was recorded within selling and administrative expense in the condensed consolidated statement of operations. | |||||||||||||||||
Contributions | |||||||||||||||||
The Company is considering making voluntary contributions to its qualified pension plans of approximately $5,000 to $7,500 by the end of 2015. For the six months ended June 30, 2014 and 2013, contributions of $2,813 and $1,597, respectively, were made to the qualified and non-qualified pension plans. |
Guarantees_and_Product_Warrant
Guarantees and Product Warranties | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
GUARANTEES AND PRODUCT WARRANTIES | ' | ||||||||
GUARANTEES AND PRODUCT WARRANTIES | |||||||||
In 1997, industrial development revenue bonds were issued on behalf of the Company. The Company guaranteed the payments of principal and interest on the bonds (refer to note 11) by obtaining letters of credit. The carrying value of the bonds was $11,900 as of June 30, 2014 and December 31, 2013. | |||||||||
The Company provides its global operations guarantees and standby letters of credit through various financial institutions for suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payment or fulfill contractual obligations, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At June 30, 2014, the maximum future payment obligations related to these various guarantees totaled $93,042, of which $27,985 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2013, the maximum future payment obligations relative to these various guarantees totaled $87,104, of which $26,035 represented standby letters of credit to insurance providers, and no associated liability was recorded. | |||||||||
The Company provides its customers a manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. | |||||||||
Changes in the Company’s warranty liability balance are illustrated in the following table: | |||||||||
2014 | 2013 | ||||||||
Balance at January 1 | $ | 83,199 | $ | 81,751 | |||||
Current period accruals (1) | 35,983 | 16,105 | |||||||
Current period settlements | (25,184 | ) | (24,429 | ) | |||||
Balance at June 30 | $ | 93,998 | $ | 73,427 | |||||
(1) Includes the impact of foreign exchange rate fluctuations. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Contractual Obligations | |
At June 30, 2014, the Company had purchase commitments due within one year of $9,622 for materials through contract manufacturing agreements at negotiated prices. | |
Indirect Tax Contingencies | |
The Company accrues non income-tax liabilities for indirect tax matters when management believes that a loss is probable and | |
the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are | |
sustained in excess of accruals, they are charged against income. In evaluating indirect tax matters, management takes into consideration factors such as historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. Management evaluates and updates accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to the Company and could require recognizing future expenditures. Also, statutes of limitations could expire without the Company paying the taxes for matters for which accruals have been established, which could result in the recognition of future gains upon reversal of these accruals at that time. | |
At June 30, 2014, the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normal course of business, none of which individually or in the aggregate is considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the condensed consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims. | |
In addition to these routine indirect tax matters, the Company was a party to the proceedings described below: | |
In August 2012, one of the Company's Brazilian subsidiaries was notified of a tax assessment of approximately R$270,000, including penalties and interest, regarding certain Brazilian federal indirect taxes (Industrialized Products Tax, Import Tax, Programa de Integração Social and Contribution to Social Security Financing) for 2008 and 2009. The assessment alleges improper importation of certain components into Brazil's free trade zone that would nullify certain indirect tax incentives. On September 10, 2012, the Company filed its administrative defenses with the tax authorities. This proceeding is currently pending an administrative level decision, which could negatively impact Brazilian federal indirect taxes in other years that remain open under statute. It is reasonably possible that the Company could be required to pay taxes, penalties and interest related to this matter, which could be material to the Company's condensed consolidated financial statements. Additionally, in May 2013, the U.S. Securities and Exchange Commission (SEC) requested that the Company retain certain documents and produce certain records relating to the assessment, and the Company is complying with that request. | |
In response to an order by the administrative court, the tax inspector provided further analysis with respect to the initial assessment in December 2013 that, if accepted by the administrative court, could indicate a potential exposure that is significantly lower than the initial tax assessment received in August 2012. However, this further analysis is not binding upon the administrative court and is subject to administrative court approval. Additionally, any decision by the administrative court is subject to automatic appeal. Accordingly, the Company cannot provide any assurance that its exposure pursuant to the initial assessment will be lowered significantly or at all. The Company has filed additional administrative defenses in response to the tax inspector’s further analysis. | |
In addition, the Company is challenging a customs ruling in Thailand seeking to retroactively collect customs duties on previous imports of ATMs. Management believes that the customs authority’s attempt to retroactively assess customs duties is in contravention of World Trade Organization agreements and, accordingly, is challenging the ruling. In July 2014, the Central Tax Court in Thailand dismissed the Company’s complaint; however, the Company will be appealing this decision, and management continues to believe that the Company has a strong position for supporting its challenge. Accordingly, the Company has not accrued any amount for this contingency; however, the Company cannot provide any assurance that it will not ultimately be subject to a retroactive assessment. | |
At June 30, 2014 and December 31, 2013, the Company had an accrual of approximately $26,000 related to the Brazilian indirect tax matter disclosed above. | |
A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although management believes the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated accrual, for which the Company estimated the aggregate risk at June 30, 2014 to be up to approximately $395,000 for its material indirect tax matters, of which approximately $355,000 and $26,000, respectively, relates to the Brazilian indirect tax matter and Thailand customs matter disclosed above. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. | |
Legal Contingencies | |
At June 30, 2014, the Company was a party to several lawsuits that were incurred in the normal course of business, none of which individually or in the aggregate is considered material by management in relation to the Company’s financial position or results of operations. In addition, the Company has indemnification obligations with certain former employees, and costs associated with these indemnifications are expensed as incurred. In management’s opinion, the Company's condensed consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||
The Company uses derivatives to mitigate the economic consequences associated with fluctuations in currencies and interest rates. | |||||||||||||||||
Foreign Exchange | |||||||||||||||||
Net Investment Hedges The Company has international subsidiaries with net balance sheet positions that generate cumulative translation adjustments within AOCI. The Company uses derivatives to manage potential changes in value of its net investments in Brazil. The Company uses the forward-to-forward method for its quarterly retrospective and prospective assessments of hedge effectiveness. No ineffectiveness results if the notional amount of the derivative matches the portion of the net investment designated as being hedged because the Company uses derivative instruments with underlying exchange rates consistent with its functional currency and the functional currency of the hedged net investment. Changes in value that are deemed effective are accumulated in AOCI where they will remain until they are reclassified to income together with the gain or loss on the entire investment upon substantial liquidation of the subsidiary. The fair value of the Company’s net investment hedge contracts was $(785) and $313 as of June 30, 2014 and December 31, 2013, respectively. The net (loss) gain recognized in AOCI on net investment hedge derivative instruments was $(3,038) and $3,818 in the three months ended June 30, 2014 and 2013, respectively, and $(5,495) and $4,105 in the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Non-Designated Hedges A substantial portion of the Company’s operations and revenues are international. As a result, changes in foreign exchange rates can create substantial foreign exchange gains and losses from the revaluation of non-functional currency monetary assets and liabilities. The Company’s policy allows the use of foreign exchange forward contracts with maturities of up to 24 months to mitigate the impact of currency fluctuations on those foreign currency asset and liability balances. The Company elected not to apply hedge accounting to its foreign exchange forward contracts. Thus, spot-based gains/losses offset revaluation gains/losses within foreign exchange gain (loss), net and forward-based gains/losses represent interest expense. The fair value of the Company’s non-designated foreign exchange forward contracts was $(668) and $705 as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
The following table summarizes the (loss) gain recognized on non-designated foreign-exchange derivative instruments for the three and six months ended June 30: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | (1,538 | ) | $ | (1,812 | ) | $ | (2,969 | ) | $ | (2,627 | ) | |||||
Foreign exchange gain (loss), net | 360 | 9,553 | 1,591 | 10,955 | |||||||||||||
$ | (1,178 | ) | $ | 7,741 | $ | (1,378 | ) | $ | 8,328 | ||||||||
Interest Rate | |||||||||||||||||
Cash Flow Hedges The Company has variable rate debt that is subject to fluctuations in interest related cash flows due to changes in market interest rates. The Company’s policy allows derivative instruments designated as cash flow hedges that fix a portion of future variable-rate interest expense. As of June 30, 2014, the Company had two pay-fixed receive-variable interest rate swaps, with a total notional amount of $50,000, to hedge against changes in the LIBOR benchmark interest rate on a portion of the Company’s LIBOR-based borrowings. Changes in value that are deemed effective are accumulated in AOCI and reclassified to interest expense when the hedged interest is accrued. To the extent that it becomes probable that the Company’s variable rate borrowings will not occur, the gains or losses on the related cash flow hedges will be reclassified from AOCI to interest expense. The fair value of the Company’s interest rate contracts was $(1,839) and $(2,351) as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
In December 2005 and January 2006, the Company executed cash flow hedges by entering into receive-variable and pay-fixed interest rate swaps, with a total notional amount of $200,000, related to the senior notes issuance in March 2006. Amounts previously recorded in AOCI related to the pre-issuance cash flow hedges will continue to be reclassified on a straight-line basis through February 2016. | |||||||||||||||||
The gain recognized on designated cash flow hedge derivative instruments was $224 and $518 for the three months ended June 30, 2014 and 2013, respectively, and $491 and $834 for the six months ended June 30, 2014 and 2013, respectively. Gains and losses related to interest rate contracts that are reclassified from AOCI are recorded in interest expense on the statements of operations. The Company anticipates reclassifying $959 from AOCI to interest expense within the next 12 months. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
RESTRUCTURING AND OTHER CHARGES | ' | ||||||||||||||||
RESTRUCTURING AND OTHER CHARGES | |||||||||||||||||
Restructuring Charges | |||||||||||||||||
The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales – services | $ | 139 | $ | 4,235 | $ | 839 | $ | 6,859 | |||||||||
Cost of sales – products | 54 | 78 | 68 | 217 | |||||||||||||
Selling and administrative expense | 487 | 1,629 | 4,952 | 7,516 | |||||||||||||
Research, development and engineering expense | 16 | 1,613 | (26 | ) | 2,466 | ||||||||||||
Total | $ | 696 | $ | 7,555 | $ | 5,833 | $ | 17,058 | |||||||||
The following table summarizes the Company’s restructuring charges by reporting segment: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Severance | |||||||||||||||||
North America (NA) | $ | 559 | $ | 3,883 | $ | 2,697 | $ | 13,411 | |||||||||
Asia Pacific (AP) | 52 | 604 | 307 | 604 | |||||||||||||
Europe, Middle East and Africa (EMEA) | (10 | ) | 355 | 587 | 257 | ||||||||||||
Latin America (LA) | — | — | 1,242 | — | |||||||||||||
Brazil | 32 | 2,634 | 937 | 2,646 | |||||||||||||
Total Severance | 633 | 7,476 | 5,770 | 16,918 | |||||||||||||
Other | |||||||||||||||||
EMEA | 63 | 79 | 63 | 140 | |||||||||||||
Total Other | 63 | 79 | 63 | 140 | |||||||||||||
Total | $ | 696 | $ | 7,555 | $ | 5,833 | $ | 17,058 | |||||||||
During the first quarter of 2013, the Company announced a multi-year realignment plan. Certain aspects of this plan were previously disclosed under the Company's global realignment plan and global shared services plan. This multi-year realignment focuses on globalizing the Company's service organization and creating a unified center-led global organization for research and development, as well as transforming the Company's general and administrative cost structure. Restructuring charges of $696 and $7,555 for the three months ended June 30, 2014 and 2013, respectively, and $5,833 and $17,058 for the six months ended June 30, 2014 and 2013, respectively, related to the Company's multi-year realignment plan. Restructuring charges for the six months ended June 30, 2014 primarily related to a business process outsourcing initiative. As of June 30, 2014, the Company anticipates additional restructuring costs of $7,500 to $10,000 to be incurred through the end of 2014, primarily within NA and EMEA. As management finalizes certain aspects of the realignment plan, the anticipated future costs related to this plan are subject to change. As of June 30, 2014, cumulative total restructuring costs for the multi-year realignment plan were $62,849, $2,866, $5,534, $1,694 and $8,635 in NA, AP, EMEA, LA and Brazil, respectively. | |||||||||||||||||
The following table summarizes the Company’s restructuring accrual balances and related activity: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at January 1 | $ | 35,289 | $ | 11,844 | |||||||||||||
Liabilities incurred | 5,833 | 17,058 | |||||||||||||||
Liabilities paid/settled | (33,123 | ) | (17,788 | ) | |||||||||||||
Balance at June 30 | $ | 7,999 | $ | 11,114 | |||||||||||||
Other Charges | |||||||||||||||||
Other charges consist of items that the Company has determined are non-routine in nature and are not expected to recur in future operations. Net non-routine income (expenses) of $11,074 and $(54,386) impacted the six months ended June 30, 2014 and 2013, respectively. Non-routine income for the first six months of 2014 related primarily to a $13,709 pre-tax gain from the sale of the Eras, recognized in gain on sale of assets, net in the condensed consolidated statements of operations. Non-routine expenses for the first six months of 2013 included $28,000 of additional pre-tax losses related to the settlement of the global Foreign Corrupt Practices Act investigation, a $17,500 pre-tax charge related to settlement of the securities legal action and executive severance costs, including accelerated share-based compensation expense of $2,982 (pre-tax) all recognized in selling and administrative expense, partially offset by non-routine income of $2,191 related to a pre-tax gain from the sale of certain U.S. manufacturing operations to a long-time supplier recognized in gain on sale of assets, net in the condensed consolidated statements of operations. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | ' | ||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | |||||||||||||||||||||||||
The Company measures its financial assets and liabilities using one or more of the following three valuation techniques: | |||||||||||||||||||||||||
Market approach – Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | |||||||||||||||||||||||||
Cost approach – Amount that would be required to replace the service capacity of an asset (replacement cost). | |||||||||||||||||||||||||
Income approach – Techniques to convert future amounts to a single present amount based upon market expectations. | |||||||||||||||||||||||||
The hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels: | |||||||||||||||||||||||||
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2 – Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs, other than quoted prices in active markets, that are observable either directly or indirectly. | |||||||||||||||||||||||||
Level 3 – Unobservable inputs for which there is little or no market data. | |||||||||||||||||||||||||
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | |||||||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value | |||||||||||||||||||||||||
Assets and liabilities subject to fair value measurement are as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Fair Value | Level 1 | Level 2 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Certificates of deposit | $ | 144,273 | $ | 144,273 | $ | — | $ | 215,010 | $ | 215,010 | $ | — | |||||||||||||
U.S. dollar indexed bond funds | 8,697 | — | 8,697 | 27,978 | — | 27,978 | |||||||||||||||||||
Assets held in rabbi trusts | 10,015 | 10,015 | — | 10,377 | 10,377 | — | |||||||||||||||||||
Foreign exchange forward contracts | 217 | — | 217 | 1,382 | — | 1,382 | |||||||||||||||||||
Total | $ | 163,202 | $ | 154,288 | $ | 8,914 | $ | 254,747 | $ | 225,387 | $ | 29,360 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Deferred compensation | $ | 10,015 | $ | 10,015 | $ | — | $ | 10,377 | $ | 10,377 | $ | — | |||||||||||||
Foreign exchange forward contracts | 1,670 | — | 1,670 | 364 | — | 364 | |||||||||||||||||||
Interest rate swaps | 1,839 | — | 1,839 | 2,351 | — | 2,351 | |||||||||||||||||||
Total | $ | 13,524 | $ | 10,015 | $ | 3,509 | $ | 13,092 | $ | 10,377 | $ | 2,715 | |||||||||||||
The Company uses the end of period when determining the timing of transfers between levels. During the six months ended June 30, 2014, there were no transfers between levels. | |||||||||||||||||||||||||
Short-Term Investments The Company has investments in certificates of deposit that are recorded at cost, which approximates fair value. Additionally, the Company has investments in U.S. dollar indexed bond funds that are classified as available-for-sale and stated at fair value. U.S. dollar indexed bond funds are reported at net asset value, which is the practical expedient for fair value as determined by banks where funds are held. | |||||||||||||||||||||||||
Assets Held in Rabbi Trusts / Deferred Compensation The fair value of the assets held in rabbi trusts (refer to note 7) are derived from investments in a mix of money market, fixed income and equity funds managed by Bank of America/Merrill Lynch. The related deferred compensation liability is recorded at fair value. | |||||||||||||||||||||||||
Foreign Exchange Forward Contracts A substantial portion of the Company’s operations and revenues are international. As a result, changes in foreign exchange rates can create substantial foreign exchange gains and losses from the revaluation of non-functional currency monetary assets and liabilities. The foreign exchange contracts are valued using the market approach based on observable market transactions of forward rates. | |||||||||||||||||||||||||
Interest Rate Swaps The Company has variable rate debt and is subject to fluctuations in interest-related cash flows due to changes in market interest rates. The Company’s policy allows it to periodically enter into derivative instruments designated as cash flow hedges to fix some portion of future variable rate-based interest expense. The Company executed two pay-fixed receive-variable interest rate swap to hedge against changes in the LIBOR benchmark interest rate on a portion of the Company’s LIBOR-based borrowings. The fair value of the swap is determined using the income approach and is calculated based on LIBOR rates at the reporting date. | |||||||||||||||||||||||||
Assets and Liabilities Not Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including goodwill, intangible assets and property, plant and equipment, are measured at fair value when there is an indication of impairment. These assets are recorded at fair value, determined using level 3 inputs, only when an impairment charge is recognized. | |||||||||||||||||||||||||
Assets and Liabilities Recorded at Carrying Value | |||||||||||||||||||||||||
The fair value of the Company’s cash and cash equivalents, trade receivables and accounts payable, approximates the carrying value due to the relative short maturity of these instruments. | |||||||||||||||||||||||||
The fair value and carrying value of the Company’s debt instruments are summarized as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value | Carrying | Fair Value | Carrying | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Notes payable | $ | 63,105 | $ | 63,105 | $ | 43,791 | $ | 43,791 | |||||||||||||||||
Long-term debt | 499,900 | 490,432 | 489,499 | 480,242 | |||||||||||||||||||||
Total debt instruments | $ | 563,005 | $ | 553,537 | $ | 533,290 | $ | 524,033 | |||||||||||||||||
The fair value of the Company’s industrial development revenue bonds are measured using unadjusted quoted prices in active markets for identical assets categorized as level 1 inputs. The fair value of the Company’s current notes payable and credit facility debt instruments approximates the carrying value due to the relative short maturity of the revolving borrowings under these instruments. The fair values of the Company’s long-term senior notes were estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets, market indices and interest rate measurements, considered level 2 inputs. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
The Company’s segments are comprised of five geographic segments: NA, AP, EMEA, LA and Brazil. The five geographic segments sell and service financial self-service and security systems around the globe, as well as elections, lottery and information technology solutions in Brazil, through wholly-owned subsidiaries, majority-owned joint ventures and independent distributors in most major countries. | |||||||||||||||||
Certain information not routinely used in the management of the segments, information not allocated back to the segments or information that is impractical to report is not shown. Total assets are not allocated to segments and are not included in the assessment of segment performance and therefore are excluded from the segment information disclosed below. | |||||||||||||||||
The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit (loss) and the condensed consolidated financial statements: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue summary by segment | |||||||||||||||||
NA | $ | 345,978 | $ | 368,386 | $ | 663,473 | $ | 699,241 | |||||||||
AP | 119,355 | 118,375 | 226,491 | 230,558 | |||||||||||||
EMEA | 118,341 | 84,549 | 202,455 | 150,617 | |||||||||||||
LA | 43,490 | 58,591 | 92,440 | 104,283 | |||||||||||||
Brazil | 106,293 | 77,212 | 236,891 | 155,925 | |||||||||||||
Total customer revenues | $ | 733,457 | $ | 707,113 | $ | 1,421,750 | $ | 1,340,624 | |||||||||
Intersegment revenues | |||||||||||||||||
NA | $ | 17,907 | $ | 19,544 | $ | 33,289 | $ | 38,342 | |||||||||
AP | 23,364 | 23,284 | 47,209 | 39,420 | |||||||||||||
EMEA | 12,799 | 10,305 | 19,843 | 26,198 | |||||||||||||
LA | 121 | 3 | 245 | 3 | |||||||||||||
Total intersegment revenues | $ | 54,191 | $ | 53,136 | $ | 100,586 | $ | 103,963 | |||||||||
Segment operating profit (loss) | |||||||||||||||||
NA | $ | 70,964 | $ | 61,098 | $ | 129,194 | $ | 107,175 | |||||||||
AP | 13,277 | 15,933 | 30,056 | 29,640 | |||||||||||||
EMEA | 21,993 | 9,457 | 33,329 | 13,749 | |||||||||||||
LA | 5,064 | 7,284 | 6,600 | 12,554 | |||||||||||||
Brazil | 3,654 | (382 | ) | 13,646 | (1,534 | ) | |||||||||||
Total segment operating profit | $ | 114,952 | $ | 93,390 | $ | 212,825 | $ | 161,584 | |||||||||
Corporate charges not allocated to segments (1) | (69,202 | ) | (63,265 | ) | (137,585 | ) | (127,678 | ) | |||||||||
Restructuring charges | (696 | ) | (7,555 | ) | (5,833 | ) | (17,058 | ) | |||||||||
Net non-routine income (expense) | 12,148 | (46,192 | ) | 11,074 | (54,386 | ) | |||||||||||
(57,750 | ) | (117,012 | ) | (132,344 | ) | (199,122 | ) | ||||||||||
Operating profit (loss) | $ | 57,202 | $ | (23,622 | ) | $ | 80,481 | $ | (37,538 | ) | |||||||
(1) Corporate charges not allocated to segments include headquarter-based costs associated with manufacturing administration, procurement, human resources, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Segment depreciation and amortization expense | |||||||||||||||||
NA | $ | 2,693 | $ | 3,943 | $ | 5,132 | $ | 6,980 | |||||||||
AP | 1,894 | 1,885 | 3,752 | 3,767 | |||||||||||||
EMEA | 868 | 924 | 2,103 | 1,915 | |||||||||||||
LA | 773 | 907 | 1,534 | 1,754 | |||||||||||||
Brazil | 2,718 | 2,254 | 3,872 | 4,429 | |||||||||||||
Total segment depreciation and amortization expense | 8,946 | 9,913 | 16,393 | 18,845 | |||||||||||||
Corporate depreciation and amortization expense | 10,093 | 12,450 | 20,326 | 23,349 | |||||||||||||
Total depreciation and amortization expense | $ | 19,039 | $ | 22,363 | $ | 36,719 | $ | 42,194 | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Segment property, plant and equipment, at cost | |||||||||||||||||
NA | $ | 124,303 | $ | 137,669 | |||||||||||||
AP | 49,273 | 46,117 | |||||||||||||||
EMEA | 40,766 | 40,715 | |||||||||||||||
LA | 25,174 | 24,470 | |||||||||||||||
Brazil | 61,445 | 65,148 | |||||||||||||||
Total segment property, plant and equipment, at cost | 300,961 | 314,119 | |||||||||||||||
Corporate property plant and equipment, at cost, not allocated to segments | 298,534 | 284,975 | |||||||||||||||
Total property, plant and equipment, at cost | $ | 599,495 | $ | 599,094 | |||||||||||||
The following table presents information regarding the Company’s revenue by service and product solution: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Revenue summary by service and product solution | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Financial self-service: | |||||||||||||||||
Services | $ | 306,182 | $ | 303,171 | $ | 591,137 | $ | 583,454 | |||||||||
Products | 236,691 | 241,825 | 418,268 | 447,943 | |||||||||||||
Total financial self-service | 542,873 | 544,996 | 1,009,405 | 1,031,397 | |||||||||||||
Security: | |||||||||||||||||
Services | 103,637 | 110,054 | 202,061 | 211,989 | |||||||||||||
Products | 49,455 | 39,551 | 93,406 | 74,868 | |||||||||||||
Total security | 153,092 | 149,605 | 295,467 | 286,857 | |||||||||||||
Total financial self-service & security | 695,965 | 694,601 | 1,304,872 | 1,318,254 | |||||||||||||
Brazil other | 37,492 | 12,512 | 116,878 | 22,370 | |||||||||||||
$ | 733,457 | $ | 707,113 | $ | 1,421,750 | $ | 1,340,624 | ||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On July 1, 2014, the Company acquired 100 percent of the equity interests of Cryptera A/S (Cryptera), a supplier of the Company's encrypting PIN pad technology and a world leader in the research and development of secure payment technologies. This acquisition is expected to position the Company as a significant original equipment manufacturer of secure payment technologies and is expected to allow the Company to own more of the intellectual property related to its ATMs. The total purchase price was approximately $13,000, including a ten percent deferred cash payment payable on the first anniversary of the acquisition. The results of operations for Cryptera will be included in the EMEA segment within the Company' s condensed consolidated financial statements from the date of acquisition. |
Allowance_for_Credit_Losses_Po
Allowance for Credit Losses (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Loans and leases receivable | ' |
The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of earnings per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | ' | ||||||||||||||||
The following represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) used in basic and diluted earnings per share: | |||||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 41,635 | $ | (105,035 | ) | $ | 51,441 | $ | (118,481 | ) | |||||||
Denominator (in thousands): | |||||||||||||||||
Weighted-average number of common shares used in basic earnings per share | 64,588 | 63,700 | 64,424 | 63,509 | |||||||||||||
Effect of dilutive shares (1) | 636 | — | 594 | — | |||||||||||||
Weighted-average number of shares used in diluted earnings per share | 65,224 | 63,700 | 65,018 | 63,509 | |||||||||||||
Net income (loss) attributable to Diebold, Incorporated: | |||||||||||||||||
Basic earnings (loss) per share | $ | 0.64 | $ | (1.65 | ) | $ | 0.8 | $ | (1.87 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.64 | $ | (1.65 | ) | $ | 0.79 | $ | (1.87 | ) | |||||||
Anti-dilutive shares (in thousands): | |||||||||||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 1,022 | 2,538 | 1,214 | 2,598 | |||||||||||||
(1) Incremental shares of 447 thousand and 505 thousand were excluded from the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2013, respectively, because their effect is anti-dilutive due to the net loss attributable to Diebold, Incorporated. |
Equity_Tables
Equity (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests | ' | ||||||||||||||||
The following table presents changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Diebold, Incorporated shareholders' equity | |||||||||||||||||
Balance at beginning of period | $ | 610,251 | $ | 802,859 | $ | 596,764 | $ | 809,963 | |||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | 50,668 | (151,603 | ) | 68,420 | (152,777 | ) | |||||||||||
Common shares | 148 | 178 | 721 | 723 | |||||||||||||
Additional capital | 8,770 | 5,961 | 23,892 | 19,589 | |||||||||||||
Treasury shares | (248 | ) | (283 | ) | (1,555 | ) | (1,968 | ) | |||||||||
Dividends paid | (18,751 | ) | (18,501 | ) | (37,404 | ) | (36,919 | ) | |||||||||
Balance at end of period | $ | 650,838 | $ | 638,611 | $ | 650,838 | $ | 638,611 | |||||||||
Noncontrolling interests | |||||||||||||||||
Balance at beginning of period | $ | 17,036 | $ | 31,536 | $ | 24,051 | $ | 35,348 | |||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 1,519 | 1,429 | (3,988 | ) | 1,081 | ||||||||||||
Distributions to noncontrolling interest holders | (650 | ) | — | (2,158 | ) | (3,464 | ) | ||||||||||
Balance at end of period | $ | 17,905 | $ | 32,965 | $ | 17,905 | $ | 32,965 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||
The following table summarizes the changes in the Company’s accumulated other comprehensive loss (AOCI), net of tax, by component for the three months ended June 30, 2014: | |||||||||||||||||||||||||||||
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Unrealized Gain (Loss) on Securities, Net | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 7,621 | $ | (3,481 | ) | $ | (843 | ) | $ | (51,565 | ) | $ | 1,613 | $ | 280 | $ | (46,375 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications (1) | 11,330 | (1,975 | ) | 145 | — | (433 | ) | — | 9,067 | ||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (52 | ) | 463 | (445 | ) | — | (34 | ) | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 11,330 | (1,975 | ) | 93 | 463 | (878 | ) | — | 9,033 | ||||||||||||||||||||
Balance at June 30, 2014 | $ | 18,951 | $ | (5,456 | ) | $ | (750 | ) | $ | (51,102 | ) | $ | 735 | $ | 280 | $ | (37,342 | ) | |||||||||||
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $23 of translation attributable to noncontrolling interests. | |||||||||||||||||||||||||||||
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the six months ended June 30, 2014: | |||||||||||||||||||||||||||||
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Unrealized Gain (Loss) on Securities, Net | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at January 1, 2014 | $ | (2,409 | ) | $ | (1,884 | ) | $ | (960 | ) | $ | (52,027 | ) | $ | 2,679 | $ | 280 | $ | (54,321 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications (1) | 21,360 | (3,572 | ) | 319 | — | (1,467 | ) | — | 16,640 | ||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (109 | ) | 925 | (477 | ) | — | 339 | ||||||||||||||||||||
Net current-period other comprehensive income (loss) | 21,360 | (3,572 | ) | 210 | 925 | (1,944 | ) | — | 16,979 | ||||||||||||||||||||
Balance at June 30, 2014 | $ | 18,951 | $ | (5,456 | ) | $ | (750 | ) | $ | (51,102 | ) | $ | 735 | $ | 280 | $ | (37,342 | ) | |||||||||||
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $(554) of translation attributable to noncontrolling interests. | |||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||||
The following table summarizes the details about amounts reclassified from AOCI: | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||||
Amount Reclassified from AOCI | Amount Reclassified from AOCI | Affected Line Item in the Statement of Operations | |||||||||||||||||||||||||||
Interest rate hedges (net of tax of $(28) and $(58), respectively) | (52 | ) | (109 | ) | Interest expense | ||||||||||||||||||||||||
Pension and post-retirement benefits: | |||||||||||||||||||||||||||||
Net actuarial loss amortization (net of tax of $282 and $564, respectively) | 524 | 1,049 | -1 | ||||||||||||||||||||||||||
Net prior service benefit amortization (net of tax of $(34) and $(67), respectively) | (61 | ) | (124 | ) | -1 | ||||||||||||||||||||||||
463 | 925 | ||||||||||||||||||||||||||||
Unrealized gain on securities, net (net of tax of $(237) and $(255), respectively) | (445 | ) | (477 | ) | Investment income | ||||||||||||||||||||||||
Total reclassifications for the period | $ | (34 | ) | $ | 339 | ||||||||||||||||||||||||
(1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12 to the condensed consolidated financial statements). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | ' | |||||||||||||
Options outstanding and exercisable as of June 30, 2014 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of April 13, 2009) (the 1991 Plan) and changes during the six months ended June 30, 2014, were as follows: | ||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value (1) | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(in thousands) | (per share) | (in years) | ||||||||||||
Outstanding at January 1, 2014 | 1,954 | $ | 39.63 | |||||||||||
Expired or forfeited | (329 | ) | 51.83 | |||||||||||
Exercised | (431 | ) | 33.05 | |||||||||||
Granted | 446 | 34.13 | ||||||||||||
Outstanding at June 30, 2014 | 1,640 | 37.19 | 6 | $ | 8,703 | |||||||||
Options exercisable at June 30, 2014 | 909 | 40.18 | 4 | 3,798 | ||||||||||
Options vested and expected to vest at June 30, 2014 (2) | 1,613 | 37.26 | 6 | 8,505 | ||||||||||
-1 | The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the second quarter of 2014 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on June 30, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. | |||||||||||||
-2 | The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. | |||||||||||||
Summarized information on unvested restricted stock units (RSUs), performance shares and deferred shares | ' | |||||||||||||
The following table summarizes information on non-vested RSUs and performance shares for the six months ended June 30, 2014: | ||||||||||||||
Number of | Weighted-Average | |||||||||||||
Shares | Grant-Date Fair | |||||||||||||
Value | ||||||||||||||
(in thousands) | ||||||||||||||
RSUs: | ||||||||||||||
Non-Vested at January 1, 2014 | 499 | $ | 32.28 | |||||||||||
Forfeited | (40 | ) | 32.99 | |||||||||||
Vested | (131 | ) | 32.77 | |||||||||||
Granted (1) | 299 | 34.98 | ||||||||||||
Non-Vested at June 30, 2014 | 627 | 33.42 | ||||||||||||
Performance Shares (2): | ||||||||||||||
Non-Vested at January 1, 2014 | 542 | $ | 37.1 | |||||||||||
Forfeited | (171 | ) | 39.67 | |||||||||||
Granted (3) | 746 | 38.09 | ||||||||||||
Non-Vested at June 30, 2014 | 1,117 | 37.38 | ||||||||||||
-1 | The RSUs granted during the six months ended June 30, 2014 include 35 thousand one-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $39.35. | |||||||||||||
-2 | Non-vested performance shares are based on a maximum potential payout. Actual shares granted at the end of the performance period may be less than the maximum potential payout level depending on achievement of performance share objectives. Performance shares are based on certain annual management objectives, as determined by the Board of Directors. | |||||||||||||
-3 | The maximum performance shares granted during the six months ended June 30, 2014 include 455 thousand which vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.35. |
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
The Company’s investments, excluding cash surrender value of insurance contracts of $72,660 and $72,214 as of June 30, 2014 and December 31, 2013, respectively, consisted of the following: | |||||||||||||
Cost Basis | Unrealized (Loss) Gain | Fair Value | |||||||||||
As of June 30, 2014 | |||||||||||||
Short-term investments: | |||||||||||||
Certificates of deposit | $ | 144,273 | $ | — | $ | 144,273 | |||||||
U.S. dollar indexed bond funds | 8,963 | (266 | ) | 8,697 | |||||||||
$ | 153,236 | $ | (266 | ) | $ | 152,970 | |||||||
Long-term investments: | |||||||||||||
Assets held in a rabbi trust | $ | 9,285 | $ | 730 | $ | 10,015 | |||||||
As of December 31, 2013 | |||||||||||||
Short-term investments: | |||||||||||||
Certificates of deposit | $ | 215,010 | $ | — | $ | 215,010 | |||||||
U.S. dollar indexed bond funds | 25,263 | 2,715 | 27,978 | ||||||||||
$ | 240,273 | $ | 2,715 | $ | 242,988 | ||||||||
Long-term investments: | |||||||||||||
Assets held in a rabbi trust | $ | 10,085 | $ | 292 | $ | 10,377 | |||||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ||||||||||||
Allowance for credit losses | ' | ||||||||||||
The following table summarizes the Company’s allowance for credit losses for the six months ended June 30, 2014 and 2013: | |||||||||||||
Finance | Notes | Total | |||||||||||
Leases | Receivable | ||||||||||||
Allowance for credit losses | |||||||||||||
Balance at January 1, 2014 | $ | 439 | $ | 4,134 | $ | 4,573 | |||||||
Provision for credit losses | 114 | — | 114 | ||||||||||
Write-offs | (227 | ) | — | (227 | ) | ||||||||
Balance at June 30, 2014 | $ | 326 | $ | 4,134 | $ | 4,460 | |||||||
Balance at January 1, 2013 | $ | 525 | $ | 2,047 | $ | 2,572 | |||||||
Provision for credit losses | 7 | — | 7 | ||||||||||
Recoveries | 3 | — | 3 | ||||||||||
Write-offs | (90 | ) | (2,047 | ) | (2,137 | ) | |||||||
Balance at June 30, 2013 | $ | 445 | $ | — | $ | 445 | |||||||
Aging of past-due notes receivable | ' | ||||||||||||
The following table summarizes the Company’s aging of past-due notes receivable balances: | |||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
30-59 days past due | $ | — | $ | 85 | |||||||||
60-89 days past due | — | — | |||||||||||
> 89 days past due (1) | 759 | — | |||||||||||
Total past due | $ | 759 | $ | 85 | |||||||||
(1) Past-due notes receivable balances greater than 89 days as of June 30, 2014 are fully reserved. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Major classes of inventories | ' | ||||||||
Major classes of inventories are summarized as follows: | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Finished goods | $ | 238,493 | $ | 167,577 | |||||
Service parts | 133,748 | 132,508 | |||||||
Raw materials and work in process | 109,073 | 76,377 | |||||||
Total inventories | $ | 481,314 | $ | 376,462 | |||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Outstanding Debt Balances | ' | ||||||||
Outstanding debt balances were as follows: | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Notes payable: | |||||||||
Uncommitted lines of credit | $ | 62,281 | $ | 43,062 | |||||
Other | 824 | 729 | |||||||
$ | 63,105 | $ | 43,791 | ||||||
Long-term debt: | |||||||||
Credit facility | $ | 251,040 | $ | 239,000 | |||||
Senior notes | 225,000 | 225,000 | |||||||
Industrial development revenue bonds | 11,900 | 11,900 | |||||||
Other | 2,492 | 4,342 | |||||||
$ | 490,432 | $ | 480,242 | ||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended June 30: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 732 | $ | 3,330 | $ | — | $ | — | |||||||||
Interest cost | 5,750 | 6,956 | 157 | 157 | |||||||||||||
Expected return on plan assets | (6,449 | ) | (8,802 | ) | — | — | |||||||||||
Amortization of prior service (benefit) cost | (39 | ) | 19 | (56 | ) | (122 | ) | ||||||||||
Recognized net actuarial loss | 756 | 5,435 | 50 | 105 | |||||||||||||
Net periodic pension benefit cost | $ | 750 | $ | 6,938 | $ | 151 | $ | 140 | |||||||||
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the six months ended June 30: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1,464 | $ | 6,661 | $ | — | $ | — | |||||||||
Interest cost | 11,500 | 13,913 | 314 | 314 | |||||||||||||
Expected return on plan assets | (12,898 | ) | (17,605 | ) | — | — | |||||||||||
Amortization of prior service (benefit) cost | (78 | ) | 37 | (113 | ) | (244 | ) | ||||||||||
Recognized net actuarial loss | 1,512 | 10,856 | 101 | 211 | |||||||||||||
Curtailment loss (1) | — | 1,159 | — | — | |||||||||||||
Net periodic pension benefit cost | $ | 1,500 | $ | 15,021 | $ | 302 | $ | 281 | |||||||||
(1) Curtailment loss during the six months ended June 30, 2013 resulted from the departure of certain executive officers and was recorded within selling and administrative expense in the condensed consolidated statement of operations. |
Guarantees_and_Product_Warrant1
Guarantees and Product Warranties (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Changes in warranty liability balance | ' | ||||||||
Changes in the Company’s warranty liability balance are illustrated in the following table: | |||||||||
2014 | 2013 | ||||||||
Balance at January 1 | $ | 83,199 | $ | 81,751 | |||||
Current period accruals (1) | 35,983 | 16,105 | |||||||
Current period settlements | (25,184 | ) | (24,429 | ) | |||||
Balance at June 30 | $ | 93,998 | $ | 73,427 | |||||
(1) Includes the impact of foreign exchange rate fluctuations. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
(Loss) gain recognized on non-designated derivative instruments | ' | ||||||||||||||||
The following table summarizes the (loss) gain recognized on non-designated foreign-exchange derivative instruments for the three and six months ended June 30: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | (1,538 | ) | $ | (1,812 | ) | $ | (2,969 | ) | $ | (2,627 | ) | |||||
Foreign exchange gain (loss), net | 360 | 9,553 | 1,591 | 10,955 | |||||||||||||
$ | (1,178 | ) | $ | 7,741 | $ | (1,378 | ) | $ | 8,328 | ||||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||
The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales – services | $ | 139 | $ | 4,235 | $ | 839 | $ | 6,859 | |||||||||
Cost of sales – products | 54 | 78 | 68 | 217 | |||||||||||||
Selling and administrative expense | 487 | 1,629 | 4,952 | 7,516 | |||||||||||||
Research, development and engineering expense | 16 | 1,613 | (26 | ) | 2,466 | ||||||||||||
Total | $ | 696 | $ | 7,555 | $ | 5,833 | $ | 17,058 | |||||||||
Restructuring charges (accrual adjustments) within continuing operations by reporting segments | ' | ||||||||||||||||
The following table summarizes the Company’s restructuring charges by reporting segment: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Severance | |||||||||||||||||
North America (NA) | $ | 559 | $ | 3,883 | $ | 2,697 | $ | 13,411 | |||||||||
Asia Pacific (AP) | 52 | 604 | 307 | 604 | |||||||||||||
Europe, Middle East and Africa (EMEA) | (10 | ) | 355 | 587 | 257 | ||||||||||||
Latin America (LA) | — | — | 1,242 | — | |||||||||||||
Brazil | 32 | 2,634 | 937 | 2,646 | |||||||||||||
Total Severance | 633 | 7,476 | 5,770 | 16,918 | |||||||||||||
Other | |||||||||||||||||
EMEA | 63 | 79 | 63 | 140 | |||||||||||||
Total Other | 63 | 79 | 63 | 140 | |||||||||||||
Total | $ | 696 | $ | 7,555 | $ | 5,833 | $ | 17,058 | |||||||||
Restructuring accrual balances and related activity | ' | ||||||||||||||||
The following table summarizes the Company’s restructuring accrual balances and related activity: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at January 1 | $ | 35,289 | $ | 11,844 | |||||||||||||
Liabilities incurred | 5,833 | 17,058 | |||||||||||||||
Liabilities paid/settled | (33,123 | ) | (17,788 | ) | |||||||||||||
Balance at June 30 | $ | 7,999 | $ | 11,114 | |||||||||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Summary of Assets and Liabilities Recorded at Fair Market Value | ' | ||||||||||||||||||||||||
Assets and liabilities subject to fair value measurement are as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Fair Value | Level 1 | Level 2 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Certificates of deposit | $ | 144,273 | $ | 144,273 | $ | — | $ | 215,010 | $ | 215,010 | $ | — | |||||||||||||
U.S. dollar indexed bond funds | 8,697 | — | 8,697 | 27,978 | — | 27,978 | |||||||||||||||||||
Assets held in rabbi trusts | 10,015 | 10,015 | — | 10,377 | 10,377 | — | |||||||||||||||||||
Foreign exchange forward contracts | 217 | — | 217 | 1,382 | — | 1,382 | |||||||||||||||||||
Total | $ | 163,202 | $ | 154,288 | $ | 8,914 | $ | 254,747 | $ | 225,387 | $ | 29,360 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Deferred compensation | $ | 10,015 | $ | 10,015 | $ | — | $ | 10,377 | $ | 10,377 | $ | — | |||||||||||||
Foreign exchange forward contracts | 1,670 | — | 1,670 | 364 | — | 364 | |||||||||||||||||||
Interest rate swaps | 1,839 | — | 1,839 | 2,351 | — | 2,351 | |||||||||||||||||||
Total | $ | 13,524 | $ | 10,015 | $ | 3,509 | $ | 13,092 | $ | 10,377 | $ | 2,715 | |||||||||||||
Fair value and carrying value of the Company's debt instruments | ' | ||||||||||||||||||||||||
The fair value and carrying value of the Company’s debt instruments are summarized as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value | Carrying | Fair Value | Carrying | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Notes payable | $ | 63,105 | $ | 63,105 | $ | 43,791 | $ | 43,791 | |||||||||||||||||
Long-term debt | 499,900 | 490,432 | 489,499 | 480,242 | |||||||||||||||||||||
Total debt instruments | $ | 563,005 | $ | 553,537 | $ | 533,290 | $ | 524,033 | |||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Segment Information | ' | ||||||||||||||||
The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit (loss) and the condensed consolidated financial statements: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue summary by segment | |||||||||||||||||
NA | $ | 345,978 | $ | 368,386 | $ | 663,473 | $ | 699,241 | |||||||||
AP | 119,355 | 118,375 | 226,491 | 230,558 | |||||||||||||
EMEA | 118,341 | 84,549 | 202,455 | 150,617 | |||||||||||||
LA | 43,490 | 58,591 | 92,440 | 104,283 | |||||||||||||
Brazil | 106,293 | 77,212 | 236,891 | 155,925 | |||||||||||||
Total customer revenues | $ | 733,457 | $ | 707,113 | $ | 1,421,750 | $ | 1,340,624 | |||||||||
Intersegment revenues | |||||||||||||||||
NA | $ | 17,907 | $ | 19,544 | $ | 33,289 | $ | 38,342 | |||||||||
AP | 23,364 | 23,284 | 47,209 | 39,420 | |||||||||||||
EMEA | 12,799 | 10,305 | 19,843 | 26,198 | |||||||||||||
LA | 121 | 3 | 245 | 3 | |||||||||||||
Total intersegment revenues | $ | 54,191 | $ | 53,136 | $ | 100,586 | $ | 103,963 | |||||||||
Segment operating profit (loss) | |||||||||||||||||
NA | $ | 70,964 | $ | 61,098 | $ | 129,194 | $ | 107,175 | |||||||||
AP | 13,277 | 15,933 | 30,056 | 29,640 | |||||||||||||
EMEA | 21,993 | 9,457 | 33,329 | 13,749 | |||||||||||||
LA | 5,064 | 7,284 | 6,600 | 12,554 | |||||||||||||
Brazil | 3,654 | (382 | ) | 13,646 | (1,534 | ) | |||||||||||
Total segment operating profit | $ | 114,952 | $ | 93,390 | $ | 212,825 | $ | 161,584 | |||||||||
Corporate charges not allocated to segments (1) | (69,202 | ) | (63,265 | ) | (137,585 | ) | (127,678 | ) | |||||||||
Restructuring charges | (696 | ) | (7,555 | ) | (5,833 | ) | (17,058 | ) | |||||||||
Net non-routine income (expense) | 12,148 | (46,192 | ) | 11,074 | (54,386 | ) | |||||||||||
(57,750 | ) | (117,012 | ) | (132,344 | ) | (199,122 | ) | ||||||||||
Operating profit (loss) | $ | 57,202 | $ | (23,622 | ) | $ | 80,481 | $ | (37,538 | ) | |||||||
(1) Corporate charges not allocated to segments include headquarter-based costs associated with manufacturing administration, procurement, human resources, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Segment depreciation and amortization expense | |||||||||||||||||
NA | $ | 2,693 | $ | 3,943 | $ | 5,132 | $ | 6,980 | |||||||||
AP | 1,894 | 1,885 | 3,752 | 3,767 | |||||||||||||
EMEA | 868 | 924 | 2,103 | 1,915 | |||||||||||||
LA | 773 | 907 | 1,534 | 1,754 | |||||||||||||
Brazil | 2,718 | 2,254 | 3,872 | 4,429 | |||||||||||||
Total segment depreciation and amortization expense | 8,946 | 9,913 | 16,393 | 18,845 | |||||||||||||
Corporate depreciation and amortization expense | 10,093 | 12,450 | 20,326 | 23,349 | |||||||||||||
Total depreciation and amortization expense | $ | 19,039 | $ | 22,363 | $ | 36,719 | $ | 42,194 | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Segment property, plant and equipment, at cost | |||||||||||||||||
NA | $ | 124,303 | $ | 137,669 | |||||||||||||
AP | 49,273 | 46,117 | |||||||||||||||
EMEA | 40,766 | 40,715 | |||||||||||||||
LA | 25,174 | 24,470 | |||||||||||||||
Brazil | 61,445 | 65,148 | |||||||||||||||
Total segment property, plant and equipment, at cost | 300,961 | 314,119 | |||||||||||||||
Corporate property plant and equipment, at cost, not allocated to segments | 298,534 | 284,975 | |||||||||||||||
Total property, plant and equipment, at cost | $ | 599,495 | $ | 599,094 | |||||||||||||
Schedule Of Revenue From External Customers By Geographic Area, Product, And Service Solution | ' | ||||||||||||||||
The following table presents information regarding the Company’s revenue by service and product solution: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Revenue summary by service and product solution | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Financial self-service: | |||||||||||||||||
Services | $ | 306,182 | $ | 303,171 | $ | 591,137 | $ | 583,454 | |||||||||
Products | 236,691 | 241,825 | 418,268 | 447,943 | |||||||||||||
Total financial self-service | 542,873 | 544,996 | 1,009,405 | 1,031,397 | |||||||||||||
Security: | |||||||||||||||||
Services | 103,637 | 110,054 | 202,061 | 211,989 | |||||||||||||
Products | 49,455 | 39,551 | 93,406 | 74,868 | |||||||||||||
Total security | 153,092 | 149,605 | 295,467 | 286,857 | |||||||||||||
Total financial self-service & security | 695,965 | 694,601 | 1,304,872 | 1,318,254 | |||||||||||||
Brazil other | 37,492 | 12,512 | 116,878 | 22,370 | |||||||||||||
$ | 733,457 | $ | 707,113 | $ | 1,421,750 | $ | 1,340,624 | ||||||||||
Consolidated_Financial_Stateme1
Consolidated Financial Statements Consolidated Financial Statement (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 01, 2014 |
Devaluation of Venezuelan balance sheet | ' | ' | $12,101 | $1,584 | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 11,116 | 4,125 | ' |
Sale Price | ' | ' | ' | ' | 13,000 |
Gain (Loss) on Disposition of Assets | ' | ' | 13,709 | ' | ' |
Income (Loss) before taxes | 61,201 | -25,481 | 72,881 | -42,501 | ' |
Cost of sales b services | ' | ' | ' | ' | ' |
Inventory Write-down | ' | ' | 4,073 | ' | ' |
SICAD [Member] | ' | ' | ' | ' | ' |
Foreign Currency Exchange Rate | ' | ' | 50.86 | ' | ' |
VENEZUELA GOVERNMENT [Member] | ' | ' | ' | ' | ' |
Foreign Currency Exchange Rate | ' | ' | 6.3 | ' | ' |
VENEZUELA | ' | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 6,051 | ' | ' |
VENEZUELA | Maximum [Member] | ' | ' | ' | ' | ' |
Percent of Total Assets | 1.00% | ' | 1.00% | ' | ' |
Percent of Total Net Sales | 1.00% | ' | 1.00% | ' | ' |
Disposal Groups, Not Included in Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Sale Price | 20,000 | ' | 20,000 | ' | ' |
Revenue, Net | ' | ' | 6,011 | ' | ' |
Operating Income (Loss) | ' | ' | 2,970 | ' | ' |
Income (Loss) before taxes | 2,050 | 1,036 | 2,978 | 2,084 | ' |
Sale Price Due in 2015 [Member] | Disposal Groups, Not Included in Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Sale Price of Disposal Group, Not Including Discontinued Operations, Proceeds to be Received in Future Periods | 1,000 | ' | ' | ' | ' |
Sale Price Due in 2015 [Member] | Disposal Groups, Not Included in Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Sale Price of Disposal Group, Not Including Discontinued Operations, Proceeds to be Received in Future Periods | $1,000 | ' | ' | ' | ' |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Income (loss) used in basic and diluted earnings per share: | ' | ' | ' | ' | ||
Net income (loss) attributable to Diebold, Incorporated | $41,635 | ($105,035) | $51,441 | ($118,481) | ||
Denominator (in thousands): | ' | ' | ' | ' | ||
Weighted-average number of common shares used in basic earnings per share | 64,588 | 63,700 | 64,424 | 63,509 | ||
Effect of dilutive shares (1) | 636 | 0 | [1] | 594 | 0 | [1] |
Weighted-average number of shares used in diluted earnings per share | 65,224 | 63,700 | 65,018 | 63,509 | ||
Net income (loss) attributable to Diebold, Incorporated: | ' | ' | ' | ' | ||
Basic earnings (loss) per share | $0.64 | ($1.65) | $0.80 | ($1.87) | ||
Diluted earnings (loss) per share | $0.64 | ($1.65) | $0.79 | ($1.87) | ||
Anti-dilutive shares (in thousands): | ' | ' | ' | ' | ||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 1,022 | 2,538 | 1,214 | 2,598 | ||
Incremental Shares, Excluded From Dilutive Calculation, Due To Resulting in Operating Loss | ' | 447 | ' | 505 | ||
[1] | Incremental shares of 447 thousand and 505 thousand were excluded from the computation of diluted earnings (loss) per share for the three and six months ended JuneB 30, 2013, respectively, because their effect is anti-dilutive due to the net loss attributable to Diebold, Incorporated. |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Diebold, Incorporated shareholders' equity | ' | ' | ' | ' |
Balance at beginning of period | $610,251 | $802,859 | $596,764 | $809,963 |
Comprehensive income (loss) attributable to Diebold, Incorporated | 50,668 | -151,603 | 68,420 | -152,777 |
Common shares | 148 | 178 | 721 | 723 |
Additional capital | 8,770 | 5,961 | 23,892 | 19,589 |
Treasury shares | -248 | -283 | -1,555 | -1,968 |
Dividends paid | -18,751 | -18,501 | -37,404 | -36,919 |
Balance at end of period | 650,838 | 638,611 | 650,838 | 638,611 |
Noncontrolling interests | ' | ' | ' | ' |
Balance at beginning of period | 17,036 | 31,536 | 24,051 | 35,348 |
Comprehensive income (loss) attributable to noncontrolling interests | 1,519 | 1,429 | -3,988 | 1,081 |
Distributions to noncontrolling interest holders | -650 | 0 | -2,158 | -3,464 |
Balance at end of period | $17,905 | $32,965 | $17,905 | $32,965 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Beginning Balance | ($46,375) | ' | ($54,321) | ' | ||
Other comprehensive income (loss) before reclassifications | 9,067 | ' | 16,640 | ' | ||
Amounts reclassified from AOCI | -34 | ' | 339 | ' | ||
Net current-period other comprehensive income (loss) | 9,033 | ' | 16,979 | ' | ||
Balance at June 30, 2014 | -37,342 | ' | -37,342 | ' | ||
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ||
Beginning Balance | 7,621 | ' | -2,409 | ' | ||
Other comprehensive income (loss) before reclassifications | 11,330 | [1] | ' | 21,360 | [2] | ' |
Amounts reclassified from AOCI | 0 | ' | 0 | ' | ||
Net current-period other comprehensive income (loss) | 11,330 | ' | 21,360 | ' | ||
Balance at June 30, 2014 | 18,951 | ' | 18,951 | ' | ||
Other comprehensive income (loss), translation adjustment, net of tax, attributable to noncontrolling interests | 23 | ' | -554 | ' | ||
Net Investment Hedging [Member] | ' | ' | ' | ' | ||
Beginning Balance | -3,481 | ' | -1,884 | ' | ||
Other comprehensive income (loss) before reclassifications | -1,975 | ' | -3,572 | ' | ||
Amounts reclassified from AOCI | 0 | ' | 0 | ' | ||
Net current-period other comprehensive income (loss) | -1,975 | ' | -3,572 | ' | ||
Balance at June 30, 2014 | -5,456 | ' | -5,456 | ' | ||
Interest Rate Swaps [Member] | ' | ' | ' | ' | ||
Beginning Balance | -843 | ' | -960 | ' | ||
Other comprehensive income (loss) before reclassifications | 145 | 337 | 319 | 542 | ||
Amounts reclassified from AOCI | -52 | -51 | -109 | -111 | ||
Net current-period other comprehensive income (loss) | 93 | 286 | 210 | 431 | ||
Balance at June 30, 2014 | -750 | ' | -750 | ' | ||
Pension Benefits [Member] | ' | ' | ' | ' | ||
Beginning Balance | -51,565 | ' | -52,027 | ' | ||
Other comprehensive income (loss) before reclassifications | 0 | ' | 0 | ' | ||
Amounts reclassified from AOCI | 463 | ' | 925 | ' | ||
Net current-period other comprehensive income (loss) | 463 | ' | 925 | ' | ||
Balance at June 30, 2014 | -51,102 | ' | -51,102 | ' | ||
Available-for-sale Securities [Member] | ' | ' | ' | ' | ||
Beginning Balance | 1,613 | ' | 2,679 | ' | ||
Other comprehensive income (loss) before reclassifications | -433 | 2,066 | -1,467 | 2,050 | ||
Amounts reclassified from AOCI | -445 | -71 | -477 | -127 | ||
Net current-period other comprehensive income (loss) | -878 | ' | -1,944 | ' | ||
Balance at June 30, 2014 | 735 | ' | 735 | ' | ||
Other Comprehensive Income - Other [Member] | ' | ' | ' | ' | ||
Beginning Balance | 280 | ' | 280 | ' | ||
Other comprehensive income (loss) before reclassifications | 0 | ' | 0 | ' | ||
Amounts reclassified from AOCI | 0 | ' | 0 | ' | ||
Net current-period other comprehensive income (loss) | 0 | 7 | 0 | 14 | ||
Balance at June 30, 2014 | $280 | ' | $280 | ' | ||
[1] | Other comprehensive income (loss) before reclassifications within the translation component excludes $23 of translation attributable to noncontrolling interests. | |||||
[2] | Other comprehensive income (loss) before reclassifications within the translation component excludes $(554) of translation attributable to noncontrolling interests. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss Reclassification Adjustments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Amounts reclassified from AOCI | ($34) | ' | $339 | ' | ||
Interest Rate Swaps [Member] | ' | ' | ' | ' | ||
Amounts reclassified from AOCI | -52 | -51 | -109 | -111 | ||
Derivatives, reclassification adjustment for amounts recognized in net income, tax | -28 | -27 | -58 | -60 | ||
Pension Benefits [Member] | ' | ' | ' | ' | ||
Net actuarial loss amortization (net of tax of $282 and $564, respectively) | 524 | [1] | 3,600 | 1,049 | [1] | 6,935 |
Net actuarial loss amortization, tax | 282 | [1] | 1,940 | 564 | [1] | 4,132 |
Net prior service benefit amortization (net of tax of $(34) and $(67), respectively) | -61 | [1] | -67 | -124 | [1] | -130 |
Net prior service benefit amortization, tax | -34 | [1] | -36 | -67 | [1] | -77 |
Amounts reclassified from AOCI | 463 | ' | 925 | ' | ||
Available-for-sale Securities [Member] | ' | ' | ' | ' | ||
Unrealized gain on securities, net (net of tax of $(237) and $(255), respectively) | -445 | -71 | -477 | -127 | ||
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | ($237) | ($35) | ($255) | ($65) | ||
[1] | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12 to the condensed consolidated financial statements). |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Options (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||
Allocated Share-based Compensation Expense | $5,299 | $3,284 | $10,379 | $10,470 | ||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | ' | ' | ' | ' | ||
Outstanding, Shares, Beginning balance | ' | ' | 1,954 | ' | ||
Outstanding, Weighted average exercise price, Beginning balance | ' | ' | $39.63 | ' | ||
Expired or forfeited, Shares | ' | ' | -329 | ' | ||
Expired or forfeited, Weighted average exercise price | ' | ' | $51.83 | ' | ||
Exercised, Shares | ' | ' | -431 | ' | ||
Exercised, Weighted average exercise price | ' | ' | $33.05 | ' | ||
Granted, Shares | ' | ' | 446 | ' | ||
Granted, Weighted average exercise price | ' | ' | $34.13 | ' | ||
Outstanding, Shares, Ending balance | 1,640 | ' | 1,640 | ' | ||
Outstanding, Weighted average exercise price, Ending balance | $37.19 | ' | $37.19 | ' | ||
Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '6 years | ' | ||
Outstanding, Aggregate Intrinsic Value | 8,703 | [1] | ' | 8,703 | [1] | ' |
Options exercisable, Shares | 909 | ' | 909 | ' | ||
Options exercisable, Weighted average exercise price | $40.18 | ' | $40.18 | ' | ||
Option exercisable, Weighted average remaining contractual term | ' | ' | '4 years | ' | ||
Option exercisable, Aggregate Intrinsic Value | 3,798 | [1] | ' | 3,798 | [1] | ' |
Options vested and expected to vest, Shares | 1,613 | [2] | ' | 1,613 | [2] | ' |
Options vested and expected to vest, Weighted average exercise price | $37.26 | [2] | ' | $37.26 | [2] | ' |
Options vested and expected to vest, Weighted average remaining contractual term | ' | ' | '6 years | [2] | ' | |
Options vested and expected to vest, aggregate intrinsic value | 8,505 | [1],[2] | ' | 8,505 | [1],[2] | ' |
Accelerated stock compensation expense related to executive severance [Member] | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||
Allocated Share-based Compensation Expense | ' | $2,982 | ' | $2,982 | ||
[1] | The aggregate intrinsic value (the difference between the closing price of the Companybs common shares on the last trading day of the second quarter of 2014 and the exercise price, multiplied by the number of bin-the-moneyb options) that would have been received by the option holders had all option holders exercised their options on JuneB 30, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Companybs common shares. | |||||
[2] | The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
ShareBased_Compensation_Compen
Share-Based Compensation - Compensation Expense and Information on Non-Vested Shares (Details) (USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | |
Unvested, Shares, Beginning balance | 499 | |
Unvested, Weighted-average grant-date fair value, Beginning balance | $32.28 | |
Forfeited, Shares | -40 | |
Forfeited, Weighted-average grant-date fair value | $32.99 | |
Vested, Shares | -131 | |
Vested, Weighted-average grant-date fair value | $32.77 | |
Granted, Shares | 299 | [1] |
Granted, Weighted-average grant-date fair value | $34.98 | [1] |
Unvested, Shares, Ending balance | 627 | |
Unvested, Weighted-average grant-date fair value, Ending balance | $33.42 | |
Performance Shares [Member] | ' | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | |
Unvested, Shares, Beginning balance | 542 | [2] |
Unvested, Weighted-average grant-date fair value, Beginning balance | $37.10 | [2] |
Forfeited, Shares | -171 | |
Forfeited, Weighted-average grant-date fair value | $39.67 | |
Granted, Shares | 746 | [3] |
Granted, Weighted-average grant-date fair value | $38.09 | [3] |
Unvested, Shares, Ending balance | 1,117 | [2] |
Unvested, Weighted-average grant-date fair value, Ending balance | $37.38 | [2] |
Deferred Compensation, Share-based Payments [Member] | ' | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | |
Vested, Shares, Ending Balance | 143 | |
One year vest [Member] | Restricted Stock Units (RSUs) [Member] | ' | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | |
Granted, Shares | 35 | |
Granted, Weighted-average grant-date fair value | $39.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | |
Three year graded vest [Member] | Performance Shares [Member] | ' | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | |
Granted, Shares | 455 | |
Granted, Weighted-average grant-date fair value | $35.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | |
[1] | The RSUs granted during the six months ended JuneB 30, 2014 include 35 thousand one-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $39.35. | |
[2] | Non-vested performance shares are based on a maximum potential payout. Actual shares granted at the end of the performance period may be less than the maximum potential payout level depending on achievement of performance share objectives. Performance shares are based on certain annual management objectives, as determined by the Board of Directors. | |
[3] | The maximum performance shares granted during the six months ended June 30, 2014 include 455 thousand which vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.35. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate on income (loss) before taxes | 29.50% | -307.60% | 34.10% | -177.00% |
Release of a valuation allowance against excess capital losses | $2,439 | ' | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | ' | 47,000 | ' | 47,000 |
Deferred Tax Assets, Valuation Allowance | ' | 39,200 | ' | 39,200 |
Income Tax Examination, Estimate of Possible Loss | ' | ' | $6,300 | ' |
Investments_Details
Investments (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Short-term investments: | ' | ' |
Investments, Cost Basis | $153,236 | $240,273 |
Available-for-sale Securities, Gross Unrealized Gain | -266 | 2,715 |
Short-term investments, Fair Value | 152,970 | 242,988 |
Certificates Of Deposit [Member] | ' | ' |
Short-term investments: | ' | ' |
Investments, Cost Basis | 144,273 | 215,010 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 |
Short-term investments, Fair Value | 144,273 | 215,010 |
U.S. dollar indexed bond funds [Member] | ' | ' |
Short-term investments: | ' | ' |
Investments, Cost Basis | 8,963 | 25,263 |
Available-for-sale Securities, Gross Unrealized Gain | -266 | 2,715 |
Short-term investments, Fair Value | 8,697 | 27,978 |
Assets held in rabbi trusts [Member] | ' | ' |
Long-term investments: | ' | ' |
Long-term investments, Cost Basis | 9,285 | 10,085 |
Long-term investments, Unrealized (Loss) Gain | 730 | 292 |
Fair Value Of Assets Held Under Trust | $10,015 | $10,377 |
Investments_Details_Textuals
Investments (Details Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Investments (Textuals) | ' | ' | ' | ' | ' |
Realized gains from sale of securities | $682 | $106 | $732 | $192 | ' |
Proceeds from sale of available-for-sale securities | ' | ' | 31,047 | 8,790 | ' |
Cash surrender value of insurance contracts | $72,660 | ' | $72,660 | ' | $72,214 |
Allowance_for_Credit_Losses_Su
Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Allowance for credit losses and recorded investment in financing receivables | ' | ' |
Balance | $4,573 | $2,572 |
Provision for credit losses | 114 | 7 |
Recoveries | ' | 3 |
Write-offs | -227 | -2,137 |
Balance | 4,460 | 445 |
Finance Leases Financing Receivable [Member] | ' | ' |
Allowance for credit losses and recorded investment in financing receivables | ' | ' |
Balance | 439 | 525 |
Provision for credit losses | 114 | 7 |
Recoveries | ' | 3 |
Write-offs | -227 | -90 |
Balance | 326 | 445 |
Balance individually evaluated for impairment | 194,791 | 90,490 |
Notes Receivable [Member] | ' | ' |
Allowance for credit losses and recorded investment in financing receivables | ' | ' |
Balance | 4,134 | 2,047 |
Provision for credit losses | 0 | 0 |
Recoveries | ' | 0 |
Write-offs | 0 | -2,047 |
Balance | 4,134 | 0 |
Balance individually evaluated for impairment | $18,923 | $14,428 |
Allowance_for_Credit_Losses_Ag
Allowance for Credit Losses - Aging of Past-Due Receivables (Details) (Notes Receivable [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Notes Receivable [Member] | ' | ' | |
Summarizes the Company's aging of past-due notes receivable | ' | ' | |
30-59 days past due | $0 | $85 | |
60-89 days past due | 0 | 0 | |
89 days past due (1) | 759 | [1] | 0 |
Total past due | $759 | $85 | |
[1] | ast-due notes receivable balances greater than 89 days as of JuneB 30, 2014 are fully reserved. |
Allowance_for_Credit_Losses_De
Allowance for Credit Losses (Details Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | Brazil | Brazil | ||||
Allowance for credit losses (Textuals) | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | $4,460 | $4,573 | $445 | $2,572 | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Current | ' | ' | ' | ' | ' | ' | 123,162 | 33,283 |
Period required for considering financing receivable as non accrual status | ' | ' | ' | ' | '60 days | '89 days | ' | ' |
Period for placing financing receivables on non-accrual status | ' | ' | ' | ' | '89 days | ' | ' | ' |
The recorded investment in past-due finance lease receivables on nonaccrual status | 1,287 | 1,670 | ' | ' | ' | ' | ' | ' |
Past Due Period Of Financing Receivable Accruing Interest | ' | ' | ' | ' | '90 days | ' | ' | ' |
Recorded investments in finance receivables past due 90 days or more and still accruing interest | 0 | 0 | ' | ' | ' | ' | ' | ' |
The recorded investment in impaired notes receivable | 4,134 | 4,134 | ' | ' | ' | ' | ' | ' |
The recorded investment in impaired notes related allowance | $4,134 | $4,134 | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Major classes of inventories | ' | ' |
Finished goods | $238,493 | $167,577 |
Service parts | 133,748 | 132,508 |
Raw materials and work in process | 109,073 | 76,377 |
Total inventories | $481,314 | $376,462 |
Goodwill_and_Other_AssetsDetai
Goodwill and Other Assets(Details Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Goodwill | $181,850 | ' | $181,850 | ' | $179,828 |
Capitalized Computer Software, Net | 37,018 | ' | 37,018 | ' | 40,235 |
Capitalized Computer Software, Amortization | 4,335 | 6,402 | 8,924 | 11,251 | ' |
Asia Pacific (AP) | ' | ' | ' | ' | ' |
Excess Fair Value | ' | ' | ' | ' | 23,000 |
Excess Fair Value Percentage | ' | ' | ' | ' | 8.00% |
Goodwill | $43,005 | ' | $43,005 | ' | $41,307 |
Debt_Details
Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Notes payable: | ' | ' |
Uncommitted lines of credit | $62,281 | $43,062 |
Other | 824 | 729 |
Short-term Debt | 63,105 | 43,791 |
Long-term debt: | ' | ' |
Credit facility | 251,040 | 239,000 |
Senior notes | 225,000 | 225,000 |
Industrial development revenue bonds | 11,900 | 11,900 |
Other | 2,492 | 4,342 |
Long-term debt | $490,432 | $480,242 |
Debt_Details_Textuals
Debt (Details Textuals) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2006 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Senior Notes [Member] | Senior Notes Due 2016 [Member] | Senior Notes Due 2018 [Member] | Industrial development revenue bonds [Member] | Industrial development revenue bonds [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Swing Line Sub-Facility [Member] | Uncommitted Line of Credit [Member] | Uncommitted Line of Credit [Member] | |||
Debt (Textuals) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing limit of short term uncommitted line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $124,595 | ' |
Weighted average interest rate on outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.64% | 3.24% |
Maturity time of short term uncommitted lines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'less than one year | ' |
Amount available under credit facility | ' | ' | ' | ' | ' | ' | ' | 248,960 | ' | ' | 62,314 | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Increase in borrowing limits under credit facility agreement | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | 50,000 | ' | ' |
Weighted average interest rate on credit facility borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | 1.37% | 1.36% | ' | ' | ' |
Line of credit facility description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' |
Issuance of Senior Notes, Principal amount | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Senior Notes Interest Rate Cash Flow Hedge Derivatives | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | 5.50% | ' | ' | 0.35% | 0.36% | ' | ' | ' | ' | ' |
Effective interest rate before cash flow hedge | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate after cash flow hedge | ' | ' | 5.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes Maturity Schedule | ' | ' | ' | $175,000 | $50,000 | ' | ' | ' | ' | ' | ' | ' |
Maturity of bonds issued | ' | ' | ' | ' | ' | 1-Jun-17 | ' | ' | ' | ' | ' | ' |
Bond maturity period | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant Compliance | ' | 'As of June 30, 2014 the Company was in compliance with the financial covenants in its debt agreements. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | |
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Minimum [Member] | Maximum [Member] | ||||
Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||||||||||||
Components of net periodic benefit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Service cost | ' | ' | $732 | $3,330 | $1,464 | $6,661 | $0 | $0 | $0 | $0 | ' | ' | |
Interest cost | ' | ' | 5,750 | 6,956 | 11,500 | 13,913 | 157 | 157 | 314 | 314 | ' | ' | |
Expected return on plan assets | ' | ' | -6,449 | -8,802 | -12,898 | -17,605 | 0 | 0 | 0 | 0 | ' | ' | |
Amortization of prior service (benefit) cost | ' | ' | -39 | 19 | -78 | 37 | -56 | -122 | -113 | -244 | ' | ' | |
Recognized net actuarial loss | ' | ' | 756 | 5,435 | 1,512 | 10,856 | 50 | 105 | 101 | 211 | ' | ' | |
Curtailment loss | ' | ' | ' | ' | 0 | 1,159 | [1] | ' | ' | 0 | 0 | ' | ' |
Net periodic pension benefit cost | ' | ' | 750 | 6,938 | 1,500 | 15,021 | 151 | 140 | 302 | 281 | ' | ' | |
Contributions to qualified and non qualified pension plans | 2,813 | 1,597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000 | $7,500 | |
[1] | Curtailment loss during the six months ended June 30, 2013 resulted from the departure of certain executive officers and was recorded within selling and administrative expense in the condensed consolidated statement of operations. |
Guarantees_and_Product_Warrant2
Guarantees and Product Warranties (Details) (USD $) | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Changes in warranty liability balance | ' | ' | ' | ||
Beginning Balance | $83,199 | $81,751 | ' | ||
Current period accruals (1) | 35,983 | [1] | 16,105 | [1] | ' |
Current period settlements | 25,184 | 24,429 | ' | ||
Ending Balance | 93,998 | 73,427 | ' | ||
Guarantees and Product Warranties (Textuals) | ' | ' | ' | ||
Carrying value of the bonds | 11,900 | ' | 11,900 | ||
Maximum future payment obligations | 93,042 | ' | 87,104 | ||
Standby letters of credit | $27,985 | ' | $26,035 | ||
[1] | Includes the impact of foreign exchange rate fluctuations. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | Indirect Tax Liability [Member] | Indirect Tax Liability [Member] | Brazilian Federal Indirect Tax Assessment [Member] | Brazilian Federal Indirect Tax Assessment [Member] | Thailand Customs Matter [Member] |
USD ($) | USD ($) | BRL | USD ($) | USD ($) | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $9,622 | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | 270,000 | ' | ' |
Loss Contingency Accrual, at Carrying Value | ' | ' | 26,000 | ' | 26,000 | ' |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | ' | $395,000 | ' | ' | $355,000 | $26,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (Foreign Exchange Contract [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
(Loss) gain recognized on non-designated derivative instruments: | ' | ' | ' | ' |
(Loss) gain recognized on non-designated derivative instruments, total | ($1,178) | $7,741 | ($1,378) | $8,328 |
Interest expense [Member] | ' | ' | ' | ' |
(Loss) gain recognized on non-designated derivative instruments: | ' | ' | ' | ' |
(Loss) gain recognized on non-designated derivative instruments, total | -1,538 | -1,812 | -2,969 | -2,627 |
Foreign exchange gain (loss), net [Member] | ' | ' | ' | ' |
(Loss) gain recognized on non-designated derivative instruments: | ' | ' | ' | ' |
(Loss) gain recognized on non-designated derivative instruments, total | $360 | $9,553 | $1,591 | $10,955 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details Textuals) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2006 |
Derivative Instruments and Hedging Activities (Textuals) | ' | ' | ' | ' | ' | ' |
Fair value of investment hedge contracts | ($785) | ' | ($785) | ' | $313 | ' |
(Loss) gain on investment hedge derivative | -3,038 | 3,818 | -5,495 | 4,105 | ' | ' |
Fair value of non-designated foreign exchange forward contracts | -668 | ' | -668 | ' | 705 | ' |
Maximum maturities of Foreign exchange forward contracts | ' | ' | '24 months | ' | ' | ' |
Fair value of interest rate contracts | -1,839 | ' | -1,839 | ' | -2,351 | ' |
Notional amount of pay-fixed receive-variable interest rate swap | ' | ' | ' | ' | ' | 200,000 |
Gain recognized on designated cash flow hedges | 224 | 518 | 491 | 834 | ' | ' |
Anticipated reclassification from other comprehensive income to interest expense within the next 12 months | 959 | ' | 959 | ' | ' | ' |
Interest rate swaps | ' | ' | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities (Textuals) | ' | ' | ' | ' | ' | ' |
Notional amount of pay-fixed receive-variable interest rate swap | $50,000 | ' | $50,000 | ' | ' | ' |
Restructuring_and_Other_Charge2
Restructuring and Other Charges - Restructuring Charges By Statement of Income Account (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of restructuring and related costs | ' | ' | ' | ' |
Restructuring Charges | $696 | $7,555 | $5,833 | $17,058 |
Cost of sales b services | ' | ' | ' | ' |
Schedule of restructuring and related costs | ' | ' | ' | ' |
Restructuring Charges | 139 | 4,235 | 839 | 6,859 |
Cost of sales b products | ' | ' | ' | ' |
Schedule of restructuring and related costs | ' | ' | ' | ' |
Restructuring Charges | 54 | 78 | 68 | 217 |
Selling and administrative expense | ' | ' | ' | ' |
Schedule of restructuring and related costs | ' | ' | ' | ' |
Restructuring Charges | 487 | 1,629 | 4,952 | 7,516 |
Research, development and engineering expense | ' | ' | ' | ' |
Schedule of restructuring and related costs | ' | ' | ' | ' |
Restructuring Charges | $16 | $1,613 | ($26) | $2,466 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges - Restructuring Charges By Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $696 | $7,555 | $5,833 | $17,058 |
Severance | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 633 | 7,476 | 5,770 | 16,918 |
Other | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 63 | 79 | 63 | 140 |
North America (NA) | Severance | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 559 | 3,883 | 2,697 | 13,411 |
Asia Pacific (AP) | Severance | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 52 | 604 | 307 | 604 |
Europe, Middle East and Africa (EMEA) | Severance | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | -10 | 355 | 587 | 257 |
Europe, Middle East and Africa (EMEA) | Other | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 63 | 79 | 63 | 140 |
Latin America (LA) | Severance | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0 | 1,242 | 0 |
Brazil | Severance | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $32 | $2,634 | $937 | $2,646 |
Restructuring_and_Other_Charge4
Restructuring and Other Charges - Restructuring Reserve Activity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Restructuring Reserve, beginning of period | ' | ' | $35,289 | $11,844 |
Liabilities incurred | 696 | 7,555 | 5,833 | 17,058 |
Liabilities paid/settled | ' | ' | -33,123 | -17,788 |
Restructuring Reserve, end of period | $7,999 | $11,114 | $7,999 | $11,114 |
Restructuring_and_Other_Charge5
Restructuring and Other Charges (Details Textuals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $696 | $7,555 | $5,833 | $17,058 |
Non routine expenses net | 12,148 | -46,192 | 11,074 | -54,386 |
Gain (Loss) on Disposition of Assets | ' | ' | 13,709 | ' |
Allocated Share-based Compensation Expense | 5,299 | 3,284 | 10,379 | 10,470 |
Accelerated stock compensation expense related to executive severance [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | 2,982 | ' | 2,982 |
Gain (Loss) on Sale of Assets, Net [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Non routine expenses net | ' | ' | ' | -2,191 |
North America (NA) | Global Realigment Plan [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | 62,849 | ' |
Asia Pacific (AP) | Global Realigment Plan [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | 2,866 | ' |
Europe, Middle East and Africa | Global Realigment Plan [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | 5,534 | ' |
Latin America | Global Realigment Plan [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | 1,694 | ' |
Brazil | Global Realigment Plan [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | 8,635 | ' |
Maximum [Member] | Expected Future Costs to Be Recognized [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 10,000 | ' |
Minimum [Member] | Expected Future Costs to Be Recognized [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 7,500 | ' |
Securities Action [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Loss Contingency, Loss in Period | ' | ' | ' | 17,500 |
FCPA [Member] | ' | ' | ' | ' |
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' |
Loss Contingency, Loss in Period | ' | ' | ' | $28,000 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Total | $163,202 | $254,747 |
Fair value liabilities measured on recurring basis | ' | ' |
Total | 13,524 | 13,092 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Total | 154,288 | 225,387 |
Fair value liabilities measured on recurring basis | ' | ' |
Total | 10,015 | 10,377 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Total | 8,914 | 29,360 |
Fair value liabilities measured on recurring basis | ' | ' |
Total | 3,509 | 2,715 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Foreign exchange forward contracts | 217 | 1,382 |
Fair value liabilities measured on recurring basis | ' | ' |
Derivative Liability | 1,670 | 364 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Foreign exchange forward contracts | 217 | 1,382 |
Fair value liabilities measured on recurring basis | ' | ' |
Derivative Liability | 1,670 | 364 |
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair value liabilities measured on recurring basis | ' | ' |
Derivative Liability | 1,839 | 2,351 |
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair value liabilities measured on recurring basis | ' | ' |
Derivative Liability | 1,839 | 2,351 |
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Investments, Fair Value Disclosure | 144,273 | 215,010 |
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Investments, Fair Value Disclosure | 144,273 | 215,010 |
U.S. dollar indexed bond funds | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Investments, Fair Value Disclosure | 8,697 | 27,978 |
U.S. dollar indexed bond funds | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Investments, Fair Value Disclosure | 8,697 | 27,978 |
Assets held in rabbi trusts [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Assets held in rabbi trusts | 10,015 | 10,377 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Assets held in rabbi trusts | 10,015 | 10,377 |
Fair value liabilities measured on recurring basis | ' | ' |
Deferred compensation | 10,015 | 10,377 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair value assets measured on recurring basis | ' | ' |
Assets held in rabbi trusts | 10,015 | 10,377 |
Fair value liabilities measured on recurring basis | ' | ' |
Deferred compensation | $10,015 | $10,377 |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value and carrying value of the Company's debt instruments | ' | ' |
Current notes payable - Fair value | $63,105 | $43,791 |
Notes payable - Carrying value | 63,105 | 43,791 |
Long-term debt - Fair Value | 499,900 | 489,499 |
Long-term debt - Carrying value | 490,432 | 480,242 |
Total debt instruments - Fair value | 563,005 | 533,290 |
Total debt instruments - Carrying value | $553,537 | $524,033 |
Segment_Information_Details
Segment Information - (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Summary of Segment Information | ' | ' | ' | ' | ' |
Revenue, Net | $733,457 | $707,113 | $1,421,750 | $1,340,624 | ' |
Operating profit (loss) | 57,202 | -23,622 | 80,481 | -37,538 | ' |
Corporate charges not allocated to segments (1) | -69,202 | -63,265 | -137,585 | -127,678 | ' |
Restructuring charges | -696 | -7,555 | -5,833 | -17,058 | ' |
Net non-routine income (expense) | 12,148 | -46,192 | 11,074 | -54,386 | ' |
Reconciliation Of Operating Profit Loss From Segments To Consolidated, Amount | -57,750 | -117,012 | -132,344 | -199,122 | ' |
Depreciation and amortization expense | 19,039 | 22,363 | 36,719 | 42,194 | ' |
Property, plant and equipment, at cost | 599,495 | ' | 599,495 | ' | 599,094 |
North America | ' | ' | ' | ' | ' |
Summary of Segment Information | ' | ' | ' | ' | ' |
Revenue, Net | 345,978 | 368,386 | 663,473 | 699,241 | ' |
Intersegment revenue | 17,907 | 19,544 | 33,289 | 38,342 | ' |
Operating profit (loss) | 70,964 | 61,098 | 129,194 | 107,175 | ' |
Depreciation and amortization expense | 2,693 | 3,943 | 5,132 | 6,980 | ' |
Property, plant and equipment, at cost | 124,303 | ' | 124,303 | ' | 137,669 |
Asia Pacific | ' | ' | ' | ' | ' |
Summary of Segment Information | ' | ' | ' | ' | ' |
Revenue, Net | 119,355 | 118,375 | 226,491 | 230,558 | ' |
Intersegment revenue | 23,364 | 23,284 | 47,209 | 39,420 | ' |
Operating profit (loss) | 13,277 | 15,933 | 30,056 | 29,640 | ' |
Depreciation and amortization expense | 1,894 | 1,885 | 3,752 | 3,767 | ' |
Property, plant and equipment, at cost | 49,273 | ' | 49,273 | ' | 46,117 |
Europe, Middle East and Africa | ' | ' | ' | ' | ' |
Summary of Segment Information | ' | ' | ' | ' | ' |
Revenue, Net | 118,341 | 84,549 | 202,455 | 150,617 | ' |
Intersegment revenue | 12,799 | 10,305 | 19,843 | 26,198 | ' |
Operating profit (loss) | 21,993 | 9,457 | 33,329 | 13,749 | ' |
Depreciation and amortization expense | 868 | 924 | 2,103 | 1,915 | ' |
Property, plant and equipment, at cost | 40,766 | ' | 40,766 | ' | 40,715 |
Latin America | ' | ' | ' | ' | ' |
Summary of Segment Information | ' | ' | ' | ' | ' |
Revenue, Net | 43,490 | 58,591 | 92,440 | 104,283 | ' |
Intersegment revenue | 121 | 3 | 245 | 3 | ' |
Operating profit (loss) | 5,064 | 7,284 | 6,600 | 12,554 | ' |
Depreciation and amortization expense | 773 | 907 | 1,534 | 1,754 | ' |
Property, plant and equipment, at cost | 25,174 | ' | 25,174 | ' | 24,470 |
Brazil | ' | ' | ' | ' | ' |
Summary of Segment Information | ' | ' | ' | ' | ' |
Revenue, Net | 106,293 | 77,212 | 236,891 | 155,925 | ' |
Operating profit (loss) | 3,654 | -382 | 13,646 | -1,534 | ' |
Depreciation and amortization expense | 2,718 | 2,254 | 3,872 | 4,429 | ' |
Property, plant and equipment, at cost | 61,445 | ' | 61,445 | ' | 65,148 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Summary of Segment Information | ' | ' | ' | ' | ' |
Intersegment revenue | 54,191 | 53,136 | 100,586 | 103,963 | ' |
Operating profit (loss) | 114,952 | 93,390 | 212,825 | 161,584 | ' |
Depreciation and amortization expense | 8,946 | 9,913 | 16,393 | 18,845 | ' |
Property, plant and equipment, at cost | 300,961 | ' | 300,961 | ' | 314,119 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' |
Summary of Segment Information | ' | ' | ' | ' | ' |
Depreciation and amortization expense | 10,093 | 12,450 | 20,326 | 23,349 | ' |
Property, plant and equipment, at cost | $298,534 | ' | $298,534 | ' | $284,975 |
Segment_Information_Segment_In
Segment Information Segment Information - Revenue by Service/Product Solution (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Services | $409,819 | $413,216 | $793,198 | $795,434 |
Products | 323,638 | 293,897 | 628,552 | 545,190 |
Revenue, Net | 733,457 | 707,113 | 1,421,750 | 1,340,624 |
Financial Self-Service [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Services | 306,182 | 303,171 | 591,137 | 583,454 |
Products | 236,691 | 241,825 | 418,268 | 447,943 |
Revenue, Net | 542,873 | 544,996 | 1,009,405 | 1,031,397 |
Security [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Services | 103,637 | 110,054 | 202,061 | 211,989 |
Products | 49,455 | 39,551 | 93,406 | 74,868 |
Revenue, Net | 153,092 | 149,605 | 295,467 | 286,857 |
Financial Self Service And Security [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue, Net | 695,965 | 694,601 | 1,304,872 | 1,318,254 |
Brazil Other [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue, Net | $37,492 | $12,512 | $116,878 | $22,370 |
Segment_Information_Details_Te
Segment Information (Details Textuals) | 6 Months Ended |
Jun. 30, 2014 | |
segments | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 5 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Jul. 01, 2014 |
In Thousands, unless otherwise specified | |
Subsequent Events [Abstract] | ' |
Acquisition Costs | $13,000 |
Amount of Deferred Payments Related to Acquisition | 10.00% |