Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 12, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | DIEBOLD INC | ||
Entity Central Index Key | 28823 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $2,590,607,889 | ||
Entity Common Stock, Shares Outstanding | 64,706,667 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $322,017 | $230,709 |
Short-term investments | 136,653 | 242,988 |
Trade receivables, less allowances for doubtful accounts of $23,011 and $24,872, respectively) | 477,937 | 447,239 |
Inventories | 405,173 | 376,462 |
Deferred income taxes | 110,999 | 110,165 |
Prepaid expenses | 21,994 | 22,031 |
Prepaid income taxes | 11,713 | 21,245 |
Other current assets | 169,044 | 104,511 |
Total current assets | 1,655,530 | 1,555,350 |
Securities and other investments | 83,625 | 82,591 |
Property, plant and equipment, net | 169,506 | 160,895 |
Goodwill | 171,974 | 179,828 |
Deferred income taxes | 86,544 | 39,461 |
Finance lease receivables | 90,391 | 74,516 |
Other assets | 84,566 | 90,850 |
Total assets | 2,342,136 | 2,183,491 |
Current liabilities | ||
Notes payable | 25,575 | 43,791 |
Accounts payable | 261,708 | 210,399 |
Deferred revenue | 275,119 | 234,607 |
Payroll and other benefits liabilities | 116,769 | 93,845 |
Other current liabilities | 348,552 | 311,094 |
Total current liabilities | 1,027,723 | 893,736 |
Long-term debt | 479,794 | 480,242 |
Pensions and other benefits | 211,043 | 118,674 |
Post-retirement and other benefits | 20,759 | 19,282 |
Deferred income taxes | 6,527 | 9,150 |
Other long-term liabilities | 41,401 | 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, 79,238,759 and 78,618,517 issued shares, 64,632,400 and 64,068,047 outstanding shares, respectively | 99,048 | 98,273 |
Additional capital | 418,037 | 385,321 |
Retained earnings | 762,214 | 722,743 |
Treasury shares, at cost (14,606,359 and 14,550,470 shares, respectively) | -557,170 | -555,252 |
Accumulated other comprehensive loss | -190,525 | -54,321 |
Total Diebold, Incorporated shareholders' equity | 531,604 | 596,764 |
Noncontrolling interests | 23,285 | 24,051 |
Total equity | 554,889 | 620,815 |
Total liabilities and equity | $2,342,136 | $2,183,491 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $23,011 | $24,872 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred Stock, No Par Value (USD per share) | $0 | $0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share (USD per share) | $1.25 | $1.25 |
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 |
Common Stock, Shares, Issued | 79,238,759 | 78,618,517 |
Common Stock, Shares, Outstanding | 64,632,400 | 64,068,047 |
Treasury Stock, Shares | 14,606,359 | 14,550,470 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | |||
Services | $1,637,622 | $1,637,056 | $1,626,521 |
Products | 1,413,431 | 1,220,435 | 1,365,172 |
Total sales | 3,051,053 | 2,857,491 | 2,991,693 |
Cost of sales | |||
Services | 1,147,363 | 1,222,675 | 1,215,673 |
Products | 1,124,340 | 994,460 | 1,046,400 |
Total cost of sales | 2,271,703 | 2,217,135 | 2,262,073 |
Gross profit | 779,350 | 640,356 | 729,620 |
Selling and administrative expense | 515,551 | 596,694 | 527,729 |
Research, development and engineering expense | 93,617 | 92,315 | 85,881 |
Impairment of assets | 2,123 | 72,017 | 15,783 |
Gain on sale of assets, net | -12,888 | -2,410 | -1,202 |
Total operating expense | 598,403 | 758,616 | 628,191 |
Operating profit (loss) | 180,947 | -118,260 | 101,429 |
Other income (expense) | |||
Investment income | 34,501 | 27,603 | 37,593 |
Interest expense | -31,420 | -29,234 | -30,330 |
Foreign exchange (loss) gain, net | -11,791 | 172 | 2,654 |
Miscellaneous, net | -1,648 | -88 | -451 |
Income (loss) from continuing operations before taxes | 170,589 | -119,807 | 110,895 |
Income tax expense | 53,570 | 56,715 | 28,225 |
Income (loss) from continuing operations | 117,019 | -176,522 | 82,670 |
Loss from discontinued operations, net of tax | 0 | 0 | -3,125 |
Net income (loss) | 117,019 | -176,522 | 79,545 |
Net income attributable to noncontrolling interests | 2,602 | 5,083 | 5,942 |
Net income (loss) attributable to Diebold, Incorporated | 114,417 | -181,605 | 73,603 |
Basic weighted-average shares outstanding (shares) | 64,530 | 63,659 | 63,061 |
Diluted weighted-average shares outstanding (shares) | 65,154 | 63,659 | 63,914 |
Basic earnings (loss) per share | |||
Income (loss) from continuing operations, net of tax (USD per share) | $1.77 | ($2.85) | $1.22 |
Loss from discontinued operations, net of tax (USD per share) | $0 | $0 | ($0.05) |
Net income (loss) attributable to Diebold, Incorporated (USD per share) | $1.77 | ($2.85) | $1.17 |
Diluted earnings (loss) per share | |||
Income (loss) from continuing operations, net of tax (USD per share) | $1.76 | ($2.85) | $1.20 |
Loss from discontinued operations, net of tax (USD per share) | $0 | $0 | ($0.05) |
Net income (loss) attributable to Diebold, Incorporated (USD per share) | $1.76 | ($2.85) | $1.15 |
Amounts attributable to Diebold, Incorporated | |||
Income (loss) from continuing operations, net of tax | 114,417 | -181,605 | 76,728 |
Loss from discontinued operations, net of tax | 0 | 0 | -3,125 |
Net income (loss) attributable to Diebold, Incorporated | $114,417 | ($181,605) | $73,603 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $117,019 | ($176,522) | $79,545 |
Interest rate hedges: | |||
Net income recognized in other comprehensive income (net of tax of $(413), $(483) and $(99), respectively) | 680 | 698 | 141 |
Reclassification adjustment for amounts recognized in net income (net of tax of $(114), $(132) and $(230), respectively) | 213 | 192 | 91 |
Total interest rate hedges, net of tax | 467 | 506 | 50 |
Pension and other post-retirement benefits: | |||
Prior service credit recognized during the year (net of tax of $146, $308 and $99, respectively) | -236 | -493 | -160 |
Net actuarial losses recognized during the year (net of tax of $(1,231), $(5,762) and $(6,544), respectively) | 1,996 | 9,130 | 10,721 |
Net actuarial (loss) gain occurring during the year (net of tax of $39,303, $(28,270), and $23,765, respectively) | -63,740 | 44,796 | -38,939 |
Total pension and other postretirement benefits, net of tax | -61,980 | 100,448 | -14,774 |
Unrealized (loss) gain on securities, net: | |||
Net (loss) gain recognized in other comprehensive income (net of tax of $7, $(55) and $0, respectively) | -531 | 3,932 | 3,304 |
Reclassification adjustment for amounts recognized in net income (net of tax of $(29), $(19) and $0, respectively) | -2,148 | -1,372 | -4,523 |
Total unrealized gain (loss) on securities, net | -2,679 | 2,560 | -1,219 |
Other | -24 | 1,162 | -168 |
Other comprehensive (loss) income, net of tax | -137,414 | 37,251 | -50,472 |
Comprehensive (loss) income | -20,395 | -139,271 | 29,073 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1,392 | 5,616 | 6,166 |
Comprehensive (loss) income attributable to Diebold, Incorporated | -21,787 | -144,887 | 22,907 |
Translation adjustment | |||
Other comprehensive (loss) income, net of tax: | |||
Translation adjustment (net of tax of $3,588, $2,064, and $0, respectively) | -73,679 | -70,269 | -36,164 |
Foreign currency hedges | |||
Other comprehensive (loss) income, net of tax: | |||
Foreign currency hedges (net of tax of $(307), $(1,719) and $(1,218), respectively) | 481 | 2,844 | 1,803 |
Curtailment | |||
Pension and other post-retirement benefits: | |||
Net actuarial losses recognized during the year (net of tax of $(1,231), $(5,762) and $(6,544), respectively) | 0 | 33,386 | 0 |
Prior service cost recognized due to curtailment (net of tax of $0, $(803) and $0, respectively | 0 | 1,272 | 0 |
Settlement | |||
Pension and other post-retirement benefits: | |||
Settlements (net of tax of $0, $(7,799) and $(8,303), respectively) | $0 | $12,357 | $13,604 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss) Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net gain (loss) recognized in other comprehensive income, interest rate hedges, tax | ($413) | ($483) | ($99) |
Derivatives, reclassification adjustment for amounts recognized in net income, tax | -114 | -132 | -230 |
Net prior service benefit amortization, tax | 146 | 308 | 99 |
Net actuarial loss amortization, tax | -1,231 | -5,762 | -6,544 |
Net actuarial (gains) losses occurring during the year, tax | 39,303 | -28,270 | 23,765 |
Net (loss) gain recognized in other comprehensive income, securities, tax | -7 | -55 | 0 |
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | -29 | -19 | 0 |
Curtailment | |||
Net actuarial loss amortization, tax | 0 | -21,069 | 0 |
Prior service cost recognized due to curtailment (net of tax of $0, $(803) and $0, respectively | 0 | -803 | 0 |
Settlement | |||
Settlements, tax | 0 | -7,799 | -8,303 |
Translation adjustment | |||
Translation adjustment and foreign currency hedges, tax | 3,588 | 2,064 | 0 |
Foreign currency hedges | |||
Translation adjustment and foreign currency hedges, tax | ($307) | ($1,719) | ($1,218) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Shares [Member] | Additional Capital [Member] | Retained Earnings [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Diebold Incorporated Shareholders' Equity | Noncontrolling Interests [Member] |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2011 | $844,622 | $96,051 | $327,805 | $977,572 | ($547,737) | ($40,343) | $813,348 | $31,274 |
Balance (shares) at Dec. 31, 2011 | 76,840,956 | |||||||
Net income (loss) attributable to Diebold, Incorporated | 73,603 | 73,603 | 73,603 | |||||
Net income attributable to noncontrolling interests | 5,942 | 5,942 | ||||||
Net (loss) income | 79,545 | |||||||
Other comprehensive (loss) income | -50,696 | -50,696 | ||||||
Other comprehensive (loss) income, noncontrolling | 224 | |||||||
Net current period other comprehensive (loss) income | -50,472 | |||||||
Stock options exercised (shares) | 553,890 | |||||||
Stock options exercised | 16,679 | 692 | 15,987 | 16,679 | ||||
Restricted stock units issued, shares | 164,552 | |||||||
Restricted stock units issued | 0 | 206 | -206 | 0 | ||||
Performance shares units issued (shares) | 86,196 | |||||||
Performance shares units issued | 0 | 108 | -108 | 0 | ||||
Other share-based compensation units issued (shares) | 15,524 | |||||||
Other share-based compensation units issued | 0 | 19 | -19 | 0 | ||||
Income tax benefit (detriment) from share-based compensation | 982 | 982 | 982 | |||||
Share-based compensation expense | 13,840 | 13,840 | 13,840 | |||||
Dividends declared and paid | -72,830 | -72,830 | -72,830 | |||||
Treasury shares | -3,452 | -3,452 | -3,452 | |||||
Distributions to noncontrolling interest holders, net | -2,092 | 0 | -2,092 | |||||
Balance at Dec. 31, 2012 | 826,822 | 97,076 | 358,281 | 978,345 | -551,189 | -91,039 | 791,474 | 35,348 |
Balance (shares) at Dec. 31, 2012 | 77,661,118 | |||||||
Net income (loss) attributable to Diebold, Incorporated | -181,605 | -181,605 | -181,605 | |||||
Net income attributable to noncontrolling interests | 5,083 | 5,083 | ||||||
Net (loss) income | -176,522 | |||||||
Other comprehensive (loss) income | 36,718 | 36,718 | 36,718 | |||||
Other comprehensive (loss) income, noncontrolling | 533 | |||||||
Net current period other comprehensive (loss) income | 37,251 | |||||||
Stock options exercised (shares) | 591,223 | |||||||
Stock options exercised | 16,723 | 740 | 15,983 | 16,723 | ||||
Restricted stock units issued, shares | 279,920 | |||||||
Restricted stock units issued | 0 | 350 | -350 | 0 | ||||
Performance shares units issued (shares) | 29,882 | |||||||
Performance shares units issued | 0 | 37 | -37 | 0 | ||||
Other share-based compensation units issued (shares) | 56,374 | |||||||
Other share-based compensation units issued | 0 | 70 | -70 | 0 | ||||
Income tax benefit (detriment) from share-based compensation | -3,918 | -3,918 | -3,918 | |||||
Share-based compensation expense | 15,432 | 15,432 | 15,432 | |||||
Dividends declared and paid | -73,997 | -73,997 | -73,997 | |||||
Treasury shares | -4,063 | -4,063 | -4,063 | |||||
Distributions to noncontrolling interest holders, net | -16,913 | 0 | -16,913 | |||||
Balance at Dec. 31, 2013 | 620,815 | 98,273 | 385,321 | 722,743 | -555,252 | -54,321 | 596,764 | 24,051 |
Balance (shares) at Dec. 31, 2013 | 78,618,517 | |||||||
Net income (loss) attributable to Diebold, Incorporated | 114,417 | 114,417 | 114,417 | |||||
Net income attributable to noncontrolling interests | 2,602 | 2,602 | ||||||
Net (loss) income | 117,019 | |||||||
Other comprehensive (loss) income | -136,204 | -136,204 | -136,204 | |||||
Other comprehensive (loss) income, noncontrolling | -1,210 | |||||||
Net current period other comprehensive (loss) income | -137,414 | |||||||
Stock options exercised (shares) | 445,000 | 444,846 | ||||||
Stock options exercised | 14,631 | 556 | 14,075 | 14,631 | ||||
Restricted stock units issued, shares | 134,285 | |||||||
Restricted stock units issued | 0 | 168 | -168 | 0 | ||||
Other share-based compensation units issued (shares) | 41,111 | |||||||
Other share-based compensation units issued | -24 | 51 | -75 | -24 | ||||
Income tax benefit (detriment) from share-based compensation | -2,661 | -2,661 | -2,661 | |||||
Share-based compensation expense | 21,545 | 21,545 | 21,545 | |||||
Dividends declared and paid | -74,946 | -74,946 | -74,946 | |||||
Treasury shares | -1,918 | -1,918 | -1,918 | |||||
Distributions to noncontrolling interest holders, net | -2,158 | 0 | -2,158 | |||||
Balance at Dec. 31, 2014 | $554,889 | $99,048 | $418,037 | $762,214 | ($557,170) | ($190,525) | $531,604 | $23,285 |
Balance (shares) at Dec. 31, 2014 | 79,238,759 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flow from operating activities: | |||
Net income (loss) | $117,019 | ($176,522) | $79,545 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation and amortization | 74,072 | 82,594 | 78,644 |
Share-based compensation expense | 21,545 | 15,432 | 13,840 |
Excess tax benefits from share-based compensation | -454 | -471 | -1,843 |
Impairment of assets | 2,123 | 72,017 | 15,783 |
Pension curtailment, settlement and special termination | 0 | 69,561 | 21,907 |
Devaluation of Venezuelan balance sheet | 12,101 | 1,584 | 0 |
Gain on sale of assets, net | -12,888 | -2,410 | -1,202 |
Equity in earnings of an investee | 0 | 0 | -702 |
Cash flow from changes in certain assets and liabilities, net of the effects of acquisitions | |||
Trade receivables | -58,588 | 23,983 | -75,275 |
Inventories | -53,241 | 21,337 | 20,955 |
Prepaid expenses | -1,993 | 12,908 | -3,490 |
Prepaid income taxes | 9,589 | -4,889 | -1,890 |
Other current assets | -42,785 | -11,183 | -16,080 |
Accounts payable | 59,278 | -9,659 | 2,564 |
Deferred revenue | 51,554 | 16,522 | -21,767 |
Deferred income taxes | -11,305 | -15,125 | -10,558 |
Pension and other post-retirement benefits | -5,034 | 11,026 | 3,774 |
Finance lease receivables | -61,579 | -32,593 | 23,650 |
Certain other assets and liabilities | 87,492 | 50,112 | 7,653 |
Net cash provided by operating activities | 186,906 | 124,224 | 135,508 |
Cash flow from investing activities: | |||
Payments for acquisitions, net of cash acquired | -11,749 | 0 | -28,292 |
Proceeds from maturities of investments | 477,421 | 464,331 | 325,403 |
Proceeds from sale of investments | 39,586 | 55,987 | 50,431 |
Payments for purchases of investments | -428,652 | -537,682 | -377,070 |
Proceeds from sale of assets | 18,441 | 7,536 | 3,357 |
Capital expenditures | -61,453 | -35,447 | -49,742 |
Increase in certain other assets | -19,795 | -13,747 | -13,077 |
Purchase of finance receivables, net of cash collections | 0 | 6,303 | 16,159 |
Net cash provided by (used in) investing activities | 13,799 | -52,719 | -72,831 |
Cash flow from financing activities: | |||
Dividends paid | -74,946 | -73,997 | -72,830 |
Debt issuance costs | -1,368 | 0 | 0 |
Revolving debt borrowings (repayments), net | 2,000 | -56,000 | 70,000 |
Other debt borrowings | 157,676 | 51,231 | 117,163 |
Other debt repayments | -175,501 | -121,901 | -163,538 |
Distributions to noncontrolling interest holders | -2,158 | -16,913 | -2,092 |
Excess tax benefits from share-based compensation | 454 | 471 | 1,843 |
Issuance of common shares | 14,607 | 16,723 | 16,679 |
Repurchase of common shares | -1,918 | -4,063 | -3,452 |
Net cash used in financing activities | -81,154 | -204,449 | -36,227 |
Effect of exchange rate changes on cash | -28,243 | -5,139 | 8,422 |
Increase (decrease) in cash and cash equivalents | 91,308 | -138,083 | 34,872 |
Cash and cash equivalents at the beginning of the year | 230,709 | 368,792 | 333,920 |
Cash and cash equivalents at the end of the year | 322,017 | 230,709 | 368,792 |
Cash paid for: | |||
Income taxes | 49,181 | 76,480 | 49,011 |
Interest | 31,185 | 29,543 | 28,917 |
Significant noncash investing and financing activities: | |||
Accrued holdback for acquisition | $0 | $0 | $12,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Principles of Consolidation The consolidated financial statements include the accounts of Diebold, Incorporated and its wholly- and majority-owned subsidiaries (collectively, the Company). All significant intercompany accounts and transactions have been eliminated. | |||
Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include revenue recognition, the valuation of trade and financing receivables, inventories, goodwill, intangible assets, other long-lived assets, legal contingencies, guarantee obligations and assumptions used in the calculation of income taxes, pension and other post-retirement benefits and customer incentives, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors. Management monitors the economic condition and other factors and will adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | |||
International Operations The financial statements of the Company’s international operations are measured using local currencies as their functional currencies, with the exception of Venezuela's financial results, which are measured using the currency exchange mechanism, SICAD 2. The Company translates the assets and liabilities of its non-U.S. subsidiaries at the exchange rates in effect at year end and the results of operations at the average rate throughout the year. The translation adjustments are recorded directly as a separate component of shareholders’ equity, while transaction gains (losses) are included in net income. Sales to customers outside the United States in relation to total consolidated net sales approximated 56.1 percent, 52.3 percent and 48.7 percent in 2014, 2013 and 2012, respectively. | |||
Venezuelan Currency Devaluation The Company's Venezuelan operations consist of a fifty-percent owned subsidiary, which is consolidated. Venezuela financial results are 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 determined that it was unlikely that the Company would 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 6.30, 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 (loss) gain, net in the 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 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 statements of operations. The Company's Venezuelan operations represented less than one percent of the Company's total assets as of December 31, 2014 and less than one percent of net sales for the year ended December 31, 2014. The Company does not expect its Venezuelan operations to be a significant component of its consolidated revenue or operating profit during 2015. | |||
Acquisition and Divestiture In the third quarter of 2014, the Company acquired 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. The total purchase price was approximately $13,000 and Cryptera is included in the Europe, Middle East and Africa (EMEA) segment within the Company' s consolidated financial statements from July 1, 2014, the date of acquisition. In the second quarter of 2014, the Company divested its check and payment processing subsidiary, Diebold Eras, Incorporated (Eras), which resulted in a gain of $13,709 recognized within gain on sale of assets, net in the consolidated statement of operations. Eras was included in the North America (NA) segment. Total assets and operating results of Eras were not significant to the consolidated financial statements. | |||
Reclassification The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. | |||
Revenue Recognition The Company’s revenue recognition policy is consistent with the requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 605, Revenue Recognition (ASC 605). In general, the Company records revenue when it is realized, or realizable and earned. The Company considers revenue to be realized, or realizable and earned when, persuasive evidence of an arrangement exists, the products or services have been approved by the customer after delivery and/or installation acceptance or performance of services; the sales price is fixed or determinable within the contract; and collectability is reasonably assured. The Company's products include both hardware and the software required for the equipment to operate as intended, and for product sales, the Company determines the earnings process is complete when title, risk of loss and the right to use the product has transferred to the customer. Within the North America region, the earnings process is completed upon customer acceptance. Where the Company is contractually responsible for installation, customer acceptance occurs upon completion of the installation of all equipment at a job site and the Company’s demonstration that the equipment is in operable condition. Where the Company is not contractually responsible for installation, customer acceptance occurs upon shipment or delivery to a customer location depending on the terms within the contract. Internationally, customer acceptance is upon the earlier of delivery or completion of the installation depending on the terms in the contract with the customer. | |||
The application of ASC 605 to the Company's customer contracts requires judgment, including the determination of whether an arrangement includes multiple deliverables such as hardware, software, maintenance and/or other services. For contracts that contain multiple deliverables, total arrangement consideration is allocated at the inception of the arrangement to each deliverable based on the relative selling price method. The relative selling price method is based on a hierarchy consisting of vendor specific objective evidence (VSOE) (price when sold on a stand-alone basis), if available, or third-party evidence (TPE), if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE is available. The Company's ESP is consistent with the objective of determining VSOE, which is the price at which we would expect to transact on a stand-alone sale of the deliverable. The determination of ESP is based on applying significant judgment to weigh a variety of company-specific factors including our pricing practices, customer volume, geography, internal costs and gross margin objectives, information gathered from experience in customer negotiations, recent technological trends, and competitive landscape. In contracts that involve multiple deliverables with separately priced extended warranty and product maintenance, these services are typically accounted for under FASB ASC 605-20, Separately Priced Extended Warranty and Product Maintenance Contracts where stated price is recognized ratably over the period. | |||
For software sales, excluding software required for the equipment to operate as intended, the Company applies the software revenue recognition principles within FASB ASC 985-605, Software - Revenue Recognition. For software and software-related deliverables (software elements), the Company allocates revenue based upon the relative fair value of these deliverables as determined by VSOE. If the Company cannot obtain VSOE for any undelivered software element, revenue is deferred until all deliverables have been delivered or until VSOE can be determined for any remaining undelivered software elements. When the fair value of a delivered element cannot be established, but fair value evidence exists for the undelivered software elements, the Company uses the residual method to recognize revenue. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement consideration is allocated to the delivered elements and recognized as revenue. | |||
The Company has the following revenue streams related to sales to its customers: | |||
Financial Self-Service Product & Managed Service Revenue Financial self-service (FSS) products are primarily automated teller machines (ATMs) and other equipment primarily used in the banking industry which include both hardware and the software required for the equipment to operate as intended. The Company also provides service contracts on FSS products that typically cover a 12-month period and can begin at any time after the warranty period expires. The service provided under warranty is limited as compared to those offered under service contracts. Further, warranty is not considered a separate deliverable of the sale and covers only replacement of defective parts inclusive of labor. Service contracts provide additional services beyond those covered under the warranty, including preventative maintenance service, cleaning, supplies stocking and cash handling, all of which are not essential to the functionality of the equipment. Service revenue also includes services and parts the Company provides on a billed-work basis that are not covered by warranty or service contract. The Company also provides customers with integrated services such as outsourced and managed services, including remote monitoring, trouble-shooting, training, transaction processing, currency management, maintenance or full support services. | |||
Electronic Security Products & Managed Service Revenue The Company provides global product sales, service, installation, project management for longer-term contracts and monitoring of original equipment manufacturer electronic security products to financial, government, retail and commercial customers. These solutions provide the Company’s customers a single-source solution to their electronic security needs. | |||
Physical Security & Facility Revenue The Company designs, manufactures and/or procures and installs physical security and facility products. These consist of vaults, safe deposit boxes and safes, drive-up banking equipment and a host of other banking facilities products. | |||
Brazil Other The Company offers election and lottery systems product solutions and support to the Brazilian government. Election systems revenue consists of election equipment sales, networking, tabulation and diagnostic software development, training, support and maintenance. Lottery systems revenue primarily consists of equipment sales. The election and lottery equipment components are included in product revenue. The software development, training, support and maintenance components are included in service revenue. | |||
Software Solutions & Service Revenue The Company offers software solutions, excluding software required for the equipment to operate as intended, consisting of multiple applications that process events and transactions (networking software) along with the related server. Sales of networking software represent software solutions to customers that allow them to network various different vendors’ ATMs onto one network. Included within service revenue is revenue from software support agreements, which are typically 12 months in duration and pertain to networking software. | |||
Depreciation and Amortization Depreciation of property, plant and equipment is computed using the straight-line method for financial statement purposes. Amortization of leasehold improvements is based upon the shorter of original terms of the lease or life of the improvement. Repairs and maintenance are expensed as incurred. Amortization of the Company’s other long-term assets, such as intangible assets and capitalized computer software, is computed using the straight-line method over the life of the asset. | |||
Advertising Costs Advertising costs are expensed as incurred and were $16,708, $9,812 and $11,316 in 2014, 2013 and 2012, respectively. | |||
Research, Development and Engineering Research, development and engineering costs are expensed as incurred and were $93,617, $92,315 and $85,881 in 2014, 2013 and 2012, respectively. | |||
Shipping and Handling Costs The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includes such amounts in net sales. Third-party freight payments are recorded in cost of sales. | |||
Taxes on Income Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences, operating loss carry-forwards and tax credits. Deferred tax liabilities are recognized for taxable temporary differences and undistributed earnings in certain tax jurisdictions. Deferred tax assets are reduced by a valuation allowance when, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Determination of a valuation allowance involves estimates regarding the timing and amount of the reversal of taxable temporary differences, expected future taxable income and the impact of tax planning strategies. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |||
The Company regularly assesses its position with regard to tax exposures and records liabilities for these uncertain tax positions and related interest and penalties, if any, when the tax benefit is not more likely than not realizable. The Company has recorded an accrual that reflects the recognition and measurement process for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. Additional future income tax expense or benefit may be recognized once the positions are effectively settled. | |||
Sales Tax The Company collects sales taxes from customers and accounts for sales taxes on a net basis. | |||
Cash Equivalents The Company considers highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. | |||
Financial Instruments The carrying amount of cash and cash equivalents, trade receivables and accounts payable, approximated their fair value because of the relatively short maturity of these instruments. The Company’s risk-management strategy uses derivative financial instruments such as forwards to hedge certain foreign currency exposures and interest rate swaps to manage interest rate risk. The intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. The Company does not enter into derivatives for trading purposes. The Company recognizes all derivatives on the balance sheet at fair value. Changes in the fair values of derivatives that are not designated as hedges are recognized in earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in the hedged assets or liabilities through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. | |||
Fair Value The Company measures its financial assets and liabilities using one or more of the following three valuation techniques: | |||
Valuation technique | Description | ||
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: | |||
Fair value level | Description | ||
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. The Company uses the end of period when determining the timing of transfers between levels. | |||
Short-Term Investments The Company had investments in certificates of deposit that were 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 notes 6 and 13) is 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 swaps to hedge against changes in the London Interbank Offered Rate (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. Further details regarding the Company's goodwill impairment review appear in note 11. | |||
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 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. | |||
Refer to note 19 for further details of assets and liabilities subject to fair value measurement. | |||
Trade Receivables The Company evaluates the collectability of trade receivables based on a percentage of sales related to historical loss experience and current trends. 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 and 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. | |||
Inventories The Company primarily values inventories at the lower of cost or market applied on a first-in, first-out basis. The Company identifies and writes down its excess and obsolete inventories to net realizable value based on usage forecasts, order volume and inventory aging. With the development of new products, the Company also rationalizes its product offerings and will write-down discontinued product to the lower of cost or net realizable value. | |||
Deferred Revenue Deferred revenue is recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, deferred revenue is recorded for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. | |||
Split-Dollar Life Insurance The Company recognizes a liability for the post-retirement obligation associated with a collateral assignment arrangement if, based on an agreement with an employee, the Company has agreed to maintain a life insurance policy during the post-retirement period or to provide a death benefit. In addition, the Company recognizes a liability and related compensation costs for future benefits that extend to post-retirement periods. | |||
Goodwill Goodwill is the cost in excess of the net assets of acquired businesses (refer to note 11). The Company tests all existing goodwill at least annually as of November 30 for impairment on a reporting unit basis. The Company tests for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the carrying value of a reporting unit below its reported amount. The Company’s reporting units are defined as Domestic and Canada, Latin America (LA), Brazil, Asia Pacific (AP), and Europe, Middle East and Africa (EMEA). Each year, the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In evaluating whether it is more likely than not the fair value of a reporting unit is less than its carrying amount, the Company considers the following events and circumstances, among others, if applicable: (a) macroeconomic conditions such as general economic conditions, limitations on accessing capital or other developments in equity and credit markets; (b) industry and market considerations such as competition, multiples or metrics and changes in the market for the Company's products and services or regulatory and political environments; (c) cost factors such as raw materials, labor or other costs; (d) overall financial performance such as cash flows, actual and planned revenue and earnings compared with actual and projected results of relevant prior periods; (e) other relevant events such as changes in key personnel, strategy or customers; (f) changes in the composition of a reporting unit's assets or expected sales of all or a portion of a reporting unit; and (g) any sustained decrease in share price. | |||
If the Company's qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, or if management elects to perform a quantitative assessment of goodwill, a two-step impairment test is used to identify potential goodwill impairment and measure the amount of any impairment loss to be recognized. In the first step, the Company compares the fair value of each reporting unit with its carrying value. The fair value is determined based upon discounted estimated future cash flows as well as the market approach or guideline public company method. The Company’s Step 1 impairment test of goodwill of a reporting unit is based upon the fair value of the reporting unit, defined as the price that would be received to sell the net assets or transfer the net liabilities in an orderly transaction between market participants at the assessment date. In the event that the net carrying amount exceeds the fair value, a Step 2 test must be performed whereby the fair value of the reporting unit’s goodwill must be estimated to determine if it is less than its net carrying amount. In its two-step test, the Company uses the discounted cash flow method and the guideline company method for determining the fair value of its reporting units. Under these methods, the determination of implied fair value of the goodwill for a particular reporting unit is the excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities in the same manner as the allocation in a business combination. | |||
The techniques used in the Company's qualitative assessment and, if necessary, two-step impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect market conditions forecast at the assessment date. Assumptions in estimating future cash flows are subject to a high degree of judgment. The Company makes all efforts to forecast future cash flows as accurately as possible with the information available at the time the forecast is made. To this end, the Company evaluates the appropriateness of its assumptions as well as its overall forecasts by comparing projected results of upcoming years with actual results of preceding years and validating that differences therein are reasonable. Key assumptions, all of which are Level 3 inputs, relate to price trends, material costs, discount rate, customer demand and the long-term growth and foreign exchange rates. A number of benchmarks from independent industry and other economic publications were also used. Changes in assumptions and estimates after the assessment date may lead to an outcome where impairment charges would be required in future periods. Specifically, actual results may vary from the Company’s forecasts and such variations may be material and unfavorable, thereby triggering the need for future impairment tests where the conclusions may differ in reflection of prevailing market conditions. | |||
Long-Lived Assets 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, an impairment loss is recognized at that time to reduce the asset to the lower of its fair value or its net book value. | |||
Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Legal costs incurred in connection with loss contingencies are expensed as incurred. | |||
Pensions and Other Post-retirement Benefits Annual net periodic expense and benefit liabilities under the Company’s defined benefit plans are determined on an actuarial basis. Assumptions used in the actuarial calculations have a significant impact on plan obligations and expense. Members of the management investment committee periodically review the actual experience compared with the more significant assumptions used and make adjustments to the assumptions, if warranted. The healthcare trend rates are reviewed based upon the results of actual claims experience. The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-term rate of return on plan assets is determined using the plans’ current asset allocation and their expected rates of return based on a geometric averaging over 20 years. The rate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook. Pension benefits are funded through deposits with trustees. Other post-retirement benefits are not funded and the Company’s policy is to pay these benefits as they become due. | |||
The Company recognizes the funded status of each of its plans in the consolidated balance sheet. Amortization of unrecognized net gain or loss resulting from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is included as a component of net periodic benefit cost for a year if, as of the beginning of the year, that unrecognized net gain or loss exceeds five percent of the greater of the projected benefit obligation or the market-related value of plan assets. If amortization is required, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. | |||
Recently Adopted Accounting Guidance | |||
In April 2014, the FASB issued Accounting Standards Update (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 adopted ASU 2014-08. The adoption of this update did not have a material impact on the financial statements of the Company. | |||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (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 in 2014 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 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. | |||
No other new accounting pronouncements issued or with effective dates during 2014 had or are expected to have a material impact on the Company's consolidated financial statements. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 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), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the years presented there were no differences in the earnings (loss) per share amounts calculated using the two methods. Accordingly, the treasury stock method is disclosed below. | ||||||||||||
The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator | ||||||||||||
Income (loss) used in basic and diluted earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations, net of tax | $ | 114,417 | $ | (181,605 | ) | $ | 76,728 | |||||
Loss from discontinued operations, net of tax | — | — | (3,125 | ) | ||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 114,417 | $ | (181,605 | ) | $ | 73,603 | |||||
Denominator | ||||||||||||
Weighted-average number of common | 64,530 | 63,659 | 63,061 | |||||||||
shares used in basic earnings (loss) per share | ||||||||||||
Effect of dilutive shares (1) | 624 | — | 853 | |||||||||
Weighted-average number of shares used in | 65,154 | 63,659 | 63,914 | |||||||||
diluted earnings (loss) per share | ||||||||||||
Basic earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations, net of tax | $ | 1.77 | $ | (2.85 | ) | $ | 1.22 | |||||
Loss from discontinued operations, net of tax | — | — | (0.05 | ) | ||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 1.77 | $ | (2.85 | ) | $ | 1.17 | |||||
Diluted earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations, net of tax | $ | 1.76 | $ | (2.85 | ) | $ | 1.2 | |||||
Loss from discontinued operations, net of tax | — | — | (0.05 | ) | ||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 1.76 | $ | (2.85 | ) | $ | 1.15 | |||||
Anti-dilutive shares | ||||||||||||
Anti-dilutive shares not used in calculating diluted | 1,053 | 2,597 | 2,201 | |||||||||
weighted-average shares | ||||||||||||
-1 | Incremental shares of 545 thousand were excluded from the computation of diluted EPS for the year ended December 31, 2013 because their effect is anti-dilutive due to the loss from continuing operations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 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 year ended December 31: | |||||||||||||||||||||||||||||
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Unrealized Gain on Securities, Net | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 68,393 | $ | (4,728 | ) | $ | (1,466 | ) | $ | (152,475 | ) | $ | 119 | $ | (882 | ) | $ | (91,039 | ) | ||||||||||
Other comprehensive (loss) income before reclassifications (1) | (70,802 | ) | 2,844 | 698 | 78,182 | 3,932 | 1,162 | 16,016 | |||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (192 | ) | 22,266 | (1,372 | ) | — | 20,702 | ||||||||||||||||||||
Net current period other comprehensive (loss) income | (70,802 | ) | 2,844 | 506 | 100,448 | 2,560 | 1,162 | 36,718 | |||||||||||||||||||||
Balance at December 31, 2013 | $ | (2,409 | ) | $ | (1,884 | ) | $ | (960 | ) | $ | (52,027 | ) | $ | 2,679 | $ | 280 | $ | (54,321 | ) | ||||||||||
Other comprehensive (loss) income before reclassifications (1) | (72,469 | ) | 481 | 680 | (63,740 | ) | (531 | ) | (24 | ) | (135,603 | ) | |||||||||||||||||
Amounts reclassified from AOCI | — | — | (213 | ) | 1,760 | (2,148 | ) | — | (601 | ) | |||||||||||||||||||
Net current period other comprehensive (loss) income | (72,469 | ) | 481 | 467 | (61,980 | ) | (2,679 | ) | (24 | ) | (136,204 | ) | |||||||||||||||||
Balance at December 31, 2014 | $ | (74,878 | ) | $ | (1,403 | ) | $ | (493 | ) | $ | (114,007 | ) | $ | — | $ | 256 | $ | (190,525 | ) | ||||||||||
-1 | Other comprehensive (loss) income before reclassifications within the translation component excludes losses (gains) of $(535) and $1,210 and translation attributable to noncontrolling interests for December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
The following table summarizes the details about amounts reclassified from AOCI for the year ended December 31: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Amount Reclassified from AOCI | Amount Reclassified from AOCI | Affected Line Item in the Statement of Operations | |||||||||||||||||||||||||||
Interest rate hedges (net of tax of $(114) and $(132), respectively) | $ | (213 | ) | $ | (192 | ) | Interest expense | ||||||||||||||||||||||
Pension and post-retirement benefits: | |||||||||||||||||||||||||||||
Net prior service benefit amortization (net of tax of $(146) and $(308), respectively) | (236 | ) | (493 | ) | -1 | ||||||||||||||||||||||||
Net actuarial losses recognized during the year (net of tax of $1,231 and $5,762, respectively) | 1,996 | 9,130 | -1 | ||||||||||||||||||||||||||
Prior service cost recognized during the curtailment (net of tax of $0 and $803, respectively) | — | 1,272 | -1 | ||||||||||||||||||||||||||
Settlements (net of tax of $0 and $7,799, respectively) | — | 12,357 | -1 | ||||||||||||||||||||||||||
1,760 | 22,266 | ||||||||||||||||||||||||||||
Unrealized loss on securities (net of tax of $(29) and $(19), respectively) | (2,148 | ) | (1,372 | ) | Investment income | ||||||||||||||||||||||||
Total reclassifications for the period | $ | (601 | ) | $ | 20,702 | ||||||||||||||||||||||||
(1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 13 to the consolidated financial statements). |
ShareBased_Compensation_and_Eq
Share-Based Compensation and Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
SHARE-BASED COMPENSATION AND EQUITY | SHARE-BASED COMPENSATION AND EQUITY | ||||||||||||
Dividends On the basis of amounts declared and paid quarterly, the annualized dividends per share were $1.15, $1.15 and $1.14 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Share-Based Compensation Cost The Company recognizes costs resulting from all share-based payment transactions based on the fair market value of the award as of the grant date. Awards are valued at fair value and compensation cost is recognized on a straight-line basis over the requisite periods of each award. The Company estimated forfeiture rates are based on historical experience. To cover the exercise and/or vesting of its share-based payments, the Company generally issues new shares from its authorized, unissued share pool. The number of common shares that may be issued pursuant to the Amended and Restated 1991 Equity and Performance Incentive Plan (as amended and restated as of February 12, 2014) (1991 Plan) was 9,126,005, of which 5,532,005 shares were available for issuance at December 31, 2014. | |||||||||||||
The following table summarizes the components of the Company’s employee and non-employee share-based compensation programs recognized as selling and administrative expense for the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | |||||||||||||
Pre-tax compensation expense | $ | 2,696 | $ | 6,032 | $ | 2,572 | |||||||
Tax benefit | (998 | ) | (2,198 | ) | (825 | ) | |||||||
Stock option expense, net of tax | $ | 1,698 | $ | 3,834 | $ | 1,747 | |||||||
Restricted stock units | |||||||||||||
Pre-tax compensation expense | $ | 6,075 | $ | 5,580 | $ | 5,741 | |||||||
Tax benefit | (1,887 | ) | (1,672 | ) | (1,809 | ) | |||||||
RSU expense, net of tax | $ | 4,188 | $ | 3,908 | $ | 3,932 | |||||||
Performance shares | |||||||||||||
Pre-tax compensation expense | $ | 12,494 | $ | 2,162 | $ | 4,425 | |||||||
Tax benefit | (4,237 | ) | (768 | ) | (1,602 | ) | |||||||
Performance share expense, net of tax | $ | 8,257 | $ | 1,394 | $ | 2,823 | |||||||
Director deferred shares | |||||||||||||
Pre-tax compensation expense | $ | 280 | $ | 1,158 | $ | 1,102 | |||||||
Tax benefit | (109 | ) | (428 | ) | (408 | ) | |||||||
Director deferred share expense, net of tax | $ | 171 | $ | 730 | $ | 694 | |||||||
Total share-based compensation | |||||||||||||
Pre-tax compensation expense | $ | 21,545 | $ | 14,932 | $ | 13,840 | |||||||
Tax benefit | (7,231 | ) | (5,066 | ) | (4,644 | ) | |||||||
Total share-based compensation, net of tax | $ | 14,314 | $ | 9,866 | $ | 9,196 | |||||||
The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2014: | |||||||||||||
Unrecognized | Weighted-Average Period | ||||||||||||
Cost | |||||||||||||
(years) | |||||||||||||
Stock options | $ | 3,460 | 1.3 | ||||||||||
RSUs | 9,099 | 1.8 | |||||||||||
Performance shares | 11,528 | 1.7 | |||||||||||
$ | 24,087 | ||||||||||||
SHARE-BASED COMPENSATION AWARDS | |||||||||||||
Stock options, RSUs, restricted shares and performance shares have been issued to officers and other management employees under the Company’s 1991 Plan. | |||||||||||||
Stock Options | |||||||||||||
Stock options generally vest after a one- to four-year period and have a maturity of ten years from the issuance date. Option exercise prices equal the closing price of the Company’s common shares on the date of grant. The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected life (in years) | 5 | 6 | 7-Jun | ||||||||||
Weighted-average volatility | 31 | % | 38 | % | 41 | % | |||||||
Risk-free interest rate | 1.47-1.66% | 1.08-1.27% | 0.83-1.39% | ||||||||||
Expected dividend yield | 3.59 | % | 3.23-3.59% | 3.08-3.23% | |||||||||
The Company uses historical data to estimate option exercise timing within the valuation model. Employees with similar historical exercise behavior with regard to timing and forfeiture rates are considered separately for valuation and attribution purposes. Expected volatility is based on historical volatility of the price of the Company’s common shares. The risk-free rate of interest is based on a zero-coupon U.S. government instrument over the expected life of the equity instrument. The expected dividend yield is based on actual dividends paid per share and the price of the Company’s common shares. | |||||||||||||
Options outstanding and exercisable as of December 31, 2014 and changes during the year ended were as follows: | |||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value (1) | ||||||||||
(per share) | (in years) | ||||||||||||
Outstanding at January 1, 2014 | 1,954 | $ | 39.63 | ||||||||||
Expired or forfeited | (355 | ) | $ | 51.45 | |||||||||
Exercised | (445 | ) | $ | 32.89 | |||||||||
Granted | 454 | $ | 34.2 | ||||||||||
Outstanding at December 31, 2014 | 1,608 | $ | 37.11 | 6 | $ | 2,277 | |||||||
Options exercisable at December 31, 2014 | 871 | $ | 40.17 | 3 | $ | 1,359 | |||||||
Options vested and expected to vest (2) at | 1,580 | $ | 37.19 | 6 | $ | 2,227 | |||||||
31-Dec-14 | |||||||||||||
-1 | The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 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 December 31, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. | ||||||||||||
-2 | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. | ||||||||||||
The aggregate intrinsic value of options exercised for the years ended December 31, 2014, 2013 and 2012 was $2,149, $2,083 and $4,393, respectively. The weighted-average grant-date fair value of stock options granted for the years ended December 31, 2014, 2013 and 2012 was $6.75, $7.79 and $10.43, respectively. Total fair value of stock options vested during the years ended December 31, 2014, 2013 and 2012 was $1,769, $8,043 and $3,413, respectively. Exercise of options during the year ended December 31, 2014, 2013 and 2012 resulted in cash receipts of $14,607, $16,723 and $16,679, respectively. | |||||||||||||
Restricted Stock Units | |||||||||||||
Each RSU provides for the issuance of one common share of the Company at no cost to the holder and are granted to both employees and non-employee directors. RSUs for employees vest after a four- or seven-year period and for non-employee directors vest after one year. During the vesting period, employees are paid the cash equivalent of dividends on RSUs. Non-vested employee RSUs are forfeited upon termination unless the Board of Directors determines otherwise. | |||||||||||||
Non-vested RSUs outstanding as of December 31, 2014 and changes during the year ended were as follows: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Non-vested at January 1, 2014 | 499 | $ | 32.28 | ||||||||||
Forfeited | (62 | ) | $ | 32.9 | |||||||||
Vested | (134 | ) | $ | 32.72 | |||||||||
Granted | 350 | $ | 35.25 | ||||||||||
Non-vested at December 31, 2014 | 653 | $ | 33.72 | ||||||||||
-1 | The RSUs granted during the year ended December 31, 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. | ||||||||||||
The weighted-average grant-date fair value of RSUs granted for the years ended December 31, 2014, 2013 and 2012 was $35.25, $30.14 and $35.16, respectively. The total fair value of RSUs vested during the years ended December 31, 2014, 2013 and 2012 was $4,394, $9,176 and $4,202, respectively. | |||||||||||||
Performance Shares | |||||||||||||
Performance shares are granted based on certain management objectives, as determined by the Board of Directors each year. Each performance share earned entitles the holder to one common share of the Company. The Company's performance shares include performance objectives that vest and are calculated after a three-year period as well as performance objectives that vest proportionately over a three-year period which are calculated annually. No shares are granted unless certain management threshold objectives are met. | |||||||||||||
Non-vested performance shares outstanding as of December 31, 2014 and changes during the year ended were as follows: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Non-vested at January 1, 2014 (1) | 542 | $ | 37.1 | ||||||||||
Forfeited | (173 | ) | $ | 39.63 | |||||||||
Granted (2) | 778 | $ | 38.07 | ||||||||||
Non-vested at December 31, 2014 | 1,147 | $ | 37.38 | ||||||||||
-1 | 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. | ||||||||||||
-2 | The maximum performance shares granted during the year ended December 31, 2014 include 439 thousand shares that vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.49. | ||||||||||||
The weighted-average grant-date fair value of performance shares granted for the years ended December 31, 2014, 2013 and 2012 was $38.07, $29.15 and $44.25, respectively. The total fair value of performance shares vested during the years ended December 31, 2014, 2013 and 2012 was $0, $1,090 and $2,521, respectively. | |||||||||||||
Director Deferred Shares | |||||||||||||
Deferred shares have been issued to non-employee directors under the 1991 Plan. Deferred shares provide for the issuance of one common share of the Company at no cost to the holder. Deferred shares vest in either a six- or twelve-month period and are issued at the end of the deferral period. During the vesting period and until the common shares are issued, non-employee directors are paid the cash equivalent of dividends on deferred shares. | |||||||||||||
As of December 31, 2014, there were 143 non-employee director deferred shares vested and outstanding. There were no deferred shares granted in 2014. The weighted-average grant-date fair value of deferred shares granted for the years ended December 31, 2013 and 2012 was $29.73 and $40.54, respectively. The aggregate intrinsic value of deferred shares released during the years ended December 31, 2014, 2013 and 2012 was $121, $1,023 and $247, respectively. Total fair value of deferred shares vested for the years ended December 31, 2014, 2013 and 2012 was $898, $1,090 and $979, respectively. | |||||||||||||
Other Non-employee Share-Based Compensation | |||||||||||||
In connection with the acquisition of Diebold Colombia, S.A., in December 2005, the Company issued warrants to purchase 35 thousand common shares with an exercise price of $46.00 per share and grant-date fair value of $14.66 per share. The grant-date fair value of the warrants was valued using the Black-Scholes option pricing model with the following assumptions: risk-free interest rate of 4.45 percent, dividend yield of 1.63 percent, expected volatility of 30 percent, and contractual life of six years. The warrants will expire in December 2016. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES | INCOME TAXES | |||||||||||
The following table presents components of income (loss) from continuing operations before income taxes for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 1,054 | $ | (171,878 | ) | $ | (37,910 | ) | ||||
Foreign | 169,535 | 52,071 | 148,805 | |||||||||
Total | $ | 170,589 | $ | (119,807 | ) | $ | 110,895 | |||||
The following table presents the components of income tax expense (benefit) from continuing operations for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
U.S. federal | $ | 5,857 | $ | 10,453 | $ | 3,381 | ||||||
Foreign | 61,414 | 59,481 | 39,185 | |||||||||
State and local | 723 | 3,231 | 2,006 | |||||||||
Total current | 67,994 | 73,165 | 44,572 | |||||||||
Deferred | ||||||||||||
U.S. federal | (2,660 | ) | (20,180 | ) | (2,344 | ) | ||||||
Foreign | (9,387 | ) | 9,678 | (13,159 | ) | |||||||
State and local | (2,377 | ) | (5,948 | ) | (844 | ) | ||||||
Total deferred | (14,424 | ) | (16,450 | ) | (16,347 | ) | ||||||
Income tax expense | $ | 53,570 | $ | 56,715 | $ | 28,225 | ||||||
In addition to the income tax expense listed above for the years ended December 31, 2014, 2013 and 2012, income tax (benefit) expense allocated directly to shareholders equity for the same periods was $(38,545), $67,351 and $(8,909), respectively. Offsetting the income tax expense allocated directly to shareholders equity for the years ended December 31, 2014 and 2013 was a benefit of $9,227 and $9,049, respectively, related to current year movement in valuation allowance. | ||||||||||||
Income tax expense (benefit) attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 35 percent to pretax income (loss) from continuing operations. The following table presents these differences for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax expense (benefit) | $ | 59,706 | $ | (41,932 | ) | $ | 38,813 | |||||
Brazil nontaxable incentive | (15,454 | ) | (7,849 | ) | (10,622 | ) | ||||||
Valuation allowance | 9,458 | 43,884 | 1,609 | |||||||||
Brazil tax goodwill amortization | (1,509 | ) | (3,807 | ) | (4,802 | ) | ||||||
Foreign tax rate differential | (14,853 | ) | (12,432 | ) | (14,332 | ) | ||||||
Foreign subsidiary earnings | 14,621 | 59,460 | 10,648 | |||||||||
Accrual adjustments | 2,243 | 5,755 | 494 | |||||||||
Non-deductible goodwill | — | 5,189 | — | |||||||||
FCPA provision, nondeductible portion | — | 5,412 | 2,939 | |||||||||
Other | (642 | ) | 3,035 | 3,478 | ||||||||
Income tax expense | $ | 53,570 | $ | 56,715 | $ | 28,225 | ||||||
In the second quarter of 2013, the Company recorded a valuation allowance for the Brazil manufacturing subsidiary due to a change in circumstances including lower profitability in core operations, lower anticipated taxable income and an unfavorable business outlook. The Company also changed its assertion regarding the indefinite reinvestment of foreign subsidiary earnings due primarily to forecasted cash needs within the United States and strategic decisions related to the Company’s capital structure. As a result, the Company recorded current and deferred tax expense (net of related foreign tax credits) due to the repatriation of earnings of approximately $55,000. | ||||||||||||
The Company recognizes the benefit of tax positions taken or expected to be taken in its tax returns in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination by authorities. Recognized tax positions are measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement. | ||||||||||||
Details of the unrecognized tax benefits are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Balance at January 1 | $ | 16,545 | $ | 13,178 | ||||||||
Increases related to prior year tax positions | 314 | 1,489 | ||||||||||
Increases related to current year tax positions | 694 | 2,864 | ||||||||||
Settlements | (2,499 | ) | — | |||||||||
Reduction due to lapse of applicable statute of limitations | (87 | ) | (986 | ) | ||||||||
Balance at December 31 | $ | 14,967 | $ | 16,545 | ||||||||
The entire amount of unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate. | ||||||||||||
The Company classifies interest expense and penalties related to the underpayment of income taxes in the consolidated financial statements as income tax expense. Consistent with the treatment of interest expense, the Company accrues interest income on overpayments of income taxes where applicable and classifies interest income as a reduction of income tax expense in the consolidated financial statements. As of December 31, 2014 and 2013, accrued interest and penalties related to unrecognized tax benefits totaled approximately $7,362 and $5,805, respectively. | ||||||||||||
It is reasonably possible that the total amount of unrecognized tax benefits will change during the next 12 months. The Company does not expect those changes to have a significant impact on its consolidated financial statements. The expected timing of payments cannot be determined with any degree of certainty. | ||||||||||||
As of December 31, 2014, the Company is under audit by the Internal Revenue Service (IRS) for tax years ended December 31, | ||||||||||||
2011, 2012 and 2013. During the year ended December 31, 2014, the IRS completed its examination of the Company’s U.S. federal income tax returns for the years 2008-2010 and issued a Revenue Agent’s Report (RAR). The net tax deficiency, excluding interest, associated with the RAR is $6,300 after net operating loss utilization. The Company appealed the findings in the RAR and a decision is expected in 2015. The Company believes it has adequately provided for any related uncertain tax positions. All federal tax years prior to 2005 are closed by statute. The Company is subject to tax examination in various U.S. state jurisdictions for tax years 2004 to the present, as well as various foreign jurisdictions for tax years 2006 to the present. | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | ||||||||||||
Accrued expenses | $ | 56,652 | $ | 56,704 | ||||||||
Warranty accrual | 35,601 | 25,943 | ||||||||||
Deferred compensation | 15,751 | 14,839 | ||||||||||
Allowance for doubtful accounts | 9,112 | 8,141 | ||||||||||
Inventories | 14,057 | 11,253 | ||||||||||
Deferred revenue | 12,460 | 14,795 | ||||||||||
Pension and post-retirement benefits | 73,026 | 45,601 | ||||||||||
Tax credits | 33,393 | 34,350 | ||||||||||
Net operating loss carryforwards | 68,883 | 74,472 | ||||||||||
Capital loss carryforwards | — | 2,295 | ||||||||||
State deferred taxes | 17,393 | 13,489 | ||||||||||
Other | 3,557 | — | ||||||||||
339,885 | 301,882 | |||||||||||
Valuation allowance | (87,959 | ) | (87,773 | ) | ||||||||
Net deferred tax assets | $ | 251,926 | $ | 214,109 | ||||||||
Deferred tax liabilities | ||||||||||||
Property, plant and equipment | $ | 18,316 | $ | 15,494 | ||||||||
Goodwill and intangible assets | 17,508 | 17,601 | ||||||||||
Partnership interest | 13,105 | 13,170 | ||||||||||
Undistributed earnings | 14,346 | 27,766 | ||||||||||
Other | — | 1,130 | ||||||||||
Net deferred tax liabilities | 63,275 | 75,161 | ||||||||||
Net deferred tax asset | $ | 188,651 | $ | 138,948 | ||||||||
Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred income taxes - current assets | $ | 110,999 | $ | 110,165 | ||||||||
Deferred income taxes - long-term assets | 86,544 | 39,461 | ||||||||||
Other current liabilities | (2,365 | ) | (1,528 | ) | ||||||||
Deferred income taxes - long-term liabilities | (6,527 | ) | (9,150 | ) | ||||||||
Net deferred tax asset | $ | 188,651 | $ | 138,948 | ||||||||
At December 31, 2014, the Company had foreign and state NOL carryforwards of $489,029, resulting in an NOL deferred tax asset of $68,883. Of these NOL carryforwards, $351,289 expire at various times between 2015 and 2035 and $137,740 does not expire. At December 31, 2014, the Company had a domestic foreign tax credit carryforward resulting in a deferred tax asset of $22,698 that will expire between 2019 and 2023 and a general business credit carryforward resulting in a deferred tax asset of $10,494 that will expire between 2030 and 2035. | ||||||||||||
The Company recorded a valuation allowance to reflect the estimated amount of certain foreign and state deferred tax assets that, more likely than not, will not be realized. The net change in total valuation allowance for the years ended December 31, 2014 and 2013 was an increase of $186 and $34,835, respectively. The 2013 increase in valuation allowance is primarily attributable to recording valuation allowances for Brazil and Italy deferred tax assets, partially offset by the release of a valuation allowance for Switzerland deferred tax assets. | ||||||||||||
For the years ended December 31, 2014 and 2013, provisions were made for foreign withholding taxes and estimated U.S. income taxes, less available tax credits, which may be incurred upon the remittance of certain undistributed earnings in foreign subsidiaries and foreign unconsolidated affiliates. Provisions have not been made for income taxes on approximately $513,117 of undistributed earnings at December 31, 2014 in foreign subsidiaries and corporate joint ventures that are deemed permanently reinvested. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because such liability, if any, depends on certain circumstances existing if and when remittance occurs. A deferred tax liability will be recognized if and when the Company no longer plans to permanently reinvest these undistributed earnings. |
Investments
Investments | 12 Months Ended | |||||||||||
Dec. 31, 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 that 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 for the years ended December 31, 2014 and 2013 were $538 and $3,987, respectively. Proceeds from the sale of available-for-sale securities were $39,586 and $55,987 during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash, 401(k) or share-based compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation, the Company established rabbi trusts (refer to note 13), which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liability is recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in investment income. | ||||||||||||
The Company’s investments, excluding cash surrender value of insurance contracts of $73,854 and $72,214 as of December 31, 2014 and 2013, respectively, consist of the following: | ||||||||||||
Cost Basis | Unrealized Gain/(Loss) | Fair Value | ||||||||||
As of December 31, 2014 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 136,653 | $ | — | $ | 136,653 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 9,327 | $ | 444 | $ | 9,771 | ||||||
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 | ||||||
Finance_Lease_Receivables
Finance Lease Receivables | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Receivables [Abstract] | ||||||||||||
FINANCE LEASE RECEIVABLES | FINANCE LEASE RECEIVABLES | |||||||||||
The Company provides financing arrangements to customers purchasing its products. These financing arrangements are largely classified and accounted for as sales-type leases. | ||||||||||||
The following table presents finance lease receivables sold by the Company for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Finance lease receivables sold | $ | 21,958 | $ | — | $ | 50,225 | ||||||
The following table presents the components of finance lease receivables as of December 31: | ||||||||||||
2014 | 2013 | |||||||||||
Gross minimum lease receivable | $ | 161,241 | $ | 109,312 | ||||||||
Allowance for credit losses | (385 | ) | (439 | ) | ||||||||
Estimated unguaranteed residual values | 6,057 | 6,979 | ||||||||||
166,913 | 115,852 | |||||||||||
Less: | ||||||||||||
Unearned interest income | (1,266 | ) | (9,345 | ) | ||||||||
Unearned residuals | (7,345 | ) | (1,016 | ) | ||||||||
(8,611 | ) | (10,361 | ) | |||||||||
Total | $ | 158,302 | $ | 105,491 | ||||||||
Future minimum payments due from customers under finance lease receivables as of December 31, 2014 are as follows: | ||||||||||||
2015 | $ | 59,466 | ||||||||||
2016 | 56,226 | |||||||||||
2017 | 36,943 | |||||||||||
2018 | 4,521 | |||||||||||
2019 | 2,050 | |||||||||||
Thereafter | 2,035 | |||||||||||
$ | 161,241 | |||||||||||
Allowance_for_Credit_Losses
Allowance for Credit Losses | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES | ||||||||||||
The following table summarizes the Company’s allowance for credit losses and amount of financing receivables evaluated for impairment: | |||||||||||||
Finance | Notes | Total | |||||||||||
Leases | Receivable | ||||||||||||
Allowance for credit losses | |||||||||||||
Balance at January 1, 2013 | $ | 525 | $ | 2,047 | $ | 2,572 | |||||||
Provision for credit losses | 8 | 4,134 | 4,142 | ||||||||||
Recoveries | 3 | — | 3 | ||||||||||
Write-offs | (97 | ) | (2,047 | ) | (2,144 | ) | |||||||
Balance at December 31, 2013 | $ | 439 | $ | 4,134 | $ | 4,573 | |||||||
Provision for credit losses | 243 | — | 243 | ||||||||||
Write-offs | (297 | ) | — | (297 | ) | ||||||||
Balance at December 31, 2014 | $ | 385 | $ | 4,134 | $ | 4,519 | |||||||
The Company's allowance of $4,519 and $4,573 for the years ended December 31, 2014 and 2013, respectively, all resulted from individual impairment evaluation. As of December 31, 2014, finance leases and notes receivables individually evaluated for impairment were $153,687 and $23,053, respectively. As of December 31, 2013, finance leases and notes receivables individually evaluated for impairment were $105,930 and $17,340, respectively. As of December 31, 2014 and 2013, the Company’s financing receivables in Brazil were $105,676 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 December 31, 2014 and 2013, the recorded investment in past-due financing receivables on nonaccrual status was $2,182 and $1,670, respectively. The recorded investment in financing receivables past due 90 days or more and still accruing interest was $35 as of December 31, 2014. The recorded investment in impaired notes receivable was $4,134 as of December 31, 2014 and 2013 and was fully reserved. | |||||||||||||
The following table summarizes the Company’s aging of past-due notes receivable balances: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
30-59 days past due | $ | 85 | $ | 85 | |||||||||
60-89 days past due | — | — | |||||||||||
> 89 days past due | 1,518 | — | |||||||||||
Total past due | $ | 1,603 | $ | 85 | |||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | INVENTORIES | |||||||
The following table summarizes the major classes of inventories as of December 31: | ||||||||
2014 | 2013 | |||||||
Finished goods | $ | 197,429 | $ | 167,577 | ||||
Service parts | 125,570 | 132,508 | ||||||
Raw materials and work in process | 82,174 | 76,377 | ||||||
Total inventories | $ | 405,173 | $ | 376,462 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||||
The following is a summary of property, plant and equipment, at cost less accumulated depreciation and amortization as of December 31: | ||||||||||
Estimated | ||||||||||
Useful Life | ||||||||||
(years) | 2014 | 2013 | ||||||||
Land and land improvements | 0-15 | $ | 7,044 | $ | 7,008 | |||||
Buildings and building equipment | 15 | 59,754 | 63,225 | |||||||
Machinery, tools and equipment | 5-12 | 86,513 | 93,403 | |||||||
Leasehold improvements (1) | 10 | 24,871 | 26,858 | |||||||
Computer equipment | 3-5 | 57,859 | 79,719 | |||||||
Computer software | 5-10 | 162,690 | 154,622 | |||||||
Furniture and fixtures | 5-8 | 65,409 | 71,492 | |||||||
Tooling | 3-5 | 94,571 | 85,560 | |||||||
Construction in progress | 54,183 | 17,207 | ||||||||
Total property plant and equipment, at cost | $ | 612,894 | $ | 599,094 | ||||||
Less accumulated depreciation and amortization | 443,388 | 438,199 | ||||||||
Total property plant and equipment, net | $ | 169,506 | $ | 160,895 | ||||||
(1) The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. | ||||||||||
During 2014, 2013 and 2012, depreciation expense, computed on a straight-line basis over the estimated useful lives of the related assets, was $48,202, $50,151 and $51,447, respectively. | ||||||||||
The increase of construction in progress is due to the Company's reinvestment of cost savings from the multi-year alignment strategy. This investment is primarily related to the implementation of an enterprise resource planning (ERP) system in the NA segment. | ||||||||||
During 2013 and 2012, the Company recorded impairment charges of $2,017 and $7,835, respectively, related to its property, plant and equipment. Impairment charges in 2012 related primarily to the portion of the Company's global ERP system. Previously capitalized software and software-related costs were impaired due to changes in the ERP implementation plan related to configuration and design. |
Goodwill_and_Other_Assets
Goodwill and Other Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
GOODWILL AND OTHER ASSETS | GOODWILL AND OTHER ASSETS | |||||||||||||||||||||||
The changes in carrying amounts of goodwill within the Company’s segments are summarized as follows: | ||||||||||||||||||||||||
NA | AP | EMEA | LA | Brazil | Total | |||||||||||||||||||
Goodwill | $ | 112,176 | $ | 45,987 | $ | 168,714 | $ | 5,022 | $ | 161,796 | $ | 493,695 | ||||||||||||
Accumulated impairment losses | (13,171 | ) | — | (168,714 | ) | — | (38,859 | ) | (220,744 | ) | ||||||||||||||
Balance at January 1, 2013 | $ | 99,005 | $ | 45,987 | $ | — | $ | 5,022 | $ | 122,937 | $ | 272,951 | ||||||||||||
Impairment loss | — | — | — | — | (70,000 | ) | (70,000 | ) | ||||||||||||||||
Currency translation adjustment | (147 | ) | (4,680 | ) | — | (198 | ) | (18,098 | ) | (23,123 | ) | |||||||||||||
Goodwill | 112,029 | 41,307 | 168,714 | 4,824 | 143,698 | 470,572 | ||||||||||||||||||
Accumulated impairment losses | (13,171 | ) | — | (168,714 | ) | — | (108,859 | ) | (290,744 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 98,858 | $ | 41,307 | $ | — | $ | 4,824 | $ | 34,839 | $ | 179,828 | ||||||||||||
Divestiture | (1,600 | ) | — | — | — | — | (1,600 | ) | ||||||||||||||||
Currency translation adjustment | (179 | ) | (1,271 | ) | — | (500 | ) | (4,304 | ) | (6,254 | ) | |||||||||||||
Goodwill | 110,250 | 40,036 | 168,714 | 4,324 | 139,394 | 462,718 | ||||||||||||||||||
Accumulated impairment losses | (13,171 | ) | — | (168,714 | ) | — | (108,859 | ) | (290,744 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 97,079 | $ | 40,036 | $ | — | $ | 4,324 | $ | 30,535 | $ | 171,974 | ||||||||||||
Goodwill In the fourth quarter of 2014, goodwill was reviewed for impairment based on a two-step test, which resulted in no impairment in any of the Company's reporting units. Management determined that the Brazil and AP reporting units had excess fair value of approximately $61,000 or 17 percent and approximately $114,200 or 39 percent, respectively, when compared to their carrying amounts. The Domestic and Canada and LA reporting units had excess fair value greater than 100 percent when compared to their carrying amounts. During 2014, NA had a reduction to goodwill of $1,600 relating to the sale of Eras. | ||||||||||||||||||||||||
During the third quarter of 2013, the Company performed an other-than-annual assessment for its Brazil reporting unit based on a two-step impairment test as a result of a reduced earnings outlook for the Brazil business unit. This was due to a deteriorating macro-economic outlook, structural changes to an auction-based purchasing environment and new competitors entering the market. The Company concluded that the goodwill within the Brazil reporting unit was partially impaired and recorded a $70,000 pre-tax, non-cash goodwill impairment charge. In the fourth quarter of 2013, the Brazil reporting unit was reviewed for impairment based on a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In addition, the remaining reporting units were reviewed based on a two-step test. These tests resulted in no additional impairment in any of the Company's reporting units. | ||||||||||||||||||||||||
Other Assets Included in other assets are net capitalized computer software development costs of $36,260 and $40,235 as of December 31, 2014 and 2013, respectively. Amortization expense on capitalized software of $18,326, $20,889 and $18,833 was included in product cost of sales for 2014, 2013 and 2012, 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. | ||||||||||||||||||||||||
In August 2012, the Company acquired GAS Tecnologia (GAS), a Brazilian internet banking, online payment and mobile banking security company. At June 30, 2013, the Company finalized the purchase accounting with respect to opening balance sheet valuations. Goodwill and amortizable intangible assets resulting from the acquisition were approximately $26,003 and $16,000, respectively. | ||||||||||||||||||||||||
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, an impairment loss is recognized at that time to reduce the asset to the lower of its fair value or its net book value. For the year ended December 31, 2014, the Company recorded other asset-related impairment charges of $2,123 related to leased assets in which the carrying amount of the assets were not recoverable. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
DEBT | DEBT | |||||||
Outstanding debt balances were as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Notes payable – current | ||||||||
Uncommitted lines of credit | $ | 24,750 | $ | 43,062 | ||||
Other | 825 | 729 | ||||||
$ | 25,575 | $ | 43,791 | |||||
Long-term debt | ||||||||
Credit facility | $ | 240,000 | $ | 239,000 | ||||
Senior notes | 225,000 | 225,000 | ||||||
Industrial development revenue bonds | 11,900 | 11,900 | ||||||
Other | 2,894 | 4,342 | ||||||
$ | 479,794 | $ | 480,242 | |||||
As of December 31, 2014, the Company had various short-term uncommitted lines of credit with borrowing limits of $139,942. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of December 31, 2014 and 2013 was 2.96 percent and 3.24 percent, respectively. The decrease 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 December 31, 2014 was $115,192. | ||||||||
In August 2014, the Company amended and extended its credit facility. As of December 31, 2014, the Company has increased its borrowing limits under its amended credit facility from $500,000 to $520,000. The amended credit facility expires in August 2019 and did not change any of the covenants related to the previous agreement. Under the terms of the amended credit facility agreement, 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 December 31, 2014 and 2013 was 1.69 percent and 1.36 percent, respectively, which is variable based on the LIBOR. The amount available under the amended credit facility as of December 31, 2014 was $280,000. The Company incurred $1,368 of fees related to its amended credit facility in 2014, which are amortized as a component of interest expense over the term of the facility. | ||||||||
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. | ||||||||
Maturities of long-term debt as of December 31, 2014 are as follows: | ||||||||
Maturities of | ||||||||
Long-Term Debt | ||||||||
2015 | $ | — | ||||||
2016 | 176,091 | |||||||
2017 | 13,230 | |||||||
2018 | 50,364 | |||||||
Thereafter | 240,109 | |||||||
$ | 479,794 | |||||||
Interest expense on the Company’s debt instruments for the years ended December 31, 2014, 2013 and 2012 was $22,417, $26,896 and $23,454, 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 0.27 percent and 0.36 percent as of December 31, 2014 and 2013, respectively. Interest expense on the bonds for the years ended December 31, 2014, 2013 and 2012 was $95, $96 and $88, respectively. | ||||||||
The Company’s financing agreements contain various restrictive financial covenants, including net debt to capitalization and net interest coverage ratios. As of December 31, 2014, the Company was in compliance with the financial and other covenants in its debt agreements. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
BENEFIT PLANS | BENEFIT PLANS | |||||||||||||||||||||||
Qualified Pension Benefits The Company has pension plans covering certain U.S. employees that have been closed to new participants since July 2003. 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. | ||||||||||||||||||||||||
Supplemental Executive Retirement Benefits 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 termination of certain executives. | ||||||||||||||||||||||||
In July 2013, the Company's board of directors approved the freezing of certain pension and supplemental executive retirement plan (SERP) benefits effective as of December 31, 2013 for U.S.-based salaried employees. The Company recognized the plan freeze in the three-month period ended September 30, 2013 as a curtailment, since it eliminates for a significant number of participants the accrual of defined benefits for all of their future services. The impact of the curtailment includes the one-time accelerated recognition of outstanding unamortized pre-tax prior service cost of $809 within selling and administrative expense and a pre-tax reduction in AOCI of $52,550, attributable to the decrease in long-term pension liabilities. This curtailment event triggered a re-measurement for the affected benefit plans as of July 31, 2013 using a discount rate of 5.06 percent. The re-measurement resulted in a further reduction of long-term pension liabilities and AOCI (pre-tax) related to the actuarial gain occurring during the year of $71,008. | ||||||||||||||||||||||||
In connection with the voluntary early retirement program in the fourth quarter of 2013, the Company recorded distributions of $138,482 of pension plan assets, of which $15,817 were paid to participants in 2014. Distributions were made via lump-sum payments out of plan assets to participants. These distributions resulted in a non-cash pension charge of $67,593 recognized in selling and administrative expense within the Company's statement of operations. The non-cash pension charge included a $8,704 curtailment loss, a $20,156 settlement loss and $38,733 in special termination benefits. During the fourth quarter of 2012, $62,754 of pension plan assets were distributed to certain deferred terminated vested participants to settle certain salary plan liabilities, which resulted in $21,907 of additional pension expense recognized in selling and administrative expense within the Company's statement of operations. | ||||||||||||||||||||||||
Other Benefits 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 post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates. | ||||||||||||||||||||||||
The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodic benefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 468,945 | $ | 673,711 | $ | 13,085 | $ | 15,727 | ||||||||||||||||
Service cost | 2,924 | 11,616 | — | — | ||||||||||||||||||||
Interest cost | 22,999 | 27,597 | 627 | 628 | ||||||||||||||||||||
Actuarial loss (gain) | 112,611 | (72,187 | ) | 1,909 | (1,991 | ) | ||||||||||||||||||
Plan participant contributions | — | — | 69 | 65 | ||||||||||||||||||||
Medicare retiree drug subsidy reimbursements | — | — | 190 | 215 | ||||||||||||||||||||
Benefits paid | (29,476 | ) | (26,185 | ) | (1,383 | ) | (1,559 | ) | ||||||||||||||||
Curtailments | — | (45,858 | ) | — | — | |||||||||||||||||||
Settlements | — | (138,482 | ) | — | — | |||||||||||||||||||
Special termination benefits | — | 38,733 | — | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 578,003 | $ | 468,945 | $ | 14,497 | $ | 13,085 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 346,560 | $ | 473,097 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 37,499 | 34,560 | — | — | ||||||||||||||||||||
Employer contributions | 9,622 | 3,570 | 1,314 | 1,494 | ||||||||||||||||||||
Plan participant contributions | — | — | 69 | 65 | ||||||||||||||||||||
Benefits paid | (29,476 | ) | (26,185 | ) | (1,383 | ) | (1,559 | ) | ||||||||||||||||
Settlements | — | (138,482 | ) | — | — | |||||||||||||||||||
Fair value of plan assets at end of year (1) | $ | 364,205 | $ | 346,560 | $ | — | $ | — | ||||||||||||||||
Funded status | $ | (213,798 | ) | $ | (122,385 | ) | $ | (14,497 | ) | $ | (13,085 | ) | ||||||||||||
Amounts recognized in balance sheets | ||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 80 | $ | — | $ | — | ||||||||||||||||
Current liabilities | 3,478 | 4,456 | 1,361 | 1,482 | ||||||||||||||||||||
Noncurrent liabilities (2) | 210,320 | 118,010 | 13,136 | 11,604 | ||||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||
Unrecognized net actuarial loss (3) | (176,104 | ) | (77,987 | ) | (4,276 | ) | (2,570 | ) | ||||||||||||||||
Unrecognized prior service (cost) benefit (3) | (67 | ) | 80 | 220 | 446 | |||||||||||||||||||
Net amount recognized | $ | 37,627 | $ | 44,479 | $ | 10,441 | $ | 10,962 | ||||||||||||||||
Change in accumulated other comprehensive loss | ||||||||||||||||||||||||
Balance at beginning of year | $ | (77,906 | ) | $ | (239,823 | ) | $ | (2,123 | ) | $ | (4,049 | ) | ||||||||||||
Prior service credit recognized during the year | (156 | ) | (313 | ) | (226 | ) | (488 | ) | ||||||||||||||||
Net actuarial losses recognized during the year | 3,025 | 14,469 | 202 | 423 | ||||||||||||||||||||
Net actuarial (losses) gains occurring during the year | (101,134 | ) | 71,075 | (1,909 | ) | 1,991 | ||||||||||||||||||
Prior service cost recognized due to curtailment | — | 2,075 | — | — | ||||||||||||||||||||
Net actuarial losses recognized due to curtailment | — | 54,455 | — | — | ||||||||||||||||||||
Settlements | — | 20,156 | — | — | ||||||||||||||||||||
Balance at end of year | $ | (176,171 | ) | $ | (77,906 | ) | $ | (4,056 | ) | $ | (2,123 | ) | ||||||||||||
(1) The fair value of plan assets as of December 31, 2013 reflects distributions of $15,817 paid in 2014 related to the Company's voluntary early retirement program. | ||||||||||||||||||||||||
-2 | Included in the consolidated balance sheets in pensions and other benefits and other post-retirement benefits are international plans. | |||||||||||||||||||||||
-3 | Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost. | |||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 2,924 | $ | 11,616 | $ | 11,446 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 22,999 | 27,597 | 31,831 | 627 | 628 | 814 | ||||||||||||||||||
Expected return on plan assets | (25,798 | ) | (35,746 | ) | (40,821 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost (1) | (156 | ) | (313 | ) | 258 | (226 | ) | (488 | ) | (517 | ) | |||||||||||||
Recognized net actuarial loss | 3,025 | 14,469 | 16,777 | 202 | 423 | 488 | ||||||||||||||||||
Curtailment loss | — | 10,672 | — | — | — | — | ||||||||||||||||||
Settlement loss | — | 20,156 | 21,907 | — | — | — | ||||||||||||||||||
Special termination benefits | — | 38,733 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 2,994 | $ | 87,184 | $ | 41,398 | $ | 603 | $ | 563 | $ | 785 | ||||||||||||
-1 | The annual amortization of prior service cost is determined as the increase in projected benefit obligation due to the plan change divided by the average remaining service period of participating employees expected to receive benefits under the plan. | |||||||||||||||||||||||
The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 578,003 | $ | 455,009 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 577,639 | $ | 454,681 | ||||||||||||||||||||
Fair value of plan assets | $ | 364,205 | $ | 332,543 | ||||||||||||||||||||
The following table represents the weighted-average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.21 | % | 5.09 | % | 4.21 | % | 5.09 | % | ||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | ||||||||||||||||||||
The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 5.09 | % | 4.21 | % | 5.09 | % | 4.21 | % | ||||||||||||||||
Expected long-term return on plan assets | 7.95 | % | 8.05 | % | N/A | N/A | ||||||||||||||||||
Rate of compensation increase | N/A | 3.25 | % | N/A | N/A | |||||||||||||||||||
The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-term rate of return on plan assets is primarily determined using the plan’s current asset allocation and its expected rates of return based on a geometric averaging over 20 years. The Company also considers information provided by its investment consultant, a survey of other companies using a December 31 measurement date and the Company’s historical asset performance in determining the expected long-term rate of return. The rate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook. | ||||||||||||||||||||||||
During 2014, the Society of Actuaries released a series of updated mortality tables resulting from recent studies measuring mortality rates for various groups of individuals. As of December 31, 2014, the Company adopted these mortality tables, which reflect improved trends in longevity and have the effect of increasing the estimate of benefits to be received by plan participants. | ||||||||||||||||||||||||
The following table represents assumed healthcare cost trend rates at December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Healthcare cost trend rate assumed for next year | 7.5 | % | 7.5 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that rate reaches ultimate trend rate | 2020 | 2019 | ||||||||||||||||||||||
The healthcare trend rates are reviewed based upon the results of actual claims experience. The Company used healthcare cost trends of 7.5 percent in both 2015 and 2014 decreasing to an ultimate trend of 5.0 percent in 2020 and 2019 for both medical and prescription drug benefits using the Society of Actuaries Long Term Trend Model with assumptions based on the 2008 Medicare Trustees’ projections. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. | ||||||||||||||||||||||||
A one-percentage-point change in assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||
One-Percentage-Point Increase | One-Percentage-Point Decrease | |||||||||||||||||||||||
Effect on total of service and interest cost | $ | 34 | $ | (32 | ) | |||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 928 | $ | (836 | ) | |||||||||||||||||||
The Company has a pension investment policy designed to achieve an adequate funded status based on expected benefit payouts and to establish an asset allocation that will meet or exceed the return assumption while maintaining a prudent level of risk. The plans' target asset allocation adjusts based on the plan's funded status. As the funded status improves or declines, the debt security target allocation will increase and decrease, respectively. The Company utilizes the services of an outside consultant in performing asset / liability modeling, setting appropriate asset allocation targets along with selecting and monitoring professional investment managers. | ||||||||||||||||||||||||
The plan assets are invested in equity and fixed income securities, alternative assets and cash. Within the equities asset class, the investment policy provides for investments in a broad range of publicly-traded securities including both domestic and international stocks diversified by value, growth and cap size. Within the fixed income asset class, the investment policy provides for investments in a broad range of publicly-traded debt securities with a substantial portion allocated to a long duration strategy in order to partially offset interest rate risk relative to the plans’ liabilities. The alternative asset class includes investments in diversified strategies with a stable and proven track record and low correlation to the U.S. stock market. | ||||||||||||||||||||||||
The following table summarizes the Company’s target mix for these asset classes in 2015, which are readjusted at least quarterly within a defined range, and the Company’s actual pension plan asset allocation as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Target Allocation | Actual Allocation Percentage | |||||||||||||||||||||||
Percentage | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Equity securities | 45% | 45% | 41% | |||||||||||||||||||||
Debt securities | 40% | 40% | 33% | |||||||||||||||||||||
Real estate | 5% | 5% | 8% | |||||||||||||||||||||
Other | 10% | 10% | 18% | |||||||||||||||||||||
Total | 100% | 100% | 100% | |||||||||||||||||||||
Assets are categorized into a three level hierarchy based upon the assumptions (inputs) used to determine the fair value of the assets. | ||||||||||||||||||||||||
Level 1 - Fair value of investments categorized as level 1 are determined based on period end closing prices in active markets. Mutual funds are valued at their net asset value (NAV) on the last day of the period. | ||||||||||||||||||||||||
Level 2 - Fair value of investments categorized as level 2 are determined based on the latest available ask price or latest trade price if listed. The fair value of unlisted securities is established by fund managers using the latest reported information for comparable securities and financial analysis. If the manager believes the fund is not capable of immediately realizing the fair value otherwise determined, the manager has the discretion to determine an appropriate value. Common collective trusts are valued at NAV on the last day of the period. | ||||||||||||||||||||||||
Level 3 - Fair value of investments categorized as level 3 represent the plan’s interest in private equity, hedge and property funds. The fair value for these assets is determined based on the NAV as reported by the underlying investment managers. | ||||||||||||||||||||||||
The following table summarizes the fair value of the Company’s plan assets as of December 31, 2014: | ||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and other | $ | 3,883 | $ | 3,883 | $ | — | $ | — | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Balanced fund | 15,291 | 15,291 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. mid cap value | 13,949 | 13,949 | — | — | ||||||||||||||||||||
U.S. small cap core | 18,477 | 18,477 | — | — | ||||||||||||||||||||
International developed markets | 33,875 | 33,875 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. corporate bonds | 51,671 | — | 51,671 | — | ||||||||||||||||||||
International corporate bonds | 217 | — | 217 | — | ||||||||||||||||||||
U.S. government | 1,948 | — | 1,948 | — | ||||||||||||||||||||
Other fixed income | 271 | — | 271 | — | ||||||||||||||||||||
Emerging markets | 16,730 | — | 16,730 | — | ||||||||||||||||||||
Common collective trusts: | ||||||||||||||||||||||||
Real estate (a) | 16,768 | — | — | 16,768 | ||||||||||||||||||||
Other (b) | 153,753 | — | 153,753 | — | ||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||
Multi-strategy hedge funds (c) | 16,593 | — | — | 16,593 | ||||||||||||||||||||
Private equity funds (d) | 20,779 | — | — | 20,779 | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 364,205 | $ | 85,475 | $ | 224,590 | $ | 54,140 | ||||||||||||||||
The following table summarizes the fair value of the Company’s plan assets as of December 31, 2013: | ||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and other | $ | 20,884 | $ | 20,884 | $ | — | $ | — | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Balanced fund | 13,477 | 13,477 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. mid cap value | 12,325 | 12,325 | — | — | ||||||||||||||||||||
U.S. small cap core | 15,368 | 15,368 | — | — | ||||||||||||||||||||
International developed markets | 30,327 | 30,327 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. corporate bonds | 37,414 | — | 37,414 | — | ||||||||||||||||||||
International corporate bonds | 850 | — | 850 | — | ||||||||||||||||||||
U.S. government | 3,358 | — | 3,358 | — | ||||||||||||||||||||
Other fixed income | 893 | — | 893 | — | ||||||||||||||||||||
Emerging markets | 14,335 | — | 14,335 | — | ||||||||||||||||||||
Common collective trusts: | ||||||||||||||||||||||||
Real estate (a) | 29,162 | — | — | 29,162 | ||||||||||||||||||||
Other (b) | 139,720 | — | 139,720 | — | ||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||
Multi-strategy hedge funds (c) | 22,637 | — | — | 22,637 | ||||||||||||||||||||
Private equity funds (d) | 21,627 | — | — | 21,627 | ||||||||||||||||||||
Fair value of plan assets at end of year, prior to reduction for anticipated distributions | $ | 362,377 | $ | 92,381 | $ | 196,570 | $ | 73,426 | ||||||||||||||||
Distributions paid in 2014 | (15,817 | ) | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 346,560 | ||||||||||||||||||||||
(a) | Real estate common collective trust The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2014, investments in this CCT included approximately 44 percent office, 21 percent residential, 24 percent retail and 11 percent industrial, cash and other. As of December 31, 2013 investments in this CCT included approximately 45 percent office, 23 percent residential, 18 percent retail and 14 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 45-day notice. | |||||||||||||||||||||||
(b) | Other common collective trusts At December 31, 2014, approximately 58 percent of the other CCTs are invested in fixed income securities including approximately 27 percent in mortgage-backed securities, 47 percent in corporate bonds and 26 percent in U.S. Treasury and other. Approximately 42 percent of the other CCTs at December 31, 2014 are invested in Russell 1000 Fund large cap index funds. At December 31, 2013, approximately 54 percent of the other CCTs are invested in fixed-income securities including approximately 29 percent in mortgage-backed securities, 42 percent in corporate bonds and 29 percent in U.S. Treasury and other. Approximately 46 percent of the other CCTs at December 31, 2013 are invested in Russell 1000 Fund large cap index funds. Investments in fixed-income securities can be redeemed daily. | |||||||||||||||||||||||
(c) | Multi-strategy hedge funds The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At December 31, 2014 and 2013, investments in this class include approximately 44 percent and 35 percent long/short equity, respectively, 44 percent and 45 percent arbitrage and event investments, respectively, and 10 percent and 20 percent in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with a 95-day notice. | |||||||||||||||||||||||
(d) | Private equity funds The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2014 and 2013, investments in these private equity funds include approximately 50 percent, in both years, in buyout private equity funds that usually invest in mature companies with established business plans, 25 percent in both years, in special situations private equity and debt funds that focus on niche investment strategies and 25 percent in both years, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2014 and 2013, the Company had unfunded commitments of underlying funds of $5,529 in both years. | |||||||||||||||||||||||
The following table summarizes the changes in fair value of level 3 assets for the years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, January 1 | $ | 73,426 | $ | 76,883 | ||||||||||||||||||||
Dispositions | (26,167 | ) | (12,850 | ) | ||||||||||||||||||||
Realized and unrealized gain, net | 6,881 | 9,393 | ||||||||||||||||||||||
Balance, December 31 | $ | 54,140 | $ | 73,426 | ||||||||||||||||||||
The following table represents the amortization amounts expected to be recognized during 2015: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
Amount of net prior service credit | $ | 7 | $ | (159 | ) | |||||||||||||||||||
Amount of net loss | $ | 6,514 | $ | 326 | ||||||||||||||||||||
The Company contributed $9,622 to its pension plans, including contributions to the nonqualified plan, and $1,314 to its other post-retirement benefit plan during the year ended December 31, 2014. The Company expects to contribute $18,648 to its pension plans, including the nonqualified plan, and $1,533 to its other post-retirement benefit plan during the year ending December 31, 2015. The following benefit payments, which reflect expected future service, are expected to be paid: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | Other Benefits | ||||||||||||||||||||||
after Medicare | ||||||||||||||||||||||||
Part D Subsidy | ||||||||||||||||||||||||
2015 | $ | 26,830 | $ | 1,533 | $ | 1,390 | ||||||||||||||||||
2016 | $ | 27,071 | $ | 1,505 | $ | 1,366 | ||||||||||||||||||
2017 | $ | 27,366 | $ | 1,473 | $ | 1,337 | ||||||||||||||||||
2018 | $ | 27,967 | $ | 1,425 | $ | 1,294 | ||||||||||||||||||
2019 | $ | 28,439 | $ | 1,367 | $ | 1,241 | ||||||||||||||||||
2020-2024 | $ | 152,422 | $ | 5,936 | $ | 5,399 | ||||||||||||||||||
Retirement Savings Plan The Company offers employee 401(k) savings plans (Savings Plans) to encourage eligible employees to save on a regular basis by payroll deductions. Effective July 1, 2003, a new enhanced benefit to the Savings Plans was effective in lieu of participation in the pension plan for salaried employees. The following table represents the Company's basic match percentage on participant qualified contributions up to a percentage of their compensation: | ||||||||||||||||||||||||
Employees hired prior | Employees hired on | |||||||||||||||||||||||
to July 1, 2003 | or after July 1, 2003 | |||||||||||||||||||||||
Effective January 1, 2012 - December 31, 2013 | 30% of first 6% | 60% of first 6% | ||||||||||||||||||||||
Effective January 1, 2014 - December 31, 2014 | 60% of first 6% | 60% of first 6% | ||||||||||||||||||||||
The Company match is determined by the Board of Directors and evaluated at least annually. Total Company match was $8,738, $7,667 and $8,357 for the years ended December 31, 2014, 2013 and 2012, respectively. Effective December 31, 2013, the salaried pension plan benefits were frozen and therefore all participants in the Savings Plan began receiving the equal Company basic match percentages in January 2014. | ||||||||||||||||||||||||
Deferred Compensation Plans The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash bonus, 401(k) or share-based compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation and 401(k), the Company established rabbi trusts which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liabilities are recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in investment income with corresponding changes in the Company’s deferred compensation obligation recorded as compensation cost within selling and administrative expense. |
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
LEASES | LEASES | |||||||||||
The Company’s future minimum lease payments due under non-cancellable operating leases for real estate, vehicles and other equipment at December 31, 2014 are as follows: | ||||||||||||
Total | Real Estate | Vehicles and Equipment (a) | ||||||||||
2015 | $ | 44,790 | $ | 30,233 | $ | 14,557 | ||||||
2016 | 33,978 | 25,892 | 8,086 | |||||||||
2017 | 23,609 | 19,205 | 4,404 | |||||||||
2018 | 16,483 | 14,725 | 1,758 | |||||||||
2019 | 13,785 | 13,004 | 781 | |||||||||
Thereafter | 16,638 | 16,148 | 490 | |||||||||
$ | 149,283 | $ | 119,207 | $ | 30,076 | |||||||
(a) | The Company leases vehicles with contractual terms of 36 to 60 months that are cancellable after 12 months without penalty. Future minimum lease payments reflect only the minimum payments during the initial 12-month non-cancellable term. | |||||||||||
Under lease agreements that contain escalating rent provisions, lease expense is recorded on a straight-line basis over the lease term. Rental expense under all lease agreements amounted to $72,164, $75,348 and $74,849 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Guarantees_and_Product_Warrant
Guarantees and Product Warranties | 12 Months Ended | |||||||
Dec. 31, 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 repayment of the bonds (refer to note 12) by obtaining letters of credit. The carrying value of the bonds was $11,900 as of December 31, 2014 and 2013. | ||||||||
The Company provides its global operations guarantees and standby letters of credit through various financial institutions to suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payment, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At December 31, 2014, the maximum future contractual obligations relative to these various guarantees totaled $111,101, 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 standard 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) | 81,316 | 58,736 | ||||||
Current period settlements | (51,167 | ) | (57,288 | ) | ||||
Balance at December 31 | $ | 113,348 | $ | 83,199 | ||||
-1 | Includes the impact of foreign exchange rate fluctuations. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Contractual Obligation | |
At December 31, 2014, the Company had purchase commitments due within one year totaling $3,616 for materials through contract manufacturing agreements at negotiated prices. The amounts purchased under these obligations totaled $11,869 in 2014. | |
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 December 31, 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 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 consolidated financial statements. | |
In response to an order by the administrative court, the tax inspector provided further analysis with respect to the initial assessment in December 2013, which has now been accepted by the initial administrative court, that indicates a potential exposure that is significantly lower than the initial tax assessment received in August 2012. However, this matter remains subject to ongoing administrative proceedings and appeals. Accordingly, the Company cannot provide any assurance that its exposure pursuant to the initial assessment will be lowered significantly or at all. The Company continues to defend itself in the administrative proceedings. | |
In connection with the Brazilian indirect tax assessment, in May 2013, the SEC requested that the Company retain certain documents and produce certain records relating to the assessment, to which the Company complied. However, in September 2014, the Company was notified by the SEC that it had closed its inquiry relating to the assessment. | |
In addition, the Company is challenging customs rulings 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 rulings. The matters are currently in the appeals process and management continues to believe that the Company has a valid legal position in these appeals. 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 December 31, 2014 and 2013, the Company had an accrual of approximately $12,500 and $20,750, respectively, related to the Brazilian indirect tax matter disclosed above. The reduction in the accrual is due to the expiration of the statute of limitations related to years subject to audit and foreign currency fluctuations. | |
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 December 31, 2014 to be up to approximately $229,700 for its material indirect tax matters, of which approximately $175,600 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 December 31, 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 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 | 12 Months Ended | |||||||
Dec. 31, 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 the fluctuations in currencies and interest rates. The Company records all derivative instruments on the balance sheet at fair value and the changes in the fair value are recognized in earnings unless specific hedge accounting criteria are met. Special accounting for qualifying hedges allows derivative gains and losses to be reflected in the statement of operations or AOCI together with the hedged exposure, and requires that the Company formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. | ||||||||
Gains or losses associated with ineffectiveness are reported currently in earnings. The Company does not enter into any speculative positions with regard to derivative instruments. | ||||||||
The Company periodically evaluates its monetary asset and liability positions denominated in foreign currencies. The impact of the Company's and the counterparties’ credit risk on the fair value of the contracts is considered as well as the ability of each party to execute its obligations under the contract. The Company generally uses investment grade financial counterparties in these transactions and believes that the resulting credit risk under these hedging strategies is not significant. | ||||||||
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 reflected in AOCI until complete liquidation of the subsidiary, when they would be reclassified to income together with the gain or loss on the entire investment. The fair value of the Company’s net investment hedge contracts was $1,221 and $313 as of December 31, 2014 and 2013, respectively. The gain recognized in AOCI on net investment hedge contracts was $788 and $4,563 for the years ended December 31, 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 loss, net and forward-based gains/losses represent interest expense. The fair value of the Company’s non-designated foreign exchange forward contracts was $776 and $705 as of December 31, 2014 and 2013, respectively. | ||||||||
The following table summarizes the gain (loss) recognized on non-designated foreign exchange derivative instruments for the years ended December 31: | ||||||||
2014 | 2013 | |||||||
Interest expense | $ | (6,291 | ) | $ | (6,406 | ) | ||
Foreign exchange gain, net | 21,100 | 10,900 | ||||||
Total | $ | 14,809 | $ | 4,494 | ||||
INTEREST RATE | ||||||||
Cash Flow Hedges 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 derivative instruments designated as cash flow hedges that fix a portion of future variable-rate interest expense. As of December 31, 2014, the Company has two pay-fixed receive-variable interest rate swaps, with a notional amount totaling $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 $(1,212) and $(2,351) as of December 31, 2014 and 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 to income on a straight-line basis through February 2016. | ||||||||
The gain recognized on designated cash flow hedge derivative instruments for the years ended December 31, 2014 and 2013 were $1,093 and $1,181, respectively. Gains and losses related to interest rate contracts are reclassified from AOCI are recorded in interest expense on the statement of operations. The Company anticipates reclassifying $906 from other comprehensive income to interest expense within the next 12 months. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
RESTRUCTURING AND OTHER CHARGES | RESTRUCTURING AND OTHER CHARGES | |||||||||||
The following table summarizes the impact of Company’s restructuring charges (accrual adjustments) on the consolidated statements of operations for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cost of sales - services | $ | 601 | $ | 27,107 | $ | 6,226 | ||||||
Cost of sales - products | 1,398 | 1,256 | (1,849 | ) | ||||||||
Selling and administrative expense | 13 | 22,561 | 9,037 | |||||||||
Research, development and engineering expense | 9,860 | 6,091 | 1,827 | |||||||||
Total | $ | 11,872 | $ | 57,015 | $ | 15,241 | ||||||
The following table summarizes the Company’s restructuring charges (accrual adjustments) by reporting segment for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Severance | ||||||||||||
NA | $ | 4,358 | $ | 46,582 | $ | 10,773 | ||||||
AP | 434 | 1,986 | 326 | |||||||||
EMEA | 511 | 1,231 | (276 | ) | ||||||||
LA | 1,242 | 268 | 184 | |||||||||
Brazil | 5,327 | 3,820 | 3,878 | |||||||||
Total Severance | 11,872 | 53,887 | 14,885 | |||||||||
Other | ||||||||||||
NA | — | 1,988 | — | |||||||||
AP | — | 573 | (20 | ) | ||||||||
EMEA | — | 567 | 376 | |||||||||
Total Other | — | 3,128 | 356 | |||||||||
Total | $ | 11,872 | $ | 57,015 | $ | 15,241 | ||||||
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 $11,872, $57,015 and $15,241 for the years ended December 31, 2014, 2013 and 2012, respectively, related to the Company’s multi-year realignment plan. Restructuring charges of $31,282 in 2013 related to severance as part of the the voluntary early retirement program elected by approximately 800 participants. Also included were charges related to realignment of resources and certain international facilities to better support opportunities in target markets and leverage software-led services technology to support customers in efforts to optimize overall operational performance. As of December 31, 2014, the Company anticipates additional restructuring costs of $5,000 to $7,000 to be incurred through the end of 2015, primarily within NA and EMEA, along with the realignment of LA and Brazil announced in January 2015. Further details regarding the Company's realignment of LA and Brazil appear in note 20. As of December 31, 2014, the restructuring accrual balance consists of only severance restructuring activities. As management finalizes certain aspects of the realignment plan, the anticipated future costs related to this plan are subject to change. | ||||||||||||
The following table summarizes the Company's cumulative total restructuring costs for the multi-year realignment plan as of December 31, 2014: | ||||||||||||
Severance | Other | Total | ||||||||||
Cumulative total restructuring costs for the multi-year realignment plan | ||||||||||||
NA | $ | 61,713 | $ | 1,988 | $ | 63,701 | ||||||
AP | 2,746 | 553 | 3,299 | |||||||||
EMEA | 1,466 | 943 | 2,409 | |||||||||
LA | 1,694 | — | 1,694 | |||||||||
Brazil | 13,025 | — | 13,025 | |||||||||
Total | $ | 80,644 | $ | 3,484 | $ | 84,128 | ||||||
The following table summarizes the Company’s restructuring accrual balances and related activity: | ||||||||||||
Balance at January 1, 2012 | $ | 10,136 | ||||||||||
Liabilities incurred | 15,241 | |||||||||||
Liabilities paid/settled | (13,533 | ) | ||||||||||
Balance at December 31, 2012 | $ | 11,844 | ||||||||||
Liabilities incurred | 57,015 | |||||||||||
Liabilities paid/settled | (33,570 | ) | ||||||||||
Balance at December 31, 2013 | $ | 35,289 | ||||||||||
Liabilities incurred | 11,872 | |||||||||||
Liabilities paid/settled | (39,315 | ) | ||||||||||
Balance at December 31, 2014 | $ | 7,846 | ||||||||||
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 $12,486, $(127,931) and $(42,133) impacted the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Net non-routine income for the year ended December 31, 2014 related primarily to a $13,709 pre-tax gain from the sale of the Eras, recognized in gain on sale of assets, net within the consolidated statements of operations, and $5,821 pre-tax recovery related to indirect taxes in Brazil, within products cost of sales. These gains were partially offset by legal, indemnification and professional fees paid by the Company in connection with ongoing obligations related to a prior settlement recorded within selling and administrative expense. | ||||||||||||
Net non-routine expenses for 2013 included a $67,593 non-cash pension charge (refer to note 13), additional losses of $28,000 related to the settlement of the FCPA investigation, $17,245 related to settlement of the securities class action, and $9,300 for executive severance costs. These non-routine charges were recorded within selling and administrative expense. | ||||||||||||
Net non-routine expenses for 2012 included $21,907 related to early pension buy-out payments made to certain deferred terminated vested participants (refer to note 13) and estimated losses of $16,750 related to the FCPA investigation and were recorded within selling and administrative expense. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES | |||||||||||||||||||||||
Refer to note 1 for the Company’s accounting policies related to fair value accounting. Refer to note 13 for assets held in the Company’s defined pension plans, which are measured at fair value. Assets and liabilities subject to fair value measurement are as follows: | ||||||||||||||||||||||||
December 31, 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 | $ | 136,653 | $ | 136,653 | $ | — | $ | 215,010 | $ | 215,010 | $ | — | ||||||||||||
U.S. dollar indexed bond funds | — | — | — | 27,978 | — | 27,978 | ||||||||||||||||||
Assets held in rabbi trusts | 9,771 | 9,771 | — | 10,377 | 10,377 | — | ||||||||||||||||||
Foreign exchange forward contracts | 2,964 | — | 2,964 | 1,382 | — | 1,382 | ||||||||||||||||||
Total | $ | 149,388 | $ | 146,424 | $ | 2,964 | $ | 254,747 | $ | 225,387 | $ | 29,360 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Deferred compensation | $ | 9,771 | $ | 9,771 | $ | — | $ | 10,377 | $ | 10,377 | $ | — | ||||||||||||
Foreign exchange forward contracts | 967 | — | 967 | 364 | — | 364 | ||||||||||||||||||
Interest rate swaps | 1,212 | — | 1,212 | 2,351 | — | 2,351 | ||||||||||||||||||
Total | $ | 11,950 | $ | 9,771 | $ | 2,179 | $ | 13,092 | $ | 10,377 | $ | 2,715 | ||||||||||||
During the years ended December 31, 2014 and 2013, there were no transfers between levels. | ||||||||||||||||||||||||
The fair value and carrying value of the Company’s debt instruments are summarized as follows: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||
Notes payable | $ | 25,575 | $ | 25,575 | $ | 43,791 | $ | 43,791 | ||||||||||||||||
Long-term debt | 483,621 | 479,794 | 489,499 | 480,242 | ||||||||||||||||||||
Total debt instruments | $ | 509,196 | $ | 505,369 | $ | 533,290 | $ | 524,033 | ||||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | ||||||||||||
The Company considers its operating structure and the information subject to regular review by its President and Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), to identify reportable operating segments. The CODM makes decisions, allocates resources and assesses performance by the following regions, which are also the Company’s five reportable operating segments: NA, AP, EMEA, LA and Brazil. The five geographic segments sell and service FSS 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. Segment operating profit is defined as revenues less expenses identifiable to the those segments. Segment operating income reconciles to consolidated income (loss) from continuing operations before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments. Further details regarding the Company's net non-routine income (expense) appear in note 18. 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 consolidated income (loss) from continuing operations before income taxes for the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue summary by segment | |||||||||||||
NA | $ | 1,407,707 | $ | 1,415,050 | $ | 1,590,532 | |||||||
AP | 500,285 | 479,129 | 427,542 | ||||||||||
EMEA | 421,141 | 362,167 | 325,489 | ||||||||||
LA | 239,409 | 241,770 | 258,079 | ||||||||||
Brazil | 482,511 | 359,375 | 390,051 | ||||||||||
Total customer revenues | $ | 3,051,053 | $ | 2,857,491 | $ | 2,991,693 | |||||||
Intersegment revenues | |||||||||||||
NA | $ | 68,414 | $ | 76,306 | $ | 57,240 | |||||||
AP | 85,395 | 99,268 | 113,116 | ||||||||||
EMEA | 56,582 | 46,011 | 43,204 | ||||||||||
LA | 556 | — | — | ||||||||||
Total intersegment revenues | $ | 210,947 | $ | 221,585 | $ | 213,560 | |||||||
Segment operating profit | |||||||||||||
NA | $ | 277,168 | $ | 252,737 | $ | 294,996 | |||||||
AP | 66,394 | 62,760 | 62,414 | ||||||||||
EMEA | 61,574 | 44,507 | 28,659 | ||||||||||
LA | 40,285 | 35,218 | 44,472 | ||||||||||
Brazil | 28,452 | 6,321 | 3,304 | ||||||||||
Total segment operating profit | $ | 473,873 | $ | 401,543 | $ | 433,845 | |||||||
Corporate charges not allocated to segments (1) | (291,417 | ) | (262,840 | ) | (259,259 | ) | |||||||
Impairment of assets | (2,123 | ) | (72,017 | ) | (15,783 | ) | |||||||
Restructuring charges | (11,872 | ) | (57,015 | ) | (15,241 | ) | |||||||
Net non-routine income (expense) | 12,486 | (127,931 | ) | (42,133 | ) | ||||||||
(292,926 | ) | (519,803 | ) | (332,416 | ) | ||||||||
Operating profit (loss) | $ | 180,947 | $ | (118,260 | ) | $ | 101,429 | ||||||
Other income (expense) | (10,358 | ) | (1,547 | ) | 9,466 | ||||||||
Income (loss) from continuing operations before taxes | $ | 170,589 | $ | (119,807 | ) | $ | 110,895 | ||||||
-1 | Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Segment depreciation and amortization expense | |||||||||||||
NA | $ | 9,276 | $ | 12,240 | $ | 14,591 | |||||||
AP | 7,748 | 7,710 | 6,520 | ||||||||||
EMEA | 4,042 | 3,724 | 5,042 | ||||||||||
LA | 3,100 | 3,382 | 3,266 | ||||||||||
Brazil | 8,894 | 8,211 | 8,557 | ||||||||||
Total segment depreciation and amortization expense | 33,060 | 35,267 | 37,976 | ||||||||||
Corporate depreciation and amortization expense | 41,012 | 47,327 | 40,668 | ||||||||||
Total depreciation and amortization expense | $ | 74,072 | $ | 82,594 | $ | 78,644 | |||||||
2014 | 2013 | ||||||||||||
Segment property, plant and equipment, at cost | |||||||||||||
NA | $ | 128,755 | $ | 137,669 | |||||||||
AP | 46,876 | 46,117 | |||||||||||
EMEA | 38,228 | 40,715 | |||||||||||
LA | 23,991 | 24,470 | |||||||||||
Brazil | 54,739 | 65,148 | |||||||||||
Total segment property, plant and equipment, at cost | 292,589 | 314,119 | |||||||||||
Corporate property plant and equipment, at cost, not allocated to segments | 320,305 | 284,975 | |||||||||||
Total property, plant and equipment, at cost | $ | 612,894 | $ | 599,094 | |||||||||
The following table presents information regarding the Company’s revenue by service and product solution: | |||||||||||||
Revenue summary by service and product solution | 2014 | 2013 | 2012 | ||||||||||
Financial self-service: | |||||||||||||
Services | $ | 1,220,514 | $ | 1,188,937 | $ | 1,199,325 | |||||||
Products | 977,340 | 977,632 | 1,069,872 | ||||||||||
Total financial self-service | 2,197,854 | 2,166,569 | 2,269,197 | ||||||||||
Security: | |||||||||||||
Services | 417,112 | 448,123 | 427,007 | ||||||||||
Products | 210,931 | 170,766 | 196,630 | ||||||||||
Total security | 628,043 | 618,889 | 623,637 | ||||||||||
Total financial self-service & security | 2,825,897 | 2,785,458 | 2,892,834 | ||||||||||
Brazil other | 225,156 | 72,033 | 98,859 | ||||||||||
$ | 3,051,053 | $ | 2,857,491 | $ | 2,991,693 | ||||||||
The Company had no customers that accounted for more than 10 percent of total net sales in 2014, 2013 and 2012. | |||||||||||||
In January 2015, the Company announced the realignment of its Brazil and LA businesses to drive greater efficiency and further improve customer service. Beginning with the first quarter of 2015, the Company will report combined results from its LA and Brazil operations under one single reportable operating segment and reclassify comparative periods for consistency. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS |
Included in loss from discontinued operations in 2012 was the realization of the currency translation adjustment balance on the Company's liquidated EMEA-based security business, which was discontinued in 2008. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||||||||||||||
The following table presents selected unaudited quarterly financial information for the years ended December 31: | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net sales | $ | 688,293 | $ | 633,511 | $ | 733,457 | $ | 707,113 | $ | 768,031 | $ | 705,424 | $ | 861,272 | $ | 811,443 | ||||||||||||||||
Gross profit | 164,133 | 130,014 | 186,795 | 157,416 | 200,583 | 172,805 | 227,839 | 180,121 | ||||||||||||||||||||||||
Net income (loss) | 4,876 | (13,882 | ) | 43,131 | (103,852 | ) | 34,955 | (20,204 | ) | 34,057 | (38,584 | ) | ||||||||||||||||||||
Net (loss) income attributable to | (4,930 | ) | (436 | ) | 1,496 | 1,183 | 1,935 | 1,486 | 4,101 | 2,850 | ||||||||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to | $ | 9,806 | $ | (13,446 | ) | $ | 41,635 | $ | (105,035 | ) | $ | 33,020 | $ | (21,690 | ) | $ | 29,956 | $ | (41,434 | ) | ||||||||||||
Diebold, Incorporated | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | ||||||||||||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.15 | $ | (0.21 | ) | $ | 0.64 | $ | (1.65 | ) | $ | 0.51 | $ | (0.34 | ) | $ | 0.46 | $ | (0.65 | ) | ||||||||||||
Diluted earnings (loss) per share | $ | 0.15 | $ | (0.21 | ) | $ | 0.64 | $ | (1.65 | ) | $ | 0.51 | $ | (0.34 | ) | $ | 0.46 | $ | (0.65 | ) | ||||||||||||
Basic weighted-average shares | 64,254 | 63,311 | 64,588 | 63,700 | 64,615 | 63,825 | 64,631 | 63,928 | ||||||||||||||||||||||||
outstanding (in thousands) | ||||||||||||||||||||||||||||||||
Diluted weighted-average shares | 64,809 | 63,311 | 65,224 | 63,700 | 65,293 | 63,825 | 65,380 | 63,928 | ||||||||||||||||||||||||
outstanding (in thousands) (1) | ||||||||||||||||||||||||||||||||
-1 | Incremental shares of 659 thousand, 447 thousand, 479 thousand and 508 thousand were excluded from the computation of diluted EPS for the first, second, third and fourth quarter of 2013 because their effect is anti-dilutive due to the loss from continuing operations. | |||||||||||||||||||||||||||||||
Net gain for the second quarter of 2014 included a $13,709 pre-tax gain from the sale of the Eras subsidiary. Cryptera was acquired for a purchase price of approximately $13,000 and is included in the EMEA segment within the Company's consolidated financial statements from July 1, 2014, the date of acquisition. | ||||||||||||||||||||||||||||||||
Net loss for the second quarter of 2013 was negatively impacted by $28,000 of pre-tax estimated losses related to the Foreign Corrupt Practices Act (FCPA) investigation that were partially non-deductible and a $17,500 pre-tax charge related to settlement of the securities legal action. The second quarter of 2013 was negatively impacted by current and deferred tax expense of $42,838 related to a change in assertion regarding permanent reinvestment of foreign subsidiary earnings. In addition, the Company recorded non-cash tax expense related to the re-establishment of a valuation allowance of $39,130 for the Brazilian manufacturing entity. Loss from continuing operations for the third quarter of 2013 was negatively impacted by a $70,000 pre-tax, non-cash goodwill impairment charge that was partially non-deductible (refer to note 11). Net loss for the fourth quarter of 2013 was negatively impacted by a $67,593 pre-tax non-cash pension charge (refer to note 13) and $35,611 of pre-tax restructuring charges primarily related to the voluntary early retirement program as part of the multi-year realignment plan (refer to note 18). | ||||||||||||||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | DIEBOLD, INCORPORATED AND SUBSIDIARIES | |||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at beginning of year | Additions | Deductions | Balance at | |||||||||||
end of year | ||||||||||||||
Year ended December 31, 2014 | ||||||||||||||
Allowance for doubtful accounts | $ | 24,872 | 13,420 | 15,281 | $ | 23,011 | ||||||||
Year ended December 31, 2013 | ||||||||||||||
Allowance for doubtful accounts | $ | 27,854 | 13,411 | 16,393 | $ | 24,872 | ||||||||
Year ended December 31, 2012 | ||||||||||||||
Allowance for doubtful accounts | $ | 22,128 | 13,597 | 7,871 | $ | 27,854 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Principles of Consolidation | The consolidated financial statements include the accounts of Diebold, Incorporated and its wholly- and majority-owned subsidiaries (collectively, the Company). All significant intercompany accounts and transactions have been eliminated. | ||
Use of Estimates in Preparation of Consolidated Financial Statements | The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include revenue recognition, the valuation of trade and financing receivables, inventories, goodwill, intangible assets, other long-lived assets, legal contingencies, guarantee obligations and assumptions used in the calculation of income taxes, pension and other post-retirement benefits and customer incentives, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors. Management monitors the economic condition and other factors and will adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | ||
International Operations | The financial statements of the Company’s international operations are measured using local currencies as their functional currencies, with the exception of Venezuela's financial results, which are measured using the currency exchange mechanism, SICAD 2. The Company translates the assets and liabilities of its non-U.S. subsidiaries at the exchange rates in effect at year end and the results of operations at the average rate throughout the year. The translation adjustments are recorded directly as a separate component of shareholders’ equity, while transaction gains (losses) are included in net income. Sales to customers outside the United States in relation to total consolidated net sales approximated 56.1 percent, 52.3 percent and 48.7 percent in 2014, 2013 and 2012, respectively. | ||
Venezuelan Currency Devaluation | The Company's Venezuelan operations consist of a fifty-percent owned subsidiary, which is consolidated. Venezuela financial results are 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 determined that it was unlikely that the Company would 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 6.30, 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 (loss) gain, net in the 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 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 statements of operations. The Company's Venezuelan operations represented less than one percent of the Company's total assets as of December 31, 2014 and less than one percent of net sales for the year ended December 31, 2014. The Company does not expect its Venezuelan operations to be a significant component of its consolidated revenue or operating profit during 2015. | ||
Acquisition and Divestiture | In the third quarter of 2014, the Company acquired 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. The total purchase price was approximately $13,000 and Cryptera is included in the Europe, Middle East and Africa (EMEA) segment within the Company' s consolidated financial statements from July 1, 2014, the date of acquisition. In the second quarter of 2014, the Company divested its check and payment processing subsidiary, Diebold Eras, Incorporated (Eras), which resulted in a gain of $13,709 recognized within gain on sale of assets, net in the consolidated statement of operations. Eras was included in the North America (NA) segment. Total assets and operating results of Eras were not significant to the consolidated financial statements. | ||
Reclassification | The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. | ||
Revenue Recognition | The Company’s revenue recognition policy is consistent with the requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 605, Revenue Recognition (ASC 605). In general, the Company records revenue when it is realized, or realizable and earned. The Company considers revenue to be realized, or realizable and earned when, persuasive evidence of an arrangement exists, the products or services have been approved by the customer after delivery and/or installation acceptance or performance of services; the sales price is fixed or determinable within the contract; and collectability is reasonably assured. The Company's products include both hardware and the software required for the equipment to operate as intended, and for product sales, the Company determines the earnings process is complete when title, risk of loss and the right to use the product has transferred to the customer. Within the North America region, the earnings process is completed upon customer acceptance. Where the Company is contractually responsible for installation, customer acceptance occurs upon completion of the installation of all equipment at a job site and the Company’s demonstration that the equipment is in operable condition. Where the Company is not contractually responsible for installation, customer acceptance occurs upon shipment or delivery to a customer location depending on the terms within the contract. Internationally, customer acceptance is upon the earlier of delivery or completion of the installation depending on the terms in the contract with the customer. | ||
The application of ASC 605 to the Company's customer contracts requires judgment, including the determination of whether an arrangement includes multiple deliverables such as hardware, software, maintenance and/or other services. For contracts that contain multiple deliverables, total arrangement consideration is allocated at the inception of the arrangement to each deliverable based on the relative selling price method. The relative selling price method is based on a hierarchy consisting of vendor specific objective evidence (VSOE) (price when sold on a stand-alone basis), if available, or third-party evidence (TPE), if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE is available. The Company's ESP is consistent with the objective of determining VSOE, which is the price at which we would expect to transact on a stand-alone sale of the deliverable. The determination of ESP is based on applying significant judgment to weigh a variety of company-specific factors including our pricing practices, customer volume, geography, internal costs and gross margin objectives, information gathered from experience in customer negotiations, recent technological trends, and competitive landscape. In contracts that involve multiple deliverables with separately priced extended warranty and product maintenance, these services are typically accounted for under FASB ASC 605-20, Separately Priced Extended Warranty and Product Maintenance Contracts where stated price is recognized ratably over the period. | |||
For software sales, excluding software required for the equipment to operate as intended, the Company applies the software revenue recognition principles within FASB ASC 985-605, Software - Revenue Recognition. For software and software-related deliverables (software elements), the Company allocates revenue based upon the relative fair value of these deliverables as determined by VSOE. If the Company cannot obtain VSOE for any undelivered software element, revenue is deferred until all deliverables have been delivered or until VSOE can be determined for any remaining undelivered software elements. When the fair value of a delivered element cannot be established, but fair value evidence exists for the undelivered software elements, the Company uses the residual method to recognize revenue. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement consideration is allocated to the delivered elements and recognized as revenue. | |||
The Company has the following revenue streams related to sales to its customers: | |||
Financial Self-Service Product & Managed Service Revenue Financial self-service (FSS) products are primarily automated teller machines (ATMs) and other equipment primarily used in the banking industry which include both hardware and the software required for the equipment to operate as intended. The Company also provides service contracts on FSS products that typically cover a 12-month period and can begin at any time after the warranty period expires. The service provided under warranty is limited as compared to those offered under service contracts. Further, warranty is not considered a separate deliverable of the sale and covers only replacement of defective parts inclusive of labor. Service contracts provide additional services beyond those covered under the warranty, including preventative maintenance service, cleaning, supplies stocking and cash handling, all of which are not essential to the functionality of the equipment. Service revenue also includes services and parts the Company provides on a billed-work basis that are not covered by warranty or service contract. The Company also provides customers with integrated services such as outsourced and managed services, including remote monitoring, trouble-shooting, training, transaction processing, currency management, maintenance or full support services. | |||
Electronic Security Products & Managed Service Revenue The Company provides global product sales, service, installation, project management for longer-term contracts and monitoring of original equipment manufacturer electronic security products to financial, government, retail and commercial customers. These solutions provide the Company’s customers a single-source solution to their electronic security needs. | |||
Physical Security & Facility Revenue The Company designs, manufactures and/or procures and installs physical security and facility products. These consist of vaults, safe deposit boxes and safes, drive-up banking equipment and a host of other banking facilities products. | |||
Brazil Other The Company offers election and lottery systems product solutions and support to the Brazilian government. Election systems revenue consists of election equipment sales, networking, tabulation and diagnostic software development, training, support and maintenance. Lottery systems revenue primarily consists of equipment sales. The election and lottery equipment components are included in product revenue. The software development, training, support and maintenance components are included in service revenue. | |||
Software Solutions & Service Revenue The Company offers software solutions, excluding software required for the equipment to operate as intended, consisting of multiple applications that process events and transactions (networking software) along with the related server. Sales of networking software represent software solutions to customers that allow them to network various different vendors’ ATMs onto one network. Included within service revenue is revenue from software support agreements, which are typically 12 months in duration and pertain to networking software. | |||
Depreciation and Amortization | Depreciation of property, plant and equipment is computed using the straight-line method for financial statement purposes. Amortization of leasehold improvements is based upon the shorter of original terms of the lease or life of the improvement. Repairs and maintenance are expensed as incurred. Amortization of the Company’s other long-term assets, such as intangible assets and capitalized computer software, is computed using the straight-line method over the life of the asset. | ||
Advertising Costs | Advertising costs are expensed as incurred and were $16,708, $9,812 and $11,316 in 2014, 2013 and 2012, respectively. | ||
Research, Development and Engineering Costs | Research, development and engineering costs are expensed as incurred and were $93,617, $92,315 and $85,881 in 2014, 2013 and 2012, respectively. | ||
Shipping and Handling Costs | The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includes such amounts in net sales. Third-party freight payments are recorded in cost of sales. | ||
Taxes on Income | Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences, operating loss carry-forwards and tax credits. Deferred tax liabilities are recognized for taxable temporary differences and undistributed earnings in certain tax jurisdictions. Deferred tax assets are reduced by a valuation allowance when, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Determination of a valuation allowance involves estimates regarding the timing and amount of the reversal of taxable temporary differences, expected future taxable income and the impact of tax planning strategies. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | ||
The Company regularly assesses its position with regard to tax exposures and records liabilities for these uncertain tax positions and related interest and penalties, if any, when the tax benefit is not more likely than not realizable. The Company has recorded an accrual that reflects the recognition and measurement process for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. Additional future income tax expense or benefit may be recognized once the positions are effectively settled. | |||
Sales Tax | The Company collects sales taxes from customers and accounts for sales taxes on a net basis. | ||
Cash Equivalents | The Company considers highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. | ||
Financial Instruments | The carrying amount of cash and cash equivalents, trade receivables and accounts payable, approximated their fair value because of the relatively short maturity of these instruments. The Company’s risk-management strategy uses derivative financial instruments such as forwards to hedge certain foreign currency exposures and interest rate swaps to manage interest rate risk. The intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. The Company does not enter into derivatives for trading purposes. The Company recognizes all derivatives on the balance sheet at fair value. Changes in the fair values of derivatives that are not designated as hedges are recognized in earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in the hedged assets or liabilities through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. | ||
Fair Value | The Company measures its financial assets and liabilities using one or more of the following three valuation techniques: | ||
Valuation technique | Description | ||
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: | |||
Fair value level | Description | ||
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. The Company uses the end of period when determining the timing of transfers between levels. | |||
Short-Term Investments The Company had investments in certificates of deposit that were 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 notes 6 and 13) is 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 swaps to hedge against changes in the London Interbank Offered Rate (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. Further details regarding the Company's goodwill impairment review appear in note 11. | |||
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 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. | |||
Refer to note 19 for further details of assets and liabilities subject to fair value measurement. | |||
Trade Receivables | The Company evaluates the collectability of trade receivables based on a percentage of sales related to historical loss experience and current trends. 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 Receivable | 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 and 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. | ||
Inventories | The Company primarily values inventories at the lower of cost or market applied on a first-in, first-out basis. The Company identifies and writes down its excess and obsolete inventories to net realizable value based on usage forecasts, order volume and inventory aging. With the development of new products, the Company also rationalizes its product offerings and will write-down discontinued product to the lower of cost or net realizable value. | ||
Deferred Revenue | Deferred revenue is recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, deferred revenue is recorded for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. | ||
Split-Dollar Life Insurance | The Company recognizes a liability for the post-retirement obligation associated with a collateral assignment arrangement if, based on an agreement with an employee, the Company has agreed to maintain a life insurance policy during the post-retirement period or to provide a death benefit. In addition, the Company recognizes a liability and related compensation costs for future benefits that extend to post-retirement periods. | ||
Goodwill | Goodwill is the cost in excess of the net assets of acquired businesses (refer to note 11). The Company tests all existing goodwill at least annually as of November 30 for impairment on a reporting unit basis. The Company tests for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the carrying value of a reporting unit below its reported amount. The Company’s reporting units are defined as Domestic and Canada, Latin America (LA), Brazil, Asia Pacific (AP), and Europe, Middle East and Africa (EMEA). Each year, the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In evaluating whether it is more likely than not the fair value of a reporting unit is less than its carrying amount, the Company considers the following events and circumstances, among others, if applicable: (a) macroeconomic conditions such as general economic conditions, limitations on accessing capital or other developments in equity and credit markets; (b) industry and market considerations such as competition, multiples or metrics and changes in the market for the Company's products and services or regulatory and political environments; (c) cost factors such as raw materials, labor or other costs; (d) overall financial performance such as cash flows, actual and planned revenue and earnings compared with actual and projected results of relevant prior periods; (e) other relevant events such as changes in key personnel, strategy or customers; (f) changes in the composition of a reporting unit's assets or expected sales of all or a portion of a reporting unit; and (g) any sustained decrease in share price. | ||
If the Company's qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, or if management elects to perform a quantitative assessment of goodwill, a two-step impairment test is used to identify potential goodwill impairment and measure the amount of any impairment loss to be recognized. In the first step, the Company compares the fair value of each reporting unit with its carrying value. The fair value is determined based upon discounted estimated future cash flows as well as the market approach or guideline public company method. The Company’s Step 1 impairment test of goodwill of a reporting unit is based upon the fair value of the reporting unit, defined as the price that would be received to sell the net assets or transfer the net liabilities in an orderly transaction between market participants at the assessment date. In the event that the net carrying amount exceeds the fair value, a Step 2 test must be performed whereby the fair value of the reporting unit’s goodwill must be estimated to determine if it is less than its net carrying amount. In its two-step test, the Company uses the discounted cash flow method and the guideline company method for determining the fair value of its reporting units. Under these methods, the determination of implied fair value of the goodwill for a particular reporting unit is the excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities in the same manner as the allocation in a business combination. | |||
The techniques used in the Company's qualitative assessment and, if necessary, two-step impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect market conditions forecast at the assessment date. Assumptions in estimating future cash flows are subject to a high degree of judgment. The Company makes all efforts to forecast future cash flows as accurately as possible with the information available at the time the forecast is made. To this end, the Company evaluates the appropriateness of its assumptions as well as its overall forecasts by comparing projected results of upcoming years with actual results of preceding years and validating that differences therein are reasonable. Key assumptions, all of which are Level 3 inputs, relate to price trends, material costs, discount rate, customer demand and the long-term growth and foreign exchange rates. A number of benchmarks from independent industry and other economic publications were also used. Changes in assumptions and estimates after the assessment date may lead to an outcome where impairment charges would be required in future periods. Specifically, actual results may vary from the Company’s forecasts and such variations may be material and unfavorable, thereby triggering the need for future impairment tests where the conclusions may differ in reflection of prevailing market conditions. | |||
Long-Lived Assets | 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, an impairment loss is recognized at that time to reduce the asset to the lower of its fair value or its net book value. | ||
Contingencies | Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Legal costs incurred in connection with loss contingencies are expensed as incurred. | ||
Pension and Other Post-retirement Benefits | Annual net periodic expense and benefit liabilities under the Company’s defined benefit plans are determined on an actuarial basis. Assumptions used in the actuarial calculations have a significant impact on plan obligations and expense. Members of the management investment committee periodically review the actual experience compared with the more significant assumptions used and make adjustments to the assumptions, if warranted. The healthcare trend rates are reviewed based upon the results of actual claims experience. The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-term rate of return on plan assets is determined using the plans’ current asset allocation and their expected rates of return based on a geometric averaging over 20 years. The rate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook. Pension benefits are funded through deposits with trustees. Other post-retirement benefits are not funded and the Company’s policy is to pay these benefits as they become due. | ||
The Company recognizes the funded status of each of its plans in the consolidated balance sheet. Amortization of unrecognized net gain or loss resulting from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is included as a component of net periodic benefit cost for a year if, as of the beginning of the year, that unrecognized net gain or loss exceeds five percent of the greater of the projected benefit obligation or the market-related value of plan assets. If amortization is required, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance | ||
In April 2014, the FASB issued Accounting Standards Update (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 adopted ASU 2014-08. The adoption of this update did not have a material impact on the financial statements of the Company. | |||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (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 in 2014 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 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. | |||
No other new accounting pronouncements issued or with effective dates during 2014 had or are expected to have a material impact on the Company's consolidated financial statements. | |||
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | 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. | ||
Share-based Compensation, Option and Incentive Plans Policy | The Company recognizes costs resulting from all share-based payment transactions based on the fair market value of the award as of the grant date. Awards are valued at fair value and compensation cost is recognized on a straight-line basis over the requisite periods of each award. The Company estimated forfeiture rates are based on historical experience. To cover the exercise and/or vesting of its share-based payments, the Company generally issues new shares from its authorized, unissued share pool. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computation of earnings (loss) per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator | ||||||||||||
Income (loss) used in basic and diluted earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations, net of tax | $ | 114,417 | $ | (181,605 | ) | $ | 76,728 | |||||
Loss from discontinued operations, net of tax | — | — | (3,125 | ) | ||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 114,417 | $ | (181,605 | ) | $ | 73,603 | |||||
Denominator | ||||||||||||
Weighted-average number of common | 64,530 | 63,659 | 63,061 | |||||||||
shares used in basic earnings (loss) per share | ||||||||||||
Effect of dilutive shares (1) | 624 | — | 853 | |||||||||
Weighted-average number of shares used in | 65,154 | 63,659 | 63,914 | |||||||||
diluted earnings (loss) per share | ||||||||||||
Basic earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations, net of tax | $ | 1.77 | $ | (2.85 | ) | $ | 1.22 | |||||
Loss from discontinued operations, net of tax | — | — | (0.05 | ) | ||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 1.77 | $ | (2.85 | ) | $ | 1.17 | |||||
Diluted earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations, net of tax | $ | 1.76 | $ | (2.85 | ) | $ | 1.2 | |||||
Loss from discontinued operations, net of tax | — | — | (0.05 | ) | ||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 1.76 | $ | (2.85 | ) | $ | 1.15 | |||||
Anti-dilutive shares | ||||||||||||
Anti-dilutive shares not used in calculating diluted | 1,053 | 2,597 | 2,201 | |||||||||
weighted-average shares | ||||||||||||
-1 | Incremental shares of 545 thousand were excluded from the computation of diluted EPS for the year ended December 31, 2013 because their effect is anti-dilutive due to the loss from continuing operations. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [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 year ended December 31: | ||||||||||||||||||||||||||||
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Unrealized Gain on Securities, Net | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 68,393 | $ | (4,728 | ) | $ | (1,466 | ) | $ | (152,475 | ) | $ | 119 | $ | (882 | ) | $ | (91,039 | ) | ||||||||||
Other comprehensive (loss) income before reclassifications (1) | (70,802 | ) | 2,844 | 698 | 78,182 | 3,932 | 1,162 | 16,016 | |||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (192 | ) | 22,266 | (1,372 | ) | — | 20,702 | ||||||||||||||||||||
Net current period other comprehensive (loss) income | (70,802 | ) | 2,844 | 506 | 100,448 | 2,560 | 1,162 | 36,718 | |||||||||||||||||||||
Balance at December 31, 2013 | $ | (2,409 | ) | $ | (1,884 | ) | $ | (960 | ) | $ | (52,027 | ) | $ | 2,679 | $ | 280 | $ | (54,321 | ) | ||||||||||
Other comprehensive (loss) income before reclassifications (1) | (72,469 | ) | 481 | 680 | (63,740 | ) | (531 | ) | (24 | ) | (135,603 | ) | |||||||||||||||||
Amounts reclassified from AOCI | — | — | (213 | ) | 1,760 | (2,148 | ) | — | (601 | ) | |||||||||||||||||||
Net current period other comprehensive (loss) income | (72,469 | ) | 481 | 467 | (61,980 | ) | (2,679 | ) | (24 | ) | (136,204 | ) | |||||||||||||||||
Balance at December 31, 2014 | $ | (74,878 | ) | $ | (1,403 | ) | $ | (493 | ) | $ | (114,007 | ) | $ | — | $ | 256 | $ | (190,525 | ) | ||||||||||
-1 | Other comprehensive (loss) income before reclassifications within the translation component excludes losses (gains) of $(535) and $1,210 and translation attributable to noncontrolling interests for December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the details about amounts reclassified from AOCI for the year ended December 31: | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Amount Reclassified from AOCI | Amount Reclassified from AOCI | Affected Line Item in the Statement of Operations | |||||||||||||||||||||||||||
Interest rate hedges (net of tax of $(114) and $(132), respectively) | $ | (213 | ) | $ | (192 | ) | Interest expense | ||||||||||||||||||||||
Pension and post-retirement benefits: | |||||||||||||||||||||||||||||
Net prior service benefit amortization (net of tax of $(146) and $(308), respectively) | (236 | ) | (493 | ) | -1 | ||||||||||||||||||||||||
Net actuarial losses recognized during the year (net of tax of $1,231 and $5,762, respectively) | 1,996 | 9,130 | -1 | ||||||||||||||||||||||||||
Prior service cost recognized during the curtailment (net of tax of $0 and $803, respectively) | — | 1,272 | -1 | ||||||||||||||||||||||||||
Settlements (net of tax of $0 and $7,799, respectively) | — | 12,357 | -1 | ||||||||||||||||||||||||||
1,760 | 22,266 | ||||||||||||||||||||||||||||
Unrealized loss on securities (net of tax of $(29) and $(19), respectively) | (2,148 | ) | (1,372 | ) | Investment income | ||||||||||||||||||||||||
Total reclassifications for the period | $ | (601 | ) | $ | 20,702 | ||||||||||||||||||||||||
(1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 13 to the consolidated financial statements). |
ShareBased_Compensation_and_Eq1
Share-Based Compensation and Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes the components of the Company’s employee and non-employee share-based compensation programs recognized as selling and administrative expense for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | |||||||||||||
Pre-tax compensation expense | $ | 2,696 | $ | 6,032 | $ | 2,572 | |||||||
Tax benefit | (998 | ) | (2,198 | ) | (825 | ) | |||||||
Stock option expense, net of tax | $ | 1,698 | $ | 3,834 | $ | 1,747 | |||||||
Restricted stock units | |||||||||||||
Pre-tax compensation expense | $ | 6,075 | $ | 5,580 | $ | 5,741 | |||||||
Tax benefit | (1,887 | ) | (1,672 | ) | (1,809 | ) | |||||||
RSU expense, net of tax | $ | 4,188 | $ | 3,908 | $ | 3,932 | |||||||
Performance shares | |||||||||||||
Pre-tax compensation expense | $ | 12,494 | $ | 2,162 | $ | 4,425 | |||||||
Tax benefit | (4,237 | ) | (768 | ) | (1,602 | ) | |||||||
Performance share expense, net of tax | $ | 8,257 | $ | 1,394 | $ | 2,823 | |||||||
Director deferred shares | |||||||||||||
Pre-tax compensation expense | $ | 280 | $ | 1,158 | $ | 1,102 | |||||||
Tax benefit | (109 | ) | (428 | ) | (408 | ) | |||||||
Director deferred share expense, net of tax | $ | 171 | $ | 730 | $ | 694 | |||||||
Total share-based compensation | |||||||||||||
Pre-tax compensation expense | $ | 21,545 | $ | 14,932 | $ | 13,840 | |||||||
Tax benefit | (7,231 | ) | (5,066 | ) | (4,644 | ) | |||||||
Total share-based compensation, net of tax | $ | 14,314 | $ | 9,866 | $ | 9,196 | |||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2014: | ||||||||||||
Unrecognized | Weighted-Average Period | ||||||||||||
Cost | |||||||||||||
(years) | |||||||||||||
Stock options | $ | 3,460 | 1.3 | ||||||||||
RSUs | 9,099 | 1.8 | |||||||||||
Performance shares | 11,528 | 1.7 | |||||||||||
$ | 24,087 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected life (in years) | 5 | 6 | 7-Jun | ||||||||||
Weighted-average volatility | 31 | % | 38 | % | 41 | % | |||||||
Risk-free interest rate | 1.47-1.66% | 1.08-1.27% | 0.83-1.39% | ||||||||||
Expected dividend yield | 3.59 | % | 3.23-3.59% | 3.08-3.23% | |||||||||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | Options outstanding and exercisable as of December 31, 2014 and changes during the year ended were as follows: | ||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value (1) | ||||||||||
(per share) | (in years) | ||||||||||||
Outstanding at January 1, 2014 | 1,954 | $ | 39.63 | ||||||||||
Expired or forfeited | (355 | ) | $ | 51.45 | |||||||||
Exercised | (445 | ) | $ | 32.89 | |||||||||
Granted | 454 | $ | 34.2 | ||||||||||
Outstanding at December 31, 2014 | 1,608 | $ | 37.11 | 6 | $ | 2,277 | |||||||
Options exercisable at December 31, 2014 | 871 | $ | 40.17 | 3 | $ | 1,359 | |||||||
Options vested and expected to vest (2) at | 1,580 | $ | 37.19 | 6 | $ | 2,227 | |||||||
31-Dec-14 | |||||||||||||
-1 | The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 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 December 31, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. | ||||||||||||
-2 | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Non-vested RSUs outstanding as of December 31, 2014 and changes during the year ended were as follows: | ||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Non-vested at January 1, 2014 | 499 | $ | 32.28 | ||||||||||
Forfeited | (62 | ) | $ | 32.9 | |||||||||
Vested | (134 | ) | $ | 32.72 | |||||||||
Granted | 350 | $ | 35.25 | ||||||||||
Non-vested at December 31, 2014 | 653 | $ | 33.72 | ||||||||||
-1 | The RSUs granted during the year ended December 31, 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. | ||||||||||||
Schedule of Nonvested Performance-based Units Activity | Non-vested performance shares outstanding as of December 31, 2014 and changes during the year ended were as follows: | ||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Non-vested at January 1, 2014 (1) | 542 | $ | 37.1 | ||||||||||
Forfeited | (173 | ) | $ | 39.63 | |||||||||
Granted (2) | 778 | $ | 38.07 | ||||||||||
Non-vested at December 31, 2014 | 1,147 | $ | 37.38 | ||||||||||
-1 | 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. | ||||||||||||
-2 | The maximum performance shares granted during the year ended December 31, 2014 include 439 thousand shares that vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.49. | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents components of income (loss) from continuing operations before income taxes for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 1,054 | $ | (171,878 | ) | $ | (37,910 | ) | ||||
Foreign | 169,535 | 52,071 | 148,805 | |||||||||
Total | $ | 170,589 | $ | (119,807 | ) | $ | 110,895 | |||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense (benefit) from continuing operations for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
U.S. federal | $ | 5,857 | $ | 10,453 | $ | 3,381 | ||||||
Foreign | 61,414 | 59,481 | 39,185 | |||||||||
State and local | 723 | 3,231 | 2,006 | |||||||||
Total current | 67,994 | 73,165 | 44,572 | |||||||||
Deferred | ||||||||||||
U.S. federal | (2,660 | ) | (20,180 | ) | (2,344 | ) | ||||||
Foreign | (9,387 | ) | 9,678 | (13,159 | ) | |||||||
State and local | (2,377 | ) | (5,948 | ) | (844 | ) | ||||||
Total deferred | (14,424 | ) | (16,450 | ) | (16,347 | ) | ||||||
Income tax expense | $ | 53,570 | $ | 56,715 | $ | 28,225 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense (benefit) attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 35 percent to pretax income (loss) from continuing operations. The following table presents these differences for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax expense (benefit) | $ | 59,706 | $ | (41,932 | ) | $ | 38,813 | |||||
Brazil nontaxable incentive | (15,454 | ) | (7,849 | ) | (10,622 | ) | ||||||
Valuation allowance | 9,458 | 43,884 | 1,609 | |||||||||
Brazil tax goodwill amortization | (1,509 | ) | (3,807 | ) | (4,802 | ) | ||||||
Foreign tax rate differential | (14,853 | ) | (12,432 | ) | (14,332 | ) | ||||||
Foreign subsidiary earnings | 14,621 | 59,460 | 10,648 | |||||||||
Accrual adjustments | 2,243 | 5,755 | 494 | |||||||||
Non-deductible goodwill | — | 5,189 | — | |||||||||
FCPA provision, nondeductible portion | — | 5,412 | 2,939 | |||||||||
Other | (642 | ) | 3,035 | 3,478 | ||||||||
Income tax expense | $ | 53,570 | $ | 56,715 | $ | 28,225 | ||||||
Summary of Income Tax Contingencies | Details of the unrecognized tax benefits are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Balance at January 1 | $ | 16,545 | $ | 13,178 | ||||||||
Increases related to prior year tax positions | 314 | 1,489 | ||||||||||
Increases related to current year tax positions | 694 | 2,864 | ||||||||||
Settlements | (2,499 | ) | — | |||||||||
Reduction due to lapse of applicable statute of limitations | (87 | ) | (986 | ) | ||||||||
Balance at December 31 | $ | 14,967 | $ | 16,545 | ||||||||
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | ||||||||||||
Accrued expenses | $ | 56,652 | $ | 56,704 | ||||||||
Warranty accrual | 35,601 | 25,943 | ||||||||||
Deferred compensation | 15,751 | 14,839 | ||||||||||
Allowance for doubtful accounts | 9,112 | 8,141 | ||||||||||
Inventories | 14,057 | 11,253 | ||||||||||
Deferred revenue | 12,460 | 14,795 | ||||||||||
Pension and post-retirement benefits | 73,026 | 45,601 | ||||||||||
Tax credits | 33,393 | 34,350 | ||||||||||
Net operating loss carryforwards | 68,883 | 74,472 | ||||||||||
Capital loss carryforwards | — | 2,295 | ||||||||||
State deferred taxes | 17,393 | 13,489 | ||||||||||
Other | 3,557 | — | ||||||||||
339,885 | 301,882 | |||||||||||
Valuation allowance | (87,959 | ) | (87,773 | ) | ||||||||
Net deferred tax assets | $ | 251,926 | $ | 214,109 | ||||||||
Deferred tax liabilities | ||||||||||||
Property, plant and equipment | $ | 18,316 | $ | 15,494 | ||||||||
Goodwill and intangible assets | 17,508 | 17,601 | ||||||||||
Partnership interest | 13,105 | 13,170 | ||||||||||
Undistributed earnings | 14,346 | 27,766 | ||||||||||
Other | — | 1,130 | ||||||||||
Net deferred tax liabilities | 63,275 | 75,161 | ||||||||||
Net deferred tax asset | $ | 188,651 | $ | 138,948 | ||||||||
Schedule of Deferred Income Taxes by Balance Sheet Account | Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Deferred income taxes - current assets | $ | 110,999 | $ | 110,165 | ||||||||
Deferred income taxes - long-term assets | 86,544 | 39,461 | ||||||||||
Other current liabilities | (2,365 | ) | (1,528 | ) | ||||||||
Deferred income taxes - long-term liabilities | (6,527 | ) | (9,150 | ) | ||||||||
Net deferred tax asset | $ | 188,651 | $ | 138,948 | ||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||
Investments | The Company’s investments, excluding cash surrender value of insurance contracts of $73,854 and $72,214 as of December 31, 2014 and 2013, respectively, consist of the following: | |||||||||||
Cost Basis | Unrealized Gain/(Loss) | Fair Value | ||||||||||
As of December 31, 2014 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 136,653 | $ | — | $ | 136,653 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 9,327 | $ | 444 | $ | 9,771 | ||||||
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 | ||||||
Finance_Lease_Receivables_Tabl
Finance Lease Receivables (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Receivables [Abstract] | ||||||||||||
Schedule of Components For Finance Lease Receivables | The following table presents finance lease receivables sold by the Company for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Finance lease receivables sold | $ | 21,958 | $ | — | $ | 50,225 | ||||||
The following table presents the components of finance lease receivables as of December 31: | ||||||||||||
2014 | 2013 | |||||||||||
Gross minimum lease receivable | $ | 161,241 | $ | 109,312 | ||||||||
Allowance for credit losses | (385 | ) | (439 | ) | ||||||||
Estimated unguaranteed residual values | 6,057 | 6,979 | ||||||||||
166,913 | 115,852 | |||||||||||
Less: | ||||||||||||
Unearned interest income | (1,266 | ) | (9,345 | ) | ||||||||
Unearned residuals | (7,345 | ) | (1,016 | ) | ||||||||
(8,611 | ) | (10,361 | ) | |||||||||
Total | $ | 158,302 | $ | 105,491 | ||||||||
Schedule Of Financing Receivables Minimum Payments | Future minimum payments due from customers under finance lease receivables as of December 31, 2014 are as follows: | |||||||||||
2015 | $ | 59,466 | ||||||||||
2016 | 56,226 | |||||||||||
2017 | 36,943 | |||||||||||
2018 | 4,521 | |||||||||||
2019 | 2,050 | |||||||||||
Thereafter | 2,035 | |||||||||||
$ | 161,241 | |||||||||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Allowance for credit losses and recorded investment in financing receivables | The following table summarizes the Company’s allowance for credit losses and amount of financing receivables evaluated for impairment: | ||||||||||||
Finance | Notes | Total | |||||||||||
Leases | Receivable | ||||||||||||
Allowance for credit losses | |||||||||||||
Balance at January 1, 2013 | $ | 525 | $ | 2,047 | $ | 2,572 | |||||||
Provision for credit losses | 8 | 4,134 | 4,142 | ||||||||||
Recoveries | 3 | — | 3 | ||||||||||
Write-offs | (97 | ) | (2,047 | ) | (2,144 | ) | |||||||
Balance at December 31, 2013 | $ | 439 | $ | 4,134 | $ | 4,573 | |||||||
Provision for credit losses | 243 | — | 243 | ||||||||||
Write-offs | (297 | ) | — | (297 | ) | ||||||||
Balance at December 31, 2014 | $ | 385 | $ | 4,134 | $ | 4,519 | |||||||
Summarizes the Company's aging of past-due notes receivable | The following table summarizes the Company’s aging of past-due notes receivable balances: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
30-59 days past due | $ | 85 | $ | 85 | |||||||||
60-89 days past due | — | — | |||||||||||
> 89 days past due | 1,518 | — | |||||||||||
Total past due | $ | 1,603 | $ | 85 | |||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Major classes of inventories | The following table summarizes the major classes of inventories as of December 31: | |||||||
2014 | 2013 | |||||||
Finished goods | $ | 197,429 | $ | 167,577 | ||||
Service parts | 125,570 | 132,508 | ||||||
Raw materials and work in process | 82,174 | 76,377 | ||||||
Total inventories | $ | 405,173 | $ | 376,462 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, plant and equipment | The following is a summary of property, plant and equipment, at cost less accumulated depreciation and amortization as of December 31: | |||||||||
Estimated | ||||||||||
Useful Life | ||||||||||
(years) | 2014 | 2013 | ||||||||
Land and land improvements | 0-15 | $ | 7,044 | $ | 7,008 | |||||
Buildings and building equipment | 15 | 59,754 | 63,225 | |||||||
Machinery, tools and equipment | 5-12 | 86,513 | 93,403 | |||||||
Leasehold improvements (1) | 10 | 24,871 | 26,858 | |||||||
Computer equipment | 3-5 | 57,859 | 79,719 | |||||||
Computer software | 5-10 | 162,690 | 154,622 | |||||||
Furniture and fixtures | 5-8 | 65,409 | 71,492 | |||||||
Tooling | 3-5 | 94,571 | 85,560 | |||||||
Construction in progress | 54,183 | 17,207 | ||||||||
Total property plant and equipment, at cost | $ | 612,894 | $ | 599,094 | ||||||
Less accumulated depreciation and amortization | 443,388 | 438,199 | ||||||||
Total property plant and equipment, net | $ | 169,506 | $ | 160,895 | ||||||
(1) The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. |
Goodwill_and_Other_Assets_Tabl
Goodwill and Other Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Goodwill | The changes in carrying amounts of goodwill within the Company’s segments are summarized as follows: | |||||||||||||||||||||||
NA | AP | EMEA | LA | Brazil | Total | |||||||||||||||||||
Goodwill | $ | 112,176 | $ | 45,987 | $ | 168,714 | $ | 5,022 | $ | 161,796 | $ | 493,695 | ||||||||||||
Accumulated impairment losses | (13,171 | ) | — | (168,714 | ) | — | (38,859 | ) | (220,744 | ) | ||||||||||||||
Balance at January 1, 2013 | $ | 99,005 | $ | 45,987 | $ | — | $ | 5,022 | $ | 122,937 | $ | 272,951 | ||||||||||||
Impairment loss | — | — | — | — | (70,000 | ) | (70,000 | ) | ||||||||||||||||
Currency translation adjustment | (147 | ) | (4,680 | ) | — | (198 | ) | (18,098 | ) | (23,123 | ) | |||||||||||||
Goodwill | 112,029 | 41,307 | 168,714 | 4,824 | 143,698 | 470,572 | ||||||||||||||||||
Accumulated impairment losses | (13,171 | ) | — | (168,714 | ) | — | (108,859 | ) | (290,744 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 98,858 | $ | 41,307 | $ | — | $ | 4,824 | $ | 34,839 | $ | 179,828 | ||||||||||||
Divestiture | (1,600 | ) | — | — | — | — | (1,600 | ) | ||||||||||||||||
Currency translation adjustment | (179 | ) | (1,271 | ) | — | (500 | ) | (4,304 | ) | (6,254 | ) | |||||||||||||
Goodwill | 110,250 | 40,036 | 168,714 | 4,324 | 139,394 | 462,718 | ||||||||||||||||||
Accumulated impairment losses | (13,171 | ) | — | (168,714 | ) | — | (108,859 | ) | (290,744 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 97,079 | $ | 40,036 | $ | — | $ | 4,324 | $ | 30,535 | $ | 171,974 | ||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Outstanding Debt Balances | Outstanding debt balances were as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Notes payable – current | ||||||||
Uncommitted lines of credit | $ | 24,750 | $ | 43,062 | ||||
Other | 825 | 729 | ||||||
$ | 25,575 | $ | 43,791 | |||||
Long-term debt | ||||||||
Credit facility | $ | 240,000 | $ | 239,000 | ||||
Senior notes | 225,000 | 225,000 | ||||||
Industrial development revenue bonds | 11,900 | 11,900 | ||||||
Other | 2,894 | 4,342 | ||||||
$ | 479,794 | $ | 480,242 | |||||
Schedule of Maturities of Long-term Debt | Maturities of long-term debt as of December 31, 2014 are as follows: | |||||||
Maturities of | ||||||||
Long-Term Debt | ||||||||
2015 | $ | — | ||||||
2016 | 176,091 | |||||||
2017 | 13,230 | |||||||
2018 | 50,364 | |||||||
Thereafter | 240,109 | |||||||
$ | 479,794 | |||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodic benefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31: | |||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 468,945 | $ | 673,711 | $ | 13,085 | $ | 15,727 | ||||||||||||||||
Service cost | 2,924 | 11,616 | — | — | ||||||||||||||||||||
Interest cost | 22,999 | 27,597 | 627 | 628 | ||||||||||||||||||||
Actuarial loss (gain) | 112,611 | (72,187 | ) | 1,909 | (1,991 | ) | ||||||||||||||||||
Plan participant contributions | — | — | 69 | 65 | ||||||||||||||||||||
Medicare retiree drug subsidy reimbursements | — | — | 190 | 215 | ||||||||||||||||||||
Benefits paid | (29,476 | ) | (26,185 | ) | (1,383 | ) | (1,559 | ) | ||||||||||||||||
Curtailments | — | (45,858 | ) | — | — | |||||||||||||||||||
Settlements | — | (138,482 | ) | — | — | |||||||||||||||||||
Special termination benefits | — | 38,733 | — | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 578,003 | $ | 468,945 | $ | 14,497 | $ | 13,085 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 346,560 | $ | 473,097 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 37,499 | 34,560 | — | — | ||||||||||||||||||||
Employer contributions | 9,622 | 3,570 | 1,314 | 1,494 | ||||||||||||||||||||
Plan participant contributions | — | — | 69 | 65 | ||||||||||||||||||||
Benefits paid | (29,476 | ) | (26,185 | ) | (1,383 | ) | (1,559 | ) | ||||||||||||||||
Settlements | — | (138,482 | ) | — | — | |||||||||||||||||||
Fair value of plan assets at end of year (1) | $ | 364,205 | $ | 346,560 | $ | — | $ | — | ||||||||||||||||
Funded status | $ | (213,798 | ) | $ | (122,385 | ) | $ | (14,497 | ) | $ | (13,085 | ) | ||||||||||||
Amounts recognized in balance sheets | ||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 80 | $ | — | $ | — | ||||||||||||||||
Current liabilities | 3,478 | 4,456 | 1,361 | 1,482 | ||||||||||||||||||||
Noncurrent liabilities (2) | 210,320 | 118,010 | 13,136 | 11,604 | ||||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||
Unrecognized net actuarial loss (3) | (176,104 | ) | (77,987 | ) | (4,276 | ) | (2,570 | ) | ||||||||||||||||
Unrecognized prior service (cost) benefit (3) | (67 | ) | 80 | 220 | 446 | |||||||||||||||||||
Net amount recognized | $ | 37,627 | $ | 44,479 | $ | 10,441 | $ | 10,962 | ||||||||||||||||
Change in accumulated other comprehensive loss | ||||||||||||||||||||||||
Balance at beginning of year | $ | (77,906 | ) | $ | (239,823 | ) | $ | (2,123 | ) | $ | (4,049 | ) | ||||||||||||
Prior service credit recognized during the year | (156 | ) | (313 | ) | (226 | ) | (488 | ) | ||||||||||||||||
Net actuarial losses recognized during the year | 3,025 | 14,469 | 202 | 423 | ||||||||||||||||||||
Net actuarial (losses) gains occurring during the year | (101,134 | ) | 71,075 | (1,909 | ) | 1,991 | ||||||||||||||||||
Prior service cost recognized due to curtailment | — | 2,075 | — | — | ||||||||||||||||||||
Net actuarial losses recognized due to curtailment | — | 54,455 | — | — | ||||||||||||||||||||
Settlements | — | 20,156 | — | — | ||||||||||||||||||||
Balance at end of year | $ | (176,171 | ) | $ | (77,906 | ) | $ | (4,056 | ) | $ | (2,123 | ) | ||||||||||||
(1) The fair value of plan assets as of December 31, 2013 reflects distributions of $15,817 paid in 2014 related to the Company's voluntary early retirement program. | ||||||||||||||||||||||||
-2 | Included in the consolidated balance sheets in pensions and other benefits and other post-retirement benefits are international plans. | |||||||||||||||||||||||
-3 | Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost. | |||||||||||||||||||||||
Schedule of Net Benefit Costs | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 2,924 | $ | 11,616 | $ | 11,446 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 22,999 | 27,597 | 31,831 | 627 | 628 | 814 | ||||||||||||||||||
Expected return on plan assets | (25,798 | ) | (35,746 | ) | (40,821 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost (1) | (156 | ) | (313 | ) | 258 | (226 | ) | (488 | ) | (517 | ) | |||||||||||||
Recognized net actuarial loss | 3,025 | 14,469 | 16,777 | 202 | 423 | 488 | ||||||||||||||||||
Curtailment loss | — | 10,672 | — | — | — | — | ||||||||||||||||||
Settlement loss | — | 20,156 | 21,907 | — | — | — | ||||||||||||||||||
Special termination benefits | — | 38,733 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 2,994 | $ | 87,184 | $ | 41,398 | $ | 603 | $ | 563 | $ | 785 | ||||||||||||
-1 | The annual amortization of prior service cost is determined as the increase in projected benefit obligation due to the plan change divided by the average remaining service period of participating employees expected to receive benefits under the plan. | |||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 578,003 | $ | 455,009 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 577,639 | $ | 454,681 | ||||||||||||||||||||
Fair value of plan assets | $ | 364,205 | $ | 332,543 | ||||||||||||||||||||
Schedule of Assumptions Used | The following table represents the weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.21 | % | 5.09 | % | 4.21 | % | 5.09 | % | ||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | ||||||||||||||||||||
The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 5.09 | % | 4.21 | % | 5.09 | % | 4.21 | % | ||||||||||||||||
Expected long-term return on plan assets | 7.95 | % | 8.05 | % | N/A | N/A | ||||||||||||||||||
Rate of compensation increase | N/A | 3.25 | % | N/A | N/A | |||||||||||||||||||
Schedule of Health Care Cost Trend Rates | The following table represents assumed healthcare cost trend rates at December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Healthcare cost trend rate assumed for next year | 7.5 | % | 7.5 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that rate reaches ultimate trend rate | 2020 | 2019 | ||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed healthcare cost trend rates would have the following effects: | |||||||||||||||||||||||
One-Percentage-Point Increase | One-Percentage-Point Decrease | |||||||||||||||||||||||
Effect on total of service and interest cost | $ | 34 | $ | (32 | ) | |||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 928 | $ | (836 | ) | |||||||||||||||||||
Schedule of Allocation of Plan Assets | The following table summarizes the Company’s target mix for these asset classes in 2015, which are readjusted at least quarterly within a defined range, and the Company’s actual pension plan asset allocation as of December 31, 2014 and 2013: | |||||||||||||||||||||||
Target Allocation | Actual Allocation Percentage | |||||||||||||||||||||||
Percentage | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Equity securities | 45% | 45% | 41% | |||||||||||||||||||||
Debt securities | 40% | 40% | 33% | |||||||||||||||||||||
Real estate | 5% | 5% | 8% | |||||||||||||||||||||
Other | 10% | 10% | 18% | |||||||||||||||||||||
Total | 100% | 100% | 100% | |||||||||||||||||||||
The following table summarizes the fair value of the Company’s plan assets as of December 31, 2014: | ||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and other | $ | 3,883 | $ | 3,883 | $ | — | $ | — | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Balanced fund | 15,291 | 15,291 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. mid cap value | 13,949 | 13,949 | — | — | ||||||||||||||||||||
U.S. small cap core | 18,477 | 18,477 | — | — | ||||||||||||||||||||
International developed markets | 33,875 | 33,875 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. corporate bonds | 51,671 | — | 51,671 | — | ||||||||||||||||||||
International corporate bonds | 217 | — | 217 | — | ||||||||||||||||||||
U.S. government | 1,948 | — | 1,948 | — | ||||||||||||||||||||
Other fixed income | 271 | — | 271 | — | ||||||||||||||||||||
Emerging markets | 16,730 | — | 16,730 | — | ||||||||||||||||||||
Common collective trusts: | ||||||||||||||||||||||||
Real estate (a) | 16,768 | — | — | 16,768 | ||||||||||||||||||||
Other (b) | 153,753 | — | 153,753 | — | ||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||
Multi-strategy hedge funds (c) | 16,593 | — | — | 16,593 | ||||||||||||||||||||
Private equity funds (d) | 20,779 | — | — | 20,779 | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 364,205 | $ | 85,475 | $ | 224,590 | $ | 54,140 | ||||||||||||||||
The following table summarizes the fair value of the Company’s plan assets as of December 31, 2013: | ||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and other | $ | 20,884 | $ | 20,884 | $ | — | $ | — | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Balanced fund | 13,477 | 13,477 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. mid cap value | 12,325 | 12,325 | — | — | ||||||||||||||||||||
U.S. small cap core | 15,368 | 15,368 | — | — | ||||||||||||||||||||
International developed markets | 30,327 | 30,327 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. corporate bonds | 37,414 | — | 37,414 | — | ||||||||||||||||||||
International corporate bonds | 850 | — | 850 | — | ||||||||||||||||||||
U.S. government | 3,358 | — | 3,358 | — | ||||||||||||||||||||
Other fixed income | 893 | — | 893 | — | ||||||||||||||||||||
Emerging markets | 14,335 | — | 14,335 | — | ||||||||||||||||||||
Common collective trusts: | ||||||||||||||||||||||||
Real estate (a) | 29,162 | — | — | 29,162 | ||||||||||||||||||||
Other (b) | 139,720 | — | 139,720 | — | ||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||
Multi-strategy hedge funds (c) | 22,637 | — | — | 22,637 | ||||||||||||||||||||
Private equity funds (d) | 21,627 | — | — | 21,627 | ||||||||||||||||||||
Fair value of plan assets at end of year, prior to reduction for anticipated distributions | $ | 362,377 | $ | 92,381 | $ | 196,570 | $ | 73,426 | ||||||||||||||||
Distributions paid in 2014 | (15,817 | ) | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 346,560 | ||||||||||||||||||||||
(a) | Real estate common collective trust The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2014, investments in this CCT included approximately 44 percent office, 21 percent residential, 24 percent retail and 11 percent industrial, cash and other. As of December 31, 2013 investments in this CCT included approximately 45 percent office, 23 percent residential, 18 percent retail and 14 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 45-day notice. | |||||||||||||||||||||||
(b) | Other common collective trusts At December 31, 2014, approximately 58 percent of the other CCTs are invested in fixed income securities including approximately 27 percent in mortgage-backed securities, 47 percent in corporate bonds and 26 percent in U.S. Treasury and other. Approximately 42 percent of the other CCTs at December 31, 2014 are invested in Russell 1000 Fund large cap index funds. At December 31, 2013, approximately 54 percent of the other CCTs are invested in fixed-income securities including approximately 29 percent in mortgage-backed securities, 42 percent in corporate bonds and 29 percent in U.S. Treasury and other. Approximately 46 percent of the other CCTs at December 31, 2013 are invested in Russell 1000 Fund large cap index funds. Investments in fixed-income securities can be redeemed daily. | |||||||||||||||||||||||
(c) | Multi-strategy hedge funds The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At December 31, 2014 and 2013, investments in this class include approximately 44 percent and 35 percent long/short equity, respectively, 44 percent and 45 percent arbitrage and event investments, respectively, and 10 percent and 20 percent in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with a 95-day notice. | |||||||||||||||||||||||
(d) | Private equity funds The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2014 and 2013, investments in these private equity funds include approximately 50 percent, in both years, in buyout private equity funds that usually invest in mature companies with established business plans, 25 percent in both years, in special situations private equity and debt funds that focus on niche investment strategies and 25 percent in both years, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2014 and 2013, the Company had unfunded commitments of underlying funds of $5,529 in both years. | |||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table summarizes the changes in fair value of level 3 assets for the years ended December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, January 1 | $ | 73,426 | $ | 76,883 | ||||||||||||||||||||
Dispositions | (26,167 | ) | (12,850 | ) | ||||||||||||||||||||
Realized and unrealized gain, net | 6,881 | 9,393 | ||||||||||||||||||||||
Balance, December 31 | $ | 54,140 | $ | 73,426 | ||||||||||||||||||||
Schedule of Amounts Expected To Be Recognized in Other Comprehensive Income (Loss) | The following table represents the amortization amounts expected to be recognized during 2015: | |||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
Amount of net prior service credit | $ | 7 | $ | (159 | ) | |||||||||||||||||||
Amount of net loss | $ | 6,514 | $ | 326 | ||||||||||||||||||||
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid: | |||||||||||||||||||||||
Pension Benefits | Other Benefits | Other Benefits | ||||||||||||||||||||||
after Medicare | ||||||||||||||||||||||||
Part D Subsidy | ||||||||||||||||||||||||
2015 | $ | 26,830 | $ | 1,533 | $ | 1,390 | ||||||||||||||||||
2016 | $ | 27,071 | $ | 1,505 | $ | 1,366 | ||||||||||||||||||
2017 | $ | 27,366 | $ | 1,473 | $ | 1,337 | ||||||||||||||||||
2018 | $ | 27,967 | $ | 1,425 | $ | 1,294 | ||||||||||||||||||
2019 | $ | 28,439 | $ | 1,367 | $ | 1,241 | ||||||||||||||||||
2020-2024 | $ | 152,422 | $ | 5,936 | $ | 5,399 | ||||||||||||||||||
Schedule of Defined Contribution Plan, Employer Matching Contribution | The following table represents the Company's basic match percentage on participant qualified contributions up to a percentage of their compensation: | |||||||||||||||||||||||
Employees hired prior | Employees hired on | |||||||||||||||||||||||
to July 1, 2003 | or after July 1, 2003 | |||||||||||||||||||||||
Effective January 1, 2012 - December 31, 2013 | 30% of first 6% | 60% of first 6% | ||||||||||||||||||||||
Effective January 1, 2014 - December 31, 2014 | 60% of first 6% | 60% of first 6% |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Operating Leases of Lessee Disclosure | The Company’s future minimum lease payments due under non-cancellable operating leases for real estate, vehicles and other equipment at December 31, 2014 are as follows: | |||||||||||
Total | Real Estate | Vehicles and Equipment (a) | ||||||||||
2015 | $ | 44,790 | $ | 30,233 | $ | 14,557 | ||||||
2016 | 33,978 | 25,892 | 8,086 | |||||||||
2017 | 23,609 | 19,205 | 4,404 | |||||||||
2018 | 16,483 | 14,725 | 1,758 | |||||||||
2019 | 13,785 | 13,004 | 781 | |||||||||
Thereafter | 16,638 | 16,148 | 490 | |||||||||
$ | 149,283 | $ | 119,207 | $ | 30,076 | |||||||
(a) | The Company leases vehicles with contractual terms of 36 to 60 months that are cancellable after 12 months without penalty. Future minimum lease payments reflect only the minimum payments during the initial 12-month non-cancellable term. |
Guarantees_and_Product_Warrant1
Guarantees and Product Warranties (Tables) | 12 Months Ended | |||||||
Dec. 31, 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) | 81,316 | 58,736 | ||||||
Current period settlements | (51,167 | ) | (57,288 | ) | ||||
Balance at December 31 | $ | 113,348 | $ | 83,199 | ||||
-1 | Includes the impact of foreign exchange rate fluctuations. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Gain (loss) recognized on non-designated derivative instruments | The following table summarizes the gain (loss) recognized on non-designated foreign exchange derivative instruments for the years ended December 31: | |||||||
2014 | 2013 | |||||||
Interest expense | $ | (6,291 | ) | $ | (6,406 | ) | ||
Foreign exchange gain, net | 21,100 | 10,900 | ||||||
Total | $ | 14,809 | $ | 4,494 | ||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Schedule of Restructuring and Related Costs | The following table summarizes the impact of Company’s restructuring charges (accrual adjustments) on the consolidated statements of operations for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Cost of sales - services | $ | 601 | $ | 27,107 | $ | 6,226 | ||||||
Cost of sales - products | 1,398 | 1,256 | (1,849 | ) | ||||||||
Selling and administrative expense | 13 | 22,561 | 9,037 | |||||||||
Research, development and engineering expense | 9,860 | 6,091 | 1,827 | |||||||||
Total | $ | 11,872 | $ | 57,015 | $ | 15,241 | ||||||
Restructuring charges (benefits) within continuing operations by reporting segments | The following table summarizes the Company’s restructuring charges (accrual adjustments) by reporting segment for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Severance | ||||||||||||
NA | $ | 4,358 | $ | 46,582 | $ | 10,773 | ||||||
AP | 434 | 1,986 | 326 | |||||||||
EMEA | 511 | 1,231 | (276 | ) | ||||||||
LA | 1,242 | 268 | 184 | |||||||||
Brazil | 5,327 | 3,820 | 3,878 | |||||||||
Total Severance | 11,872 | 53,887 | 14,885 | |||||||||
Other | ||||||||||||
NA | — | 1,988 | — | |||||||||
AP | — | 573 | (20 | ) | ||||||||
EMEA | — | 567 | 376 | |||||||||
Total Other | — | 3,128 | 356 | |||||||||
Total | $ | 11,872 | $ | 57,015 | $ | 15,241 | ||||||
Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs for the multi-year realignment plan as of December 31, 2014: | |||||||||||
Severance | Other | Total | ||||||||||
Cumulative total restructuring costs for the multi-year realignment plan | ||||||||||||
NA | $ | 61,713 | $ | 1,988 | $ | 63,701 | ||||||
AP | 2,746 | 553 | 3,299 | |||||||||
EMEA | 1,466 | 943 | 2,409 | |||||||||
LA | 1,694 | — | 1,694 | |||||||||
Brazil | 13,025 | — | 13,025 | |||||||||
Total | $ | 80,644 | $ | 3,484 | $ | 84,128 | ||||||
Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring accrual balances and related activity: | |||||||||||
Balance at January 1, 2012 | $ | 10,136 | ||||||||||
Liabilities incurred | 15,241 | |||||||||||
Liabilities paid/settled | (13,533 | ) | ||||||||||
Balance at December 31, 2012 | $ | 11,844 | ||||||||||
Liabilities incurred | 57,015 | |||||||||||
Liabilities paid/settled | (33,570 | ) | ||||||||||
Balance at December 31, 2013 | $ | 35,289 | ||||||||||
Liabilities incurred | 11,872 | |||||||||||
Liabilities paid/settled | (39,315 | ) | ||||||||||
Balance at December 31, 2014 | $ | 7,846 | ||||||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||
December 31, 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 | $ | 136,653 | $ | 136,653 | $ | — | $ | 215,010 | $ | 215,010 | $ | — | ||||||||||||
U.S. dollar indexed bond funds | — | — | — | 27,978 | — | 27,978 | ||||||||||||||||||
Assets held in rabbi trusts | 9,771 | 9,771 | — | 10,377 | 10,377 | — | ||||||||||||||||||
Foreign exchange forward contracts | 2,964 | — | 2,964 | 1,382 | — | 1,382 | ||||||||||||||||||
Total | $ | 149,388 | $ | 146,424 | $ | 2,964 | $ | 254,747 | $ | 225,387 | $ | 29,360 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Deferred compensation | $ | 9,771 | $ | 9,771 | $ | — | $ | 10,377 | $ | 10,377 | $ | — | ||||||||||||
Foreign exchange forward contracts | 967 | — | 967 | 364 | — | 364 | ||||||||||||||||||
Interest rate swaps | 1,212 | — | 1,212 | 2,351 | — | 2,351 | ||||||||||||||||||
Total | $ | 11,950 | $ | 9,771 | $ | 2,179 | $ | 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: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||
Notes payable | $ | 25,575 | $ | 25,575 | $ | 43,791 | $ | 43,791 | ||||||||||||||||
Long-term debt | 483,621 | 479,794 | 489,499 | 480,242 | ||||||||||||||||||||
Total debt instruments | $ | 509,196 | $ | 505,369 | $ | 533,290 | $ | 524,033 | ||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Revenue summary by product and service solution | The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit (loss) and the consolidated income (loss) from continuing operations before income taxes for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue summary by segment | |||||||||||||
NA | $ | 1,407,707 | $ | 1,415,050 | $ | 1,590,532 | |||||||
AP | 500,285 | 479,129 | 427,542 | ||||||||||
EMEA | 421,141 | 362,167 | 325,489 | ||||||||||
LA | 239,409 | 241,770 | 258,079 | ||||||||||
Brazil | 482,511 | 359,375 | 390,051 | ||||||||||
Total customer revenues | $ | 3,051,053 | $ | 2,857,491 | $ | 2,991,693 | |||||||
Intersegment revenues | |||||||||||||
NA | $ | 68,414 | $ | 76,306 | $ | 57,240 | |||||||
AP | 85,395 | 99,268 | 113,116 | ||||||||||
EMEA | 56,582 | 46,011 | 43,204 | ||||||||||
LA | 556 | — | — | ||||||||||
Total intersegment revenues | $ | 210,947 | $ | 221,585 | $ | 213,560 | |||||||
Segment operating profit | |||||||||||||
NA | $ | 277,168 | $ | 252,737 | $ | 294,996 | |||||||
AP | 66,394 | 62,760 | 62,414 | ||||||||||
EMEA | 61,574 | 44,507 | 28,659 | ||||||||||
LA | 40,285 | 35,218 | 44,472 | ||||||||||
Brazil | 28,452 | 6,321 | 3,304 | ||||||||||
Total segment operating profit | $ | 473,873 | $ | 401,543 | $ | 433,845 | |||||||
Corporate charges not allocated to segments (1) | (291,417 | ) | (262,840 | ) | (259,259 | ) | |||||||
Impairment of assets | (2,123 | ) | (72,017 | ) | (15,783 | ) | |||||||
Restructuring charges | (11,872 | ) | (57,015 | ) | (15,241 | ) | |||||||
Net non-routine income (expense) | 12,486 | (127,931 | ) | (42,133 | ) | ||||||||
(292,926 | ) | (519,803 | ) | (332,416 | ) | ||||||||
Operating profit (loss) | $ | 180,947 | $ | (118,260 | ) | $ | 101,429 | ||||||
Other income (expense) | (10,358 | ) | (1,547 | ) | 9,466 | ||||||||
Income (loss) from continuing operations before taxes | $ | 170,589 | $ | (119,807 | ) | $ | 110,895 | ||||||
-1 | Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. | ||||||||||||
Summary of Segment Information | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue summary by segment | |||||||||||||
NA | $ | 1,407,707 | $ | 1,415,050 | $ | 1,590,532 | |||||||
AP | 500,285 | 479,129 | 427,542 | ||||||||||
EMEA | 421,141 | 362,167 | 325,489 | ||||||||||
LA | 239,409 | 241,770 | 258,079 | ||||||||||
Brazil | 482,511 | 359,375 | 390,051 | ||||||||||
Total customer revenues | $ | 3,051,053 | $ | 2,857,491 | $ | 2,991,693 | |||||||
Intersegment revenues | |||||||||||||
NA | $ | 68,414 | $ | 76,306 | $ | 57,240 | |||||||
AP | 85,395 | 99,268 | 113,116 | ||||||||||
EMEA | 56,582 | 46,011 | 43,204 | ||||||||||
LA | 556 | — | — | ||||||||||
Total intersegment revenues | $ | 210,947 | $ | 221,585 | $ | 213,560 | |||||||
Segment operating profit | |||||||||||||
NA | $ | 277,168 | $ | 252,737 | $ | 294,996 | |||||||
AP | 66,394 | 62,760 | 62,414 | ||||||||||
EMEA | 61,574 | 44,507 | 28,659 | ||||||||||
LA | 40,285 | 35,218 | 44,472 | ||||||||||
Brazil | 28,452 | 6,321 | 3,304 | ||||||||||
Total segment operating profit | $ | 473,873 | $ | 401,543 | $ | 433,845 | |||||||
Corporate charges not allocated to segments (1) | (291,417 | ) | (262,840 | ) | (259,259 | ) | |||||||
Impairment of assets | (2,123 | ) | (72,017 | ) | (15,783 | ) | |||||||
Restructuring charges | (11,872 | ) | (57,015 | ) | (15,241 | ) | |||||||
Net non-routine income (expense) | 12,486 | (127,931 | ) | (42,133 | ) | ||||||||
(292,926 | ) | (519,803 | ) | (332,416 | ) | ||||||||
Operating profit (loss) | $ | 180,947 | $ | (118,260 | ) | $ | 101,429 | ||||||
Other income (expense) | (10,358 | ) | (1,547 | ) | 9,466 | ||||||||
Income (loss) from continuing operations before taxes | $ | 170,589 | $ | (119,807 | ) | $ | 110,895 | ||||||
-1 | Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Segment depreciation and amortization expense | |||||||||||||
NA | $ | 9,276 | $ | 12,240 | $ | 14,591 | |||||||
AP | 7,748 | 7,710 | 6,520 | ||||||||||
EMEA | 4,042 | 3,724 | 5,042 | ||||||||||
LA | 3,100 | 3,382 | 3,266 | ||||||||||
Brazil | 8,894 | 8,211 | 8,557 | ||||||||||
Total segment depreciation and amortization expense | 33,060 | 35,267 | 37,976 | ||||||||||
Corporate depreciation and amortization expense | 41,012 | 47,327 | 40,668 | ||||||||||
Total depreciation and amortization expense | $ | 74,072 | $ | 82,594 | $ | 78,644 | |||||||
2014 | 2013 | ||||||||||||
Segment property, plant and equipment, at cost | |||||||||||||
NA | $ | 128,755 | $ | 137,669 | |||||||||
AP | 46,876 | 46,117 | |||||||||||
EMEA | 38,228 | 40,715 | |||||||||||
LA | 23,991 | 24,470 | |||||||||||
Brazil | 54,739 | 65,148 | |||||||||||
Total segment property, plant and equipment, at cost | 292,589 | 314,119 | |||||||||||
Corporate property plant and equipment, at cost, not allocated to segments | 320,305 | 284,975 | |||||||||||
Total property, plant and equipment, at cost | $ | 612,894 | $ | 599,094 | |||||||||
Revenue from External Customers by Products and Services | The following table presents information regarding the Company’s revenue by service and product solution: | ||||||||||||
Revenue summary by service and product solution | 2014 | 2013 | 2012 | ||||||||||
Financial self-service: | |||||||||||||
Services | $ | 1,220,514 | $ | 1,188,937 | $ | 1,199,325 | |||||||
Products | 977,340 | 977,632 | 1,069,872 | ||||||||||
Total financial self-service | 2,197,854 | 2,166,569 | 2,269,197 | ||||||||||
Security: | |||||||||||||
Services | 417,112 | 448,123 | 427,007 | ||||||||||
Products | 210,931 | 170,766 | 196,630 | ||||||||||
Total security | 628,043 | 618,889 | 623,637 | ||||||||||
Total financial self-service & security | 2,825,897 | 2,785,458 | 2,892,834 | ||||||||||
Brazil other | 225,156 | 72,033 | 98,859 | ||||||||||
$ | 3,051,053 | $ | 2,857,491 | $ | 2,991,693 | ||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following table presents selected unaudited quarterly financial information for the years ended December 31: | |||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net sales | $ | 688,293 | $ | 633,511 | $ | 733,457 | $ | 707,113 | $ | 768,031 | $ | 705,424 | $ | 861,272 | $ | 811,443 | ||||||||||||||||
Gross profit | 164,133 | 130,014 | 186,795 | 157,416 | 200,583 | 172,805 | 227,839 | 180,121 | ||||||||||||||||||||||||
Net income (loss) | 4,876 | (13,882 | ) | 43,131 | (103,852 | ) | 34,955 | (20,204 | ) | 34,057 | (38,584 | ) | ||||||||||||||||||||
Net (loss) income attributable to | (4,930 | ) | (436 | ) | 1,496 | 1,183 | 1,935 | 1,486 | 4,101 | 2,850 | ||||||||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to | $ | 9,806 | $ | (13,446 | ) | $ | 41,635 | $ | (105,035 | ) | $ | 33,020 | $ | (21,690 | ) | $ | 29,956 | $ | (41,434 | ) | ||||||||||||
Diebold, Incorporated | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | ||||||||||||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.15 | $ | (0.21 | ) | $ | 0.64 | $ | (1.65 | ) | $ | 0.51 | $ | (0.34 | ) | $ | 0.46 | $ | (0.65 | ) | ||||||||||||
Diluted earnings (loss) per share | $ | 0.15 | $ | (0.21 | ) | $ | 0.64 | $ | (1.65 | ) | $ | 0.51 | $ | (0.34 | ) | $ | 0.46 | $ | (0.65 | ) | ||||||||||||
Basic weighted-average shares | 64,254 | 63,311 | 64,588 | 63,700 | 64,615 | 63,825 | 64,631 | 63,928 | ||||||||||||||||||||||||
outstanding (in thousands) | ||||||||||||||||||||||||||||||||
Diluted weighted-average shares | 64,809 | 63,311 | 65,224 | 63,700 | 65,293 | 63,825 | 65,380 | 63,928 | ||||||||||||||||||||||||
outstanding (in thousands) (1) | ||||||||||||||||||||||||||||||||
-1 | Incremental shares of 659 thousand, 447 thousand, 479 thousand and 508 thousand were excluded from the computation of diluted EPS for the first, second, third and fourth quarter of 2013 because their effect is anti-dilutive due to the loss from continuing operations. | |||||||||||||||||||||||||||||||
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualify Accounts (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | DIEBOLD, INCORPORATED AND SUBSIDIARIES | |||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at beginning of year | Additions | Deductions | Balance at | |||||||||||
end of year | ||||||||||||||
Year ended December 31, 2014 | ||||||||||||||
Allowance for doubtful accounts | $ | 24,872 | 13,420 | 15,281 | $ | 23,011 | ||||||||
Year ended December 31, 2013 | ||||||||||||||
Allowance for doubtful accounts | $ | 27,854 | 13,411 | 16,393 | $ | 24,872 | ||||||||
Year ended December 31, 2012 | ||||||||||||||
Allowance for doubtful accounts | $ | 22,128 | 13,597 | 7,871 | $ | 27,854 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Significant Accounting Policies [Abstract] | |||
Payments to Acquire Businesses, Gross | $13,000 | ||
Percentage of total revenue (international) | 56.10% | 52.30% | 48.70% |
Effect of exchange rate changes on cash | -28,243 | -5,139 | 8,422 |
Devaluation of Venezuelan balance sheet | 12,101 | 1,584 | 0 |
Advertising expense | 16,708 | 9,812 | 11,316 |
Research, development and engineering expense | 93,617 | 92,315 | 85,881 |
Cash equivalents, maturity period | 3 months | ||
Expected rate of return period | 20 years | ||
Amortization of unrecognized net gain (loss) | 5.00% | ||
Gain (loss) on disposal | 13,709 | ||
Line of Credit Facility, Interest Rate Description | LIBOR | ||
Cost of sales - services | |||
Summary of Significant Accounting Policies [Abstract] | |||
Inventory write-down | 4,073 | ||
Financial self-service | |||
Summary of Significant Accounting Policies [Abstract] | |||
Service contract term | 12 months | ||
Software Solutions [Member] | |||
Summary of Significant Accounting Policies [Abstract] | |||
Service contract term | 12 months | ||
SICAD [Member] | |||
Summary of Significant Accounting Policies [Abstract] | |||
Foreign currency exchange rate | 50.86 | ||
VENEZUELA GOVERNMENT [Member] | |||
Summary of Significant Accounting Policies [Abstract] | |||
Foreign currency exchange rate | 6.3 | ||
VENEZUELA | |||
Summary of Significant Accounting Policies [Abstract] | |||
Effect of exchange rate changes on cash | ($6,051) | ||
VENEZUELA | Maximum | |||
Summary of Significant Accounting Policies [Abstract] | |||
Percent of total assets | 1.00% | ||
Percent of total net sales | 1.00% | ||
Interest Rate Swap | |||
Summary of Significant Accounting Policies [Abstract] | |||
Number of interest rate swap contracts | 2 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Income (loss) used in basic and diluted earnings (loss) per share | ||||||||||||||||||
Income (loss) from continuing operations, net of tax | $114,417 | ($181,605) | $76,728 | |||||||||||||||
Loss from discontinued operations, net of tax | 0 | 0 | -3,125 | |||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $29,956 | $33,020 | $41,635 | $9,806 | ($41,434) | ($21,690) | ($105,035) | ($13,446) | $114,417 | ($181,605) | $73,603 | |||||||
Denominator | ||||||||||||||||||
Weighted-average number of common shares used in basic earnings (loss) per share (shares) | 64,631 | 64,615 | 64,588 | 64,254 | 63,928 | 63,825 | 63,700 | 63,311 | 64,530 | 63,659 | 63,061 | |||||||
Effect of dilutive shares (1) (shares) | 624 | [1] | 0 | [1] | 853 | [1] | ||||||||||||
Weighted-average number of shares used in diluted earnings (loss) per share (shares) | 65,380 | 65,293 | 65,224 | 64,809 | 63,928 | [2] | 63,825 | [2] | 63,700 | [2] | 63,311 | [2] | 65,154 | 63,659 | 63,914 | |||
Basic earnings (loss) per share | ||||||||||||||||||
Income (loss) from continuing operations, net of tax (USD per share) | $1.77 | ($2.85) | $1.22 | |||||||||||||||
Loss from discontinued operations, net of tax (USD per share) | $0 | $0 | ($0.05) | |||||||||||||||
Net (loss) income attributable to Diebold, Incorporated (USD per share) | $0.46 | $0.51 | $0.64 | $0.15 | ($0.65) | ($0.34) | ($1.65) | ($0.21) | $1.77 | ($2.85) | $1.17 | |||||||
Diluted earnings (loss) per share | ||||||||||||||||||
Income (loss) from continuing operations, net of tax (USD per share) | $1.76 | ($2.85) | $1.20 | |||||||||||||||
Loss from discontinued operations, net of tax (USD per share) | $0 | $0 | ($0.05) | |||||||||||||||
Net (loss) income attributable to Diebold, Incorporated | $0.46 | $0.51 | $0.64 | $0.15 | ($0.65) | ($0.34) | ($1.65) | ($0.21) | $1.76 | ($2.85) | $1.15 | |||||||
Anti-dilutive shares | ||||||||||||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares (shares) | 1,053 | 2,597 | 2,201 | |||||||||||||||
Incremental shares, excluded from dilutive calculation, due to resulting in operating loss | 508 | 479 | 447 | 659 | 545 | |||||||||||||
[1] | Incremental shares of 545 thousand were excluded from the computation of diluted EPS for the year ended December 31, 2013 because their effect is anti-dilutive due to the loss from continuing operations. | |||||||||||||||||
[2] | Incremental shares of 659 thousand, 447 thousand, 479 thousand and 508 thousand were excluded from the computation of diluted EPS for the first, second, third and fourth quarter of 2013 because their effect is anti-dilutive due to the loss from continuing operations. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Beginning Balance | ($54,321) | ($91,039) | ||
Other comprehensive (loss) income before reclassifications (1) | -135,603 | 16,016 | ||
Amounts reclassified from AOCI | -601 | 20,702 | ||
Net current period other comprehensive (loss) income | -136,204 | 36,718 | ||
Ending Balance | -190,525 | -54,321 | ||
Translation | ||||
Beginning Balance | -2,409 | 68,393 | ||
Other comprehensive (loss) income before reclassifications (1) | -72,469 | [1] | -70,802 | [1] |
Amounts reclassified from AOCI | 0 | 0 | ||
Net current period other comprehensive (loss) income | -72,469 | -70,802 | ||
Ending Balance | -74,878 | -2,409 | ||
Other comprehensive (loss) income before reclassifications within the translation component, amount excluded | -535 | 1,210 | ||
Foreign Currency Hedges | ||||
Beginning Balance | -1,884 | -4,728 | ||
Other comprehensive (loss) income before reclassifications (1) | 481 | 2,844 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current period other comprehensive (loss) income | 481 | 2,844 | ||
Ending Balance | -1,403 | -1,884 | ||
Interest Rate Hedges | ||||
Beginning Balance | -960 | -1,466 | ||
Other comprehensive (loss) income before reclassifications (1) | 680 | 698 | ||
Amounts reclassified from AOCI | -213 | -192 | ||
Net current period other comprehensive (loss) income | 467 | 506 | ||
Ending Balance | -493 | -960 | ||
Pension and Other Post-retirement Benefits | ||||
Beginning Balance | -52,027 | -152,475 | ||
Other comprehensive (loss) income before reclassifications (1) | -63,740 | 78,182 | ||
Amounts reclassified from AOCI | 1,760 | 22,266 | ||
Net current period other comprehensive (loss) income | -61,980 | 100,448 | ||
Ending Balance | -114,007 | -52,027 | ||
Unrealized Gain on Securities, Net | ||||
Beginning Balance | 2,679 | 119 | ||
Other comprehensive (loss) income before reclassifications (1) | -531 | 3,932 | ||
Amounts reclassified from AOCI | -2,148 | -1,372 | ||
Net current period other comprehensive (loss) income | -2,679 | 2,560 | ||
Ending Balance | 0 | 2,679 | ||
Other | ||||
Beginning Balance | 280 | -882 | ||
Other comprehensive (loss) income before reclassifications (1) | -24 | 1,162 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current period other comprehensive (loss) income | -24 | 1,162 | ||
Ending Balance | $256 | $280 | ||
[1] | Other comprehensive (loss) income before reclassifications within the translation component excludes losses (gains) of $(535) and $1,210 and translation attributable to noncontrolling interests for December 31, 2014 and 2013, respectively. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss Reclassification Adjustment (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Interest Expense | ($31,420) | ($29,234) | ($30,330) | ||
Derivatives, reclassification adjustment for amounts recognized in net income, tax | -114 | -132 | -230 | ||
Net prior service benefit amortization (net of tax of $(146) and $(308), respectively) | 236 | 493 | 160 | ||
Net prior service benefit amortization, tax | 146 | 308 | 99 | ||
Net actuarial loss amortization, tax | -1,231 | -5,762 | -6,544 | ||
Net actuarial losses recognized during the year (net of tax of $(1,231), $(5,762) and $(6,544), respectively) | -1,996 | -9,130 | -10,721 | ||
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | -29 | -19 | 0 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Total reclassifications for the period | -601 | 20,702 | |||
Interest Rate Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Interest Expense | -213 | -192 | |||
Derivatives, reclassification adjustment for amounts recognized in net income, tax | -114 | -132 | |||
Pension and Other Post-retirement Benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Net prior service benefit amortization (net of tax of $(146) and $(308), respectively) | -236 | [1] | -493 | [1] | |
Net prior service benefit amortization, tax | 146 | 308 | |||
Prior service cost occurring during the year, tax | 0 | -803 | |||
Net actuarial loss amortization, tax | -1,231 | -5,762 | |||
Settlements, tax | 0 | -7,799 | |||
Net actuarial losses recognized during the year (net of tax of $(1,231), $(5,762) and $(6,544), respectively) | 1,996 | [1] | 9,130 | [1] | |
Prior service cost recognized due to curtailment (net of tax of $0, $(803) and $0, respectively | 0 | 1,272 | [1] | ||
Settlements (net of tax of $0 and $7,799, respectively) | 0 | -12,357 | [1] | ||
Amounts reclassified from AOCI | 1,760 | 22,266 | |||
Unrealized Gain on Securities, Net | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Investment Income, Net | -2,148 | -1,372 | |||
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | ($29) | ($19) | |||
[1] | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 13 to the consolidated financial statements). |
ShareBased_Compensation_and_Eq2
Share-Based Compensation and Equity (Textuals) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends, per share, cash paid | $1.15 | $1.15 | $1.14 | |
Number of Shares Authorized | 9,126,005 | |||
Number of Shares Available for Grant | 5,532,005 | |||
Aggregate intrinsic value of options exercised | $2,149 | $2,083 | $4,393 | |
Weighted-average grant-date fair value of stock options granted | $6.75 | $7.79 | $10.43 | |
Total fair value of stock options vested | 1,769 | 8,043 | 3,413 | |
Issuance of common shares | 14,607 | 16,723 | 16,679 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion to common stock (shares) | 1 | |||
Granted, Weighted-average grant-date fair value | $35.25 | [1] | $30.14 | $35.16 |
Total fair value of deferred shares vested | 4,394 | 9,176 | 4,202 | |
Restricted Stock Units [Member] | One year vest [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Granted, Weighted-average grant-date fair value | $39.35 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion to common stock (shares) | 1 | |||
Granted, Weighted-average grant-date fair value | $38.07 | [2] | $29.15 | $44.25 |
Total fair value of deferred shares vested | $0 | $1,090 | $2,521 | |
Performance Shares [Member] | Three year graded vest [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Granted, Weighted-average grant-date fair value | $35.49 | |||
Minimum | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Minimum | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Maximum | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Maximum | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 7 years | |||
[1] | The RSUs granted during the year ended December 31, 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] | The maximum performance shares granted during the year ended DecemberB 31, 2014 include 439 thousand shares that vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.49. |
ShareBased_Compensation_and_Eq3
Share-Based Compensation and Equity - Share-based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | $21,545 | $14,932 | $13,840 |
Tax benefit | -7,231 | -5,066 | -4,644 |
Stock option expense, net of tax | 14,314 | 9,866 | 9,196 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 2,696 | 6,032 | 2,572 |
Tax benefit | -998 | -2,198 | -825 |
Stock option expense, net of tax | 1,698 | 3,834 | 1,747 |
Restricted Stock Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 6,075 | 5,580 | 5,741 |
Tax benefit | -1,887 | -1,672 | -1,809 |
Stock option expense, net of tax | 4,188 | 3,908 | 3,932 |
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 12,494 | 2,162 | 4,425 |
Tax benefit | -4,237 | -768 | -1,602 |
Stock option expense, net of tax | 8,257 | 1,394 | 2,823 |
Director Deferred Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 280 | 1,158 | 1,102 |
Tax benefit | -109 | -428 | -408 |
Stock option expense, net of tax | $171 | $730 | $694 |
ShareBased_Compensation_and_Eq4
Share-Based Compensation and Equity - Unrecognized Compensation Costs (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $24,087 |
Stock Options [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | 3,460 |
Weighted-Average Period | 1 year 3 months 18 days |
Restricted Stock Units [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | 9,099 |
Weighted-Average Period | 1 year 9 months 19 days |
Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $11,528 |
Weighted-Average Period | 1 year 8 months 12 days |
ShareBased_Compensation_and_Eq5
Share-Based Compensation and Equity - Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average volatility | 31.00% | 38.00% | 41.00% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 5 years | 6 years | 6 years |
Risk free interest rate, Minimum | 1.47% | 1.08% | 0.83% |
Expected dividend yield | 3.59% | 3.23% | 3.08% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 5 years | 6 years | 7 years |
Risk free interest rate, Maximum | 1.66% | 1.27% | 1.39% |
Expected dividend yield | 3.59% | 3.59% | 3.23% |
ShareBased_Compensation_and_Eq6
Share-Based Compensation and Equity - Stock Option Activity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | |
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 | -355 | |
Expired or forfeited, weighted average exercise price | $51.45 | |
Exercised, Shares | 445 | |
Exercised, weighted average exercise price | $32.89 | |
Granted, Shares | 454 | |
Granted, Weighted average exercise price | $34.20 | |
Outstanding, Shares, ending balance | 1,608 | |
Outstanding, weighted average exercise price, ending balance | $37.11 | |
Outstanding, Weighted Average Remaining Contractual Term | 6 years | |
Outstanding, Aggregate Intrinsic Value | $2,277 | [1] |
Options exercisable, Shares | 871 | |
Options exercisable, Weighted average exercise price | $40.17 | |
Option exercisable, Weighted average remaining contractual term | 3 years | |
Option exercisable, aggregate Intrinsic Value | 1,359 | [1] |
Options vested and expected to vest, Shares | 1,580 | [2] |
Options vested and expected to vest, weighted average exercise price | $37.19 | [2] |
Options vested and expected to vest, weighted average remaining contractual term | 6 years | |
Options vested and expected to vest, aggregate intrinsic value | $2,227 | [1],[2] |
[1] | The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Companybs closing share price on the last trading day of the year in 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 DecemberB 31, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Companybs common shares. | |
[2] | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
ShareBased_Compensation_and_Eq7
Share-Based Compensation and Equity - Restricted Stock Unit Activity (Details) (Restricted Stock Units [Member], USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units | ||||
Unvested, Shares, Beginning balance | 499 | |||
Unvested, Weighted-average grant-date fair value, Beginning balance | $32.28 | |||
Forfeited, Shares | -62 | |||
Forfeited, Weighted-average grant-date fair value | $32.90 | |||
Vested, Shares | -134 | |||
Vested, Weighted-average grant-date fair value | $32.72 | |||
Granted, Shares | 350 | [1] | ||
Granted, Weighted-average grant-date fair value | $35.25 | [1] | $30.14 | $35.16 |
Unvested, Shares, Ending balance | 653 | 499 | ||
Unvested, Weighted-average grant-date fair value, Ending balance | $33.72 | $32.28 | ||
One year vest [Member] | ||||
Restricted Stock Units | ||||
Granted, Shares | 35 | |||
Granted, Weighted-average grant-date fair value | $39.35 | |||
[1] | The RSUs granted during the year ended December 31, 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 |
ShareBased_Compensation_and_Eq8
Share-Based Compensation and Equity - Performance Shares Activity (Details) (Performance Shares [Member], USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Performance Shares | |||||
Unvested, Shares, Beginning balance | 542 | [1] | |||
Unvested, Weighted-average grant-date fair value, Beginning balance | $37.10 | [1] | |||
Forfeited, Shares | -173 | ||||
Forfeited, Weighted-average grant-date fair value | $39.63 | ||||
Granted, Shares | 778 | [2] | |||
Granted, Weighted-average grant-date fair value | $38.07 | [2] | $29.15 | $44.25 | |
Unvested, Shares, Ending balance | 1,147 | [1] | 542 | [1] | |
Unvested, Weighted-average grant-date fair value, Ending balance | $37.38 | [1] | $37.10 | [1] | |
Three year graded vest [Member] | |||||
Performance Shares | |||||
Granted, Shares | 439 | ||||
Granted, Weighted-average grant-date fair value | $35.49 | ||||
[1] | 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. | ||||
[2] | The maximum performance shares granted during the year ended DecemberB 31, 2014 include 439 thousand shares that vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.49. |
ShareBased_Compensation_and_Eq9
Share-Based Compensation and Equity - Director Deferred Shares Activity (Details) (Director Deferred Shares [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion to common stock (shares) | 1 | ||
Non-employee director deferred shares vested and outstanding | 143,000 | ||
Granted, Weighted-average grant-date fair value | $29.73 | $40.54 | |
Aggregate intrinsic value of deferred shares released | $121 | $1,023 | $247 |
Total fair value of deferred shares vested | $898 | $1,090 | $979 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 6 months | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 12 months |
Recovered_Sheet1
Share-Based Compensation and Equity Share-Based Compensation and Equity - Non-Employee Share-based Compensation (Details) (Non-employee Plan [Member], USD $) | 1 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2005 |
Non-employee Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of securities called by warrants or rights | 35 |
Exercise price | $46 |
Warrants issued grant date fair value | $14.66 |
Risk free interest rate | 4.45% |
Expected dividend yield | 1.63% |
Expected volatility rate | 30.00% |
Expected life (in years) | 6 years |
Income_Taxes_Loss_Income_From_
Income Taxes - (Loss) Income From Continuing Operatings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $1,054 | ($171,878) | ($37,910) |
Foreign | 169,535 | 52,071 | 148,805 |
Income (loss) from continuing operations before taxes | $170,589 | ($119,807) | $110,895 |
Income_Taxes_ProvisionBenefit_
Income Taxes - Provision/(Benefit) For Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
U.S. federal | $5,857 | $10,453 | $3,381 |
Foreign | 61,414 | 59,481 | 39,185 |
State and local | 723 | 3,231 | 2,006 |
Total current | 67,994 | 73,165 | 44,572 |
Deferred | |||
U.S. federal | -2,660 | -20,180 | -2,344 |
Foreign | -9,387 | 9,678 | -13,159 |
State and local | -2,377 | -5,948 | -844 |
Total deferred | -14,424 | -16,450 | -16,347 |
Income tax expense | $53,570 | $56,715 | $28,225 |
Income_Taxes_Income_Tax_Reconc
Income Taxes - Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Reconciliation [Line Items] | |||
Statutory tax expense (benefit) | $59,706 | ($41,932) | $38,813 |
Valuation allowance | 9,458 | 43,884 | 1,609 |
Foreign tax rate differential | -14,853 | -12,432 | -14,332 |
Foreign subsidiary earnings | 14,621 | 59,460 | 10,648 |
Accrual adjustments | 2,243 | 5,755 | 494 |
Non-deductible goodwill | 0 | 5,189 | 0 |
FCPA provision, nondeductible portion | 0 | 5,412 | 2,939 |
Other | -642 | 3,035 | 3,478 |
Income tax expense | 53,570 | 56,715 | 28,225 |
Brazil | |||
Income Tax Reconciliation [Line Items] | |||
Brazil nontaxable incentive | -15,454 | -7,849 | -10,622 |
Brazil tax goodwill amortization | ($1,509) | ($3,807) | ($4,802) |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $16,545 | $13,178 |
Increases related to prior year tax positions | 314 | 1,489 |
Increases related to current year tax positions | 694 | 2,864 |
Settlements | -2,499 | 0 |
Reduction due to lapse of applicable statute of limitations | -87 | -986 |
Balance at December 31 | $14,967 | $16,545 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Accrued expenses | $56,652 | $56,704 | |
Warranty accrual | 35,601 | 25,943 | |
Deferred compensation | 15,751 | 14,839 | |
Allowance for doubtful accounts | 9,112 | 8,141 | |
Inventories | 14,057 | 11,253 | |
Deferred revenue | 12,460 | 14,795 | |
Pension and post-retirement benefits | 73,026 | 45,601 | |
Tax credits | 33,393 | 34,350 | |
Net operating loss carryforwards | 68,883 | 74,472 | |
Capital loss carryforwards | 0 | 2,295 | |
State deferred taxes | 17,393 | 13,489 | |
Other | 3,557 | 0 | |
Deferred Tax Assets, Gross | 339,885 | 301,882 | |
Valuation allowance | -87,959 | -87,773 | -39,130 |
Net deferred tax assets | 251,926 | 214,109 | |
Deferred tax liabilities | |||
Property, plant and equipment | 18,316 | 15,494 | |
Goodwill and intangible assets | 17,508 | 17,601 | |
Partnership interest | 13,105 | 13,170 | |
Undistributed earnings | 14,346 | 27,766 | 42,838 |
Other | 0 | 1,130 | |
Net deferred tax liabilities | 63,275 | 75,161 | |
Net deferred tax asset | $188,651 | $138,948 |
Income_Taxes_Income_Taxes_Defe
Income Taxes Income Taxes - Deferred Taxes By Balance Sheet Account (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred income taxes - current assets | $110,999 | $110,165 |
Deferred income taxes - long-term assets | 86,544 | 39,461 |
Other current liabilities | -2,365 | -1,528 |
Deferred income taxes - long-term liabilities | -6,527 | -9,150 |
Net deferred tax asset | $188,651 | $138,948 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosures [Line Items] | |||
Income Tax Effects Allocated Directly to Equity | ($38,545) | $67,351 | ($8,909) |
Federal Statutory Income Tax Rate | 35.00% | ||
Current and deferred tax expense due to the repatriation of cash | 55,000 | ||
Income tax penalties and interest accrued | 7,362 | 5,805 | |
Operating loss carryforwards | 489,029 | ||
Net loss carryforward, deferred tax asset | 68,883 | 74,472 | |
Operating loss carryforwards, set to expire | 351,289 | ||
Operating loss carryforwards, no expiration | 137,740 | ||
Tax credit carryforwards, foreign | 22,698 | ||
Tax credit carryforwards, general business | 10,494 | ||
Deferred tax asset, change in amount | 186 | 34,835 | |
Deferred tax liability not recognized, amount of unrecognized deferred tax liability | 513,117 | ||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 6,300 | ||
Minimum | |||
Income Tax Disclosures [Line Items] | |||
Recognition of tax positions, likelihood of being realized upon settlement | 50.00% | ||
Valuation Allowance of Deferred Tax Assets [Member] | |||
Income Tax Disclosures [Line Items] | |||
Income Tax Effects Allocated Directly to Equity | $9,227 | $9,049 |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term investments | ||
Cost Basis | $136,653 | $240,273 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 0 | 2,715 |
Fair Value | 136,653 | 242,988 |
Certificates of deposit | ||
Short-term investments | ||
Cost Basis | 215,010 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 0 | |
Fair Value | 215,010 | |
U.S. dollar indexed bond funds | ||
Short-term investments | ||
Cost Basis | 25,263 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 2,715 | |
Fair Value | 27,978 | |
Assets held in rabbi trusts | ||
Long-term investments | ||
Cost Basis | 9,327 | 10,085 |
Unrealized Gain/(Loss) | 444 | 292 |
Fair Value | $9,771 | $10,377 |
Investments_Textuals_Details
Investments (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments (Textuals) | |||
Realized gain (losses) from sale of securities | $538 | $3,987 | |
Proceeds from sale of available-for-sale securities | 39,586 | 55,987 | 50,431 |
Cash surrender value of insurance contracts | $73,854 | $72,214 |
Finance_Lease_Receivables_Comp
Finance Lease Receivables - Components of Finance Lease Receivables (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Finance lease receivables sold | $21,958 | $50,225 | |
Allowance for credit losses | -4,519 | -2,572 | -4,573 |
Finance Leases Financing Receivable [Member] | |||
Gross minimum lease receivable | 161,241 | 109,312 | |
Allowance for credit losses | -385 | -525 | -439 |
Estimated unguaranteed residual values | 6,057 | 6,979 | |
Total Minimum Payments to be Received And Unguaranteed Residual Values | 166,913 | 115,852 | |
Unearned interest income | -1,266 | -9,345 | |
Unearned residuals | -7,345 | -1,016 | |
Unearned Interest Income and Residuals | -8,611 | -10,361 | |
Total | $158,302 | $105,491 |
Finance_Lease_Receivables_Mini
Finance Lease Receivables - Minimum Lease Receivbales Schedule (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $59,466 |
2016 | 56,226 |
2017 | 36,943 |
2018 | 4,521 |
2019 | 2,050 |
Thereafter | 2,035 |
Total | $161,241 |
Allowance_for_Credit_Losses_Su
Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for credit losses and recorded investment in financing receivables | ||
Beginning balance | $4,573 | $2,572 |
Provision for credit losses | 243 | 4,142 |
Recoveries | 3 | |
Write-offs | -297 | -2,144 |
Ending balance | 4,519 | 4,573 |
Finance Leases [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
Beginning balance | 439 | 525 |
Provision for credit losses | 243 | 8 |
Recoveries | 3 | |
Write-offs | -297 | -97 |
Ending balance | 385 | 439 |
Notes Receivable [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
Beginning balance | 4,134 | 2,047 |
Provision for credit losses | 0 | 4,134 |
Recoveries | 0 | |
Write-offs | 0 | -2,047 |
Ending balance | $4,134 | $4,134 |
Allowance_for_Credit_Losses_Ag
Allowance for Credit Losses - Aging of Past-Due Receivables (Details) (Notes Receivable [Member], USD $) | Dec. 31, 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 | $85 | $85 |
60-89 days past due | 0 | 0 |
> 89 days past due | 1,518 | 0 |
Total past due | $1,603 | $85 |
Allowance_for_Credit_Losses_Te
Allowance for Credit Losses (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for credit losses (Textuals) | |||
Allowance for credit losses, individually evaluated for impairment | 4,519 | $4,573 | |
The recorded investment in past-due finance lease receivables on nonaccrual status | 2,182 | 1,670 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 35 | ||
Allowance for credit losses | 4,519 | 4,573 | 2,572 |
Minimum | |||
Allowance for credit losses (Textuals) | |||
Period required for considering financing receivable as non accrual status | 60 days | ||
Period for placing financing receivables on non-accrual status | 89 days | ||
Past Due Period Of Financing Receivable Accruing Interest | 90 days | ||
Maximum | |||
Allowance for credit losses (Textuals) | |||
Period required for considering financing receivable as non accrual status | 89 days | ||
Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | 153,687 | 105,930 | |
Allowance for credit losses | 385 | 439 | 525 |
Impaired financing receivable, related allowance | 4,134 | ||
Notes Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | 23,053 | 17,340 | |
Allowance for credit losses | 4,134 | 4,134 | 2,047 |
Brazil | Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | 105,676 | $33,283 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Major classes of inventories | ||
Finished goods | $197,429 | $167,577 |
Service parts | 125,570 | 132,508 |
Raw materials and work in process | 82,174 | 76,377 |
Total inventories | $405,173 | $376,462 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | $612,894 | $599,094 | |||
Less accumulated depreciation and amortization | 443,388 | 438,199 | |||
Total property plant and equipment, net | 169,506 | 160,895 | |||
Depreciation | 48,202 | 50,151 | 51,447 | ||
Impairment of assets | 2,123 | 72,017 | 15,783 | ||
Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 7,044 | 7,008 | |||
Buildings and building equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 59,754 | 63,225 | |||
Estimated useful life, minimum (years) | P15Y | ||||
Machinery, tools and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 86,513 | 93,403 | |||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 24,871 | [1] | 26,858 | [1] | |
Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 57,859 | 79,719 | |||
Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 162,690 | 154,622 | |||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 65,409 | 71,492 | |||
Tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 94,571 | 85,560 | |||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 54,183 | 17,207 | |||
Maximum | Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P15Y | ||||
Maximum | Machinery, tools and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P12Y | ||||
Maximum | Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P10Y | ||||
Maximum | Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Maximum | Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P10Y | ||||
Maximum | Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P8Y | ||||
Maximum | Tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P0Y | ||||
Minimum | Machinery, tools and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P3Y | ||||
Minimum | Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P3Y | ||||
Property, Plant and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment of assets | $2,017 | $7,835 | |||
[1] | The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. |
Goodwill_and_Other_Assets_Deta
Goodwill and Other Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 |
Goodwill and Other Assets [Line Items] | |||||
Goodwill | $462,718 | $470,572 | $493,695 | ||
Accumulated impairment losses | -290,744 | -290,744 | -220,744 | ||
Beginning balance | 179,828 | 272,951 | |||
Impairment loss | 70,000 | 0 | 70,000 | ||
Currency translation adjustment | -6,254 | -23,123 | |||
Ending balance | 171,974 | 179,828 | 272,951 | ||
Capitalized software development costs | 36,260 | 40,235 | |||
Amortization expense on capitalized software | 18,326 | 20,889 | 18,833 | ||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | -1,600 | ||||
Impairment of assets | 2,123 | 72,017 | 15,783 | ||
North America | |||||
Goodwill and Other Assets [Line Items] | |||||
Goodwill | 110,250 | 112,029 | 112,176 | ||
Accumulated impairment losses | -13,171 | -13,171 | -13,171 | ||
Beginning balance | 98,858 | 99,005 | |||
Impairment loss | 0 | ||||
Currency translation adjustment | -179 | -147 | |||
Ending balance | 97,079 | 98,858 | |||
Percentage of fair value in excess of carrying amount | 100.00% | ||||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | 1,600 | ||||
Asia Pacific | |||||
Goodwill and Other Assets [Line Items] | |||||
Goodwill | 40,036 | 41,307 | 45,987 | ||
Accumulated impairment losses | 0 | 0 | 0 | ||
Beginning balance | 41,307 | 45,987 | |||
Impairment loss | 0 | ||||
Currency translation adjustment | -1,271 | -4,680 | |||
Ending balance | 40,036 | 41,307 | |||
Amount of fair value in excess of carrying amount | 114,200 | ||||
Percentage of fair value in excess of carrying amount | 39.00% | ||||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | 0 | ||||
EMEA | |||||
Goodwill and Other Assets [Line Items] | |||||
Goodwill | 168,714 | 168,714 | 168,714 | ||
Accumulated impairment losses | -168,714 | -168,714 | -168,714 | ||
Beginning balance | 0 | 0 | |||
Impairment loss | 0 | ||||
Currency translation adjustment | 0 | 0 | |||
Ending balance | 0 | 0 | |||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | 0 | ||||
Latin America | |||||
Goodwill and Other Assets [Line Items] | |||||
Goodwill | 4,324 | 4,824 | 5,022 | ||
Accumulated impairment losses | 0 | 0 | 0 | ||
Beginning balance | 4,824 | 5,022 | |||
Impairment loss | 0 | ||||
Currency translation adjustment | -500 | -198 | |||
Ending balance | 4,324 | 4,824 | |||
Percentage of fair value in excess of carrying amount | 100.00% | ||||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | 0 | ||||
Brazil | |||||
Goodwill and Other Assets [Line Items] | |||||
Goodwill | 139,394 | 143,698 | 161,796 | ||
Accumulated impairment losses | -108,859 | -108,859 | -38,859 | ||
Beginning balance | 34,839 | 122,937 | |||
Impairment loss | 70,000 | ||||
Currency translation adjustment | -4,304 | -18,098 | |||
Ending balance | 30,535 | 34,839 | |||
Amount of fair value in excess of carrying amount | 61,000 | ||||
Percentage of fair value in excess of carrying amount | 17.00% | ||||
Goodwill acquired | 26,003 | ||||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | 0 | ||||
Amortizable intangible assets resulting from acquisition | $16,000 |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Notes payable b current | ||
Uncommitted lines of credit | $24,750 | $43,062 |
Other | 825 | 729 |
Short-term Debt | 25,575 | 43,791 |
Long-term debt | ||
Credit facility | 240,000 | 239,000 |
Senior notes | 225,000 | 225,000 |
Industrial development revenue bonds | 11,900 | 11,900 |
Other | 2,894 | 4,342 |
Long-term debt | $479,794 | $480,242 |
Debt_Textuals_Details
Debt (Textuals) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2006 | Jun. 30, 2014 |
Debt Instruments [Line Items] | ||||||
Discussion Of Senior Notes Interest Rate Cash Flow Hedge Effective Rate | This reduced the effective interest rate from 5.50 percent to 5.36B percent. | |||||
Increase in borrowing limits under credit facility agreement | $250,000 | |||||
Weighted average interest rate on credit facility borrowings outstanding | 1.69% | 1.36% | ||||
Line of credit facility description of variable rate basis | LIBOR | |||||
Fees to creditors | 1,368 | 0 | 0 | |||
Issuance of Senior Notes, Principal amount | 300,000 | |||||
Cash flow hedge | 200,000 | |||||
Senior Notes due | 75,000 | |||||
Long-term Debt, Fiscal Year Maturity | ||||||
2015 | 0 | |||||
2016 | 176,091 | |||||
2017 | 13,230 | |||||
2018 | 50,364 | |||||
2019 | 240,109 | |||||
Long-term debt | 479,794 | 480,242 | ||||
Interest expense | 22,417 | 26,896 | 23,454 | |||
Debt Instrument, Covenant Compliance | As of December 31, 2014, the Company was in compliance with the financial and other covenants in its debt agreements | |||||
Line of Credit [Member] | ||||||
Debt Instruments [Line Items] | ||||||
Line of credit facility expiration period | 5 years | |||||
Senior Notes [Member] | ||||||
Debt Instruments [Line Items] | ||||||
Weighted average Interest rate of senior notes | 5.50% | |||||
Effective interest rate before cash flow hedge | 5.50% | |||||
Effective interest rate after cash flow hedge | 5.36% | |||||
Senior Notes Due 2016 | ||||||
Debt Instruments [Line Items] | ||||||
Senior Notes due | 175,000 | |||||
Senior Notes Due 2018 | ||||||
Debt Instruments [Line Items] | ||||||
Senior Notes due | 50,000 | |||||
Industrial development revenue bonds [Member] | ||||||
Debt Instruments [Line Items] | ||||||
Weighted average Interest rate of senior notes | 0.27% | 0.36% | ||||
Long-term Debt, Fiscal Year Maturity | ||||||
Interest expense | 95 | 96 | 88 | |||
Debt instrument maturity period | 20 years | |||||
Maturity of bonds issued | 1-Jun-17 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instruments [Line Items] | ||||||
Borrowing capacity under credit facility | 520,000 | 500,000 | ||||
Amount available under credit facility | 280,000 | |||||
Swing Line Sub-Facility [Member] | ||||||
Debt Instruments [Line Items] | ||||||
Increase in borrowing limits under credit facility agreement | 50,000 | |||||
Uncommitted Line of Credit [Member] | ||||||
Debt Instruments [Line Items] | ||||||
Borrowing capacity under credit facility | 139,942 | |||||
Weighted average interest rate on outstanding borrowings | 2.96% | 3.24% | ||||
Amount available under credit facility | $115,192 | |||||
Line of credit facility expiration period | 1 year |
Benefit_Plans_Benefit_Plans_Su
Benefit Plans Benefit Plans - Summary of Benefit Plan (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Pension Benefits | |||||||
Change in benefit obligation | |||||||
Benefit obligation at beginning of year | $468,945 | $673,711 | |||||
Service cost | 2,924 | 11,616 | 11,446 | ||||
Interest cost | 22,999 | 27,597 | 31,831 | ||||
Actuarial loss (gain) | -71,008 | 112,611 | -72,187 | ||||
Plan participant contributions | 0 | 0 | |||||
Medicare retiree drug subsidy reimbursements | 0 | 0 | |||||
Benefits paid | -29,476 | -26,185 | |||||
Curtailments | 0 | -45,858 | |||||
Settlements | 0 | -138,482 | |||||
Special termination benefits | 0 | 38,733 | |||||
Benefit obligation at end of year | 673,711 | 578,003 | 468,945 | 673,711 | |||
Change in plan assets | |||||||
Fair value of plan assets at beginning of year | 346,560 | 473,097 | |||||
Actual return on plan assets | 37,499 | 34,560 | |||||
Employer contributions | 9,622 | 3,570 | |||||
Plan participant contributions | 0 | 0 | |||||
Benefits paid | -29,476 | -26,185 | |||||
Settlements | -62,754 | 0 | -138,482 | ||||
Fair value of plan assets at end of year | 473,097 | 364,205 | [1] | 346,560 | 473,097 | ||
Funded status | -213,798 | -122,385 | |||||
Amounts recognized in balance sheets | |||||||
Noncurrent assets | 0 | 80 | |||||
Current liabilities | 3,478 | 4,456 | |||||
Noncurrent liabilities | 210,320 | [2] | 118,010 | [2] | |||
Unrecognized net actuarial loss | -176,104 | [3] | -77,987 | [3] | |||
Unrecognized prior service cost (benefit) | -67 | [3] | 80 | ||||
Net amount recognized | 37,627 | 44,479 | |||||
Change in accumulated other comprehensive income | |||||||
Balance at beginning of year | -77,906 | -239,823 | |||||
Prior service cost (credit) recognized during the year | -156 | -313 | |||||
Net actuarial losses recognized during the year | 3,025 | 14,469 | |||||
Net actuarial gains (losses) occurring during the year | -101,134 | 71,075 | |||||
Settlements | 0 | 20,156 | |||||
Balance at end of year | -239,823 | -176,171 | -77,906 | -239,823 | |||
Reduction to plan assets for anticipated lump sum payments in next fiscal year | 15,817 | 15,817 | |||||
Other Benefits | |||||||
Change in benefit obligation | |||||||
Benefit obligation at beginning of year | 13,085 | 15,727 | |||||
Service cost | 0 | 0 | 0 | ||||
Interest cost | 627 | 628 | 814 | ||||
Actuarial loss (gain) | 1,909 | -1,991 | |||||
Plan participant contributions | 69 | 65 | |||||
Medicare retiree drug subsidy reimbursements | 190 | 215 | |||||
Benefits paid | -1,383 | -1,559 | |||||
Curtailments | 0 | 0 | |||||
Settlements | 0 | 0 | |||||
Special termination benefits | 0 | 0 | |||||
Benefit obligation at end of year | 15,727 | 14,497 | 13,085 | 15,727 | |||
Change in plan assets | |||||||
Fair value of plan assets at beginning of year | 0 | 0 | |||||
Actual return on plan assets | 0 | 0 | |||||
Employer contributions | 1,314 | 1,494 | |||||
Plan participant contributions | 69 | 65 | |||||
Benefits paid | -1,383 | -1,559 | |||||
Settlements | 0 | 0 | |||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | |||
Funded status | -14,497 | -13,085 | |||||
Amounts recognized in balance sheets | |||||||
Noncurrent assets | 0 | 0 | |||||
Current liabilities | 1,361 | 1,482 | |||||
Noncurrent liabilities | 13,136 | [2] | 11,604 | [2] | |||
Unrecognized net actuarial loss | -4,276 | [3] | -2,570 | [3] | |||
Unrecognized prior service cost (benefit) | 220 | 446 | |||||
Net amount recognized | 10,441 | 10,962 | |||||
Change in accumulated other comprehensive income | |||||||
Balance at beginning of year | -2,123 | -4,049 | |||||
Prior service cost (credit) recognized during the year | -226 | -488 | |||||
Net actuarial losses recognized during the year | 202 | 423 | |||||
Net actuarial gains (losses) occurring during the year | -1,909 | 1,991 | |||||
Settlements | 0 | 0 | |||||
Balance at end of year | -4,049 | -4,056 | -2,123 | -4,049 | |||
Curtailment | Pension Benefits | |||||||
Change in accumulated other comprehensive income | |||||||
Prior service cost (credit) recognized during the year | 0 | 2,075 | |||||
Net actuarial losses recognized during the year | 0 | 54,455 | |||||
Curtailment | Other Benefits | |||||||
Change in accumulated other comprehensive income | |||||||
Prior service cost (credit) recognized during the year | 0 | 0 | |||||
Net actuarial losses recognized during the year | $0 | $0 | |||||
[1] | The fair value of plan assets as of December 31, 2013 reflects distributions of $15,817 paid in 2014 related to the Company's voluntary early retirement program | ||||||
[2] | Included in the consolidated balance sheets in pensions and other benefits and other post-retirement benefits are international plans. | ||||||
[3] | Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost. |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension Benefits | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $2,924 | $11,616 | $11,446 | ||||||
Interest cost | 22,999 | 27,597 | 31,831 | ||||||
Expected return on plan assets | -25,798 | -35,746 | -40,821 | ||||||
Amortization of prior service cost | -156 | [1] | -313 | [1] | 258 | [1] | |||
Recognized net actuarial loss | 3,025 | 14,469 | 16,777 | ||||||
Curtailment loss | -809 | -1,159 | 0 | 10,672 | 0 | ||||
Settlement loss | -21,907 | 0 | 20,156 | 21,907 | |||||
Special termination benefits | 0 | 38,733 | 0 | ||||||
Net periodic pension benefit cost | 2,994 | 87,184 | 41,398 | ||||||
Other Benefits | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | 0 | 0 | 0 | ||||||
Interest cost | 627 | 628 | 814 | ||||||
Expected return on plan assets | 0 | 0 | 0 | ||||||
Amortization of prior service cost | -226 | [1] | -488 | [1] | -517 | [1] | |||
Recognized net actuarial loss | 202 | 423 | 488 | ||||||
Curtailment loss | 0 | 0 | 0 | ||||||
Settlement loss | 0 | 0 | 0 | ||||||
Special termination benefits | 0 | 0 | 0 | ||||||
Net periodic pension benefit cost | $603 | $563 | $785 | ||||||
[1] | The annual amortization of prior service cost is determined as the increase in projected benefit obligation due to the plan change divided by the average remaining service period of participating employees expected to receive benefits under the plan. |
Benefit_Plans_Benefit_Plans_Ac
Benefit Plans Benefit Plans - Accumulated Benefit Obligation In Excess of Plan Assets (Details) (Pension Benefits, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $578,003 | $455,009 |
Accumulated benefit obligation | 577,639 | 454,681 |
Fair value of plan assets | $364,205 | $332,543 |
Benefit_Plans_Benefit_Plans_As
Benefit Plans Benefit Plans - Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.06% | ||
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.21% | 5.09% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 5.09% | 4.21% | |
Expected long-term return on plan assets | 7.95% | 8.05% | |
Rate of compensation increase | 3.25% | ||
Other Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.21% | 5.09% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 5.09% | 4.21% |
Benefit_Plans_Benefit_Plans_He
Benefit Plans Benefit Plans - Health Care Cost Trends (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Healthcare cost trend rate assumed for next year | 7.50% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that rate reaches ultimate trend rate | 2020 | 2019 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect on total of service and interest cost, One Percentage-Point Increase | $34 | |
Effect on total of service and interest cost, One Percentage-Point Decrease | -32 | |
Effect on postretirement benefit obligation, One Percentage-Point Increase | 928 | |
Effect on postretirement benefit obligation, One Percentage-Point Decrease | ($836) |
Benefit_Plans_Benefit_Plans_Al
Benefit Plans Benefit Plans - Allocation of Plan Assets (Details) (Pension Benefits, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation Percentage | 100.00% | |||
Actual Allocation Percentage | 100.00% | 100.00% | ||
Reduction to plan assets for anticipated lump sum payments in next fiscal year | $15,817 | $15,817 | ||
Fair value of plan assets | 364,205 | [1] | 346,560 | 473,097 |
Fair value of plan assets at end of year, prior to reduction for anticipated distributions | 362,377 | |||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 85,475 | |||
Fair value of plan assets at end of year, prior to reduction for anticipated distributions | 92,381 | |||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 224,590 | |||
Fair value of plan assets at end of year, prior to reduction for anticipated distributions | 196,570 | |||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 54,140 | |||
Fair value of plan assets at end of year, prior to reduction for anticipated distributions | 73,426 | |||
Cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,883 | 20,884 | ||
Cash and other | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,883 | 20,884 | ||
Multi-strategy hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,593 | 22,637 | ||
Multi-strategy hedge funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,593 | 22,637 | ||
Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 20,779 | 21,627 | ||
Private equity funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 20,779 | 21,627 | ||
Balanced fund | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 15,291 | 13,477 | ||
Balanced fund | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 15,291 | 13,477 | ||
U.S. mid cap value | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 13,949 | 12,325 | ||
U.S. mid cap value | Equity securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 13,949 | 12,325 | ||
U.S. small cap core | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 18,477 | 15,368 | ||
U.S. small cap core | Equity securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 18,477 | 15,368 | ||
International developed markets | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 33,875 | 30,327 | ||
International developed markets | Equity securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 33,875 | 30,327 | ||
U.S. corporate bonds | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 51,671 | 37,414 | ||
U.S. corporate bonds | Fixed income securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 51,671 | 37,414 | ||
International corporate bonds | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 217 | 850 | ||
International corporate bonds | Fixed income securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 217 | 850 | ||
U.S. government | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,948 | 3,358 | ||
U.S. government | Fixed income securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,948 | 3,358 | ||
Other fixed income | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 271 | 893 | ||
Other fixed income | Fixed income securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 271 | 893 | ||
Emerging markets | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,730 | 14,335 | ||
Emerging markets | Fixed income securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,730 | 14,335 | ||
Real estate | Common collective trusts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,768 | 29,162 | ||
Real estate | Common collective trusts [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,768 | 29,162 | ||
Other | Common collective trusts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 153,753 | 139,720 | ||
Other | Common collective trusts [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $153,753 | $139,720 | ||
Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation Percentage | 45.00% | |||
Actual Allocation Percentage | 45.00% | 41.00% | ||
Debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation Percentage | 40.00% | |||
Actual Allocation Percentage | 40.00% | 33.00% | ||
Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation Percentage | 5.00% | |||
Actual Allocation Percentage | 5.00% | 8.00% | ||
Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation Percentage | 10.00% | |||
Actual Allocation Percentage | 10.00% | 18.00% | ||
[1] | The fair value of plan assets as of December 31, 2013 reflects distributions of $15,817 paid in 2014 related to the Company's voluntary early retirement program |
Benefit_Plans_Benefit_Plans_Al1
Benefit Plans Benefit Plans - Allocation of Plan Assets (Additional Information) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Private equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Entities that calculate net asset value per share, unfunded commitments | 5,529 | 5,529 |
Commercial Real Estate [Member] | Real estate common collective trusts | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 44.00% | 45.00% |
Residential Real Estate [Member] | Real estate common collective trusts | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 21.00% | 23.00% |
Retail Site [Member] | Real estate common collective trusts | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 24.00% | 18.00% |
Industrial, Cash and Other [Member] | Real estate common collective trusts | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 11.00% | 14.00% |
Fixed income securities | Other | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 58.00% | 54.00% |
Collateralized Mortgage Backed Securities [Member] | Other | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 27.00% | 29.00% |
Corporate Bond Securities [Member] | Other | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 47.00% | 42.00% |
U.S. Treasury and Other [Member] | Other | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 26.00% | 29.00% |
Russell 1000 Fund Large Cap Index Funds [Member] | Other | Common collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 42.00% | 46.00% |
Plan asset underlying investment redemption Notice | 1 day | |
Long Short Equity [Member] | Multi-strategy hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 44.00% | 35.00% |
Arbitrage and Event Investments [Member] | Multi-strategy hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 44.00% | 45.00% |
Directional Trading, Fixed Income and Other Investments [Member] | Multi-strategy hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 10.00% | 20.00% |
Buyout Private Equity Funds [Member] | Private equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 50.00% | 50.00% |
Special Situation Private Equity and Debt Funds | Private equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 25.00% | 25.00% |
Venture Private Equity Funds [Member] | Private equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 25.00% | 25.00% |
Real estate common collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets redemptions per period | 0.25 | |
Plan asset underlying investment redemption Notice | 45 days | |
Multi-strategy hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets redemptions per period | 0.5 | |
Plan asset underlying investment redemption Notice | 95 days | |
Arbitrage and Event Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 45.00% | 40.00% |
Directional Trading, Fixed Income and Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset underlying investment portfolio holdings percentage | 20.00% | 25.00% |
Benefit_Plans_Benefit_Plans_Ch
Benefit Plans Benefit Plans - Change in Plan Assets Unobservable Inputs (Details) (Pension Benefits, Level 3, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, January 1 | $73,426 | $76,883 |
Dispositions | -26,167 | -12,850 |
Realized and unrealized gain, net | 6,881 | 9,393 |
Balance, December 31 | $54,140 | $73,426 |
Benefit_Plans_Benefit_Plans_Fu
Benefit Plans Benefit Plans - Future Benefit Payments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Amount of net prior service credit | $7 |
Amount of net loss | 6,514 |
2015 | 26,830 |
2016 | 27,071 |
2017 | 27,366 |
2018 | 27,967 |
2019 | 28,439 |
2020-2024 | 152,422 |
Other Benefits | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Amount of net prior service credit | -159 |
Amount of net loss | 326 |
Other Benefits before Medicare Part D | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
2015 | 1,533 |
2016 | 1,505 |
2017 | 1,473 |
2018 | 1,425 |
2019 | 1,367 |
2020-2024 | 5,936 |
Other Benefits after Medicare Part D Subsidy | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
2015 | 1,390 |
2016 | 1,366 |
2017 | 1,337 |
2018 | 1,294 |
2019 | 1,241 |
2020-2024 | $5,399 |
Benefit_Plans_Benefit_Plans_De
Benefit Plans Benefit Plans - Defined Contribution Plans (Details) (Employee Contributions First Six Percent [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Prior to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Participant Contribution Percentage | 6.00% |
Effective January 1, 2011 to December 31, 2011 [Member] | Prior to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Employer Matching Contribution, Percent | 25.00% |
Effective January 1, 2011 to December 31, 2011 [Member] | Subsequent to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Employer Matching Contribution, Percent | 55.00% |
Effective January 1, 2012 to December 31, 2012 [Domain] | Prior to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Employer Matching Contribution, Percent | 30.00% |
Effective January 1, 2012 to December 31, 2012 [Domain] | Subsequent to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Employer Matching Contribution, Percent | 60.00% |
Benefit_Plans_Benefit_Plans_Te
Benefit Plans Benefit Plans - Textuals (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Discount rate | 5.06% | |||||||
Healthcare cost trend rate assumed for next year | 7.50% | 7.50% | ||||||
Year that rate reaches ultimate trend rate | 2020 | 2019 | 2019 | |||||
Expected rate of return period | 20 years | |||||||
Cost recognized | $8,738 | $7,667 | $8,357 | |||||
Pension Benefits | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Curtailment loss | 0 | -10,672 | 0 | 809 | 1,159 | |||
Discount rate | 4.21% | 5.09% | 5.09% | |||||
Actuarial loss (gain) | -112,611 | 72,187 | 71,008 | |||||
Settlements, plan assets | 0 | -138,482 | -62,754 | |||||
Reduction to plan assets for anticipated lump sum payments in next fiscal year | 15,817 | 15,817 | 15,817 | |||||
Settlement loss | 0 | -20,156 | -21,907 | 21,907 | ||||
Special termination benefits | 0 | 38,733 | 0 | |||||
Employer contributions | 9,622 | 3,570 | ||||||
Estimated future employer contributions in next fiscal year | 18,648 | |||||||
Post-retirement | 26,830 | |||||||
Other Benefits before Medicare Part D | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Post-retirement | 1,533 | |||||||
Other Benefits | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Curtailment loss | 0 | 0 | 0 | |||||
Discount rate | 4.21% | 5.09% | 5.09% | |||||
Actuarial loss (gain) | -1,909 | 1,991 | ||||||
Settlements, plan assets | 0 | 0 | ||||||
Settlement loss | 0 | 0 | 0 | |||||
Special termination benefits | 0 | 0 | 0 | |||||
Employer contributions | 1,314 | 1,494 | ||||||
Voluntary Early Retirement Program | Pension Benefits | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Curtailment loss | 8,704 | |||||||
Settlements, plan assets | -138,482 | |||||||
Reduction to plan assets for anticipated lump sum payments in next fiscal year | 15,817 | 15,817 | ||||||
Pension Expense | 67,593 | |||||||
Settlement loss | 20,156 | |||||||
Special termination benefits | 38,733 | |||||||
Curtailment | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Curtailments | 0 | 1,272 | 0 | |||||
Curtailment | Pension Benefits | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Curtailments | $52,550 | |||||||
Private equity funds | Special Situation Private Equity and Debt Funds | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Plan asset underlying investment portfolio holdings percentage | 25.00% | 25.00% | ||||||
Private equity funds | Venture Private Equity Funds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Plan asset underlying investment portfolio holdings percentage | 25.00% | 25.00% |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leased Assets [Line Items] | ||||
2015 | $44,790 | |||
2016 | 33,978 | |||
2017 | 23,609 | |||
2018 | 16,483 | |||
2019 | 13,785 | |||
Thereafter | 16,638 | |||
Total Due | 149,283 | |||
Rent expense | 72,164 | 75,348 | 74,849 | |
Real Estate | ||||
Operating Leased Assets [Line Items] | ||||
2015 | 30,233 | |||
2016 | 25,892 | |||
2017 | 19,205 | |||
2018 | 14,725 | |||
2019 | 13,004 | |||
Thereafter | 16,148 | |||
Total Due | 119,207 | |||
Vehicles and Equipment | ||||
Operating Leased Assets [Line Items] | ||||
2015 | 14,557 | [1] | ||
2016 | 8,086 | [1] | ||
2017 | 4,404 | [1] | ||
2018 | 1,758 | [1] | ||
2019 | 781 | [1] | ||
Thereafter | 490 | [1] | ||
Total Due | $30,076 | [1] | ||
Minimum | Vehicles and Equipment | ||||
Operating Leased Assets [Line Items] | ||||
Term of operating lease | 36 months | |||
Maximum | Vehicles and Equipment | ||||
Operating Leased Assets [Line Items] | ||||
Term of operating lease | 60 months | |||
[1] | The Company leases vehicles with contractual terms of 36 to 60 months that are cancellable after 12 months without penalty. Future minimum lease payments reflect only the minimum payments during the initial 12-month non-cancellable term. |
Guarantees_and_Product_Warrant2
Guarantees and Product Warranties (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Guarantees and Product Warranties (Textuals) | ||||
Carrying value of the bonds | $11,900 | $11,900 | ||
Maximum future payment obligations | 111,101 | 87,104 | ||
Standby letters of credit | 27,985 | 26,035 | ||
Liability associated with Standby letters of credit | 0 | 0 | ||
Changes in warranty liability balance | ||||
Balance at January 1 | 83,199 | 81,751 | ||
Current period accruals | 81,316 | [1] | 58,736 | [1] |
Current period settlements | -51,167 | -57,288 | ||
Balance at December 31 | $113,348 | $83,199 | ||
[1] | Includes the impact of foreign exchange rate fluctuations. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) | 12 Months Ended | 24 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | Brazilian Federal Indirect Tax Assessment [Member] | Brazilian Federal Indirect Tax Assessment [Member] | Thailand Customs Matter [Member] | Indirect Tax Liability [Member] | Indirect Tax Liability [Member] | Securities Action | Securities Action | FCPA | FCPA | |
BRL | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Purchase obligation, due within one year | $3,616 | |||||||||
Purchase obligation purchased during period | 11,869 | |||||||||
Loss Contingencies [Line Items] | ||||||||||
Damages sought | 270,000 | |||||||||
Loss in period | 17,500 | 17,245 | 28,000 | 16,750 | ||||||
Accrual, at carrying aalue | 12,500 | 20,750 | ||||||||
Range of possible loss, portion not accrued | $175,600 | $26,000 | $229,700 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gain (loss) recognized on non-designated derivative instruments: | ||
Gain (loss) recognized on non-designated derivative instruments, total | $14,809 | $4,494 |
Foreign Exchange Contract | Interest expense | ||
Gain (loss) recognized on non-designated derivative instruments: | ||
Gain (loss) recognized on non-designated derivative instruments, total | -6,291 | -6,406 |
Foreign Exchange Contract | Foreign exchange gain (loss), net | ||
Gain (loss) recognized on non-designated derivative instruments: | ||
Gain (loss) recognized on non-designated derivative instruments, total | $21,100 | $10,900 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2006 |
Derivative Instruments and Hedging Activities (Textuals) | |||
Fair value of investment hedge contracts | $1,221 | $313 | |
Derivatives used in net investment hedge, increase (decrease), gross of tax | 788 | 4,563 | |
Maximum remaining maturity of foreign currency derivatives | 24 months | ||
Fair value of non-designated foreign exchange forward contracts | 776 | 705 | |
Number of interest rate swap contracts | 2 | ||
Notional amount of pay-fixed receive-variable interest rate swaps | 200,000 | ||
Fair value of interest rate contracts | -1,212 | -2,351 | |
Gain on interest rate cash flow hedges, pretax | 1,093 | 1,181 | |
Anticipated reclassification from other comprehensive income to interest expense within the next 12 months | 906 | ||
Interest Rate Swap | |||
Derivative Instruments and Hedging Activities (Textuals) | |||
Notional amount of pay-fixed receive-variable interest rate swaps | $50,000 |
Restructuring_and_Other_Charge2
Restructuring and Other Charges - Restructuring Charges By Statement of Operations Account (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of restructuring and related costs | |||
Restructuring Charges | $11,872 | $57,015 | $15,241 |
Cost of sales - services | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 601 | 27,107 | 6,226 |
Cost of sales - products | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 1,398 | 1,256 | -1,849 |
Selling and administrative expense | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 13 | 22,561 | 9,037 |
Research, development and engineering expense | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | $9,860 | $6,091 | $1,827 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges - Restructuring Charges By Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $11,872 | $57,015 | $15,241 |
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 11,872 | 53,887 | 14,885 |
Severance | North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 4,358 | 46,582 | 10,773 |
Severance | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 434 | 1,986 | 326 |
Severance | EMEA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 511 | 1,231 | -276 |
Severance | Latin America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1,242 | 268 | 184 |
Severance | Brazil | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 5,327 | 3,820 | 3,878 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 3,128 | 356 |
Other | North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 1,988 | 0 |
Other | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 573 | -20 |
Other | EMEA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $0 | $567 | $376 |
Restructuring_and_Other_Charge4
Restructuring and Other Charges - Restructuring Charges By Plan (Details) (Global Realigment Plan, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | $84,128 |
North America | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 63,701 |
EMEA | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 2,409 |
Latin America | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1,694 |
Asia Pacific | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 3,299 |
Brazil | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 13,025 |
Severance | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 80,644 |
Severance | North America | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 61,713 |
Severance | EMEA | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1,466 |
Severance | Latin America | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1,694 |
Severance | Asia Pacific | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 2,746 |
Severance | Brazil | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 13,025 |
Other | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 3,484 |
Other | North America | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1,988 |
Other | EMEA | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 943 |
Other | Latin America | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Other | Asia Pacific | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 553 |
Other | Brazil | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | $0 |
Restructuring_and_Other_Charge5
Restructuring and Other Charges - Restructuring Reserve Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring accrual balances and related activity | |||
Balance at beginning of period | $35,289 | $11,844 | $10,136 |
Liabilities incurred | 11,872 | 57,015 | 15,241 |
Liabilities paid/settled | -39,315 | -33,570 | -13,533 |
Balance at end of period | 7,846 | 35,289 | 11,844 |
RestructuringChargesExcludesGainFromSaleOfRealEstate | |||
Restructuring accrual balances and related activity | |||
Liabilities incurred | $15,241 |
Restructuring_and_Other_Charge6
Restructuring and Other Charges (Textuals) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $11,872,000 | $57,015,000 | $15,241,000 | ||
Net, non-routine expense | -12,486,000 | 127,931,000 | 42,133,000 | ||
Gain (loss) on disposal | 13,709,000 | ||||
Indirect Taxes | 5,821 | ||||
Pension Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Settlement loss | 0 | 20,156,000 | 21,907,000 | -21,907,000 | |
FCPA | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Loss in period | 28,000,000 | 16,750,000 | |||
Securities Action | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Loss in period | 17,245,000 | 17,500,000 | |||
Global Realigment Plan | Expected Future Costs to Be Recognized | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected cost | 5,000,000 | ||||
Global Realigment Plan | Expected Future Costs to Be Recognized | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected cost | 7,000,000 | ||||
Voluntary Early Retirement Program | Pension Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pension Expense | 67,593,000 | ||||
Settlement loss | -20,156,000 | ||||
Voluntary Early Retirement Program | Global Realigment Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 31,282,000 | ||||
Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Net, non-routine expense | $9,300,000 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Total | $149,388 | $254,747 |
Fair value liabilities measured on recurring basis | ||
Total | 11,950 | 13,092 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Total | 146,424 | 225,387 |
Fair value liabilities measured on recurring basis | ||
Total | 9,771 | 10,377 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Total | 2,964 | 29,360 |
Fair value liabilities measured on recurring basis | ||
Total | 2,179 | 2,715 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 2,964 | 1,382 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 967 | 364 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 0 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 0 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 2,964 | 1,382 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 967 | 364 |
Interest Rate Swap | Fair Value, Measurements, Recurring | ||
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 1,212 | 2,351 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 1,212 | 2,351 |
Certificates of deposit | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 136,653 | 215,010 |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 136,653 | 215,010 |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 0 | 0 |
U.S. dollar indexed bond funds | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 0 | 27,978 |
U.S. dollar indexed bond funds | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 0 | 0 |
U.S. dollar indexed bond funds | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 0 | 27,978 |
Assets held in rabbi trusts | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 9,771 | 10,377 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 9,771 | 10,377 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 9,771 | 10,377 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 9,771 | 10,377 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 9,771 | 10,377 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 0 | 0 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | $0 | $0 |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value and carrying value of the Company's debt instruments | ||
Notes payable - Fair value | $25,575 | $43,791 |
Notes payable - Carrying value | 25,575 | 43,791 |
Long-term debt - Fair Value | 483,621 | 489,499 |
Long-term debt - Carrying value | 479,794 | 480,242 |
Total debt instruments - Fair value | 509,196 | 533,290 |
Total debt instruments - Carrying value | $505,369 | $524,033 |
Fair_Value_of_Assets_and_Liabi4
Fair Value of Assets and Liabilities (Textuals) (Details) (Interest Rate Swap) | Dec. 31, 2014 |
Derivative | |
Interest Rate Swap | |
Derivative [Line Items] | |
Number of interest rate swap contracts | 2 |
Segment_Information_Details
Segment Information - (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Summary of Segment Information | ||||||||||||||||
Revenue summary by segment | $861,272 | $768,031 | $733,457 | $688,293 | $811,443 | $705,424 | $707,113 | $633,511 | $3,051,053 | $2,857,491 | $2,991,693 | |||||
Segment operating profit | 180,947 | -118,260 | 101,429 | |||||||||||||
Corporate charges not allocated back to segments | -291,417 | [1] | -262,840 | [1] | -259,259 | [1] | ||||||||||
Impairment of assets | -2,123 | -72,017 | -15,783 | |||||||||||||
Restructuring charges | -11,872 | -57,015 | -15,241 | |||||||||||||
Net non-routine income (expense) | 12,486 | -127,931 | -42,133 | |||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | -292,926 | -519,803 | -332,416 | |||||||||||||
Other income (expense) | -10,358 | -1,547 | 9,466 | |||||||||||||
Depreciation, Depletion and Amortization | 74,072 | 82,594 | 78,644 | |||||||||||||
Property, plant and equipment at cost | 612,894 | 599,094 | 612,894 | 599,094 | ||||||||||||
North America | ||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Revenue summary by segment | 1,407,707 | 1,415,050 | 1,590,532 | |||||||||||||
Intersegment revenues | 68,414 | 76,306 | 57,240 | |||||||||||||
Segment operating profit | 277,168 | 252,737 | 294,996 | |||||||||||||
Depreciation, Depletion and Amortization | 9,276 | 12,240 | 14,591 | |||||||||||||
Property, plant and equipment at cost | 128,755 | 137,669 | 128,755 | 137,669 | ||||||||||||
Asia Pacific | ||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Revenue summary by segment | 500,285 | 479,129 | 427,542 | |||||||||||||
Intersegment revenues | 85,395 | 99,268 | 113,116 | |||||||||||||
Segment operating profit | 66,394 | 62,760 | 62,414 | |||||||||||||
Depreciation, Depletion and Amortization | 7,748 | 7,710 | 6,520 | |||||||||||||
Property, plant and equipment at cost | 46,876 | 46,117 | 46,876 | 46,117 | ||||||||||||
EMEA | ||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Revenue summary by segment | 421,141 | 362,167 | 325,489 | |||||||||||||
Intersegment revenues | 56,582 | 46,011 | 43,204 | |||||||||||||
Segment operating profit | 61,574 | 44,507 | 28,659 | |||||||||||||
Depreciation, Depletion and Amortization | 4,042 | 3,724 | 5,042 | |||||||||||||
Property, plant and equipment at cost | 38,228 | 40,715 | 38,228 | 40,715 | ||||||||||||
Latin America | ||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Revenue summary by segment | 239,409 | 241,770 | 258,079 | |||||||||||||
Intersegment revenues | 556 | 0 | 0 | |||||||||||||
Segment operating profit | 40,285 | 35,218 | 44,472 | |||||||||||||
Depreciation, Depletion and Amortization | 3,100 | 3,382 | 3,266 | |||||||||||||
Property, plant and equipment at cost | 23,991 | 24,470 | 23,991 | 24,470 | ||||||||||||
Brazil | ||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Revenue summary by segment | 482,511 | 359,375 | 390,051 | |||||||||||||
Segment operating profit | 28,452 | 6,321 | 3,304 | |||||||||||||
Depreciation, Depletion and Amortization | 8,894 | 8,211 | 8,557 | |||||||||||||
Property, plant and equipment at cost | 54,739 | 65,148 | 54,739 | 65,148 | ||||||||||||
Operating Segments | ||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Intersegment revenues | 210,947 | 221,585 | 213,560 | |||||||||||||
Segment operating profit | 473,873 | 401,543 | 433,845 | |||||||||||||
Depreciation, Depletion and Amortization | 33,060 | 35,267 | 37,976 | |||||||||||||
Property, plant and equipment at cost | 292,589 | 314,119 | 292,589 | 314,119 | ||||||||||||
Corporate Segment | ||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Depreciation, Depletion and Amortization | 41,012 | [1] | 47,327 | [1] | 40,668 | [1] | ||||||||||
Property, plant and equipment at cost | $320,305 | [1] | $284,975 | [1] | $320,305 | [1] | $284,975 | [1] | ||||||||
[1] | Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. |
Segment_Information_Revenue_By
Segment Information - Revenue By Service/Product Solution (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Services | $1,637,622 | $1,637,056 | $1,626,521 | ||||||||
Products | 1,413,431 | 1,220,435 | 1,365,172 | ||||||||
Revenue summary by segment | 861,272 | 768,031 | 733,457 | 688,293 | 811,443 | 705,424 | 707,113 | 633,511 | 3,051,053 | 2,857,491 | 2,991,693 |
Financial self-service | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Services | 1,220,514 | 1,188,937 | 1,199,325 | ||||||||
Products | 977,340 | 977,632 | 1,069,872 | ||||||||
Revenue summary by segment | 2,197,854 | 2,166,569 | 2,269,197 | ||||||||
Security | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Services | 417,112 | 448,123 | 427,007 | ||||||||
Products | 210,931 | 170,766 | 196,630 | ||||||||
Revenue summary by segment | 628,043 | 618,889 | 623,637 | ||||||||
Total financial self-service & security | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue summary by segment | 2,825,897 | 2,785,458 | 2,892,834 | ||||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue summary by segment | $225,156 | $72,033 | $98,859 |
Segment_Information_Textuals_D
Segment Information (Textuals) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
segments | ||
Segment Reporting [Abstract] | ||
Number of reportable segments | 5 | |
Number of customers that account for greater than 10% of revenue | 0 | 0 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | ||||
Net sales | $861,272 | $768,031 | $733,457 | $688,293 | $811,443 | $705,424 | $707,113 | $633,511 | $3,051,053 | $2,857,491 | $2,991,693 | |||||
Gross profit | 227,839 | 200,583 | 186,795 | 164,133 | 180,121 | 172,805 | 157,416 | 130,014 | 779,350 | 640,356 | 729,620 | |||||
Net income (loss) | 34,057 | 34,955 | 43,131 | 4,876 | -38,584 | -20,204 | -103,852 | -13,882 | 117,019 | -176,522 | 79,545 | |||||
Net (loss) income attributable to noncontrolling interests | 4,101 | 1,935 | 1,496 | -4,930 | 2,850 | 1,486 | 1,183 | -436 | 2,602 | 5,083 | 5,942 | |||||
Net (loss) income attributable to Diebold, Incorporated | 29,956 | 33,020 | 41,635 | 9,806 | -41,434 | -21,690 | -105,035 | -13,446 | 114,417 | -181,605 | 73,603 | |||||
Basic earnings (loss) per share | ||||||||||||||||
Net (loss) income attributable to Diebold, Incorporated (USD per share) | $0.46 | $0.51 | $0.64 | $0.15 | ($0.65) | ($0.34) | ($1.65) | ($0.21) | $1.77 | ($2.85) | $1.17 | |||||
Diluted earnings (loss) per share | ||||||||||||||||
Net (loss) income attributable to Diebold, Incorporated | $0.46 | $0.51 | $0.64 | $0.15 | ($0.65) | ($0.34) | ($1.65) | ($0.21) | $1.76 | ($2.85) | $1.15 | |||||
Basic weighted-average shares outstanding (shares) | 64,631 | 64,615 | 64,588 | 64,254 | 63,928 | 63,825 | 63,700 | 63,311 | 64,530 | 63,659 | 63,061 | |||||
Diluted weighted-average shares outstanding (shares) | 65,380 | 65,293 | 65,224 | 64,809 | 63,928 | [1] | 63,825 | [1] | 63,700 | [1] | 63,311 | [1] | 65,154 | 63,659 | 63,914 | |
Incremental shares, excluded from dilutive calculation, due to resulting in operating loss | 508 | 479 | 447 | 659 | 545 | |||||||||||
Gain (loss) on disposal | 13,709 | |||||||||||||||
Payments to Acquire Businesses, Gross | 13,000 | |||||||||||||||
Undistributed earnings | 14,346 | 27,766 | 42,838 | 14,346 | 27,766 | 42,838 | ||||||||||
Valuation allowance | 87,959 | 87,773 | 39,130 | 87,959 | 87,773 | 39,130 | ||||||||||
Impairment loss | 70,000 | 0 | 70,000 | |||||||||||||
Pension Benefits | ||||||||||||||||
Diluted earnings (loss) per share | ||||||||||||||||
Settlements | -35,611 | |||||||||||||||
FCPA | ||||||||||||||||
Diluted earnings (loss) per share | ||||||||||||||||
Loss in period | 28,000 | 16,750 | ||||||||||||||
Securities Action | ||||||||||||||||
Diluted earnings (loss) per share | ||||||||||||||||
Loss in period | 17,245 | 17,500 | ||||||||||||||
Voluntary Early Retirement Program | Pension Benefits | ||||||||||||||||
Diluted earnings (loss) per share | ||||||||||||||||
Pension Expense | ($67,593) | |||||||||||||||
[1] | Incremental shares of 659 thousand, 447 thousand, 479 thousand and 508 thousand were excluded from the computation of diluted EPS for the first, second, third and fourth quarter of 2013 because their effect is anti-dilutive due to the loss from continuing operations. |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $24,872 | $27,854 | $22,128 |
Additions | 13,420 | 13,411 | 13,597 |
Deductions | 15,281 | 16,393 | 7,871 |
Balance at end of year | $23,011 | $24,872 | $27,854 |