Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 11, 2014 | Feb. 11, 2014 | |
Class A Common Stock | Class B Common Stock | |||
Class Of Stock [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Registrant Name | 'HUBBELL INCORPORATED | ' | ' | ' |
Entity Central Index Key | '0000048898 | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'Yes | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Public Float | ' | $5,348,026,071 | ' | ' |
Entity Common Stock Shares Outstanding | ' | ' | 7,167,506 | 52,060,200 |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement of Income [Abstract] | ' | ' | ' |
Net Sales | $3,183.90 | $3,044.40 | $2,871.60 |
Cost of good sold | 2,113.40 | 2,032.20 | 1,947.90 |
Gross Profit | 1,070.50 | 1,012.20 | 923.7 |
Selling & administrative expenses | 562.9 | 540.4 | 499.9 |
Operating income | 507.6 | 471.8 | 423.8 |
Interest Expense | -30.8 | -30.8 | -30.9 |
Investment Income | 1.3 | 1.8 | 1.3 |
Other (expense) income, net | -4.3 | -1 | -4.4 |
Total other expense, net | -33.8 | -30 | -34 |
Income before income taxes | 473.8 | 441.8 | 389.8 |
Provision for income taxes | 144 | 139.7 | 119.6 |
Net income | 329.8 | 302.1 | 270.2 |
Less: Net income attributable to noncontrolling interest | 3.3 | 2.4 | 2.3 |
Net income attributable to Hubbell | $326.50 | $299.70 | $267.90 |
Earnings Per Share Disclosure [Abstract] | ' | ' | ' |
Basic | $5.51 | $5.05 | $4.47 |
Diluted | $5.47 | $5 | $4.42 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
StatementOfComprehensiveIncome[Abstract] | ' | ' | ' |
Profit Loss | $329.80 | $302.10 | $270.20 |
Foreign currency translation adjustments | -15 | 8.3 | -12.1 |
Adjustment to pension and other benefit plans, net of tax | 63.1 | 23.6 | -58.1 |
Unrealized gain on investments, net of tax | -0.3 | -0.3 | 0.5 |
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax | 0.3 | -0.3 | 0.6 |
Other Comprehensive Income Loss Net Of Tax | 48.1 | 31.3 | -69.1 |
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest | 377.9 | 333.4 | 201.1 |
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest | 3.3 | 2.4 | 2.3 |
Comprehensive income attributable to Hubbell | $374.60 | $331 | $198.80 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract | ' | ' | ' |
Adjustment to pension and other benefit plans tax impact | ($38.70) | ($14.20) | $36 |
Unrealized gain or loss on investment tax impact | 0.2 | 0.1 | -0.3 |
Unrealized gain or loss on cash flow hedge tax impact | ($0.10) | $0.20 | ($0.30) |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets [Abstract] | ' | ' |
Cash and cash equivalents | $740.70 | $645 |
Short-term investments | 10.1 | 8.8 |
Accounts receivable, net | 440.9 | 405.2 |
Inventories, net | 385.7 | 341.7 |
Deferred Taxes and Other | 55 | 55.5 |
Total current assets | 1,632.40 | 1,456.20 |
Property, Plant, and Equipment, net | 377.1 | 364.7 |
Other Assets [Abstract] | ' | ' |
Investments | 35.8 | 36.7 |
Goodwill | 800.4 | 755.5 |
Intangible assets, net | 286.6 | 288.1 |
Other long-term assets | 54.9 | 45.8 |
Total Assets | 3,187.20 | 2,947 |
Current Liabilities [Abstract] | ' | ' |
Short-term debt | 0.3 | 0 |
Accounts payable | 225.9 | 213.1 |
Accrued salaries, wages and employee benefits | 74.7 | 75.4 |
Accrued insurance | 41.8 | 39.6 |
Other accrued liabilities | 124.3 | 119.3 |
Total current liabilities | 467 | 447.4 |
Long-Term Debt | 597.2 | 596.7 |
Other | 208.2 | 235 |
Total Liabilities | 1,272.40 | 1,279.10 |
Class Of Stock [Line Items] | ' | ' |
Common Stock, par value | 0.6 | 0.6 |
Additional paid-in capital | 44.2 | 64 |
Retained Earnings | 1,932.60 | 1,715.70 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -71 | -119.1 |
Hubbell Shareholders' Equity | 1,906.40 | 1,661.20 |
Noncontrolling interest | 8.4 | 6.7 |
Total Equity | 1,914.80 | 1,667.90 |
Total Liabilities and Equity | 3,187.20 | 2,947 |
Class A Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common Stock, par value | 0.1 | 0.1 |
Total Equity | 0.1 | 0.1 |
Class B Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common Stock, par value | 0.5 | 0.5 |
Total Equity | $0.50 | $0.50 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Class Of Stock [Line Items] | ' | ' |
Common Stock Par Value Per Share | 0.01 | 0.01 |
Class A Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common Stock Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock Shares Outstanding | 7,167,506 | 7,167,506 |
Class B Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common Stock Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock Shares Outstanding | 52,005,492 | 52,069,205 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement Of Cash Flows [Abstract] | ' | ' | ' |
Net income | $329.80 | $302.10 | $270.20 |
Adjustments to reconcile net income to net cash provided by operating activities:[Abstract] | ' | ' | ' |
Depreciation and amortization | 70.6 | 66.8 | 68.2 |
Deferred income taxes | 13.3 | 27.5 | 18.8 |
Stock-based compensation | 14.3 | 15.8 | 15.1 |
Tax benefit on stock-based awards | -8.4 | -15.6 | -8.2 |
Loss (Gain) on sale of assets | 0.2 | 0.4 | -3.9 |
Changes in assets and liabilities:[Abstract] | ' | ' | ' |
Increase in accounts receivable, net | -30.9 | -1.8 | -51.6 |
Increase in inventories, net | -25.9 | -11.8 | -16.4 |
Increase (Decrease) in current liabilities | 1.7 | -31.7 | 46.5 |
Changes in other assets and liabilities, net | 15.8 | 20.7 | 22.8 |
Contribution to qualified defined benefit pension plans | -3.2 | -22.6 | -22.7 |
Other, net | 4.5 | -0.7 | -3.8 |
Net cash provided by operating activities | 381.8 | 349.1 | 335 |
Cash Flows from Investing Activities [Abstract] | ' | ' | ' |
Capital expenditures | -58.8 | -49.1 | -55.4 |
Acquisition of businesses, net of cash acquired | -96.5 | -90.7 | -29.6 |
ProceedsFromPreviousAcquisition | 0 | 6.8 | 0 |
Purchases of available-for-sale investments | -11.1 | -9.5 | -23.8 |
Proceeds from available-for-sale investments | 10.5 | 19.4 | 9.4 |
Proceeds from disposition of assets | 3.4 | 4.8 | 9.6 |
Other, net | 1.4 | 2.2 | 3.3 |
Net cash used in investing activities | -151.1 | -116.1 | -86.5 |
Cash Flows from Financing Activities [Abstract] | ' | ' | ' |
Issuance of short-term debt | 0.4 | 0.2 | 1.4 |
Payment of short-term debt | -0.1 | -3.1 | 0 |
Debt issuance costs | 0 | 0 | -1.1 |
Payment of dividends | -109.5 | -122.3 | -90.1 |
Payment of dividends to noncontrolling interest | -1.5 | -1.3 | -0.9 |
Acquisition of common shares | -31 | -75.6 | -137.7 |
Proceeds from exercise of stock options | 2.4 | 24.8 | 21.9 |
Tax benefit on stock-based awards | 8.4 | 15.6 | 8.2 |
Net cash (used in) provided by financing activities | -130.9 | -161.7 | -198.3 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | -4.1 | 4.1 | -1.3 |
Increase in cash and cash equivalents | 95.7 | 75.4 | 48.9 |
Cash and cash equivalents [Abstract] | ' | ' | ' |
Beginning of period | 645 | 569.6 | 520.7 |
End of period | $740.70 | $645 | $569.60 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital Member | Retained Earnings Member | Accumulated Other Comprehensive Income (Loss) Member | Total Hubbell Shareholders Equity [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | ||||||||
Equity, beginning of period at Dec. 31, 2010 | ' | $0.10 | $0.50 | $201.30 | $1,338.60 | ($81.30) | $1,459.20 | $4.30 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 270.2 | ' | ' | ' | 267.9 | ' | 267.9 | 2.3 |
Other Comprehensive Income Loss Net Of Tax | -69.1 | ' | ' | ' | ' | -69.1 | -69.1 | ' |
Stock-based compensation | ' | ' | ' | 15.1 | ' | ' | 15.1 | ' |
Exercise of stock options | 21.9 | ' | ' | 21.9 | ' | ' | 21.9 | ' |
Income tax windfall (shortfall) from stock-based awards, net | ' | ' | ' | 8.1 | ' | ' | 8.1 | ' |
Acquisition and surrender of common shares | ' | ' | ' | -144.6 | ' | ' | -144.6 | ' |
Cash dividends declared | ' | ' | ' | ' | -90.7 | ' | -90.7 | ' |
Dividends to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | -0.9 |
Equity, end of period at Dec. 31, 2011 | ' | 0.1 | 0.5 | 101.8 | 1,515.80 | -150.4 | 1,467.80 | 5.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, par value | 0.6 | 0.1 | 0.5 | ' | ' | ' | ' | ' |
Net income | 302.1 | ' | ' | ' | 299.7 | ' | 299.7 | 2.4 |
Other Comprehensive Income Loss Net Of Tax | 31.3 | ' | ' | ' | ' | 31.3 | 31.3 | ' |
Stock-based compensation | ' | ' | ' | 15.4 | ' | ' | 15.4 | ' |
Exercise of stock options | 24.8 | ' | ' | 24.8 | ' | ' | 24.8 | ' |
Income tax windfall (shortfall) from stock-based awards, net | ' | ' | ' | 15.1 | ' | ' | 15.1 | ' |
Acquisition and surrender of common shares | ' | ' | ' | -93.1 | ' | ' | -93.1 | ' |
Cash dividends declared | ' | ' | ' | ' | -99.8 | ' | -99.8 | ' |
Dividends to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | -1.4 |
Equity, end of period at Dec. 31, 2012 | 1,667.90 | 0.1 | 0.5 | 64 | 1,715.70 | -119.1 | 1,661.20 | 6.7 |
Equity, beginning of period at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, par value | 0.6 | 0.1 | 0.5 | ' | ' | ' | ' | ' |
Net income | 72.9 | ' | ' | ' | ' | ' | ' | ' |
Equity, end of period at Dec. 31, 2012 | 1,667.90 | 0.1 | 0.5 | 64 | 1,715.70 | -119.1 | 1,661.20 | 6.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, par value | 0.6 | 0.1 | 0.5 | ' | ' | ' | ' | ' |
Net income | 329.8 | ' | ' | ' | 326.5 | ' | 326.5 | 3.3 |
Other Comprehensive Income Loss Net Of Tax | 48.1 | ' | ' | ' | ' | 48.1 | 48.1 | ' |
Stock-based compensation | ' | ' | ' | 13.5 | ' | ' | 13.5 | ' |
Exercise of stock options | 2.4 | ' | ' | 2.4 | ' | ' | 2.4 | ' |
Income tax windfall (shortfall) from stock-based awards, net | ' | ' | ' | 8.4 | ' | ' | 8.4 | ' |
Acquisition and surrender of common shares | ' | ' | ' | -44.1 | ' | ' | -44.1 | ' |
Cash dividends declared | ' | ' | ' | ' | -109.6 | ' | -109.6 | ' |
Dividends to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | -1.6 |
Equity, end of period at Dec. 31, 2013 | 1,914.80 | 0.1 | 0.5 | 44.2 | 1,932.60 | -71 | 1,906.40 | 8.4 |
Equity, beginning of period at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, par value | 0.6 | 0.1 | 0.5 | ' | ' | ' | ' | ' |
Net income | 82.8 | ' | ' | ' | ' | ' | ' | ' |
Equity, end of period at Dec. 31, 2013 | $1,914.80 | $0.10 | $0.50 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statement of Changes in Equity [Abstract] | ' | ' | ' |
Common Stock Dividends Per Share Declared | $1.85 | $1.68 | $1.52 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Presentation And Accounting Pronouncement [Text Block] | ' |
Note 1 — Significant Accounting Policies | |
Basis of Presentation | |
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |
Reclassifications | |
Certain reclassifications have been made in prior year financial statements and notes to conform to the current year presentation. | |
Principles of Consolidation | |
The Consolidated Financial Statements include all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company participates in two joint ventures, one of which is accounted for using the equity method, the other has been consolidated in accordance with the consolidation accounting guidance. An analysis is performed to determine which reporting entity, if any, has a controlling financial interest in a variable interest entity (“VIE”) with a primarily qualitative analysis. The qualitative analysis is based on identifying the party that has both the power to direct the activities that most significantly impact the VIE's economic performance (the “power criterion”) and the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE (the “losses/benefit criterion”). The party that meets both these criteria is deemed to have a controlling financial interest. The party with the controlling financial interest is considered to be the primary beneficiary and as a result is required to consolidate the VIE. The Company has a 50% interest in a joint venture in Hong Kong, established as Hubbell Asia Limited (“HAL”). The principal objective of HAL is to manage the operations of its wholly-owned manufacturing company in China. Under the accounting guidance, the Company is the primary beneficiary of HAL and as a result consolidates HAL. This determination is based on the fact that HAL's sole business purpose is to manufacture product exclusively for the Company (the power criterion) and the Company is financially responsible for ensuring HAL maintains a fixed operating margin (the losses/benefit criterion). The consolidation of HAL is not material to the Company's consolidated financial statements. | |
Use of Estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements. Actual results could differ from the estimates that are used. | |
Revenue Recognition | |
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed and determinable and collection is probable. Product is considered delivered to the customer once it has been shipped and title and risk of loss have been transferred. The majority of the Company's revenue is recognized at the time of shipment. The Company recognizes less than one percent of total annual consolidated net revenue from post shipment obligations and service contracts, primarily within the Electrical segment. Revenue is recognized under these contracts when the service is completed and all conditions of sale have been met. In addition, within the Electrical segment, certain businesses sell large and complex equipment which requires construction and assembly and occasionally has long lead times. It is customary in these businesses to require a portion of the selling price to be paid in advance of construction. These payments are treated as deferred revenue and are classified in Other accrued liabilities in the Consolidated Balance Sheet. Once the equipment is shipped to the customer and meets the revenue recognition criteria, the deferred revenue is recognized in the Consolidated Statement of Income. | |
Further, certain of our businesses account for sales discounts and allowances based on sales volumes, specific programs and customer deductions, as is customary in the electrical products industry. These items primarily relate to sales volume incentives, special pricing allowances, and returned goods. Sales volume incentives represent rebates with specific sales volume targets for specific customers. Certain distributors qualify for price rebates by subsequently reselling the Company's products into select channels of end users. Following a distributor's sale of an eligible product, the distributor submits a claim for a price rebate. Customers also have a right to return goods under certain circumstances which are reasonably estimable by affected businesses. Customer returns have historically ranged from 1%-3% of gross sales. | |
These arrangements require us to estimate at the time of sale the amounts that should not be recorded as revenue as these amounts are not expected to be collected from customers. The Company principally relies on historical experience, specific customer agreements and anticipated future trends to estimate these amounts at the time of shipment. | |
Shipping and Handling Fees and Costs | |
The Company records shipping and handling costs as part of Cost of goods sold in the Consolidated Statement of Income. Any amounts billed to customers for reimbursement of shipping and handling are included in Net sales in the Consolidated Statement of Income. | |
Foreign Currency Translation | |
The assets and liabilities of international subsidiaries are translated to U.S. dollars at exchange rates in effect at the end of the year, and income and expense items are translated at average exchange rates in effect during the year. The effects of exchange rate fluctuations on the translated amounts of foreign currency assets and liabilities are included as translation adjustments in Accumulated other comprehensive loss within Hubbell shareholders' equity. Gains and losses from foreign currency transactions are included in results of operations. | |
Cash and Cash Equivalents | |
The carrying value of cash equivalents approximates fair value. Cash equivalents consist of highly liquid investments with original maturities of three months or less. | |
Investments | |
Investments in debt and equity securities are classified by individual security as available-for-sale, held-to-maturity or trading investments. Our available-for-sale investments, consisting of municipal bonds, are carried on the balance sheet at fair value with current period adjustments to carrying value recorded in Accumulated other comprehensive loss within Hubbell shareholders' equity, net of tax. Realized gains and losses are recorded in income in the period of sale. The Company's trading investments are carried on the balance sheet at fair value and consist primarily of debt and equity mutual funds. Gains and losses associated with these trading investments are reflected in the results of operations. The Company did not have any investments classified as held-to-maturity as of December 31, 2013 and 2012. | |
Accounts Receivable and Allowances | |
Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The allowance for doubtful accounts is based on an estimated amount of probable credit losses in existing accounts receivable. The allowance is calculated based upon a combination of historical write-off experience, fixed percentages applied to aging categories and specific identification based upon a review of past due balances and problem accounts. Account balances are charged off against the allowance when it is determined that internal collection efforts should no longer be pursued. The Company also maintains a reserve for credit memos, cash discounts and product returns which are principally calculated based upon historical experience, specific customer agreements, as well as anticipated future trends. | |
Inventories | |
Inventories are stated at the lower of cost or market value. The cost of substantially all domestic inventories (approximately 85% of total net inventory value) is determined utilizing the last-in, first-out (LIFO) method of inventory accounting. The cost of foreign inventories and certain domestic inventories is determined utilizing average cost or first-in, first-out (FIFO) methods of inventory accounting. Reserves for excess and obsolete inventory are provided based on current assessments about future demand compared to on-hand quantities. | |
Property, Plant, and Equipment | |
Property, plant and equipment values are stated at cost less accumulated depreciation. Maintenance and repair expenditures that do not significantly increase the life of an asset are charged to expense when incurred. Property, plant and equipment placed in service prior to January 1, 1999 are depreciated over their estimated useful lives, principally using accelerated methods. Assets placed in service subsequent to January 1, 1999 are depreciated over their estimated useful lives, using straight-line methods. Leasehold improvements are amortized over the shorter of their economic lives or the lease term. Gains and losses arising on the disposal of property, plant and equipment are included in Operating income in the Consolidated Statement of Income. | |
Capitalized Computer Software Costs | |
Capitalized computer software costs, net of amortization, were $10.9 million and $8.7 million at December 31, 2013 and 2012, respectively. This balance is reflected in Other long-term assets in the Consolidated Balance Sheet. Capitalized computer software costs primarily consist of purchased materials and services. Software is amortized on a straight-line basis over appropriate periods, generally five years. The Company recorded amortization expense of $4.3 million, $3.5 million and $4.8 million in 2013, 2012 and 2011, respectively, relating to capitalized computer software. | |
Goodwill and Other Intangible Assets | |
Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired companies. Indefinite-lived intangible assets and goodwill are subject to annual impairment testing using the specific guidance and criteria described in the accounting guidance. The Company performs its goodwill impairment testing as of April 1st of each year, unless circumstances dictate the need for more frequent assessments. The Company has elected to utilize the two step goodwill impairment testing process as prescribed in the accounting guidance. Step 1 compares the fair value of the Company's reporting units to their carrying values. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. If the carrying value of the reporting unit exceeds its fair value, Step 2 must be completed to quantify the amount of impairment. | |
Goodwill impairment testing requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units and determining the fair value of each reporting unit. Significant judgments required to estimate the fair value of reporting units include estimating future cash flows, determining appropriate discount rates and other assumptions. The Company uses internal discounted cash flow estimates to determine fair value. These cash flow estimates are derived from historical experience and future long-term business plans and the application of an appropriate discount rate. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit. The Company's estimated aggregate fair value of its reporting units are reasonable when compared to the Company's market capitalization on the valuation date. | |
As of April 1, 2013, the impairment testing resulted in implied fair values for each reporting unit that exceeded the reporting unit's carrying value, including goodwill. The Company did not have any reporting units at risk of failing Step 1 of the impairment test as the excess of the estimated fair value over carrying value (expressed as a percentage of carrying value) ranged from approximately 100% to approximately 400% for the respective reporting units. Additionally, the Company did not have any reporting units with zero or negative carrying amounts. The Company has not recorded any goodwill impairments since the initial adoption of the accounting guidance in 2002. | |
The Company's intangible assets consist primarily of patents, tradenames and customer relationships. Intangible assets with definite lives are being amortized over periods generally ranging from 5-30 years. These definite lived intangibles are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The Company did not record any impairments related to its definite lived intangible assets in 2013, 2012 or 2011. The Company also has some tradenames that are considered to be indefinite-lived intangible assets. These indefinite-lived are not amortized and are tested for impairment annually, unless circumstances dictate the need for more frequent assessment. | |
In 2012, the accounting guidance related to testing indefinite lived intangible assets, other than goodwill, for impairment was amended. The amendment provides entities an option of performing a qualitative assessment before calculating the fair value of the asset. If the entity determines, on the basis of certain qualitative factors, that it is more-likely-than-not that the asset is not impaired, the entity would not need to calculate the fair value of the asset. The Company elected to bypass the qualitative assessment and proceeded directly to the determination of fair value of its indefinite lived intangibles which resulted in no impairment in 2013, 2012 or 2011. | |
Other Long-Lived Assets | |
The Company reviews depreciable long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. If such a change in circumstances occurs, the related estimated future undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is compared to the carrying amount. If the sum of the expected cash flows is less than the carrying amount, an impairment charge is recorded. The impairment charge is measured as the amount by which the carrying amount exceeds the fair value of the asset. The fair value of impaired assets is determined using expected cash flow estimates, quoted market prices when available and appraisals as appropriate. The Company did not record any material impairment charges in 2013, 2012 or 2011. | |
Accrued Insurance | |
The Company retains a significant portion of the risks associated with workers' compensation, medical, automobile and general liability insurance. The Company estimates self-insurance liabilities using a number of factors, including historical claims experience, demographic factors, severity factors and other actuarial assumptions. The accrued liabilities associated with these programs are based on the Company's estimate of the ultimate costs to settle known claims as well as claims incurred but not reported as of the balance sheet date. The Company periodically reviews the assumptions with a third party actuary to determine the adequacy of these self-insurance reserves. | |
Income Taxes | |
The Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. The IRS and other tax authorities routinely review the Company's tax returns. These audits can involve complex issues which may require an extended period of time to resolve. The Company makes adequate provisions for best estimates of exposures on previously filed tax returns. Deferred income taxes are recognized for the tax consequence of differences between financial statement carrying amounts and the tax basis of assets and liabilities by applying the currently enacted statutory tax rates in accordance with the accounting guidance for income taxes. The effect of a change in statutory tax rates is recognized in the period that includes the enactment date. Additionally, deferred tax assets are required to be reduced by a valuation allowance if it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized. The Company uses factors to assess the likelihood of realization of deferred tax assets such as the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. | |
In addition, the accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of the tax position taken or expected to be taken in a tax return. For any amount of benefit to be recognized, it must be determined that it is more-likely-than-not that a tax position will be sustained upon examination by taxing authorities based on the technical merits of the position. The amount of benefit to be recognized is based on the Company's assertion of the most likely outcome resulting from an examination, including resolution of any related appeals or litigation processes. Companies are required to adjust their financial statements to reflect only those tax positions that are more-likely-than-not to be sustained. See also Note 12 — Income Taxes. | |
Research and Development | |
Research and development expenditures represent costs to discover and/or apply new knowledge in developing a new product, process, or in bringing about a significant improvement to an existing product or process. Research and development expenses are recorded as a component of Cost of goods sold. Expenses for research and development were approximately 2% of Cost of goods sold for each of the years 2013, 2012 and 2011. | |
Retirement Benefits | |
The Company maintains various defined benefit pension plans for some of its U.S. and foreign employees. The accounting guidance for retirement benefits requires the Company to recognize the funded status of its defined benefit pension and postretirement plans as an asset or liability in the Consolidated Balance Sheet. Gains or losses, prior service costs or credits, and transition assets or obligations that have not yet been included in net periodic benefit cost as of the end of the year are recognized as components of Accumulated other comprehensive loss, net of tax, within Hubbell shareholders' equity. The Company's policy is to fund pension costs within the ranges prescribed by applicable regulations. In addition to providing defined benefit pension benefits, the Company provides health care and life insurance benefits for some of its active and retired employees. The Company's policy is to fund these benefits through insurance premiums or as actual expenditures are made. See also Note 10 — Retirement Benefits. | |
Earnings Per Share | |
The earnings per share accounting guidance requires use of the two-class method in determining earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends. Basic earnings per share is calculated as net income available to common shareholders divided by the weighted average number of shares of common stock outstanding. Earnings per diluted share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding of common stock plus the incremental shares outstanding assuming the exercise of dilutive stock options, stock appreciation rights and performance shares. See also Note 18 — Earnings Per Share. | |
Stock-Based Compensation | |
The Company recognizes the grant-date fair value of all stock-based awards on a straight-line basis over their respective requisite service periods (generally equal to an award's vesting period), except for performance-based restricted stock awards which are expensed using the graded vesting attribution method. A stock-based award is considered vested for expense attribution purposes when the retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The expense is recorded in Cost of goods sold and S&A expense in the Consolidated Statement of Income based on the recipients' respective functions within the organization. | |
The Company records deferred tax assets for awards that will result in deductions on its tax returns, based upon the amount of compensation cost recognized and the statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported in the Company's tax return are recorded to Additional paid-in capital to the extent that previously recognized credits to paid-in capital are still available. See also Note 17 — Stock-Based Compensation. | |
Derivatives | |
In order to limit financial risk in the management of its assets, liabilities and debt, the Company may use derivative financial instruments such as foreign currency hedges, commodity hedges, interest rate hedges and interest rate swaps. All derivative financial instruments are matched with an existing Company asset, liability or proposed transaction. The Company does not speculate or use leverage when trading a derivative product. Market value gains or losses on the derivative financial instrument are recognized in income when the effects of the related price changes of the underlying asset or liability are recognized in income. See Note 14 – Fair Value Measurement for more information regarding our derivative instruments. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB amended the disclosure requirements regarding the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment does not change the current requirement for reporting net income or other comprehensive income, but requires additional disclosures about significant amounts reclassified out of accumulated other comprehensive income including the effect of the reclassification on the related net income line items. This amendment was adopted prospectively by the Company effective January 1, 2013. See also Note 19 - Accumulated Other Comprehensive Loss. | |
In March 2013, the FASB amended guidance related to a parent company's accounting for the release of the cumulative translation adjustment into net income upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The adoption of this amendment did not have a material impact on the Company's financial statements. | |
In July 2013, the FASB amended its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective and early adoption are also permitted. The Company does not anticipate the adoption of this amendment will have a material impact on its financial statements. | |
Business_Acquisitions
Business Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 2— Business Acquisitions | |||||
The Company periodically reviews acquisition targets that it believes will be a complementary strategic fit to its existing product portfolio. During 2013, the Company completed three acquisitions totaling $96.5 million, net of cash acquired which were added to the Electrical segment. | |||||
During the third quarter of 2013, the Company purchased all of the membership interests of Carmen Matthew, LLC (d/b/a "Norlux"), which specializes in the design and manufacture of custom LED solutions. Norlux was purchased for $14.9 million and has been added to the Electrical segment, resulting in the recognition of intangible assets of $4.3 million and goodwill of $8.1 million. The $4.3 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 15 years. All of the goodwill associated with the Norlux acquisition is expected to be deductible for tax purposes. | |||||
During the second quarter of 2013, the Company purchased all of the outstanding common stock of Connector Manufacturing Company and Canadian Connector Corporation, collectively referred to as "CMC", for $44.2 million, net of cash acquired. CMC manufactures and sells mechanical connectors and pole line hardware. This acquisition has been added to the Electrical segment and has resulted in the recognition of intangible assets of $6.0 million and goodwill of $22.2 million. The $6.0 million of intangible assets consists of tradenames and customer relationships that will be amortized over a weighted average period of approximately 19 years. None of the goodwill associated with the CMC acquisition is expected to be deductible for tax purposes. | |||||
During the first quarter of 2013, the Company completed the acquisition of the majority of the net assets of Continental Industries, Inc. (“Continental”) for $37.4 million. Continental produces high quality exothermic welding and connector products. This acquisition has been added to the Electrical segment and has resulted in the recognition of intangible assets of $11.0 million and goodwill of $19.3 million. The $11.0 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 20 years. All of the goodwill associated with the Continental acquisition is expected to be deductible for tax purposes. | |||||
All of these business acquisitions have been accounted for as business combinations and have resulted in the recognition of goodwill. The goodwill relates to a number of factors built into the purchase price, including the future earnings and cash flow potential of the businesses as well as the complementary strategic fit and resulting synergies they bring to the Company's existing operations. | |||||
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition related to these transactions: | |||||
Tangible assets acquired | $ | 37.4 | |||
Intangible assets | 21.3 | ||||
Goodwill | 49.6 | ||||
Liabilities assumed | -11.8 | ||||
Total cash consideration | $ | 96.5 | |||
The Consolidated Financial Statements include the results of operations of the acquired businesses from their respective dates of acquisition. Net sales and earnings related to these acquisitions for the year ended December 31, 2013 were not significant to the consolidated results. Pro forma information related to these acquisitions has not been included because the impact to the Company's consolidated results of operations was not material. | |||||
Recievables_and_Allowances
Recievables and Allowances | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables and Allowances [Abstract] | ' | |||||||
Receivables And Allowances Disclosure [Text Block] | ' | |||||||
Note 3 — Receivables and Allowances | ||||||||
Receivables consist of the following components at December 31, (in millions): | ||||||||
2013 | 2012 | |||||||
Trade accounts receivable | $ | 461.1 | $ | 421.2 | ||||
Non-trade receivables | 13.5 | 10.2 | ||||||
Accounts receivable, gross | 474.6 | 431.4 | ||||||
Allowance for credit memos, returns, and cash discounts | -31.6 | -23 | ||||||
Allowance for doubtful accounts | -2.1 | -3.2 | ||||||
Total allowances | -33.7 | -26.2 | ||||||
Accounts receivable, net | $ | 440.9 | $ | 405.2 |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 4 — Inventories | ||||||||
Inventories are classified as follows at December 31, (in millions): | ||||||||
2013 | 2012 | |||||||
Raw material | $ | 122.3 | $ | 118.4 | ||||
Work-in-process | 87.2 | 81.8 | ||||||
Finished goods | 259.4 | 226.5 | ||||||
468.9 | 426.7 | |||||||
Excess of FIFO over LIFO cost basis | -83.2 | -85 | ||||||
Inventories, net | $ | 385.7 | $ | 341.7 | ||||
The Company did not record any significant LIFO liquidations in 2011 or 2010. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Other Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill And Other Intangible Assets Disclosure [Text Block] | ' | |||||||||||||
Note 5 — Goodwill and Other Intangible Assets | ||||||||||||||
Changes in the carrying amounts of goodwill for the years ended December 31, 2013 and 2012, by segment, were as follows (in millions): | ||||||||||||||
Segment | ||||||||||||||
Electrical | Power | Total | ||||||||||||
Balance December 31, 2011 | $ | 453 | $ | 274.3 | $ | 727.3 | ||||||||
Acquisitions | 18.6 | 7.7 | 26.3 | |||||||||||
Translation adjustments | 3 | -1.1 | 1.9 | |||||||||||
Balance December 31, 2012 | $ | 474.6 | $ | 280.9 | $ | 755.5 | ||||||||
Acquisitions | 49.6 | - | 49.6 | |||||||||||
Translation adjustments | -3.3 | -1.4 | -4.7 | |||||||||||
Balance December 31, 2013 | $ | 520.9 | $ | 279.5 | $ | 800.4 | ||||||||
In 2013, the Company completed the acquisitions of Norlux, CMC and Continental within the Electrical segment for aggregate consideration of $96.5 million, net of cash received. These acquisitions have been accounted for as business combinations and have resulted in the recognition of $49.6 million of goodwill. See also Note 2 -Business Acquisitions. | ||||||||||||||
The Company has not recorded any goodwill impairments since the initial adoption of the accounting guidance in 2002. | ||||||||||||||
Identifiable intangible assets are recorded in Intangible assets and other in the Consolidated Balance Sheet. Identifiable intangible assets are comprised of the following (in millions): | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||
Definite-lived: | ||||||||||||||
Patents, tradenames and trademarks | $ | 111.2 | $ | -27.7 | $ | 102.8 | $ | -23 | ||||||
Customer/agent relationships and other | 222.2 | -75 | 212.7 | -60.8 | ||||||||||
Total Definite-lived Intangibles | 333.4 | -102.7 | 315.5 | -83.8 | ||||||||||
Indefinite-lived: | ||||||||||||||
Tradenames and other | 55.9 | - | 56.4 | - | ||||||||||
Total Intangible Assets | $ | 389.3 | $ | -102.7 | $ | 371.9 | $ | -83.8 | ||||||
Amortization expense associated with these definite-lived intangible assets was $19.9 million, $18.1 million and $16.6 million in 2013, 2012 and 2011, respectively. Amortization expense associated with these intangible assets is expected to be $19.5 million in 2014, $17.6 million in 2015, $16.9 million in 2016, $15.7 million in 2017 and $14 million in 2018. | ||||||||||||||
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Investments Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Investments Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||
Note 6 — Investments | ||||||||||||||||||||||||||||||
At December 31, 2013 and December 31, 2012, the Company had both available-for-sale and trading investments. The available-for-sale investments consisted entirely of municipal bonds while the trading investments were comprised primarily of debt and equity mutual funds. These investments are stated at fair market value based on current quotes. | ||||||||||||||||||||||||||||||
The following table sets forth selected data with respect to the Company's investments at December 31, (in millions): | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Value | |||||||||||||||||||||
Available-For-Sale Investments | $ | 38 | $ | 0.6 | $ | - | $ | 38.6 | $ | 38.6 | $ | 38.5 | $ | 1.2 | $ | - | $ | 39.7 | $ | 39.7 | ||||||||||
Trading Investments | 5.4 | 1.9 | - | 7.3 | 7.3 | 4.7 | 1.1 | - | 5.8 | 5.8 | ||||||||||||||||||||
Total Investments | $ | 43.4 | $ | 2.5 | $ | - | $ | 45.9 | $ | 45.9 | $ | 43.2 | $ | 2.3 | $ | - | $ | 45.5 | $ | 45.5 | ||||||||||
Contractual maturities of available-for-sale investments at December 31, 2013 were as follows (in millions): | ||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
Available-For-Sale Investments | ||||||||||||||||||||||||||||||
Due within 1 year | $ | 10 | $ | 10.1 | ||||||||||||||||||||||||||
After 1 year but within 5 years | 18.4 | 18.9 | ||||||||||||||||||||||||||||
After 5 years but within 10 years | 9.6 | 9.6 | ||||||||||||||||||||||||||||
Due after 10 years | - | - | ||||||||||||||||||||||||||||
Total | $ | 38 | $ | 38.6 | ||||||||||||||||||||||||||
At December 31, 2013 and 2012, the total net of tax unrealized gains recorded relating to available-for-sale securities were $0.4 and $0.7 million, respectively. These net unrealized gains have been included in Accumulated other comprehensive loss, net of tax. Net unrealized gains relating to trading investments have been reflected in the results of operations. The cost basis used in computing the gain or loss on these securities was through specific identification. Gains and losses for both available-for-sale and trading securities were not material in 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||
PropertyPlant_and_Equipment
Property,Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment Disclosure [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Note 7 — Property, Plant, and Equipment | ||||||||
Property, plant, and equipment, carried at cost, is summarized as follows at December 31, (in millions): | ||||||||
2013 | 2012 | |||||||
Land | $ | 44.4 | $ | 43.2 | ||||
Buildings and improvements | 243.6 | 234.8 | ||||||
Machinery, tools, and equipment | 692.8 | 669.9 | ||||||
Construction-in-progress | 24.1 | 24.5 | ||||||
Gross property, plant, and equipment | 1,004.90 | 972.4 | ||||||
Less accumulated depreciation | -627.8 | -607.7 | ||||||
Net property, plant, and equipment | $ | 377.1 | $ | 364.7 | ||||
Depreciable lives on buildings range between 20-40 years. Depreciable lives on machinery, tools, and equipment range between 3-20 years. The Company recorded depreciation expense of $45.3 million, $44.1 million and $45.8 million for 2013, 2012 and 2011, respectively. | ||||||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Accrued Liabilities [Abstract] | ' | |||||||
Other Accrued Liabilities [Text Block] | ' | |||||||
Note 8 — Other Accrued Liabilities | ||||||||
Other accrued liabilities consists of the following at December 31, (in millions): | ||||||||
2013 | 2012 | |||||||
Customer program incentives | $ | 39.1 | $ | 34.7 | ||||
Accrued income taxes | 11.8 | 14.1 | ||||||
Deferred revenue | 15.8 | 16.4 | ||||||
Other | 57.6 | 54.1 | ||||||
Total | $ | 124.3 | $ | 119.3 |
Other_NonCurrent_Liabilities
Other Non-Current Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Non-Current Liabilities [Abstract] | ' | |||||||
Other Non-Current Liabilities [Text Block] | ' | |||||||
Note 9 — Other Non-Current Liabilities | ||||||||
Other non-current liabilities consists of the following at December 31, (in millions): | ||||||||
2013 | 2012 | |||||||
Pensions | $ | 78.9 | $ | 154.3 | ||||
Other postretirement benefits | 25.6 | 27.8 | ||||||
Deferred tax liabilities | 66.7 | 16.9 | ||||||
Other | 37 | 36 | ||||||
Total | $ | 208.2 | $ | 235 |
Retirement_Beneifts
Retirement Beneifts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Pension And Other Postretirement Benefit Disclosure [Abstract] | ' | ||||||||||||||||||||
Pension And Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 10 — Retirement Benefits | |||||||||||||||||||||
The Company has funded and unfunded non-contributory U.S. and foreign defined benefit pension plans. Benefits under these plans are generally provided based on either years of service and final average pay or a specified dollar amount per year of service. The US defined benefit pension plan has been closed to new participants since 2004, while the Canadian and UK defined benefit pension plans have been closed to new entrants since 2006 and 2007, respectively. These US, Canadian and UK employees are eligible instead for defined contribution plans. | |||||||||||||||||||||
The Company also has a number of health care and life insurance benefit plans covering eligible employees who reached retirement age while working for the Company. These benefits have been discontinued for substantially all future retirees. The Company anticipates future cost-sharing changes for its discontinued plans that are consistent with past practices. | |||||||||||||||||||||
The Company uses a December 31 measurement date for all of its plans. There were no amendments made in 2013 or 2012 to the defined benefit pension plans which had a significant impact on the total pension benefit obligation. | |||||||||||||||||||||
The following table sets forth the reconciliation of beginning and ending balances of the benefit obligations and the plan assets for the Company's defined benefit pension and other benefit plans at December 31, (in millions): | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 879.5 | $ | 832.4 | $ | 30.4 | $ | 33.7 | |||||||||||||
Service cost | 16.7 | 16 | - | - | |||||||||||||||||
Interest cost | 36.5 | 36.5 | 1.1 | 1.3 | |||||||||||||||||
Plan participants’ contributions | 0.7 | 0.7 | - | - | |||||||||||||||||
Amendments | 0.4 | - | - | - | |||||||||||||||||
Actuarial loss (gain) | -69.2 | 24.2 | -1.4 | -2.4 | |||||||||||||||||
Currency impact | 0.3 | 3.9 | - | - | |||||||||||||||||
Other | -0.5 | -0.5 | -0.1 | 0 | |||||||||||||||||
Benefits paid | -36.2 | -33.7 | -1.9 | -2.2 | |||||||||||||||||
Benefit obligation at end of year | $ | 828.2 | $ | 879.5 | $ | 28.1 | $ | 30.4 | |||||||||||||
Change in plan assets | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 726.3 | $ | 647.6 | $ | - | $ | - | |||||||||||||
Actual return on plan assets | 64.8 | 82.8 | - | - | |||||||||||||||||
Employer contributions | 8 | 25.1 | - | - | |||||||||||||||||
Plan participants’ contributions | 0.7 | 0.7 | - | - | |||||||||||||||||
Currency impact | 0.4 | 3.8 | - | - | |||||||||||||||||
Benefits paid | -36.2 | -33.7 | - | - | |||||||||||||||||
Fair value of plan assets at end of year | $ | 764 | $ | 726.3 | $ | - | $ | - | |||||||||||||
FUNDED STATUS | $ | -64.2 | $ | -153.2 | $ | -28.1 | $ | -30.4 | |||||||||||||
Amounts recognized in the consolidated balance sheet consist of: | |||||||||||||||||||||
Prepaid pensions (included in Other long-term assets) | $ | 18.7 | $ | 5.6 | $ | - | $ | - | |||||||||||||
Accrued benefit liability (short-term and long-term) | -82.9 | -158.8 | -28.1 | -30.4 | |||||||||||||||||
Net amount recognized in the consolidated balance sheet | $ | -64.2 | $ | -153.2 | $ | -28.1 | $ | -30.4 | |||||||||||||
Amounts recognized in Accumulated other comprehensive loss (income) consist of: | |||||||||||||||||||||
Net actuarial loss | $ | 107.2 | $ | 208.9 | $ | -0.9 | $ | 0.4 | |||||||||||||
Prior service cost (credit) | 1 | 0.8 | -6.2 | -7.1 | |||||||||||||||||
Net amount recognized in Accumulated other comprehensive loss | $ | 108.2 | $ | 209.7 | $ | -7.1 | $ | -6.7 | |||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $771.9 million and $824.1 million at December 31, 2013 and 2012, respectively. Information with respect to plans with accumulated benefit obligations in excess of plan assets is as follows, (in millions): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Projected benefit obligation | $ | 77.2 | $ | 765.9 | |||||||||||||||||
Accumulated benefit obligation | $ | 74.5 | $ | 725 | |||||||||||||||||
Fair value of plan assets | $ | - | $ | 607.1 | |||||||||||||||||
As of December 31, 2013, all of the Company's qualified defined benefit plans had assets in excess of the accumulated benefit obligation. As of December 31, 2012, half of these qualified defined benefit plans were underfunded on an accumulated benefit obligation basis. | |||||||||||||||||||||
The following table sets forth the components of pension and other benefit costs for the years ended December 31, (in millions): | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||
Service cost | $ | 16.7 | $ | 16 | $ | 13.6 | $ | - | $ | - | $ | - | |||||||||
Interest cost | 36.5 | 36.5 | 38.1 | 1.1 | 1.3 | 1.6 | |||||||||||||||
Expected return on plan assets | -46.7 | -39.9 | -41.8 | - | - | - | |||||||||||||||
Amortization of prior service cost/(credit) | 0.2 | 0.2 | 0.2 | -1 | -1 | -1 | |||||||||||||||
Amortization of actuarial losses | 13.8 | 17.4 | 8.4 | -0.1 | - | - | |||||||||||||||
Curtailment and settlement losses (gains) | - | - | -0.1 | - | - | - | |||||||||||||||
Net periodic benefit cost | $ | 20.5 | $ | 30.2 | $ | 18.4 | $ | 0 | $ | 0.3 | $ | 0.6 | |||||||||
Changes recognized in other comprehensive loss (income), before tax: | |||||||||||||||||||||
Current year net actuarial (gain)/loss | $ | -87.8 | $ | -19.1 | $ | 99.8 | $ | -1.4 | $ | -2.5 | $ | 1.8 | |||||||||
Current year prior service (cost)/credit | 0.4 | - | - | - | - | - | |||||||||||||||
Amortization of prior service (cost)/credit | -0.2 | -0.2 | -0.2 | 1 | 1 | 1 | |||||||||||||||
Amortization of net actuarial loss | -13.8 | -17.4 | -8.4 | 0.1 | - | - | |||||||||||||||
Currency impact | -0.1 | -0.2 | 0.1 | - | - | - | |||||||||||||||
Other adjustments | - | 0.3 | - | - | 0.3 | - | |||||||||||||||
Total recognized in other comprehensive (income) loss | -101.5 | -36.6 | 91.3 | -0.3 | -1.2 | 2.8 | |||||||||||||||
Total recognized in net periodic pension cost and other comprehensive loss (income) | $ | -81 | $ | -6.4 | $ | 109.7 | $ | -0.3 | $ | -0.9 | $ | 3.4 | |||||||||
Amortization expected to be recognized through income during 2014 | |||||||||||||||||||||
Amortization of prior service cost/(credit) | $ | 0.2 | $ | -1 | |||||||||||||||||
Amortization of net loss | 3.5 | -0.1 | |||||||||||||||||||
Total expected to be recognized through income during next fiscal year | $ | 3.7 | $ | -1.1 | |||||||||||||||||
The Company also maintains six defined contribution pension plans. The total cost of these plans was $11.2 million in 2013, $10.5 million in 2012 and $9.7 million in 2011, excluding the employer match for the 401(k) plan. This cost is not included in the above net periodic benefit cost for the defined benefit pension plans. | |||||||||||||||||||||
As of December 31, 2012, the Company participated in four multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union represented employees. During 2013, the Company elected to withdraw from one of these multiemployer plans at a cost of $0.5 million. As of December 31, 2013, one of the three multiemployer defined benefit pension plans in which the Company participates is considered to be less than 65 percent funded. The Company's total contributions to these plans were $0.9 million in 2013 and $0.7 million in both 2012 and 2011. These contributions represent more than five percent of the total contributions made to each of these plans during the past three years. After assessing future required contributions and/or the potential liabilities associated with withdrawing from these plans, the Company has concluded that none of these plans are significant. | |||||||||||||||||||||
Assumptions | |||||||||||||||||||||
The following assumptions were used to determine the projected benefit obligations at the measurement date and the net periodic benefit cost for the year: | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | |||||||||||||||||||||
Discount rate | 5.04 | % | 4.22 | % | 4.42 | % | 4.6 | % | 4.2 | % | 4.4 | % | |||||||||
Rate of compensation increase | 3.18 | % | 3.11 | % | 3.53 | % | 3 | % | 3 | % | 3.5 | % | |||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, | |||||||||||||||||||||
Discount rate | 4.22 | % | 4.42 | % | 5.38 | % | 4.2 | % | 4.4 | % | 5.4 | % | |||||||||
Expected return on plan assets | 6.7 | % | 6.5 | % | 7 | % | N/A | N/A | N/A | ||||||||||||
Rate of compensation increase | 3.11 | % | 3.53 | % | 3.56 | % | 3 | % | 3.5 | % | 3.5 | % | |||||||||
At the end of each year, the Company determines the appropriate expected return on assets for each plan based upon its strategic asset allocation (see discussion below). In making this determination, the Company utilizes expected returns for each asset class based upon current market conditions and expected risk premiums for each asset class. | |||||||||||||||||||||
The Company also determines the discount rate to be used to calculate the present value of pension plan liabilities at the end of each year. The discount rate for the Company's U.S. and Canadian pension plans is determined by matching the expected cash flows associated with its benefit obligations to a yield curve based on high quality, fixed income debt instruments with maturities that closely match the expected funding period of its pension liabilities. This yield curve is derived using a bond matching approach which incorporates a selection of bonds that align with the Company's projected benefit obligations. As of December 31, 2013, the Company used a discount rate of 5.1% for its U.S. pension plans compared to a discount rate of 4.2% used in 2012. For its Canadian pension plan, the Company used a discount rate of 4.75% compared to the 4.1% discount rate used in 2012. | |||||||||||||||||||||
For its UK pension plan the discount rate was derived using a yield curve fitted to the yields on AA bonds in the Barclays Capital Sterling Aggregate Corporate Index and uses sample plan cash flow data as a proxy to plan specific liability cash flows. The derived discount rate is the single discount rate equivalent to discounting these liability cash flows at the term-dependent spot rate of AA corporate bonds. This methodology resulted in a December 31, 2013 discount rate for the UK pension plan of 4.6% as compared to a discount rate of 4.5% used in 2012. | |||||||||||||||||||||
The rate of compensation increase assumption reflects the Company's actual experience and best estimate of future increases. | |||||||||||||||||||||
The assumed health care cost trend rates used to determine the projected postretirement benefit obligation are as follows: | |||||||||||||||||||||
Other Benefits | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Assumed health care cost trend rates at December 31, | |||||||||||||||||||||
Health care cost trend assumed for next year | 8.50% | 8.80% | 9.00% | ||||||||||||||||||
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% | 5.00% | ||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2028 | 2028 | 2028 | ||||||||||||||||||
Assumed health care cost trend rates have an effect on the amounts reported for the postretirement benefit plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions): | |||||||||||||||||||||
One Percentage Point Increase | One Percentage Point Decrease | ||||||||||||||||||||
Effect on total of service and interest cost | $ | 0.1 | $ | - | |||||||||||||||||
Effect on postretirement benefit obligation | $ | 1.3 | $ | -1.3 | |||||||||||||||||
Plan Assets | |||||||||||||||||||||
The Company's combined targeted and actual domestic and foreign pension plans weighted average asset allocation at December 31, 2013 and 2012 by asset category are as follows: | |||||||||||||||||||||
Percentage of Plan Assets | |||||||||||||||||||||
Target | Actual | ||||||||||||||||||||
Asset Category | 2014 | 2013 | 2012 | ||||||||||||||||||
Equity securities | 28 | % | 40 | % | 40 | % | |||||||||||||||
Debt securities & Cash | 60 | % | 43 | % | 43 | % | |||||||||||||||
Alternative Investments | 12 | % | 17 | % | 17 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||
At the end of each year, the Company estimates the expected long-term rate of return on pension plan assets based on the strategic asset allocation for its plans. In making this determination, the Company utilizes expected rates of return for each asset class based upon current market conditions and expected risk premiums for each asset class. The Company has written investment policies and asset allocation guidelines for its domestic and foreign pension plans. In establishing these policies, the Company has considered that its various pension plans are a major retirement vehicle for most plan participants and has acted to discharge its fiduciary responsibilities with regard to the plans solely in the interest of such participants and their beneficiaries. The goal underlying the establishment of the investment policies is to provide that pension assets shall be invested in a prudent manner and so that, together with the expected contributions to the plans, the funds will be sufficient to meet the obligations of the plans as they become due. To achieve this result, the Company conducts a periodic strategic asset allocation study to form a basis for the allocation of pension assets between various asset categories. Specific policy benchmark percentages are assigned to each asset category with minimum and maximum ranges established for each. The assets are then tactically managed within these ranges. Equity securities include investments in large-cap, mid-cap and small-cap companies located inside and outside the United States. Fixed income securities include corporate bonds of companies from diversified industries, mortgage-backed securities and US Treasuries. Derivative investments include futures contracts used by the plan to adjust the level of its investments within an asset allocation category. All futures contracts are 100% supported by cash or cash equivalent investments. At no time may derivatives be utilized to leverage the asset portfolio. | |||||||||||||||||||||
Equity securities include Company common stock in the amounts of $35.0 million (5.3% of total domestic plan assets) and $27.6 million (4.4% of total domestic plan assets) at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
The fair value of the Company's pension plan assets at December 31, 2013 and 2012, by asset category are as follows (in millions): | |||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Market for Similar Asset (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
Cash and cash equivalents | $ | 26.3 | $ | 26.3 | $ | - | $ | - | |||||||||||||
Equity securities: | - | ||||||||||||||||||||
US Large-cap (a) | 82 | 82 | - | - | |||||||||||||||||
US Mid-cap and Small-cap Growth (b) | 42.1 | 42.1 | - | - | |||||||||||||||||
International Large-cap | 105.3 | 105.3 | - | - | |||||||||||||||||
Emerging Markets | 40.4 | 40.4 | - | - | |||||||||||||||||
Fixed Income Securities: | - | ||||||||||||||||||||
US Treasuries | 66.8 | 66.8 | - | - | |||||||||||||||||
Corporate Bonds (c) | 119.4 | 119.4 | - | - | |||||||||||||||||
Asset Backed Securities and Other | 89.3 | 89.3 | - | - | |||||||||||||||||
Derivatives: | - | ||||||||||||||||||||
Equity/Debt Futures (d) | 60.1 | - | 60.1 | - | |||||||||||||||||
Alternative Investment Funds (e) | 132.3 | - | - | 132.3 | |||||||||||||||||
Balance at December 31, 2013 | $ | 764 | $ | 571.6 | $ | 60.1 | $ | 132.3 | |||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Market for Similar Asset (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Cash and cash equivalents | $ | 45.9 | $ | 45.9 | $ | - | $ | - | |||||||||||||
Equity securities: | |||||||||||||||||||||
US Large-cap (a) | 86.1 | 86.1 | - | - | |||||||||||||||||
US Mid-cap and Small-cap Growth (b) | 31.7 | 31.7 | - | - | |||||||||||||||||
International Large-cap | 46 | 46 | - | - | |||||||||||||||||
Emerging Markets | 37.8 | 37.8 | - | - | |||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||
US Treasuries | 52.9 | 52.9 | - | - | |||||||||||||||||
Corporate Bonds (c) | 113.9 | 113.9 | - | - | |||||||||||||||||
Asset Backed Securities and Other | 122.6 | 122.6 | - | - | |||||||||||||||||
Derivatives: | |||||||||||||||||||||
Equity/Debt Futures (d) | 63.2 | - | 63.2 | - | |||||||||||||||||
Alternative Investment Funds (e) | 126.2 | - | - | 126.2 | |||||||||||||||||
Balance at December 31, 2012 | $ | 726.3 | $ | 536.9 | $ | 63.2 | $ | 126.2 | |||||||||||||
(a) Includes an actively managed portfolio of large-cap US stocks | |||||||||||||||||||||
(b) Includes $35.0 million and $27.6 million of the Company's common stock at December 31, 2013 and 2012, respectively, and an investment in actively managed mid-cap and small-cap US stocks | |||||||||||||||||||||
(c) Includes primarily investment grade bonds of US issuers from diverse industries | |||||||||||||||||||||
(d) Includes primarily large-cap US and foreign equity futures as well as short positions in US Treasuries to adjust the duration of the portfolio | |||||||||||||||||||||
(e) Includes investments in hedge funds, including fund of fund products. | |||||||||||||||||||||
The fair value of the Company's alternative investment funds measured using significant unobservable inputs (Level 3) at December 31, 2013, are as follows (in millions): | |||||||||||||||||||||
Alternative Investment Funds | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 117.8 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||
Relating to assets still held at the reporting date | 9.2 | ||||||||||||||||||||
Relating to assets sold during the period | - | ||||||||||||||||||||
Purchases, sales and settlements, net | -0.8 | ||||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 126.2 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||
Relating to assets still held at the reporting date | 9 | ||||||||||||||||||||
Relating to assets sold during the period | 0.2 | ||||||||||||||||||||
Purchases, sales and settlements, net | -3.1 | ||||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 132.3 | |||||||||||||||||||
The alternative investments held by the Company's pension plans consist of fund of fund products. Funds of funds invest in a number of investment funds managed by a diversified group of third-party investment managers who employ a variety of alternative investment strategies, including relative value, security selection, distressed value, global macro, specialized credit and directional strategies. The objective of these funds is to achieve the desired capital appreciation with lower volatility than either traditional equity or fixed income securities. The alternative investments are valued using net asset values provided by the fund managers. The net asset values are determined based on the fair values of the underlying investments in the funds. | |||||||||||||||||||||
The Company's other postretirement benefits are unfunded; therefore, no asset information is reported. | |||||||||||||||||||||
Contributions | |||||||||||||||||||||
Although not required under the Pension Protection Act of 2006, the Company may make a voluntary contribution to its qualified domestic defined benefit pension plans in 2014. The Company expects to contribute approximately $4.0 million to its foreign plans in 2014. | |||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||
The following domestic and foreign benefit payments, which reflect future service, as appropriate, are expected to be paid as follows, (in millions): | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2014 | $ | 37.5 | $ | 2.4 | |||||||||||||||||
2015 | $ | 39.7 | $ | 2.4 | |||||||||||||||||
2016 | $ | 42.4 | $ | 2.3 | |||||||||||||||||
2017 | $ | 44.4 | $ | 2.2 | |||||||||||||||||
2018 | $ | 47.1 | $ | 2.2 | |||||||||||||||||
2019-2023 | $ | 267.7 | $ | 9.5 |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt Disclosure [TextBlock] | ' | |||||||||||
Note 11 — Debt | ||||||||||||
The following table sets forth the Company's long-term debt at December 31, (in millions): | ||||||||||||
Maturity | 2013 | 2012 | ||||||||||
Senior notes at 5.95%, net of unamortized discount | 2018 | $ | 299 | $ | 298.7 | |||||||
Senior notes at 3.625%, net of unamortized discount | 2022 | 298.2 | 298 | |||||||||
$ | 597.2 | $ | 596.7 | |||||||||
In November 2010, the Company completed a public debt offering for $300 million of long-term, senior, unsecured notes maturing in November 2022 and bearing interest at a fixed rate of 3.625%. Prior to the issuance of the 2022 Notes, the Company entered into a forward interest rate lock which resulted in a $1.6 million loss. This amount was recorded in Accumulated other comprehensive loss, net of tax and is being amortized over the life of the 2022 Notes. | ||||||||||||
In May 2008, the Company completed a public offering of $300 million long-term senior, unsecured notes maturing in May 2018. The 2018 Notes bear interest at a fixed rate of 5.95%. Prior to the issuance of the 2018 Notes, the Company entered into a forward interest rate lock which resulted in a $1.2 million gain. This amount was recorded in Accumulated other comprehensive loss, net of tax, and is being amortized over the life of the notes. | ||||||||||||
The 2018 Notes and the 2022 Notes are both fixed rate indebtedness, are callable at any time with a make whole premium and are only subject to accelerated payment prior to maturity in the event of a default under the indenture governing the 2018 Notes and 2022 Notes, as modified by the supplemental indentures creating such series, or upon a change in control event as defined in such indenture. The Company was in compliance with all of its covenants as of December 31, 2013. | ||||||||||||
During 2013 the Company entered into an uncommitted credit facility for a 12.6 million Chinese Renminbi line of credit to support its operations in China. At December 31, 2013, 2.1 million Chinese Renminbi (equivalent to $0.3 million) was outstanding under this line of credit. There were no borrowings outstanding at December 31, 2012 under this line of credit. | ||||||||||||
Other information related to short-term debt at December 31, is summarized below: | ||||||||||||
2013 | 2012 | |||||||||||
Interest rate: | ||||||||||||
At year end | 6 | % | N/A | % | ||||||||
Paid during the year (weighted average) | 5.2 | % | 18.45 | % | ||||||||
As of December 31, 2013, the Company's $500 million revolving credit facility had not been drawn against. The credit facility, which serves as a backup to our commercial paper program, was scheduled to expire in October 2016. In March 2013, the facility was amended to extend the maturity date to March 2018. The interest rate applicable to borrowing under the credit agreement is generally either the prime rate or a surcharge over LIBOR. The single financial covenant in the $500 million credit facility, which the Company is in compliance with, requires that total debt not exceed 55% of total capitalization. Annual commitment fees to support availability under the credit facility are not material. | ||||||||||||
The Company also maintains other lines of credit that are primarily used to support the issuance of letters of credit. Interest rates and other terms of borrowing under these lines of credit vary from country to country, depending on local market conditions. At December 31, 2013 and 2012 these lines totaled $60.4 million and $55.4 million, respectively, of which $37.5 million and $36.6 million was unused. The annual commitment fees associated with these lines of credit are not material. | ||||||||||||
Interest and fees paid related to total indebtedness was $29.7 million, $29.8.million and $29.3 million in 2013, 2012, and 2011, respectively. | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||
Note 12 — Income Taxes | ||||||||||||
The following table sets forth selected data with respect to the Company's income tax provisions for the years ended December 31, (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income before income taxes: | ||||||||||||
United States | $ | 360.8 | $ | 330.2 | $ | 282.5 | ||||||
International | 113 | 111.6 | 107.3 | |||||||||
TOTAL INCOME BEFORE INCOME TAXES | $ | 473.8 | $ | 441.8 | $ | 389.8 | ||||||
Provision for income taxes — current: | ||||||||||||
Federal | $ | 94.6 | $ | 66.4 | $ | 61.7 | ||||||
State | 15.1 | 12.8 | 9.7 | |||||||||
International | 21 | 33 | 29.4 | |||||||||
Total provision-current | 130.7 | 112.2 | 100.8 | |||||||||
Provision for income taxes — deferred: | ||||||||||||
Federal | $ | 14.4 | $ | 25.6 | $ | 23.3 | ||||||
State | 0.1 | 1.8 | -0.3 | |||||||||
International | -1.2 | 0.1 | -4.2 | |||||||||
Total provision — deferred | 13.3 | 27.5 | 18.8 | |||||||||
TOTAL PROVISION FOR INCOME TAXES | $ | 144 | $ | 139.7 | $ | 119.6 | ||||||
Deferred tax assets and liabilities result from differences in the basis of assets and liabilities for tax and financial statement purposes. The components of the deferred tax assets/(liabilities) at December 31, were as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventory | $ | 4.7 | $ | 8.3 | ||||||||
Income tax credits | 31.3 | 34.4 | ||||||||||
Accrued liabilities | 19 | 17.7 | ||||||||||
Pension | 23.4 | 50.8 | ||||||||||
Postretirement and post employment benefits | 11 | 11.6 | ||||||||||
Stock-based compensation | 10.1 | 9.9 | ||||||||||
Net operating loss carryforwards | 53.1 | 64.3 | ||||||||||
Miscellaneous other | 3.4 | 4.5 | ||||||||||
Gross deferred tax assets | 156 | 201.5 | ||||||||||
Valuation allowance | -28.5 | -26.1 | ||||||||||
Total deferred tax assets, net of valuation allowance | $ | 127.5 | $ | 175.4 | ||||||||
Deferred tax liabilities: | ||||||||||||
Acquisition basis difference | -123.3 | -120.5 | ||||||||||
Property, plant, and equipment | -40.4 | -37.4 | ||||||||||
Total deferred tax liabilities | $ | -163.7 | $ | -157.9 | ||||||||
Total Net Deferred Tax (Liability) Asset | $ | -36.2 | $ | 17.5 | ||||||||
Deferred taxes are reflected in the Consolidated Balance Sheet as follows: | ||||||||||||
Current tax assets (included in Deferred taxes and other) | $ | 31 | $ | 32.7 | ||||||||
Non-current tax assets (included in Other long-term assets) | 1 | 1.7 | ||||||||||
Current tax liabilities (included in Other accrued liabilities) | -1.5 | - | ||||||||||
Non-current tax liabilities (included in Other Non-current liabilities) | -66.7 | -16.9 | ||||||||||
Total Net Deferred Tax (Liability) Asset | $ | -36.2 | $ | 17.5 | ||||||||
As of December 31, 2013, the Company had a total of $31.3 million of Federal, State (net of Federal benefit) and foreign (fully valued) tax credit carryforwards, available to offset future income taxes. As of December 31, 2013, $8.0 million of the tax credits may be carried forward indefinitely while the remaining $23.3 million will begin to expire at various times in 2014 through 2029. As of December 31, 2013, the Company had recorded tax benefits totaling $53.1 million for Federal, State and foreign net operating loss carryforwards (“NOLs”). As of December 31, 2013, $14.7 million of NOLs may be carried forward indefinitely while the remaining $38.4 million will begin to expire at various times in 2016 through 2031. The tax benefit related to a portion of these NOLs has been adjusted to reflect an “ownership change” pursuant to Internal Revenue Code Section 382, which imposes an annual limitation on the utilization of pre-acquisition operating losses. The Company has recorded a net valuation allowance of $28.5 million for the portion of the foreign tax and state tax credit carryforwards and foreign NOLs that the Company anticipates will expire prior to utilization. The increase in the valuation allowance primarily relates to current year losses which have resulted in additional NOLs in foreign jurisdictions. The income tax credits and NOL carryforwards at December 31, 2012 have been revised to reflect the deferred balances and corresponding valuation allowances that had previously been reported net, resulting in no change to the net deferred tax assets at December 31, 2012. | ||||||||||||
At December 31, 2013, income and withholding taxes have not been provided on approximately $650 million of undistributed international earnings that are permanently reinvested in international operations. If such earnings were not indefinitely reinvested, a tax liability of approximately $140 million would be recognized. | ||||||||||||
Cash payments of income taxes were $127.2 million, $113.2 million and $80.1 million in 2013, 2012, and 2011, respectively. | ||||||||||||
The Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. The IRS and other tax authorities routinely audit the Company's tax returns. These audits can involve complex issues which may require an extended period of time to resolve. The IRS is currently conducting an audit of the Company's 2010 and 2011 federal income tax returns. We expect to conclude the 2010 and 2011 audit within the next twelve months. With few exceptions, the Company is no longer subject to state, local, or non-U.S. income tax examinations by tax authorities for years prior to 2006. | ||||||||||||
The following tax years, by major jurisdiction, are still subject to examination by taxing authorities: | ||||||||||||
Jurisdiction | Open Years | |||||||||||
United States | 2010-2013 | |||||||||||
Canada | 2010-2013 | |||||||||||
UK | 2009-2013 | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 13.5 | $ | 27.6 | $ | 25.2 | ||||||
Additions based on tax positions relating to the current year | 2.2 | 1.8 | 2.7 | |||||||||
Reductions based on expiration of statute of limitations | -1.5 | -9.6 | -1.3 | |||||||||
Additions to tax positions relating to previous years | 2.1 | 0.8 | 1.2 | |||||||||
Settlements | -1.5 | -7.1 | -0.2 | |||||||||
Total unrecognized tax benefits | $ | 14.8 | $ | 13.5 | $ | 27.6 | ||||||
Included in the balance at December 31, 2013 are $10.0 million of tax positions which, if in the future are determined to be recognizable, would affect the annual effective income tax rate. Additionally, there are $1.3 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty as to the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the applicable taxing authority to an earlier period. It is reasonably possible that in the next twelve months, because of changes in facts and circumstances, the unrecognized tax benefits may decrease. The Company estimates that the possible decrease is up to $3.0 million. The Company has classified the amount of unrecognized tax positions that are expected to settle within the next twelve months as a current liability. | ||||||||||||
The Company's policy is to record interest and penalties associated with the underpayment of income taxes within Provision for income taxes in the Consolidated Statement of Income. The Company recognized expense (benefit), before federal tax impact, related to interest and penalties of approximately $(0.2) million in 2013, $(0.5) million in 2012 and $0.4 million 2011. The Company had $1.2 million and $1.4 million accrued for the payment of interest and penalties as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||
The consolidated effective income tax rate varied from the United States federal statutory income tax rate for the years ended December 31, as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 2.1 | 1.8 | 1.4 | |||||||||
Foreign income taxes | -3.6 | -3.4 | -3.6 | |||||||||
Other, net | -3.1 | -1.8 | -2.1 | |||||||||
Consolidated effective income tax rate | 30.4 | % | 31.6 | % | 30.7 | % | ||||||
On January 2, 2013 the American Taxpayers Relief Act of 2012 (2012 Tax Act) was enacted. The benefits related the 2012 Tax Act are not reflected in the 2012 effective income tax rate calculation above, as they were recorded in the first quarter of 2013, the period of enactment. |
Financial_Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments [Abstract] | ' |
Financial Instruments Disclosure [Text Block] | ' |
Note 13 — Financial Instruments | |
Concentrations of Credit Risk: Financial instruments which potentially subject the Company to significant concentrations of credit risk consist of trade receivables, cash equivalents and investments. The Company grants credit terms in the normal course of business to its customers. Due to the diversity of its product lines, the Company has an extensive customer base including electrical distributors and wholesalers, electric utilities, equipment manufacturers, electrical contractors, telecommunication companies and retail and hardware outlets. No single customer accounted for more than 10% of total sales in any year during the three years ended December 31, 2013. However, the Company's top ten customers account for approximately one-third of its net sales. As part of its ongoing procedures, the Company monitors the credit worthiness of its customers. Bad debt write-offs have historically been minimal. The Company places its cash and cash equivalents with financial institutions and limits the amount of exposure in any one institution. | |
Fair Value: The carrying amounts reported in the Consolidated Balance Sheet for cash and cash equivalents, short-term investments, receivables, bank borrowings, accounts payable and accruals approximate their fair values given the immediate or short-term nature of these items. See also Note 6 — Investments and Note 14 – Fair Value Measurement. | |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Measurement Disclosure [Abstract] | ' | ||||||||||||||
Fair Value Financial Instruments Disclosures [Text Block] | ' | ||||||||||||||
Note 14 — Fair Value Measurement | |||||||||||||||
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: | |||||||||||||||
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities | |||||||||||||||
Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly | |||||||||||||||
Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions | |||||||||||||||
The following table shows, by level within the fair value hierarchy, the Company's financial assets and liabilities that are accounted for at fair value on a recurring basis at December 31, 2013 and 2012 (in millions): | |||||||||||||||
Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | ||||||||||||
31-Dec-13 | |||||||||||||||
Money market funds (a) | $ | 482.2 | $ | - | $ | 482.2 | |||||||||
Available for sale investments | 38.6 | - | 38.6 | ||||||||||||
Trading securities | 7.3 | - | 7.3 | ||||||||||||
Deferred compensation plan liabilities | -7.3 | - | -7.3 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | 0.4 | 0.4 | ||||||||||||
$ | 520.8 | $ | 0.4 | $ | 521.2 | ||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | |||||||||||||
31-Dec-12 | |||||||||||||||
Money market funds (a) | $ | 423.6 | $ | - | $ | 423.6 | |||||||||
Available for sale investments | 39.7 | - | 39.7 | ||||||||||||
Trading securities | 5.8 | - | 5.8 | ||||||||||||
Deferred compensation plan liabilities | -5.8 | - | -5.8 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | -0.2 | -0.2 | ||||||||||||
$ | 463.3 | $ | -0.2 | $ | 463.1 | ||||||||||
(a) Money market funds are included in Cash and cash equivalents in the Consolidated Balance Sheet. | |||||||||||||||
The methods and assumptions used to estimate the Level 2 fair values were as follows: | |||||||||||||||
Forward exchange contracts – The fair value of forward exchange contracts were based on quoted forward foreign exchange prices at the reporting date. | |||||||||||||||
During 2013 and 2012, there were no transfers of financial assets or liabilities in or out of Level 1 or Level 2 of the fair value hierarchy. At December 31, 2013 and December 31, 2012, the Company did not have any financial assets or liabilities that fell within the Level 3 hierarchy. | |||||||||||||||
Investments | |||||||||||||||
At December 31, 2013 and December 31, 2012, the Company had $38.6 million and $39.7 million, respectively, of municipal bonds classified as available-for-sale securities. The Company also had $7.3 million and $5.8 million of trading securities at December 31, 2013 and December 31, 2012, respectively. These investments are carried on the balance sheet at fair value. Unrealized gains and losses associated with available-for-sale securities are reflected in Accumulated other comprehensive loss, net of tax, while unrealized gains and losses associated with trading securities are reflected in the results of operations. | |||||||||||||||
Deferred compensation plan | |||||||||||||||
The Company offers certain employees the opportunity to participate in non-qualified deferred compensation plans. A participant's deferrals are invested in a variety of participant-directed debt and equity mutual funds that are classified as trading securities. During 2013 and 2012, the Company purchased $0.9 million and $1.3 million, respectively, of trading securities related to these deferred compensation plans. As result of participant distributions, the Company sold $0.2 million of these trading securities in 2013. There were no distributions or sales in 2012. The unrealized gains and losses associated with these trading securities are directly offset by the changes in the fair value of the underlying deferred compensation plan obligation. | |||||||||||||||
Derivatives | |||||||||||||||
In order to limit financial risk in the management of its assets, liabilities and debt, the Company may use derivative financial instruments such as foreign currency hedges, commodity hedges, interest rate hedges and interest rate swaps. All derivative financial instruments are matched with an existing Company asset, liability or proposed transaction. Market value gains or losses on the derivative financial instrument are recognized in income when the effects of the related price changes of the underlying asset or liability are recognized in income. | |||||||||||||||
The fair values of derivative instruments in the Consolidated Balance Sheet are as follows (in millions): | |||||||||||||||
Asset/(Liability) Derivatives | |||||||||||||||
Fair Value | |||||||||||||||
Derivatives designated as hedges | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | ||||||||||||
Forward exchange contracts designated as cash flow hedges | Other accrued liabilities | $ | - | $ | -0.2 | ||||||||||
Forward exchange contracts designated as cash flow hedges | Deferred taxes and other | 0.4 | - | ||||||||||||
$ | 0.4 | $ | -0.2 | ||||||||||||
Forward exchange contracts | |||||||||||||||
In 2013 and 2012, the Company entered into a series of forward exchange contracts to purchase U.S. dollars in order to hedge its exposure to fluctuating rates of exchange on anticipated inventory purchases by one of its Canadian subsidiaries. As of December 31, 2013, the Company had 18 individual forward exchange contracts for a notional $1.0 million each, which have various expiration dates through December 2014. These contracts have been designated as cash flow hedges in accordance with the accounting guidance for derivatives. | |||||||||||||||
Interest rate locks | |||||||||||||||
Prior to the issuance of long-term notes in 2010 and 2008, the Company entered into forward interest rate locks to hedge its exposure to fluctuations in treasury rates. The 2010 interest rate lock resulted in a $1.6 million loss while the 2008 interest rate lock resulted in a $1.2 million gain. These amounts were recorded in Accumulated other comprehensive loss, net of tax, and are being amortized over the life of the respective notes. The amortization associated with these interest rate locks is reclassified from Accumulated other comprehensive loss to Interest expense in the Consolidated Statement of Income. The amortization reclassification for the years ended December 31, 2013 and 2012 was not material. As of both December 31, 2013 and December 31, 2012 there was $0.4 million of net unamortized losses reflected in Accumulated other comprehensive loss. | |||||||||||||||
The following table summarizes the results of cash flow hedging relationships for years ended December 31, (in millions): | |||||||||||||||
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Loss, net of tax | Gain/(Loss) Reclassified into Earnings (Effective Portion) | ||||||||||||||
Derivative Instrument | 2013 | 2012 | Location of Gain/(Loss) Reclassified into Income (Effective Portion) | 2013 | 2012 | ||||||||||
Forward exchange contract | $ | 0.6 | $ | -0.5 | Cost of goods sold | $ | 0.4 | $ | -0.1 | ||||||
There was no hedge ineffectiveness with respect to the forward exchange cash flow hedges during 2013, 2012 and 2011. | |||||||||||||||
Long-term Debt | |||||||||||||||
The total carrying value of long-term debt as of December 31, 2013 and 2012 was $597.2 million and $596.7 million, respectively, net of unamortized discount. As of December 31, 2013 and 2012, the estimated fair value of the long-term debt was $631.0 million and $682.7 million, respectively, based on quoted market prices. The Company's long-term debt falls within level 2 of the fair value hierarchy. | |||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 15 — Commitments and Contingencies | |
Legal and Environmental | |
The Company is subject to various legal proceedings arising in the normal course of its business. These proceedings include claims for damages arising out of use of the Company's products, intellectual property, workers' compensation and environmental matters. The Company is self-insured up to specified limits for certain types of claims, including product liability and workers' compensation, and is fully self-insured for certain other types of claims, including environmental and intellectual property matters. The Company recognizes a liability for any contingency that in management's judgment is probable of occurrence and can be reasonably estimated. We continually reassess the likelihood of adverse judgments and outcomes in these matters, as well as estimated ranges of possible losses based upon an analysis of each matter which includes consideration of outside legal counsel and, if applicable, other experts. | |
The Company is currently involved in litigation with Powerweb Energy, Inc. as more fully described in Item 3 “Legal Proceedings” of this Annual Report on Form 10-K. The Company believes it has meritorious defenses against all claims and it will continue to vigorously defend itself in this matter. During 2013, the Company recorded an accrual equal to the low end of its estimated range of outcome. In addition, the Company does not believe the outcome will result in a material amount in excess of the existing accrual. Given the inherent uncertainty of litigation, however, the ultimate resolution of this matter remains unclear and could have a material adverse effect on the Company's financial position, liquidity, and results of operations. | |
The Company is subject to environmental laws and regulations which may require that it investigate and remediate the effects of potential contamination associated with past and present operations as well as those acquired through business combinations. Environmental liabilities are recorded when remedial efforts are probable and the costs can be reasonably estimated. The Company continues to monitor these environmental matters and revalues its liabilities as necessary. Total environmental liabilities were $12.3 million and $12.5 million as of December 31, 2013 and 2012, respectively | |
The Company accounts for conditional asset retirement and environmental obligations in accordance with the applicable accounting guidance. The accounting guidance defines “conditional asset retirement obligation” as a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the Company. Accordingly, an entity is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated. Asset retirement obligations were not material as of December 31, 2013 and 2012. . | |
Leases | |
Total rental expense under operating leases was $23.2 million in 2013, $21.9 million in 2012 and $21.7 million in 2011. The minimum annual rentals on non-cancelable, long-term, operating leases in effect at December 31, 2013 are expected to approximate $15.5 million in 2014, $11.4 million in 2015, $8.6 million in 2016, $5.7 million in 2017, $4.4 million in 2018 and $17.0 million thereafter. The Company's leases primarily consist of operating leases for buildings or equipment. The terms for building leases typically range from 5-25 years with 5-10 year renewal periods. | |
Capital_Stock
Capital Stock | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Capital Stock Disclosure [Abstract] | ' | |||||||
Capital Stock Note Disclosure [Text Block] | ' | |||||||
Note 16 — Capital Stock | ||||||||
Activity in the Company's common shares outstanding is set forth below for the three years ended December 31, 2013 (in thousands): | ||||||||
Common Stock | ||||||||
Class A | Class B | |||||||
Outstanding at December 31, 2010 | 7,167 | 53,601 | ||||||
Exercise of stock options/stock appreciation rights | - | 638 | ||||||
Director compensation arrangements, net | - | 8 | ||||||
Restricted/performance shares activity, net of forfeitures | - | 140 | ||||||
Acquisition/surrender of shares | - | -2,316 | ||||||
Outstanding at December 31, 2011 | 7,167 | 52,071 | ||||||
Exercise of stock options/stock appreciation rights | - | 804 | ||||||
Director compensation arrangements, net | - | 18 | ||||||
Restricted/performance shares activity, net of forfeitures | - | 197 | ||||||
Acquisition/surrender of shares | - | -1,021 | ||||||
Outstanding at December 31, 2012 | 7,167 | 52,069 | ||||||
Exercise of stock options/stock appreciation rights | - | 157 | ||||||
Director compensation arrangements, net | - | 16 | ||||||
Restricted/performance shares activity, net of forfeitures | - | 138 | ||||||
Acquisition/surrender of shares | - | -375 | ||||||
Outstanding at December 31, 2013 | 7,167 | 52,005 | ||||||
Repurchased shares are retired when acquired and the purchase price is charged against par value and additional paid-in capital. Shares may be repurchased through the Company's stock repurchase program, acquired by the Company from employees under the Hubbell Incorporated Stock Option Plan for Key Employees (the “Option Plan”) or surrendered to the Company by employees in settlement of their minimum tax liability on vesting of restricted shares and performance shares under the Hubbell Incorporated 2005 Incentive Award Plan as amended and restated, (the “Award Plan”). Class A Common shares have twenty votes per share, while Class B Common shares have one vote per share. In addition, the Company has 5.9 million authorized shares of preferred stock; no preferred shares are outstanding. | ||||||||
The Company has an amended and restated Rights Agreement under which holders of Class A Common Stock have Class A Rights and holders of Class B Common Stock have Class B Rights (collectively, “Rights”). These Rights become exercisable after a specified period of time only if a person or group of affiliated persons acquires beneficial ownership of 20 percent or more of the outstanding Class A Common Stock of the Company or announces or commences a tender or exchange offer that would result in the offeror acquiring beneficial ownership of 20 percent or more of the outstanding Class A Common Stock of the Company. Each Class A Right entitles the holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock (“Series A Preferred Stock”), without par value, at a price of $175.00 per one one-thousandth of a share. Similarly, each Class B Right entitles the holder to purchase one one-thousandth of a share of Series B Junior Participating Preferred Stock (“Series B Preferred Stock”), without par value, at a price of $175.00 per one one-thousandth of a share. The Rights may be redeemed by the Company for one cent per Right prior to the day a person or group of affiliated persons acquires 20 percent or more of the outstanding Class A Common Stock of the Company. The Rights will expire in December 31, 2018 (the “Final Expiration Date”), unless the Final Expiration Date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Company. | ||||||||
Shares of Series A Preferred Stock or Series B Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Series A Preferred Stock or Series B Preferred Stock will be entitled, when, as and if declared, to a minimum preferential quarterly dividend payment of $10.00 per share but will be entitled to an aggregate dividend of 1,000 times the dividend declared per share of Common Stock. In the event of liquidation, the holders of the Series A Preferred Stock or Series B Preferred Stock will be entitled to a minimum preferential liquidation payment of $100 per share (plus any accrued but unpaid dividends) but will be entitled to an aggregate payment of 1,000 times the payment made per share of Class A Common Stock or Class B Common Stock, respectively. Each share of Series A Preferred Stock will have 20,000 votes and each share of Series B Preferred Stock will have 1,000 votes, voting together with the Common Stock. Finally, in the event of any merger, consolidation, transfer of assets or earning power or other transaction in which shares of Common Stock are converted or exchanged, each share of Series A Preferred Stock or Series B Preferred Stock will be entitled to receive 1,000 times the amount received per share of Common Stock. These rights are protected by customary antidilution provisions. | ||||||||
Upon the occurrence of certain events or transactions specified in the Rights Agreement, each holder of a Right will have the right to receive, upon exercise, that number of shares of the Company's common stock or the acquiring company's shares having a market value equal to twice the exercise price. | ||||||||
Shares of the Company's common stock were reserved at December 31, 2013 as follows (in thousands): | ||||||||
Common Stock | ||||||||
Class A | Class B | Preferred Stock | ||||||
Exercise of outstanding stock options | - | 51 | - | |||||
Future grant of stock-based compensation | - | 1,807 | - | |||||
Exercise of stock purchase rights | - | - | 59 | |||||
Shares reserved under other equity compensation plans | - | 110 | - | |||||
Total | - | 1,968 | 59 |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||
Stock-Based Compensation [Text Block] | ' | ||||||||||||||||||
Note 17 — Stock-Based Compensation | |||||||||||||||||||
As of December 31, 2013, the Company had various stock-based awards outstanding which were issued to executives and other key employees. The Company recognizes the grant-date fair value of all stock-based awards to employees over their respective requisite service periods (generally equal to an award's vesting period), net of estimated forfeitures. A stock-based award is considered vested for expense attribution purposes when the employee's retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. | |||||||||||||||||||
The Company's long-term incentive program for awarding stock-based compensation uses a combination of restricted stock, stock appreciation rights (“SARs”), and performance shares of the Company's Class B Common Stock pursuant to the Award Plan. Under the Award Plan, the Company may authorize up to 6.9 million shares of Class B Common Stock in settlement of restricted stock, performance shares, SARs or any-post 2004 grants of stock options. The Company issues new shares for settlement of any stock-based awards. In 2013, the Company granted stock-based awards using a combination of restricted stock, SARs and performance shares. | |||||||||||||||||||
In 2013, 2012 and 2011, the Company recorded $14.3 million, $15.8 million and $15.1 million of stock-based compensation costs, respectively. Of the total 2013 expense, $13.4 million was recorded to S&A expense and $0.9 million was recorded to Cost of goods sold. In 2012 and 2011, $15.1 million and $14.4 million, respectively, was recorded to S&A expense and $0.7 million in both 2012 and 2011, respectively, was recorded to Cost of goods sold. Stock-based compensation costs capitalized to inventory was $0.2 million in 2013, 2012 and 2011. The Company recorded income tax benefits of approximately $8.3 million, $17.6 million and $7.1 million in 2013, 2012 and 2011, respectively, related to stock-based compensation. At December 31, 2013, these benefits are recorded as either a deferred tax asset in Deferred taxes and other or in Other accrued liabilities in the Consolidated Balance Sheet. As of December 31, 2013, there was $23.6 million, pretax, of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is expected to be recognized through 2016. | |||||||||||||||||||
Each of the compensation arrangements is discussed below. | |||||||||||||||||||
Restricted Stock | |||||||||||||||||||
Stock Issued to Employees | |||||||||||||||||||
The Company issues both service-based restricted stock awards as well as performance-based restricted stock awards. Service-based restricted stock awards are expensed on a straight-line basis over the requisite service period while performance-based restricted stock awards are expensed on a graded basis over the requisite service period and are contingent upon meeting certain performance conditions. Restricted stock granted is not transferable and is subject to forfeiture in the event of the recipient's termination of employment prior to vesting. The restricted stock generally vests in one-third increments annually for three years on each anniversary of the date of grant. Restricted stock awards are considered outstanding at the time of grant, as the award holders are entitled to dividends and voting rights. Unvested restricted stock awards are considered participating securities in computing earnings per share. The restricted stock fair values are measured using the average between the high and low trading prices of the Company's Class B Common Stock on the most recent trading day immediately preceding the grant date (“measurement date”). | |||||||||||||||||||
Stock Issued to Non-employee Directors | |||||||||||||||||||
In 2013, 2012 and 2011, each non-employee director received a grant of Class B Common Stock. These grants were made on the date of the annual meeting of shareholders and vested or will vest at the following year's annual meeting of shareholders, upon a change of control or termination of service by reason of death. These shares will be subject to forfeiture if the director's service terminates prior to the date of the next regularly scheduled annual meeting of shareholders to be held in the following calendar year. During the years 2013, 2012 and 2011, the Company issued to non-employee directors 12,474 shares, 13,980 shares, and 12,568 shares, respectively. | |||||||||||||||||||
Activity related to both employee and non-employee restricted stock for the year ended December 31, 2013 is as follows (in thousands, except per share amounts): | |||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value/Share | ||||||||||||||||||
Restricted stock at December 31, 2012 | 208 | $ | 73.63 | ||||||||||||||||
Shares granted | 82 | 105.83 | |||||||||||||||||
Shares vested | -118 | 71.61 | |||||||||||||||||
Shares forfeited | -5 | 65.5 | |||||||||||||||||
Restricted stock at December 31, 2013 | 167 | $ | 91.17 | ||||||||||||||||
The weighted average fair value per share of restricted stock granted during the years 2013, 2012 and 2011 was $105.83, $82.18 and $65.10, respectively. The total fair value of restricted stock vested during the years 2013, 2012 and 2011 was $8.4 million, $8.9 million and $8.7 million, respectively. | |||||||||||||||||||
Stock Appreciation Rights | |||||||||||||||||||
SARs granted entitle the recipient to the difference between the fair market value of the Company's Class B Common Stock on the date of exercise and the grant price as determined using the average between the high and the low trading prices of the Company's Class B Common Stock on the measurement date. This amount is payable in shares of the Company's Class B Common Stock. SARs vest and become exercisable in three equal installments during the first three years following their grant date and expire ten years from the grant date | |||||||||||||||||||
Activity related to SARs for the year ended December 31, 2013 is as follows (in thousands, except per share amounts): | |||||||||||||||||||
Number of Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||
Outstanding at December 31, 2012 | 1,633 | $ | 59.44 | ||||||||||||||||
Granted | 247 | 107.6 | |||||||||||||||||
Exercised | -341 | 47.97 | |||||||||||||||||
Forfeited | -8 | 72.59 | |||||||||||||||||
Outstanding at December 31, 2013 | 1,531 | $ | 69.68 | 7.4 years | $ | 60,017 | |||||||||||||
Exercisable at December 31, 2013 | 960 | $ | 57.56 | 6.3 years | $ | 49,274 | |||||||||||||
The aggregated intrinsic value of SARs exercised during 2013, 2012 and 2011 was $16.4 million, $32.5 million and $12.0 million, respectively. | |||||||||||||||||||
The fair value of each SAR award was measured using the Black-Scholes option pricing model. The following table summarizes the weighted-average assumptions used in estimating the fair value of the SARs granted during the years 2013, 2012 and 2011. | |||||||||||||||||||
Expected Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value of 1 SAR | |||||||||||||||
2013 | 1.9 | % | 28.3 | % | 1.6 | % | 5.4 Years | $ | 24.58 | ||||||||||
2012 | 2 | % | 29.4 | % | 0.7 | % | 5.5 Years | $ | 18.13 | ||||||||||
2011 | 2.6 | % | 30.2 | % | 1.1 | % | 5.5 Years | $ | 13.7 | ||||||||||
The expected dividend yield was calculated by dividing the Company's expected annual dividend by the average stock price for the past three months. Expected volatilities are based on historical volatilities of the Company's stock for a period consistent with the expected term. The expected term of SARs granted was based upon historical exercise behavior of stock options and SARs. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the award. | |||||||||||||||||||
Performance Shares | |||||||||||||||||||
Performance shares represent the right to receive a share of the Company's Class B Common Stock after a three year period subject to the achievement of certain performance criteria established by the Company's Compensation Committee. Partial vesting in these awards may occur after separation from the Company for retirement eligible employees. | |||||||||||||||||||
In December 2013, 2012 and 2011, the Company granted 30,730; 38,656 and 39,456 performance shares, respectively. The grants' performance conditions are subject to the achievement of certain market-based criteria. Performance at target will result in vesting and issuance of the number of performance shares granted, equal to 100% payout. Performance below or above target can result in issuance in the range of 0%-200% of the number of shares granted. | |||||||||||||||||||
In February 2014, the Company paid out 58,754 shares related to its December 2010 performance award grant. The performance period associated with this award was from January 1, 2011 through December 31, 2013 and was based upon the Company's total return to shareholders (“TSR”) compared to the TSR generated by the other companies that comprise the S&P Mid-Cap 400 Index. The February 2014 payout was based upon achieving 200% of the market-based criteria. The fair value of the December 2010 performance awards at vesting was $7.0 million. | |||||||||||||||||||
The fair value of the market-based criteria for the fiscal year 2013, 2012 and 2011 performance share awards was determined based upon a lattice model. The following table summarizes the related assumptions used to determine the fair values of the performance shares with respect to the market-based criteria. Expected volatilities are based on historical volatilities of the Company's stock over a three year period. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the expected term of the award. | |||||||||||||||||||
Stock Price on Measurement Date | Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value | ||||||||||||||
2013 | $ | 107.87 | 1.9 | % | 33.8 | % | 0.6 | % | 3 Years | $ | 130.33 | ||||||||
2012 | $ | 83.73 | 2 | % | 27.3 | % | 0.4 | % | 3 Years | $ | 100.77 | ||||||||
2011 | $ | 64.48 | 2.4 | % | 35.9 | % | 0.4 | % | 3 Years | $ | 83.12 | ||||||||
Total stock-based compensation expense recorded related to performance share awards was $2.5 million, $2.7 million and $2.1 million in 2013, 2012 and 2011, respectively. There has been no stock based compensation recorded related to the 2013 performance award as the service inception date for this particular award begins on January 1, 2013. | |||||||||||||||||||
Stock Option Awards | |||||||||||||||||||
Prior to 2005, the Company granted options to officers and other key employees to purchase the Company's Class B Common Stock. All options granted had an exercise price equal to the average between the high and low trading prices of the Company's Class B Common Stock on the measurement date. These option awards expire ten years after grant date. Exercises of existing stock option grants are expected to be settled in the Company's Class B Common Stock as authorized in the Option Plan. The last stock options granted by the Company were in 2004. | |||||||||||||||||||
Stock option activity for the year ended December 31, 2013 is set forth below (in thousands, except per share amounts): | |||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||
Outstanding at December 31, 2012 | 104 | $ | 46.99 | ||||||||||||||||
Exercised | -53 | 46.05 | |||||||||||||||||
Outstanding at December 31, 2013 | 51 | $ | 47.95 | 0.9 years | $ | 3,139 | |||||||||||||
Exercisable at December 31, 2013 | 51 | $ | 47.95 | 0.9 years | $ | 3,139 | |||||||||||||
The aggregate intrinsic value of stock options exercised during 2013, 2012 and 2011 was $2.9 million, $16.5 million and $12.0 million, respectively. Cash received from option exercises was $2.4 million, $24.8 million and $21.9 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||
The Company recorded realized tax benefits from equity-based awards of $8.4 million, $15.6 million, and $8.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. These realized tax benefits have been reflected in Cash Flows From Financing Activities. | |||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share Disclosure [Abstract] | ' | ||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||
Note 18 — Earnings Per Share | |||||||||||
The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends. | |||||||||||
The following table sets forth the computation of earnings per share for the three years ended December 31 (in millions, except per share amounts): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator: | |||||||||||
Net income attributable to Hubbell | $ | 326.5 | $ | 299.7 | $ | 267.9 | |||||
Less: Earnings allocated to participating securities | 1 | 1 | 1 | ||||||||
Net income available to common shareholders | $ | 325.5 | $ | 298.7 | $ | 266.9 | |||||
Denominator: | |||||||||||
Average number of common shares outstanding | 59.1 | 59.1 | 59.7 | ||||||||
Potential dilutive shares | 0.5 | 0.7 | 0.7 | ||||||||
Average number of diluted shares outstanding | 59.6 | 59.8 | 60.4 | ||||||||
Earnings per share: | |||||||||||
Basic | $ | 5.51 | $ | 5.05 | $ | 4.47 | |||||
Diluted | $ | 5.47 | $ | 5 | $ | 4.42 | |||||
The Company did not have any significant anti-dilutive securities in 2013, 2012 or 2011. | |||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Loss Disclosure [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss Note [Text Block] | ' | ||||||||||||||||
Note 19 — Accumulated Other Comprehensive Loss | |||||||||||||||||
A summary of the changes in Accumulated other comprehensive loss (net of tax) for the year ended December 31, 2013 is provided below (in millions): | |||||||||||||||||
(debit) credit | Cash flow hedge (loss) gain | Unrealized gain (loss) on available-for-sale securities | Pension and post retirement benefit plan adjustment | Cumulative translation adjustment | Total | ||||||||||||
Balance at December 31, 2012 | $ | -0.5 | $ | 0.7 | $ | -130.1 | $ | 10.8 | $ | -119.1 | |||||||
Other comprehensive income (loss) before | |||||||||||||||||
reclassifications | 0.6 | -0.3 | 54.8 | -15 | 40.1 | ||||||||||||
Amounts reclassified from accumulated | |||||||||||||||||
other comprehensive loss | -0.3 | - | 8.3 | - | 8 | ||||||||||||
Current period other comprehensive income (loss) | 0.3 | -0.3 | 63.1 | -15 | 48.1 | ||||||||||||
Balance at December 31, 2013 | $ | -0.2 | $ | 0.4 | $ | -67 | $ | -4.2 | $ | -71 | |||||||
A summary of the gain (loss) reclassifications out of Accumulated other comprehensive loss for the year ended December 31, 2013 is provided below (in millions): | |||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Year Ended December 31 | Location of Gain (Loss) Reclassified into Income | |||||||||||||||
Cash flow hedges gain (loss): | |||||||||||||||||
Forward exchange contracts | $ | 0.4 | Cost of goods sold | ||||||||||||||
0.4 | Total before tax | ||||||||||||||||
-0.1 | Tax (expense) benefit | ||||||||||||||||
$ | 0.3 | Gain (loss) net of tax | |||||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | |||||||||||||||||
Prior-service costs | $ | 0.8 | (a) | ||||||||||||||
Actuarial gains/(losses) | -13.7 | (a) | |||||||||||||||
-12.9 | Total before tax | ||||||||||||||||
4.6 | Tax benefit (expense) | ||||||||||||||||
$ | -8.3 | (Loss) gain net of tax | |||||||||||||||
Losses reclassified into earnings | $ | -8 | (Loss) gain net of tax | ||||||||||||||
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 10 - Retirement Benefits for additional details). |
Industry_Segments_and_Geograph
Industry Segments and Geographic Area Information | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Industry Segment And Geographic Data [Abstract] | ' | ||||||||||
Industry Segment and Geographic Area Data [Text Block] | ' | ||||||||||
Note 20 — Industry Segments and Geographic Area Information | |||||||||||
Nature of Operations | |||||||||||
Hubbell Incorporated was founded as a proprietorship in 1888, and was incorporated in Connecticut in 1905. Hubbell designs, manufactures and sells quality electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Switzerland, Puerto Rico, China, Mexico, Italy, the UK, Brazil and Australia. Hubbell also participates in joint ventures in Taiwan and Hong Kong, and maintains offices in Singapore, China, India, Mexico, South Korea and countries in the Middle East. | |||||||||||
The Company's reporting segments consist of the Electrical segment (comprised of electrical systems products and lighting products), and the Power segment, as described below. | |||||||||||
The Electrical segment is comprised of businesses that sell stock and custom products including standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, and other electrical equipment. The products are typically used in and around industrial, commercial and institutional facilities by electrical contractors, maintenance personnel, electricians, and telecommunications companies. In addition, certain businesses design and manufacture a variety of high voltage test and measurement equipment, industrial controls and communication systems used in the non-residential and industrial markets. Many of these products are designed such that they can also be used in harsh and hazardous locations where a potential for fire and explosion exists due to the presence of flammable gasses and vapors. Harsh and hazardous products are primarily used in the oil and gas (onshore and offshore) and mining industries. There are also a variety of lighting fixtures, wiring devices and electrical products that have residential and utility applications. These products are primarily sold through electrical and industrial distributors, home centers, some retail and hardware outlets, lighting showrooms and residential product oriented internet sites. Special application products are sold primarily through wholesale distributors to contractors, industrial customers and OEMs. High voltage products are also sold direct to customers through our sales engineers. | |||||||||||
The Power segment consists of operations that design and manufacture various distribution, transmission, substation and telecommunications products primarily used by the electrical utility industry. In addition, certain of these products are used in the civil construction and transportation industries. Products are sold to distributors and directly to users such as electric utilities, telecommunication companies, mining operations, industrial firms, construction and engineering firms. | |||||||||||
Financial Information | |||||||||||
Financial information by industry segment, product class and geographic area for the three years ended December 31, 2013, is summarized below (in millions). When reading the data the following items should be noted: | |||||||||||
• Net sales comprise sales to unaffiliated customers — inter-segment and inter-area sales are not significant. | |||||||||||
• Segment operating income consists of net sales less operating expenses, including total corporate expenses, which are generally allocated to each segment on the basis of the segment's percentage of consolidated net sales. Interest expense and investment income and other expense, net have not been allocated to segments as these items are centrally managed by the Company. | |||||||||||
• General corporate assets not allocated to segments are principally cash, prepaid pensions, investments and deferred taxes. These assets have not been allocated as they are centrally managed by the Company. | |||||||||||
Industry Segment Data | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales: | |||||||||||
Electrical | $ | 2,262.60 | $ | 2,114.60 | $ | 2,004.20 | |||||
Power | 921.3 | 929.8 | 867.4 | ||||||||
TOTAL NET SALES | $ | 3,183.90 | $ | 3,044.40 | $ | 2,871.60 | |||||
Operating Income: | |||||||||||
Electrical | $ | 341.1 | $ | 303.7 | $ | 282 | |||||
Power | 166.5 | 168.1 | 141.8 | ||||||||
Operating income | 507.6 | 471.8 | 423.8 | ||||||||
Loss on extinguishment of debt | |||||||||||
Interest expense | -30.8 | -30.8 | -30.9 | ||||||||
Investment income and other expense, net | -3 | 0.8 | -3.1 | ||||||||
Income before income taxes | $ | 473.8 | $ | 441.8 | $ | 389.8 | |||||
Assets: | |||||||||||
Electrical | $ | 1,813.80 | $ | 1,659.20 | $ | 1,558.20 | |||||
Power | 707 | 710.4 | 659.8 | ||||||||
General Corporate | 666.4 | 577.4 | 628.5 | ||||||||
TOTAL ASSETS | $ | 3,187.20 | $ | 2,947.00 | $ | 2,846.50 | |||||
Capital Expenditures: | |||||||||||
Electrical | $ | 32.4 | $ | 27.1 | $ | 35.9 | |||||
Power | 25 | 20.4 | 16.5 | ||||||||
General Corporate | 1.4 | 1.6 | 3 | ||||||||
TOTAL CAPITAL EXPENDITURES | $ | 58.8 | $ | 49.1 | $ | 55.4 | |||||
Depreciation and Amortization: | |||||||||||
Electrical | $ | 48 | $ | 45.8 | $ | 47.1 | |||||
Power | 22.6 | 21 | 21.1 | ||||||||
TOTAL DEPRECIATION AND AMORTIZATION | $ | 70.6 | $ | 66.8 | $ | 68.2 | |||||
Product Class Data | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales: | |||||||||||
Electrical Systems | $ | 1,466.40 | $ | 1,376.10 | $ | 1,271.40 | |||||
Lighting | 796.2 | 738.5 | 732.8 | ||||||||
Power | 921.3 | 929.8 | 867.4 | ||||||||
TOTAL NET SALES | $ | 3,183.90 | $ | 3,044.40 | $ | 2,871.60 | |||||
Geographic Area Data | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales: | |||||||||||
United States | $ | 2,687.60 | $ | 2,541.60 | $ | 2,381.50 | |||||
International | 496.3 | 502.8 | 490.1 | ||||||||
TOTAL NET SALES | $ | 3,183.90 | $ | 3,044.40 | $ | 2,871.60 | |||||
Operating Income: | |||||||||||
United States | $ | 417.5 | $ | 383.8 | $ | 338 | |||||
International | 90.1 | 88 | 85.8 | ||||||||
TOTAL OPERATING INCOME | $ | 507.6 | $ | 471.8 | $ | 423.8 | |||||
Long-lived Assets: | |||||||||||
United States | $ | 1,341.40 | $ | 1,225.40 | $ | 1,185.40 | |||||
International | 212.3 | 227 | 225.1 | ||||||||
TOTAL LONG-LIVED ASSETS | $ | 1,553.70 | $ | 1,452.40 | $ | 1,410.50 | |||||
On a geographic basis, the Company defines “international” as operations based outside of the United States and its possessions. As a percentage of total net sales, shipments from foreign operations directly to third parties were 16% in 2013 and 17% in 2012 and 2011, with the Canada, UK and Brazil operations representing approximately 30%, 24% and 12%, respectively, of 2013 total international net sales. Long-lived assets, excluding deferred tax assets, of international subsidiaries were 14% of the consolidated total in 2013, and 16% in both 2012 and 2011, with the UK, Canada and Mexico operations representing approximately 29%, 19%, and 18%, respectively, of the 2013 international total. Export sales from United States operations were $213.0 million in 2013, $243.9 million in 2012 and $210.2 million in 2011. | |||||||||||
Guarantees
Guarantees | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Standard Product Warranty Disclosure [Abstract] | ' | |||||
Product Warranty Disclosure [Text Block] | ' | |||||
Note 21 — Guarantees | ||||||
The Company accrues for costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely costs to be incurred are accrued based on an evaluation of currently available facts and, where no amount within a range of estimates is more likely, the minimum is accrued. | ||||||
The Company records a liability equal to the fair value of guarantees in the Consolidated Balance Sheet in accordance with the accounting guidance for guarantees. As of December 31, 2013, the fair value and maximum potential payment related to the Company's guarantees were not material. | ||||||
The Company offers product warranties which cover defects on most of its products. These warranties primarily apply to products that are properly installed, maintained and used for their intended purpose. The Company accrues estimated warranty costs at the time of sale. Estimated warranty expenses, recorded in cost of goods sold, are based upon historical information such as past experience, product failure rates, or the estimated number of units to be repaired or replaced. Adjustments are made to the product warranty accrual as claims are incurred, additional information becomes known or as historical experience indicates. | ||||||
Changes in the accrual for product warranties in 2013 are set forth below (in millions): | ||||||
Balance at December 31, 2012 | $ | 7 | ||||
Provision | 10.3 | |||||
Expenditures/other | -10.7 | |||||
Balance at December 31, 2013 | $ | 6.6 |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Quarterly Financial Data Disclosure [Abstract] | ' | ||||||||||||||
Quarterly Financial Data [Text Block] | ' | ||||||||||||||
Note 22 — Quarterly Financial Data (Unaudited) | |||||||||||||||
The table below sets forth summarized quarterly financial data for the years ended December 31, 2013 and 2012 (in millions, except per share amounts): | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2013 | |||||||||||||||
Net Sales | $ | 740.1 | $ | 801.3 | $ | 835.9 | $ | 806.6 | |||||||
Gross Profit | $ | 236.3 | $ | 272 | $ | 291.3 | $ | 270.9 | |||||||
Net Income | $ | 66.8 | $ | 83 | $ | 97.2 | $ | 82.8 | |||||||
Net Income attributable to Hubbell | $ | 65.9 | $ | 82.1 | $ | 96.5 | $ | 82 | |||||||
Earnings Per Share — Basic | $ | 1.11 | $ | 1.38 | $ | 1.63 | $ | 1.39 | |||||||
Earnings Per Share — Diluted | $ | 1.1 | $ | 1.37 | $ | 1.62 | $ | 1.38 | |||||||
2012 | |||||||||||||||
Net Sales | $ | 723.8 | $ | 778.4 | $ | 789.7 | $ | 752.5 | |||||||
Gross Profit | $ | 234.1 | $ | 259.8 | $ | 268.5 | $ | 249.8 | |||||||
Net Income | $ | 63.6 | $ | 78 | $ | 87.6 | $ | 72.9 | |||||||
Net Income attributable to Hubbell | $ | 63.2 | $ | 77.5 | $ | 87.1 | $ | 71.9 | |||||||
Earnings Per Share — Basic | $ | 1.06 | $ | 1.31 | $ | 1.47 | $ | 1.21 | |||||||
Earnings Per Share — Diluted | $ | 1.05 | $ | 1.29 | $ | 1.45 | $ | 1.2 | |||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Valuation and Qualifying Accounts And Reserves [Abstract] | ' | |||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||
Schedule II | ||||||||||||||
HUBBELL INCORPORATED AND SUBSIDIARIES | ||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2011, 2012 AND 2013 | ||||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply (in millions): | ||||||||||||||
Balance at Beginning of Year | Additions / (Reversals) Charged to Costs and Expenses | Deductions | Balance at End of Year | |||||||||||
Allowances for doubtful accounts receivable: | ||||||||||||||
Year 2011 | $ | 3.6 | $ | 0.1 | $ | -0.7 | $ | 3 | ||||||
Year 2012 | $ | 3 | $ | 1.4 | $ | -1.2 | $ | 3.2 | ||||||
Year 2013 | $ | 3.2 | $ | -0.2 | $ | -0.9 | $ | 2.1 | ||||||
Allowance for credit memos and returns: | ||||||||||||||
Year 2011 | $ | 18.6 | $ | 155 | $ | -153.2 | $ | 20.4 | ||||||
Year 2012 | $ | 20.4 | $ | 168.1 | $ | -168 | $ | 20.5 | ||||||
Year 2013 | $ | 20.5 | $ | 181.7 | $ | -173.2 | $ | 29 | ||||||
Valuation allowance on deferred tax assets: | ||||||||||||||
Year 2011 | $ | 18 | $ | 1.7 | $ | - | $ | 19.7 | ||||||
Year 2012 | $ | 19.7 | $ | 6.4 | $ | - | $ | 26.1 | ||||||
Year 2013 | $ | 26.1 | $ | 2.6 | $ | -0.2 | $ | 28.5 |
Significant_Policies_Policies
Significant Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policy Text Block [Abstract] | ' |
Reclassifications [Text Block] | ' |
Reclassifications | |
Certain reclassifications have been made in prior year financial statements and notes to conform to the current year presentation. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The Consolidated Financial Statements include all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company participates in two joint ventures, one of which is accounted for using the equity method, the other has been consolidated in accordance with the consolidation accounting guidance. An analysis is performed to determine which reporting entity, if any, has a controlling financial interest in a variable interest entity (“VIE”) with a primarily qualitative analysis. The qualitative analysis is based on identifying the party that has both the power to direct the activities that most significantly impact the VIE's economic performance (the “power criterion”) and the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE (the “losses/benefit criterion”). The party that meets both these criteria is deemed to have a controlling financial interest. The party with the controlling financial interest is considered to be the primary beneficiary and as a result is required to consolidate the VIE. The Company has a 50% interest in a joint venture in Hong Kong, established as Hubbell Asia Limited (“HAL”). The principal objective of HAL is to manage the operations of its wholly-owned manufacturing company in China. Under the accounting guidance, the Company is the primary beneficiary of HAL and as a result consolidates HAL. This determination is based on the fact that HAL's sole business purpose is to manufacture product exclusively for the Company (the power criterion) and the Company is financially responsible for ensuring HAL maintains a fixed operating margin (the losses/benefit criterion). The consolidation of HAL is not material to the Company's consolidated financial statements. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements. Actual results could differ from the estimates that are used. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed and determinable and collection is probable. Product is considered delivered to the customer once it has been shipped and title and risk of loss have been transferred. The majority of the Company's revenue is recognized at the time of shipment. The Company recognizes less than one percent of total annual consolidated net revenue from post shipment obligations and service contracts, primarily within the Electrical segment. Revenue is recognized under these contracts when the service is completed and all conditions of sale have been met. In addition, within the Electrical segment, certain businesses sell large and complex equipment which requires construction and assembly and occasionally has long lead times. It is customary in these businesses to require a portion of the selling price to be paid in advance of construction. These payments are treated as deferred revenue and are classified in Other accrued liabilities in the Consolidated Balance Sheet. Once the equipment is shipped to the customer and meets the revenue recognition criteria, the deferred revenue is recognized in the Consolidated Statement of Income. | |
Further, certain of our businesses account for sales discounts and allowances based on sales volumes, specific programs and customer deductions, as is customary in the electrical products industry. These items primarily relate to sales volume incentives, special pricing allowances, and returned goods. Sales volume incentives represent rebates with specific sales volume targets for specific customers. Certain distributors qualify for price rebates by subsequently reselling the Company's products into select channels of end users. Following a distributor's sale of an eligible product, the distributor submits a claim for a price rebate. Customers also have a right to return goods under certain circumstances which are reasonably estimable by affected businesses. Customer returns have historically ranged from 1%-3% of gross sales. | |
These arrangements require us to estimate at the time of sale the amounts that should not be recorded as revenue as these amounts are not expected to be collected from customers. The Company principally relies on historical experience, specific customer agreements and anticipated future trends to estimate these amounts at the time of shipment. | |
Shipping and Handling Cost, Policy [Policy Text Block] | ' |
Shipping and Handling Fees and Costs | |
The Company records shipping and handling costs as part of Cost of goods sold in the Consolidated Statement of Income. Any amounts billed to customers for reimbursement of shipping and handling are included in Net sales in the Consolidated Statement of Income. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency Translation | |
The assets and liabilities of international subsidiaries are translated to U.S. dollars at exchange rates in effect at the end of the year, and income and expense items are translated at average exchange rates in effect during the year. The effects of exchange rate fluctuations on the translated amounts of foreign currency assets and liabilities are included as translation adjustments in Accumulated other comprehensive loss within Hubbell shareholders' equity. Gains and losses from foreign currency transactions are included in results of operations. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
The carrying value of cash equivalents approximates fair value. Cash equivalents consist of highly liquid investments with original maturities of three months or less. | |
Investment, Policy [Policy Text Block] | ' |
Investments | |
Investments in debt and equity securities are classified by individual security as available-for-sale, held-to-maturity or trading investments. Our available-for-sale investments, consisting of municipal bonds, are carried on the balance sheet at fair value with current period adjustments to carrying value recorded in Accumulated other comprehensive loss within Hubbell shareholders' equity, net of tax. Realized gains and losses are recorded in income in the period of sale. The Company's trading investments are carried on the balance sheet at fair value and consist primarily of debt and equity mutual funds. Gains and losses associated with these trading investments are reflected in the results of operations. The Company did not have any investments classified as held-to-maturity as of December 31, 2013 and 2012. | |
Receivables, Policy [Policy Text Block] | ' |
Accounts Receivable and Allowances | |
Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The allowance for doubtful accounts is based on an estimated amount of probable credit losses in existing accounts receivable. The allowance is calculated based upon a combination of historical write-off experience, fixed percentages applied to aging categories and specific identification based upon a review of past due balances and problem accounts. Account balances are charged off against the allowance when it is determined that internal collection efforts should no longer be pursued. The Company also maintains a reserve for credit memos, cash discounts and product returns which are principally calculated based upon historical experience, specific customer agreements, as well as anticipated future trends. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are stated at the lower of cost or market value. The cost of substantially all domestic inventories (approximately 85% of total net inventory value) is determined utilizing the last-in, first-out (LIFO) method of inventory accounting. The cost of foreign inventories and certain domestic inventories is determined utilizing average cost or first-in, first-out (FIFO) methods of inventory accounting. Reserves for excess and obsolete inventory are provided based on current assessments about future demand compared to on-hand quantities. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, Plant, and Equipment | |
Property, plant and equipment values are stated at cost less accumulated depreciation. Maintenance and repair expenditures that do not significantly increase the life of an asset are charged to expense when incurred. Property, plant and equipment placed in service prior to January 1, 1999 are depreciated over their estimated useful lives, principally using accelerated methods. Assets placed in service subsequent to January 1, 1999 are depreciated over their estimated useful lives, using straight-line methods. Leasehold improvements are amortized over the shorter of their economic lives or the lease term. Gains and losses arising on the disposal of property, plant and equipment are included in Operating income in the Consolidated Statement of Income. | |
Internal Use Software, Policy [Policy Text Block] | ' |
Capitalized Computer Software Costs | |
Capitalized computer software costs, net of amortization, were $10.9 million and $8.7 million at December 31, 2013 and 2012, respectively. This balance is reflected in Other long-term assets in the Consolidated Balance Sheet. Capitalized computer software costs primarily consist of purchased materials and services. Software is amortized on a straight-line basis over appropriate periods, generally five years. The Company recorded amortization expense of $4.3 million, $3.5 million and $4.8 million in 2013, 2012 and 2011, respectively, relating to capitalized computer software. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' |
Goodwill and Other Intangible Assets | |
Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired companies. Indefinite-lived intangible assets and goodwill are subject to annual impairment testing using the specific guidance and criteria described in the accounting guidance. The Company performs its goodwill impairment testing as of April 1st of each year, unless circumstances dictate the need for more frequent assessments. The Company has elected to utilize the two step goodwill impairment testing process as prescribed in the accounting guidance. Step 1 compares the fair value of the Company's reporting units to their carrying values. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. If the carrying value of the reporting unit exceeds its fair value, Step 2 must be completed to quantify the amount of impairment. | |
Goodwill impairment testing requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units and determining the fair value of each reporting unit. Significant judgments required to estimate the fair value of reporting units include estimating future cash flows, determining appropriate discount rates and other assumptions. The Company uses internal discounted cash flow estimates to determine fair value. These cash flow estimates are derived from historical experience and future long-term business plans and the application of an appropriate discount rate. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit. The Company's estimated aggregate fair value of its reporting units are reasonable when compared to the Company's market capitalization on the valuation date. | |
As of April 1, 2013, the impairment testing resulted in implied fair values for each reporting unit that exceeded the reporting unit's carrying value, including goodwill. The Company did not have any reporting units at risk of failing Step 1 of the impairment test as the excess of the estimated fair value over carrying value (expressed as a percentage of carrying value) ranged from approximately 100% to approximately 400% for the respective reporting units. Additionally, the Company did not have any reporting units with zero or negative carrying amounts. The Company has not recorded any goodwill impairments since the initial adoption of the accounting guidance in 2002. | |
The Company's intangible assets consist primarily of patents, tradenames and customer relationships. Intangible assets with definite lives are being amortized over periods generally ranging from 5-30 years. These definite lived intangibles are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The Company did not record any impairments related to its definite lived intangible assets in 2013, 2012 or 2011. The Company also has some tradenames that are considered to be indefinite-lived intangible assets. These indefinite-lived are not amortized and are tested for impairment annually, unless circumstances dictate the need for more frequent assessment. | |
In 2012, the accounting guidance related to testing indefinite lived intangible assets, other than goodwill, for impairment was amended. The amendment provides entities an option of performing a qualitative assessment before calculating the fair value of the asset. If the entity determines, on the basis of certain qualitative factors, that it is more-likely-than-not that the asset is not impaired, the entity would not need to calculate the fair value of the asset. The Company elected to bypass the qualitative assessment and proceeded directly to the determination of fair value of its indefinite lived intangibles which resulted in no impairment in 2013, 2012 or 2011. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Other Long-Lived Assets | |
The Company reviews depreciable long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. If such a change in circumstances occurs, the related estimated future undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is compared to the carrying amount. If the sum of the expected cash flows is less than the carrying amount, an impairment charge is recorded. The impairment charge is measured as the amount by which the carrying amount exceeds the fair value of the asset. The fair value of impaired assets is determined using expected cash flow estimates, quoted market prices when available and appraisals as appropriate. The Company did not record any material impairment charges in 2013, 2012 or 2011. | |
Accrued Insurance Policy [PolicyTextblock] | ' |
Accrued Insurance | |
The Company retains a significant portion of the risks associated with workers' compensation, medical, automobile and general liability insurance. The Company estimates self-insurance liabilities using a number of factors, including historical claims experience, demographic factors, severity factors and other actuarial assumptions. The accrued liabilities associated with these programs are based on the Company's estimate of the ultimate costs to settle known claims as well as claims incurred but not reported as of the balance sheet date. The Company periodically reviews the assumptions with a third party actuary to determine the adequacy of these self-insurance reserves. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. The IRS and other tax authorities routinely review the Company's tax returns. These audits can involve complex issues which may require an extended period of time to resolve. The Company makes adequate provisions for best estimates of exposures on previously filed tax returns. Deferred income taxes are recognized for the tax consequence of differences between financial statement carrying amounts and the tax basis of assets and liabilities by applying the currently enacted statutory tax rates in accordance with the accounting guidance for income taxes. The effect of a change in statutory tax rates is recognized in the period that includes the enactment date. Additionally, deferred tax assets are required to be reduced by a valuation allowance if it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized. The Company uses factors to assess the likelihood of realization of deferred tax assets such as the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. | |
In addition, the accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of the tax position taken or expected to be taken in a tax return. For any amount of benefit to be recognized, it must be determined that it is more-likely-than-not that a tax position will be sustained upon examination by taxing authorities based on the technical merits of the position. The amount of benefit to be recognized is based on the Company's assertion of the most likely outcome resulting from an examination, including resolution of any related appeals or litigation processes. Companies are required to adjust their financial statements to reflect only those tax positions that are more-likely-than-not to be sustained. See also Note 12 — Income Taxes. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development | |
Research and development expenditures represent costs to discover and/or apply new knowledge in developing a new product, process, or in bringing about a significant improvement to an existing product or process. Research and development expenses are recorded as a component of Cost of goods sold. Expenses for research and development were approximately 2% of Cost of goods sold for each of the years 2013, 2012 and 2011. | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' |
Retirement Benefits | |
The Company maintains various defined benefit pension plans for some of its U.S. and foreign employees. The accounting guidance for retirement benefits requires the Company to recognize the funded status of its defined benefit pension and postretirement plans as an asset or liability in the Consolidated Balance Sheet. Gains or losses, prior service costs or credits, and transition assets or obligations that have not yet been included in net periodic benefit cost as of the end of the year are recognized as components of Accumulated other comprehensive loss, net of tax, within Hubbell shareholders' equity. The Company's policy is to fund pension costs within the ranges prescribed by applicable regulations. In addition to providing defined benefit pension benefits, the Company provides health care and life insurance benefits for some of its active and retired employees. The Company's policy is to fund these benefits through insurance premiums or as actual expenditures are made. See also Note 10 — Retirement Benefits. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share | |
The earnings per share accounting guidance requires use of the two-class method in determining earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends. Basic earnings per share is calculated as net income available to common shareholders divided by the weighted average number of shares of common stock outstanding. Earnings per diluted share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding of common stock plus the incremental shares outstanding assuming the exercise of dilutive stock options, stock appreciation rights and performance shares. See also Note 18 — Earnings Per Share. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company recognizes the grant-date fair value of all stock-based awards on a straight-line basis over their respective requisite service periods (generally equal to an award's vesting period), except for performance-based restricted stock awards which are expensed using the graded vesting attribution method. A stock-based award is considered vested for expense attribution purposes when the retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The expense is recorded in Cost of goods sold and S&A expense in the Consolidated Statement of Income based on the recipients' respective functions within the organization. | |
The Company records deferred tax assets for awards that will result in deductions on its tax returns, based upon the amount of compensation cost recognized and the statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported in the Company's tax return are recorded to Additional paid-in capital to the extent that previously recognized credits to paid-in capital are still available. See also Note 17 — Stock-Based Compensation. | |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | ' |
Derivatives | |
In order to limit financial risk in the management of its assets, liabilities and debt, the Company may use derivative financial instruments such as foreign currency hedges, commodity hedges, interest rate hedges and interest rate swaps. All derivative financial instruments are matched with an existing Company asset, liability or proposed transaction. The Company does not speculate or use leverage when trading a derivative product. Market value gains or losses on the derivative financial instrument are recognized in income when the effects of the related price changes of the underlying asset or liability are recognized in income. See Note 14 – Fair Value Measurement for more information regarding our derivative instruments. | |
New Accounting Pronouncements [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB amended the disclosure requirements regarding the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment does not change the current requirement for reporting net income or other comprehensive income, but requires additional disclosures about significant amounts reclassified out of accumulated other comprehensive income including the effect of the reclassification on the related net income line items. This amendment was adopted prospectively by the Company effective January 1, 2013. See also Note 19 - Accumulated Other Comprehensive Loss. | |
In March 2013, the FASB amended guidance related to a parent company's accounting for the release of the cumulative translation adjustment into net income upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The adoption of this amendment did not have a material impact on the Company's financial statements. | |
In July 2013, the FASB amended its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective and early adoption are also permitted. The Company does not anticipate the adoption of this amendment will have a material impact on its financial statements. | |
Business_Acquisitions_Table
Business Acquisitions (Table) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations Table [Abstract] | ' | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||
Tangible assets acquired | $ | 37.4 | |||
Intangible assets | 21.3 | ||||
Goodwill | 49.6 | ||||
Liabilities assumed | -11.8 | ||||
Total cash consideration | $ | 96.5 |
Receivables_and_Allowances_Tab
Receivables and Allowances (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables and Allowances [Abstract] | ' | |||||||
Schedule Of Receivables and Allowances [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Trade accounts receivable | $ | 461.1 | $ | 421.2 | ||||
Non-trade receivables | 13.5 | 10.2 | ||||||
Accounts receivable, gross | 474.6 | 431.4 | ||||||
Allowance for credit memos, returns, and cash discounts | -31.6 | -23 | ||||||
Allowance for doubtful accounts | -2.1 | -3.2 | ||||||
Total allowances | -33.7 | -26.2 | ||||||
Accounts receivable, net | $ | 440.9 | $ | 405.2 |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure Tables [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Raw material | $ | 122.3 | $ | 118.4 | ||||
Work-in-process | 87.2 | 81.8 | ||||||
Finished goods | 259.4 | 226.5 | ||||||
468.9 | 426.7 | |||||||
Excess of FIFO over LIFO cost basis | -83.2 | -85 | ||||||
Inventories, net | $ | 385.7 | $ | 341.7 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill Disclosure [Abstract] | ' | |||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||
Segment | ||||||||||||||
Electrical | Power | Total | ||||||||||||
Balance December 31, 2011 | $ | 453 | $ | 274.3 | $ | 727.3 | ||||||||
Acquisitions | 18.6 | 7.7 | 26.3 | |||||||||||
Translation adjustments | 3 | -1.1 | 1.9 | |||||||||||
Balance December 31, 2012 | $ | 474.6 | $ | 280.9 | $ | 755.5 | ||||||||
Acquisitions | 49.6 | - | 49.6 | |||||||||||
Translation adjustments | -3.3 | -1.4 | -4.7 | |||||||||||
Balance December 31, 2013 | $ | 520.9 | $ | 279.5 | $ | 800.4 | ||||||||
Schedule of Intangible Assets [Table Text Block] | ' | |||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||
Definite-lived: | ||||||||||||||
Patents, tradenames and trademarks | $ | 111.2 | $ | -27.7 | $ | 102.8 | $ | -23 | ||||||
Customer/agent relationships and other | 222.2 | -75 | 212.7 | -60.8 | ||||||||||
Total Definite-lived Intangibles | 333.4 | -102.7 | 315.5 | -83.8 | ||||||||||
Indefinite-lived: | ||||||||||||||
Tradenames and other | 55.9 | - | 56.4 | - | ||||||||||
Total Intangible Assets | $ | 389.3 | $ | -102.7 | $ | 371.9 | $ | -83.8 |
Investment_Table
Investment (Table) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Investments Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Investments [TableTextBlock] | ' | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Value | |||||||||||||||||||||
Available-For-Sale Investments | $ | 38 | $ | 0.6 | $ | - | $ | 38.6 | $ | 38.6 | $ | 38.5 | $ | 1.2 | $ | - | $ | 39.7 | $ | 39.7 | ||||||||||
Trading Investments | 5.4 | 1.9 | - | 7.3 | 7.3 | 4.7 | 1.1 | - | 5.8 | 5.8 | ||||||||||||||||||||
Total Investments | $ | 43.4 | $ | 2.5 | $ | - | $ | 45.9 | $ | 45.9 | $ | 43.2 | $ | 2.3 | $ | - | $ | 45.5 | $ | 45.5 | ||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
Available-For-Sale Investments | ||||||||||||||||||||||||||||||
Due within 1 year | $ | 10 | $ | 10.1 | ||||||||||||||||||||||||||
After 1 year but within 5 years | 18.4 | 18.9 | ||||||||||||||||||||||||||||
After 5 years but within 10 years | 9.6 | 9.6 | ||||||||||||||||||||||||||||
Due after 10 years | - | - | ||||||||||||||||||||||||||||
Total | $ | 38 | $ | 38.6 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment Disclosure [Abstract] | ' | |||||||
Property, Plant, and Equipment [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Land | $ | 44.4 | $ | 43.2 | ||||
Buildings and improvements | 243.6 | 234.8 | ||||||
Machinery, tools, and equipment | 692.8 | 669.9 | ||||||
Construction-in-progress | 24.1 | 24.5 | ||||||
Gross property, plant, and equipment | 1,004.90 | 972.4 | ||||||
Less accumulated depreciation | -627.8 | -607.7 | ||||||
Net property, plant, and equipment | $ | 377.1 | $ | 364.7 |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Accrued Disclosure [Abstract] | ' | |||||||
Other Accrued Liabilities [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Customer program incentives | $ | 39.1 | $ | 34.7 | ||||
Accrued income taxes | 11.8 | 14.1 | ||||||
Deferred revenue | 15.8 | 16.4 | ||||||
Other | 57.6 | 54.1 | ||||||
Total | $ | 124.3 | $ | 119.3 |
Other_NonCurrent_Liabilities_T
Other Non-Current Liabilities (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Non-Current Liabilities [Abstract] | ' | |||||||
Other Non-Current Liabilities [Text Block] | ' | |||||||
Note 9 — Other Non-Current Liabilities | ||||||||
Other non-current liabilities consists of the following at December 31, (in millions): | ||||||||
2013 | 2012 | |||||||
Pensions | $ | 78.9 | $ | 154.3 | ||||
Other postretirement benefits | 25.6 | 27.8 | ||||||
Deferred tax liabilities | 66.7 | 16.9 | ||||||
Other | 37 | 36 | ||||||
Total | $ | 208.2 | $ | 235 |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Retirement Benefits Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule Of Changes In Benefit Obligation Plan Assets Amts Recog In Accum O C I Amts Recog In B S [TableTextBlock] | ' | ||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 879.5 | $ | 832.4 | $ | 30.4 | $ | 33.7 | |||||||||||||
Service cost | 16.7 | 16 | - | - | |||||||||||||||||
Interest cost | 36.5 | 36.5 | 1.1 | 1.3 | |||||||||||||||||
Plan participants’ contributions | 0.7 | 0.7 | - | - | |||||||||||||||||
Amendments | 0.4 | - | - | - | |||||||||||||||||
Actuarial loss (gain) | -69.2 | 24.2 | -1.4 | -2.4 | |||||||||||||||||
Currency impact | 0.3 | 3.9 | - | - | |||||||||||||||||
Other | -0.5 | -0.5 | -0.1 | 0 | |||||||||||||||||
Benefits paid | -36.2 | -33.7 | -1.9 | -2.2 | |||||||||||||||||
Benefit obligation at end of year | $ | 828.2 | $ | 879.5 | $ | 28.1 | $ | 30.4 | |||||||||||||
Change in plan assets | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 726.3 | $ | 647.6 | $ | - | $ | - | |||||||||||||
Actual return on plan assets | 64.8 | 82.8 | - | - | |||||||||||||||||
Employer contributions | 8 | 25.1 | - | - | |||||||||||||||||
Plan participants’ contributions | 0.7 | 0.7 | - | - | |||||||||||||||||
Currency impact | 0.4 | 3.8 | - | - | |||||||||||||||||
Benefits paid | -36.2 | -33.7 | - | - | |||||||||||||||||
Fair value of plan assets at end of year | $ | 764 | $ | 726.3 | $ | - | $ | - | |||||||||||||
FUNDED STATUS | $ | -64.2 | $ | -153.2 | $ | -28.1 | $ | -30.4 | |||||||||||||
Amounts recognized in the consolidated balance sheet consist of: | |||||||||||||||||||||
Prepaid pensions (included in Other long-term assets) | $ | 18.7 | $ | 5.6 | $ | - | $ | - | |||||||||||||
Accrued benefit liability (short-term and long-term) | -82.9 | -158.8 | -28.1 | -30.4 | |||||||||||||||||
Net amount recognized in the consolidated balance sheet | $ | -64.2 | $ | -153.2 | $ | -28.1 | $ | -30.4 | |||||||||||||
Amounts recognized in Accumulated other comprehensive loss (income) consist of: | |||||||||||||||||||||
Net actuarial loss | $ | 107.2 | $ | 208.9 | $ | -0.9 | $ | 0.4 | |||||||||||||
Prior service cost (credit) | 1 | 0.8 | -6.2 | -7.1 | |||||||||||||||||
Net amount recognized in Accumulated other comprehensive loss | $ | 108.2 | $ | 209.7 | $ | -7.1 | $ | -6.7 | |||||||||||||
Schedule Of Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets [TableTextBlock] | ' | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Projected benefit obligation | $ | 77.2 | $ | 765.9 | |||||||||||||||||
Accumulated benefit obligation | $ | 74.5 | $ | 725 | |||||||||||||||||
Fair value of plan assets | $ | - | $ | 607.1 | |||||||||||||||||
Schedule Of Net Periodic Benefit Costs Amts Recog In O C I Amts To Be Recog [TableTextBlock] | ' | ||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||
Service cost | $ | 16.7 | $ | 16 | $ | 13.6 | $ | - | $ | - | $ | - | |||||||||
Interest cost | 36.5 | 36.5 | 38.1 | 1.1 | 1.3 | 1.6 | |||||||||||||||
Expected return on plan assets | -46.7 | -39.9 | -41.8 | - | - | - | |||||||||||||||
Amortization of prior service cost/(credit) | 0.2 | 0.2 | 0.2 | -1 | -1 | -1 | |||||||||||||||
Amortization of actuarial losses | 13.8 | 17.4 | 8.4 | -0.1 | - | - | |||||||||||||||
Curtailment and settlement losses (gains) | - | - | -0.1 | - | - | - | |||||||||||||||
Net periodic benefit cost | $ | 20.5 | $ | 30.2 | $ | 18.4 | $ | 0 | $ | 0.3 | $ | 0.6 | |||||||||
Changes recognized in other comprehensive loss (income), before tax: | |||||||||||||||||||||
Current year net actuarial (gain)/loss | $ | -87.8 | $ | -19.1 | $ | 99.8 | $ | -1.4 | $ | -2.5 | $ | 1.8 | |||||||||
Current year prior service (cost)/credit | 0.4 | - | - | - | - | - | |||||||||||||||
Amortization of prior service (cost)/credit | -0.2 | -0.2 | -0.2 | 1 | 1 | 1 | |||||||||||||||
Amortization of net actuarial loss | -13.8 | -17.4 | -8.4 | 0.1 | - | - | |||||||||||||||
Currency impact | -0.1 | -0.2 | 0.1 | - | - | - | |||||||||||||||
Other adjustments | - | 0.3 | - | - | 0.3 | - | |||||||||||||||
Total recognized in other comprehensive (income) loss | -101.5 | -36.6 | 91.3 | -0.3 | -1.2 | 2.8 | |||||||||||||||
Total recognized in net periodic pension cost and other comprehensive loss (income) | $ | -81 | $ | -6.4 | $ | 109.7 | $ | -0.3 | $ | -0.9 | $ | 3.4 | |||||||||
Amortization expected to be recognized through income during 2014 | |||||||||||||||||||||
Amortization of prior service cost/(credit) | $ | 0.2 | $ | -1 | |||||||||||||||||
Amortization of net loss | 3.5 | -0.1 | |||||||||||||||||||
Total expected to be recognized through income during next fiscal year | $ | 3.7 | $ | -1.1 | |||||||||||||||||
Schedule Of Assumptions Used [TableTextBlock] | ' | ||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | |||||||||||||||||||||
Discount rate | 5.04 | % | 4.22 | % | 4.42 | % | 4.6 | % | 4.2 | % | 4.4 | % | |||||||||
Rate of compensation increase | 3.18 | % | 3.11 | % | 3.53 | % | 3 | % | 3 | % | 3.5 | % | |||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, | |||||||||||||||||||||
Discount rate | 4.22 | % | 4.42 | % | 5.38 | % | 4.2 | % | 4.4 | % | 5.4 | % | |||||||||
Expected return on plan assets | 6.7 | % | 6.5 | % | 7 | % | N/A | N/A | N/A | ||||||||||||
Rate of compensation increase | 3.11 | % | 3.53 | % | 3.56 | % | 3 | % | 3.5 | % | 3.5 | % | |||||||||
Schedule Of Health Care Cost Trend Rates [TableTextBlock] | ' | ||||||||||||||||||||
Other Benefits | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Assumed health care cost trend rates at December 31, | |||||||||||||||||||||
Health care cost trend assumed for next year | 8.50% | 8.80% | 9.00% | ||||||||||||||||||
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% | 5.00% | ||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2028 | 2028 | 2028 | ||||||||||||||||||
Schedule Of Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates [TableTextBlock] | ' | ||||||||||||||||||||
One Percentage Point Increase | One Percentage Point Decrease | ||||||||||||||||||||
Effect on total of service and interest cost | $ | 0.1 | $ | - | |||||||||||||||||
Effect on postretirement benefit obligation | $ | 1.3 | $ | -1.3 | |||||||||||||||||
Schedule of Defined Benefit Plan Target and Acutal Plan Asset Allocation [TableTextBlock] | ' | ||||||||||||||||||||
Percentage of Plan Assets | |||||||||||||||||||||
Target | Actual | ||||||||||||||||||||
Asset Category | 2014 | 2013 | 2012 | ||||||||||||||||||
Equity securities | 28 | % | 40 | % | 40 | % | |||||||||||||||
Debt securities & Cash | 60 | % | 43 | % | 43 | % | |||||||||||||||
Alternative Investments | 12 | % | 17 | % | 17 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Market for Similar Asset (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
Cash and cash equivalents | $ | 26.3 | $ | 26.3 | $ | - | $ | - | |||||||||||||
Equity securities: | - | ||||||||||||||||||||
US Large-cap (a) | 82 | 82 | - | - | |||||||||||||||||
US Mid-cap and Small-cap Growth (b) | 42.1 | 42.1 | - | - | |||||||||||||||||
International Large-cap | 105.3 | 105.3 | - | - | |||||||||||||||||
Emerging Markets | 40.4 | 40.4 | - | - | |||||||||||||||||
Fixed Income Securities: | - | ||||||||||||||||||||
US Treasuries | 66.8 | 66.8 | - | - | |||||||||||||||||
Corporate Bonds (c) | 119.4 | 119.4 | - | - | |||||||||||||||||
Asset Backed Securities and Other | 89.3 | 89.3 | - | - | |||||||||||||||||
Derivatives: | - | ||||||||||||||||||||
Equity/Debt Futures (d) | 60.1 | - | 60.1 | - | |||||||||||||||||
Alternative Investment Funds (e) | 132.3 | - | - | 132.3 | |||||||||||||||||
Balance at December 31, 2013 | $ | 764 | $ | 571.6 | $ | 60.1 | $ | 132.3 | |||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Market for Similar Asset (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Cash and cash equivalents | $ | 45.9 | $ | 45.9 | $ | - | $ | - | |||||||||||||
Equity securities: | |||||||||||||||||||||
US Large-cap (a) | 86.1 | 86.1 | - | - | |||||||||||||||||
US Mid-cap and Small-cap Growth (b) | 31.7 | 31.7 | - | - | |||||||||||||||||
International Large-cap | 46 | 46 | - | - | |||||||||||||||||
Emerging Markets | 37.8 | 37.8 | - | - | |||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||
US Treasuries | 52.9 | 52.9 | - | - | |||||||||||||||||
Corporate Bonds (c) | 113.9 | 113.9 | - | - | |||||||||||||||||
Asset Backed Securities and Other | 122.6 | 122.6 | - | - | |||||||||||||||||
Derivatives: | |||||||||||||||||||||
Equity/Debt Futures (d) | 63.2 | - | 63.2 | - | |||||||||||||||||
Alternative Investment Funds (e) | 126.2 | - | - | 126.2 | |||||||||||||||||
Balance at December 31, 2012 | $ | 726.3 | $ | 536.9 | $ | 63.2 | $ | 126.2 | |||||||||||||
(a) Includes an actively managed portfolio of large-cap US stocks | |||||||||||||||||||||
(b) Includes $35.0 million and $27.6 million of the Company's common stock at December 31, 2013 and 2012, respectively, and an investment in actively managed mid-cap and small-cap US stocks | |||||||||||||||||||||
(c) Includes primarily investment grade bonds of US issuers from diverse industries | |||||||||||||||||||||
(d) Includes primarily large-cap US and foreign equity futures as well as short positions in US Treasuries to adjust the duration of the portfolio | |||||||||||||||||||||
(e) Includes investments in hedge funds, including fund of fund products. | |||||||||||||||||||||
Schedule Of Change In Plan Assets Measured Using Unobservable Inputs [TableTextBlock] | ' | ||||||||||||||||||||
Alternative Investment Funds | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 117.8 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||
Relating to assets still held at the reporting date | 9.2 | ||||||||||||||||||||
Relating to assets sold during the period | - | ||||||||||||||||||||
Purchases, sales and settlements, net | -0.8 | ||||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 126.2 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||
Relating to assets still held at the reporting date | 9 | ||||||||||||||||||||
Relating to assets sold during the period | 0.2 | ||||||||||||||||||||
Purchases, sales and settlements, net | -3.1 | ||||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 132.3 | |||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2014 | $ | 37.5 | $ | 2.4 | |||||||||||||||||
2015 | $ | 39.7 | $ | 2.4 | |||||||||||||||||
2016 | $ | 42.4 | $ | 2.3 | |||||||||||||||||
2017 | $ | 44.4 | $ | 2.2 | |||||||||||||||||
2018 | $ | 47.1 | $ | 2.2 | |||||||||||||||||
2019-2023 | $ | 267.7 | $ | 9.5 |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule Of Debt [TableTextBlock] | ' | |||||||||||
Maturity | 2013 | 2012 | ||||||||||
Senior notes at 5.95%, net of unamortized discount | 2018 | $ | 299 | $ | 298.7 | |||||||
Senior notes at 3.625%, net of unamortized discount | 2022 | 298.2 | 298 | |||||||||
$ | 597.2 | $ | 596.7 | |||||||||
2013 | 2012 | |||||||||||
Interest rate: | ||||||||||||
At year end | 6 | % | N/A | % | ||||||||
Paid during the year (weighted average) | 5.2 | % | 18.45 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule Of Income Before Income Tax Domestic And Foreign [TableTextBlock] | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Income before income taxes: | ||||||||||||
United States | $ | 360.8 | $ | 330.2 | $ | 282.5 | ||||||
International | 113 | 111.6 | 107.3 | |||||||||
TOTAL INCOME BEFORE INCOME TAXES | $ | 473.8 | $ | 441.8 | $ | 389.8 | ||||||
Provision for income taxes — current: | ||||||||||||
Federal | $ | 94.6 | $ | 66.4 | $ | 61.7 | ||||||
State | 15.1 | 12.8 | 9.7 | |||||||||
International | 21 | 33 | 29.4 | |||||||||
Total provision-current | 130.7 | 112.2 | 100.8 | |||||||||
Provision for income taxes — deferred: | ||||||||||||
Federal | $ | 14.4 | $ | 25.6 | $ | 23.3 | ||||||
State | 0.1 | 1.8 | -0.3 | |||||||||
International | -1.2 | 0.1 | -4.2 | |||||||||
Total provision — deferred | 13.3 | 27.5 | 18.8 | |||||||||
TOTAL PROVISION FOR INCOME TAXES | $ | 144 | $ | 139.7 | $ | 119.6 | ||||||
Schedule Of Components Of Income Tax Expense Benefit [TableTextBlock] | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Income before income taxes: | ||||||||||||
United States | $ | 360.8 | $ | 330.2 | $ | 282.5 | ||||||
International | 113 | 111.6 | 107.3 | |||||||||
TOTAL INCOME BEFORE INCOME TAXES | $ | 473.8 | $ | 441.8 | $ | 389.8 | ||||||
Provision for income taxes — current: | ||||||||||||
Federal | $ | 94.6 | $ | 66.4 | $ | 61.7 | ||||||
State | 15.1 | 12.8 | 9.7 | |||||||||
International | 21 | 33 | 29.4 | |||||||||
Total provision-current | 130.7 | 112.2 | 100.8 | |||||||||
Provision for income taxes — deferred: | ||||||||||||
Federal | $ | 14.4 | $ | 25.6 | $ | 23.3 | ||||||
State | 0.1 | 1.8 | -0.3 | |||||||||
International | -1.2 | 0.1 | -4.2 | |||||||||
Total provision — deferred | 13.3 | 27.5 | 18.8 | |||||||||
TOTAL PROVISION FOR INCOME TAXES | $ | 144 | $ | 139.7 | $ | 119.6 | ||||||
Schedule Of Deferred Tax Assets And Liabilities [TableTextBlock] | ' | |||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventory | $ | 4.7 | $ | 8.3 | ||||||||
Income tax credits | 31.3 | 34.4 | ||||||||||
Accrued liabilities | 19 | 17.7 | ||||||||||
Pension | 23.4 | 50.8 | ||||||||||
Postretirement and post employment benefits | 11 | 11.6 | ||||||||||
Stock-based compensation | 10.1 | 9.9 | ||||||||||
Net operating loss carryforwards | 53.1 | 64.3 | ||||||||||
Miscellaneous other | 3.4 | 4.5 | ||||||||||
Gross deferred tax assets | 156 | 201.5 | ||||||||||
Valuation allowance | -28.5 | -26.1 | ||||||||||
Total deferred tax assets, net of valuation allowance | $ | 127.5 | $ | 175.4 | ||||||||
Deferred tax liabilities: | ||||||||||||
Acquisition basis difference | -123.3 | -120.5 | ||||||||||
Property, plant, and equipment | -40.4 | -37.4 | ||||||||||
Total deferred tax liabilities | $ | -163.7 | $ | -157.9 | ||||||||
Total Net Deferred Tax (Liability) Asset | $ | -36.2 | $ | 17.5 | ||||||||
Deferred taxes are reflected in the Consolidated Balance Sheet as follows: | ||||||||||||
Current tax assets (included in Deferred taxes and other) | $ | 31 | $ | 32.7 | ||||||||
Non-current tax assets (included in Other long-term assets) | 1 | 1.7 | ||||||||||
Current tax liabilities (included in Other accrued liabilities) | -1.5 | - | ||||||||||
Non-current tax liabilities (included in Other Non-current liabilities) | -66.7 | -16.9 | ||||||||||
Total Net Deferred Tax (Liability) Asset | $ | -36.2 | $ | 17.5 | ||||||||
Summary Of Income Tax Examinations [TableTextBlock] | ' | |||||||||||
Jurisdiction | Open Years | |||||||||||
United States | 2010-2013 | |||||||||||
Canada | 2010-2013 | |||||||||||
UK | 2009-2013 | |||||||||||
Summary Of Income Tax Contingencies [TableTextBlock] | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 13.5 | $ | 27.6 | $ | 25.2 | ||||||
Additions based on tax positions relating to the current year | 2.2 | 1.8 | 2.7 | |||||||||
Reductions based on expiration of statute of limitations | -1.5 | -9.6 | -1.3 | |||||||||
Additions to tax positions relating to previous years | 2.1 | 0.8 | 1.2 | |||||||||
Settlements | -1.5 | -7.1 | -0.2 | |||||||||
Total unrecognized tax benefits | $ | 14.8 | $ | 13.5 | $ | 27.6 | ||||||
Schedule Of Effective Income Tax Rate Reconciliation [TableTextBlock] | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 2.1 | 1.8 | 1.4 | |||||||||
Foreign income taxes | -3.6 | -3.4 | -3.6 | |||||||||
Other, net | -3.1 | -1.8 | -2.1 | |||||||||
Consolidated effective income tax rate | 30.4 | % | 31.6 | % | 30.7 | % |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Measurement Tables [Abstract] | ' | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||
Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | ||||||||||||
31-Dec-13 | |||||||||||||||
Money market funds (a) | $ | 482.2 | $ | - | $ | 482.2 | |||||||||
Available for sale investments | 38.6 | - | 38.6 | ||||||||||||
Trading securities | 7.3 | - | 7.3 | ||||||||||||
Deferred compensation plan liabilities | -7.3 | - | -7.3 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | 0.4 | 0.4 | ||||||||||||
$ | 520.8 | $ | 0.4 | $ | 521.2 | ||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | |||||||||||||
31-Dec-12 | |||||||||||||||
Money market funds (a) | $ | 423.6 | $ | - | $ | 423.6 | |||||||||
Available for sale investments | 39.7 | - | 39.7 | ||||||||||||
Trading securities | 5.8 | - | 5.8 | ||||||||||||
Deferred compensation plan liabilities | -5.8 | - | -5.8 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | -0.2 | -0.2 | ||||||||||||
$ | 463.3 | $ | -0.2 | $ | 463.1 | ||||||||||
(a) Money market funds are included in Cash and cash equivalents in the Consolidated Balance Sheet. | |||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||
Asset/(Liability) Derivatives | |||||||||||||||
Fair Value | |||||||||||||||
Derivatives designated as hedges | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | ||||||||||||
Forward exchange contracts designated as cash flow hedges | Other accrued liabilities | $ | - | $ | -0.2 | ||||||||||
Forward exchange contracts designated as cash flow hedges | Deferred taxes and other | 0.4 | - | ||||||||||||
$ | 0.4 | $ | -0.2 | ||||||||||||
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Loss, net of tax | Gain/(Loss) Reclassified into Earnings (Effective Portion) | ||||||||||||||
Derivative Instrument | 2013 | 2012 | Location of Gain/(Loss) Reclassified into Income (Effective Portion) | 2013 | 2012 | ||||||||||
Forward exchange contract | $ | 0.6 | $ | -0.5 | Cost of goods sold | $ | 0.4 | $ | -0.1 |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Capital Stock Disclosure [Abstract] | ' | |||||||
Schedule Of Stock By Class [Table Text Block] | ' | |||||||
Common Stock | ||||||||
Class A | Class B | |||||||
Outstanding at December 31, 2010 | 7,167 | 53,601 | ||||||
Exercise of stock options/stock appreciation rights | - | 638 | ||||||
Director compensation arrangements, net | - | 8 | ||||||
Restricted/performance shares activity, net of forfeitures | - | 140 | ||||||
Acquisition/surrender of shares | - | -2,316 | ||||||
Outstanding at December 31, 2011 | 7,167 | 52,071 | ||||||
Exercise of stock options/stock appreciation rights | - | 804 | ||||||
Director compensation arrangements, net | - | 18 | ||||||
Restricted/performance shares activity, net of forfeitures | - | 197 | ||||||
Acquisition/surrender of shares | - | -1,021 | ||||||
Outstanding at December 31, 2012 | 7,167 | 52,069 | ||||||
Exercise of stock options/stock appreciation rights | - | 157 | ||||||
Director compensation arrangements, net | - | 16 | ||||||
Restricted/performance shares activity, net of forfeitures | - | 138 | ||||||
Acquisition/surrender of shares | - | -375 | ||||||
Outstanding at December 31, 2013 | 7,167 | 52,005 | ||||||
Capital Stock Reserved Shares Table [Text Block] | ' | |||||||
Common Stock | ||||||||
Class A | Class B | Preferred Stock | ||||||
Exercise of outstanding stock options | - | 51 | - | |||||
Future grant of stock-based compensation | - | 1,807 | - | |||||
Exercise of stock purchase rights | - | - | 59 | |||||
Shares reserved under other equity compensation plans | - | 110 | - | |||||
Total | - | 1,968 | 59 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||
Restricted Stock [TableTextBlock] | ' | ||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value/Share | ||||||||||||||||||
Restricted stock at December 31, 2012 | 208 | $ | 73.63 | ||||||||||||||||
Shares granted | 82 | 105.83 | |||||||||||||||||
Shares vested | -118 | 71.61 | |||||||||||||||||
Shares forfeited | -5 | 65.5 | |||||||||||||||||
Restricted stock at December 31, 2013 | 167 | $ | 91.17 | ||||||||||||||||
Stock-Appreciation Rights Activity[Table TextBlock] | ' | ||||||||||||||||||
Number of Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||
Outstanding at December 31, 2012 | 1,633 | $ | 59.44 | ||||||||||||||||
Granted | 247 | 107.6 | |||||||||||||||||
Exercised | -341 | 47.97 | |||||||||||||||||
Forfeited | -8 | 72.59 | |||||||||||||||||
Outstanding at December 31, 2013 | 1,531 | $ | 69.68 | 7.4 years | $ | 60,017 | |||||||||||||
Exercisable at December 31, 2013 | 960 | $ | 57.56 | 6.3 years | $ | 49,274 | |||||||||||||
Stock-Appreciation Rights Valuation [Table TextBlock] | ' | ||||||||||||||||||
Expected Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value of 1 SAR | |||||||||||||||
2013 | 1.9 | % | 28.3 | % | 1.6 | % | 5.4 Years | $ | 24.58 | ||||||||||
2012 | 2 | % | 29.4 | % | 0.7 | % | 5.5 Years | $ | 18.13 | ||||||||||
2011 | 2.6 | % | 30.2 | % | 1.1 | % | 5.5 Years | $ | 13.7 | ||||||||||
Performance Shares Valuation [Table TextBlock] | ' | ||||||||||||||||||
Stock Price on Measurement Date | Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value | ||||||||||||||
2013 | $ | 107.87 | 1.9 | % | 33.8 | % | 0.6 | % | 3 Years | $ | 130.33 | ||||||||
2012 | $ | 83.73 | 2 | % | 27.3 | % | 0.4 | % | 3 Years | $ | 100.77 | ||||||||
2011 | $ | 64.48 | 2.4 | % | 35.9 | % | 0.4 | % | 3 Years | $ | 83.12 | ||||||||
Stock Option Awards [Table TextBlock] | ' | ||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||
Outstanding at December 31, 2012 | 104 | $ | 46.99 | ||||||||||||||||
Exercised | -53 | 46.05 | |||||||||||||||||
Outstanding at December 31, 2013 | 51 | $ | 47.95 | 0.9 years | $ | 3,139 | |||||||||||||
Exercisable at December 31, 2013 | 51 | $ | 47.95 | 0.9 years | $ | 3,139 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share Tables [Abstract] | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator: | |||||||||||
Net income attributable to Hubbell | $ | 326.5 | $ | 299.7 | $ | 267.9 | |||||
Less: Earnings allocated to participating securities | 1 | 1 | 1 | ||||||||
Net income available to common shareholders | $ | 325.5 | $ | 298.7 | $ | 266.9 | |||||
Denominator: | |||||||||||
Average number of common shares outstanding | 59.1 | 59.1 | 59.7 | ||||||||
Potential dilutive shares | 0.5 | 0.7 | 0.7 | ||||||||
Average number of diluted shares outstanding | 59.6 | 59.8 | 60.4 | ||||||||
Earnings per share: | |||||||||||
Basic | $ | 5.51 | $ | 5.05 | $ | 4.47 | |||||
Diluted | $ | 5.47 | $ | 5 | $ | 4.42 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Loss Table [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
(debit) credit | Cash flow hedge (loss) gain | Unrealized gain (loss) on available-for-sale securities | Pension and post retirement benefit plan adjustment | Cumulative translation adjustment | Total | ||||||||||||
Balance at December 31, 2012 | $ | -0.5 | $ | 0.7 | $ | -130.1 | $ | 10.8 | $ | -119.1 | |||||||
Other comprehensive income (loss) before | |||||||||||||||||
reclassifications | 0.6 | -0.3 | 54.8 | -15 | 40.1 | ||||||||||||
Amounts reclassified from accumulated | |||||||||||||||||
other comprehensive loss | -0.3 | - | 8.3 | - | 8 | ||||||||||||
Current period other comprehensive income (loss) | 0.3 | -0.3 | 63.1 | -15 | 48.1 | ||||||||||||
Balance at December 31, 2013 | $ | -0.2 | $ | 0.4 | $ | -67 | $ | -4.2 | $ | -71 | |||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Year Ended December 31 | Location of Gain (Loss) Reclassified into Income | |||||||||||||||
Cash flow hedges gain (loss): | |||||||||||||||||
Forward exchange contracts | $ | 0.4 | Cost of goods sold | ||||||||||||||
0.4 | Total before tax | ||||||||||||||||
-0.1 | Tax (expense) benefit | ||||||||||||||||
$ | 0.3 | Gain (loss) net of tax | |||||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | |||||||||||||||||
Prior-service costs | $ | 0.8 | (a) | ||||||||||||||
Actuarial gains/(losses) | -13.7 | (a) | |||||||||||||||
-12.9 | Total before tax | ||||||||||||||||
4.6 | Tax benefit (expense) | ||||||||||||||||
$ | -8.3 | (Loss) gain net of tax | |||||||||||||||
Losses reclassified into earnings | $ | -8 | (Loss) gain net of tax | ||||||||||||||
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 10 - Retirement Benefits for additional details). |
Industry_Segments_and_Geograph1
Industry Segments and Geographic Area Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Industry Segments and Geographic Area Information [Abstract] | ' | ||||||||||
Industry Segment Data [Table Text Block] | ' | ||||||||||
Industry Segment Data | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales: | |||||||||||
Electrical | $ | 2,262.60 | $ | 2,114.60 | $ | 2,004.20 | |||||
Power | 921.3 | 929.8 | 867.4 | ||||||||
TOTAL NET SALES | $ | 3,183.90 | $ | 3,044.40 | $ | 2,871.60 | |||||
Operating Income: | |||||||||||
Electrical | $ | 341.1 | $ | 303.7 | $ | 282 | |||||
Power | 166.5 | 168.1 | 141.8 | ||||||||
Operating income | 507.6 | 471.8 | 423.8 | ||||||||
Loss on extinguishment of debt | |||||||||||
Interest expense | -30.8 | -30.8 | -30.9 | ||||||||
Investment income and other expense, net | -3 | 0.8 | -3.1 | ||||||||
Income before income taxes | $ | 473.8 | $ | 441.8 | $ | 389.8 | |||||
Assets: | |||||||||||
Electrical | $ | 1,813.80 | $ | 1,659.20 | $ | 1,558.20 | |||||
Power | 707 | 710.4 | 659.8 | ||||||||
General Corporate | 666.4 | 577.4 | 628.5 | ||||||||
TOTAL ASSETS | $ | 3,187.20 | $ | 2,947.00 | $ | 2,846.50 | |||||
Capital Expenditures: | |||||||||||
Electrical | $ | 32.4 | $ | 27.1 | $ | 35.9 | |||||
Power | 25 | 20.4 | 16.5 | ||||||||
General Corporate | 1.4 | 1.6 | 3 | ||||||||
TOTAL CAPITAL EXPENDITURES | $ | 58.8 | $ | 49.1 | $ | 55.4 | |||||
Depreciation and Amortization: | |||||||||||
Electrical | $ | 48 | $ | 45.8 | $ | 47.1 | |||||
Power | 22.6 | 21 | 21.1 | ||||||||
TOTAL DEPRECIATION AND AMORTIZATION | $ | 70.6 | $ | 66.8 | $ | 68.2 | |||||
Product Class Data | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales: | |||||||||||
Electrical Systems | $ | 1,466.40 | $ | 1,376.10 | $ | 1,271.40 | |||||
Lighting | 796.2 | 738.5 | 732.8 | ||||||||
Power | 921.3 | 929.8 | 867.4 | ||||||||
TOTAL NET SALES | $ | 3,183.90 | $ | 3,044.40 | $ | 2,871.60 | |||||
Geographic Area Data [Table Text Block] | ' | ||||||||||
Geographic Area Data | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales: | |||||||||||
United States | $ | 2,687.60 | $ | 2,541.60 | $ | 2,381.50 | |||||
International | 496.3 | 502.8 | 490.1 | ||||||||
TOTAL NET SALES | $ | 3,183.90 | $ | 3,044.40 | $ | 2,871.60 | |||||
Operating Income: | |||||||||||
United States | $ | 417.5 | $ | 383.8 | $ | 338 | |||||
International | 90.1 | 88 | 85.8 | ||||||||
TOTAL OPERATING INCOME | $ | 507.6 | $ | 471.8 | $ | 423.8 | |||||
Long-lived Assets: | |||||||||||
United States | $ | 1,341.40 | $ | 1,225.40 | $ | 1,185.40 | |||||
International | 212.3 | 227 | 225.1 | ||||||||
TOTAL LONG-LIVED ASSETS | $ | 1,553.70 | $ | 1,452.40 | $ | 1,410.50 |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Quarterly Financial Data Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Quarterly Financial Data [Table Text Block] | ' | ||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2013 | |||||||||||||||
Net Sales | $ | 740.1 | $ | 801.3 | $ | 835.9 | $ | 806.6 | |||||||
Gross Profit | $ | 236.3 | $ | 272 | $ | 291.3 | $ | 270.9 | |||||||
Net Income | $ | 66.8 | $ | 83 | $ | 97.2 | $ | 82.8 | |||||||
Net Income attributable to Hubbell | $ | 65.9 | $ | 82.1 | $ | 96.5 | $ | 82 | |||||||
Earnings Per Share — Basic | $ | 1.11 | $ | 1.38 | $ | 1.63 | $ | 1.39 | |||||||
Earnings Per Share — Diluted | $ | 1.1 | $ | 1.37 | $ | 1.62 | $ | 1.38 | |||||||
2012 | |||||||||||||||
Net Sales | $ | 723.8 | $ | 778.4 | $ | 789.7 | $ | 752.5 | |||||||
Gross Profit | $ | 234.1 | $ | 259.8 | $ | 268.5 | $ | 249.8 | |||||||
Net Income | $ | 63.6 | $ | 78 | $ | 87.6 | $ | 72.9 | |||||||
Net Income attributable to Hubbell | $ | 63.2 | $ | 77.5 | $ | 87.1 | $ | 71.9 | |||||||
Earnings Per Share — Basic | $ | 1.06 | $ | 1.31 | $ | 1.47 | $ | 1.21 | |||||||
Earnings Per Share — Diluted | $ | 1.05 | $ | 1.29 | $ | 1.45 | $ | 1.2 | |||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Valuation and Qualifying Accounts And Reserves [Abstract] | ' | |||||||||||||
Valuation And Qualifying Accounts [Table Text Block] | ' | |||||||||||||
Balance at Beginning of Year | Additions / (Reversals) Charged to Costs and Expenses | Deductions | Balance at End of Year | |||||||||||
Allowances for doubtful accounts receivable: | ||||||||||||||
Year 2011 | $ | 3.6 | $ | 0.1 | $ | -0.7 | $ | 3 | ||||||
Year 2012 | $ | 3 | $ | 1.4 | $ | -1.2 | $ | 3.2 | ||||||
Year 2013 | $ | 3.2 | $ | -0.2 | $ | -0.9 | $ | 2.1 | ||||||
Allowance for credit memos and returns: | ||||||||||||||
Year 2011 | $ | 18.6 | $ | 155 | $ | -153.2 | $ | 20.4 | ||||||
Year 2012 | $ | 20.4 | $ | 168.1 | $ | -168 | $ | 20.5 | ||||||
Year 2013 | $ | 20.5 | $ | 181.7 | $ | -173.2 | $ | 29 | ||||||
Valuation allowance on deferred tax assets: | ||||||||||||||
Year 2011 | $ | 18 | $ | 1.7 | $ | - | $ | 19.7 | ||||||
Year 2012 | $ | 19.7 | $ | 6.4 | $ | - | $ | 26.1 | ||||||
Year 2013 | $ | 26.1 | $ | 2.6 | $ | -0.2 | $ | 28.5 |
Significant_Accounting_Policie1
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CapitalizedComputerSoftwareNetAbstract | ' | ' | ' |
CapitalizedComputerSoftwareNet | $10.90 | $8.70 | ' |
CapitalizedComputerSoftwareAmortization | $4.30 | $3.50 | $4.80 |
Goodwill Annual Impairment Test [Abstract] | ' | ' | ' |
Excess Of Goodwill Implied Fair Value Over Carrying Value Beginning Range | 100.00% | ' | ' |
Excess Of Goodwill Implied Fair Value Over Carrying Value End Of Range | 400.00% | ' | ' |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition, Purchase Price Allocation [Abstract] | ' | ' | ' |
Assets acquired | $37.40 | ' | ' |
Intangible Assets | 21.3 | ' | ' |
Goodwill | 49.6 | ' | ' |
Liabilities Assumed | -11.8 | ' | ' |
Acquisition of businesses, net of cash acquired | 96.5 | 90.7 | 29.6 |
Norlux [Member] | ' | ' | ' |
Business Acquisition, Purchase Price Allocation [Abstract] | ' | ' | ' |
Intangible Assets | 4.3 | ' | ' |
Goodwill | 8.1 | ' | ' |
Acquisition of businesses, net of cash acquired | 14.9 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '15 years | ' | ' |
CMC [Member] | ' | ' | ' |
Business Acquisition, Purchase Price Allocation [Abstract] | ' | ' | ' |
Intangible Assets | 6 | ' | ' |
Goodwill | 22.2 | ' | ' |
Acquisition of businesses, net of cash acquired | 44.2 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '19 years | ' | ' |
Continental [Member] | ' | ' | ' |
Business Acquisition, Purchase Price Allocation [Abstract] | ' | ' | ' |
Intangible Assets | 11 | ' | ' |
Goodwill | 19.3 | ' | ' |
Acquisition of businesses, net of cash acquired | $37.40 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '20 years | ' | ' |
Receivables_and_Allowances_Det
Receivables and Allowances (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables and Allowances [Abstract] | ' | ' |
Trade accounts receivable | $461.10 | $421.20 |
Non-trade receivables | 13.5 | 10.2 |
Accounts receivable, gross | 474.6 | 431.4 |
Allowance for credit memos, returns, and cash discounts | -31.6 | -23 |
Allowance for doubtful accounts | -2.1 | -3.2 |
Total allowances | -33.7 | -26.2 |
Receivables Net Current | $440.90 | $405.20 |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw Materials | $122.30 | $118.40 |
Work in Process | 87.2 | 81.8 |
Finished Goods | 259.4 | 226.5 |
Inventory Subtotal | 468.9 | 426.7 |
Excess of FIFO over LIFO cost basis | -83.2 | -85 |
Inventories, Net | $385.70 | $341.70 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill Roll Forward | ' | ' | ' |
Goodwill, Beginning Balance | $755.50 | $727.30 | ' |
Acquisitions | 49.6 | 26.3 | ' |
Translation adjustments | -4.7 | 1.9 | ' |
Goodwill, Ending Balance | 800.4 | 755.5 | 727.3 |
Acquisition of businesses, net of cash acquired | 96.5 | 90.7 | 29.6 |
Goodwill Acquired | 49.6 | ' | ' |
ProceedsFromPreviousAcquisition | 0 | 6.8 | 0 |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Finite Intangible | 333.4 | 315.5 | ' |
Gross Amount Indefinite Lived Intangible | 55.9 | 56.4 | ' |
Total Gross Other Intangible Assets | 389.3 | 371.9 | ' |
Accumulated Amortization Intangible | 102.7 | 83.8 | ' |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ' | ' | ' |
Year to date amortization expense | 19.9 | 18.1 | 16.6 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 19.5 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 17.6 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 16.9 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 15.7 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 14 | ' | ' |
Tradenames Other [Member] | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Indefinite Lived Intangible | 55.9 | 56.4 | ' |
Patents Tradenames Trademarks [Member] | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Finite Intangible | 111.2 | 102.8 | ' |
Accumulated Amortization Intangible | 27.7 | 23 | ' |
Customer Relationships [Member] | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Finite Intangible | 222.2 | 212.7 | ' |
Accumulated Amortization Intangible | 75 | 60.8 | ' |
Electrical [Member] | ' | ' | ' |
Goodwill Roll Forward | ' | ' | ' |
Goodwill, Beginning Balance | 474.6 | 453 | ' |
Acquisitions | 49.6 | 18.6 | ' |
Translation adjustments | -3.3 | 3 | ' |
Goodwill, Ending Balance | 520.9 | 474.6 | ' |
Power [Member] | ' | ' | ' |
Goodwill Roll Forward | ' | ' | ' |
Goodwill, Beginning Balance | 280.9 | 274.3 | ' |
Acquisitions | 0 | 7.7 | ' |
Translation adjustments | -1.4 | -1.1 | ' |
Goodwill, Ending Balance | $279.50 | $280.90 | ' |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Marketable Securities [Abstract] | ' | ' |
Marketable Securities Cost | $43.40 | $43.20 |
Marketable Securities Carrying Value | 45.9 | 45.5 |
Marketable Securities Unrealized Gain | 2.5 | 2.3 |
Schedule of Available for Sale Contractual Maturities Amortized Cost [Abstract] | ' | ' |
Amortized Cost Due within 1 year | 10 | ' |
Amortized Cost After 1 year but within 5 years | 18.4 | ' |
Amortized Cost After 5 years but within 10 years | 9.6 | ' |
Amortized Cost Due after 10 years | 0 | ' |
Schedule of Available for Sale Contractual Maturities Fair Value [Abstract] | ' | ' |
Fair Value Due within 1 year | 10.1 | ' |
Fair Value After 1 year but within 5 years | 18.9 | ' |
Fair Value After 5 years but within 10 years | 9.6 | ' |
Fair Value Due after 10 years | 0 | ' |
Schedule of Available For Sale Investments [Line Items] | ' | ' |
Amortized Cost | 38 | 38.5 |
Gross Unrealized Gain | 0.6 | 1.2 |
Gross Unrealized Loss | 0 | 0 |
Available for Sale | 38.6 | 39.7 |
Carrying Value | 38.6 | 39.7 |
Schedule of Trading Investments [Line Items] | ' | ' |
Trading Security Amortized Cost | 5.4 | 4.7 |
Trading Security Gross Unrealized Gain | 1.9 | 1.1 |
Trading Security Gross Unrealized Loss | 0 | 0 |
Trading Security Fair Value | 7.3 | 5.8 |
Trading Security Carrying Value | $7.30 | $5.80 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Gross property, plant, and equipment | $1,004.90 | $972.40 | ' |
Less accumulated depreciation | 627.8 | 607.7 | ' |
Property Plant And Equipment Net | 377.1 | 364.7 | ' |
Depreciation | 45.3 | 44.1 | 45.8 |
Land | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Gross property, plant, and equipment | 44.4 | 43.2 | ' |
Buildings and improvements | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Gross property, plant, and equipment | 243.6 | 234.8 | ' |
Buildings and improvements | MaximumMember | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Buildings and improvements | MinimumMember | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Machinery, tools and equipment | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Gross property, plant, and equipment | 692.8 | 669.9 | ' |
Machinery, tools and equipment | MaximumMember | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Machinery, tools and equipment | MinimumMember | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Construction-in-progress | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Gross property, plant, and equipment | $24.10 | $24.50 | ' |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Accrued Liabilities Current [Abstract] | ' | ' |
Deferred revenue | $15.80 | $16.40 |
Customer incentive programs | 39.1 | 34.7 |
Accrued Income Taxes Current | 11.8 | 14.1 |
Other | 57.6 | 54.1 |
Total | $124.30 | $119.30 |
Other_NonCurrent_Liabilities_D
Other Non-Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Non-Current Liabilities [Abstract] | ' | ' |
Pensions | $78.90 | $154.30 |
Other Postretirement Benefits | 25.6 | 27.8 |
Deferred tax liabilities | 66.7 | 16.9 |
Other | 37 | 36 |
Total | $208.20 | $235 |
Retirement_Benefit_I_Details
Retirement Benefit I (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation [Rollforward] | ' | ' | ' |
Benefit Obligation Beginning | $879.50 | $832.40 | ' |
Service cost | 16.7 | 16 | 13.6 |
Interest cost | 36.5 | 36.5 | 38.1 |
Defined Benefit Plan, Contributions by Plan Participants | 0.7 | 0.7 | ' |
Amendments | 0.4 | 0 | ' |
Actuarial loss (gain) | -69.2 | 24.2 | ' |
Currency impact | 0.3 | 3.9 | ' |
Defined Benefit Plan Other | -0.5 | -0.5 | ' |
Benefits paid change in obligation | -36.2 | -33.7 | ' |
Benefit Obligation Ending | 828.2 | 879.5 | 832.4 |
Other Benefits [Member] | ' | ' | ' |
Change in benefit obligation [Rollforward] | ' | ' | ' |
Benefit Obligation Beginning | 30.4 | 33.7 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 1.1 | 1.3 | 1.6 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Amendments | 0 | 0 | ' |
Actuarial loss (gain) | -1.4 | -2.4 | ' |
Currency impact | 0 | 0 | ' |
Defined Benefit Plan Other | -0.1 | 0 | ' |
Benefits paid change in obligation | -1.9 | -2.2 | ' |
Benefit Obligation Ending | $28.10 | $30.40 | $33.70 |
Retirement_Benefits_II_Details
Retirement Benefits II (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans in Excess of Plan Assets [Abstract] | ' | ' | ' |
Projected benefit obligation | $77.20 | $765.90 | ' |
Accumulated benefit obligation | 74.5 | 725 | ' |
Fair value of plan assets | 0 | 607.1 | ' |
Assumed health care cost trend rates at December 31[Abstract] | ' | ' | ' |
Health care cost trend assumed for next year | 8.50% | 8.80% | 9.00% |
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2028 | '2028 | '2028 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' |
One Percentage Point Increase Effect on total of service and interest cost | 0.1 | ' | ' |
One Percentage Point Decrease Effect on total of service and interest cost | 0 | ' | ' |
One Percentage Point Increase Effect on postretirement benefit obligation | 1.3 | ' | ' |
One Percentage Point Decrease Effect on postretirement benefit obligation | 1.3 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in Plan Assets [Rollfoward] | ' | ' | ' |
Fair Value Beginning | 726.3 | 647.6 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 64.8 | 82.8 | ' |
Employer contributions | 8 | 25.1 | ' |
Plan participants contributions plan assets | 0.7 | 0.7 | ' |
Currency impact | 0.4 | 3.8 | ' |
Benefits paid change in obligation | -36.2 | -33.7 | ' |
Fair Value Ending | 764 | 726.3 | 647.6 |
Funded status | -64.2 | -153.2 | ' |
Amounts recognized in the consolidated balance sheet consist of [Abstract] | ' | ' | ' |
Prepaid pensions (included in Other Long-term assets) | 18.7 | 5.6 | ' |
Accrued benefit liability (short-term and long-term) | -82.9 | -158.8 | ' |
Net amount recognized in Balance Sheet | -64.2 | -153.2 | ' |
Amounts recognized in Accumulated other comprehensive loss (income) consist of [Abstract] | ' | ' | ' |
Net actuarial loss (gain) | 107.2 | 208.9 | ' |
Prior service cost (credit) | 1 | 0.8 | ' |
Net amount recognized in AOCI | 108.2 | 209.7 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 16.7 | 16 | 13.6 |
Interest cost | 36.5 | 36.5 | 38.1 |
Expected return on plan assets | -46.7 | -39.9 | -41.8 |
Amortization of prior service cost/(credit) | 0.2 | 0.2 | 0.2 |
Amortization of actuarial losses/(gains) | 13.8 | 17.4 | 8.4 |
Curtailment and settlement losses (gains) | 0 | 0 | -0.1 |
Net periodic benefit cost | 20.5 | 30.2 | 18.4 |
Changes recognized in other comprehensive loss (income), before tax, (in millions) [Abstract] | ' | ' | ' |
Current year net actuarial (gain)/loss | -87.8 | -19.1 | 99.8 |
Current year prior service (cost)/credit | 0.4 | 0 | 0 |
Amortization of prior service (cost)/credit | -0.2 | -0.2 | -0.2 |
Amortization of net actuarial loss | -13.8 | -17.4 | -8.4 |
Currency Impact Recog In O C I | -0.1 | -0.2 | 0.1 |
Other adjustments | 0 | 0.3 | 0 |
Total recognized in accumulated other comprehensive (income) loss | -101.5 | -36.6 | 91.3 |
Total recognized in net periodic pension cost and other comprehensive loss (income) | -81 | -6.4 | 109.7 |
Amortization expected to be recognized through income during next year [Abstract] | ' | ' | ' |
Amortization of prior service cost/(credit) | 0.2 | ' | ' |
Amortization of net loss | 3.5 | ' | ' |
Total expected to be recognized through income during next fiscal year | 3.7 | ' | ' |
Weighted-average assumptions used to determine benefit obligations at December 31[Abstract] | ' | ' | ' |
Discount rate | 5.04% | 4.22% | 4.42% |
Rate of compensation increase | 3.18% | 3.11% | 3.53% |
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31[Abstract] | ' | ' | ' |
Discount rate | 4.22% | 4.42% | 5.38% |
Expected return on plan assets | 6.70% | 6.50% | 7.00% |
Rate of compensation increase | 3.11% | 3.53% | 3.56% |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' | ' | ' |
Year One | 37.5 | ' | ' |
Year Two | 39.7 | ' | ' |
Year Three | 42.4 | ' | ' |
Year Four | 44.4 | ' | ' |
Year Five | 47.1 | ' | ' |
Thereafter Year Five | 267.7 | ' | ' |
UnitedStatesPensionPlansOfUSEntityDefinedBenefitMember | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations at December 31[Abstract] | ' | ' | ' |
Discount rate | 5.10% | 4.20% | ' |
Canadian Pension Plan [Member] | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations at December 31[Abstract] | ' | ' | ' |
Discount rate | 4.75% | 4.10% | ' |
UK Pension Plan [Member] | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations at December 31[Abstract] | ' | ' | ' |
Discount rate | 4.60% | 4.50% | ' |
Other Benefits [Member] | ' | ' | ' |
Change in Plan Assets [Rollfoward] | ' | ' | ' |
Benefits paid change in obligation | -1.9 | -2.2 | ' |
Funded status | -28.1 | -30.4 | ' |
Amounts recognized in the consolidated balance sheet consist of [Abstract] | ' | ' | ' |
Accrued benefit liability (short-term and long-term) | -28.1 | -30.4 | ' |
Net amount recognized in Balance Sheet | -28.1 | -30.4 | ' |
Amounts recognized in Accumulated other comprehensive loss (income) consist of [Abstract] | ' | ' | ' |
Net actuarial loss (gain) | -0.9 | 0.4 | ' |
Prior service cost (credit) | -6.2 | -7.1 | ' |
Net amount recognized in AOCI | -7.1 | -6.7 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 1.1 | 1.3 | 1.6 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost/(credit) | -1 | -1 | -1 |
Amortization of actuarial losses/(gains) | -0.1 | 0 | 0 |
Curtailment and settlement losses (gains) | 0 | 0 | 0 |
Net periodic benefit cost | 0 | 0.3 | 0.6 |
Changes recognized in other comprehensive loss (income), before tax, (in millions) [Abstract] | ' | ' | ' |
Current year net actuarial (gain)/loss | -1.4 | -2.5 | 1.8 |
Current year prior service (cost)/credit | 0 | 0 | 0 |
Amortization of prior service (cost)/credit | 1 | 1 | 1 |
Amortization of net actuarial loss | 0.1 | 0 | 0 |
Currency Impact Recog In O C I | 0 | 0 | 0 |
Other adjustments | 0 | 0.3 | 0 |
Total recognized in accumulated other comprehensive (income) loss | -0.3 | -1.2 | 2.8 |
Total recognized in net periodic pension cost and other comprehensive loss (income) | -0.3 | -0.9 | 3.4 |
Amortization expected to be recognized through income during next year [Abstract] | ' | ' | ' |
Amortization of prior service cost/(credit) | -1 | ' | ' |
Amortization of net loss | -0.1 | ' | ' |
Total expected to be recognized through income during next fiscal year | -1.1 | ' | ' |
Weighted-average assumptions used to determine benefit obligations at December 31[Abstract] | ' | ' | ' |
Discount rate | 4.60% | 4.20% | 4.40% |
Rate of compensation increase | 3.00% | 3.00% | 3.50% |
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31[Abstract] | ' | ' | ' |
Discount rate | 4.20% | 4.40% | 5.40% |
Rate of compensation increase | 3.00% | 3.50% | 3.50% |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' | ' | ' |
Year One | 2.4 | ' | ' |
Year Two | 2.4 | ' | ' |
Year Three | 2.3 | ' | ' |
Year Four | 2.2 | ' | ' |
Year Five | 2.2 | ' | ' |
Thereafter Year Five | $9.50 | ' | ' |
Retirement_Benefits_III_Detail
Retirement Benefits III (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Pension Benefits And Other Benefits [Abstract] | ' | ' | ' | ||
Defined benefit ABO | $771.90 | $824.10 | ' | ||
Multiemployer Number Of Plans | 3 | 4 | ' | ||
Multiemployer Plans, Funded Status | 'Less than 65 percent | ' | ' | ||
Multiemployer Plan, Period Contributions | 0.9 | 0.7 | 0.7 | ||
Multiemployer Plans, Period Contributions, Significance of Contributions | 'true | ' | ' | ||
Multiemployer withdrawal obligation | 0.5 | ' | ' | ||
Defined contribution plan cost | 11.2 | 10.5 | 9.7 | ||
Employer stock included in Plan Assets | 35 | 27.6 | ' | ||
Employer stock as percentage of Plan Assets | 5.30% | 4.40% | ' | ||
Expected contribution to foreign plan next year | 4 | ' | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 571.6 | 536.9 | ' | ||
Cash and cash equivalents Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 26.3 | 45.9 | ' | ||
US Large-cap Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 82 | [1] | 86.1 | [1] | ' |
US Mid-cap and Small-cap Growth Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 42.1 | [2] | 31.7 | [2] | ' |
International Large-cap Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 105.3 | 46 | ' | ||
Emerging Markets Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 40.4 | 37.8 | ' | ||
US Treasuries Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 66.8 | 52.9 | ' | ||
Corporate Bonds Level 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 119.4 | [3] | 113.9 | [3] | ' |
Asset Backed Securities and OtherLevel 1 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 89.3 | 122.6 | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 60.1 | 63.2 | ' | ||
Equity And Debt Futures Level 2 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 60.1 | [4] | 63.2 | [4] | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | 132.3 | 126.2 | ' | ||
Alternative Investment Funds Level 3 [Member] | ' | ' | ' | ||
Pension Plan Assets Fair Value [Abstract] | ' | ' | ' | ||
Fair Value Ending | $132.30 | [5] | $126.20 | [5] | ' |
Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 40.00% | 40.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations | 28.00% | ' | ' | ||
Debt securities & Cash [Member] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 43.00% | 43.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations | 60.00% | ' | ' | ||
Alternative Investments [Member] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 17.00% | 17.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations | 12.00% | ' | ' | ||
[1] | (a) Includes an actively managed portfolio of large-cap US stocks | ||||
[2] | (b) Includes $35.0 million and $27.6 million of the Company's common stock at December 31, 2013 and 2012, respectively, and an investment in actively managed mid-cap and small-cap US stocks | ||||
[3] | (c) Includes primarily investment grade bonds of US issuers from diverse industries | ||||
[4] | (d) Includes primarily large-cap US and foreign equity futures as well as short positions in US Treasuries to adjust the duration of the portfolio | ||||
[5] | (e) Includes investments in hedge funds, including fund of fund products. |
Retirement_Benefits_IV_Details
Retirement Benefits IV (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets Measured Using Unobservable Inputs Level 3 [Abstract] | ' | ' |
Fair Value Beginning | $126.20 | $117.80 |
Relating to assets still held at the reporting date | 9 | 9.2 |
Relating to assets sold during the period | 0.2 | ' |
Purchases, sales and settlements, net | -3.1 | -0.8 |
Fair Value Ending | $132.30 | $126.20 |
Debt_Details
Debt (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-08 | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Notes 2018 Term Interest Rate Lock [Member] | Notes 2022 Term Interest Rate Lock [Member] | Notes 2022 Term [Member] | Notes 2022 Term [Member] | Notes 2018 Term [Member] | Notes 2018 Term [Member] | Revolving Credit Agreement [Member] | Other LOC [Member] | Other LOC [Member] | Other LOC [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | ||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at year end | $0.30 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Interest Rate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At year end | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Paid during year | 5.20% | 18.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 60.4 | 12.6 | 55.4 |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-18 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.5 | ' | 36.6 |
Long-term Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 300 | 300 | 300 | 300 | ' | ' | ' | ' |
Debt Instrument, Offering Date | ' | ' | ' | ' | ' | 15-Nov-10 | ' | 31-May-08 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | 15-Nov-22 | ' | 1-Jun-18 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 3.63% | ' | 5.95% | ' | ' | ' | ' | ' |
Long-Term Debt carrying value | 597.2 | 596.7 | ' | ' | ' | 298.2 | 298 | 299 | 298.7 | ' | ' | ' | ' |
Interest Rate Locks [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | 1.2 | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest And Fees Paid | $29.70 | $29.80 | $29.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Tax Carryforward [Abstract] | ' | ' | ' |
Tax Credit Carryforward Expiration Dates | 31-Dec-29 | ' | ' |
OperatingLossCarryforwardsExpirationDates | '2031-12-31 | ' | ' |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 2.10% | 1.80% | 1.40% |
Foreign income taxes | -3.60% | -3.40% | -3.60% |
Other adjustments, net | -3.10% | -1.80% | -2.10% |
Consolidated effective income tax rate | 30.40% | 31.60% | 30.70% |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [RollForward] | ' | ' | ' |
Unrecognized tax benefits | $13.50 | $27.60 | $25.20 |
Additions based on tax positions relating to the current year | 2.2 | 1.8 | 2.7 |
Reductions based on expiration of statute of limitations | -1.5 | -9.6 | -1.3 |
Additions to tax positions relating to previous years | 2.1 | 0.8 | 1.2 |
Settlements | -1.5 | -7.1 | -0.2 |
Total unrecognized tax benefits | 14.8 | 13.5 | 27.6 |
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeUpperBound | 3 | ' | ' |
Income Taxes Paid Net [Abstract] | ' | ' | ' |
Income Taxes Paid | 127.2 | 113.2 | 80.1 |
Other Information Pertaining To Income Taxes [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 10 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | -0.2 | -0.5 | 0.4 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1.2 | 1.4 | ' |
Unrecognized Tax Benefits Timing Of Deductibility Unknown | 1.3 | ' | ' |
Deferred tax assets:[Abstract] | ' | ' | ' |
Inventory | 4.7 | 8.3 | ' |
Income tax credits | 31.3 | 34.4 | ' |
Accrued liabilities | 19 | 17.7 | ' |
Pension | 23.4 | 50.8 | ' |
Postretirement and post employment benefits | 11 | 11.6 | ' |
Stock-based compensation deferred tax assets | 10.1 | 9.9 | ' |
Net operating loss carryforwards | 53.1 | 64.3 | ' |
Miscellaneous other | 3.4 | 4.5 | ' |
Gross deferred tax assets | 156 | 201.5 | ' |
Valuation allowance | -28.5 | -26.1 | ' |
Total net deferred tax assets | 127.5 | 175.4 | ' |
Deferred tax liabilities: [Abstract] | ' | ' | ' |
Acquisition basis difference | -123.3 | -120.5 | ' |
Property, plant, and equipment | -40.4 | -37.4 | ' |
Total deferred tax liabilities | -163.7 | -157.9 | ' |
Total net deferred tax asset | ' | 17.5 | ' |
Total net deferred tax liabilities | -36.2 | ' | ' |
Deferred taxes are reflected in the Consolidated Balance Sheet as follows: [Abstract] | ' | ' | ' |
Current tax assets (included in Deferred taxes and other) | 31 | 32.7 | ' |
Non-current tax assets (included in Other long-term assets) | 1 | 1.7 | ' |
Current Tax Liabilities (included in Other accrued liabilities) | -1.5 | 0 | ' |
Non-current tax liabilities (included in Other Non-current liabilities) | -66.7 | -16.9 | ' |
Income before income taxes [Abstract] | ' | ' | ' |
United States | 360.8 | 330.2 | 282.5 |
International | 113 | 111.6 | 107.3 |
Income before income taxes | 473.8 | 441.8 | 389.8 |
Total Provision [Abstract] | ' | ' | ' |
Total Provision Current | 130.7 | 112.2 | 100.8 |
Deferred Income Tax Expense Benefit | 13.3 | 27.5 | 18.8 |
Income Tax Expense Benefit | 144 | 139.7 | 119.6 |
Federal Provision For Income Taxes [Abstract] | ' | ' | ' |
Current Federal | 94.6 | 66.4 | 61.7 |
Deferred Federal | 14.4 | 25.6 | 23.3 |
State Provision For Income Taxes [Abstract] | ' | ' | ' |
Current State | 15.1 | 12.8 | 9.7 |
Deferred State | 0.1 | 1.8 | -0.3 |
International Provision For Income Taxes [Abstract] | ' | ' | ' |
Current International | 21 | 33 | 29.4 |
Deferred International | -1.2 | 0.1 | -4.2 |
Tax credit carryforward indefinitely [Member] | ' | ' | ' |
Deferred tax assets:[Abstract] | ' | ' | ' |
Income tax credits | 8 | ' | ' |
Net operating loss carryforwards | 14.7 | ' | ' |
Carryforward Subject To Expiration [Member] | ' | ' | ' |
Deferred tax assets:[Abstract] | ' | ' | ' |
Income tax credits | -23.3 | ' | ' |
Net operating loss carryforwards | 38.4 | ' | ' |
United States [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Open Years | '2010 | ' | ' |
Canada [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Open Years | '2010 | ' | ' |
United Kingdom [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Open Years | '2009 | ' | ' |
Undistributed Earnings of Foreign Subsidiaries and Foreign Corporate Joint Ventures [Member] | ' | ' | ' |
Deferred Tax Liability Not Recognized [Line Items] | ' | ' | ' |
Amount Of Temporary Difference related to undistributed international earnings | 650 | ' | ' |
Amount Of Unrecognized Deferred Tax Liability related to undistributed international earnings | $140 | ' | ' |
Financial_Instruments_Details
Financial Instruments (Details) (No Single Customer Exceeds As Percentage Net Sales [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
No Single Customer Exceeds As Percentage Net Sales [Member] | ' |
Concentration Risk Percentage [Line Items] | ' |
Concentration Risk, Percentage | 10.00% |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | 31-May-08 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock 2010 [Member] | Interest Rate Lock 2008 [Member] | Interest Rate Lock Total [Member] | Interest Rate Lock Total [Member] | Other accrued liabilities | Other accrued liabilities | Deferred taxes and other | Deferred taxes and other | |||||
Deferred Compensation Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Trading Securities Held-for-investment | $0.90 | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment | 0.2 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Foward exchange contracts designated as cash flow hedges liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.2 | ' | ' | ||
Foward exchange contracts designated as cash flow hedges assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0 | ||
Number of Forward Exchange contracts held | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Foward Exchange Contracts, Individual Notional Amount | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum Remaining Maturity of foward exchange contracts | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest Rate Lock Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | -1.6 | 1.2 | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -71 | -119.1 | ' | ' | ' | ' | ' | ' | -0.4 | -0.4 | ' | ' | ' | ' | ||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0.6 | -0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Foward exchange contract Gain (Loss) Reclassified to Cost of Sales, Net | 0.4 | -0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate lock Reclassified to Interest Expense | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Money Market Funds | ' | ' | 482.2 | [1] | 423.6 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for Sale | 38.6 | 39.7 | 38.6 | 39.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Trading Securities | ' | ' | 7.3 | 5.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Compensation Plan Liabilities | ' | ' | 7.3 | 5.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivatives: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Foward Exchange contracts | ' | ' | ' | ' | 0.4 | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financial Instruments Net Fair Value | 521.2 | 463.1 | 520.8 | 463.3 | 0.4 | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Fair Value | 631 | 682.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-Term Debt carrying value | $597.20 | $596.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | (a) Money market funds are included in Cash and cash equivalents in the Consolidated Balance Sheet. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Environmental [Abstract] | ' | ' | ' |
Accrual for Environmental Loss Contingencies | $12.30 | $12.50 | ' |
OperatingLeasesFutureMinimumPaymentsDue[Abstract] | ' | ' | ' |
Due in 1 Year | 15.5 | ' | ' |
Due in 2 Years | 11.4 | ' | ' |
Due in 3 Years | 8.6 | ' | ' |
Due in 4 Years | 5.7 | ' | ' |
Due in 5 Years | 4.4 | ' | ' |
Due Thereafter | 17 | ' | ' |
OperatingLeasesRentExpense[Abstract] | ' | ' | ' |
OperatingLeasesRentExpenseNet | $23.20 | $21.90 | $21.70 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Shares Reserved For Future Issuance [Abstract] | ' | ' | ' | ' |
Preferred Stock Reserved | 59,000 | ' | ' | ' |
Capital Stock Other Disclosures [Abstract] | ' | ' | ' | ' |
Preferred Stock Liquidation Preference | 100 | ' | ' | ' |
Preferred Stock Shares Authorized | 5,900,000 | ' | ' | ' |
Preferred Stock Aggregate Dividend | '1,000 times the dividend declared per share of Common Stock | ' | ' | ' |
Preferred Stock Aggregate Payment After Conversion or Exchange of Common Stock | '1,000 times the amount received per share of Common Stock | ' | ' | ' |
Preferred Stock Redemption Price | '1,000 times the payment made per share of Class A Common Stock or Class B Common Stock | ' | ' | ' |
Rights Agreement Expiration Date | 31-Dec-18 | ' | ' | ' |
Rights Redemption Price | 0.01 | ' | ' | ' |
Class A Common Stock | ' | ' | ' | ' |
Capital Stock Rollfoward [Abstract] | ' | ' | ' | ' |
Common Stock Shares Outstanding | 7,167,506 | 7,167,506 | 7,167,000 | 7,167,000 |
Exercise of stock options/stock appreciation rights | 0 | 0 | 0 | ' |
Shares issued under director compensation arrangements | 0 | 0 | 0 | ' |
Restricted shares issued, net of forfeitures | 0 | 0 | 0 | ' |
Acquisition/surrender of shares | 0 | 0 | 0 | ' |
Shares Reserved For Future Issuance [Abstract] | ' | ' | ' | ' |
Exercise of outstanding stock options | 0 | ' | ' | ' |
Future grant of stock-based compensation | 0 | ' | ' | ' |
Common Shares Reserved Other Equity Plans | 0 | ' | ' | ' |
Common Stock Reserved | 0 | ' | ' | ' |
Capital Stock Other Disclosures [Abstract] | ' | ' | ' | ' |
Common Stock, Voting Rights | 'twenty votes per share | ' | ' | ' |
Common Stock, Conversion Features | '$175.00 per one one-thousandth of a share | ' | ' | ' |
Class B Common Stock | ' | ' | ' | ' |
Capital Stock Rollfoward [Abstract] | ' | ' | ' | ' |
Common Stock Shares Outstanding | 52,005,492 | 52,069,205 | 52,071,000 | 53,601,000 |
Exercise of stock options/stock appreciation rights | 157,000 | 804,000 | 638,000 | ' |
Shares issued under director compensation arrangements | 16,000 | 18,000 | 8,000 | ' |
Restricted shares issued, net of forfeitures | 138,000 | 197,000 | 140,000 | ' |
Acquisition/surrender of shares | -375,000 | -1,021,000 | -2,316,000 | ' |
Shares Reserved For Future Issuance [Abstract] | ' | ' | ' | ' |
Exercise of outstanding stock options | 51,000 | ' | ' | ' |
Future grant of stock-based compensation | 1,807,000 | ' | ' | ' |
Common Shares Reserved Other Equity Plans | 110,000 | ' | ' | ' |
Common Stock Reserved | 1,968,000 | ' | ' | ' |
Capital Stock Other Disclosures [Abstract] | ' | ' | ' | ' |
Common Stock, Voting Rights | 'one vote per share | ' | ' | ' |
Common Stock, Conversion Features | '$175.00 per one one-thousandth of a share | ' | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Capital Stock Other Disclosures [Abstract] | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 10 | ' | ' | ' |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Capital Stock Other Disclosures [Abstract] | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 10 | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | ' | ' | ' |
Award plan shares available for issuance | 0 | ' | ' |
Shares issued to non-employee directors | 12,474 | 13,980 | 12,568 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation cost | $14,300,000 | $15,800,000 | $15,100,000 |
Capitalized to inventory | 200,000 | 200,000 | 200,000 |
Income tax benefits | 8,300,000 | 17,600,000 | 7,100,000 |
Unrecognized compensation cost related to non-vested awards | 23,600,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Options Exercises In Period Total Intrinsic Value | 2,900,000 | 16,500,000 | 12,000,000 |
Tax benefit on stock-based awards | 8,400,000 | 15,600,000 | 8,200,000 |
Proceeds from exercise of stock options | 2,400,000 | 24,800,000 | 21,900,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options Outstanding Beginning | 104,000 | ' | ' |
Exercised options | 53,000 | ' | ' |
Canceled | 0 | ' | ' |
Options Outstanding Ending | 51,000 | 104,000 | ' |
Options Exercisable | 51,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '11 months | ' | ' |
Options Exercisable Intrinsic Value | 3,139,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '11 months | ' | ' |
Options Outstanding Intrinsic Value | 3,139,000 | ' | ' |
Options, Outstanding, Weighted Average Exercise Price | $47.95 | $46.99 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $46.05 | ' | ' |
Options, Exercisable, Weighted Average Exercise Price | $47.95 | ' | ' |
Restricted Stock Units RSU [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [RollForward] | ' | ' | ' |
Unvested Beginning | 208,000 | ' | ' |
Granted | 82,000 | ' | ' |
Vested | -118,000 | ' | ' |
Forfeited | -5,000 | ' | ' |
Unvested Ending | 167,000 | 208,000 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value [Abstract] | ' | ' | ' |
Nonvested Weighted Average Grant Date FairValue | $91.17 | $73.63 | ' |
Grants In Period Weighted Average Grant Date Fair Value | $105.83 | $82.18 | $65.10 |
Vested In Period Weighted Average Grant Date FairValue | $71.61 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $65.50 | ' | ' |
Vested In Period Total Fair Value | 8,400,000 | 8,900,000 | 8,700,000 |
Stock Appreciation Rights SARS Total [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | ' | ' |
SAR Outstanding Beginning | 1,633,000 | ' | ' |
Granted SAR | 247,000 | ' | ' |
Exercised SAR | -341,000 | ' | ' |
Forfeited SAR | -8,000 | ' | ' |
Canceled SAR | 0 | ' | ' |
SAR Outstanding Ending | 1,531,000 | 1,633,000 | ' |
Exercisable | 960,000 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years 5 months | '5 years 6 months | '5 years 6 months |
Expected volatility | 28.30% | 29.40% | 30.20% |
Dividend Yield | 1.90% | 2.00% | 2.60% |
Risk Free Interest Rate | 1.60% | 0.70% | 1.10% |
Weighted Average Grant Date SAR Fair Value | $24.58 | $18.13 | $13.70 |
SARS Outstanding Shares Weighted Average Exercise Price | $69.68 | $59.44 | ' |
SARS Granted Shares Weighted Average Exercise Price | $107.60 | ' | ' |
SARS Exercised Shares Weighted Average Exercise Price | $47.97 | ' | ' |
SARS Forfeited Shares Weighted Average Exercise Price | $72.59 | ' | ' |
SARS Canceled Shares Weighted Average Excercise Price | $0 | ' | ' |
SARS Exercisable Shares Weighted Average Exercise Price | $57.56 | ' | ' |
Outstanding Weighted Average Remaining Contractual Term | '7 years 5 months | ' | ' |
Exercisable Weighted Average Remaining Contractual Term | '6 years 4 months | ' | ' |
Outstanding Intrinsic Value | 60,017,000 | ' | ' |
Exercisable Intrinsic Value | 49,274,000 | ' | ' |
SARS Exercised Intrinsic Value | 16,400,000 | 32,500,000 | 12,000,000 |
Performance Shares Total [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [RollForward] | ' | ' | ' |
Granted | 30,730 | 38,656 | 39,456 |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '3 years | '3 years | '3 years |
Expected volatility | 33.80% | 27.30% | 35.90% |
Dividend Yield | 1.90% | 2.00% | 2.40% |
Risk Free Interest Rate | 0.60% | 0.40% | 0.40% |
Performance Share Measurement Date Stock Price | $107.87 | $83.73 | $64.48 |
Grants In Period Weighted Average Grant Date Fair Value | $130.33 | $100.77 | $83.12 |
Performance based criteria plan payout range | '0%-200% | ' | ' |
Performance Share Payout At Target | 100.00% | ' | ' |
Performance Shares Dec 2010 Grant [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [RollForward] | ' | ' | ' |
Vested | -58,754 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value [Abstract] | ' | ' | ' |
Vested In Period Total Fair Value | 7,000,000 | ' | ' |
Market Based Criteria Actual Payout Percentage | 200.00% | ' | ' |
Cost of Sales [Member] | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation cost | 900,000 | 700,000 | 700,000 |
Selling and administrative [Member] | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation cost | 13,400,000 | 15,100,000 | 14,400,000 |
Performance Shares Total [Member] | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation cost | $2,500,000 | $2,700,000 | $2,100,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Hubbell | $82 | $96.50 | $82.10 | $65.90 | $71.90 | $87.10 | $77.50 | $63.20 | $326.50 | $299.70 | $267.90 |
Undistributed Earnings Allocated to Participating Securities | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $325.50 | $298.70 | $266.90 |
Denominator [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Number Of Shares Outstanding Basic | ' | ' | ' | ' | ' | ' | ' | ' | 59.1 | 59.1 | 59.7 |
Weighted Average Number Diluted Shares Outstanding Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.7 | 0.7 |
Weighted Average Number Of Diluted Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 59.6 | 59.8 | 60.4 |
Earnings Per Share Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share Basic | $1.39 | $1.63 | $1.38 | $1.11 | $1.21 | $1.47 | $1.31 | $1.06 | $5.51 | $5.05 | $4.47 |
Earnings Per Share Diluted | $1.38 | $1.62 | $1.37 | $1.10 | $1.20 | $1.45 | $1.29 | $1.05 | $5.47 | $5 | $4.42 |
Stock Option And Performance Shares Antidilutive Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Stock Appreciation Rights Antidilutive Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ($119.10) | ' | ' | ' | ' | ($119.10) | ' | ' |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 40.1 | ' | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Other Comprehensive Income Loss Net Of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 48.1 | 31.3 | -69.1 |
Ending Accumulated Other Comprehensive Income (Loss), Net of Tax | -71 | ' | ' | ' | -119.1 | ' | ' | ' | -71 | -119.1 | ' |
Cash Flow Hedge Before Reclassification | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' |
Cash Flow Hedge Reclassification Net Of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' | ' |
Cash Flow Hedge Period Oci | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Cash Flow Hedge Aoci Balance Net Of Tax | -0.2 | ' | ' | ' | -0.5 | ' | ' | ' | -0.2 | -0.5 | ' |
Pension Before Reclassification | ' | ' | ' | ' | ' | ' | ' | ' | 54.8 | ' | ' |
Pension Opeb Reclassification Net Of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 8.3 | ' | ' |
Pension Opeb Period Oci | ' | ' | ' | ' | ' | ' | ' | ' | 63.1 | ' | ' |
Pension Opeb Aoci Balance Net Of Tax | -67 | ' | ' | ' | -130.1 | ' | ' | ' | -67 | -130.1 | ' |
Available For Sale Oci Before Reclassification | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' | ' |
Available For Sale Reclassification Net Of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Available For Sale Period Oci | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' | ' |
Available For Sale Aoci Balance Net Of Tax | 0.4 | ' | ' | ' | 0.7 | ' | ' | ' | 0.4 | 0.7 | ' |
Cta Before Reclassification | ' | ' | ' | ' | ' | ' | ' | ' | -15 | ' | ' |
Cta Period Oci | ' | ' | ' | ' | ' | ' | ' | ' | -15 | ' | ' |
Cta Aoci Balance Net Of Tax | -4.2 | ' | ' | ' | 10.8 | ' | ' | ' | -4.2 | 10.8 | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Goods Sold | ' | ' | ' | ' | ' | ' | ' | ' | -2,113.40 | -2,032.20 | -1,947.90 |
Interest Expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 30.8 | 30.8 | 30.9 |
Other (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -4.3 | -1 | -4.4 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 473.8 | 441.8 | 389.8 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -144 | -139.7 | -119.6 |
Net income | 82.8 | 97.2 | 83 | 66.8 | 72.9 | 87.6 | 78 | 63.6 | 329.8 | 302.1 | 270.2 |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Goods Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' |
Interest Expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension Gain Loss Amort Before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -13.7 | ' | ' |
Pension Service Cost Amort Before Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -12.9 | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -8.3 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($8) | ' | ' |
Industry_Segments_Information_
Industry Segments Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $806.60 | $835.90 | $801.30 | $740.10 | $752.50 | $789.70 | $778.40 | $723.80 | $3,183.90 | $3,044.40 | $2,871.60 |
Operating Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 507.6 | 471.8 | 423.8 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 30.8 | 30.8 | 30.9 |
Investment income and other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 0.8 | -3.1 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 473.8 | 441.8 | 389.8 |
Assets By Segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 3,187.20 | ' | ' | ' | 2,947 | ' | ' | ' | 3,187.20 | 2,947 | 2,846.50 |
Capital Expenditures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 58.8 | 49.1 | 55.4 |
Depreciation and Amortization [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 70.6 | 66.8 | 68.2 |
Electrical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,262.60 | 2,114.60 | 2,004.20 |
Operating Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 341.1 | 303.7 | 282 |
Assets By Segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 1,813.80 | ' | ' | ' | 1,659.20 | ' | ' | ' | 1,813.80 | 1,659.20 | 1,558.20 |
Capital Expenditures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 32.4 | 27.1 | 35.9 |
Depreciation and Amortization [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 48 | 45.8 | 47.1 |
Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 921.3 | 929.8 | 867.4 |
Operating Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 166.5 | 168.1 | 141.8 |
Assets By Segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 707 | ' | ' | ' | 710.4 | ' | ' | ' | 707 | 710.4 | 659.8 |
Capital Expenditures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 20.4 | 16.5 |
Depreciation and Amortization [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22.6 | 21 | 21.1 |
General Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets By Segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 666.4 | ' | ' | ' | 577.4 | ' | ' | ' | 666.4 | 577.4 | 628.5 |
Capital Expenditures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $1.40 | $1.60 | $3 |
Product_Class_Data_Details
Product Class Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $806.60 | $835.90 | $801.30 | $740.10 | $752.50 | $789.70 | $778.40 | $723.80 | $3,183.90 | $3,044.40 | $2,871.60 |
Electrical Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,466.40 | 1,376.10 | 1,271.40 |
Lighting [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 796.2 | 738.5 | 732.8 |
Power Product [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $921.30 | $929.80 | $867.40 |
Geographic_Area_Data_Details
Geographic Area Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export Sales From United States | ' | ' | ' | ' | ' | ' | ' | ' | $213 | $243.90 | $210.20 |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 806.6 | 835.9 | 801.3 | 740.1 | 752.5 | 789.7 | 778.4 | 723.8 | 3,183.90 | 3,044.40 | 2,871.60 |
Operating Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 507.6 | 471.8 | 423.8 |
Long-lived Assets, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 1,553.70 | ' | ' | ' | 1,452.40 | ' | ' | ' | 1,553.70 | 1,452.40 | 1,410.50 |
United States Geographic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,687.60 | 2,541.60 | 2,381.50 |
Operating Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 417.5 | 383.8 | 338 |
Long-lived Assets, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 1,341.40 | ' | ' | ' | 1,225.40 | ' | ' | ' | 1,341.40 | 1,225.40 | 1,185.40 |
International Geographic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 496.3 | 502.8 | 490.1 |
Operating Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 90.1 | 88 | 85.8 |
Long-lived Assets, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | $212.30 | ' | ' | ' | $227 | ' | ' | ' | $212.30 | $227 | $225.10 |
Foreign Operations [Member] | Net Sales Total [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | 17.00% | 17.00% |
Foreign Operations [Member] | Long-lived assets Total [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 16.00% | 16.00% |
Canada Operations [Member] | International Net Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' |
Canada Operations [Member] | International Long-lived assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' |
United Kingdom Operations [Member] | International Net Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 24.00% | ' | ' |
United Kingdom Operations [Member] | International Long-lived assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | ' | ' |
Mexico Operations [Member] | International Long-lived assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 19.00% | ' | ' |
Brazil Operations [Member] | International Net Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' |
Beginning Balance Warranty Accrual | $7 |
Provision | 10.3 |
Standard Product Warranty Expenditures And Other | -10.7 |
Ending Balance Warranty Accrual | $6.60 |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue Net | $806.60 | $835.90 | $801.30 | $740.10 | $752.50 | $789.70 | $778.40 | $723.80 | $3,183.90 | $3,044.40 | $2,871.60 |
Gross Profit | 270.9 | 291.3 | 272 | 236.3 | 249.8 | 268.5 | 259.8 | 234.1 | 1,070.50 | 1,012.20 | 923.7 |
Profit Loss | 82.8 | 97.2 | 83 | 66.8 | 72.9 | 87.6 | 78 | 63.6 | 329.8 | 302.1 | 270.2 |
Net income attributable to Hubbell | $82 | $96.50 | $82.10 | $65.90 | $71.90 | $87.10 | $77.50 | $63.20 | $326.50 | $299.70 | $267.90 |
Earnings Per Share Basic | $1.39 | $1.63 | $1.38 | $1.11 | $1.21 | $1.47 | $1.31 | $1.06 | $5.51 | $5.05 | $4.47 |
Earnings Per Share Diluted | $1.38 | $1.62 | $1.37 | $1.10 | $1.20 | $1.45 | $1.29 | $1.05 | $5.47 | $5 | $4.42 |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts receivable [Member] | ' | ' | ' |
Valuation and Qualifying Accounts [Rollfoward] | ' | ' | ' |
Balance at Beginning of Year | $3.20 | $3 | $3.60 |
Deductions | -0.9 | -1.2 | -0.7 |
Valuation Allowances and Reserves, Adjustments | -0.2 | 1.4 | 0.1 |
Balance at End of Year | 2.1 | 3.2 | 3 |
Allowance for credit memos and returns [Member] | ' | ' | ' |
Valuation and Qualifying Accounts [Rollfoward] | ' | ' | ' |
Balance at Beginning of Year | 20.5 | 20.4 | 18.6 |
Deductions | -173.2 | -168 | -153.2 |
Valuation Allowances and Reserves, Adjustments | 181.7 | 168.1 | 155 |
Balance at End of Year | 29 | 20.5 | 20.4 |
Valuation allowance on deferred tax asset [Member] | ' | ' | ' |
Valuation and Qualifying Accounts [Rollfoward] | ' | ' | ' |
Balance at Beginning of Year | 26.1 | 19.7 | 18 |
Deductions | -0.2 | 0 | 0 |
Valuation Allowances and Reserves, Adjustments | 2.6 | 6.4 | 1.7 |
Balance at End of Year | $28.50 | $26.10 | $19.70 |