Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 18, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LEGGETT & PLATT INC | ' |
Entity Central Index Key | '0000058492 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'LEG | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 141,211,179 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $298.90 | $359.10 |
Trade receivables, net | 536.3 | 412.6 |
Other receivables, net | 38.4 | 33.6 |
Inventories | ' | ' |
Finished goods | 250.9 | 275.7 |
Work in process | 59.4 | 55 |
Raw materials and supplies | 239.8 | 229.4 |
LIFO reserve | -61.2 | -71.1 |
Total inventories, net | 488.9 | 489 |
Other current assets | 45.4 | 44.8 |
Total current assets | 1,407.90 | 1,339.10 |
PROPERTY, PLANT AND EQUIPMENT—AT COST | ' | ' |
Machinery and equipment | 1,182.30 | 1,161.70 |
Buildings and other | 613.2 | 603.2 |
Land | 46.2 | 45.3 |
Total property, plant and equipment | 1,841.70 | 1,810.20 |
Less accumulated depreciation | 1,261.80 | 1,237.40 |
Net property, plant and equipment | 579.9 | 572.8 |
OTHER ASSETS | ' | ' |
Goodwill | 992.2 | 991.5 |
Other intangibles, less accumulated amortization of $131.9 and $129.1 as of September 30, 2013 and December 31, 2012, respectively | 210.7 | 206.3 |
Sundry | 114.4 | 145.2 |
Total other assets | 1,317.30 | 1,343 |
TOTAL ASSETS | 3,305.10 | 3,254.90 |
CURRENT LIABILITIES | ' | ' |
Current maturities of long-term debt | 1.1 | 201.5 |
Accounts payable | 326.2 | 285.4 |
Accrued expenses | 226.8 | 220.5 |
Other current liabilities | 84.7 | 23.6 |
Total current liabilities | 638.8 | 731 |
LONG-TERM LIABILITIES | ' | ' |
Long-term debt | 957.5 | 853.9 |
Other long-term liabilities | 158.2 | 158.2 |
Deferred income taxes | 86.9 | 69.6 |
Total long-term liabilities | 1,202.60 | 1,081.70 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
EQUITY | ' | ' |
Common stock | 2 | 2 |
Additional contributed capital | 473.4 | 458.6 |
Retained earnings | 2,174 | 2,109.60 |
Accumulated other comprehensive income | 70 | 71 |
Treasury stock | -1,263.90 | -1,206.70 |
Total Leggett & Platt, Inc. equity | 1,455.50 | 1,434.50 |
Noncontrolling interest | 8.2 | 7.7 |
Total equity | 1,463.70 | 1,442.20 |
TOTAL LIABILITIES AND EQUITY | $3,305.10 | $3,254.90 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Other intangibles, accumulated amortization | $131.90 | $129.10 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $957.70 | $978.10 | $2,849.20 | $2,856 |
Cost of goods sold | 764.7 | 773.2 | 2,268.20 | 2,285.90 |
Gross profit | 193 | 204.9 | 581 | 570.1 |
Selling and administrative expenses | 92.1 | 94.1 | 298.1 | 283 |
Amortization of intangibles | 5.4 | 6.5 | 16.5 | 19.1 |
Other (income) expense, net | -10.7 | -0.6 | -17.7 | 0.4 |
Earnings from continuing operations before interest and income taxes | 106.2 | 104.9 | 284.1 | 267.6 |
Interest expense | 10.6 | 11.3 | 34.3 | 30.4 |
Interest income | 1.7 | 1.6 | 6.2 | 4.9 |
Earnings from continuing operations before income taxes | 97.3 | 95.2 | 256 | 242.1 |
Income taxes | 25.7 | 28.6 | 69.9 | 72.9 |
Earnings from continuing operations | 71.6 | 66.6 | 186.1 | 169.2 |
Earnings from discontinued operations (net of tax) | 0.4 | 0 | 7.3 | 7.3 |
Net earnings | 72 | 66.6 | 193.4 | 176.5 |
(Earnings) loss attributable to noncontrolling interest, net of tax | -0.7 | -0.8 | -1.7 | -1.8 |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $71.30 | $65.80 | $191.70 | $174.70 |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ' | ' | ' | ' |
Basic (in dollars per share) | $0.49 | $0.46 | $1.27 | $1.16 |
Diluted (in dollars per share) | $0.48 | $0.45 | $1.25 | $1.15 |
Earnings per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ' | ' | ' | ' |
Basic (in dollars per share) | $0 | $0 | $0.05 | $0.05 |
Diluted (in dollars per share) | $0 | $0 | $0.05 | $0.05 |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ' | ' | ' | ' |
Basic (in dollars per share) | $0.49 | $0.46 | $1.32 | $1.21 |
Diluted (in dollars per share) | $0.49 | $0.45 | $1.30 | $1.20 |
Cash dividends declared per share (in dollars per share) | $0.30 | $0.29 | $0.88 | $0.85 |
Average shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 144.9 | 144.4 | 145.6 | 144 |
Diluted (in shares) | 147 | 146.1 | 147.7 | 145.5 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $72 | $66.60 | $193.40 | $176.50 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 21.2 | 19.4 | -6.3 | 12 |
Cash flow hedges | 1.6 | -0.2 | 2.5 | -4.5 |
Defined benefit pension plans | 0.4 | 0.7 | 2.9 | 2.5 |
Other comprehensive (loss) income | 23.2 | 19.9 | -0.9 | 10 |
Comprehensive income | 95.2 | 86.5 | 192.5 | 186.5 |
Less: comprehensive (income) loss attributable to noncontrolling interest | -0.7 | -0.9 | -1.8 | -1.8 |
Comprehensive income (loss) attributable to Leggett & Platt, Inc. | $94.50 | $85.60 | $190.70 | $184.70 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net earnings | $193.40 | $176.50 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation | 67 | 68.6 |
Amortization of intangibles and debt issuance costs | 21.3 | 20.6 |
Provision for losses on accounts and notes receivable | 4.3 | 4.3 |
Writedown of inventory | 10.3 | 8.4 |
Asset impairment charges | 2.3 | 1 |
Net gain from sales of assets and businesses | -8.6 | -3 |
Bargain purchase gain from acquisition | -8.7 | 0 |
Deferred income tax expense (benefit) | 7.8 | -3.5 |
Stock-based compensation | 28.5 | 26 |
Other, net | -3.2 | -2.8 |
Other changes, excluding effects from acquisitions and divestitures: | ' | ' |
Increase in accounts and other receivables | -118.8 | -87.2 |
Decrease (increase) in inventories | 4.1 | -20.2 |
Increase in other current assets | -1.5 | -3.2 |
Increase in accounts payable | 26.7 | 34.7 |
Increase in accrued expenses and other current liabilities | 13.9 | 20.8 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 238.8 | 241 |
INVESTING ACTIVITIES | ' | ' |
Additions to property, plant and equipment | -60 | -53.5 |
Purchases of companies, net of cash acquired | -26.5 | -190.3 |
Proceeds from sales of assets and businesses | 16.8 | 9.3 |
Liquidation of (investment in) unconsolidated entity | 21.2 | -22.4 |
Other, net | -5.4 | -6.4 |
NET CASH USED FOR INVESTING ACTIVITIES | -53.9 | -263.3 |
FINANCING ACTIVITIES | ' | ' |
Payments on long-term debt | -203.2 | -10.5 |
Additions to long-term debt | 0 | 299.1 |
Change in commercial paper and short-term debt | 111.2 | -77.2 |
Liquidation of interest rate swap agreement | 0 | -42.7 |
Dividends paid | -82.6 | -117.5 |
Issuances of common stock | 35.6 | 14.4 |
Purchases of common stock | -113.7 | -15.7 |
Excess tax benefits from stock-based compensation | 6.5 | 2.7 |
Other, net | -1.5 | -3.1 |
NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -247.7 | 49.5 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 2.6 | 1.4 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -60.2 | 28.6 |
CASH AND CASH EQUIVALENTS—January 1, | 359.1 | 236.3 |
CASH AND CASH EQUIVALENTS—September 30, | $298.90 | $264.90 |
INTERIM_PRESENTATION
INTERIM PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
INTERIM PRESENTATION | ' |
INTERIM PRESENTATION | |
The interim financial statements of Leggett & Platt, Incorporated (“we”, “us” or “our”) included herein have not been audited by an independent registered public accounting firm. The statements include all adjustments, including normal recurring accruals, which management considers necessary for a fair presentation of our financial position and operating results for the periods presented. We have prepared the statements pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of results to be expected for an entire year. | |
The December 31, 2012 financial position data included herein was derived from the audited consolidated financial statements included in Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). For further information, refer to the financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2012. | |
Reclassifications | |
Certain reclassifications have been made to the prior years' consolidated financial statements to conform to the 2013 presentation, primarily in the Consolidated Statements of Operations and all related notes in which prior periods have been retrospectively adjusted to reflect the reclassification of certain operations to discontinued operations (See Note 5.) |
NEW_ACCOUNTING_GUIDANCE
NEW ACCOUNTING GUIDANCE | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
NEW ACCOUNTING GUIDANCE | ' |
NEW ACCOUNTING GUIDANCE | |
In February 2013 the Financial Accounting Standards Board (FASB) issued ASU 2013-02 "Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires separate disclosure about amounts reclassified out of accumulated other comprehensive income by component. We adopted this guidance in first quarter 2013 and have included all required disclosures in Note 11. | |
The FASB has issued other accounting guidance effective for current and future periods (that we have not yet adopted), but we do not believe any of the new guidance will have a material impact on our current or future financial statements. |
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||||||
INVENTORIES | ' | |||||||||||||||
INVENTORIES | ||||||||||||||||
About 55% of our inventories are valued using the Last-In, First-Out (LIFO) cost method and the remainder using the First-In, First-Out (FIFO) cost method. | ||||||||||||||||
We calculate our LIFO reserve (the excess of FIFO cost over LIFO cost) on an annual basis. During interim periods, we estimate the current year annual change in the LIFO reserve (i.e., the annual LIFO expense or benefit) and allocate that change ratably to the four quarters. Because accurately predicting inventory prices for the year is difficult, the change in the LIFO reserve for the full year could be significantly different from the amount currently estimated. In addition, a variation in expected ending inventory levels could also impact total change in the LIFO reserve for the year. Any change in the annual LIFO estimate will be reflected in the fourth quarter. | ||||||||||||||||
The following table contains the LIFO benefit included in earnings for each of the periods presented. | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
LIFO benefit | $ | 9.7 | $ | 7.8 | $ | 4.9 | $ | 5.7 | ||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
We have four operating segments that are generally focused on broad end-user markets for our diversified products. | ||||||||||||||||
• | Residential Furnishings—components for bedding, furniture and other furnishings, as well as related consumer products | |||||||||||||||
• | Commercial Fixturing & Components—retail store fixtures, displays and components for office and institutional furnishings | |||||||||||||||
• | Industrial Materials—drawn steel wire, specialty wire products, titanium and nickel tubing for the aerospace industry and welded steel tubing sold to trade customers as well as other Leggett segments | |||||||||||||||
• | Specialized Products—automotive seating components, specialized machinery and equipment, and commercial vehicle interiors | |||||||||||||||
Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. Each reportable segment has a senior operating vice-president that reports to the chief operating decision maker. The operating results and financial information reported through the segment structure are regularly reviewed and used by the chief operating decision maker to evaluate segment performance, allocate overall resources and determine management incentive compensation. | ||||||||||||||||
Separately, we also utilize a role-based approach (Grow, Core, Fix or Divest) as a supplemental management tool to ensure capital (which is a subset of the overall resources referred to above) is efficiently allocated within the reportable segment structure. | ||||||||||||||||
The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements, except that the segment assets and income reflect the FIFO basis of accounting for inventory. Certain inventories are accounted for using the LIFO basis in the consolidated financial statements. We evaluate performance based on earnings from operations before interest and income taxes (EBIT). Intersegment sales are made primarily at prices that approximate market-based selling prices. Centrally incurred costs are allocated to the segments based on estimates of services used by the segment. Certain of our general and administrative costs and miscellaneous corporate income and expenses are allocated to the segments based on sales. These allocated corporate costs include depreciation and other costs and income related to assets that are not allocated or otherwise included in the segment assets. | ||||||||||||||||
A summary of segment results from continuing operations are shown in the following tables. | ||||||||||||||||
External | Inter- | Total | EBIT | |||||||||||||
Sales | Segment | Sales | ||||||||||||||
Sales | ||||||||||||||||
Three Months Ended September 30, 2013: | ||||||||||||||||
Residential Furnishings | $ | 500.3 | $ | 8.3 | $ | 508.6 | $ | 47 | ||||||||
Commercial Fixturing & Components | 128.2 | 1.3 | 129.5 | 8.4 | ||||||||||||
Industrial Materials | 150.7 | 55.3 | 206 | 16.2 | ||||||||||||
Specialized Products | 178.5 | 13.5 | 192 | 21.9 | ||||||||||||
Bargain purchase gain from acquisition | 8.7 | |||||||||||||||
Intersegment eliminations | (.9 | ) | ||||||||||||||
Change in LIFO reserve | 4.9 | |||||||||||||||
$ | 957.7 | $ | 78.4 | $ | 1,036.10 | $ | 106.2 | |||||||||
Three Months Ended September 30, 2012: | ||||||||||||||||
Residential Furnishings | $ | 479.7 | $ | 2 | $ | 481.7 | $ | 39.7 | ||||||||
Commercial Fixturing & Components | 161.5 | 1.3 | 162.8 | 19.2 | ||||||||||||
Industrial Materials | 156.7 | 58.9 | 215.6 | 19.2 | ||||||||||||
Specialized Products | 180.2 | 9.6 | 189.8 | 22.9 | ||||||||||||
Intersegment eliminations | (1.8 | ) | ||||||||||||||
Change in LIFO reserve | 5.7 | |||||||||||||||
$ | 978.1 | $ | 71.8 | $ | 1,049.90 | $ | 104.9 | |||||||||
External | Inter- | Total | EBIT | |||||||||||||
Sales | Segment | Sales | ||||||||||||||
Sales | ||||||||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||
Residential Furnishings | $ | 1,470.00 | $ | 14.2 | $ | 1,484.20 | $ | 131.7 | ||||||||
Commercial Fixturing & Components | 369 | 3.5 | 372.5 | 17.9 | ||||||||||||
Industrial Materials | 466.1 | 179.8 | 645.9 | 59.8 | ||||||||||||
Specialized Products | 544.1 | 42.6 | 586.7 | 66 | ||||||||||||
Bargain purchase gain from acquisition | 8.7 | |||||||||||||||
Intersegment eliminations | (9.7 | ) | ||||||||||||||
Change in LIFO reserve | 9.7 | |||||||||||||||
$ | 2,849.20 | $ | 240.1 | $ | 3,089.30 | $ | 284.1 | |||||||||
Nine Months Ended September 30, 2012: | ||||||||||||||||
Residential Furnishings | $ | 1,442.70 | $ | 6.3 | $ | 1,449.00 | $ | 119.9 | ||||||||
Commercial Fixturing & Components | 388.4 | 3.5 | 391.9 | 29.5 | ||||||||||||
Industrial Materials | 488.6 | 195.4 | 684 | 50.2 | ||||||||||||
Specialized Products | 536.3 | 33.2 | 569.5 | 67.2 | ||||||||||||
Intersegment eliminations | (7.0 | ) | ||||||||||||||
Change in LIFO reserve | 7.8 | |||||||||||||||
$ | 2,856.00 | $ | 238.4 | $ | 3,094.40 | $ | 267.6 | |||||||||
Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the periods presented. Amounts for 2012 have been retrospectively adjusted to reflect discontinued operations as discussed in Note 5. | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Residential Furnishings | $ | 591.2 | $ | 602.9 | ||||||||||||
Commercial Fixturing & Components | 150.4 | 159.1 | ||||||||||||||
Industrial Materials | 245.9 | 237.1 | ||||||||||||||
Specialized Products | 223.8 | 225.4 | ||||||||||||||
Average current liabilities included in segment numbers above | 454.2 | 439.1 | ||||||||||||||
Unallocated assets (1) | 1,599.70 | 1,685.50 | ||||||||||||||
Difference between average assets and period-end balance sheet | 39.9 | (94.2 | ) | |||||||||||||
Total assets | $ | 3,305.10 | $ | 3,254.90 | ||||||||||||
-1 | Primarily goodwill, other intangibles, cash, LIFO reserves, deferred tax assets and businesses sold or classified as held for sale. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
In the second quarter of 2013 we exited three small operations: | ||||||||||||||||
• | We closed our final location that produced fabricated wire components used in large home appliances, thereby discontinuing that line of business. This operation, which was previously in our Industrial Materials segment, was part of a restructuring plan that began in the fourth quarter of 2011. Tax benefits related to this business were recorded in the second quarters of both 2012 and 2013. | |||||||||||||||
• | We divested the specialty trailers portion of the Commercial Vehicle Products Unit. This branch was previously part of the Specialized Products segment. No significant gains or losses were realized on the sale of this business. | |||||||||||||||
• | We placed for sale a cotton-based erosion control products operation that was previously part of the Industrial Materials Segment. Charges of $1.9 were recorded in the second quarter of 2013 to reflect estimates of fair value less | |||||||||||||||
costs to sell, including $1.5 of fixed asset impairments as discussed in Note 12. The remaining net book value of assets held for sale related to this business is $.6. | ||||||||||||||||
Businesses divested in prior years and related subsequent activity have also been reported as discontinued operations as follows: | ||||||||||||||||
• | We received an additional cash payment in the third quarter of 2013 related to the sale of our former Fibers Unit. This unit was sold in 2008 and was previously part of the Residential Furnishings segment. | |||||||||||||||
• | We received a cash litigation settlement in the second quarter of 2012 associated with our former Prime Foam Products unit. This unit was sold in 2007 and was previously part of the Residential Furnishings segment. | |||||||||||||||
The table below includes activity related to these operations: | ||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
External sales: | ||||||||||||||||
Industrial Materials: | ||||||||||||||||
Fabricated wire components used in large home appliances | $ | 4.1 | $ | 8.9 | $ | — | $ | 2.8 | ||||||||
Cotton-based erosion control products | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Specialized Products - the specialty trailers portion of the Commercial Vehicles Products Unit | 0.5 | 2.8 | — | 1.2 | ||||||||||||
Total external sales | 4.7 | 11.8 | 0.1 | 4.1 | ||||||||||||
Earnings (loss): | ||||||||||||||||
Residential Furnishings: | ||||||||||||||||
Prime Foam Products Unit | — | 3.9 | — | — | ||||||||||||
Fibers Unit | 0.7 | — | 0.7 | — | ||||||||||||
Industrial Materials: | ||||||||||||||||
Fabricated wire components used in large home appliances (1) | 1 | (.4 | ) | — | 0.4 | |||||||||||
Cotton-based erosion control products | (2.8 | ) | (.9 | ) | (.2 | ) | (.3 | ) | ||||||||
Specialized Products - the specialty trailers portion of the Commercial Vehicles Products Unit | (.7 | ) | (.6 | ) | — | (.1 | ) | |||||||||
Earnings (loss) before interest and income taxes | (1.8 | ) | 2 | 0.5 | — | |||||||||||
Income tax benefit (expense) (1) | 9.1 | 5.3 | (.1 | ) | — | |||||||||||
Earnings from discontinued operations (net of tax) | $ | 7.3 | $ | 7.3 | $ | 0.4 | $ | — | ||||||||
(1) Tax benefits related to a worthless stock deduction and the excess outside tax basis of this subsidiary were recorded in 2013 and 2012, respectively. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
Basic and diluted earnings per share were calculated as follows: | ||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings: | ||||||||||||||||
Earnings from continuing operations | $ | 186.1 | $ | 169.2 | $ | 71.6 | $ | 66.6 | ||||||||
(Earnings) attributable to noncontrolling interest, net of tax | (1.7 | ) | (1.8 | ) | (.7 | ) | (.8 | ) | ||||||||
Net earnings from continuing operations attributable to Leggett & Platt, Inc. common shareholders | 184.4 | 167.4 | 70.9 | 65.8 | ||||||||||||
Earnings (loss) from discontinued operations, net of tax | 7.3 | 7.3 | 0.4 | — | ||||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 191.7 | $ | 174.7 | $ | 71.3 | $ | 65.8 | ||||||||
Weighted average number of shares: | ||||||||||||||||
Weighted average number of common shares used in basic EPS | 145.6 | 144 | 144.9 | 144.4 | ||||||||||||
Additional dilutive shares principally from the assumed exercise of outstanding stock options | 2.1 | 1.5 | 2.1 | 1.7 | ||||||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 147.7 | 145.5 | 147 | 146.1 | ||||||||||||
Basic and Diluted EPS: | ||||||||||||||||
Basic EPS attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||
Continuing operations | $ | 1.27 | $ | 1.16 | $ | 0.49 | $ | 0.46 | ||||||||
Discontinued operations | 0.05 | 0.05 | — | — | ||||||||||||
Basic EPS attributable to Leggett & Platt common shareholders | $ | 1.32 | $ | 1.21 | $ | 0.49 | $ | 0.46 | ||||||||
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||
Continuing operations | $ | 1.25 | $ | 1.15 | $ | 0.48 | $ | 0.45 | ||||||||
Discontinued operations | 0.05 | 0.05 | — | — | ||||||||||||
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders | $ | 1.3 | $ | 1.2 | $ | 0.49 | $ | 0.45 | ||||||||
Other information: | ||||||||||||||||
Anti-dilutive shares excluded from diluted EPS computation | — | 2.5 | — | 1.7 | ||||||||||||
ACCOUNTS_AND_OTHER_RECEIVABLES
ACCOUNTS AND OTHER RECEIVABLES | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||
ACCOUNTS AND OTHER RECEIVABLES | ' | |||||||||||||||
ACCOUNTS AND OTHER RECEIVABLES | ||||||||||||||||
Accounts and other receivables consisted of the following: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Current | Long-term | Current | Long-term | |||||||||||||
Trade accounts receivable | $ | 550.9 | $ | — | $ | 430.4 | $ | — | ||||||||
Trade notes receivable | 2.8 | 2.1 | 1.1 | 2.9 | ||||||||||||
Total trade receivables | 553.7 | 2.1 | 431.5 | 2.9 | ||||||||||||
Other notes receivable: | ||||||||||||||||
Notes received as partial payment for divestitures | 0.5 | 5.6 | 0.5 | 6.1 | ||||||||||||
Other | 3.3 | 1.5 | 0.5 | 4.3 | ||||||||||||
Income tax receivables | 6.3 | — | 8.6 | — | ||||||||||||
Other receivables | 28.3 | — | 24.3 | — | ||||||||||||
Subtotal other receivables | 38.4 | 7.1 | 33.9 | 10.4 | ||||||||||||
Total accounts and other receivables | 592.1 | 9.2 | 465.4 | 13.3 | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Trade accounts receivable | (16.6 | ) | — | (18.9 | ) | — | ||||||||||
Trade notes receivable | (0.8 | ) | (1.1 | ) | — | (.8 | ) | |||||||||
Total trade receivables | (17.4 | ) | (1.1 | ) | (18.9 | ) | (.8 | ) | ||||||||
Other notes receivable: | ||||||||||||||||
Other | — | (.8 | ) | (.3 | ) | (.6 | ) | |||||||||
Total allowance for doubtful accounts | (17.4 | ) | (1.9 | ) | (19.2 | ) | (1.4 | ) | ||||||||
Total net receivables | $ | 574.7 | $ | 7.3 | $ | 446.2 | $ | 11.9 | ||||||||
Notes are evaluated individually for impairment. Our investment in notes that were past due more than 90 days was approximately $1.0 at September 30, 2013, all of which had been placed on non-accrual status; and less than $2.0 at December 31, 2012, of which approximately $1.0 had been placed on non-accrual status. | ||||||||||||||||
Activity related to the allowance for doubtful accounts is reflected below: | ||||||||||||||||
Balance at December 31, 2012 | 2013 | 2013 | Balance at September 30, 2013 | |||||||||||||
Charges | Charge- | |||||||||||||||
offs, | ||||||||||||||||
net of | ||||||||||||||||
recoveries | ||||||||||||||||
Trade accounts receivable | $ | 18.9 | $ | 4 | $ | 6.3 | $ | 16.6 | ||||||||
Trade notes receivable | 0.8 | 0.3 | (.8 | ) | 1.9 | |||||||||||
Total trade receivables | 19.7 | 4.3 | 5.5 | 18.5 | ||||||||||||
Other notes receivable: | ||||||||||||||||
Other | 0.9 | — | 0.1 | 0.8 | ||||||||||||
Total allowance for doubtful accounts | $ | 20.6 | $ | 4.3 | $ | 5.6 | $ | 19.3 | ||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||
The following table recaps the components of stock-based and stock-related compensation for each period presented: | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
To be settled with stock | To be settled in cash | To be settled with stock | To be settled in cash | |||||||||||||
Options (1): | ||||||||||||||||
Amortization of the grant date fair value | $ | 1.4 | $ | — | $ | 3.8 | $ | — | ||||||||
Cash payments in lieu of options | — | 0.8 | — | 0.3 | ||||||||||||
Stock-based retirement plans contributions | 5.4 | 1 | 4.8 | 0.8 | ||||||||||||
Discounts on various stock awards: | ||||||||||||||||
Deferred Stock Compensation Program | 1.2 | — | 0.9 | — | ||||||||||||
Stock-based retirement plans | 0.9 | — | 0.9 | — | ||||||||||||
Discount Stock Plan | 0.7 | — | 0.7 | — | ||||||||||||
Performance Stock Unit awards (2) | 4.8 | 1.7 | 4.9 | 1.8 | ||||||||||||
Profitable Growth Incentive awards (1) | 0.5 | 0.5 | — | — | ||||||||||||
Restricted Stock Unit awards | 3.4 | — | 1.7 | — | ||||||||||||
Other, primarily non-employee directors restricted stock | 1 | — | 0.7 | — | ||||||||||||
Total stock-related compensation expense | 19.3 | $ | 4 | 18.4 | $ | 2.9 | ||||||||||
Employee contributions for above stock plans | 9.2 | 7.6 | ||||||||||||||
Total stock-based compensation | $ | 28.5 | $ | 26 | ||||||||||||
Recognized tax benefits on stock-based compensation expense | $ | 7.3 | $ | 7 | ||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
To be settled with stock | To be settled in cash | To be settled with stock | To be settled in cash | |||||||||||||
Options (1): | ||||||||||||||||
Amortization of the grant date fair value | $ | 0.4 | $ | — | $ | 0.6 | $ | — | ||||||||
Cash payments in lieu of options | — | — | — | — | ||||||||||||
Stock-based retirement plans contributions | 1.5 | 0.3 | 1.5 | 0.2 | ||||||||||||
Discounts on various stock awards: | ||||||||||||||||
Deferred Stock Compensation Program | 0.2 | — | 0.3 | — | ||||||||||||
Stock-based retirement plans | 0.2 | — | 0.2 | — | ||||||||||||
Discount Stock Plan | 0.2 | — | 0.2 | — | ||||||||||||
Performance Stock Unit awards (2) | 1.6 | (1.7 | ) | 1.6 | 1.8 | |||||||||||
Profitable Growth Incentive awards (1) | — | — | — | — | ||||||||||||
Restricted Stock Unit awards | 0.8 | — | 0.3 | — | ||||||||||||
Other, primarily non-employee directors restricted stock | 0.3 | — | 0.3 | — | ||||||||||||
Total stock-related compensation expense | 5.2 | $ | (1.4 | ) | 5 | $ | 2 | |||||||||
Employee contributions for above stock plans | 3.1 | 2.7 | ||||||||||||||
Total stock-based compensation | $ | 8.3 | $ | 7.7 | ||||||||||||
Recognized tax benefits on stock-based compensation expense | $ | 2 | $ | 1.9 | ||||||||||||
-1 | Stock Option Grants and Profitable Growth Incentive Awards | |||||||||||||||
Our most significant stock options have historically been granted annually on a discretionary basis to a broad group of employees. | ||||||||||||||||
Previous to 2013, we offered two different option choice programs. One group of employees was offered the choice to receive stock options or to receive a cash alternative equal to approximately one-half of the Black-Scholes value of the option grant foregone. Another group of employees, generally higher level employees, was offered a choice between stock options or restricted stock units (RSUs), on a ratio of four options foregone for each RSU offered. The RSUs vest in one-third increments at 12 months, 24 months and 36 months after the date of grant. | ||||||||||||||||
Starting in 2013, options are only offered in conjunction with the Deferred Compensation Program. In addition, certain key management employees participate in a new Profitable Growth Incentive (PGI) program. Options for other employees have been replaced with either cash awards or RSUs as offered in 2011 and 2012. RSU awards of 226,738 shares were granted during the nine months ended September 30, 2013 for employees, officers and directors. | ||||||||||||||||
The PGI awards are issued as growth performance stock units (GPSUs). The GPSUs vest (0% to 250%) at the end of a two-year performance period. Vesting is based on the Company's or applicable profit center's Revenue Growth adjusted by a GDP factor when applicable and EBITDA Margin of the Company or applicable profit center at the end of a two-year performance period. The 2013 base PGI award was 130,920 shares. We intend to pay half in shares of our common stock and half in cash, although we reserve the right to pay up to 100% in cash. Both components are adjusted to fair value at each reporting period. | ||||||||||||||||
(2) Performance Stock Unit Awards | ||||||||||||||||
We also grant Performance Stock Unit (PSU) awards in the first quarter of each year to selected officers and other key managers. These awards contain the following conditions: | ||||||||||||||||
• | A service requirement—Awards generally “cliff” vest three years following the grant date; and | |||||||||||||||
• | A market condition—Awards are based on our Total Shareholder Return [TSR =Change in Stock Price + Dividends) / Beginning Stock Price] as compared to the TSR of a group of peer companies. The peer group consists of all the companies in the Industrial, Materials and Consumer Discretionary sectors of the S&P 500 and S&P Midcap 400 (approximately 320 companies). Participants will earn from 0% to 175% of the base award depending upon how our Total Shareholder Return ranks within the peer group at the end of the 3-year performance period. | |||||||||||||||
Below is a summary of the number of shares and related grant date fair value of PSU’s for the periods presented. Grant date fair values are calculated using a Monte Carlo simulation of stock and volatility data for Leggett and each of the comparator companies and are based upon assumptions listed below. Grant date fair values are amortized using the straight-line method over the three-year vesting period. | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Total shares base award | 234,117 | 282,040 | ||||||||||||||
Grant date per share fair value | $ | 27.6 | $ | 23.79 | ||||||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | ||||||||||||
Expected life in years | 3 | 3 | ||||||||||||||
Expected volatility (over expected life) | 29.1 | % | 35 | % | ||||||||||||
Expected dividend yield (over expected life) | 4.2 | % | 4.8 | % | ||||||||||||
The three-year performance cycle of the 2010 award was completed on December 31, 2012. Our TSR performance, relative to the peer group, ranked at 46th percentile (with 1% being best); accordingly, participants earned 91.0% of the base award and .3 million shares were distributed in January 2013. | ||||||||||||||||
The above information represents the 65% portion of the award that we intend to pay in shares of our common stock, although we reserve the right to pay up to 100% in cash. There is also an additional amount that represents 35% of the award that we will settle in cash. It is recorded as a liability and is adjusted to fair value at each reporting period. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITIONS | ' | |||||||
ACQUISITIONS | ||||||||
The following table contains the estimated fair values (using inputs as discussed in Note 12) of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented, and any additional consideration paid for prior years’ acquisitions. We are finalizing all the information required to complete the purchase price allocations related to certain recent acquisitions and do not anticipate any material modifications. | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 12.8 | $ | 8.8 | ||||
Inventory | 15.1 | 18.9 | ||||||
Property, plant and equipment | 16.1 | 12 | ||||||
Goodwill (1) | 6.1 | 54.3 | ||||||
Other intangible assets | 10.3 | 102.4 | ||||||
Other current and long-term assets | 0.1 | 0.6 | ||||||
Current liabilities | (19.3 | ) | (6.8 | ) | ||||
Long-term liabilities | (6.0 | ) | — | |||||
Additional consideration for prior years’ acquisitions | — | 0.1 | ||||||
Fair value of net identifiable assets | 35.2 | 190.3 | ||||||
Less: Bargain purchase gain | 8.7 | — | ||||||
Net cash consideration | $ | 26.5 | $ | 190.3 | ||||
(1) Goodwill associated with 2013 acquisitions is not expected to provide an income tax benefit. Goodwill associated with the 2012 acquisitions is expected to provide an income tax benefit. | ||||||||
The following table summarizes acquisitions for the periods presented. | ||||||||
Nine Months Ended | Number of Acquisitions | Segment | Product/Service | |||||
30-Sep-13 | 3 | Industrial Materials (2); Specialized (1) | Tubing for the aerospace industry (2); Innerspring unit wire-forming machines | |||||
30-Sep-12 | 2 | Industrial Materials | Tubing for the aerospace industry; Tube fabrication | |||||
During third quarter 2013, we acquired an aerospace tubing manufacturer based in France for a cash purchase price of $14.4. This business was acquired at a price less than the fair value of the net identifiable assets, and we recorded an $8.7 non-taxable bargain purchase gain. The bargain purchase gain is reported in the "Other (income) expense, net" line of our income statement. We have assessed the key valuation assumptions and business combination accounting procedures for this acquisition and believe the recognition of a bargain purchase gain is appropriate for this acquisition; however, we are still finalizing all information required to complete this purchase price allocation. Factors that contributed to the bargain purchase price were: (i) The seller of this business will continue to purchase these products in the future. Due to the unique nature of the products and limited number of potential buyers for this business, it was important to the seller that the acquiring company was a financially sound, integrated manufacturer. The seller found it advantageous to accept our purchase price based upon our demonstrated ability to operate similar businesses, and financial strength that will enable us to be a long-term supplier of quality products into the future, and (ii) We were able to complete the acquisition without a financing contingency, which was an important attribute for the seller. | ||||||||
In January 2012, we acquired Western Pneumatic Tube Holding, LLC (Western) for a cash purchase price of $188.2, forming the Aerospace Products business unit within the Tubing Group. Western is a leading provider of integral components for critical aircraft systems, and specializes in fabricating thin-walled, large diameter, welded tubing and specialty formed products from titanium, nickel and other specialty materials for leading aerospace suppliers and OEMs. Factors that contributed to a purchase price resulting in the recognition of goodwill included Western’s competitive position, and its fit with our strategy to seek businesses with secure, leading positions in growing, profitable, attractive markets. | ||||||||
The results of operations of the above acquired companies have been included in the consolidated financial statements since the dates of acquisition. The unaudited pro forma consolidated net sales, net earnings and earnings per share are not materially different from the amounts reflected in the accompanying financial statements. | ||||||||
Certain of our acquisition agreements provide for additional consideration to be paid in cash at a later date and are recorded as a liability at the acquisition date. At September 30, 2013, there was no material remaining consideration payable. | ||||||||
In addition, in the third quarter of 2012, we invested $22.4 to acquire an interest in an unconsolidated entity related to a potential acquisition. We had no contractual right or obligation to make any additional investment and liquidated our position in the 3rd quarter of 2013 for $21.2, plus $1.8 in interest. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
The following table provides interim information as to our domestic and foreign defined benefit pension plans. Expected 2013 employer contributions are not significantly different than the $1.5 previously reported at December 31, 2012. | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net pension expense | ||||||||||||||||
Service cost | $ | 2.4 | $ | 2.2 | $ | 0.7 | $ | 0.8 | ||||||||
Interest cost | 9 | 9.5 | 3 | 3.2 | ||||||||||||
Expected return on plan assets | (11.4 | ) | (11.0 | ) | (3.8 | ) | (3.7 | ) | ||||||||
Recognized net actuarial loss | 4.7 | 4.7 | 1.5 | 1.6 | ||||||||||||
Net pension expense | $ | 4.7 | $ | 5.4 | $ | 1.4 | $ | 1.9 | ||||||||
STATEMENT_OF_CHANGES_IN_EQUITY
STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | |||||||||||||||||||||||
STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Total | Retained | Common | Treasury | Noncontrolling | Accumulated | |||||||||||||||||||
Equity | Earnings | Stock & | Stock | Interest | Other | |||||||||||||||||||
Additional | Comprehensive | |||||||||||||||||||||||
Contributed | Income | |||||||||||||||||||||||
Capital | ||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 1,442.20 | $ | 2,109.60 | $ | 460.6 | $ | (1,206.7 | ) | $ | 7.7 | $ | 71 | |||||||||||
Net earnings | 193.4 | 193.4 | — | — | — | — | ||||||||||||||||||
(Earnings) loss attributable to noncontrolling interest, net of tax | — | (1.7 | ) | — | — | 1.7 | — | |||||||||||||||||
Dividends declared | (126.4 | ) | (127.3 | ) | 2.2 | — | (1.3 | ) | — | |||||||||||||||
Treasury stock purchased | (123.1 | ) | — | — | (123.1 | ) | — | — | ||||||||||||||||
Treasury stock issued | 53.1 | — | (12.8 | ) | 65.9 | — | — | |||||||||||||||||
Foreign currency translation adjustments | (6.3 | ) | — | — | — | 0.1 | (6.4 | ) | ||||||||||||||||
Cash flow hedges, net of tax | 2.5 | — | — | — | — | 2.5 | ||||||||||||||||||
Defined benefit pension plans, net of tax | 2.9 | — | — | — | — | 2.9 | ||||||||||||||||||
Stock options and benefit plan transactions, net of tax | 25.4 | — | 25.4 | — | — | — | ||||||||||||||||||
Ending balance, September 30, 2013 | $ | 1,463.70 | $ | 2,174.00 | $ | 475.4 | $ | (1,263.9 | ) | $ | 8.2 | $ | 70 | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Total | Retained | Common | Treasury | Noncontrolling | Accumulated | |||||||||||||||||||
Equity | Earnings | Stock & | Stock | Interest | Other | |||||||||||||||||||
Additional | Comprehensive | |||||||||||||||||||||||
Contributed | Income | |||||||||||||||||||||||
Capital | ||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 1,307.70 | $ | 2,027.40 | $ | 458.9 | $ | (1,254.3 | ) | $ | 10.5 | $ | 65.2 | |||||||||||
Net earnings | 176.5 | 176.5 | — | — | — | — | ||||||||||||||||||
(Earnings) loss attributable to noncontrolling interest, net of tax | — | (1.8 | ) | — | — | 1.8 | — | |||||||||||||||||
Dividends declared | (119.4 | ) | (122.7 | ) | 3.3 | — | — | — | ||||||||||||||||
Treasury stock purchased | (24.1 | ) | — | — | (24.1 | ) | — | — | ||||||||||||||||
Treasury stock issued | 29.5 | — | (24.8 | ) | 54.3 | — | — | |||||||||||||||||
Foreign currency translation adjustments | 12 | — | — | — | — | 12 | ||||||||||||||||||
Cash flow hedges, net of tax | (4.5 | ) | — | — | — | — | (4.5 | ) | ||||||||||||||||
Defined benefit pension plans, net of tax | 2.5 | — | — | — | — | 2.5 | ||||||||||||||||||
Stock options and benefit plan transactions, net of tax | 20.6 | — | 20.6 | — | — | — | ||||||||||||||||||
Ending balance, September 30, 2012 | $ | 1,400.80 | $ | 2,079.40 | $ | 458 | $ | (1,224.1 | ) | $ | 12.3 | $ | 75.2 | |||||||||||
The following tables set forth the components of and changes in each component of accumulated other comprehensive income (loss) for each of the periods presented: | ||||||||||||||||||||||||
Foreign | Cash | Defined | Accumulated | |||||||||||||||||||||
Currency | Flow | Benefit | Other | |||||||||||||||||||||
Translation | Hedges | Pension | Comprehensive | |||||||||||||||||||||
Adjustments | Plans | Income (Loss) | ||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 163.5 | $ | (25.5 | ) | $ | (67.0 | ) | $ | 71 | ||||||||||||||
Other comprehensive income (loss) before reclassifications, pretax | (6.3 | ) | 0.5 | 0.1 | (5.7 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 0.4 | 4.7 | 5.1 | ||||||||||||||||||||
Interest expense | — | 3 | — | 3 | ||||||||||||||||||||
Subtotal of reclassifications, pretax | — | 3.4 | 4.7 | 8.1 | ||||||||||||||||||||
Other comprehensive income (loss), pretax | (6.3 | ) | 3.9 | 4.8 | 2.4 | |||||||||||||||||||
Income tax effect | — | (1.4 | ) | (1.9 | ) | (3.3 | ) | |||||||||||||||||
Attributable to noncontrolling interest | (.1 | ) | — | — | (.1 | ) | ||||||||||||||||||
Ending balance, September 30, 2013 | $ | 157.1 | $ | (23.0 | ) | $ | (64.1 | ) | $ | 70 | ||||||||||||||
Beginning balance, January 1, 2012 | $ | 147.6 | $ | (21.5 | ) | $ | (60.9 | ) | $ | 65.2 | ||||||||||||||
Other comprehensive income (loss) before reclassifications, pretax | 11.3 | (9.9 | ) | (.5 | ) | 0.9 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 1.8 | 4.7 | 6.5 | ||||||||||||||||||||
Interest expense | — | 0.7 | — | 0.7 | ||||||||||||||||||||
Other income/expense, net | 0.7 | — | — | 0.7 | ||||||||||||||||||||
Subtotal of reclassifications, pretax | 0.7 | 2.5 | 4.7 | 7.9 | ||||||||||||||||||||
Other comprehensive income (loss), pretax | 12 | (7.4 | ) | 4.2 | 8.8 | |||||||||||||||||||
Income tax effect | — | 2.9 | (1.7 | ) | 1.2 | |||||||||||||||||||
Attributable to noncontrolling interest | — | — | — | — | ||||||||||||||||||||
Ending balance, September 30, 2012 | $ | 159.6 | $ | (26.0 | ) | $ | (58.4 | ) | $ | 75.2 | ||||||||||||||
FAIR_VALUE
FAIR VALUE | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE | ' | |||||||||||||||
FAIR VALUE | ||||||||||||||||
Fair value measurements are established using a three level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following categories: | ||||||||||||||||
• | Level 1: Quoted prices for identical assets or liabilities in active markets. | |||||||||||||||
• | Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Short-term investments in this category are valued using discounted cash flow techniques with all significant inputs derived from or corroborated by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows, volatility factors, current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||||
• | Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||||
Items measured at fair value on a recurring basis | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 163 | $ | — | $ | 163 | ||||||||
Derivative assets | — | 1.2 | — | 1.2 | ||||||||||||
Diversified investments associated with the Executive Stock Unit Program (ESUP) | 11.9 | — | — | 11.9 | ||||||||||||
Total assets | $ | 11.9 | $ | 164.2 | $ | — | $ | 176.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | 0.1 | $ | 0.2 | $ | — | $ | 0.3 | ||||||||
Liabilities associated with the ESUP | 11.8 | — | — | 11.8 | ||||||||||||
Total liabilities | $ | 11.9 | $ | 0.2 | $ | — | $ | 12.1 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 125.6 | $ | — | $ | 125.6 | ||||||||
Derivative assets | — | 1.2 | — | 1.2 | ||||||||||||
Diversified investments associated with the ESUP | 7 | — | — | 7 | ||||||||||||
Total assets | $ | 7 | $ | 126.8 | $ | — | $ | 133.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | 0.5 | $ | 1.3 | $ | — | $ | 1.8 | ||||||||
Liabilities associated with the ESUP | 7.1 | — | — | 7.1 | ||||||||||||
Total liabilities | $ | 7.6 | $ | 1.3 | $ | — | $ | 8.9 | ||||||||
There were no transfers between Level 1 and Level 2 for any of the periods presented. | ||||||||||||||||
The fair value for fixed rate debt (Level 2) was greater than its $830 carrying value by $6 at September 30, 2013 and $46 greater than its $1,030 carrying value at December 31, 2012. We value this debt using discounted cash flow and secondary market rates provided by Bloomberg. | ||||||||||||||||
Items measured at fair value on a non-recurring basis | ||||||||||||||||
The primary areas in which we use fair value measurements of non-financial assets and liabilities are allocating purchase price to the assets and liabilities of acquired companies and evaluating long-term assets for potential impairment. | ||||||||||||||||
Determination of fair values of acquired assets and assumed liabilities requires significant judgment and are calculated utilizing a variety of methods. In general, long lived assets (primarily buildings and machinery) are valued at an estimated replacement cost for an asset of comparable age and condition. Market pricing of comparable assets are used to estimate replacement cost where available. The most common identified intangible assets acquired are Customer Relationships and Tradenames. Customer relationships are valued using an excess earnings method, using various inputs such as the estimated customer attrition rate, future earnings forecast, the amount of contributory asset charges, and a discount rate. Tradenames are valued using a relief from royalty method, which is based upon comparable market royalty rates for Tradenames of similar value. Fair values determined using these models utilize significant Level 3 inputs, which cannot be readily verified by independent comparable data. Inventory is valued at current replacement cost for raw materials, with a step-up for Work in Process and Finished Goods items that reflects the amount of ultimate profit earned as the date of the acquisition. Other working capital items are generally recorded at face value, unless there are known conditions that would impact the ultimate settlement amount of the particular item. | ||||||||||||||||
Goodwill | ||||||||||||||||
We perform an annual review for potential goodwill impairment in June of each year and as triggering events occur. The goodwill impairment review performed in June 2013 indicated no goodwill impairments. | ||||||||||||||||
The ten reporting units for goodwill purposes are one level below the operating segments, and are the same as the business groups disclosed in Item 1. Business in Form 10-K. Fair market values of the reporting units are estimated using a discounted cash flow model and comparable market values for similar entities using price to earnings ratios. Key assumptions and estimates used in the cash flow model include discount rate, internal sales growth, margins, capital expenditure requirements, and working capital requirements. Recent performance of the reporting unit is an important factor, but not the only factor, in the assessment. If actual results differ from estimates used in these calculations, we could incur future impairment charges. | ||||||||||||||||
Reporting units’ fair values in relation to their respective carrying values and significant assumptions used in the June 2013 review are presented in the table below. The 10-25% category below includes information for two reporting units (Store Fixtures and Commercial Vehicle Products). The fair value of each of these units exceeded its book value by 24% and 14%, respectively, at June 30, 2013. | ||||||||||||||||
Percentage of fair value in excess of carrying value | September 30, 2013 | Sales 10-year | Terminal | Discount rate | ||||||||||||
goodwill value | compound | values long- | ranges | |||||||||||||
annual growth | term growth | |||||||||||||||
rate range | rate | |||||||||||||||
10-25% | $ | 185.8 | 3.3 | % | - | 4.20% | 3% | 10 | % | - | 10.50% | |||||
25%+ | 806.4 | 1.5 | % | - | 5.00% | 3% | 8 | % | - | 10.00% | ||||||
$ | 992.2 | 1.5 | % | - | 5.00% | 3% | 8 | % | - | 10.50% | ||||||
Fixed Assets | ||||||||||||||||
We test long-lived assets for recoverability at year-end and whenever events or changes in circumstances indicate the carrying value may not be recoverable. The table below summarizes fixed asset impairment for the periods presented. | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Continuing operations | $ | 0.8 | $ | 0.1 | $ | — | $ | — | ||||||||
Discontinued operations | 1.5 | 0.9 | — | — | ||||||||||||
Total asset impairments | $ | 2.3 | $ | 1 | $ | — | $ | — | ||||||||
Fair value and the resulting impairment charges were based primarily upon offers from potential buyers or third party estimates of fair value less selling costs. |
RISK_MANAGEMENT_AND_DERIVATIVE
RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
Risk Management Strategy & Objectives | ||||||||||||||||||
We are subject to market and financial risks related to interest rates, foreign currency, and commodities. In the normal course of business, we utilize derivative instruments (individually or in combinations) to manage these risks. We seek to use derivative contracts that qualify for hedge accounting treatment; however, some instruments may not qualify for this treatment. It is our policy not to speculate using derivative instruments. | ||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||
Derivative financial instruments that we use to hedge forecasted transactions and anticipated cash flows are as follows: | ||||||||||||||||||
• | Commodity Cash Flow Hedges—The commodity cash flow hedges manage natural gas commodity price risk. | |||||||||||||||||
• | Interest Rate Cash Flow Hedges—In August 2012, we issued $300 of 10-year notes with a coupon rate of 3.4%. As a part of this transaction, we settled our $200 forward starting interest rate swaps we had entered into during 2010 and recognized a loss of $42.7, which will be amortized over the life of the notes. | |||||||||||||||||
• | Currency Cash Flow Hedges—The currency hedges manage risk associated with exchange rate volatility of various foreign currencies. | |||||||||||||||||
The effective changes in fair value of unexpired contracts are recorded in accumulated other comprehensive income and reclassified to income or expense in the period in which earnings are impacted. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. (Settlements associated with the sale or production of product are presented in operating cash flows and settlements associated with debt issuance are presented in financing cash flows.) | ||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||
Our fair value hedges manage foreign currency risk associated with subsidiaries’ inter-company assets and liabilities. Hedges designated as fair value hedges recognize gain or loss currently in earnings. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. | ||||||||||||||||||
Hedge Effectiveness | ||||||||||||||||||
We have deemed ineffectiveness to be immaterial, and as a result, have not recorded any amounts for ineffectiveness. If a hedge was not highly effective, the portion of the change in fair value considered to be ineffective would be recognized immediately in the consolidated condensed statements of operations. | ||||||||||||||||||
Derivatives Not Qualifying for Hedge Accounting Treatment | ||||||||||||||||||
We had a limited number of derivative transactions that did not qualify for hedge accounting treatment during the periods presented. Gains or losses on these transactions are recorded directly to income and expense in the period impacted, and offset the majority of gains and losses on the underlying hedged item. | ||||||||||||||||||
We have recorded the following assets and liabilities representing the fair value for our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution, and do not consider the offsetting underlying hedged item. | ||||||||||||||||||
Maturity | Total USD | As of September 30, 2013 | ||||||||||||||||
Equivalent | ||||||||||||||||||
Notional | Assets | Liabilities | ||||||||||||||||
Amount | Other | Sundry | Other Current | |||||||||||||||
Current | Liabilities | |||||||||||||||||
Assets | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||
Commodity hedges | Dec-13 | $ | 0.5 | $ | — | $ | — | $ | 0.1 | |||||||||
Currency Hedges: | ||||||||||||||||||
Future USD sales of Canadian subsidiaries | Dec-14 | 52.3 | 0.5 | 0.1 | — | |||||||||||||
Future USD sales of Chinese subsidiaries | May-14 | 24.8 | 0.4 | — | — | |||||||||||||
Future USD purchases of European subsidiary | Dec-13 | 2 | — | — | 0.1 | |||||||||||||
Future JPY sales of Chinese subsidiaries | May-14 | 3.1 | — | — | 0.1 | |||||||||||||
Total cash flow hedges | 0.9 | 0.1 | 0.3 | |||||||||||||||
Fair value hedges: | ||||||||||||||||||
USD inter-company note receivables on a Switzerland subsidiary | Nov-13 | 14.5 | 0.2 | — | — | |||||||||||||
Total fair value hedges | 0.2 | — | — | |||||||||||||||
$ | 1.1 | $ | 0.1 | $ | 0.3 | |||||||||||||
Maturity | Total USD | As of December 31, 2012 | ||||||||||||||||
Equivalent | ||||||||||||||||||
Notional | Assets | Liabilities | ||||||||||||||||
Amount | Other Current | Other Current | ||||||||||||||||
Assets | Liabilities | |||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||
Commodity hedges | Dec-13 | $ | 1.7 | $ | — | $ | 0.5 | |||||||||||
Currency Hedges: | ||||||||||||||||||
Future USD sales of Canadian subsidiaries | Dec-13 | 22.2 | 0.5 | — | ||||||||||||||
Future USD sales of Chinese subsidiaries | Dec-13 | 16.7 | — | 0.1 | ||||||||||||||
Future USD cost of goods sold of European subsidiary | Dec-13 | 7.9 | — | 0.2 | ||||||||||||||
Total cash flow hedges | 0.5 | 0.8 | ||||||||||||||||
Fair value hedges: | ||||||||||||||||||
ZAR asset on a USD subsidiary | Jan-13 | 21.2 | — | 0.9 | ||||||||||||||
USD inter-company note receivable on a European subsidiary | Feb-13 | 3.5 | — | 0.1 | ||||||||||||||
USD inter-company note receivable on a Switzerland subsidiary | Jan-13 | 14.5 | 0.7 | — | ||||||||||||||
Total fair value hedges | 0.7 | 1 | ||||||||||||||||
$ | 1.2 | $ | 1.8 | |||||||||||||||
The following table sets forth the pre-tax (gains) losses from continuing operations for our hedging activities for the years presented. This schedule includes reclassifications from accumulated other comprehensive income as well as derivative settlements recorded directly to income or expense. | ||||||||||||||||||
Income Statement | Amount of (Gain) Loss | Amount of (Gain) Loss | ||||||||||||||||
Caption | Recorded in Income | Recorded in Income | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||||
30-Sep | September 30 | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity cash flow hedges | Cost of goods sold | $ | 0.3 | $ | 2 | $ | 0.1 | $ | 0.5 | |||||||||
Interest rate cash flow hedges | Interest Expense | 3 | 0.7 | 1 | 0.7 | |||||||||||||
Foreign currency cash flow hedges | Net Sales | (.9 | ) | (.3 | ) | (.4 | ) | (.1 | ) | |||||||||
Foreign currency cash flow hedges | Cost of goods sold | — | (.4 | ) | — | (.2 | ) | |||||||||||
Foreign currency cash flow hedges | Other (income) expense, net | 0.1 | 0.2 | — | 0.1 | |||||||||||||
Total cash flow hedges | 2.5 | 2.2 | 0.7 | 1 | ||||||||||||||
Fair value hedges | Other (income) expense, net | (3.0 | ) | — | (1.0 | ) | — | |||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Hedge of EUR inter-company note receivable - USD denominated subsidiary | Other (income) expense, net | — | (.8 | ) | — | — | ||||||||||||
Hedge of EUR inter-company note receivable - USD denominated subsidiary | Interest Expense | — | 0.1 | — | — | |||||||||||||
Total derivative instruments | $ | (.5 | ) | $ | 1.5 | $ | (.3 | ) | $ | 1 | ||||||||
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
We are a defendant in various proceedings involving employment, antitrust, intellectual property, environmental, taxation and other laws. When it is probable, in management’s judgment, that we may incur monetary damages or other costs resulting from these proceedings or other claims, and we can reasonably estimate the amounts, we record appropriate liabilities in the financial statements and make charges against earnings. For all periods presented, we have recorded no material charges against earnings, and the total liabilities recorded are not material to our financial position. | |
Shareholder Derivative Lawsuit | |
On August 10, 2010, a shareholder derivative suit was filed by the New England Carpenters Pension Fund in the Circuit Court of Jasper County, Missouri as Case No. 10AO-CC284. The suit was purportedly brought on our behalf, naming us as a nominal defendant, and certain current and former officers and directors as individual defendants including David S. Haffner, Karl G. Glassman, Matthew C. Flanigan, Ernest C. Jett, Harry M. Cornell, Jr., Felix E. Wright, Robert Ted Enloe, III, Richard T. Fisher, Judy C. Odom, Maurice E. Purnell, Jr., Ralph W. Clark and Michael A. Glauber. The plaintiff alleged, among other things, that the individual defendants: breached their fiduciary duties; backdated and received backdated stock options violating our stock plans; caused or allowed us to issue false and misleading financial statements and proxy statements; sold our stock while possessing material non-public information; committed gross mismanagement; wasted corporate assets; committed fraud; violated the Missouri Securities Act; and were unjustly enriched. | |
The plaintiff is seeking, among other things: unspecified monetary damages against the individual defendants; certain equitable and other relief relating to the profits from the alleged improper conduct; the adoption of certain corporate governance proposals; the imposition of a constructive trust over the defendants’ stock options and proceeds; punitive damages; the rescission of certain unexercised options; and the reimbursement of litigation costs. The plaintiff is not seeking monetary relief from us. We have director and officer liability insurance in force subject to customary limits and exclusions. | |
We and the individual defendants filed motions to dismiss the suit in late October 2010, asserting: the plaintiff failed to make demand on our Board and shareholders as required by Missouri law, and this failure to make demand should not be excused; the dismissal of the substantially similar suit in 2009 precludes the 2010 suit; the plaintiff is not a representative shareholder; the suit was based on a statistical analysis of stock option grants and our stock prices that we believe was flawed; the plaintiff failed to state a substantive claim; the common law fraud claim was not pled with sufficient particularity; and the statute of limitations has expired on the fraud claim and all the alleged challenged grants except the December 30, 2005 grant. As to this grant, the motions to dismiss advised the Court that it was made under our Deferred Compensation Program, which (i) provided that options would be dated on the last business day of December, and (ii) was filed with the SEC on December 2, 2005 setting out the pricing mechanism well before the grant date. On April 6, 2011, the suit was dismissed without prejudice. | |
On May 12, 2011, the plaintiff filed an appeal to the Missouri Court of Appeals. On November 28, 2012, the Missouri Court of Appeals reversed the trial court's dismissal finding that plaintiff sufficiently pleaded it would be futile to make demand on the Board and shareholders. The Court of Appeals did not address the other grounds that had been raised in the motions to dismiss. We filed a request for transfer to the Missouri Supreme Court on December 12, 2012, which was denied by the Court of Appeals. On January 3, 2013, we filed a transfer petition to the Missouri Supreme Court. On February 26, 2013, the Missouri Supreme Court denied our request. The case was sent back to Jasper County, Missouri for further proceedings. At the parties' request, on June 4, 2013, the circuit court stayed all proceedings to allow the parties to mediate the dispute. | |
We do not expect that the outcome of this matter will have a material adverse effect on our financial condition, operating cash flows or results of operations. | |
Antitrust Lawsuits | |
Beginning in August 2010, a series of civil lawsuits was initiated in several U.S. federal courts and in Canada against over 20 defendants alleging that competitors of our carpet underlay business unit and other manufacturers of polyurethane foam products had engaged in price fixing in violation of U.S. and Canadian antitrust laws. | |
A number of these lawsuits have been voluntarily dismissed, most without prejudice. Of the U.S. cases remaining, we have been named as a defendant in (a) three direct purchaser class action cases (the first on November 15, 2010) and a consolidated amended class action complaint on behalf of a class of all direct purchasers of polyurethane foam products; (b) an indirect purchaser class consolidated amended complaint filed on March 21, 2011; and an indirect purchaser class action case filed on May 23, 2011; (c) 39 individual direct purchaser cases filed between March 22, 2011 and October 16, 2013; and (d) two individual cases alleging direct and indirect purchaser claims under the Kansas Restraint of Trade Act, one filed on November 29, 2012 and the other on April 11, 2013. All of the pending U.S. federal cases in which we have been named as a defendant, have been filed in or transferred to the U.S. District Court for the Northern District of Ohio under the name In re: Polyurethane Foam Antitrust Litigation, Case No. 1:10-MD-2196. | |
In the U.S. actions, the plaintiffs, on behalf of themselves and/or a class of purchasers, seek three times the amount of unspecified damages allegedly suffered as a result of alleged overcharges in the price of polyurethane foam products from at least 1999 to the present. Each plaintiff also seeks attorney fees, pre-judgment and post-judgment interest, court costs, and injunctive relief against future violations. On April 15 and May 6, 2011, we filed motions to dismiss the U.S. direct purchaser and indirect purchaser class actions in the consolidated case in Ohio, for failure to state a legally valid claim. On July 19, 2011, the Ohio Court denied the motions to dismiss. Discovery is underway in the U.S. actions. Motions for class certification have been filed on behalf of both direct and indirect purchasers. A hearing on the motions is expected to be held in December 2013. | |
We have been named in two Canadian class action cases (for direct and indirect purchasers of polyurethane foam products), both under the name Hi Neighbor Floor Covering Co. Limited and Hickory Springs Manufacturing Company, et.al. in the Ontario Superior Court of Justice (Windsor), Court File Nos. CV-10-15164 (amended November 2, 2011) and CV-11-17279 (issued December 30, 2011). In each of the Canadian cases, the plaintiffs, on behalf of themselves and/or a class of purchasers, seek from over 13 defendants restitution of the amount allegedly overcharged, general and special damages in the amount of $100, punitive damages of $10, pre-judgment and post-judgment interest, and the costs of the investigation and the action. We are not yet required to file our defenses in the Canadian actions. In addition, on July 10, 2012, plaintiff in a class action case (for direct and indirect purchasers of polyurethane foam products) styled Option Consommateurs and Karine Robillard v. Produits Vitafoam Canada Limitée, et. al. in the Quebec Superior Court of | |
Justice (Montréal), Court File No. 500-6-524-104, filed an amended motion for authorization seeking to add us and other manufacturers of polyurethane foam products as defendants in this case. | |
On June 22, 2012, we were also made party to a lawsuit brought in the 16th Judicial Circuit Court, Jackson County, Missouri, Case Number 1216-CV15179 under the caption “Dennis Baker, on Behalf of Himself and all Others Similarly Situated vs. Leggett & Platt, Incorporated.” The plaintiff, on behalf of himself and/or a class of indirect purchasers of polyurethane foam products in the State of Missouri, alleged that we violated the Missouri Merchandising Practices Act based upon our alleged illegal price inflation of flexible polyurethane foam products. The plaintiff seeks unspecified actual damages, punitive damages and the recovery of reasonable attorney fees. We filed a motion to dismiss this action, which was denied on November 5, 2012. Discovery has commenced and plaintiff has filed a motion for class certification. | |
We deny all of the allegations in all of the above actions and will vigorously defend ourselves. These contingencies are subject to many uncertainties. Therefore, based on the information available to date, we cannot reasonably estimate the amount or range of potential loss, if any, because, at this juncture of the proceedings; discovery is incomplete (class certification issues are not yet ripe, all expert liability reports have not been exchanged); and because the litigation involves unsettled legal theories. | |
Brazilian Value-Added Tax Matters | |
On December 22, 2011, the Brazilian Finance Ministry, Federal Revenue Office issued a notice of violation against our wholly-owned subsidiary, Leggett & Platt do Brasil Ltda. (“L&P Brazil”) in the amount of approximately $3.4, under Case No. 10855.724660/2011-43. The Brazilian Revenue Office claimed that for the period beginning November 2006 and continuing through December 2007, L&P Brazil used an incorrect tariff code for the collection and payment of value-added tax primarily on the sale of mattress innerspring units in Brazil. L&P Brazil responded to the notice of violation on January 25, 2012 denying the violation. The Federal Revenue Office, on August 9, 2013, denied L&P Brazil’s defenses and upheld the assessment at the first administrative level. L&P was notified about this judgment on October 16, 2013, and intends to appeal this decision on or before November 14, 2013. | |
On December 17, 2012, the Brazilian Revenue Office issued an additional notice of violation in the amount of approximately $6.0 under MPF Case No. 0811000.2011.00438 covering the period from January 1, 2008 through December 31, 2010 on the same subject matter. L&P Brazil responded to the notice of violation on January 17, 2013 denying the violation. The Brazilian Revenue Office, on June 13, 2013, denied L&P Brazil's defenses and upheld the assessment at the first administrative level. L&P Brazil appealed this decision on July 8, 2013. It is possible that we may receive an additional notice of violation for years 2011 and 2012. | |
In addition, L&P Brazil received assessments on December 22, 2011, and June 26, July 2 and November 5, 2012, and September 13, 2013 from the Brazilian Revenue Office where the Revenue Office challenged L&P Brazil’s use of certain tax credits in the years 2006 through 2010. Such credits are generated based upon the tariff classification and rate used by L&P Brazil for value-added tax on the sale of mattress innersprings. Combined with prior assessments, L&P Brazil has received assessments totaling approximately $1.6 on the same or similar denial of tax credit matters. | |
L&P Brazil is also party to a proceeding involving the State of Sao Paulo, Brazil where the State of Sao Paulo, on April 16, 2009, issued a Notice of Tax Assessment and Imposition of Fine to L&P Brazil seeking approximately $2.6 for the tax years 2006 and 2007, under Case No. 3.111.006 (DRT n°.04-256.169/2009). The State of Sao Paulo argued that L&P Brazil was using an incorrect tariff code for the collection and payment of value-added tax on sales of mattress innerspring units in the State of Sao Paulo. On September 29, 2010, the Court of Tax and Fees of the State of Sao Paulo ruled in favor of L&P Brazil nullifying the tax assessment. The State filed a special appeal and the Special Appeals court remanded the case back to the Court of Tax and Fees for further findings. On November 9, 2012, the Court of Tax and Fees again ruled in favor of L&P Brazil and nullified the tax assessment. On November 28, 2012, the State filed another special appeal. The determination to accept the special appeal was made on December 26, 2012, and L&P responded to this special appeal on January 24, 2013. | |
We were also informed on October 4, 2012 that the State of Sao Paulo issued an Auto-Infringement and Imposition of a Fine dated May 29, 2012 under Procedure Number 4.003.484 against L&P Brazil in the amount of approximately $2.2 for the tax years 2009 through 2011. Similar to the prior assessment, the State of Sao Paulo argues that L&P Brazil was using an incorrect tax rate for the collection and payment of value-added tax on sales of mattress innerspring units in the State of Sao Paulo. On June 21, 2013, the State of Sao Paulo's attorneys converted the Auto-Infringement and Imposition of a Fine No. 4.003.484 to a fiscal execution action against L&P Brazil in the amount of approximately $2.9, | |
under Sorocaba Judicial District Court, Case No. 3005528-50.2013.8.26.0602. L&P Brazil has yet to file its response, but intends to deny the allegations. | |
On December 18, 2012, the State of Minas Gerais, Brazil issued a tax assessment to L&P Brazil relating to L&P Brazil's classifications of innersprings for the collection and payment of value-added tax on the sale of mattress innersprings in Minas Gerais from March 1, 2008 through August 31, 2012 in the amount of approximately $.6, under PTA Case No. 01.000.182756-62. L&P Brazil filed its response denying any violation on January 17, 2013. | |
On February 1, 2013, the Brazilian Finance Ministry filed suit against L&P Brazil in the Camanducaia Judicial District Court, Case No. 0002222-35.2013.8.13.0878, alleging the untimely payment of $.2 of social contributions (social security and social assistance payments). L&P Brazil filed its response on July 11, 2013, denying the allegations. L&P Brazil argued the payments were not required to be made because of the application of certain tax credits that were generated by L&P Brazil's use of a tariff code for the classification of value-added tax on the sale of mattress innersprings (i.e., the same underlying issue at stake in the other Brazilian matters). | |
We deny all of the allegations in these actions. We believe that we have valid bases upon which to contest such actions and will vigorously defend ourselves. However, these contingencies are subject to many uncertainties. At this time, we do not believe it is probable that this matter will have a material adverse effect on our financial condition, operating cash flows or results of operations. | |
Patent Infringement Claim | |
On January 24, 2012, in a case in the United States District Court for the Central District of California, a jury returned a verdict against us in the amount of $5 based upon an allegation by plaintiff that we infringed three patents on an automatic stapling machine and on methods used to assemble box springs. This action was originally filed on October 4, 2010, as case number CV10-7416 RGK (SSx) under the caption Imaginal Systematic, LLC v. Leggett & Platt, Incorporated; Simmons Bedding Company; and Does 1 through 10, inclusive. Leggett is contractually obligated to defend and indemnify Simmons Bedding Company against a claim for infringement. | |
On summary judgment motions, we unsuccessfully disputed each patent’s validity and denied that we infringed any patent. At the jury trial on damages issues, the plaintiff alleged damages of $16.2. The court denied plaintiff’s attempt to win an attorney fee award and triple the pre-verdict damages. | |
On April 9, 2012 we appealed the case to the Federal Circuit Court of Appeals. Oral argument was held on February 6, 2013 before a three judge appeal panel in the Federal Circuit in Washington D.C. On February 14, 2013, the Court of Appeals affirmed the $5 verdict against us, which was fully accrued for in the first quarter of 2013 and then paid in the second quarter of 2013. We filed a petition for a rehearing of the Court of Appeals decision on March 18, 2013, which was denied by the Court of Appeals. | |
The plaintiff requested royalties for post-verdict use of the machines, which to date approximate $3, and requested pre-judgment interest in the amount of $.7. On July 3, 2013, the District Court ruled that the plaintiff was not entitled to additional ongoing royalties for our continued use of the machines, but did award pre-judgment interest of approximately $.5. On August 2, 2013, both parties filed a notice of appeal of this order to the Federal Circuit Court of Appeals. | |
In 2011, we also filed reexamination proceedings in the Patent Office (Case Nos. 95/001,543 filed February 11, 2011; 95/001,546 and 95/001,547 filed February 16, 2011), challenging the validity of each patent at issue in the lawsuit the plaintiff brought. The Patent Office examiner ruled in our favor on the key claims of one of the three patents. The Patent Office examiner initially ruled in our favor on the pertinent claims of the second patent, but subsequently reversed that decision. With respect to the third patent, the Patent Office examiner's decision upheld the validity of all claims. All three of these proceedings were appealed to the Board of Patent Appeals. Due to a change made to all of the machines, we do not believe that the machines currently use the feature alleged to have infringed the third patent. On April 25, 2013, the plaintiff filed petitions to terminate all re-examination proceedings based on the final ruling of the Federal Circuit Court of Appeals. We have opposed those petitions. | |
On July 29, 2013, the plaintiff filed a second lawsuit in the United States District Court for the Central District of California, Case No. CV13-05463 alleging that we and Simmons Bedding Company have continued to infringe the three patents on an automatic stapling machine and the methods used to assemble box springs, and that the plaintiff is entitled to additional damages. Neither we nor Simmons Bedding Company have been served, and no answers are yet due. However, we intend to vigorously defend ourselves. | |
At this time, we do not believe it is probable that this matter will have a material adverse effect on our financial condition, operating cash flows or results of operations. |
Interim_Presentation_Policies
Interim Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Interim Presentation | ' |
The interim financial statements of Leggett & Platt, Incorporated (“we”, “us” or “our”) included herein have not been audited by an independent registered public accounting firm. The statements include all adjustments, including normal recurring accruals, which management considers necessary for a fair presentation of our financial position and operating results for the periods presented. We have prepared the statements pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of results to be expected for an entire year. | |
The December 31, 2012 financial position data included herein was derived from the audited consolidated financial statements included in Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). For further information, refer to the financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2012. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications have been made to the prior years' consolidated financial statements to conform to the 2013 presentation, primarily in the Consolidated Statements of Operations and all related notes in which prior periods have been retrospectively adjusted to reflect the reclassification of certain operations to discontinued operations (See Note 5.) | |
New Accounting Guidance | ' |
In February 2013 the Financial Accounting Standards Board (FASB) issued ASU 2013-02 "Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires separate disclosure about amounts reclassified out of accumulated other comprehensive income by component. We adopted this guidance in first quarter 2013 and have included all required disclosures in Note 11. | |
The FASB has issued other accounting guidance effective for current and future periods (that we have not yet adopted), but we do not believe any of the new guidance will have a material impact on our current or future financial statements. |
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||||||
LIFO Expense | ' | |||||||||||||||
The following table contains the LIFO benefit included in earnings for each of the periods presented. | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
LIFO benefit | $ | 9.7 | $ | 7.8 | $ | 4.9 | $ | 5.7 | ||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary of Segment Results from Continuing Operations | ' | |||||||||||||||
A summary of segment results from continuing operations are shown in the following tables. | ||||||||||||||||
External | Inter- | Total | EBIT | |||||||||||||
Sales | Segment | Sales | ||||||||||||||
Sales | ||||||||||||||||
Three Months Ended September 30, 2013: | ||||||||||||||||
Residential Furnishings | $ | 500.3 | $ | 8.3 | $ | 508.6 | $ | 47 | ||||||||
Commercial Fixturing & Components | 128.2 | 1.3 | 129.5 | 8.4 | ||||||||||||
Industrial Materials | 150.7 | 55.3 | 206 | 16.2 | ||||||||||||
Specialized Products | 178.5 | 13.5 | 192 | 21.9 | ||||||||||||
Bargain purchase gain from acquisition | 8.7 | |||||||||||||||
Intersegment eliminations | (.9 | ) | ||||||||||||||
Change in LIFO reserve | 4.9 | |||||||||||||||
$ | 957.7 | $ | 78.4 | $ | 1,036.10 | $ | 106.2 | |||||||||
Three Months Ended September 30, 2012: | ||||||||||||||||
Residential Furnishings | $ | 479.7 | $ | 2 | $ | 481.7 | $ | 39.7 | ||||||||
Commercial Fixturing & Components | 161.5 | 1.3 | 162.8 | 19.2 | ||||||||||||
Industrial Materials | 156.7 | 58.9 | 215.6 | 19.2 | ||||||||||||
Specialized Products | 180.2 | 9.6 | 189.8 | 22.9 | ||||||||||||
Intersegment eliminations | (1.8 | ) | ||||||||||||||
Change in LIFO reserve | 5.7 | |||||||||||||||
$ | 978.1 | $ | 71.8 | $ | 1,049.90 | $ | 104.9 | |||||||||
External | Inter- | Total | EBIT | |||||||||||||
Sales | Segment | Sales | ||||||||||||||
Sales | ||||||||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||
Residential Furnishings | $ | 1,470.00 | $ | 14.2 | $ | 1,484.20 | $ | 131.7 | ||||||||
Commercial Fixturing & Components | 369 | 3.5 | 372.5 | 17.9 | ||||||||||||
Industrial Materials | 466.1 | 179.8 | 645.9 | 59.8 | ||||||||||||
Specialized Products | 544.1 | 42.6 | 586.7 | 66 | ||||||||||||
Bargain purchase gain from acquisition | 8.7 | |||||||||||||||
Intersegment eliminations | (9.7 | ) | ||||||||||||||
Change in LIFO reserve | 9.7 | |||||||||||||||
$ | 2,849.20 | $ | 240.1 | $ | 3,089.30 | $ | 284.1 | |||||||||
Nine Months Ended September 30, 2012: | ||||||||||||||||
Residential Furnishings | $ | 1,442.70 | $ | 6.3 | $ | 1,449.00 | $ | 119.9 | ||||||||
Commercial Fixturing & Components | 388.4 | 3.5 | 391.9 | 29.5 | ||||||||||||
Industrial Materials | 488.6 | 195.4 | 684 | 50.2 | ||||||||||||
Specialized Products | 536.3 | 33.2 | 569.5 | 67.2 | ||||||||||||
Intersegment eliminations | (7.0 | ) | ||||||||||||||
Change in LIFO reserve | 7.8 | |||||||||||||||
$ | 2,856.00 | $ | 238.4 | $ | 3,094.40 | $ | 267.6 | |||||||||
Average Assets for Segments | ' | |||||||||||||||
Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the periods presented. Amounts for 2012 have been retrospectively adjusted to reflect discontinued operations as discussed in Note 5. | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Residential Furnishings | $ | 591.2 | $ | 602.9 | ||||||||||||
Commercial Fixturing & Components | 150.4 | 159.1 | ||||||||||||||
Industrial Materials | 245.9 | 237.1 | ||||||||||||||
Specialized Products | 223.8 | 225.4 | ||||||||||||||
Average current liabilities included in segment numbers above | 454.2 | 439.1 | ||||||||||||||
Unallocated assets (1) | 1,599.70 | 1,685.50 | ||||||||||||||
Difference between average assets and period-end balance sheet | 39.9 | (94.2 | ) | |||||||||||||
Total assets | $ | 3,305.10 | $ | 3,254.90 | ||||||||||||
-1 | Primarily goodwill, other intangibles, cash, LIFO reserves, deferred tax assets and businesses sold or classified as held for sale. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The table below includes activity related to these operations: | ||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
External sales: | ||||||||||||||||
Industrial Materials: | ||||||||||||||||
Fabricated wire components used in large home appliances | $ | 4.1 | $ | 8.9 | $ | — | $ | 2.8 | ||||||||
Cotton-based erosion control products | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Specialized Products - the specialty trailers portion of the Commercial Vehicles Products Unit | 0.5 | 2.8 | — | 1.2 | ||||||||||||
Total external sales | 4.7 | 11.8 | 0.1 | 4.1 | ||||||||||||
Earnings (loss): | ||||||||||||||||
Residential Furnishings: | ||||||||||||||||
Prime Foam Products Unit | — | 3.9 | — | — | ||||||||||||
Fibers Unit | 0.7 | — | 0.7 | — | ||||||||||||
Industrial Materials: | ||||||||||||||||
Fabricated wire components used in large home appliances (1) | 1 | (.4 | ) | — | 0.4 | |||||||||||
Cotton-based erosion control products | (2.8 | ) | (.9 | ) | (.2 | ) | (.3 | ) | ||||||||
Specialized Products - the specialty trailers portion of the Commercial Vehicles Products Unit | (.7 | ) | (.6 | ) | — | (.1 | ) | |||||||||
Earnings (loss) before interest and income taxes | (1.8 | ) | 2 | 0.5 | — | |||||||||||
Income tax benefit (expense) (1) | 9.1 | 5.3 | (.1 | ) | — | |||||||||||
Earnings from discontinued operations (net of tax) | $ | 7.3 | $ | 7.3 | $ | 0.4 | $ | — | ||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
Basic and diluted earnings per share were calculated as follows: | ||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings: | ||||||||||||||||
Earnings from continuing operations | $ | 186.1 | $ | 169.2 | $ | 71.6 | $ | 66.6 | ||||||||
(Earnings) attributable to noncontrolling interest, net of tax | (1.7 | ) | (1.8 | ) | (.7 | ) | (.8 | ) | ||||||||
Net earnings from continuing operations attributable to Leggett & Platt, Inc. common shareholders | 184.4 | 167.4 | 70.9 | 65.8 | ||||||||||||
Earnings (loss) from discontinued operations, net of tax | 7.3 | 7.3 | 0.4 | — | ||||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 191.7 | $ | 174.7 | $ | 71.3 | $ | 65.8 | ||||||||
Weighted average number of shares: | ||||||||||||||||
Weighted average number of common shares used in basic EPS | 145.6 | 144 | 144.9 | 144.4 | ||||||||||||
Additional dilutive shares principally from the assumed exercise of outstanding stock options | 2.1 | 1.5 | 2.1 | 1.7 | ||||||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 147.7 | 145.5 | 147 | 146.1 | ||||||||||||
Basic and Diluted EPS: | ||||||||||||||||
Basic EPS attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||
Continuing operations | $ | 1.27 | $ | 1.16 | $ | 0.49 | $ | 0.46 | ||||||||
Discontinued operations | 0.05 | 0.05 | — | — | ||||||||||||
Basic EPS attributable to Leggett & Platt common shareholders | $ | 1.32 | $ | 1.21 | $ | 0.49 | $ | 0.46 | ||||||||
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||
Continuing operations | $ | 1.25 | $ | 1.15 | $ | 0.48 | $ | 0.45 | ||||||||
Discontinued operations | 0.05 | 0.05 | — | — | ||||||||||||
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders | $ | 1.3 | $ | 1.2 | $ | 0.49 | $ | 0.45 | ||||||||
Other information: | ||||||||||||||||
Anti-dilutive shares excluded from diluted EPS computation | — | 2.5 | — | 1.7 | ||||||||||||
ACCOUNTS_AND_OTHER_RECEIVABLES1
ACCOUNTS AND OTHER RECEIVABLES (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||
Components of Accounts and Other Receivables | ' | |||||||||||||||
Accounts and other receivables consisted of the following: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Current | Long-term | Current | Long-term | |||||||||||||
Trade accounts receivable | $ | 550.9 | $ | — | $ | 430.4 | $ | — | ||||||||
Trade notes receivable | 2.8 | 2.1 | 1.1 | 2.9 | ||||||||||||
Total trade receivables | 553.7 | 2.1 | 431.5 | 2.9 | ||||||||||||
Other notes receivable: | ||||||||||||||||
Notes received as partial payment for divestitures | 0.5 | 5.6 | 0.5 | 6.1 | ||||||||||||
Other | 3.3 | 1.5 | 0.5 | 4.3 | ||||||||||||
Income tax receivables | 6.3 | — | 8.6 | — | ||||||||||||
Other receivables | 28.3 | — | 24.3 | — | ||||||||||||
Subtotal other receivables | 38.4 | 7.1 | 33.9 | 10.4 | ||||||||||||
Total accounts and other receivables | 592.1 | 9.2 | 465.4 | 13.3 | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Trade accounts receivable | (16.6 | ) | — | (18.9 | ) | — | ||||||||||
Trade notes receivable | (0.8 | ) | (1.1 | ) | — | (.8 | ) | |||||||||
Total trade receivables | (17.4 | ) | (1.1 | ) | (18.9 | ) | (.8 | ) | ||||||||
Other notes receivable: | ||||||||||||||||
Other | — | (.8 | ) | (.3 | ) | (.6 | ) | |||||||||
Total allowance for doubtful accounts | (17.4 | ) | (1.9 | ) | (19.2 | ) | (1.4 | ) | ||||||||
Total net receivables | $ | 574.7 | $ | 7.3 | $ | 446.2 | $ | 11.9 | ||||||||
Allowance for Doubtful Accounts | ' | |||||||||||||||
Activity related to the allowance for doubtful accounts is reflected below: | ||||||||||||||||
Balance at December 31, 2012 | 2013 | 2013 | Balance at September 30, 2013 | |||||||||||||
Charges | Charge- | |||||||||||||||
offs, | ||||||||||||||||
net of | ||||||||||||||||
recoveries | ||||||||||||||||
Trade accounts receivable | $ | 18.9 | $ | 4 | $ | 6.3 | $ | 16.6 | ||||||||
Trade notes receivable | 0.8 | 0.3 | (.8 | ) | 1.9 | |||||||||||
Total trade receivables | 19.7 | 4.3 | 5.5 | 18.5 | ||||||||||||
Other notes receivable: | ||||||||||||||||
Other | 0.9 | — | 0.1 | 0.8 | ||||||||||||
Total allowance for doubtful accounts | $ | 20.6 | $ | 4.3 | $ | 5.6 | $ | 19.3 | ||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Share-based Compensation, Activity | ' | |||||||||||||||
The following table recaps the components of stock-based and stock-related compensation for each period presented: | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
To be settled with stock | To be settled in cash | To be settled with stock | To be settled in cash | |||||||||||||
Options (1): | ||||||||||||||||
Amortization of the grant date fair value | $ | 1.4 | $ | — | $ | 3.8 | $ | — | ||||||||
Cash payments in lieu of options | — | 0.8 | — | 0.3 | ||||||||||||
Stock-based retirement plans contributions | 5.4 | 1 | 4.8 | 0.8 | ||||||||||||
Discounts on various stock awards: | ||||||||||||||||
Deferred Stock Compensation Program | 1.2 | — | 0.9 | — | ||||||||||||
Stock-based retirement plans | 0.9 | — | 0.9 | — | ||||||||||||
Discount Stock Plan | 0.7 | — | 0.7 | — | ||||||||||||
Performance Stock Unit awards (2) | 4.8 | 1.7 | 4.9 | 1.8 | ||||||||||||
Profitable Growth Incentive awards (1) | 0.5 | 0.5 | — | — | ||||||||||||
Restricted Stock Unit awards | 3.4 | — | 1.7 | — | ||||||||||||
Other, primarily non-employee directors restricted stock | 1 | — | 0.7 | — | ||||||||||||
Total stock-related compensation expense | 19.3 | $ | 4 | 18.4 | $ | 2.9 | ||||||||||
Employee contributions for above stock plans | 9.2 | 7.6 | ||||||||||||||
Total stock-based compensation | $ | 28.5 | $ | 26 | ||||||||||||
Recognized tax benefits on stock-based compensation expense | $ | 7.3 | $ | 7 | ||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
To be settled with stock | To be settled in cash | To be settled with stock | To be settled in cash | |||||||||||||
Options (1): | ||||||||||||||||
Amortization of the grant date fair value | $ | 0.4 | $ | — | $ | 0.6 | $ | — | ||||||||
Cash payments in lieu of options | — | — | — | — | ||||||||||||
Stock-based retirement plans contributions | 1.5 | 0.3 | 1.5 | 0.2 | ||||||||||||
Discounts on various stock awards: | ||||||||||||||||
Deferred Stock Compensation Program | 0.2 | — | 0.3 | — | ||||||||||||
Stock-based retirement plans | 0.2 | — | 0.2 | — | ||||||||||||
Discount Stock Plan | 0.2 | — | 0.2 | — | ||||||||||||
Performance Stock Unit awards (2) | 1.6 | (1.7 | ) | 1.6 | 1.8 | |||||||||||
Profitable Growth Incentive awards (1) | — | — | — | — | ||||||||||||
Restricted Stock Unit awards | 0.8 | — | 0.3 | — | ||||||||||||
Other, primarily non-employee directors restricted stock | 0.3 | — | 0.3 | — | ||||||||||||
Total stock-related compensation expense | 5.2 | $ | (1.4 | ) | 5 | $ | 2 | |||||||||
Employee contributions for above stock plans | 3.1 | 2.7 | ||||||||||||||
Total stock-based compensation | $ | 8.3 | $ | 7.7 | ||||||||||||
Recognized tax benefits on stock-based compensation expense | $ | 2 | $ | 1.9 | ||||||||||||
-1 | Stock Option Grants and Profitable Growth Incentive Awards | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Total shares base award | 234,117 | 282,040 | ||||||||||||||
Grant date per share fair value | $ | 27.6 | $ | 23.79 | ||||||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | ||||||||||||
Expected life in years | 3 | 3 | ||||||||||||||
Expected volatility (over expected life) | 29.1 | % | 35 | % | ||||||||||||
Expected dividend yield (over expected life) | 4.2 | % | 4.8 | % |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | |||||||
The following table contains the estimated fair values (using inputs as discussed in Note 12) of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented, and any additional consideration paid for prior years’ acquisitions. We are finalizing all the information required to complete the purchase price allocations related to certain recent acquisitions and do not anticipate any material modifications. | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 12.8 | $ | 8.8 | ||||
Inventory | 15.1 | 18.9 | ||||||
Property, plant and equipment | 16.1 | 12 | ||||||
Goodwill (1) | 6.1 | 54.3 | ||||||
Other intangible assets | 10.3 | 102.4 | ||||||
Other current and long-term assets | 0.1 | 0.6 | ||||||
Current liabilities | (19.3 | ) | (6.8 | ) | ||||
Long-term liabilities | (6.0 | ) | — | |||||
Additional consideration for prior years’ acquisitions | — | 0.1 | ||||||
Fair value of net identifiable assets | 35.2 | 190.3 | ||||||
Less: Bargain purchase gain | 8.7 | — | ||||||
Net cash consideration | $ | 26.5 | $ | 190.3 | ||||
(1) Goodwill associated with 2013 acquisitions is not expected to provide an income tax benefit. Goodwill associated with the 2012 acquisitions is expected to provide an income tax benefit. | ||||||||
Schedule of Acquisitions | ' | |||||||
The following table summarizes acquisitions for the periods presented. | ||||||||
Nine Months Ended | Number of Acquisitions | Segment | Product/Service | |||||
30-Sep-13 | 3 | Industrial Materials (2); Specialized (1) | Tubing for the aerospace industry (2); Innerspring unit wire-forming machines | |||||
30-Sep-12 | 2 | Industrial Materials | Tubing for the aerospace industry; Tube fabrication |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Pension (Expense) Income | ' | |||||||||||||||
The following table provides interim information as to our domestic and foreign defined benefit pension plans. Expected 2013 employer contributions are not significantly different than the $1.5 previously reported at December 31, 2012. | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net pension expense | ||||||||||||||||
Service cost | $ | 2.4 | $ | 2.2 | $ | 0.7 | $ | 0.8 | ||||||||
Interest cost | 9 | 9.5 | 3 | 3.2 | ||||||||||||
Expected return on plan assets | (11.4 | ) | (11.0 | ) | (3.8 | ) | (3.7 | ) | ||||||||
Recognized net actuarial loss | 4.7 | 4.7 | 1.5 | 1.6 | ||||||||||||
Net pension expense | $ | 4.7 | $ | 5.4 | $ | 1.4 | $ | 1.9 | ||||||||
STATEMENT_OF_CHANGES_IN_EQUITY1
STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Statement of Changes in Equity and Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Total | Retained | Common | Treasury | Noncontrolling | Accumulated | |||||||||||||||||||
Equity | Earnings | Stock & | Stock | Interest | Other | |||||||||||||||||||
Additional | Comprehensive | |||||||||||||||||||||||
Contributed | Income | |||||||||||||||||||||||
Capital | ||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 1,442.20 | $ | 2,109.60 | $ | 460.6 | $ | (1,206.7 | ) | $ | 7.7 | $ | 71 | |||||||||||
Net earnings | 193.4 | 193.4 | — | — | — | — | ||||||||||||||||||
(Earnings) loss attributable to noncontrolling interest, net of tax | — | (1.7 | ) | — | — | 1.7 | — | |||||||||||||||||
Dividends declared | (126.4 | ) | (127.3 | ) | 2.2 | — | (1.3 | ) | — | |||||||||||||||
Treasury stock purchased | (123.1 | ) | — | — | (123.1 | ) | — | — | ||||||||||||||||
Treasury stock issued | 53.1 | — | (12.8 | ) | 65.9 | — | — | |||||||||||||||||
Foreign currency translation adjustments | (6.3 | ) | — | — | — | 0.1 | (6.4 | ) | ||||||||||||||||
Cash flow hedges, net of tax | 2.5 | — | — | — | — | 2.5 | ||||||||||||||||||
Defined benefit pension plans, net of tax | 2.9 | — | — | — | — | 2.9 | ||||||||||||||||||
Stock options and benefit plan transactions, net of tax | 25.4 | — | 25.4 | — | — | — | ||||||||||||||||||
Ending balance, September 30, 2013 | $ | 1,463.70 | $ | 2,174.00 | $ | 475.4 | $ | (1,263.9 | ) | $ | 8.2 | $ | 70 | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Total | Retained | Common | Treasury | Noncontrolling | Accumulated | |||||||||||||||||||
Equity | Earnings | Stock & | Stock | Interest | Other | |||||||||||||||||||
Additional | Comprehensive | |||||||||||||||||||||||
Contributed | Income | |||||||||||||||||||||||
Capital | ||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 1,307.70 | $ | 2,027.40 | $ | 458.9 | $ | (1,254.3 | ) | $ | 10.5 | $ | 65.2 | |||||||||||
Net earnings | 176.5 | 176.5 | — | — | — | — | ||||||||||||||||||
(Earnings) loss attributable to noncontrolling interest, net of tax | — | (1.8 | ) | — | — | 1.8 | — | |||||||||||||||||
Dividends declared | (119.4 | ) | (122.7 | ) | 3.3 | — | — | — | ||||||||||||||||
Treasury stock purchased | (24.1 | ) | — | — | (24.1 | ) | — | — | ||||||||||||||||
Treasury stock issued | 29.5 | — | (24.8 | ) | 54.3 | — | — | |||||||||||||||||
Foreign currency translation adjustments | 12 | — | — | — | — | 12 | ||||||||||||||||||
Cash flow hedges, net of tax | (4.5 | ) | — | — | — | — | (4.5 | ) | ||||||||||||||||
Defined benefit pension plans, net of tax | 2.5 | — | — | — | — | 2.5 | ||||||||||||||||||
Stock options and benefit plan transactions, net of tax | 20.6 | — | 20.6 | — | — | — | ||||||||||||||||||
Ending balance, September 30, 2012 | $ | 1,400.80 | $ | 2,079.40 | $ | 458 | $ | (1,224.1 | ) | $ | 12.3 | $ | 75.2 | |||||||||||
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following tables set forth the components of and changes in each component of accumulated other comprehensive income (loss) for each of the periods presented: | ||||||||||||||||||||||||
Foreign | Cash | Defined | Accumulated | |||||||||||||||||||||
Currency | Flow | Benefit | Other | |||||||||||||||||||||
Translation | Hedges | Pension | Comprehensive | |||||||||||||||||||||
Adjustments | Plans | Income (Loss) | ||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 163.5 | $ | (25.5 | ) | $ | (67.0 | ) | $ | 71 | ||||||||||||||
Other comprehensive income (loss) before reclassifications, pretax | (6.3 | ) | 0.5 | 0.1 | (5.7 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 0.4 | 4.7 | 5.1 | ||||||||||||||||||||
Interest expense | — | 3 | — | 3 | ||||||||||||||||||||
Subtotal of reclassifications, pretax | — | 3.4 | 4.7 | 8.1 | ||||||||||||||||||||
Other comprehensive income (loss), pretax | (6.3 | ) | 3.9 | 4.8 | 2.4 | |||||||||||||||||||
Income tax effect | — | (1.4 | ) | (1.9 | ) | (3.3 | ) | |||||||||||||||||
Attributable to noncontrolling interest | (.1 | ) | — | — | (.1 | ) | ||||||||||||||||||
Ending balance, September 30, 2013 | $ | 157.1 | $ | (23.0 | ) | $ | (64.1 | ) | $ | 70 | ||||||||||||||
Beginning balance, January 1, 2012 | $ | 147.6 | $ | (21.5 | ) | $ | (60.9 | ) | $ | 65.2 | ||||||||||||||
Other comprehensive income (loss) before reclassifications, pretax | 11.3 | (9.9 | ) | (.5 | ) | 0.9 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 1.8 | 4.7 | 6.5 | ||||||||||||||||||||
Interest expense | — | 0.7 | — | 0.7 | ||||||||||||||||||||
Other income/expense, net | 0.7 | — | — | 0.7 | ||||||||||||||||||||
Subtotal of reclassifications, pretax | 0.7 | 2.5 | 4.7 | 7.9 | ||||||||||||||||||||
Other comprehensive income (loss), pretax | 12 | (7.4 | ) | 4.2 | 8.8 | |||||||||||||||||||
Income tax effect | — | 2.9 | (1.7 | ) | 1.2 | |||||||||||||||||||
Attributable to noncontrolling interest | — | — | — | — | ||||||||||||||||||||
Ending balance, September 30, 2012 | $ | 159.6 | $ | (26.0 | ) | $ | (58.4 | ) | $ | 75.2 | ||||||||||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 163 | $ | — | $ | 163 | ||||||||
Derivative assets | — | 1.2 | — | 1.2 | ||||||||||||
Diversified investments associated with the Executive Stock Unit Program (ESUP) | 11.9 | — | — | 11.9 | ||||||||||||
Total assets | $ | 11.9 | $ | 164.2 | $ | — | $ | 176.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | 0.1 | $ | 0.2 | $ | — | $ | 0.3 | ||||||||
Liabilities associated with the ESUP | 11.8 | — | — | 11.8 | ||||||||||||
Total liabilities | $ | 11.9 | $ | 0.2 | $ | — | $ | 12.1 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 125.6 | $ | — | $ | 125.6 | ||||||||
Derivative assets | — | 1.2 | — | 1.2 | ||||||||||||
Diversified investments associated with the ESUP | 7 | — | — | 7 | ||||||||||||
Total assets | $ | 7 | $ | 126.8 | $ | — | $ | 133.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | 0.5 | $ | 1.3 | $ | — | $ | 1.8 | ||||||||
Liabilities associated with the ESUP | 7.1 | — | — | 7.1 | ||||||||||||
Total liabilities | $ | 7.6 | $ | 1.3 | $ | — | $ | 8.9 | ||||||||
Goodwill Impairment Test Assumptions | ' | |||||||||||||||
Percentage of fair value in excess of carrying value | September 30, 2013 | Sales 10-year | Terminal | Discount rate | ||||||||||||
goodwill value | compound | values long- | ranges | |||||||||||||
annual growth | term growth | |||||||||||||||
rate range | rate | |||||||||||||||
10-25% | $ | 185.8 | 3.3 | % | - | 4.20% | 3% | 10 | % | - | 10.50% | |||||
25%+ | 806.4 | 1.5 | % | - | 5.00% | 3% | 8 | % | - | 10.00% | ||||||
$ | 992.2 | 1.5 | % | - | 5.00% | 3% | 8 | % | - | 10.50% | ||||||
Schedule of Asset Impairment Charges | ' | |||||||||||||||
The table below summarizes fixed asset impairment for the periods presented. | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Continuing operations | $ | 0.8 | $ | 0.1 | $ | — | $ | — | ||||||||
Discontinued operations | 1.5 | 0.9 | — | — | ||||||||||||
Total asset impairments | $ | 2.3 | $ | 1 | $ | — | $ | — | ||||||||
RISK_MANAGEMENT_AND_DERIVATIVE1
RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments at Fair Value | ' | |||||||||||||||||
We have | ||||||||||||||||||
Gains (Losses) of Hedging Activities Recorded in Income | ' | |||||||||||||||||
The following table sets forth the pre-tax (gains) losses from continuing operations for our hedging activities for the years presented. This schedule includes reclassifications from accumulated other comprehensive income as well as derivative settlements recorded directly to income or expense. | ||||||||||||||||||
Income Statement | Amount of (Gain) Loss | Amount of (Gain) Loss | ||||||||||||||||
Caption | Recorded in Income | Recorded in Income | ||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||||
30-Sep | September 30 | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity cash flow hedges | Cost of goods sold | $ | 0.3 | $ | 2 | $ | 0.1 | $ | 0.5 | |||||||||
Interest rate cash flow hedges | Interest Expense | 3 | 0.7 | 1 | 0.7 | |||||||||||||
Foreign currency cash flow hedges | Net Sales | (.9 | ) | (.3 | ) | (.4 | ) | (.1 | ) | |||||||||
Foreign currency cash flow hedges | Cost of goods sold | — | (.4 | ) | — | (.2 | ) | |||||||||||
Foreign currency cash flow hedges | Other (income) expense, net | 0.1 | 0.2 | — | 0.1 | |||||||||||||
Total cash flow hedges | 2.5 | 2.2 | 0.7 | 1 | ||||||||||||||
Fair value hedges | Other (income) expense, net | (3.0 | ) | — | (1.0 | ) | — | |||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Hedge of EUR inter-company note receivable - USD denominated subsidiary | Other (income) expense, net | — | (.8 | ) | — | — | ||||||||||||
Hedge of EUR inter-company note receivable - USD denominated subsidiary | Interest Expense | — | 0.1 | — | — | |||||||||||||
Total derivative instruments | $ | (.5 | ) | $ | 1.5 | $ | (.3 | ) | $ | 1 | ||||||||
LIFO_Expense_Detail
LIFO Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Percentage of LIFO inventory | 55.00% | ' | 55.00% | ' |
LIFO benefit | $4.90 | $5.70 | $9.70 | $7.80 |
Summary_of_Segment_Results_fro
Summary of Segment Results from Continuing Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of operating segments | ' | ' | 4 | ' |
External Sales | $957.70 | $978.10 | $2,849.20 | $2,856 |
Inter- Segment Sales | 78.4 | 71.8 | 240.1 | 238.4 |
Total Sales | 1,036.10 | 1,049.90 | 3,089.30 | 3,094.40 |
EBIT | 106.2 | 104.9 | 284.1 | 267.6 |
Bargain purchase gain recognized | 8.7 | ' | 8.7 | 0 |
Change in LIFO reserve | 4.9 | 5.7 | 9.7 | 7.8 |
Residential Furnishings | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External Sales | 500.3 | 479.7 | 1,470 | 1,442.70 |
Inter- Segment Sales | 8.3 | 2 | 14.2 | 6.3 |
Total Sales | 508.6 | 481.7 | 1,484.20 | 1,449 |
EBIT | 47 | 39.7 | 131.7 | 119.9 |
Commercial Fixturing & Components | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External Sales | 128.2 | 161.5 | 369 | 388.4 |
Inter- Segment Sales | 1.3 | 1.3 | 3.5 | 3.5 |
Total Sales | 129.5 | 162.8 | 372.5 | 391.9 |
EBIT | 8.4 | 19.2 | 17.9 | 29.5 |
Industrial Materials | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External Sales | 150.7 | 156.7 | 466.1 | 488.6 |
Inter- Segment Sales | 55.3 | 58.9 | 179.8 | 195.4 |
Total Sales | 206 | 215.6 | 645.9 | 684 |
EBIT | 16.2 | 19.2 | 59.8 | 50.2 |
Specialized Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External Sales | 178.5 | 180.2 | 544.1 | 536.3 |
Inter- Segment Sales | 13.5 | 9.6 | 42.6 | 33.2 |
Total Sales | 192 | 189.8 | 586.7 | 569.5 |
EBIT | 21.9 | 22.9 | 66 | 67.2 |
Intersegment eliminations | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment eliminations | ($0.90) | ($1.80) | ($9.70) | ($7) |
Average_Assets_for_Segments_De
Average Assets for Segments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $3,305.10 | $3,254.90 | ||
Residential Furnishings | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 591.2 | 602.9 | ||
Commercial Fixturing & Components | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 150.4 | 159.1 | ||
Industrial Materials | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 245.9 | 237.1 | ||
Specialized Products | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 223.8 | 225.4 | ||
Average current liabilities included in segment numbers above | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 454.2 | 439.1 | ||
Unallocated assets | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 1,599.70 | [1] | 1,685.50 | [1] |
Difference between average assets and period-end balance sheet | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $39.90 | ($94.20) | ||
[1] | Primarily goodwill, other intangibles, cash, LIFO reserves, deferred tax assets and businesses sold or classified as held for sale. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
operation | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of operations disposed | 3 | ' | ' | ' |
External sales: | $0.10 | $4.10 | $4.70 | $11.80 |
Earnings (loss) before interest and income taxes | 0.5 | 0 | -1.8 | 2 |
Income tax benefit (expense) (1) | -0.1 | 0 | 9.1 | 5.3 |
Earnings from discontinued operations (net of tax) | 0.4 | 0 | 7.3 | 7.3 |
Industrial Materials | Fabricated wire components used in large home appliances (1) | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
External sales: | 0 | 2.8 | 4.1 | 8.9 |
Earnings (loss) before interest and income taxes | 0 | 0.4 | 1 | -0.4 |
Industrial Materials | Cotton-based erosion control products | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Loss on write-down | 1.9 | ' | ' | ' |
Fixed asset impairments | 1.5 | ' | ' | ' |
Net book value of assets held for sale | 0.6 | ' | 0.6 | ' |
External sales: | 0.1 | 0.1 | 0.1 | 0.1 |
Earnings (loss) before interest and income taxes | -0.2 | -0.3 | -2.8 | -0.9 |
Specialized Products | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
External sales: | 0 | 1.2 | 0.5 | 2.8 |
Earnings (loss) before interest and income taxes | 0 | -0.1 | -0.7 | -0.6 |
Residential Furnishings | Prime Foam Products Unit | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Earnings (loss) before interest and income taxes | 0 | 0 | 0 | 3.9 |
Residential Furnishings | Fibers Unit | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Earnings (loss) before interest and income taxes | $0.70 | $0 | $0.70 | $0 |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net earnings | $71.60 | $66.60 | $186.10 | $169.20 |
(Earnings) loss attributable to noncontrolling interest, net of tax | -0.7 | -0.8 | -1.7 | -1.8 |
Net earnings from continuing operations attributable to Leggett & Platt, Inc. common shareholders | 70.9 | 65.8 | 184.4 | 167.4 |
Earnings from discontinued operations (net of tax) | 0.4 | 0 | 7.3 | 7.3 |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $71.30 | $65.80 | $191.70 | $174.70 |
Weighted average number of shares: | ' | ' | ' | ' |
Weighted average number of common shares used in basic EPS | 144.9 | 144.4 | 145.6 | 144 |
Additional dilutive shares principally from the assumed exercise of outstanding stock options | 2.1 | 1.7 | 2.1 | 1.5 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 147 | 146.1 | 147.7 | 145.5 |
Basic EPS attributable to Leggett & Platt, Inc. common shareholders | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.49 | $0.46 | $1.27 | $1.16 |
Discontinued operations (in dollars per share) | $0 | $0 | $0.05 | $0.05 |
Basic (in dollars per share) | $0.49 | $0.46 | $1.32 | $1.21 |
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.48 | $0.45 | $1.25 | $1.15 |
Discontinued operations (in dollars per share) | $0 | $0 | $0.05 | $0.05 |
Diluted (in dollars per share) | $0.49 | $0.45 | $1.30 | $1.20 |
Other information: | ' | ' | ' | ' |
Anti-dilutive shares excluded from diluted EPS computation | 0 | 1.7 | 0 | 2.5 |
Components_of_Accounts_and_Oth
Components of Accounts and Other Receivables (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current | ' | ' |
Trade accounts receivable | $550.90 | $430.40 |
Trade notes receivable | 2.8 | 1.1 |
Total trade receivables | 553.7 | 431.5 |
Other notes receivable: | ' | ' |
Notes received as partial payment for divestitures | 0.5 | 0.5 |
Other | 3.3 | 0.5 |
Income tax receivables | 6.3 | 8.6 |
Other receivables | 28.3 | 24.3 |
Subtotal other receivables | 38.4 | 33.9 |
Total accounts and other receivables | 592.1 | 465.4 |
Allowance for doubtful accounts: | ' | ' |
Trade accounts receivable | -16.6 | -18.9 |
Trade notes receivable | -0.8 | 0 |
Total trade receivables | -17.4 | -18.9 |
Other notes receivable: | ' | ' |
Other | 0 | -0.3 |
Total allowance for doubtful accounts | -17.4 | -19.2 |
Total net receivables | 574.7 | 446.2 |
Long-term | ' | ' |
Trade accounts receivable | 0 | 0 |
Trade notes receivable | 2.1 | 2.9 |
Total trade receivables | 2.1 | 2.9 |
Other notes receivable: | ' | ' |
Notes received as partial payment for divestitures | 5.6 | 6.1 |
Other | 1.5 | 4.3 |
Income tax receivables | 0 | 0 |
Other receivables | 0 | 0 |
Subtotal other receivables | 7.1 | 10.4 |
Total accounts and other receivables | 9.2 | 13.3 |
Allowance for doubtful accounts: | ' | ' |
Trade accounts receivable | 0 | 0 |
Trade notes receivable | -1.1 | -0.8 |
Total trade receivables | -1.1 | -0.8 |
Other notes receivable: | ' | ' |
Other | -0.8 | -0.6 |
Total allowance for doubtful accounts | -1.9 | -1.4 |
Total net receivables | $7.30 | $11.90 |
Recovered_Sheet1
Accounts and Other Receivables - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Past due amounts for other notes ($1.0 at September 30, 2013 and less than $2.0 at December 31, 2012) | $1 | $2 |
Past due amounts on non-accrual status | ' | $1 |
Allowance_for_Doubtful_Account
Allowance for Doubtful Account (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Balance at December 31, 2012 | $20.60 | ' |
2013 Charges | 4.3 | 4.3 |
2013 Charge- offs, net of recoveries | 5.6 | ' |
Balance at September 30, 2013 | 19.3 | ' |
Total trade receivables | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 19.7 | ' |
2013 Charges | 4.3 | ' |
2013 Charge- offs, net of recoveries | 5.5 | ' |
Balance at September 30, 2013 | 18.5 | ' |
Trade accounts receivable | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 18.9 | ' |
2013 Charges | 4 | ' |
2013 Charge- offs, net of recoveries | 6.3 | ' |
Balance at September 30, 2013 | 16.6 | ' |
Trade notes receivable | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 0.8 | ' |
2013 Charges | 0.3 | ' |
2013 Charge- offs, net of recoveries | -0.8 | ' |
Balance at September 30, 2013 | 1.9 | ' |
Other | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 0.9 | ' |
2013 Charges | 0 | ' |
2013 Charge- offs, net of recoveries | 0.1 | ' |
Balance at September 30, 2013 | $0.80 | ' |
Components_of_Stock_Based_Comp
Components of Stock Based Compensation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-based compensation | ' | ' | $28.50 | $26 | ||||
To be settled with stock | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 5.2 | 5 | 19.3 | 18.4 | ||||
Employee contributions for above stock plans | 3.1 | 2.7 | 9.2 | 7.6 | ||||
Total stock-based compensation | 8.3 | 7.7 | 28.5 | 26 | ||||
Recognized tax benefits on stock-based compensation expense | 2 | 1.9 | 7.3 | 7 | ||||
To be settled with stock | Amortization of the grant date fair value | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0.4 | [1] | 0.6 | [1] | 1.4 | [1] | 3.8 | [1] |
To be settled with stock | Cash payments in lieu of options | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
To be settled with stock | Stock-based retirement plans contributions | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 1.5 | 1.5 | 5.4 | 4.8 | ||||
To be settled with stock | Deferred Stock Compensation Program | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0.2 | 0.3 | 1.2 | 0.9 | ||||
To be settled with stock | Stock-based retirement plans | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0.2 | 0.2 | 0.9 | 0.9 | ||||
To be settled with stock | Discount Stock Plan | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0.2 | 0.2 | 0.7 | 0.7 | ||||
To be settled with stock | Performance Stock Unit awards | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 1.6 | [2] | 1.6 | [2] | 4.8 | [2] | 4.9 | [2] |
To be settled with stock | Profitable Growth Incentive awards | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | [1] | 0 | [1] | 0.5 | [1] | 0 | [1] |
To be settled with stock | Restricted Stock Unit awards | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0.8 | 0.3 | 3.4 | 1.7 | ||||
To be settled with stock | Other, primarily non-employee directors restricted stock | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0.3 | 0.3 | 1 | 0.7 | ||||
To be settled in cash | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | -1.4 | 2 | 4 | 2.9 | ||||
To be settled in cash | Amortization of the grant date fair value | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
To be settled in cash | Cash payments in lieu of options | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | [1] | 0 | [1] | 0.8 | [1] | 0.3 | [1] |
To be settled in cash | Stock-based retirement plans contributions | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0.3 | 0.2 | 1 | 0.8 | ||||
To be settled in cash | Deferred Stock Compensation Program | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | 0 | 0 | 0 | ||||
To be settled in cash | Stock-based retirement plans | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | 0 | 0 | 0 | ||||
To be settled in cash | Discount Stock Plan | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | 0 | 0 | 0 | ||||
To be settled in cash | Performance Stock Unit awards | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | -1.7 | [2] | 1.8 | [2] | 1.7 | [2] | 1.8 | [2] |
To be settled in cash | Profitable Growth Incentive awards | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | [1] | 0 | [1] | 0.5 | [1] | 0 | [1] |
To be settled in cash | Restricted Stock Unit awards | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | 0 | 0 | 0 | 0 | ||||
To be settled in cash | Other, primarily non-employee directors restricted stock | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Total stock-related compensation expense | $0 | $0 | $0 | $0 | ||||
[1] | Stock Option Grants and Profitable Growth Incentive AwardsOur most significant stock options have historically been granted annually on a discretionary basis to a broad group of employees.Previous to 2013, we offered two different option choice programs. One group of employees was offered the choice to receive stock options or to receive a cash alternative equal to approximately one-half of the Black-Scholes value of the option grant foregone. Another group of employees, generally higher level employees, was offered a choice between stock options or restricted stock units (RSUs), on a ratio of four options foregone for each RSU offered. The RSUs vest in one-third increments at 12 months, 24 months and 36 months after the date of grant.Starting in 2013, options are only offered in conjunction with the Deferred Compensation Program. In addition, certain key management employees participate in a new Profitable Growth Incentive (PGI) program. Options for other employees have been replaced with either cash awards or RSUs as offered in 2011 and 2012. RSU awards of 226,738 shares were granted during the nine months ended September 30, 2013 for employees, officers and directors. The PGI awards are issued as growth performance stock units (GPSUs). The GPSUs vest (0% to 250%) at the end of a two-year performance period. Vesting is based on the Company's or applicable profit center's Revenue Growth adjusted by a GDP factor when applicable and EBITDA Margin of the Company or applicable profit center at the end of a two-year performance period. The 2013 base PGI award was 130,920 shares. We intend to pay half in shares of our common stock and half in cash, although we reserve the right to pay up to 100% in cash. Both components are adjusted to fair value at each reporting period. | |||||||
[2] | Performance Stock Unit AwardsWe also grant Performance Stock Unit (PSU) awards in the first quarter of each year to selected officers and other key managers. These awards contain the following conditions:•A service requirement—Awards generally “cliff†vest three years following the grant date; and•A market condition—Awards are based on our Total Shareholder Return [TSR =Change in Stock Price + Dividends) / Beginning Stock Price] as compared to the TSR of a group of peer companies. The peer group consists of all the companies in the Industrial, Materials and Consumer Discretionary sectors of the S&P 500 and S&P Midcap 400 (approximately 320 companies). Participants will earn from 0% to 175% of the base award depending upon how our Total Shareholder Return ranks within the peer group at the end of the 3-year performance period.Below is a summary of the number of shares and related grant date fair value of PSU’s for the periods presented. Grant date fair values are calculated using a Monte Carlo simulation of stock and volatility data for Leggett and each of the comparator companies and are based upon assumptions listed below. Grant date fair values are amortized using the straight-line method over the three-year vesting period. Nine Months EndedSeptember 30, 2013 2012Total shares base award234,117 282,040Grant date per share fair value$27.60 $23.79Risk-free interest rate.4% .4%Expected life in years3.0 3.0Expected volatility (over expected life)29.1% 35.0%Expected dividend yield (over expected life)4.2% 4.8%The three-year performance cycle of the 2010 award was completed on December 31, 2012. Our TSR performance, relative to the peer group, ranked at 46th percentile (with 1% being best); accordingly, participants earned 91.0% of the base award and .3 million shares were distributed in January 2013. The above information represents the 65% portion of the award that we intend to pay in shares of our common stock, although we reserve the right to pay up to 100% in cash. There is also an additional amount that represents 35% of the award that we will settle in cash. It is recorded as a liability and is adjusted to fair value at each reporting period. |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended |
Jan. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
option_program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of option choice programs | ' | ' | 2 | ' |
Award performance period | ' | '3 years | ' | ' |
Three year performance cycle total shareholder return performance relative to the peer group | ' | ' | ' | 46.00% |
Shares distributed under PSU | 300,000 | ' | ' | ' |
Options Granted On A Discretionary Basis | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Ratio of options foregone for each restricted stock unit offered | ' | 4 | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Grants in period (in shares) | ' | 226,738 | ' | ' |
Growth Performance Stock Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award performance period | ' | '2 years | ' | ' |
Grants in period (in shares) | ' | 130,920 | ' | ' |
Portion reserved to be paid in cash | ' | 100.00% | ' | ' |
Growth Performance Stock Units | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected to vest | ' | 0.00% | ' | ' |
Growth Performance Stock Units | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected to vest | ' | 250.00% | ' | ' |
Performance Stock Unit awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '3 years | ' | ' |
Award performance period | ' | '3 years | ' | ' |
Number of companies forming peer group | ' | 320 | ' | ' |
Base award percentage of Total Shareholder Return | ' | 91.00% | ' | ' |
Percentage of award intended to pay out in stock | ' | 65.00% | ' | ' |
Reserved percentage of award intended to pay out in cash | ' | 100.00% | ' | ' |
Percentage recorded as a liability | ' | 35.00% | ' | ' |
Performance Stock Unit awards | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Base award percentage of Total Shareholder Return | ' | 0.00% | ' | ' |
Performance Stock Unit awards | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Base award percentage of Total Shareholder Return | ' | 175.00% | ' | ' |
First Increment | Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '12 months | ' | ' |
Second Increment | Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '24 months | ' | ' |
Third Increment | Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '36 months | ' | ' |
Forecast | Growth Performance Stock Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Portion paid in common stock | ' | 50.00% | ' | ' |
Portion paid in cash | ' | 50.00% | ' | ' |
Vests equally over 3 years | Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award vesting rights percentage | ' | 33.33% | ' | ' |
Calculation_and_Assumptions_Ut
Calculation and Assumptions Utilized in Calculation of Fair Values of Options Granted (Detail) (Performance Stock Unit, USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Performance Stock Unit | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total shares base award | 234,117 | 282,040 |
Grant date per share fair value (in dollars per share) | $27.60 | $23.79 |
Risk-free interest rate | 0.40% | 0.40% |
Expected life in years | '3 years | '3 years |
Expected volatility (over expected life) | 29.10% | 35.00% |
Expected dividend yield (over expected life) | 4.20% | 4.80% |
Summary_of_Preliminary_Estimat
Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Dec. 31, 2012 | Jan. 12, 2012 | |||
Business Combinations [Abstract] | ' | ' | ' | ' | ' | ' | |||
Accounts receivable | $12.80 | $12.80 | $8.80 | ' | ' | ' | |||
Inventory | 15.1 | 15.1 | 18.9 | ' | ' | ' | |||
Property, plant and equipment | 16.1 | 16.1 | 12 | ' | ' | ' | |||
Goodwill | 6.1 | [1] | 6.1 | [1] | 54.3 | [1] | ' | ' | ' |
Other intangible assets | 10.3 | 10.3 | 102.4 | ' | ' | ' | |||
Other current and long-term assets | 0.1 | 0.1 | 0.6 | ' | ' | ' | |||
Current liabilities | -19.3 | -19.3 | -6.8 | ' | ' | ' | |||
Long-term liabilities | -6 | -6 | 0 | ' | ' | ' | |||
Additional consideration for prior years’ acquisitions | 0 | 0 | 0.1 | ' | ' | ' | |||
Fair value of net identifiable assets | 35.2 | 35.2 | 190.3 | ' | ' | ' | |||
Less: Bargain purchase gain | 8.7 | 8.7 | 0 | ' | ' | ' | |||
Net cash consideration | $26.50 | $26.50 | ' | $0 | $190.30 | $188.20 | |||
[1] | Goodwill associated with 2013 acquisitions is not expected to provide an income tax benefit. Goodwill associated with the 2012 acquisitions is expected to provide an income tax benefit. |
Schedule_of_Acquisitions_Detai
Schedule of Acquisitions (Detail) (Industrial Materials) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
acquisition | acquisition | |
Industrial Materials | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Number of Acquisitions | 3 | 2 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Dec. 31, 2012 | Jan. 12, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Bargain purchase gain recognized | $8.70 | ' | $8.70 | $0 | ' | ' | ' |
Net cash consideration | 26.5 | ' | 26.5 | ' | 0 | 190.3 | 188.2 |
Liquidation of (investment in) unconsolidated entity | 21.2 | -22.4 | 21.2 | -22.4 | ' | ' | ' |
Interest Earned on Cost Method Investments | $1.80 | ' | ' | ' | ' | ' | ' |
Components_of_Net_Pension_Expe
Components of Net Pension (Expense) Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Expected employer contribution | $1.50 | ' | $1.50 | ' |
Components of net pension expense | ' | ' | ' | ' |
Service cost | 0.7 | 0.8 | 2.4 | 2.2 |
Interest cost | 3 | 3.2 | 9 | 9.5 |
Expected return on plan assets | -3.8 | -3.7 | -11.4 | -11 |
Recognized net actuarial loss | 1.5 | 1.6 | 4.7 | 4.7 |
Net pension expense | $1.40 | $1.90 | $4.70 | $5.40 |
Recovered_Sheet2
Statement of Changes in Equity and Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | $1,442.20 | $1,307.70 |
Net earnings | 72 | 66.6 | 193.4 | 176.5 |
(Earnings) loss attributable to noncontrolling interest, net of tax | -0.7 | -0.8 | -1.7 | -1.8 |
Dividends declared | ' | ' | -126.4 | -119.4 |
Treasury stock purchased | ' | ' | -123.1 | -24.1 |
Treasury stock issued | ' | ' | 53.1 | 29.5 |
Foreign currency translation adjustments | 21.2 | 19.4 | -6.3 | 12 |
Cash flow hedges, net of tax | 1.6 | -0.2 | 2.5 | -4.5 |
Defined benefit pension plans, net of tax | 0.4 | 0.7 | 2.9 | 2.5 |
Stock options and benefit plan transactions, net of tax | ' | ' | 25.4 | 20.6 |
Ending balance | 1,463.70 | 1,400.80 | 1,463.70 | 1,400.80 |
Retained Earnings | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 2,109.60 | 2,027.40 |
Net earnings | ' | ' | 193.4 | 176.5 |
(Earnings) loss attributable to noncontrolling interest, net of tax | ' | ' | -1.7 | -1.8 |
Dividends declared | ' | ' | -127.3 | -122.7 |
Ending balance | 2,174 | 2,079.40 | 2,174 | 2,079.40 |
Common Stock & Additional Contributed Capital | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 460.6 | 458.9 |
Dividends declared | ' | ' | 2.2 | 3.3 |
Treasury stock issued | ' | ' | -12.8 | -24.8 |
Stock options and benefit plan transactions, net of tax | ' | ' | 25.4 | 20.6 |
Ending balance | 475.4 | 458 | 475.4 | 458 |
Treasury Stock | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -1,206.70 | -1,254.30 |
Treasury stock purchased | ' | ' | -123.1 | -24.1 |
Treasury stock issued | ' | ' | 65.9 | 54.3 |
Ending balance | -1,263.90 | -1,224.10 | -1,263.90 | -1,224.10 |
Noncontrolling Interest | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 7.7 | 10.5 |
(Earnings) loss attributable to noncontrolling interest, net of tax | ' | ' | 1.7 | 1.8 |
Dividends declared | ' | ' | -1.3 | ' |
Foreign currency translation adjustments | ' | ' | 0.1 | 0 |
Ending balance | 8.2 | 12.3 | 8.2 | 12.3 |
Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 71 | 65.2 |
Foreign currency translation adjustments | ' | ' | -6.4 | 12 |
Cash flow hedges, net of tax | ' | ' | 2.5 | -4.5 |
Defined benefit pension plans, net of tax | ' | ' | 2.9 | 2.5 |
Ending balance | $70 | $75.20 | $70 | $75.20 |
Changes_in_Each_Component_of_A
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance beginning of period | $71 | $65.20 |
Other comprehensive income (loss) before reclassifications, pretax | -5.7 | 0.9 |
Other comprehensive income (loss), pretax | 8.1 | 7.9 |
Other comprehensive income (loss), pretax | 2.4 | 8.8 |
Income tax effect | -3.3 | 1.2 |
Attributable to noncontrolling interest | -0.1 | 0 |
Balance end of period | 70 | 75.2 |
Cost of goods sold; selling and administrative expenses | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 5.1 | 6.5 |
Interest expense | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 3 | 0.7 |
Other income/expense, net | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | ' | 0.7 |
Foreign Currency Translation Adjustments | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance beginning of period | 163.5 | 147.6 |
Other comprehensive income (loss) before reclassifications, pretax | -6.3 | 11.3 |
Other comprehensive income (loss), pretax | 0 | 0.7 |
Other comprehensive income (loss), pretax | -6.3 | 12 |
Income tax effect | 0 | 0 |
Attributable to noncontrolling interest | -0.1 | 0 |
Balance end of period | 157.1 | 159.6 |
Foreign Currency Translation Adjustments | Cost of goods sold; selling and administrative expenses | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 0 | 0 |
Foreign Currency Translation Adjustments | Interest expense | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 0 | 0 |
Foreign Currency Translation Adjustments | Other income/expense, net | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | ' | 0.7 |
Cash Flow Hedges | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance beginning of period | -25.5 | -21.5 |
Other comprehensive income (loss) before reclassifications, pretax | 0.5 | -9.9 |
Other comprehensive income (loss), pretax | 3.4 | 2.5 |
Other comprehensive income (loss), pretax | 3.9 | -7.4 |
Income tax effect | -1.4 | 2.9 |
Attributable to noncontrolling interest | 0 | 0 |
Balance end of period | -23 | -26 |
Cash Flow Hedges | Cost of goods sold; selling and administrative expenses | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 0.4 | 1.8 |
Cash Flow Hedges | Interest expense | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 3 | 0.7 |
Cash Flow Hedges | Other income/expense, net | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | ' | 0 |
Defined Benefit Pension Plans | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance beginning of period | -67 | -60.9 |
Other comprehensive income (loss) before reclassifications, pretax | 0.1 | -0.5 |
Other comprehensive income (loss), pretax | 4.7 | 4.7 |
Other comprehensive income (loss), pretax | 4.8 | 4.2 |
Income tax effect | -1.9 | -1.7 |
Attributable to noncontrolling interest | 0 | 0 |
Balance end of period | -64.1 | -58.4 |
Defined Benefit Pension Plans | Cost of goods sold; selling and administrative expenses | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 4.7 | 4.7 |
Defined Benefit Pension Plans | Interest expense | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | 0 | 0 |
Defined Benefit Pension Plans | Other income/expense, net | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income (loss), pretax | ' | $0 |
Items_Measured_at_Fair_Value_o
Items Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $0 | $0 |
Total assets | 11.9 | 7 |
Derivative liabilities | 0.1 | 0.5 |
Liabilities associated with the ESUP | 11.8 | 7.1 |
Total liabilities | 11.9 | 7.6 |
Level 1 | Bank time deposits with original maturities of three months or less | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Bank time deposits with original maturities of three months or less | 0 | 0 |
Level 1 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Diversified investments associated with the Executive Stock Unit Program (ESUP) | 11.9 | 7 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 1.2 | 1.2 |
Total assets | 164.2 | 126.8 |
Derivative liabilities | 0.2 | 1.3 |
Liabilities associated with the ESUP | 0 | 0 |
Total liabilities | 0.2 | 1.3 |
Level 2 | Bank time deposits with original maturities of three months or less | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Bank time deposits with original maturities of three months or less | 163 | 125.6 |
Level 2 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Diversified investments associated with the Executive Stock Unit Program (ESUP) | 0 | 0 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Total assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Liabilities associated with the ESUP | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | Bank time deposits with original maturities of three months or less | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Bank time deposits with original maturities of three months or less | 0 | 0 |
Level 3 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Diversified investments associated with the Executive Stock Unit Program (ESUP) | 0 | 0 |
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 1.2 | 1.2 |
Total assets | 176.1 | 133.8 |
Derivative liabilities | 0.3 | 1.8 |
Liabilities associated with the ESUP | 11.8 | 7.1 |
Total liabilities | 12.1 | 8.9 |
Total | Bank time deposits with original maturities of three months or less | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Bank time deposits with original maturities of three months or less | 163 | 125.6 |
Total | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Diversified investments associated with the Executive Stock Unit Program (ESUP) | $11.90 | $7 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
reporting_unit | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fixed rate debt carrying value | $830 | $1,030 |
Fixed rate debt difference between carrying value and fair value | $6 | $46 |
Number of reporting units | 10 | ' |
Goodwill_Impairment_Charges_De
Goodwill Impairment Charges (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Goodwill | $992.20 | $991.50 |
Terminal values long- term growth rate | 3.00% | ' |
Store Fixtures | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of fair value in excess of carrying value | 24.00% | ' |
Commercial Vehicle Products | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of fair value in excess of carrying value | 14.00% | ' |
Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Sales 10-year compound annual growth rate range | 1.50% | ' |
Discount rate ranges | 8.00% | ' |
Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Sales 10-year compound annual growth rate range | 5.00% | ' |
Discount rate ranges | 10.50% | ' |
10-25% | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Number of reporting units with fair value exceedings Its book value | 2 | ' |
Goodwill | 185.8 | ' |
Terminal values long- term growth rate | 3.00% | ' |
10-25% | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of fair value in excess of carrying value | 10.00% | ' |
Sales 10-year compound annual growth rate range | 3.30% | ' |
Discount rate ranges | 10.00% | ' |
10-25% | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Sales 10-year compound annual growth rate range | 4.20% | ' |
Discount rate ranges | 10.50% | ' |
25% | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Goodwill | $806.40 | ' |
Terminal values long- term growth rate | 3.00% | ' |
25% | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Sales 10-year compound annual growth rate range | 1.50% | ' |
Discount rate ranges | 8.00% | ' |
25% | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of fair value in excess of carrying value | 25.00% | ' |
Sales 10-year compound annual growth rate range | 5.00% | ' |
Discount rate ranges | 10.00% | ' |
Schedule_of_Asset_Impairment_C
Schedule of Asset Impairment Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Asset Impairment Charges [Line Items] | ' | ' | ' | ' |
Total asset impairments | $0 | $0 | $2.30 | $1 |
Continuing operations | ' | ' | ' | ' |
Schedule of Asset Impairment Charges [Line Items] | ' | ' | ' | ' |
Total asset impairments | 0 | 0 | 0.8 | 0.1 |
Discontinued operations | ' | ' | ' | ' |
Schedule of Asset Impairment Charges [Line Items] | ' | ' | ' | ' |
Total asset impairments | $0 | $0 | $1.50 | $0.90 |
Recovered_Sheet3
Risk Management and Derivative Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Aug. 15, 2012 | Aug. 15, 2012 | |
Interest Rate Cash Flow Hedges | 3.40% Senior Notes due 2022 | |||
Senior Notes | ||||
Derivative [Line Items] | ' | ' | ' | ' |
Aggregate principal of Senior Notes | ' | ' | ' | $300,000,000 |
Debt instrument term | ' | ' | ' | '10 years |
Interest rate on Senior Notes | ' | ' | ' | 3.40% |
Amount of debt hedged | ' | ' | 200,000,000 | ' |
Liquidation of interest rate swap agreement | $0 | $42,700,000 | ' | ' |
Derivative_Financial_Instrumen
Derivative Financial Instruments at Fair Value (Detail) (Derivatives designated as hedging instruments, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative assets | $1.10 | $1.20 |
Sundry | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative assets | 0.1 | ' |
Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative liabilities | 0.3 | 1.8 |
Cash Flow Hedging | Commodity cash flow hedges | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Commodity cash flow hedges | 0.5 | 1.7 |
Cash Flow Hedging | Future USD sales of Canadian subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Currency cash flow hedges | 52.3 | 22.2 |
Cash Flow Hedging | Future USD COGS of European subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Currency cash flow hedges | ' | 7.9 |
Cash Flow Hedging | Future USD sales of a Chinese subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Currency cash flow hedges | 24.8 | 16.7 |
Cash Flow Hedging | Future USD Purchases of European Subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Currency cash flow hedges | 2 | ' |
Cash Flow Hedging | Future JPY Sales of Chinese Subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Currency cash flow hedges | 3.1 | ' |
Cash Flow Hedging | Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total cash flow hedges, Assets | 0.9 | 0.5 |
Cash Flow Hedging | Other Current Assets | Commodity cash flow hedges | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Commodity cash flow derivatives designated as hedging instruments, Assets | 0 | 0 |
Cash Flow Hedging | Other Current Assets | Future USD sales of Canadian subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0.5 | 0.5 |
Cash Flow Hedging | Other Current Assets | Future USD COGS of European subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | ' | 0 |
Cash Flow Hedging | Other Current Assets | Future USD sales of a Chinese subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0.4 | 0 |
Cash Flow Hedging | Other Current Assets | Future USD Purchases of European Subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | ' |
Cash Flow Hedging | Other Current Assets | Future JPY Sales of Chinese Subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | ' |
Cash Flow Hedging | Sundry | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total cash flow hedges, Assets | 0.1 | ' |
Cash Flow Hedging | Sundry | Commodity cash flow hedges | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Commodity cash flow derivatives designated as hedging instruments, Assets | 0 | ' |
Cash Flow Hedging | Sundry | Future USD sales of Canadian subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0.1 | ' |
Cash Flow Hedging | Sundry | Future USD sales of a Chinese subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | ' |
Cash Flow Hedging | Sundry | Future USD Purchases of European Subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | ' |
Cash Flow Hedging | Sundry | Future JPY Sales of Chinese Subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | ' |
Cash Flow Hedging | Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total cash flow hedges, Liabilities | 0.3 | 0.8 |
Cash Flow Hedging | Other Current Liabilities | Commodity cash flow hedges | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Commodity cash flow derivatives designated as hedging instruments, Liabilities | 0.1 | 0.5 |
Cash Flow Hedging | Other Current Liabilities | Future USD sales of Canadian subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | 0 |
Cash Flow Hedging | Other Current Liabilities | Future USD COGS of European subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Liabilities | ' | 0.2 |
Cash Flow Hedging | Other Current Liabilities | Future USD sales of a Chinese subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | 0.1 |
Cash Flow Hedging | Other Current Liabilities | Future USD Purchases of European Subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.1 | ' |
Cash Flow Hedging | Other Current Liabilities | Future JPY Sales of Chinese Subsidiaries | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.1 | ' |
Fair value hedges | ZAR Asset on a USD subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Fair value hedges | ' | 21.2 |
Fair value hedges | USD inter-company note receivable on a European subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Fair value hedges | ' | 3.5 |
Fair value hedges | USD inter-company note receivables on a Swiss subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total USD Equivalent Notional Amount, Fair value hedges | 14.5 | 14.5 |
Fair value hedges | Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Assets | 0.2 | 0.7 |
Fair value hedges | Other Current Assets | ZAR Asset on a USD subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Assets | ' | 0 |
Fair value hedges | Other Current Assets | USD inter-company note receivable on a European subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Assets | ' | 0 |
Fair value hedges | Other Current Assets | USD inter-company note receivables on a Swiss subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Assets | 0.2 | 0.7 |
Fair value hedges | Sundry | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Assets | 0 | ' |
Fair value hedges | Sundry | USD inter-company note receivables on a Swiss subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Assets | 0 | ' |
Fair value hedges | Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Liabilities | 0 | 1 |
Fair value hedges | Other Current Liabilities | ZAR Asset on a USD subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Liabilities | ' | 0.9 |
Fair value hedges | Other Current Liabilities | USD inter-company note receivable on a European subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Liabilities | ' | 0.1 |
Fair value hedges | Other Current Liabilities | USD inter-company note receivables on a Swiss subsidiary | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value derivatives designated as hedging instruments, Liabilities | $0 | $0 |
Gains_Losses_of_Hedging_Activi
Gains (Losses) of Hedging Activities Recorded in Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivatives designated as hedging instruments | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | $0.70 | $1 | $2.50 | $2.20 |
Derivatives designated as hedging instruments | Fair value hedges | Other expense (income), net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | -1 | 0 | -3 | 0 |
Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | -0.3 | 1 | -0.5 | 1.5 |
Commodity cash flow hedges | Derivatives designated as hedging instruments | Cash Flow Hedging | Cost of goods sold | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | 0.1 | 0.5 | 0.3 | 2 |
Interest rate cash flow hedges | Derivatives designated as hedging instruments | Cash Flow Hedging | Interest expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | 1 | 0.7 | 3 | 0.7 |
Currency cash flow hedges | Derivatives designated as hedging instruments | Cash Flow Hedging | Cost of goods sold | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | 0 | -0.2 | 0 | -0.4 |
Currency cash flow hedges | Derivatives designated as hedging instruments | Cash Flow Hedging | Net Sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | -0.4 | -0.1 | -0.9 | -0.3 |
Currency cash flow hedges | Derivatives designated as hedging instruments | Cash Flow Hedging | Other expense (income), net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | 0 | 0.1 | 0.1 | 0.2 |
Hedge of EUR inter-company note receivable from a USD subsidiary | Derivatives not designated as hedging instruments | Interest expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | 0 | 0 | 0 | 0.1 |
Hedge of EUR inter-company note receivable from a USD subsidiary | Derivatives not designated as hedging instruments | Other expense (income), net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss recorded in income | $0 | $0 | $0 | ($0.80) |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | 38 Months Ended | 9 Months Ended | 0 Months Ended | 4 Months Ended | 21 Months Ended | 53 Months Ended | 10 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 21, 2013 | Feb. 01, 2013 | Dec. 17, 2012 | Dec. 18, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 05, 2012 | Feb. 14, 2013 | Feb. 01, 2013 | Jan. 24, 2012 | Sep. 30, 2013 | Feb. 15, 2013 | Jul. 03, 2013 | |
Antitrust Lawsuits | Antitrust Lawsuits | Antitrust Lawsuits | Antitrust Lawsuits | Antitrust Lawsuits | Brazilian Value- Added Tax Matters | Brazilian Value- Added Tax Matters | Brazilian Value- Added Tax Matters | Brazilian Value- Added Tax Matters | Brazilian Value- Added Tax Matters | Brazilian Value- Added Tax Matters | Brazilian Value- Added Tax Matters | Brazilian Value- Added Tax Matters | Patent Infringement Claim | Patent Infringement Claim | Patent Infringement Claim | Patent Infringement Claim | Patent Infringement Claim | Patent Infringement Claim | ||
Defendant | Canada | Punitive Damages | Direct Purchaser Class Action Cases | Individual Direct Purchaser Cases | Tax Credit Matters | patent | Subsequent Event | |||||||||||||
Defendant | Canada | direct_purchaser_class_action_case | direct_purchaser_class_action_case | |||||||||||||||||
class_action_case | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges against earnings | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defendants | ' | 20 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Named as a defendant in pending cases | ' | ' | 2 | ' | 3 | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and special damages | ' | ' | 100,000,000 | 10,000,000 | ' | ' | 2,900,000 | 200,000 | 6,000,000 | 600,000 | 2,200,000 | 3,400,000 | 2,600,000 | 1,600,000 | ' | ' | 5,000,000 | ' | ' | ' |
Number of patents infringed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Alleged damages amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | ' | ' |
Damages awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Post-verdict royalties requested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Pre-judgment interest requested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' |
Pre-judgment interest awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 |
Patents found not infringed upon | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |