Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LEG | ||
Entity Registrant Name | LEGGETT & PLATT INC | ||
Entity Central Index Key | 58492 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 138,895,256 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $4,242,267,870 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $3,782.30 | $3,477.20 | $3,414.50 |
Cost of goods sold | 2,991.90 | 2,767.30 | 2,718.90 |
Gross profit | 790.4 | 709.9 | 695.6 |
Selling and administrative expenses | 449.6 | 367.9 | 348.1 |
Amortization of intangibles | 19.7 | 25.4 | 25.1 |
Goodwill impairment | 108 | 63 | 0 |
Goodwill impairment | 109.3 | 65.4 | |
Other (income) expense, net | -10.4 | -21 | -2 |
Earnings from continuing operations before interest and income taxes | 331.5 | 274.6 | 324.4 |
Interest expense | 41.8 | 44.7 | 43.4 |
Interest income | 5.8 | 7.7 | 6.5 |
Earnings from continuing operations before income taxes | 295.5 | 237.6 | 287.5 |
Income taxes | 70.3 | 51.3 | 55.7 |
Earnings from continuing operations | 225.2 | 186.3 | 231.8 |
Earnings (loss) from discontinued operations, net of tax | -124 | 13.4 | 18.7 |
Net earnings | 101.2 | 199.7 | 250.5 |
(Earnings) attributable to noncontrolling interest, net of tax | -3.2 | -2.4 | -2.3 |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 98 | 197.3 | 248.2 |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | $1.57 | $1.27 | $1.59 |
Diluted (in dollars per share) | $1.55 | $1.25 | $1.57 |
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | ($0.88) | $0.09 | $0.13 |
Diluted (in dollars per share) | ($0.87) | $0.09 | $0.13 |
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | $0.69 | $1.36 | $1.72 |
Diluted (in dollars per share) | $0.68 | $1.34 | $1.70 |
Continuing Operations | |||
Goodwill impairment | 0 | 63 | 0 |
Goodwill impairment | $1.30 | $63.80 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net earnings | $101.20 | $199.70 | $250.50 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | -71.7 | -5 | 16 |
Cash flow hedges | 3.4 | 2 | -4 |
Defined benefit pension plans | -29 | 26.7 | -6.1 |
Other comprehensive income (loss) | -97.3 | 23.7 | 5.9 |
Comprehensive income | 3.9 | 223.4 | 256.4 |
Less: comprehensive (income) attributable to noncontrolling interest | -3 | -2.6 | -2.4 |
Comprehensive income attributable to Leggett & Platt, Inc. | $0.90 | $220.80 | $254 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $332.80 | $272.70 |
Trade receivables, net | 470.4 | 434.8 |
Other receivables, net | 52.9 | 32.6 |
Total receivables, net | 523.3 | 467.4 |
Inventories | ||
Inventories | 252.1 | 270.5 |
Finished goods | 55.5 | 59.3 |
Work in process | 247 | 239.4 |
Raw materials and supplies | -73 | -73.3 |
LIFO reserve | 481.6 | 495.9 |
Total inventories, net | 91.9 | 45.7 |
Other current assets | 1,429.60 | 1,281.70 |
Total current assets | ||
Property, Plant and Equipment—at cost | 1,161.50 | 1,184.50 |
Machinery and equipment | 551.1 | 612.2 |
Buildings and other | 40.1 | 44.5 |
Land | 1,752.70 | 1,841.20 |
Total property, plant and equipment | 1,193.80 | 1,266.60 |
Less accumulated depreciation | 558.9 | 574.6 |
Net property, plant and equipment | ||
Other Assets | 819 | 926.8 |
Other intangibles, less accumulated amortization of $129.7 and $114.4 at December 31, 2014 and 2013, respectively | 204.7 | 203.4 |
Other intangibles, less accumulated amortization of $129.7 and $114.4 at December 31, 2014 and 2013, respectively | 128.4 | 121.6 |
Sundry | 1,152.10 | 1,251.80 |
Total other assets | 3,140.60 | 3,108.10 |
Current Liabilities | ||
Current maturities of long-term debt | 201.7 | 181.1 |
Accounts payable | 369.8 | 339.3 |
Accrued expenses | 337.6 | 229.7 |
Other current liabilities | 83.1 | 79.4 |
Total current liabilities | 992.2 | 829.5 |
Long-term Liabilities | ||
Long-term debt | 766.7 | 688.4 |
Other long-term liabilities | 185 | 127.7 |
Deferred income taxes | 41.8 | 63.3 |
Total long-term liabilities | 993.5 | 879.4 |
Commitments and Contingencies | ||
Equity | ||
Capital stock: Preferred stock—authorized, 100.0 shares; none issued; Common stock—authorized, 600.0 shares of $.01 par value; 198.8 shares issued | 2 | 2 |
Additional contributed capital | 502.4 | 479.1 |
Retained earnings | 2,061.30 | 2,136.40 |
Accumulated other comprehensive income (loss) | -2.6 | 94.5 |
Less treasury stock—at cost (61.0 and 59.4 shares at December 31, 2014 and 2013, respectively) | -1,416.60 | -1,320.70 |
Total Leggett & Platt, Inc. equity | 1,146.50 | 1,391.30 |
Noncontrolling interest | 8.4 | 7.9 |
Total equity | 1,154.90 | 1,399.20 |
TOTAL LIABILITIES AND EQUITY | $3,140.60 | $3,108.10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Other intangibles, accumulated amortization | $129.70 | $114.40 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 198,800,000 | 198,800,000 |
Treasury Stock, Shares | 61,000,000 | 59,400,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net earnings | $101.20 | $199.70 | $250.50 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 89.9 | 90.1 | 90.4 |
Amortization of intangibles and debt issuance costs | 28 | 32.5 | 28.6 |
Long-lived asset impairments | 1.3 | 2.4 | 1.7 |
Goodwill impairment | 108 | 63 | 0 |
Provision for losses on accounts and notes receivable | 4.9 | 6.1 | 4.9 |
Writedown of inventories | 10 | 11.8 | 10.2 |
Net loss (gain) from sales of assets and businesses | 4.2 | -8.6 | -3.3 |
Bargain purchase gain from acquisition | 0 | -8.8 | 0 |
Deferred income tax benefit | -39.8 | -32.9 | -21.9 |
Stock-based compensation | 41.6 | 36.3 | 33.8 |
Excess tax benefits from stock-based compensation | -10.6 | -6.6 | -6.7 |
Other, net | -10.4 | 5.5 | 4.1 |
Other changes, excluding effects from acquisitions and divestitures: | |||
(Increase) decrease in accounts and other receivables | -97.7 | -13.3 | 60.6 |
Increase in inventories | -21.9 | -4.1 | -39.1 |
Decrease (increase) in other current assets | 1.4 | -1 | -2.9 |
Increase in accounts payable | 47.5 | 35 | 27.4 |
Increase in accrued expenses and other current liabilities | 124.3 | 9.8 | 11.4 |
Net Cash Provided by Operating Activities | 381.9 | 416.9 | 449.7 |
Investing Activities | |||
Additions to property, plant and equipment | -94.1 | -80.6 | -71 |
Purchases of companies, net of cash acquired | -70.4 | -27.9 | -211.6 |
Proceeds from sales of assets and businesses | 76.5 | 18.9 | 15.8 |
Liquidation of (investment in) unconsolidated entity | 0 | 21.2 | -22.4 |
Other, net | -14.7 | -6.9 | -4.8 |
Net Cash Used for Investing Activities | -102.7 | -75.3 | -294 |
Financing Activities | |||
Additions to long-term debt | 299.3 | 0 | 299.2 |
Payments on long-term debt | -188.1 | -203.7 | -11.8 |
Change in commercial paper and short-term debt | -24.2 | 23.3 | -85.8 |
Dividends paid | -167.5 | -124.9 | -199.5 |
Issuances of common stock | 21.8 | 36.9 | 35.6 |
Purchases of common stock | -149.7 | -169.4 | -30 |
Liquidation of interest rate swap agreement | 0 | 0 | -42.7 |
Excess tax benefits from stock-based compensation | 10.6 | 6.6 | 6.7 |
Other, net | -5.8 | -3.1 | -8.3 |
Net Cash Used for Financing Activities | -203.6 | -434.3 | -36.6 |
Effect of Exchange Rate Changes on Cash | -15.5 | 6.3 | 3.7 |
Increase (decrease) in Cash and Cash Equivalents | 60.1 | -86.4 | 122.8 |
Cash and Cash Equivalents—Beginning of Year | 272.7 | 359.1 | 236.3 |
Cash and Cash Equivalents—End of Year | 332.8 | 272.7 | 359.1 |
Supplemental Information | |||
Interest paid (net of amounts capitalized) | 40.1 | 45.2 | 38.2 |
Income taxes paid | 84.6 | 71.1 | 76.3 |
Property, plant and equipment acquired through capital leases | $3.70 | $1.10 | $2.40 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Equity (USD $) | Total | Common Stock | Additional Contributed Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Non-controlling Interest | |
In Millions, unless otherwise specified | ||||||||
Balance, beginning of period at Dec. 31, 2011 | $1,307.70 | $2 | $456.90 | $2,027.40 | $65.20 | ($1,254.30) | $10.50 | |
Balance, beginning of period, shares at Dec. 31, 2011 | 198.8 | -59.4 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 250.5 | 250.5 | ||||||
(Earnings) attributable to noncontrolling interest, net of tax | -2.3 | -2.3 | 2.3 | |||||
Dividends declared | [1] | -160.5 | 5.5 | -166 | ||||
Dividends paid to noncontrolling interest | -5.2 | -5.2 | ||||||
Treasury stock purchased | -51.8 | -51.8 | ||||||
Treasury stock purchased, shares | -2 | |||||||
Treasury stock issued | 67.3 | -32.1 | 99.4 | |||||
Treasury stock issued, shares | 4.7 | |||||||
Foreign currency translation adjustments | 16 | 15.9 | 0.1 | |||||
Cash flow hedges, net of tax | -4 | -4 | ||||||
Defined benefit pension plans, net of tax | -6.1 | -6.1 | ||||||
Stock options and benefit plan transactions, net of tax | 28.3 | 28.3 | ||||||
Balance, end of period at Dec. 31, 2012 | 1,442.20 | 2 | 458.6 | 2,109.60 | 71 | -1,206.70 | 7.7 | |
Balance, end of period, shares at Dec. 31, 2012 | 198.8 | -56.7 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 199.7 | 199.7 | ||||||
(Earnings) attributable to noncontrolling interest, net of tax | -2.4 | -2.4 | 2.4 | |||||
Dividends declared | [1] | -167 | 3.5 | -170.5 | ||||
Dividends paid to noncontrolling interest | -2.4 | -2.4 | ||||||
Treasury stock purchased | -183.6 | -183.6 | ||||||
Treasury stock purchased, shares | -5.9 | |||||||
Treasury stock issued | 56.8 | -12.8 | 69.6 | |||||
Treasury stock issued, shares | 3.2 | |||||||
Foreign currency translation adjustments | -5 | -5.2 | 0.2 | |||||
Cash flow hedges, net of tax | 2 | 2 | ||||||
Defined benefit pension plans, net of tax | 26.7 | 26.7 | ||||||
Stock options and benefit plan transactions, net of tax | 29.8 | 29.8 | ||||||
Balance, end of period at Dec. 31, 2013 | 1,399.20 | 2 | 479.1 | 2,136.40 | 94.5 | -1,320.70 | 7.9 | |
Balance, end of period, shares at Dec. 31, 2013 | 198.8 | -59.4 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 101.2 | 101.2 | ||||||
(Earnings) attributable to noncontrolling interest, net of tax | -3.2 | -3.2 | 3.2 | |||||
Dividends declared | -168.2 | 4.9 | -173.1 | |||||
Dividends paid to noncontrolling interest | -2.5 | -2.5 | ||||||
Treasury stock purchased | -183.9 | -183.9 | ||||||
Treasury stock purchased, shares | -5.4 | |||||||
Treasury stock issued | 72 | -16 | 88 | |||||
Treasury stock issued, shares | 3.8 | |||||||
Foreign currency translation adjustments | -71.7 | -71.5 | -0.2 | |||||
Cash flow hedges, net of tax | 3.4 | 3.4 | ||||||
Defined benefit pension plans, net of tax | -29 | -29 | ||||||
Stock options and benefit plan transactions, net of tax | 34.4 | 34.4 | ||||||
Balance, end of period at Dec. 31, 2014 | $1,154.90 | $2 | $502.40 | $2,061.30 | ($2.60) | ($1,416.60) | $8.40 | |
Balance, end of period, shares at Dec. 31, 2014 | 198.8 | -61 | ||||||
[1] | Cash dividends declared (per share: 2014—$1.22; 2013—$1.18; 2012—$1.14) |
Consolidated_Statement_Of_Chan1
Consolidated Statement Of Changes In Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share | $1.22 | $1.18 | $1.14 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | |||
PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of Leggett & Platt, Incorporated and its majority-owned subsidiaries (“we” or “our”). Management does not expect foreign exchange restrictions to significantly impact the ultimate realization of amounts consolidated in the accompanying financial statements for subsidiaries located outside the United States. All intercompany transactions and accounts have been eliminated in consolidation. | ||||
ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies. Legal costs are accrued when a loss is probable and reasonably estimable. If a range of outcomes are possible, the most likely outcome is used to accrue these costs. Any insurance recovery is recorded separately if it is determined that a recovery is probable. Legal fees are accrued when incurred. | ||||
CASH EQUIVALENTS: Cash equivalents include cash in excess of daily requirements which is invested in various financial instruments with original maturities of three months or less. | ||||
TRADE AND OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: Trade receivables are recorded at the invoiced amount and generally do not bear interest. Credit is also occasionally extended in the form of a note receivable to facilitate our customers’ operating cycles. Other notes receivable are established in special circumstances, such as in partial payment for the sale of a business. Other notes receivable generally bear interest at market rates commensurate with the corresponding credit risk on the date of origination. | ||||
The allowance for doubtful accounts is an estimate of the amount of probable credit losses. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. Allowances and nonaccrual status designations are determined by individual account reviews by management, and are based on several factors such as the length of time that receivables are past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. Interest income is recorded on the date of cash receipt for nonaccrual status accounts. Account balances are charged off against the allowance when it is probable the receivable will not be recovered. | ||||
INVENTORIES: All inventories are stated at the lower of cost or market. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The cost for approximately 50% of our inventories is determined by the last-in, first-out (LIFO) method and is primarily used to value domestic inventories with raw material content consisting of steel, wire, chemicals and foam scrap. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost. | ||||
Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover, and if necessary, are written down to estimated net realizable value. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the years presented. | ||||
DIVESTITURES: Significant accounting policies associated with a decision to dispose of a business are discussed below: | ||||
Discontinued Operations—For the periods presented, a business has been classified as a discontinued operation when (i) the operations and cash flows of the business can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the business has either been disposed of or is classified as held for sale; and (iii) we will not have any significant continuing involvement in the operations of the business after the disposal transactions. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. | ||||
If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Gains and losses related to the sale of businesses that do not meet the discontinued operation criteria are reported in continuing operations and separately disclosed if significant. | ||||
Assets Held for Sale—An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. Upon being classified as held for sale, the recoverability of the carrying value must be assessed. Evaluating the recoverability of the assets of a business classified as held for sale follows a defined order in which property and intangible assets subject to amortization are considered only after the recoverability of goodwill and other assets are assessed. After the valuation process is completed, the assets held for sale are reported at the lower of the carrying value or fair value less cost to sell, and the assets are no longer depreciated or amortized. An impairment charge is recognized if the carrying value exceeds the fair value less cost to sell. The assets and related liabilities are aggregated and reported on separate lines of the balance sheet. | ||||
Assets Held for Use—If a decision to dispose of an asset or a business is made and the held for sale criteria are not met, it is considered held for use. Assets of the business are evaluated for recoverability in the following order: (i) assets other than goodwill, property and intangibles; (ii) property and intangibles subject to amortization; and (iii) goodwill. In evaluating the recoverability of property and intangible assets subject to amortization, the carrying value is first compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition. If the carrying value exceeds the undiscounted expected cash flows, then a fair value analysis is performed. An impairment charge is recognized if the carrying value exceeds the fair value. | ||||
PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost, less accumulated depreciation. Assets are depreciated by the straight-line method and salvage value, if any, is assumed to be minimal. The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. | ||||
Useful Life Range | Weighted | |||
Average Life | ||||
Machinery and equipment | 3-20 years | 10 years | ||
Buildings | 10-40 years | 28 years | ||
Other items | 3-15 years | 8 years | ||
Property is reviewed for recoverability at year end and whenever events or changes in circumstances indicate that its carrying value may not be recoverable as discussed above. | ||||
GOODWILL: Goodwill results from the acquisition of existing businesses and is not amortized; it is assessed for impairment annually and as triggering events may occur. We perform our annual review in the second quarter of each year. Recoverability of goodwill is evaluated using a two-step process. The first step involves a comparison of the fair value of a reporting unit with its carrying value. Our reporting units are the business groups one level below the operating segment level for which discrete financial information is available and reviewed by segment management. | ||||
If the carrying value of the group exceeds its fair value, the second step of the process is necessary and involves a comparison of the implied fair value and the carrying value of the goodwill of that group. If the carrying value of the goodwill of a group exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. | ||||
In evaluating the recoverability of goodwill, it is necessary to estimate the fair values of the reporting units. In making this assessment, we estimate the fair market values of our reporting units 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, sales growth, margins, capital expenditure requirements, and working capital requirements. Recent performance of the group is an important factor, but not the only factor, in our assessment. There are inherent assumptions and judgments required in the analysis of goodwill impairment. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. | ||||
OTHER INTANGIBLE ASSETS: Substantially all other intangible assets are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment using a process similar to that used in evaluating the recoverability of property, plant and equipment. | ||||
Useful Life Range | Weighted | |||
Average Life | ||||
Other intangible assets | 1-40 years | 15 years | ||
STOCK-BASED COMPENSATION: The cost of employee services received in exchange for all equity awards granted is based on the fair market value of the award as of the grant date. Expense is recognized net of an estimated forfeiture rate using the straight-line method over the vesting period of the award. | ||||
SALES RECOGNITION: We recognize sales when title and risk of loss pass to the customer. The terms of our sales are split approximately evenly between FOB shipping point and FOB destination. The timing of our recognition of FOB destination sales is determined based on shipping date and distance to the destination. We have no significant or unusual price protection, right of return or acceptance provisions with our customers. Sales allowances, discounts and rebates can be reasonably estimated throughout the period and are deducted from sales in arriving at net sales. | ||||
SHIPPING AND HANDLING FEES AND COSTS: Shipping and handling costs are included as a component of “Cost of goods sold.” | ||||
RESTRUCTURING COSTS: Restructuring costs are items such as employee termination, contract termination, plant closure and asset relocation costs related to exit activities. Restructuring-related items are inventory writedowns and gains or losses from sales of assets recorded as the result of exit activities. We recognize a liability for costs associated with an exit or disposal activity when the liability is incurred. Certain termination benefits for which employees are required to render service are recognized ratably over the respective future service periods. | ||||
INCOME TAXES: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of our assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. A valuation allowance is provided to reduce deferred tax assets when management cannot conclude that it is more likely than not that a tax benefit will be realized. A provision is also made for incremental taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely invested. | ||||
The calculation of our U.S., state, and foreign tax liabilities involves dealing with uncertainties in the application of complex global tax laws. We recognize potential liabilities for anticipated tax issues which might arise in the U.S. and other tax jurisdictions based on management’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. Conversely, if the estimate of tax liabilities proves to be less than the ultimate tax assessment, a further charge to tax expense would result. | ||||
CONCENTRATION OF CREDIT RISKS, EXPOSURES AND FINANCIAL INSTRUMENTS: We manufacture, market, and distribute products for the various end markets described in Note F. Our operations are principally located in the United States, although we also have operations in China, Europe, Canada, Mexico and other various countries. | ||||
We maintain allowances for potential credit losses. We perform ongoing credit evaluations of our customers’ financial conditions and generally require no collateral from our customers, some of which are highly leveraged. Management also monitors the financial condition and status of other notes receivable. Other notes receivable primarily consist of notes accepted as partial payment for the divestiture of a business. Some of these companies are highly leveraged and the notes are not fully collateralized. | ||||
We have no material guarantees or liabilities for product warranties which require disclosure. | ||||
From time to time, we will enter into contracts to hedge foreign currency denominated transactions, natural gas purchases, and interest rates related to our debt. To minimize the risk of counterparty default, only highly-rated financial institutions that meet certain requirements are used. We do not anticipate that any of the financial institution counterparties will default on their obligations. | ||||
The carrying value of cash and short-term financial instruments approximates fair value due to the short maturity of those instruments. | ||||
OTHER RISKS: Although we obtain insurance for workers’ compensation, automobile, product and general liability, property loss and medical claims, we have elected to retain a significant portion of expected losses through the use of deductibles. Accrued liabilities include estimates for unpaid reported claims and for claims incurred but not yet reported. Provisions for losses are recorded based upon reasonable estimates of the aggregate liability for claims incurred utilizing our prior experience and information provided by our third-party administrators and insurance carriers. | ||||
DERIVATIVE FINANCIAL INSTRUMENTS: We utilize derivative financial instruments to manage market and financial risks related to interest rates, foreign currency and commodities. We seek to use derivative contracts that qualify for hedge accounting treatment; however some instruments that economically manage currency risk may not qualify for hedge accounting treatment. It is our policy not to speculate using derivative instruments. | ||||
Under hedge accounting, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. The process includes designating derivative instruments as hedges of specific assets, liabilities, firm commitments or forecasted transactions. We also formally assess both at inception and on a quarterly basis thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be highly effective, deferred gains or losses are recorded in the Consolidated Statements of Operations. | ||||
On the date the contract is entered into, we designate the derivative as one of the following types of hedging instruments and account for it as follows: | ||||
Cash Flow Hedge—The hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability or anticipated transaction is designated as a cash flow hedge. The effective portion of the change in fair value is recorded in accumulated other comprehensive income. When the hedged item impacts the income statement, the gain or loss included in other comprehensive income is reported on the same line of the Consolidated Statements of Operations as the hedged item to match the gain or loss on the derivative to the gain or loss on the hedged item. Any ineffective portion of the changes in the fair value is immediately reported in the Consolidated Statements of Operations on the same line as the hedged item. 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 Hedge—The hedge of a recognized asset or liability or an unrecognized firm commitment is designated as a fair value hedge. For fair value hedges, both the effective and ineffective portions of the changes in fair value of the derivative, along with the gain or loss on the hedged item that is attributable to the hedged risk, are recorded in earnings and reported in the Consolidated Statements of Operations on the same line as the hedged item. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. | ||||
FOREIGN CURRENCY TRANSLATION: The functional currency for most foreign operations is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income and expense accounts using monthly average exchange rates. The cumulative effects of translating the functional currencies into the U.S. dollar are included in comprehensive income. | ||||
RECLASSIFICATIONS: Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the 2014 presentation. | ||||
NEW ACCOUNTING GUIDANCE: In April 2014, the Financial Accounting Standards Board (FASB) issued updated guidance, Reporting Discontinued Operations and Disclosures of Disposals of Components of an entity. This guidance changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. We adopted this guidance on January 1, 2015, and we do not believe it will have a material impact on our future financial statements. | ||||
In May 2014, the FASB issued new authoritative literature, Revenue from Contracts with Customers, which supersedes much of the existing authoritative literature for revenue recognition. This guidance will be effective January 1, 2017. We are currently evaluating the newly issued guidance and the impact on our future financial statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||||||
During 2014, we engaged an investment banker and began exploring strategic alternatives regarding the Store Fixtures reporting unit, including the possibility of divestiture of this business. During the third quarter of 2014, all of the criteria to classify this unit as held for sale and discontinued operations were met. During the fourth quarter of 2014, we sold the majority of the Store Fixtures reporting unit for total consideration of $59.2 and recorded an after-tax loss of $4.7, which is recognized in discontinued operations. We continue to pursue the sale of the remaining portion of the reporting unit. Store Fixtures was previously part of the Commercial Fixturing & Components Segment and is classified as discontinued operations, net of income taxes, in the Consolidated Statements of Operations for all periods presented. | ||||||||||||||||
In 2013, we exited three small operations that were also recorded in discontinued operations for all periods presented: | ||||||||||||||||
• | We closed our final location that produced wire dishwasher racks, thereby discontinuing that line of business. This operation was previously in our Industrial Materials segment. We also incurred impairment charges related to these operations in 2012 as discussed in Note C. Tax benefits related to this business were recorded in both 2012 and 2013. | |||||||||||||||
• | We divested the specialty trailers portion of the Commercial Vehicle Products (CVP) 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 closed a cotton-based erosion control products operation that was previously part of the Industrial Materials segment. Charges of $1.9 were recorded in 2013 to reflect estimates of fair value less costs to sell, including $1.5 of fixed asset impairments as discussed in Note C. | |||||||||||||||
The table below includes activity related to these operations: | ||||||||||||||||
Year Ended | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
External sales: | ||||||||||||||||
Commercial Fixturing & Components - Store Fixtures | $ | 167.4 | $ | 268.8 | $ | 291.6 | ||||||||||
Industrial Materials: | ||||||||||||||||
Wire dishwasher racks | — | 4.1 | 11.1 | |||||||||||||
Cotton-based erosion control products | — | 0.1 | 0.1 | |||||||||||||
Specialized Products - the specialty trailers portion of the CVP unit | — | 0.5 | 3.5 | |||||||||||||
Total external sales | $ | 167.4 | $ | 273.5 | $ | 306.3 | ||||||||||
Earnings (loss): | ||||||||||||||||
Commercial Fixturing & Components - Store Fixtures (1) | $ | (120.9 | ) | $ | 10.2 | $ | 19 | |||||||||
Industrial Materials: | ||||||||||||||||
Wire dishwasher racks | — | 1 | (.1 | ) | ||||||||||||
Cotton-based erosion control products | — | (3.1 | ) | (1.2 | ) | |||||||||||
Specialized Products - the specialty trailers portion of the CVP unit | — | (.7 | ) | (.8 | ) | |||||||||||
Subsequent activity related to divestitures completed prior to 2011 (2) | (35.4 | ) | 0.5 | 3.9 | ||||||||||||
Earnings (loss) before interest and income taxes (EBIT) | (156.3 | ) | 7.9 | 20.8 | ||||||||||||
Income tax benefit (3) | 32.3 | 5.5 | (2.1 | ) | ||||||||||||
Earnings (loss) from discontinued operations, net of tax | $ | (124.0 | ) | $ | 13.4 | $ | 18.7 | |||||||||
______________________________ | ||||||||||||||||
-1 | This includes goodwill impairment charges of $108.0 in 2014 as discussed in Note E. | |||||||||||||||
-2 | Subsequent activity for businesses divested in prior years has been reported as discontinued operations in the table above, including a 2014 antitrust litigation settlement of $35.3, associated with our former Prime Foam Products unit. Also reflected above is an unrelated cash litigation settlement of $3.9 received in 2012 associated with our Prime Foam Products unit. This unit was sold in March 2007 and was previously part of the Residential Furnishings segment. | |||||||||||||||
-3 | The 2014 tax benefit is primarily related to the Store Fixtures goodwill impairment and the Prime Foam litigation. The 2013 and 2012 tax amounts include benefits related to a worthless stock deduction and the excess outside tax basis of the subsidiary that produced wire dishwasher racks, respectively. | |||||||||||||||
Net assets held for sale by segment at December 31 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Assets | Liabilities | Net Assets | Assets | |||||||||||||
Residential | $ | 4.1 | $ | — | $ | 4.1 | $ | 8 | ||||||||
Commercial Fixturing & Components | 20.1 | 5.6 | 14.5 | 2.3 | ||||||||||||
Aluminum Products | — | — | — | 0.4 | ||||||||||||
Industrial Materials | 3.4 | — | 3.4 | 2.6 | ||||||||||||
Specialized Products | 5.2 | — | 5.2 | 5.8 | ||||||||||||
$ | 32.8 | $ | 5.6 | $ | 27.2 | $ | 19.1 | |||||||||
The major classes of assets and liabilities held for sale at December 31 included in the Consolidated Balance Sheet line items noted below were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Included in Other current assets: | ||||||||||||||||
Trade receivables, net | $ | 7 | $ | — | ||||||||||||
Other receivables, net | 0.3 | — | ||||||||||||||
Inventories, net | 3 | — | ||||||||||||||
Other current assets | 0.1 | — | ||||||||||||||
Total current assets held for sale | 10.4 | — | ||||||||||||||
Included in Sundry assets: | ||||||||||||||||
Property, plant and equipment, net * | 20.4 | 19.1 | ||||||||||||||
Other intangibles, net | 0.6 | — | ||||||||||||||
Sundry | 1.4 | — | ||||||||||||||
Total non-current assets held for sale | 22.4 | 19.1 | ||||||||||||||
Total assets held for sale | 32.8 | 19.1 | ||||||||||||||
Included in Other current liabilities: | ||||||||||||||||
Accounts payable | 3.7 | — | ||||||||||||||
Accrued expenses | 1.5 | — | ||||||||||||||
Other current liabilities | 0.3 | — | ||||||||||||||
Total current liabilities held for sale | 5.5 | — | ||||||||||||||
Included in Other long-term liabilities: | ||||||||||||||||
Deferred income tax | 0.1 | — | ||||||||||||||
Total liabilities held for sale | 5.6 | — | ||||||||||||||
Net assets held for sale | $ | 27.2 | $ | 19.1 | ||||||||||||
______________________ | ||||||||||||||||
* This table includes$15.2 and $19.1 of property, plant and equipment held for sale at December 31, 2014 and 2013, respectively, primarily associated with the closings of various operations and prior year restructurings. |
Impairment_Charges
Impairment Charges | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Impairment Charges | Impairment Charges | |||||||||||||||||||||||||||
Pre-tax impact of impairment charges is summarized in the following table. | ||||||||||||||||||||||||||||
Other long-lived asset impairments are reported in "Other (income) expense, net." Charges associated with discontinued operations are reported on the Statements of Operations in “Earnings (loss) from discontinued operations, net of tax.” | ||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Goodwill Impairment | Other Long-Lived Asset Impairments | Total Impairments | Goodwill Impairment | Other Long-Lived Asset Impairments | Total Impairments | Other Long-Lived Asset Impairments | ||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Residential Furnishings | $ | — | $ | 1.2 | $ | 1.2 | $ | — | $ | 0.8 | $ | 0.8 | $ | 0.1 | ||||||||||||||
Industrial Materials | — | — | — | — | — | — | 0.6 | |||||||||||||||||||||
Specialized Products: | ||||||||||||||||||||||||||||
CVP unit | — | — | — | 63 | — | 63 | — | |||||||||||||||||||||
Other units | — | 0.1 | 0.1 | — | — | — | 0.1 | |||||||||||||||||||||
Total continuing operations | — | 1.3 | 1.3 | 63 | 0.8 | 63.8 | 0.8 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Commercial Fixturing & Components - Store Fixtures | 108 | — | 108 | — | — | — | — | |||||||||||||||||||||
Industrial Materials: | ||||||||||||||||||||||||||||
Cotton-based erosion control products | — | — | — | — | 1.5 | 1.5 | — | |||||||||||||||||||||
Wire dishwasher racks | — | — | — | — | — | — | 0.9 | |||||||||||||||||||||
Subsequent activity related to divestitures completed prior to 2012 | — | — | — | — | 0.1 | 0.1 | — | |||||||||||||||||||||
Total discontinued operations | 108 | — | 108 | — | 1.6 | 1.6 | 0.9 | |||||||||||||||||||||
Total impairment charges | $ | 108 | $ | 1.3 | $ | 109.3 | $ | 63 | $ | 2.4 | $ | 65.4 | $ | 1.7 | ||||||||||||||
Other Long-Lived Assets | ||||||||||||||||||||||||||||
As discussed in Note A, we test other long-lived assets for recoverability at year end and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Fair value and the resulting impairment charges noted above were based primarily upon offers from potential buyers or third party estimates of fair value less selling costs. | ||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
Goodwill is required to be tested for impairment at least once a year and as triggering events may occur. We perform our annual goodwill impairment review in the second quarter of each year as discussed in Note A. | ||||||||||||||||||||||||||||
Fair value of reporting units is determined using a combination of two valuation methods: a market approach and an income approach. Each method is generally given equal weight in determining the fair value assigned to each reporting unit. Absent an indication of fair value from a potential buyer or similar specific transaction, we believe that the use of these two methods provides a reasonable estimate of a reporting unit’s fair value. Assumptions common to both methods are operating plans and economic projections, which are used to project future revenues, earnings, and after-tax cash flows for each reporting unit. These assumptions are applied consistently for both methods. | ||||||||||||||||||||||||||||
The market approach estimates fair value by first determining price-to-earnings ratios for comparable publicly-traded companies with similar characteristics of the reporting unit. The price-to-earnings ratio for comparable companies is based upon current enterprise value compared to projected earnings for the next two years. The enterprise value is based upon current market capitalization and includes a 25% control premium. Projected earnings are based upon market analysts’ projections. The earnings ratios are applied to the projected earnings of the comparable reporting unit to estimate fair value. Management believes this approach is appropriate because it provides a fair value estimate using multiples from entities with operations and economic characteristics comparable to our reporting units. | ||||||||||||||||||||||||||||
The income approach is based on projected future (debt-free) cash flow that is discounted to present value using factors that consider the timing and risk of future cash flows. Management believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Discounted cash flow projections are based on 10-year financial forecasts developed from operating plans and economic projections noted above, sales growth, estimates of future expected changes in operating margins, terminal value growth rates, future capital expenditures and changes in working capital requirements. | ||||||||||||||||||||||||||||
If a triggering event occurs, special consideration is given to the new circumstances when determining the fair value of the impacted reporting unit. | ||||||||||||||||||||||||||||
2014 Goodwill Impairment Review | ||||||||||||||||||||||||||||
We performed our annual goodwill impairment review in June 2014, and on July 14, 2014, concluded that a goodwill impairment charge was required for one reporting unit, Store Fixtures which is now recorded as discontinued operations, and was previously part of the Commercial Fixturing and Components segment. | ||||||||||||||||||||||||||||
The Store Fixtures reporting unit was dependent upon capital spending by retailers on both new stores and remodeling of existing stores. Because of the seasonal nature of the fixture and display industry (where revenue and profitability were typically expected to increase in the second and third quarters assuming the normal historical pattern of heavy shipments during these months) we reasonably anticipated being awarded significant customer orders in the second quarter of 2014. However, as the second quarter progressed, anticipated orders did not materialize and the Store Fixtures business deteriorated, with declines most pronounced in May and June. Taking these recent developments into account, we lowered our projection of future margins and growth rates (from 4.8% in prior year's review to .5% in the current year for 10-year compound annual growth rate for EBIT plus depreciation and amortization (EBITDA)) and increased the discount rate from 10.5% to 12%, causing fair value to fall below carrying value. The lower expectations of future revenue and profitability were due to reduced overall market demand for the shelving, counters, showcases and garment racks as many retailers are reducing their investments in traditional store space and focusing more on e-commerce initiatives. | ||||||||||||||||||||||||||||
Because the fair value of the Store Fixtures reporting unit had fallen below recorded book values, we performed the second step of the test which requires a fair value assessment of all assets and liabilities of the reporting unit to calculate an implied goodwill amount. This resulted in a $108.0 goodwill impairment charge that was recorded in the second quarter of 2014. This charge reflects the complete impairment of all goodwill associated with the Store Fixtures reporting unit. | ||||||||||||||||||||||||||||
As a result of the above circumstances, we also determined a triggering event had occurred in the second quarter to test other long-lived assets which were evaluated for impairment under the held for use model. No long-lived asset impairments (excluding goodwill) were indicated during this review. During the third quarter of 2014, all of the criteria to classify this unit as held for sale and discontinued operations were met as discussed in Note B. | ||||||||||||||||||||||||||||
2013 Goodwill Impairment Reviews | ||||||||||||||||||||||||||||
During 2013, we began considering strategic alternatives for our CVP unit, including possible divestiture of the business. Potential buyers' initial indications of value received during the second and third quarters were reasonably consistent with our fair value estimates used for the annual goodwill impairment test performed in June 2013. During 2013's fourth quarter, performance of the business deteriorated. It became apparent in December 2013 that current market values for CVP's assets had fallen below recorded book values. This decline in market values of the assets resulted from lower expectations of future revenue and profitability, reflecting reduced market demand for the racks, shelving, and cabinets used in telecom, cable and delivery vans. | ||||||||||||||||||||||||||||
The events of the fourth quarter were considered a triggering event, which required us to perform an impairment review. Because the held for sale criteria for the CVP unit was not met, it was evaluated for impairment in December under the held for use model. No long-lived asset impairments (excluding goodwill) were indicated during the fourth quarter review. However, we also evaluated the remaining useful life for the intangible assets resulting in accelerated amortization of $3.8 in the fourth quarter of 2013 for selected CVP customer-related intangible assets. | ||||||||||||||||||||||||||||
We determined fair value for the first step of the interim goodwill impairment test based upon market multiples of comparable publicly-traded companies with similar characteristics as well as multiples derived from offers received during potential sale negotiations. These multiples were applied to lower profitability estimates, which was the result of CVP's fourth quarter business deterioration. Because fair value had fallen below recorded book values, we performed the second step of the test which requires a fair value assessment of all assets and liabilities of the reporting unit to calculate an implied goodwill amount, and a $63.0 goodwill impairment charge was recognized in the fourth quarter of 2013. | ||||||||||||||||||||||||||||
The fair values of reporting units in relation to their respective carrying values and significant assumptions used in the June 2014 review are presented in the table below. The information below excludes Store Fixtures, as this unit had no goodwill remaining after the second quarter 2014 impairment. | ||||||||||||||||||||||||||||
Percentage of Fair Value in Excess of Carrying Value | December 31, | 10-year | Terminal | Discount Rate | ||||||||||||||||||||||||
2014 | Compound | Values Long- | Ranges | |||||||||||||||||||||||||
Goodwill Value | Annual Growth | term Growth | ||||||||||||||||||||||||||
Rate Range for Sales | Rate for Debt-Free Cash Flow | |||||||||||||||||||||||||||
< 25% | $ | — | ||||||||||||||||||||||||||
25-49% | 203.4 | 2.0% - 5.5% | 3 | % | 9.5% - 10.0% | |||||||||||||||||||||||
50% - 74% | 383.2 | .5% - 3.8% | 3 | % | 9.0% - 12.0% | |||||||||||||||||||||||
75%+ | 232.4 | 3.7% - 8.2% | 3 | % | 9.0% - 9.5% | |||||||||||||||||||||||
$ | 819 | .5% - 8.2% | 3 | % | 9.0% - 12.0% | |||||||||||||||||||||||
Restructuring
Restructuring | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||
Restructuring | Restructuring | |||||||||||||||||||||||||||
We have historically implemented various cost reduction initiatives to improve our operating cost structures. These cost initiatives have, among other actions, included workforce reductions and the closure or consolidation of certain operations. Our total restructuring-related costs for the three years ended December 31 were comprised of: | ||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Charged to other (income) expense, net: | ||||||||||||||||||||||||||||
Severance and other restructuring costs | $ | 0.9 | $ | 2.1 | $ | 3.2 | ||||||||||||||||||||||
(Gain) loss from sale of assets | (.1 | ) | (.2 | ) | 0.3 | |||||||||||||||||||||||
Total continuing operations | 0.8 | 1.9 | 3.5 | |||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Severance and other restructuring costs | 1.8 | 0.2 | 4.3 | |||||||||||||||||||||||||
Loss (gain) from sale of assets | 8.6 | (.5 | ) | (2.1 | ) | |||||||||||||||||||||||
Total discontinued operations | 10.4 | (.3 | ) | 2.2 | ||||||||||||||||||||||||
Total restructuring and restructuring-related cost | $ | 11.2 | $ | 1.6 | $ | 5.7 | ||||||||||||||||||||||
Portion of total that represents cash charges | $ | 2.7 | $ | 2.3 | $ | 7.5 | ||||||||||||||||||||||
Restructuring and restructuring-related charges (income) by segment were as follows: | ||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Residential Furnishings | $ | — | $ | 1.7 | $ | 2.3 | ||||||||||||||||||||||
Industrial Materials | 0.1 | (.1 | ) | 0.6 | ||||||||||||||||||||||||
Specialized Products | 0.7 | 0.3 | 0.6 | |||||||||||||||||||||||||
Total continuing operations | 0.8 | 1.9 | 3.5 | |||||||||||||||||||||||||
Discontinued operations | 10.4 | (.3 | ) | 2.2 | ||||||||||||||||||||||||
Total | $ | 11.2 | $ | 1.6 | $ | 5.7 | ||||||||||||||||||||||
The accrued liability associated with our total restructuring initiatives consisted of the following: | ||||||||||||||||||||||||||||
Balance at | 2013 | 2013 | Balance at | 2014 | 2014 Payments | Balance at | ||||||||||||||||||||||
December 31, | Charges | Payments | December 31, | Charges | December 31, | |||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||||
Termination benefits | $ | 1.1 | $ | 0.3 | $ | 1.3 | $ | 0.1 | $ | 2.6 | $ | 1.6 | $ | 1.1 | ||||||||||||||
Contract termination costs | 0.6 | 0.1 | 0.7 | — | — | — | — | |||||||||||||||||||||
Other restructuring costs | 0.4 | 1.9 | 1.6 | 0.7 | 0.1 | 0.3 | 0.5 | |||||||||||||||||||||
$ | 2.1 | $ | 2.3 | $ | 3.6 | $ | 0.8 | $ | 2.7 | $ | 1.9 | $ | 1.6 | |||||||||||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||
The changes in the carrying amounts of goodwill are as follows: | ||||||||||||||||||||||||
Residential | Commercial | Industrial | Specialized | Total | ||||||||||||||||||||
Furnishings | Fixturing & | Materials | Products | |||||||||||||||||||||
Components | ||||||||||||||||||||||||
Net goodwill as of January 1, 2013 | $ | 390 | $ | 199.4 | $ | 127.8 | $ | 274.3 | $ | 991.5 | ||||||||||||||
Additions for current year acquisitions | — | — | 6.1 | — | 6.1 | |||||||||||||||||||
Adjustments to prior year acquisitions | — | — | (.4 | ) | — | (.4 | ) | |||||||||||||||||
Reductions for sale of business | — | — | — | (.3 | ) | (.3 | ) | |||||||||||||||||
Impairment charge (1) | — | — | — | (63.0 | ) | (63.0 | ) | |||||||||||||||||
Foreign currency translation adjustment/other | (3.9 | ) | (2.9 | ) | 0.7 | (1.0 | ) | (7.1 | ) | |||||||||||||||
Net goodwill as of December 31, 2013 | 386.1 | 196.5 | 134.2 | 210 | 926.8 | |||||||||||||||||||
Additions for current year acquisitions | 19 | — | — | — | 19 | |||||||||||||||||||
Adjustments to prior year acquisitions | 0.1 | — | (.1 | ) | — | — | ||||||||||||||||||
Impairment charge (2) | — | (108.0 | ) | — | — | (108.0 | ) | |||||||||||||||||
Foreign currency translation adjustment/other | (7.6 | ) | (1.6 | ) | (.6 | ) | (9.0 | ) | (18.8 | ) | ||||||||||||||
Net goodwill as of December 31, 2014 | $ | 397.6 | $ | 86.9 | $ | 133.5 | $ | 201 | $ | 819 | ||||||||||||||
Net goodwill as of December 31, 2014 is comprised of: | ||||||||||||||||||||||||
Gross goodwill | $ | 397.6 | $ | 337.5 | $ | 133.5 | $ | 264 | $ | 1,132.60 | ||||||||||||||
Accumulated impairment losses | — | (250.6 | ) | — | (63.0 | ) | (313.6 | ) | ||||||||||||||||
Net goodwill as of December 31, 2014 | $ | 397.6 | $ | 86.9 | $ | 133.5 | $ | 201 | $ | 819 | ||||||||||||||
_________________ | ||||||||||||||||||||||||
(1) We recorded a goodwill impairment charge related to the CVP unit as outlined in Note C. | ||||||||||||||||||||||||
(2) We recorded a goodwill impairment charge related to the Store Fixture unit as outlined in Note C. | ||||||||||||||||||||||||
The gross carrying amount and accumulated amortization by major amortized intangible asset class and intangible assets acquired during the period presented included in "Other intangibles" on the Consolidated Balance Sheets are as follows: | ||||||||||||||||||||||||
Debt | Non-compete | Customer- Related Intangibles | Total | |||||||||||||||||||||
Issue | Patents | Agreements | Supply | |||||||||||||||||||||
Costs | and | Agreements | ||||||||||||||||||||||
Trademarks | and Other | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Gross carrying amount | $ | 10.1 | $ | 57.8 | $ | 7.6 | $ | 223.9 | $ | 35 | $ | 334.4 | ||||||||||||
Accumulated amortization | 4.2 | 29.7 | 1.4 | 78.8 | 15.6 | 129.7 | ||||||||||||||||||
Net other intangibles as of December 31, 2014 | $ | 5.9 | $ | 28.1 | $ | 6.2 | $ | 145.1 | $ | 19.4 | $ | 204.7 | ||||||||||||
Acquired during 2014: | ||||||||||||||||||||||||
Acquired related to business acquisitions | $ | — | $ | 5 | $ | 5.5 | $ | 1.1 | $ | 2.5 | $ | 14.1 | ||||||||||||
Acquired outside business acquisitions | 2.9 | 1.4 | 0.2 | 2.3 | 7.3 | 14.1 | ||||||||||||||||||
Total acquired in 2014 | $ | 2.9 | $ | 6.4 | $ | 5.7 | $ | 3.4 | $ | 9.8 | $ | 28.2 | ||||||||||||
Weighted average amortization period in years for items acquired in 2014 | 10 | 11.3 | 5 | 11.2 | 7.1 | 8.4 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Gross carrying amount | $ | 9.5 | $ | 53.8 | $ | 7.7 | $ | 221.9 | $ | 24.9 | $ | 317.8 | ||||||||||||
Accumulated amortization | 5.5 | 28.2 | 5.2 | 63.9 | 11.6 | 114.4 | ||||||||||||||||||
Net other intangibles as of December 31, 2013 | $ | 4 | $ | 25.6 | $ | 2.5 | $ | 158 | $ | 13.3 | $ | 203.4 | ||||||||||||
Acquired during 2013: | ||||||||||||||||||||||||
Acquired related to business acquisitions | $ | — | $ | 0.7 | $ | 0.5 | $ | 9.7 | $ | 1.4 | $ | 12.3 | ||||||||||||
Acquired outside business acquisitions | — | 1.6 | — | 5.9 | 5.3 | 12.8 | ||||||||||||||||||
Total acquired in 2013 | $ | — | $ | 2.3 | $ | 0.5 | $ | 15.6 | $ | 6.7 | $ | 25.1 | ||||||||||||
Weighted average amortization period in years for items acquired in 2013 | 0 | 16.3 | 4.8 | 9.6 | 6.1 | 9.2 | ||||||||||||||||||
Estimated amortization expense for items included in our December 31, 2014 balance sheet in each of the next five years is as follows: | ||||||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||||||
2015 | $ | 24 | ||||||||||||||||||||||
2016 | 23 | |||||||||||||||||||||||
2017 | 22 | |||||||||||||||||||||||
2018 | 20 | |||||||||||||||||||||||
2019 | 19 | |||||||||||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
We have four operating segments that supply a wide range of products: | ||||||||||||||||
• | Residential Furnishings—components for bedding, furniture and other furnishings, as well as related consumer products | |||||||||||||||
• | Commercial Fixturing & Components—components and products for the office seating market | |||||||||||||||
• | Industrial Materials—drawn steel wire, specialty wire products, titanium and nickel tubing for the aerospace industry and welded steel tubing | |||||||||||||||
• | 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 officer. The chief operating officer in turn reports directly 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 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 for the periods presented are as follows: | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
External | Inter- | Total | EBIT | |||||||||||||
Sales | Segment | Sales | ||||||||||||||
Sales | ||||||||||||||||
2014 | ||||||||||||||||
Residential Furnishings | $ | 2,183.40 | $ | 39.8 | $ | 2,223.20 | $ | 161.3 | ||||||||
Commercial Fixturing & Components | 194.3 | 4.6 | 198.9 | 13 | ||||||||||||
Industrial Materials | 605.3 | 259.7 | 865 | 55.8 | ||||||||||||
Specialized Products | 799.3 | 62.4 | 861.7 | 117.4 | ||||||||||||
Intersegment eliminations and other | (15.1 | ) | ||||||||||||||
Adjustment to LIFO method | (.9 | ) | ||||||||||||||
$ | 3,782.30 | $ | 366.5 | $ | 4,148.80 | $ | 331.5 | |||||||||
2013 | ||||||||||||||||
Residential Furnishings | $ | 1,944.00 | $ | 23 | $ | 1,967.00 | $ | 169.4 | ||||||||
Commercial Fixturing & Components | 182.5 | 4 | 186.5 | 10.7 | ||||||||||||
Industrial Materials | 612.8 | 231 | 843.8 | 71.3 | ||||||||||||
Specialized Products | 737.9 | 52.5 | 790.4 | 26.2 | ||||||||||||
Intersegment eliminations and other | 0.9 | |||||||||||||||
Adjustment to LIFO method | (3.9 | ) | ||||||||||||||
$ | 3,477.20 | $ | 310.5 | $ | 3,787.70 | $ | 274.6 | |||||||||
2012 | ||||||||||||||||
Residential Furnishings | $ | 1,895.00 | $ | 8.8 | $ | 1,903.80 | $ | 152.2 | ||||||||
Commercial Fixturing & Components | 186.7 | 3.8 | 190.5 | 15 | ||||||||||||
Industrial Materials | 621.7 | 249.4 | 871.1 | 65.1 | ||||||||||||
Specialized Products | 711.1 | 45.9 | 757 | 86.1 | ||||||||||||
Intersegment eliminations and other | (6.8 | ) | ||||||||||||||
Adjustment to LIFO method | 12.8 | |||||||||||||||
$ | 3,414.50 | $ | 307.9 | $ | 3,722.40 | $ | 324.4 | |||||||||
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 year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
Assets | Additions | Acquired | Depreciation | |||||||||||||
to | Companies’ | And | ||||||||||||||
Property, | Long-Lived | Amortization | ||||||||||||||
Plant and | Assets | |||||||||||||||
Equipment | ||||||||||||||||
2014 | ||||||||||||||||
Residential Furnishings | $ | 595.2 | $ | 47.8 | $ | 60.5 | $ | 48.1 | ||||||||
Commercial Fixturing & Components | 49.2 | 2.1 | — | 3.5 | ||||||||||||
Industrial Materials | 256.2 | 13.7 | — | 23.1 | ||||||||||||
Specialized Products | 245.1 | 27.5 | — | 24.3 | ||||||||||||
Other (1) | 90.4 | 1.4 | — | 2.9 | ||||||||||||
Average current liabilities included in segment numbers above | 520.2 | — | — | — | ||||||||||||
Unallocated assets (2) | 1,451.40 | 1.6 | — | 16 | ||||||||||||
Difference between average assets and year-end balance sheet | (67.1 | ) | — | — | — | |||||||||||
$ | 3,140.60 | $ | 94.1 | $ | 60.5 | $ | 117.9 | |||||||||
2013 | ||||||||||||||||
Residential Furnishings | $ | 586.5 | $ | 36.5 | $ | 0.6 | $ | 47.2 | ||||||||
Commercial Fixturing & Components | 48.7 | 1.5 | — | 3.7 | ||||||||||||
Industrial Materials | 248 | 12.6 | 31 | 21.8 | ||||||||||||
Specialized Products | 225 | 26.7 | 3.3 | 27.7 | ||||||||||||
Other (1) | 96.2 | 1.1 | — | 6.1 | ||||||||||||
Average current liabilities included in segment numbers above | 460.6 | — | — | — | ||||||||||||
Unallocated assets (2) | 1,492.40 | 2.2 | — | 16.1 | ||||||||||||
Difference between average assets and year-end balance sheet | (49.3 | ) | — | — | — | |||||||||||
$ | 3,108.10 | $ | 80.6 | $ | 34.9 | $ | 122.6 | |||||||||
2012 | ||||||||||||||||
Residential Furnishings | $ | 602.9 | $ | 22.5 | $ | 12.9 | $ | 46.4 | ||||||||
Commercial Fixturing & Components | 51.1 | 2 | — | 4.3 | ||||||||||||
Industrial Materials | 237.1 | 14.3 | 182.4 | 22.8 | ||||||||||||
Specialized Products | 225.4 | 23.4 | — | 24.6 | ||||||||||||
Other (1) | 116.2 | 3.2 | — | 7.6 | ||||||||||||
Average current liabilities included in segment numbers above | 440.7 | — | — | — | ||||||||||||
Unallocated assets (2) | 1,678.20 | 5.6 | — | 13.3 | ||||||||||||
Difference between average assets and year-end balance sheet | (96.7 | ) | — | — | — | |||||||||||
$ | 3,254.90 | $ | 71 | $ | 195.3 | $ | 119 | |||||||||
______________________________ | ||||||||||||||||
-1 | Businesses sold or classified as discontinued operations during the years presented. | |||||||||||||||
-2 | Unallocated assets consist primarily of goodwill, other intangibles, cash and deferred tax assets. Unallocated depreciation and amortization consists primarily of depreciation of non-operating assets and amortization of debt issue costs. | |||||||||||||||
Revenues from external customers, by product line, are as follows: | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Residential Furnishings | ||||||||||||||||
Bedding group | $ | 802.2 | $ | 660.9 | $ | 657.6 | ||||||||||
Furniture group | 708.9 | 673.2 | 676.9 | |||||||||||||
Fabric & Carpet Underlay group | 672.3 | 609.9 | 560.5 | |||||||||||||
2,183.40 | 1,944.00 | 1,895.00 | ||||||||||||||
Commercial Fixturing & Components | ||||||||||||||||
Work Furniture group | 194.3 | 182.5 | 186.7 | |||||||||||||
194.3 | 182.5 | 186.7 | ||||||||||||||
Industrial Materials | ||||||||||||||||
Wire group | 387 | 428 | 457.9 | |||||||||||||
Tubing group | 218.3 | 184.8 | 163.8 | |||||||||||||
605.3 | 612.8 | 621.7 | ||||||||||||||
Specialized Products | ||||||||||||||||
Automotive group | 589.4 | 502.7 | 463.5 | |||||||||||||
Commercial Vehicle Products group | 110.4 | 109 | 137.7 | |||||||||||||
Machinery group | 99.5 | 126.2 | 109.9 | |||||||||||||
799.3 | 737.9 | 711.1 | ||||||||||||||
$ | 3,782.30 | $ | 3,477.20 | $ | 3,414.50 | |||||||||||
Our principal operations outside of the United States are presented in the following geographic information, based on the area of manufacture. | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
External sales | ||||||||||||||||
United States | $ | 2,599.00 | $ | 2,449.90 | $ | 2,430.20 | ||||||||||
Europe | 422.7 | 351.7 | 326.2 | |||||||||||||
China | 390 | 335.5 | 311.9 | |||||||||||||
Canada | 206.5 | 201.6 | 213.2 | |||||||||||||
Mexico | 90.1 | 69.6 | 64.5 | |||||||||||||
Other | 74 | 68.9 | 68.5 | |||||||||||||
$ | 3,782.30 | $ | 3,477.20 | $ | 3,414.50 | |||||||||||
Tangible long-lived assets | ||||||||||||||||
United States | $ | 347.2 | $ | 363.6 | $ | 383.9 | ||||||||||
Europe | 124.3 | 124.5 | 102.7 | |||||||||||||
China | 40.5 | 35.7 | 35.9 | |||||||||||||
Canada | 25.6 | 25 | 21.1 | |||||||||||||
Mexico | 9.8 | 11.8 | 12.9 | |||||||||||||
Other | 11.5 | 14 | 16.3 | |||||||||||||
$ | 558.9 | $ | 574.6 | $ | 572.8 | |||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
Basic and diluted earnings per share were calculated as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings: | ||||||||||||
Earnings from continuing operations | $ | 225.2 | $ | 186.3 | $ | 231.8 | ||||||
(Earnings) attributable to noncontrolling interest, net of tax | (3.2 | ) | (2.4 | ) | (2.3 | ) | ||||||
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | 222 | 183.9 | 229.5 | |||||||||
Earnings (loss) from discontinued operations, net of tax | (124.0 | ) | 13.4 | 18.7 | ||||||||
Net earnings attributable to Leggett & Platt common shareholders | $ | 98 | $ | 197.3 | $ | 248.2 | ||||||
Weighted average number of shares (in millions): | ||||||||||||
Weighted average number of common shares used in basic EPS | 141.4 | 145.2 | 144.3 | |||||||||
Dilutive effect of equity-based compensation | 1.8 | 2.1 | 1.7 | |||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 143.2 | 147.3 | 146 | |||||||||
Basic and Diluted EPS: | ||||||||||||
Basic EPS attributable to Leggett & Platt common shareholders | ||||||||||||
Continuing operations | $ | 1.57 | $ | 1.27 | $ | 1.59 | ||||||
Discontinued operations | (.88 | ) | 0.09 | 0.13 | ||||||||
Basic EPS attributable to Leggett & Platt common shareholders | $ | 0.69 | $ | 1.36 | $ | 1.72 | ||||||
Diluted EPS attributable to Leggett & Platt common shareholders | ||||||||||||
Continuing operations | $ | 1.55 | $ | 1.25 | $ | 1.57 | ||||||
Discontinued operations | (.87 | ) | 0.09 | 0.13 | ||||||||
Diluted EPS attributable to Leggett & Platt common shareholders | $ | 0.68 | $ | 1.34 | $ | 1.7 | ||||||
Other information: | ||||||||||||
Anti-dilutive shares excluded from diluted EPS computation | — | — | 1.9 | |||||||||
Accounts_and_Other_Receivables
Accounts and Other Receivables | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Accounts and Other Receivables | Accounts and Other Receivables | |||||||||||||||||||||||||||
Accounts and other receivables at December 31 consisted of the following: | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Current | Long-term | Current | Long-term | |||||||||||||||||||||||||
Trade accounts receivable | $ | 484 | $ | — | $ | 447.4 | $ | — | ||||||||||||||||||||
Trade notes receivable | 1.1 | 2.9 | 2.6 | 2.3 | ||||||||||||||||||||||||
Total trade receivables | 485.1 | 2.9 | 450 | 2.3 | ||||||||||||||||||||||||
Other notes receivable: | ||||||||||||||||||||||||||||
Notes received as partial payment for divestitures | 0.9 | — | 0.5 | 5.4 | ||||||||||||||||||||||||
Other | — | 3.3 | 3 | 1.6 | ||||||||||||||||||||||||
Income tax receivables | 14 | — | 2.7 | — | ||||||||||||||||||||||||
Other receivables | 38 | — | 26.4 | — | ||||||||||||||||||||||||
Subtotal other receivables | 52.9 | 3.3 | 32.6 | 7 | ||||||||||||||||||||||||
Total trade and other receivables | 538 | 6.2 | 482.6 | 9.3 | ||||||||||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||||||||||
Trade accounts receivable | (14.7 | ) | — | (14.6 | ) | — | ||||||||||||||||||||||
Trade notes receivable | — | (2.1 | ) | (.6 | ) | (1.3 | ) | |||||||||||||||||||||
Total trade receivables | (14.7 | ) | (2.1 | ) | (15.2 | ) | (1.3 | ) | ||||||||||||||||||||
Other notes receivable | — | (.4 | ) | — | (1.1 | ) | ||||||||||||||||||||||
Total allowance for doubtful accounts | (14.7 | ) | (2.5 | ) | (15.2 | ) | (2.4 | ) | ||||||||||||||||||||
Total net receivables | $ | 523.3 | $ | 3.7 | $ | 467.4 | $ | 6.9 | ||||||||||||||||||||
Notes that were past due more than 90 days or had been placed on non-accrual status were not significant for the periods presented. | ||||||||||||||||||||||||||||
Activity related to the allowance for doubtful accounts is reflected below: | ||||||||||||||||||||||||||||
Balance at | 2013 | 2013 | Balance at | 2014 | 2014 | Balance at | ||||||||||||||||||||||
December 31, | Charges* | Charge-offs, | December 31, | Charges* | Charge-offs, | December 31, | ||||||||||||||||||||||
2012 | Net of | 2013 | Net of | 2014 | ||||||||||||||||||||||||
Recoveries | Recoveries | |||||||||||||||||||||||||||
Trade accounts receivable | $ | 18.9 | $ | 4.1 | $ | 8.4 | $ | 14.6 | $ | 4.7 | $ | 4.6 | $ | 14.7 | ||||||||||||||
Trade notes receivable | 0.8 | 1.9 | 0.8 | 1.9 | 0.2 | — | 2.1 | |||||||||||||||||||||
Total trade receivables | 19.7 | 6 | 9.2 | 16.5 | 4.9 | 4.6 | 16.8 | |||||||||||||||||||||
Other notes receivable: | ||||||||||||||||||||||||||||
Other | 0.9 | 0.1 | (.1 | ) | 1.1 | — | 0.7 | 0.4 | ||||||||||||||||||||
Subtotal other receivables | 0.9 | 0.1 | (.1 | ) | 1.1 | — | 0.7 | 0.4 | ||||||||||||||||||||
Total allowance for doubtful accounts | $ | 20.6 | $ | 6.1 | $ | 9.1 | $ | 17.6 | $ | 4.9 | $ | 5.3 | $ | 17.2 | ||||||||||||||
________________________ | ||||||||||||||||||||||||||||
* Includes charges associated with discontinued operations of $.1 for 2014 and $.2 for 2013 |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information | |||||||
Additional supplemental balance sheet details at December 31 consisted of the following: | ||||||||
2014 | 2013 | |||||||
Other current assets | ||||||||
Deferred taxes (see Note N) | $ | 42.3 | $ | 12.1 | ||||
Other prepaids | 39.2 | 33.6 | ||||||
Current assets held for sale (see Note B) | 10.4 | — | ||||||
$ | 91.9 | $ | 45.7 | |||||
Sundry assets | ||||||||
Deferred taxes (see Note N) | $ | 36.5 | $ | 46.9 | ||||
Assets held for sale (see Note B) | 22.4 | 19.1 | ||||||
Diversified investments associated with stock-based compensation plans (see Note L) | 17.5 | 11.7 | ||||||
Investment in associated companies | 6.7 | 6.6 | ||||||
Notes receivable (see Note H) | 3.7 | 6.9 | ||||||
Pension plan assets (see Note M) | — | 1.4 | ||||||
Other | 41.6 | 29 | ||||||
$ | 128.4 | $ | 121.6 | |||||
Accrued expenses | ||||||||
Contingency accruals | $ | 83.9 | $ | 3.7 | ||||
Wages and commissions payable | 67.3 | 64.2 | ||||||
Workers’ compensation, medical, auto and product liability | 54.7 | 54.5 | ||||||
Sales promotions | 30.7 | 25.2 | ||||||
Liabilities associated with stock-based compensation plans (see Note L) | 23.7 | 8.8 | ||||||
Accrued interest | 12.3 | 11.9 | ||||||
General taxes, excluding income taxes | 11.6 | 14.6 | ||||||
Other | 53.4 | 46.8 | ||||||
$ | 337.6 | $ | 229.7 | |||||
Other current liabilities | ||||||||
Dividends payable | $ | 42.7 | $ | 42 | ||||
Customer deposits | 12.7 | 13.1 | ||||||
Sales tax payable | 10.4 | 6.8 | ||||||
Current liabilities associated with assets held for sale (see Note B) | 5.5 | — | ||||||
Derivative financial instruments (see Note S) | 2.4 | 0.9 | ||||||
Liabilities associated with stock-based compensation plans (see Note L) | 1.3 | 1.7 | ||||||
Outstanding checks in excess of book balances | 0.9 | 9.1 | ||||||
Other | 7.2 | 5.8 | ||||||
$ | 83.1 | $ | 79.4 | |||||
Other long-term liabilities | ||||||||
Liability for pension benefits (see Note M) | $ | 83.7 | $ | 39.9 | ||||
Liabilities associated with stock-based compensation plans (see Note L) | 27.9 | 15.4 | ||||||
Net reserves for tax contingencies | 25.1 | 29.2 | ||||||
Deferred compensation | 14.7 | 15.4 | ||||||
Other liabilities associated with assets held for sale (see Note B) | 0.1 | — | ||||||
Other | 33.5 | 27.8 | ||||||
$ | 185 | $ | 127.7 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Long-Term Debt | Long-Term Debt | |||||||||||||||||
Long-term debt, weighted average interest rates and due dates at December 31 are as follows: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Stated Interest | Due Date | Balance | Stated Interest | Due Date | Balance | |||||||||||||
Rate | Through | Rate | Through | |||||||||||||||
Term notes | 4.7 | % | 2024 | $ | 948 | 4.8 | % | 2022 | $ | 828.4 | ||||||||
Industrial development bonds, principally variable interest rates | 0.2 | % | 2030 | 14.7 | 0.2 | % | 2030 | 19.9 | ||||||||||
Commercial paper | 0.2 | % | 2019 | — | 0.2 | % | 2017 | 16 | ||||||||||
Capitalized leases (primarily machinery, vehicle and office equipment) | 5.2 | 4.4 | ||||||||||||||||
Other, partially secured | 0.5 | 0.8 | ||||||||||||||||
968.4 | 869.5 | |||||||||||||||||
Less current maturities | 201.7 | 181.1 | ||||||||||||||||
$ | 766.7 | $ | 688.4 | |||||||||||||||
Maturities of long-term debt are as follows: | ||||||||||||||||||
Year ended December 31 | ||||||||||||||||||
2015 | $ | 201.7 | ||||||||||||||||
2016 | 3.3 | |||||||||||||||||
2017 | 3.3 | |||||||||||||||||
2018 | 153.4 | |||||||||||||||||
2019 | — | |||||||||||||||||
Thereafter | 606.7 | |||||||||||||||||
$ | 968.4 | |||||||||||||||||
We can raise cash by issuing up to $600 of commercial paper through a program that is backed by a $600 revolving credit agreement with a syndicate of 12 lenders. This agreement expires in 2019. The credit agreement allows us to issue total letters of credit up to $250. When we issue letters of credit in this manner, our capacity under the agreement, and consequently, our ability to issue commercial paper, is reduced by a corresponding amount. We had no outstanding letters of credit under the agreement at year end for the periods presented. | ||||||||||||||||||
Amounts outstanding at December 31 related to our commercial paper program were: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Total program authorized | $ | 600 | $ | 600 | ||||||||||||||
Commercial paper outstanding (classified as long-term debt) | — | (16.0 | ) | |||||||||||||||
Letters of credit issued under the credit agreement | — | — | ||||||||||||||||
Total program usage | — | (16.0 | ) | |||||||||||||||
Total program available | $ | 600 | $ | 584 | ||||||||||||||
The revolving credit agreement and certain other long-term debt contain restrictive covenants which, among other things, limit a) the total amount of indebtedness to 60% of our total capitalization (each as defined in the revolving credit agreement), b) the amount of total secured debt to 15% of our total consolidated assets, and c) the amount of assets sold, transferred or disposed of in any trailing four quarter period to 25% of total consolidated assets. We have remained well within compliance with all such covenants. | ||||||||||||||||||
We may elect one of four types of borrowing under the revolving credit agreement, which determines the rate of interest to be paid on the outstanding principal balance. The interest rate would be commensurate with the currency borrowed and the term of the borrowing, as well as either i.) a competitive variable or fixed rate, or ii.) various published rates plus a pre-defined spread. | ||||||||||||||||||
We are required to periodically pay accrued interest on any outstanding principal balance under the revolving credit agreement at different time intervals based upon the elected interest rate and the elected interest period. Any outstanding principal under this agreement will be due upon the maturity date. We may also terminate or reduce the lending commitments under this agreement, in whole or in part, upon three business days’ notice. |
Lease_Obligations
Lease Obligations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Lease Obligations | Lease Obligations | |||||||||||
We lease certain operating facilities, most of our automotive and trucking equipment and various other assets. Lease terms, including purchase options, renewals and maintenance costs, vary by lease. | ||||||||||||
Total rental expense for the periods presented was as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Continuing operations | $ | 48.9 | $ | 45.4 | $ | 44.6 | ||||||
Discontinued operations | $ | 2.1 | $ | 4.1 | $ | 3.4 | ||||||
Future minimum rental commitments for all long-term non-cancelable operating leases are as follows: | ||||||||||||
Year ended December 31 | ||||||||||||
2015 | $ | 37.7 | ||||||||||
2016 | 27.6 | |||||||||||
2017 | 20.3 | |||||||||||
2018 | 14.5 | |||||||||||
2019 | 8.7 | |||||||||||
Thereafter | 20.7 | |||||||||||
$ | 129.5 | |||||||||||
The above lease obligations expire at various dates through 2024. Aggregate rental commitments above include renewal amounts where it is our intention to renew the lease. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||||||||||||
We use various forms of share-based compensation which are summarized below. One stock unit is equivalent to one common share for accounting and earnings per share purposes. Shares are issued from treasury for the majority of our stock plans’ activity. All share information is presented in millions. | ||||||||||||||||||||||||||
Stock options and stock units are granted pursuant to our Flexible Stock Plan (the "Plan"). On May 10, 2012 the Plan changed the way awards granted under the Plan are charged against the number of available shares. Under the 2012 Plan modification, each option counts as one share against the shares available under the Plan, but each share granted for any other awards will count as three shares against the Plan. | ||||||||||||||||||||||||||
At December 31, 2014, the following common shares were authorized for issuance under the Flexible Stock Plan: | ||||||||||||||||||||||||||
Shares Available for Issuance | Maximum Number of Authorized Shares | |||||||||||||||||||||||||
Unexercised options | 3.7 | 3.7 | ||||||||||||||||||||||||
Outstanding stock units—vested | 4 | 6.4 | ||||||||||||||||||||||||
Outstanding stock units—unvested | 1.9 | 4.6 | ||||||||||||||||||||||||
Available for grant | 4.4 | 4.4 | ||||||||||||||||||||||||
Authorized for issuance at December 31, 2014 | 14 | 19.1 | ||||||||||||||||||||||||
The following table recaps the impact of stock-based compensation (including discontinued operations) on the results of operations for each of the periods presented: | ||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
To Be Settled With Stock | To Be Settled In Cash | 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 | $ | 0.6 | $ | — | $ | 1.6 | $ | — | $ | 4.4 | $ | — | ||||||||||||||
Cash payments in lieu of options | — | 0.8 | — | 0.8 | — | 0.3 | ||||||||||||||||||||
Stock-based retirement plans contributions (2) | 6.1 | 1.4 | 6.5 | 1.2 | 6.6 | 1 | ||||||||||||||||||||
Discounts on various stock awards: | ||||||||||||||||||||||||||
Deferred Stock Compensation Program (1) | 2.2 | — | 1.5 | — | 1.2 | — | ||||||||||||||||||||
Stock-based retirement plans (2) | 1.9 | — | 1.1 | — | 1.2 | — | ||||||||||||||||||||
Discount Stock Plan (6) | 1 | — | 0.9 | — | 0.9 | — | ||||||||||||||||||||
Performance Stock Unit awards (3) | 6.4 | 13.9 | 6.4 | 1.1 | 6.5 | 5.1 | ||||||||||||||||||||
Restricted Stock Units awards (4) | 3.4 | — | 4.2 | — | 2.2 | — | ||||||||||||||||||||
Profitable Growth Incentive awards (5) | 4.4 | 4.4 | 0.6 | 0.6 | — | — | ||||||||||||||||||||
Other, primarily non-employee directors restricted stock | 1.3 | — | 1.3 | — | 1 | — | ||||||||||||||||||||
Total stock-related compensation expense | 27.3 | $ | 20.5 | 24.1 | $ | 3.7 | 24 | $ | 6.4 | |||||||||||||||||
Employee contributions for above stock plans | 14.3 | 12.2 | 9.8 | |||||||||||||||||||||||
Total stock-based compensation | $ | 41.6 | $ | 36.3 | $ | 33.8 | ||||||||||||||||||||
Recognized tax benefits on stock-based compensation expense | $ | 10.4 | $ | 9.2 | $ | 9.1 | ||||||||||||||||||||
The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented: | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Current | Long-term | Total | Current | Long-term | Total | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Diversified investments associated with the stock-based retirement plans (2) | $ | 1.3 | $ | 17.5 | $ | 18.8 | $ | 1.7 | $ | 11.7 | $ | 13.4 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Stock-based retirement plans (2) | $ | 1.3 | $ | 17.3 | $ | 18.6 | $ | 1.7 | $ | 11.6 | $ | 13.3 | ||||||||||||||
Performance Stock Unit award (3) | 10 | 6.6 | 16.6 | 2.8 | 2.6 | 5.4 | ||||||||||||||||||||
Profitable Growth Incentive award (5) | 6.1 | 4 | 10.1 | — | 1.2 | 1.2 | ||||||||||||||||||||
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts | 7.6 | — | 7.6 | 6 | — | 6 | ||||||||||||||||||||
Total liabilities associated with stock-based compensation | $ | 25 | $ | 27.9 | $ | 52.9 | $ | 10.5 | $ | 15.4 | $ | 25.9 | ||||||||||||||
When the tax deduction for an exercised stock option or converted stock unit exceeds the compensation cost that has been recognized in income, a “windfall” tax benefit is created. The windfall benefit is not recognized in income, but rather on the balance sheet as additional contributed capital. When the current tax deduction for an exercised stock option or converted stock unit is less than the deferred tax asset recorded in regard to the compensation cost that has been recognized in income, a tax “shortfall” is created. To the extent we have accumulated tax windfalls, the shortfall is recognized on the balance sheet as a reduction of additional contributed capital. Net windfall is presented below: | ||||||||||||||||||||||||||
Balance at | Net Windfall | Balance at | ||||||||||||||||||||||||
December 31, | Resulting From | December 31, | ||||||||||||||||||||||||
2013 | Exercises and | 2014 | ||||||||||||||||||||||||
Conversions | ||||||||||||||||||||||||||
Accumulated tax windfall in additional contributed capital | $ | 41.9 | $ | 10.5 | $ | 52.4 | ||||||||||||||||||||
(1) Stock Option Grants | ||||||||||||||||||||||||||
We have granted stock options in the following areas: | ||||||||||||||||||||||||||
• | On a discretionary basis to a broad group of employees | |||||||||||||||||||||||||
• | In conjunction with our Deferred Compensation Program | |||||||||||||||||||||||||
• | As compensation of outside directors | |||||||||||||||||||||||||
Options granted to a broad group of employees on a discretionary basis | ||||||||||||||||||||||||||
Starting in 2013, we discontinued the annual broad-based option grant, and replaced options with cash awards, RSU's, or, for certain key management employees, participation in the Profitable Growth Incentive (PGI). Options are now offered only in conjunction with the Deferred Compensation Program discussed below. | ||||||||||||||||||||||||||
Prior to 2013, we granted stock options annually on a discretionary basis to a broad group of employees. Options generally become exercisable in one-third increments at 18 months, 30 months and 42 months after the date of grant. Options have a maximum term of ten years and the exercise prices are equal to Leggett’s closing stock price on the grant date. | ||||||||||||||||||||||||||
Grant date fair values are calculated using the Black-Scholes option pricing model and are amortized by the straight-line method over the options’ total vesting period, except for employees who terminate due to retirement. A “retirement” termination occurs if the employee is age 65, or age 55 with 20 years of Company service at termination. For retirement terminations, options continue to vest and remain exercisable for three years. | ||||||||||||||||||||||||||
In connection with the January 2012 option grants, we offered two different option choice programs. One group of employees was offered the choice to receive stock options or to receive a cash payment in lieu of options, with the cash alternative being equal to approximately one-half of the Black-Scholes value of the option grant foregone. Another group of employees, generally higher level employees, were offered a choice between stock options or restricted stock units (RSUs), on a ratio of four options foregone for every one RSU offered. The stock units vest in one-third increments at 12 months, 24 months and 36 months after the date of grant. | ||||||||||||||||||||||||||
Deferred Compensation Program | ||||||||||||||||||||||||||
We offer a Deferred Compensation Program under which key managers and outside directors may elect to receive stock options, stock units or interest-bearing cash deferrals in lieu of cash compensation: | ||||||||||||||||||||||||||
• | Stock options under this program are granted on the last business day of the year prior to the year the compensation is earned. The number of options granted equals the deferred compensation times five, divided by the stock’s market price on the date of grant. The option has a 10-year term. It vests as the associated compensation is earned and becomes exercisable beginning 15 months after the grant date. Stock is issued when the option is exercised. | |||||||||||||||||||||||||
• | Deferred stock units (DSU) under this program are acquired every two weeks (when the compensation would have otherwise been paid) at a 20% discount to the market price of our common stock on each acquisition date and they vest immediately. Expense is recorded as the compensation is earned. Stock units earn dividends at the same rate as cash dividends paid on our common stock. These dividends are used to acquire stock units at a 20% discount. Stock units are converted to common stock and distributed in accordance with the participant’s pre-set election. However, stock units may be settled in cash at our discretion. Participants must begin receiving distributions no later than ten years after the effective date of the deferral and installment distributions cannot exceed ten years. | |||||||||||||||||||||||||
• | Interest-bearing cash deferrals under this program are reported in Other long-term liabilities on the balance sheet and are disclosed in Note I. | |||||||||||||||||||||||||
Options | Units | Cash | ||||||||||||||||||||||||
Aggregate amount of compensation deferred during 2014 | $ | 0.1 | $ | 6.9 | $ | 1.2 | ||||||||||||||||||||
STOCK OPTIONS SUMMARY | ||||||||||||||||||||||||||
Stock option information for the plans discussed above for the periods presented is as follows: | ||||||||||||||||||||||||||
Employee | Deferred | Other-Primarily Outside Directors' | Total | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Stock | Compensation | Options** | Options | Average | Average | Intrinsic | ||||||||||||||||||||
Options | Options | Exercise | Remaining | Value | ||||||||||||||||||||||
Price per | Contractual | |||||||||||||||||||||||||
Share | Life in Years | |||||||||||||||||||||||||
Outstanding at December 31, 2013 | 5.1 | 1.2 | 0.1 | 6.4 | $ | 21.61 | ||||||||||||||||||||
Exercised * | (1.6 | ) | (1.0 | ) | (.1 | ) | (2.7 | ) | 22.82 | |||||||||||||||||
Outstanding at December 31, 2014 | 3.5 | 0.2 | — | 3.7 | $ | 20.79 | 4.4 | $ | 81.2 | |||||||||||||||||
Vested or expected to vest | 3.7 | $ | 20.78 | 4.4 | $ | 81.2 | ||||||||||||||||||||
Exercisable (vested) at December 31, 2014 | 3.4 | $ | 20.6 | 4.2 | $ | 75.9 | ||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||
* | Prior to 2005, we granted options with a below market exercise price under the terms of our Deferred Compensation Program. During 2014, there were no significant options exercised at a below market exercise price, and .1 of these options remain outstanding at December 31, 2014. In 2005, we amended the Program to provide only “at market” stock options. | |||||||||||||||||||||||||
** | A small amount of options related to this plan (less than .1) were outstanding at December 31, 2014. | |||||||||||||||||||||||||
Additional information related to stock option activity for the periods presented is as follows: | ||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 35.2 | $ | 18.4 | $ | 24.9 | ||||||||||||||||||||
Cash received from stock options exercised | 21.8 | 36.9 | 35.6 | |||||||||||||||||||||||
Total fair value of stock options vested | 2.9 | 4.4 | 4.5 | |||||||||||||||||||||||
The following table summarizes fair values calculated (and assumptions utilized) using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||
Year Ended December 31 * | ||||||||||||||||||||||||||
2014 | 2012 | |||||||||||||||||||||||||
Aggregate grant date fair value | $ | 0.1 | $ | 4 | ||||||||||||||||||||||
Weighted-average per share grant date fair value | $ | 7.3 | $ | 4.68 | ||||||||||||||||||||||
Risk-free interest rate | 2.1 | % | 1.9 | % | ||||||||||||||||||||||
Expected life in years | 6 | 7.2 | ||||||||||||||||||||||||
Expected volatility (over expected life) | 35.1 | % | 34.4 | % | ||||||||||||||||||||||
Expected dividend yield (over expected life) | 3.9 | % | 4.8 | % | ||||||||||||||||||||||
__________________________________ | ||||||||||||||||||||||||||
* | No options were granted in 2013 | |||||||||||||||||||||||||
The risk-free rate is determined based on U.S. Treasury yields in effect at the time of grant for maturities equivalent to the expected life of the option. The expected life of the option (estimated average period of time the option will be outstanding) is estimated based on the historical exercise behavior of employees, with executives displaying somewhat longer holding periods than other employees. Expected volatility is based on historical volatility through the grant date, measured daily for a time period equal to the option’s expected life. The expected dividend yield is estimated based on the dividend yield at the time of grant. | ||||||||||||||||||||||||||
(2) Stock-Based Retirement Plans | ||||||||||||||||||||||||||
We have two stock-based retirement plans: the tax-qualified Stock Bonus Plan (SBP) for non-highly compensated employees, and the non-qualified Executive Stock Unit Program (ESUP) for highly compensated employees. We make matching contributions to both plans. In addition to the automatic 50% match, we will make another matching contribution of up to 50% of the employee’s contributions for the year if certain profitability levels, as defined in the SBP and the ESUP, are obtained. | ||||||||||||||||||||||||||
• | Participants in the SBP may contribute up to 6% of their compensation above a certain threshold to purchase Leggett stock or other investment alternatives at market prices. We immediately match 50% of the employee contributions. Employees are allowed to fully diversify their employee deferral accounts immediately and their employer accounts after three years of service. Dividends earned on Company stock held in the SBP are reinvested or paid in cash at the participant’s election. | |||||||||||||||||||||||||
• | Participants in the ESUP may contribute up to 10% (depending upon salary level) of their compensation above the same threshold applicable to the SBP. Participant contributions are credited to a diversified investment account established for the participant, and we make premium contributions to the diversified investment accounts equal to 17.65% of the participant’s contribution. A participant’s diversified investment account balance is adjusted to mirror the investment experience, whether positive or negative, of the diversified investments selected by the participant. Participants may change investment elections in the diversified investment accounts, but cannot purchase Company common stock or stock units. The diversified investment accounts consist of various mutual funds and retirement target funds and are unfunded, unsecured obligations of the Company that will be settled in cash. Both the assets and liabilities associated with this program are presented in the table above and are adjusted to fair value at each reporting period. | |||||||||||||||||||||||||
We immediately match 50% of the employee contributions in the form of stock units. Company contributions to the ESUP, including dividend equivalents, are used to acquire stock units at 85% of the common stock market price on the acquisition date. Stock units are converted to common stock at a 1-to-1 ratio upon distribution from the program and may be settled in cash at our discretion. | ||||||||||||||||||||||||||
Company matches in the SBP and ESUP fully vest upon three and five years, respectively, of cumulative service, subject to certain participation requirements. Distributions under both plans are triggered by an employee’s retirement, death, disability or separation from Leggett. | ||||||||||||||||||||||||||
Information for the year ended December 31 for these plans was as follows: | ||||||||||||||||||||||||||
SBP | ESUP | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Employee contributions | $ | 3 | $ | 4.3 | ||||||||||||||||||||||
Less diversified contributions | 0.7 | 4.3 | ||||||||||||||||||||||||
Total employee stock contributions | $ | 2.3 | $ | — | ||||||||||||||||||||||
Employer premium contribution to diversified investment accounts | $ | 0.8 | ||||||||||||||||||||||||
Shares purchased by employees | 0.1 | |||||||||||||||||||||||||
Shares of company match | 0.1 | |||||||||||||||||||||||||
Details regarding stock unit activity for the ESUP plan are reflected in the stock units summary table below. | ||||||||||||||||||||||||||
(3) 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 TSR ranks within the peer group at the end of the 3-year performance period. | |||||||||||||||||||||||||
Grant date fair values are calculated using a Monte Carlo simulation of stock and volatility data for Leggett and each of the comparator companies. Grant date fair values are amortized using the straight-line method over the three-year vesting period. | ||||||||||||||||||||||||||
Below is a summary of the number of shares and related grant date fair value of PSU’s for the periods presented: | ||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Total shares base award | 0.2 | 0.2 | 0.3 | |||||||||||||||||||||||
Grant date per share fair value | $ | 30.45 | $ | 27.6 | $ | 23.79 | ||||||||||||||||||||
Risk-free interest rate | 0.8 | % | 0.4 | % | 0.4 | % | ||||||||||||||||||||
Expected life in years | 3 | 3 | 3 | |||||||||||||||||||||||
Expected volatility (over expected life) | 25.9 | % | 29.1 | % | 35 | % | ||||||||||||||||||||
Expected dividend yield (over expected life) | 3.9 | % | 4.2 | % | 4.8 | % | ||||||||||||||||||||
Three-Year Performance Cycle | ||||||||||||||||||||||||||
Award Year | Completion Date | TSR Performance | Payout as a | Number of Shares | Distribution Date | |||||||||||||||||||||
Relative to the Peer Group (1%¾st) | Percent of the | Distributed | ||||||||||||||||||||||||
Base Award | ||||||||||||||||||||||||||
2010 | 31-Dec-12 | 46th percentile | 91.00% | 0.3 | Jan-13 | |||||||||||||||||||||
2011 | December 31, 2013 | 55th percentile | 64.20% | 0.2 | Jan-14 | |||||||||||||||||||||
2012 | December 31, 2014 | 30th percentile | 157.00% | 0.4 | Jan-15 | |||||||||||||||||||||
Beginning with the 2010 award (that was settled in January 2013), thirty-five percent (35%) of awards will be paid out in cash. We intend to pay out the remaining sixty-five percent (65%) in shares of our common stock, although we reserve the right to pay up to one hundred percent (100%) in cash. The 35% portion is recorded as a liability and is adjusted to fair value at each reporting period. | ||||||||||||||||||||||||||
(4) Restricted Stock Unit Awards | ||||||||||||||||||||||||||
RSU awards are generally granted as follows: | ||||||||||||||||||||||||||
• | To managers in lieu of annual option grants | |||||||||||||||||||||||||
• | On a discretionary basis to selected managers | |||||||||||||||||||||||||
• | To selected executive officers in connection with employment agreements | |||||||||||||||||||||||||
• | As compensation for outside directors, who have a choice to receive RSUs or restricted stock | |||||||||||||||||||||||||
The value of these awards is determined by the stock price on the day of the award, and expense is recognized over the vesting period. | ||||||||||||||||||||||||||
(5) Profitable Growth Incentive Awards | ||||||||||||||||||||||||||
Starting in 2013, certain key management employees participated in a new PGI program in lieu of the annual option grant. 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 at the end of a two-year performance period. The 2013 and 2014 base target PGI award was .1 shares. If earned, 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 recorded as liabilities and adjusted to fair value at each reporting period. | ||||||||||||||||||||||||||
Two-Year Performance Cycle | ||||||||||||||||||||||||||
Award Year | Performance Period Ending | Average Payout as a Percent of the Base Award | Estimated Number of Shares | Expected Distribution Date | ||||||||||||||||||||||
2013 | 31-Dec-14 | 127.00% | 0.1 | Mar-15 | ||||||||||||||||||||||
STOCK UNITS SUMMARY | ||||||||||||||||||||||||||
Stock unit information for the plans discussed above is presented in the table below. | ||||||||||||||||||||||||||
DSU | ESUP | PSU* | RSU | PGI** | Total Units | Weighted | Aggregate | |||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||
Grant Date | Value | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
per Unit | ||||||||||||||||||||||||||
Non-vested at December 31, 2013 | — | — | 1.3 | 0.3 | 0.2 | 1.8 | $ | 14.87 | ||||||||||||||||||
Granted based on current service | 0.2 | 0.3 | — | 0.1 | — | 0.6 | 33.92 | |||||||||||||||||||
Granted based on future conditions | — | — | 0.4 | — | 0.1 | 0.5 | 24.89 | |||||||||||||||||||
Vested | (.2 | ) | (.3 | ) | (.2 | ) | (.1 | ) | — | (.8 | ) | 30.44 | ||||||||||||||
Forfeited | — | — | (.1 | ) | — | — | (.1 | ) | 14.53 | |||||||||||||||||
Difference between maximum and actual payout | — | — | (.1 | ) | — | — | (.1 | ) | — | |||||||||||||||||
Total non-vested at December 31, 2014 | — | — | 1.3 | 0.3 | 0.3 | 1.9 | $ | 18.4 | $ | 80.3 | ||||||||||||||||
Fully vested shares available for issuance at December 31, 2014 | 4 | $ | 171.6 | |||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||
* | PSU awards are presented at 175% (i.e. maximum) payout | |||||||||||||||||||||||||
** PGI awards are presented at 250% (i.e. maximum) payout | ||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Total intrinsic value of vested stock units converted to common stock | $ | 9.2 | $ | 7 | $ | 4.7 | ||||||||||||||||||||
STOCK-BASED COMPENSATION COST NOT YET RECOGNIZED | ||||||||||||||||||||||||||
As of December 31, 2014, the unrecognized cost of non-vested stock options and units that are not adjusted to fair value at each reporting period was as follows: | ||||||||||||||||||||||||||
Options | Units | |||||||||||||||||||||||||
Unrecognized cost of non-vested stock | $ | 0.2 | $ | 7.3 | ||||||||||||||||||||||
Weighted-average remaining contractual life in years | 0.4 | 1.4 | ||||||||||||||||||||||||
(6) Discount Stock Plan | ||||||||||||||||||||||||||
Under the Discount Stock Plan (DSP), a tax-qualified §423 stock purchase plan, eligible employees may purchase shares of Leggett common stock at 85% of the closing market price on the last business day of each month. Shares are purchased and issued on the last business day of each month and generally cannot be sold or transferred for one year. | ||||||||||||||||||||||||||
Average 2014 purchase price per share (net of discount) | $ | 29.61 | ||||||||||||||||||||||||
2014 number of shares purchased by employees | 0.1 | |||||||||||||||||||||||||
Shares purchased since inception in 1982 | 22.5 | |||||||||||||||||||||||||
Maximum shares under the plan | 23 | |||||||||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||||||||||||||||||
The accompanying balance sheets reflect a net liability for the funded status of our domestic and foreign defined benefit pension plans. Our U.S. plans (comprised primarily of three significant plans) represent approximately 87% of our pension benefit obligation in each of the periods presented. Participants in one of the significant domestic plans have stopped earning benefits; this plan is referred to as "frozen" in the following narrative. | ||||||||||||||||||||||||||||||||
A summary of our pension obligations and funded status as of December 31 is as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||
Benefit obligation, beginning of period | $ | 287 | $ | 316.5 | $ | 290.1 | ||||||||||||||||||||||||||
Service cost | 3 | 3.2 | 3 | |||||||||||||||||||||||||||||
Interest cost | 12.9 | 11.9 | 12.6 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.6 | 0.5 | 0.5 | |||||||||||||||||||||||||||||
Actuarial loss (gain) | 58.1 | (30.3 | ) | 25.4 | ||||||||||||||||||||||||||||
Benefits paid | (15.6 | ) | (14.8 | ) | (16.4 | ) | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | (3.0 | ) | — | 1.3 | ||||||||||||||||||||||||||||
Benefit obligation, end of period (1) | 343 | 287 | 316.5 | |||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of period | 248 | 240.3 | 223.2 | |||||||||||||||||||||||||||||
Actual return on plan assets | 23.9 | 20 | 24.3 | |||||||||||||||||||||||||||||
Employer contributions | 4.1 | 1.9 | 7.8 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.6 | 0.5 | 0.5 | |||||||||||||||||||||||||||||
Benefits paid | (15.6 | ) | (14.8 | ) | (16.4 | ) | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | (2.1 | ) | 0.1 | 0.9 | ||||||||||||||||||||||||||||
Fair value of plan assets, end of period | 258.9 | 248 | 240.3 | |||||||||||||||||||||||||||||
Net funded status | $ | (84.1 | ) | $ | (39.0 | ) | $ | (76.2 | ) | |||||||||||||||||||||||
Funded status recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
Other assets—sundry | $ | — | $ | 1.4 | $ | — | ||||||||||||||||||||||||||
Other current liabilities | (.4 | ) | (.5 | ) | (.4 | ) | ||||||||||||||||||||||||||
Other long-term liabilities | (83.7 | ) | (39.9 | ) | (75.8 | ) | ||||||||||||||||||||||||||
Net funded status | $ | (84.1 | ) | $ | (39.0 | ) | $ | (76.2 | ) | |||||||||||||||||||||||
________________________ | ||||||||||||||||||||||||||||||||
(1) The benefit obligation at December 31, 2014 increased as compared to December 31, 2013 primarily due to changes in mortality assumptions and a decrease in the discount rate. | ||||||||||||||||||||||||||||||||
Accumulated and projected benefit obligation information at December 31 is recapped below: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Aggregated plans with accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 343 | $ | 230.3 | $ | 316.5 | ||||||||||||||||||||||||||
Accumulated benefit obligation | 338.5 | 228.7 | 312.3 | |||||||||||||||||||||||||||||
Fair value of plan assets | 258.9 | 190.2 | 240.3 | |||||||||||||||||||||||||||||
Aggregated plans with projected benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||||
Projected benefit obligation | 343 | 233.8 | 316.5 | |||||||||||||||||||||||||||||
Fair value of plan assets | 258.9 | 193.4 | 240.3 | |||||||||||||||||||||||||||||
Accumulated benefit obligation for all defined benefit plans | 338.5 | 283.5 | 312.3 | |||||||||||||||||||||||||||||
Included in the above plans is a subsidiary’s unfunded supplemental executive retirement plan. This is a non-qualified plan, and these benefits are secured by insurance policies that are not included in the plan’s assets. Cash surrender values associated with these policies at December 31 were as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Cash surrender values | $ | 2.2 | $ | 2.1 | $ | 2.1 | ||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||
Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: | ||||||||||||||||||||||||||||||||
December 31, | 2014 | 2014 | 2014 | 2014 | December 31, | |||||||||||||||||||||||||||
2013 | Amortization | Net | Foreign | Income | 2014 | |||||||||||||||||||||||||||
Actuarial | currency | taxes | ||||||||||||||||||||||||||||||
loss | exchange | change | ||||||||||||||||||||||||||||||
rates | ||||||||||||||||||||||||||||||||
change | ||||||||||||||||||||||||||||||||
Net loss (gain) (before tax) | $ | 63.1 | $ | (2.8 | ) | $ | 50 | $ | (.6 | ) | $ | (.2 | ) | $ | 109.5 | |||||||||||||||||
Net prior service cost (before tax) | 0.3 | (.3 | ) | — | — | — | — | |||||||||||||||||||||||||
Deferred income taxes | (23.1 | ) | — | — | 0.1 | (17.2 | ) | (40.2 | ) | |||||||||||||||||||||||
Accumulated other comprehensive income (net of tax) | $ | 40.3 | $ | (3.1 | ) | $ | 50 | $ | (.5 | ) | $ | (17.4 | ) | $ | 69.3 | |||||||||||||||||
Of the amounts in accumulated other comprehensive income as of December 31, 2014, the portions expected to be recognized as components of net periodic pension cost in 2015 are as follows: | ||||||||||||||||||||||||||||||||
Net loss | $ | 5.5 | ||||||||||||||||||||||||||||||
Net prior service cost | — | |||||||||||||||||||||||||||||||
Net Pension (Expense) Income | ||||||||||||||||||||||||||||||||
Components of net pension (expense) income for the years ended December 31 were as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | (3.0 | ) | $ | (3.2 | ) | $ | (3.0 | ) | |||||||||||||||||||||||
Interest cost | (12.9 | ) | (11.9 | ) | (12.6 | ) | ||||||||||||||||||||||||||
Expected return on plan assets | 15.9 | 15.2 | 14.5 | |||||||||||||||||||||||||||||
Amortization of prior service cost | (.3 | ) | (.2 | ) | (.3 | ) | ||||||||||||||||||||||||||
Recognized net actuarial loss | (2.8 | ) | (6.4 | ) | (6.0 | ) | ||||||||||||||||||||||||||
Net pension (expense) income | $ | (3.1 | ) | $ | (6.5 | ) | $ | (7.4 | ) | |||||||||||||||||||||||
Weighted average assumptions for pension costs: | ||||||||||||||||||||||||||||||||
Discount rate used in net pension costs | 4.6 | % | 3.8 | % | 4.4 | % | ||||||||||||||||||||||||||
Rate of compensation increase used in pension costs | 3.8 | % | 3.8 | % | 3.8 | % | ||||||||||||||||||||||||||
Expected return on plan assets | 6.7 | % | 6.6 | % | 6.6 | % | ||||||||||||||||||||||||||
Weighted average assumptions for benefit obligation: | ||||||||||||||||||||||||||||||||
Discount rate used in benefit obligation | 3.8 | % | 4.6 | % | 3.8 | % | ||||||||||||||||||||||||||
Rate of compensation increase used in benefit obligation | 3.5 | % | 3.8 | % | 3.8 | % | ||||||||||||||||||||||||||
Assumptions used for U.S. and international plans were not significantly different. | ||||||||||||||||||||||||||||||||
We use the average of the Citigroup Pension Discount Curve rate and Merrill Lynch AA-AAA 10-year Bond Index rate to determine the discount rate used for our significant pension plans (rounded to the nearest 25 basis points). The Citigroup Pension Discount Curve rate is a calculated rate using yearly spot rates matched against expected future benefit payments. The Merrill Lynch Index rate is based on the weighted average yield of a portfolio of high grade Corporate Bonds with an average duration approximating the plans’ projected benefit payments, adjusted for any callable bonds included in the portfolio. The discount rates used for our other, primarily foreign, plans are based on rates appropriate for the respective country and the plan obligations. | ||||||||||||||||||||||||||||||||
The overall, expected long-term rate of return is based on each plan’s historical experience and our expectations of future returns based upon each plan’s investment holdings, as discussed below. | ||||||||||||||||||||||||||||||||
Pension Plan Assets | ||||||||||||||||||||||||||||||||
The fair value of our major categories of pension plan assets is disclosed below using a three level valuation hierarchy that separates fair value valuation techniques into the following categories: | ||||||||||||||||||||||||||||||||
• | Level 1: Quoted prices for identical assets or liabilities in active markets. | |||||||||||||||||||||||||||||||
• | Level 2: Other significant inputs observable either directly or indirectly (including quoted prices for similar securities, interest rates, yield curves, credit risk, etc.). | |||||||||||||||||||||||||||||||
• | Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||||||||||||||||||||
Presented below are our major categories of investments for the periods presented: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Mutual and pooled funds | ||||||||||||||||||||||||||||||||
Fixed income | $ | 67.3 | $ | — | $ | — | $ | 67.3 | $ | 96.1 | $ | — | $ | — | $ | 96.1 | ||||||||||||||||
Equities | 136.8 | — | — | 136.8 | 148.7 | — | — | 148.7 | ||||||||||||||||||||||||
Stable value funds | — | 45.9 | — | 45.9 | — | — | — | — | ||||||||||||||||||||||||
Money market funds, cash and other | 8.9 | — | — | 8.9 | 3.2 | — | — | 3.2 | ||||||||||||||||||||||||
Total investments at fair value | $ | 213 | $ | 45.9 | $ | — | $ | 258.9 | $ | 248 | $ | — | $ | — | $ | 248 | ||||||||||||||||
Plan assets are invested in diversified portfolios of equity, debt and government securities, as well as a stable value fund. The aggregate allocation of these investments is as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||||||||||
Equity securities | 53 | % | 60 | % | ||||||||||||||||||||||||||||
Debt securities | 26 | 39 | ||||||||||||||||||||||||||||||
Stable value funds | 18 | — | ||||||||||||||||||||||||||||||
Other, including cash | 3 | 1 | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||
Our investment policy and strategies are established with a long-term view in mind. We strive for a sufficiently diversified asset mix to minimize the risk of a material loss to the portfolio value due to the devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls that might result from poor investment performance are considered. Approximately 60% of our significant plans (the "frozen plans") are employing a Liability Driven Investment strategy and have a target allocation of 60% fixed income and 40% equities. The remaining significant plans (the "active" plans) have a target allocation of 75% equities and 25% fixed income, as historical equity returns have tended to exceed bond returns over the long term. | ||||||||||||||||||||||||||||||||
Assets of our domestic plans represent the majority of plan assets and are allocated to seven different investments. | ||||||||||||||||||||||||||||||||
Six are mutual funds, all of which are passively managed low-cost index funds, and include: | ||||||||||||||||||||||||||||||||
• | Total Stock Market Index: Large -, mid-, and small-cap equity diversified across growth and value styles. | |||||||||||||||||||||||||||||||
• | Large-Cap Index: Large-cap equity diversified across growth and value styles. | |||||||||||||||||||||||||||||||
• | Small-Cap Index: Small-cap equity diversified across growth and value styles. | |||||||||||||||||||||||||||||||
• | FTSE All World ex US Index: International equity; broad exposure across developed and emerging non-US equity markets around the world. | |||||||||||||||||||||||||||||||
• | Long-term Bond Index: Diversified exposure to the long-term, investment-grade U.S. bond market. | |||||||||||||||||||||||||||||||
• | Extended Duration Treasury Index: Diversified exposure to the long-term Treasury STRIPS market. | |||||||||||||||||||||||||||||||
The Stable value fund consists of a fixed income portfolio offering consistent return and protection against interest rate volatility. | ||||||||||||||||||||||||||||||||
Future Contributions and Benefit Payments | ||||||||||||||||||||||||||||||||
We expect to contribute $1.9 to our defined benefit pension plans in 2015. | ||||||||||||||||||||||||||||||||
Estimated benefit payments, expected over the next ten years are as follows: | ||||||||||||||||||||||||||||||||
2015 | $ | 15.1 | ||||||||||||||||||||||||||||||
2016 | 15.8 | |||||||||||||||||||||||||||||||
2017 | 16.2 | |||||||||||||||||||||||||||||||
2018 | 16.4 | |||||||||||||||||||||||||||||||
2019 | 16.8 | |||||||||||||||||||||||||||||||
2020-2024 | 91.3 | |||||||||||||||||||||||||||||||
Other Benefit Plans | ||||||||||||||||||||||||||||||||
Total expense from continuing operations for defined contribution plans was as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Defined contribution plans | $ | 7.3 | $ | 6.4 | $ | 6.1 | ||||||||||||||||||||||||||
We have limited participation in two union-sponsored, defined benefit, multi-employer pension plans. These plans are not administered by us, and contributions are determined in accordance with provisions of negotiated labor contracts. Aggregate contributions to these plans were less than $.6 for each of the years presented. | ||||||||||||||||||||||||||||||||
In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if a plan has unfunded vested benefits. Factors that could impact the funded status of these plans include investment performance, changes in the participant demographics, financial stability of contributing employers and changes in actuarial assumptions. Withdrawal liability triggers could include a plan's termination, a withdrawal of substantially all employers, or our voluntary withdrawal from the plan (such as decision to close a facility or the dissolution of a collective bargaining unit.) We have a very small share of the liability among the participants of these plans. Based upon the information available from plan administrators, both of the multi-employer plans in which we participate are underfunded and estimate our aggregate share of potential withdrawal liability for both plans to be $23.2. We have not recorded any material withdrawal liabilities for the years presented. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
The components of earnings from continuing operations before income taxes are as follows: | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Domestic | $ | 142.1 | $ | 111.2 | $ | 179.2 | ||||||||||
Foreign | 153.4 | 126.4 | 108.3 | |||||||||||||
$ | 295.5 | $ | 237.6 | $ | 287.5 | |||||||||||
Income tax expense from continuing operations is comprised of the following components: | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Current | ||||||||||||||||
Federal | $ | 38.4 | $ | 59.8 | $ | 45.8 | ||||||||||
State and local | 3.3 | 5.9 | 4 | |||||||||||||
Foreign | 29.8 | 24.2 | 22.1 | |||||||||||||
71.5 | 89.9 | 71.9 | ||||||||||||||
Deferred | ||||||||||||||||
Federal | (6.1 | ) | (26.4 | ) | 9.3 | |||||||||||
State and local | 2.1 | (1.8 | ) | (.5 | ) | |||||||||||
Foreign | 2.8 | (10.4 | ) | (25.0 | ) | |||||||||||
(1.2 | ) | (38.6 | ) | (16.2 | ) | |||||||||||
$ | 70.3 | $ | 51.3 | $ | 55.7 | |||||||||||
Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from the statutory federal income tax rate as follows: | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||
Increases (decreases) in rate resulting from: | ||||||||||||||||
State taxes, net of federal benefit | 1 | 1.4 | 1.2 | |||||||||||||
Tax effect of foreign operations | (7.5 | ) | (8.6 | ) | (5.8 | ) | ||||||||||
Deferred tax on undistributed foreign earnings | 0.4 | (.5 | ) | 3.7 | ||||||||||||
Change in valuation allowance | 0.2 | (1.4 | ) | (12.7 | ) | |||||||||||
Change in uncertain tax positions, net | (.6 | ) | (1.1 | ) | 0.6 | |||||||||||
Domestic Production Activities Deduction | (3.4 | ) | (2.0 | ) | (1.2 | ) | ||||||||||
Other permanent differences, net | (.7 | ) | (.6 | ) | (.3 | ) | ||||||||||
Other, net | (.6 | ) | (.6 | ) | (1.1 | ) | ||||||||||
Effective tax rate | 23.8 | % | 21.6 | % | 19.4 | % | ||||||||||
For all periods presented, the tax rate benefited from income earned in various foreign jurisdictions at rates lower than the U.S. federal statutory rate, primarily related to China and Luxembourg. Significant items impacting each year's tax rate are: | ||||||||||||||||
•2014: We recognized tax benefits totaling $13.9, primarily related to additional Domestic Production Activities Deductions for the current and prior years, incremental deferred foreign tax credits, and net favorable provision-to-return adjustments related to prior year taxes. | ||||||||||||||||
•2013: We recognized tax benefits totaling $17.5, primarily related to the impact of Mexico tax law changes, the settlement of certain foreign and state audits, and a non-taxable bargain purchase gain. | ||||||||||||||||
•2012: The tax rate benefited from the elimination of a $36.9 valuation allowance on our Canadian net operating losses and other deferred tax assets. As a result of an increase in operating earnings in Canada, the amalgamation of two Canadian subsidiaries, and the restructuring of intercompany debt attributable in part to a change in Canadian tax law, we now expect those carryforwards and other deferred tax assets to be utilized in future years. The 2012 benefit was partially offset by the accrual of $11.2 of deferred withholding taxes in China on earnings that are no longer indefinitely reinvested in China. | ||||||||||||||||
We recognized net excess tax benefits of approximately $10.1, $4.6, and $5.5, and in 2014, 2013, and 2012, respectively, related to stock plan activity, which have been recorded to additional contributed capital. These amounts include net windfall tax benefits as discussed in Note L. | ||||||||||||||||
We file tax returns in each jurisdiction where we are required to do so. In these jurisdictions, a statute of limitations period exists. After a statute period expires, the tax authorities can no longer assess additional income tax for the expired period. In addition, once the statute expires we are no longer eligible to file claims for refund for any tax that we may have overpaid. | ||||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||||
The total amount of our gross unrecognized tax benefits at December 31, 2014, is $28.2, of which $15.8 would impact our effective tax rate, if recognized. A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Gross unrecognized tax benefits, January 1 | $ | 24.4 | $ | 26.6 | $ | 25.7 | ||||||||||
Gross increases—tax positions in prior periods | 0.1 | 4.5 | 4.8 | |||||||||||||
Gross decreases—tax positions in prior periods | (2.4 | ) | (1.5 | ) | (2.3 | ) | ||||||||||
Gross increases—current period tax positions | 1.3 | 1 | 1.1 | |||||||||||||
Change due to exchange rate fluctuations | (1.0 | ) | (.4 | ) | 0.3 | |||||||||||
Settlements | (.6 | ) | (2.8 | ) | (1.7 | ) | ||||||||||
Lapse of statute of limitations | (2.0 | ) | (3.0 | ) | (1.3 | ) | ||||||||||
Gross unrecognized tax benefits, December 31 | $ | 19.8 | $ | 24.4 | $ | 26.6 | ||||||||||
Interest | 7.6 | 7.6 | 8 | |||||||||||||
Penalties | 0.8 | 0.9 | 0.9 | |||||||||||||
Total gross unrecognized tax benefits, December 31 | $ | 28.2 | $ | 32.9 | $ | 35.5 | ||||||||||
We recognize interest and penalties related to unrecognized tax benefits as part of income tax expense in the Consolidated Statements of Operations, which is consistent with prior reporting periods. | ||||||||||||||||
As of December 31, 2014, four tax years were subject to audit by the United States Internal Revenue Service (IRS), covering the years 2011 through 2014. In 2012, refunds resulting from the IRS examination of our 2004 through 2008 tax returns were received, aggregating $15.6. There are no current IRS examinations in process nor are we aware of any forthcoming. | ||||||||||||||||
Additionally, at December 31, 2014, eight tax years were either subject to or undergoing audit by the Canada Revenue Agency, covering the periods 2007 through 2014. The examinations in process are at various stages of completion, but to date we are not aware of any likely material adjustments. During 2014, we concluded our audit for the 2011 year and released $.2 of unrecognized tax benefits. The Canada Revenue Agency also issued an assessment in 2014 with respect to the 2007 and 2008 years in the amount of $2.9, related to transfer pricing issues. We disagree with the findings and are appealing this assessment. In 2013, due to Canada Revenue Agency examinations of our 2005 and 2006 tax years, we released $1.1 of unrecognized tax benefits. | ||||||||||||||||
Various state and other foreign jurisdiction tax years also remain open to examination, though we believe assessments (if any) would be immaterial to our consolidated financial statements. | ||||||||||||||||
It is reasonably possible that resolution of certain tax audits could reduce our unrecognized tax benefits within the next 12 months, as certain tax positions may be sustained on audit, or we may agree to certain adjustments. It is not expected that any change would have a material impact on our Consolidated Financial Statements. | ||||||||||||||||
Deferred Income Taxes | ||||||||||||||||
Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows: | ||||||||||||||||
December 31 | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Property, plant and equipment | $ | 13.6 | $ | (56.6 | ) | $ | 13.2 | $ | (60.0 | ) | ||||||
Inventories | 2.2 | (14.1 | ) | 1.6 | (16.4 | ) | ||||||||||
Accrued expenses | 120.9 | — | 89.7 | (.8 | ) | |||||||||||
Net operating losses and other tax carryforwards | 58.7 | — | 69.2 | — | ||||||||||||
Pension cost and other post-retirement benefits | 33.6 | (.8 | ) | 16 | (.9 | ) | ||||||||||
Intangible assets | 1.9 | (102.1 | ) | 2.3 | (108.5 | ) | ||||||||||
Derivative financial instruments | 12.8 | (1.9 | ) | 14.2 | (1.7 | ) | ||||||||||
Tax on undistributed earnings | — | (11.2 | ) | — | (10.1 | ) | ||||||||||
Uncertain tax positions | 9.3 | — | 11.2 | — | ||||||||||||
Other | 5.5 | (9.0 | ) | 6.8 | (6.3 | ) | ||||||||||
Gross deferred tax assets (liabilities) | 258.5 | (195.7 | ) | 224.2 | (204.7 | ) | ||||||||||
Valuation allowance | (27.1 | ) | — | (25.4 | ) | — | ||||||||||
Total deferred taxes | $ | 231.4 | $ | (195.7 | ) | $ | 198.8 | $ | (204.7 | ) | ||||||
Net deferred tax (liability) | $ | 35.7 | $ | (5.9 | ) | |||||||||||
Significant fluctuations in our deferred taxes from 2013 to 2014 are: | ||||||||||||||||
•A significant portion of our increase in accrued expenses relates to a $31.8 deferred tax asset established in 2014 in connection with our Foam antitrust litigation accrual. | ||||||||||||||||
•Net operating losses and other tax carryforwards have decreased in large part from the utilization of Canadian net operating losses in 2014, which reduced the tax asset by $6.0. | ||||||||||||||||
•Deferred tax assets associated with pension costs and other post-retirement benefits have increased primarily from changes in actuarial assumptions in 2014 totaling $17.2, as discussed in Note M. | ||||||||||||||||
The valuation allowance primarily relates to net operating loss, tax credit, and capital loss carryforwards for which utilization is uncertain. Cumulative tax losses in certain state and foreign jurisdictions during recent years, limited carryforward periods in certain jurisdictions, future reversals of existing taxable temporary differences, and reasonable tax planning strategies were among the factors considered in determining the valuation allowance. Individually, none of these tax carryforwards presents a material exposure. | ||||||||||||||||
These tax carryforwards have expiration dates that vary generally over the next 20 years, with no amount greater than $10 expiring in any one year. | ||||||||||||||||
Deferred income taxes and withholding taxes have been provided on earnings of our foreign subsidiaries to the extent it is anticipated that the earnings will be remitted in the future as dividends. The tax effect of most distributions would be significantly offset by available foreign tax credits. As of December 31, 2014, we have accrued $11.2 ($.6 related to discontinued operations) of deferred taxes associated with the undistributed earnings of foreign subsidiaries. | ||||||||||||||||
Deferred income taxes and withholding taxes have not been provided on foreign earnings which are indefinitely reinvested. The cumulative undistributed earnings which are indefinitely reinvested as of December 31, 2014, are $485.8. If such earnings were distributed, we estimate that the resulting incremental tax expense would be approximately $82.2 based on present income tax laws, which are subject to change. In 2014, the foreign earnings we repatriated were immaterial, and resulted in no significant net tax benefit or cost. Although we have not changed our assertion with respect to amounts permanently reinvested outside the U.S., in 2014 and 2012 we recorded $1.1 and $11.2 ($.4 related to discontinued operations), respectively, for incremental withholding taxes in China, since we no longer have specific plans to reinvest all of our Chinese earnings within China. The 2012 withholding tax amount was reduced by a net $1.1 (a $1.3 decrease in continuing operations and a $.2 increase in discontinued operations) in 2013. These taxes would be due on dividends from certain of our China subsidiaries to their foreign parent, a subsidiary of the U.S. company. These earnings are still permanently reinvested outside the U.S. and are included in the undistributed earnings and incremental taxes discussed above. | ||||||||||||||||
Deferred tax assets (liabilities) included in the consolidated balance sheets are as follows: | ||||||||||||||||
December 31 | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Other current assets | $ | 42.3 | $ | 12.1 | ||||||||||||
Sundry | 36.5 | 46.9 | ||||||||||||||
Other current liabilities | (1.3 | ) | (1.6 | ) | ||||||||||||
Deferred income taxes | (41.8 | ) | (63.3 | ) | ||||||||||||
$ | 35.7 | $ | (5.9 | ) | ||||||||||||
Other_Income_Expense
Other (Income) Expense | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||
Other Expense (Income) | Other (Income) Expense | |||||||||||
The components of other (income) expense from continuing operations were as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gain on asset sales | $ | (5.1 | ) | $ | (7.8 | ) | $ | (.4 | ) | |||
Bargain purchase gain from acquisitions (see Note R) | — | (8.8 | ) | — | ||||||||
Restructuring charges (see Note D) | 0.9 | 2.1 | 3.2 | |||||||||
Asset impairments (see Note C) | 1.3 | 0.8 | 0.8 | |||||||||
Currency loss | 0.3 | 1.8 | 2.1 | |||||||||
Royalty income | (1.0 | ) | (1.4 | ) | (1.6 | ) | ||||||
(Gain) loss from diversified investments associated with stock-based compensation plans (see Note L) | (1.2 | ) | (1.9 | ) | (.5 | ) | ||||||
Other income | (5.6 | ) | (5.8 | ) | (5.6 | ) | ||||||
$ | (10.4 | ) | $ | (21.0 | ) | $ | (2.0 | ) |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
The following table sets forth the changes in each component of accumulated other comprehensive income (loss): | ||||||||||||||||
Foreign | Cash | Defined | Accumulated | |||||||||||||
Currency | Flow | Benefit | Other | |||||||||||||
Translation | Hedges | Pension | Comprehensive | |||||||||||||
Adjustments | Plans | Income (Loss) | ||||||||||||||
Balance January 1, 2012 | $ | 147.6 | $ | (21.5 | ) | $ | (60.9 | ) | $ | 65.2 | ||||||
Other comprehensive income (loss) before reclassifications, pretax | 15.3 | (10.1 | ) | (16.0 | ) | (10.8 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 1.9 | 6.3 | 8.2 | ||||||||||||
Interest expense | — | 1.8 | — | 1.8 | ||||||||||||
Other income/expense, net | 0.7 | — | — | 0.7 | ||||||||||||
Subtotal of reclassifications, pretax | 0.7 | 3.7 | 6.3 | 10.7 | ||||||||||||
Other comprehensive income (loss), pretax | 16 | (6.4 | ) | (9.7 | ) | (.1 | ) | |||||||||
Income tax effect | — | 2.4 | 3.6 | 6 | ||||||||||||
Attributable to noncontrolling interest | (.1 | ) | — | — | (.1 | ) | ||||||||||
Balance December 31, 2012 | 163.5 | (25.5 | ) | (67.0 | ) | 71 | ||||||||||
Other comprehensive income (loss) before reclassifications, pretax | (5.0 | ) | (1.0 | ) | 35.2 | 29.2 | ||||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 0.5 | 6.6 | 7.1 | ||||||||||||
Interest expense | — | 3.9 | — | 3.9 | ||||||||||||
Subtotal of reclassifications, pretax | — | 4.4 | 6.6 | 11 | ||||||||||||
Other comprehensive income (loss), pretax | (5.0 | ) | 3.4 | 41.8 | 40.2 | |||||||||||
Income tax effect | — | (1.4 | ) | (15.1 | ) | (16.5 | ) | |||||||||
Attributable to noncontrolling interest | (.2 | ) | — | — | (.2 | ) | ||||||||||
Balance December 31, 2013 | 158.3 | (23.5 | ) | (40.3 | ) | 94.5 | ||||||||||
Other comprehensive income (loss) before reclassifications, pretax | (71.7 | ) | 0.8 | (49.5 | ) | (120.4 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||
Net Sales | — | 0.4 | — | 0.4 | ||||||||||||
Cost of goods sold; selling and administrative expenses | — | — | 3.1 | 3.1 | ||||||||||||
Interest expense | — | 4 | — | 4 | ||||||||||||
Subtotal of reclassifications, pretax | — | 4.4 | 3.1 | 7.5 | ||||||||||||
Other comprehensive income (loss), pretax | (71.7 | ) | 5.2 | (46.4 | ) | (112.9 | ) | |||||||||
Income tax effect | — | (1.8 | ) | 17.4 | 15.6 | |||||||||||
Attributable to noncontrolling interest | 0.2 | — | — | 0.2 | ||||||||||||
Balance December 31, 2014 | $ | 86.8 | $ | (20.1 | ) | $ | (69.3 | ) | $ | (2.6 | ) | |||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value | Fair Value | |||||||||||||||
We utilize fair value measures for both financial and non-financial assets and liabilities. | ||||||||||||||||
Items measured at fair value on a recurring basis | ||||||||||||||||
The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below. | ||||||||||||||||
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. | |||||||||||||||
As of December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 140.7 | $ | — | $ | 140.7 | ||||||||
Derivative assets (see Note S) | — | 2 | — | 2 | ||||||||||||
Diversified investments associated with the ESUP* (see Note L) | 18.8 | — | — | 18.8 | ||||||||||||
Total assets | $ | 18.8 | $ | 142.7 | $ | — | $ | 161.5 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities (see Note S) | $ | — | $ | 2.7 | $ | — | $ | 2.7 | ||||||||
Liabilities associated with the ESUP* (see Note L) | 18.6 | — | — | 18.6 | ||||||||||||
Total liabilities | $ | 18.6 | $ | 2.7 | $ | — | $ | 21.3 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 114.8 | $ | — | $ | 114.8 | ||||||||
Derivative assets (see Note S) | — | 0.6 | — | 0.6 | ||||||||||||
Diversified investments associated with the ESUP* (see Note L) | 13.4 | — | — | 13.4 | ||||||||||||
Total assets | $ | 13.4 | $ | 115.4 | $ | — | $ | 128.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities (see Note S) | $ | — | $ | 0.9 | $ | — | $ | 0.9 | ||||||||
Liabilities associated with the ESUP* (see Note L) | 13.3 | — | — | 13.3 | ||||||||||||
Total liabilities | $ | 13.3 | $ | 0.9 | $ | — | $ | 14.2 | ||||||||
______________________________________________ | ||||||||||||||||
* Includes both current and long-term amounts combined. | ||||||||||||||||
The fair value for fixed rate debt (Level 2) was not significantly different from its $950.0 carrying value at December 31, 2014 and less than its $830.0 carrying value by $3.2 at December 31, 2013. 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 utilize fair value measures of non-financial assets and liabilities are allocating purchase price to the assets and liabilities of acquired companies as discussed in Note R and evaluating long-term assets (including goodwill) for potential impairment as discussed in Note C. Determining fair values for these items requires significant judgment and includes a variety of methods and models that utilize significant Level 3 inputs. | ||||||||||||||||
Long-lived assets, acquisitions and the second step of a goodwill impairment test utilize the following methodologies in determining fair value: (i) 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. (ii) The most common identified intangible assets 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. (iii) 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 of the valuation date. (iv) 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. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Acquisitions | Acquisitions | |||||||||||
The following table contains the estimated fair values 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. The majority of the goodwill included in the table below is expected to provide an income tax benefit. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Accounts receivable | $ | 7.9 | $ | 12.7 | $ | 11.5 | ||||||
Inventory | 16.5 | 15 | 21.1 | |||||||||
Property, plant and equipment | 27.1 | 16.1 | 15.7 | |||||||||
Goodwill (see Note E) | 19 | 6.1 | 60.2 | |||||||||
Other intangible assets (see Note E) | 14.1 | 12.3 | 109.8 | |||||||||
Other current and long-term assets | 4.1 | 0.4 | 10.2 | |||||||||
Current liabilities | (14.1 | ) | (19.5 | ) | (7.6 | ) | ||||||
Long-term liabilities | (3.1 | ) | (6.4 | ) | (9.5 | ) | ||||||
Additional consideration for prior years’ acquisitions | — | — | 0.2 | |||||||||
Fair value of net identifiable assets | 71.5 | 36.7 | 211.6 | |||||||||
Less: Bargain purchase gain | — | 8.8 | — | |||||||||
Less: Non-cash consideration | 1.1 | — | — | |||||||||
Net cash consideration | $ | 70.4 | $ | 27.9 | $ | 211.6 | ||||||
The following table summarizes acquisitions for the periods presented. | ||||||||||||
Year Ended | Number of | Segment | Product/Service | |||||||||
Acquisitions | ||||||||||||
December 31, 2014 | 5 | Residential Furnishings | Innersprings; Home furniture components; Geotextile products; Fabric converting for furniture and bedding; Foam carpet underlay | |||||||||
December 31, 2013 | 4 | Residential Furnishings (1); Industrial Materials (2); Specialized Products (1) | Tubing for the aerospace industry (2); Innerspring unit wire-forming machines; Geotextile products | |||||||||
December 31, 2012 | 5 | Residential Furnishings (2); Industrial Materials (3) | Tubing for the aerospace industry; Wire partitions; Gel components; Tubing fabrication; Warehouse/distribution services | |||||||||
We are finalizing all of the information required to complete the purchase price allocations related to the most recent acquisitions and do not anticipate any material modifications. | ||||||||||||
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 as though the 2014 and 2013 acquisitions had occurred on January 1 of each year presented 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 December 31, 2014, there was no substantial remaining consideration payable. | ||||||||||||
A brief description of our most significant acquisitions by year is included below. | ||||||||||||
2014 | ||||||||||||
On June 30, we acquired Tempur Sealy's three U.S. innerspring component production facilities for a purchase price of $44.5. This additional volume should enhance our economies of scale, benefit from our vertical integration in steel rod and wire, and allow manufacturing optimization across a broad asset base. These factors contributed to the recognition of $6.6 in goodwill from this acquisition. | ||||||||||||
We also acquired Kintec-Solution, a German designer and distributor of high-end, European-styled motion components which became part of our motion hardware business for a purchase price of $16.8. This business allows us to meet varying design preferences and broadens the range of our furniture component products, which contributed to the recognition of $4.4 in goodwill from this acquisition. | ||||||||||||
2013 | ||||||||||||
We expanded our Aerospace Products business unit with the acquisition of two companies: | ||||||||||||
The first was a UK-based business that extended our capability in aerospace tube fabrication. This business was acquired for a purchase price of $11.7, and $6.1 of goodwill was recorded related to this acquisition. Factors that contributed to a purchase price resulting in the recognition of goodwill included its international presence and complimentary fit with our Aerospace Products business unit. | ||||||||||||
The second was a French company that added small-diameter, high-pressure seamless tubing to our product portfolio for a cash purchase price of $14.5. This business was acquired at a price less than fair value of the net identifiable assets, and we recorded an $8.8 non-taxable bargain purchase gain. The bargain purchase gain is reported in the "Other (income) expense, net" line of our income statement. Prior to recognizing a bargain purchase gain, we reassessed whether all assets acquired and liabilities assumed had been correctly identified, the key valuation assumptions and business combination accounting procedures for this acquisition. After careful consideration and review, we concluded that the recognition of a bargain purchase gain was appropriate for this acquisition. Factors that contributed to the bargain purchase price were: | ||||||||||||
• The transaction was completed with a motivated seller that desired to restructure its operations in order to focus on its core competencies and exit in an expedient manner non-core businesses that no longer fit its strategy. | ||||||||||||
• We were able to complete the acquisition in an expedient manner, with a cash payment and without a financial contingency, which was a key attribute for the seller. The relatively small size of the transaction for us, the lack of required third-party financing and our expertise in completing similar transactions in the past gave the seller confidence that we could complete the transaction quickly and without difficultly. | ||||||||||||
• Because the seller of this business will continue to purchase these products in the future it was important to the seller that the acquiring company was a financially sound, integrated manufacturer that could provide a stable supply of high quality product for many years into the future. Due to the unique nature of the products and limited number of potential buyers for this business, 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. | ||||||||||||
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. | ||||||||||||
In addition, during 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 for $21.2, plus $1.8 in interest during 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Financial Instruments | 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 hedge accounting 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—We have historically used commodity cash flow hedges primarily to manage natural gas commodity price risk. Our last natural gas commodity hedge expired during 2013. | ||||||||||||||||||
• | Interest Rate Cash Flow Hedges—On August 12, 2012, we issued $300 of 10-year notes with a coupon rate of 3.40%. 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 out of accumulated other comprehensive income to interest expense over the life of the notes. | ||||||||||||||||||
In anticipation of the issuance of new debt, we entered into a treasury lock agreement in October 2014. The treasury lock managed benchmark treasury interest rate risk associated with $50 of the additional $300 debt issued in November 2014 and was therefore settled on that same date. The treasury lock had an interest rate of 2.36%. The settlement of the treasury lock did not result in a material gain or loss. | |||||||||||||||||||
• | Currency Cash Flow Hedges—The foreign currency hedges manage risk associated with exchange rate volatility of various 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 typically manage foreign currency risk associated with subsidiaries’ 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 statements of operations. | |||||||||||||||||||
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. | |||||||||||||||||||
Expiring at various dates through: | Total USD | As of December 31, 2014 | |||||||||||||||||
Equivalent | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | Notional | Assets | Liabilities | ||||||||||||||||
Amount | Other Current | Other Current | Other Long-Term | ||||||||||||||||
Assets | Liabilities | Liabilities | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||
Currency hedges: | |||||||||||||||||||
-Future USD sales of Canadian and Chinese subsidiaries | Dec-16 | $ | 153.3 | $ | 0.3 | $ | 1 | $ | 0.2 | ||||||||||
-Future USD purchases of Canadian and European subsidiaries | Dec-15 | 10.4 | 0.9 | — | — | ||||||||||||||
-Future USD purchases of a USD subsidiary | Dec-16 | 5.3 | — | 0.3 | 0.1 | ||||||||||||||
-Future JPY sales of Chinese subsidiary | Dec-15 | 6.9 | 0.5 | — | — | ||||||||||||||
-Future EUR Sales of Chinese Subsidiary | Dec-15 | 6 | 0.3 | — | — | ||||||||||||||
Total cash flow hedges | 2 | 1.3 | 0.3 | ||||||||||||||||
Fair value hedges: | |||||||||||||||||||
USD inter-company note receivable on a Swiss subsidiary | Sep-15 | 18.5 | — | 1.1 | — | ||||||||||||||
$ | 2 | $ | 2.4 | $ | 0.3 | ||||||||||||||
Expiring at various dates through: | Total USD | As of December 31, 2013 | |||||||||||||||||
Equivalent | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | Notional | Assets | Liabilities | ||||||||||||||||
Amount | Other Current | Other Current | |||||||||||||||||
Assets | Liabilities | ||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||
Currency hedges: | |||||||||||||||||||
-Future USD sales of Canadian and Chinese subsidiaries | Dec-15 | $ | 133.9 | $ | 0.1 | $ | 0.8 | ||||||||||||
-Future JPY sales of Chinese subsidiary | Dec-14 | 5.1 | 0.1 | — | |||||||||||||||
-Future EUR Sales of Chinese Subsidiary | Feb-15 | 4.7 | — | 0.1 | |||||||||||||||
Total cash flow hedges | 0.2 | 0.9 | |||||||||||||||||
Fair value hedges: | |||||||||||||||||||
USD inter-company note receivables on a Swiss subsidiary | Mar-14 | 14.5 | 0.4 | — | |||||||||||||||
$ | 0.6 | $ | 0.9 | ||||||||||||||||
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 | ||||||||||||||||||
Caption | Recorded in Income | ||||||||||||||||||
for the Year Ended | |||||||||||||||||||
December 31 | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||||
Commodity cash flow hedges | Cost of goods sold | $ | — | $ | 0.4 | $ | 2.4 | ||||||||||||
Interest rate cash flow hedges | Interest expense | 4 | 3.9 | 1.8 | |||||||||||||||
Currency cash flow hedges | Net sales * | 2.1 | (1.5 | ) | (.6 | ) | |||||||||||||
Currency cash flow hedges | Cost of goods sold | (.3 | ) | 0.1 | (.5 | ) | |||||||||||||
Currency cash flow hedges | Other (income) expense, net | 0.4 | 0.2 | 0.2 | |||||||||||||||
Total cash flow hedges | 6.2 | 3.1 | 3.3 | ||||||||||||||||
Fair value hedges | Other (income) expense, net | 2.7 | (3.2 | ) | (.2 | ) | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||
Hedge of EUR assets (including inter-company note receivables)-UK and USD subsidiaries | Other (income) expense, net | — | — | (.8 | ) | ||||||||||||||
Hedge of steel purchases - US subsidiary | Other (income) expense, net | — | — | 0.1 | |||||||||||||||
Hedge of EUR inter-company note receivable- USD denominated subsidiary | Interest expense | — | — | 0.1 | |||||||||||||||
Total derivative instruments | $ | 8.9 | $ | (.1 | ) | $ | 2.5 | ||||||||||||
* Discontinued operations amounts included in the above: | $ | 0.1 | $ | 0.2 | $ | — | |||||||||||||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
We are a party to various proceedings and matters 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 other than as indicated below. | |
Foam Antitrust Lawsuits | |
We deny all allegations in all pending antitrust proceedings. We will vigorously defend ourselves in all proceedings and believe that we have valid bases to contest all claims. However, we have established an accrual for the estimated amount that we believe is necessary to resolve all antitrust matters. We also believe and expect, based on current facts and circumstances, that any reasonably possible losses incremental to the recorded accrual will not have a material impact on our consolidated financial position, results of operations or cash flows. For specific information regarding accruals please see “Accrual for Loss Contingencies” below. | |
Beginning in August 2010, a series of civil lawsuits was initiated in several U.S. federal courts and in Canada against several 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. | |
U.S. Direct Purchaser Class Action Cases. We were named as a defendant in three pending direct purchaser class action cases (the first on November 15, 2010) on behalf of a class of all direct purchasers of polyurethane foam products. The direct purchaser class action cases were all filed in or were 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. | |
The plaintiffs, on behalf of themselves and/or a class of direct purchasers, seek three times the amount of 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. We filed motions to dismiss the U.S. direct purchaser class actions in the consolidated case in Ohio, for failure to state a legally valid claim, which were denied by the Ohio Court. A motion for class certification was filed on behalf of the direct purchasers. A hearing on the motion was held and the Court certified the direct purchaser class. We filed a Petition for Permission to Appeal from Class Certification Order to the United States Court of Appeals for the Sixth Circuit which was denied. The Court ordered all parties to attend non-binding mediation with a mediator of their choosing. | |
Tentative Settlement of U.S. Direct Purchaser Class Action Cases. We reached a tentative settlement in the U.S. direct purchaser class action cases on August 14, 2014, by agreeing to pay an aggregate amount of $39.8, inclusive of plaintiff attorneys' fees and costs. We continue to deny all allegations in the cases, but settled the direct purchaser class cases to avoid the risk, uncertainty, expense and distraction of litigation. The settlement is subject to Court approval. We recorded a $39.8 (pre-tax) accrual for the settlement in the third quarter 2014. In the fourth quarter of 2014, we paid $4 to the Court related to the tentative settlement. Since the accrual is partially attributable to our former Prime Foam Products business, which was sold in the first quarter of 2007, $8.3 of expense is reflected in discontinued operations. The deadline for direct purchasers to exclude themselves from the litigation and settlement classes was January 26, 2015. A final fairness hearing was held on February 3, 2015, but we have not yet received a ruling. | |
U.S. Indirect Purchaser Class Action Cases. We were named as a defendant in an indirect purchaser class consolidated amended complaint filed on March 21, 2011 and were subsequently sued in an indirect purchaser class action case filed on May 23, 2011, in 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. The plaintiffs, on behalf of themselves and/or a class of indirect purchasers, bring damages claims under various states’ antitrust and consumer protection statutes, and are seeking three times an amount of 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. We filed motions to dismiss the indirect purchaser class action, for failure to state a legally valid claim. The Ohio Court denied the motions to dismiss. Discovery is substantially complete in this case. A motion for class certification was filed on behalf of the indirect purchasers. A hearing on the motion was held and the Court certified the indirect purchaser class. We filed a Petition for Permission to Appeal from Class Certification Order to the United States Court of Appeals for the Sixth Circuit, which was denied. On November 18, 2014, we filed a Petition for a Writ of Certiorari in the U.S. Supreme Court where it remains pending. The Ohio Court ordered all parties to attend non-binding mediation with a mediator of their choosing. | |
U.S. Individual Direct Purchaser Cases. We have been named as a defendant in 35 individual direct purchaser cases filed between March 22, 2011 and October 16, 2013, which were 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. The claims in the individual direct purchaser cases are generally the same as those asserted in the direct purchaser class action case, with the exception of one case that also alleges an indirect purchaser claim. Additionally, several individual direct purchaser plaintiffs bring state claims under individual states’ consumer protection and/or antitrust statutes in addition to their federal claims. Once pretrial practice concludes, some of the individual direct purchaser cases are scheduled to be tried in the U.S. District Court for the Northern District of Ohio and others will be remanded back to the federal district courts where the cases were originally filed for trial. | |
Kansas Restraint of Trade Act Cases. We have been named as a defendant in 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. These two cases were filed in the U.S. District Court for the District of Kansas and then 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. The claims and allegations of these plaintiffs are generally the same as the other direct and indirect purchaser plaintiffs, with the exception that the Kansas plaintiffs seek full consideration damages (their total purchase amounts for the allegedly price-fixed polyurethane foam products). Once pretrial practice concludes, this case will be remanded back to the District of Kansas federal district court for trial. | |
Canadian Class Action Cases. We were 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 these 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. The first issued class action is on behalf of a class of purchasers of polyurethane foam. The second issued class action is on behalf of purchasers of carpet underlay. We are not yet required to file our defenses in these or any other 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, which was granted. This action has a pending motion for certification, which has been postponed indefinitely. We also were notified in June 2014 of two motions to add us as parties to two class proceedings in British Columbia. Those proceedings are similar to the Ontario proceedings in that one proposes a class of purchasers of polyurethane foam (Majestic Mattress Mfg. Ltd. v. Vitafoam Products et al., No. VLC-S-S-106362 Vancouver Registry) and one proposes a class of purchasers of carpet underlay (Trillium Project Management Ltd. v. Hickory Springs Manufacturing Company et al., No.S106213 Vancouver Registry). The motion to add us as parties to these actions has been scheduled to be heard with the motions for certification in the two actions in April 2015. The British Columbia actions involve British Columbia purchasers only whereas the Ontario actions propose classes of Canadian purchasers. No certification motions will be brought in the Ontario actions until after the British Columbia motions for certification have been determined. | |
Missouri Class Action Case. On June 22, 2012, we were made a 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. Discovery has commenced and plaintiff has filed a motion for class certification. A hearing on the motion was held but we have yet to receive any ruling. | |
Brazilian Value-Added Tax Matters | |
We deny all of the allegations in all of the below Brazilian 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, and based on current facts and circumstances, we believe that it is reasonably possible (but not probable) that we may incur losses with respect to these assessments. Therefore, no accrual has been recorded for Brazilian VAT matters. | |
Brazilian Federal Cases. 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 $2.7, 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 denying the violation. The Federal Revenue Office denied L&P Brazil’s defenses and upheld the assessment at the first administrative level. L&P Brazil has filed an appeal. | |
On December 29, 2011, L&P received another assessment in the amount of $.1, under case No. 10855.724509/2011-13 on the same subject matter in connection to certain import transactions carried out between 2007 and 2011. L&P has filed its defense. | |
On December 17, 2012, the Brazilian Revenue Office issued an additional notice of violation in the amount of $4.7 under MPF Case No. 10855.725260/2012-36 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 denying the violation. The Brazilian Revenue Office denied L&P Brazil's defenses and upheld the assessment at the first administrative level. L&P Brazil has appealed this decision, but the appeal was denied by the second administrative level on January 27, 2015. | |
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 Federal Revenue Office where the Revenue Office challenged L&P Brazil’s use of certain tax credits in the years 2005 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. On September 4, 2014, the tax authorities issued five additional assessments regarding this same issue (use of credits), covering certain periods of 2011 and 2012. L&P Brazil has filed its defense to all of these assessments. Combined with the prior assessments, L&P Brazil has received assessments totaling $3.1 on the same or similar denial of tax credit matters. | |
On February 1, 2013, the Brazilian Finance Ministry filed a Tax Collection action 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) for the period September to October 2010. L&P Brazil filed its response, a Motion to Stay of Execution. 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 correct 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). | |
On June 26, 2014, the Brazilian Revenue Office issued a new notice of violation against L&P Brazil in the amount of $.9, under Case No. 10660.721523/2014-87, covering the period from 2011 through 2012 on the same subject matter. L&P Brazil has filed its defense denying the assessments. | |
On July 1, 2014, the Brazilian Finance Ministry rendered a preliminary decision to reject certain offsetting requests presented by L&P Brazil, which originated with Administrative Proceeding No. 10660.720850/2014-11. The Brazilian Finance Ministry alleges that L&P Brazil improperly offset $.1 of social contributions otherwise due in 2011. L&P Brazil filed its response denying the allegations. L&P Brazil is defending on the basis that the social contribution debts were correctly offset with certain tax credits that were generated by L&P Brazil's use of a correct tariff code classification for value-added tax on the sale of mattress innersprings (i.e., the same underlying issue at stake in the other Federal Brazilian matters). | |
On September 4, 2014, the Brazilian Federal Revenue issued an assessment against L&P Brazil in the amount of $.2, for the period of April 2011 through June 2012, as a penalty for L&P Brazil’s requests to offset certain tax credits. We have filed our defense. | |
State of São Paulo, Brazil Cases. L&P Brazil is party to a proceeding involving the State of São Paulo, Brazil where the State of São Paulo, on April 16, 2009, issued a Notice of Tax Assessment and Imposition of Fine to L&P Brazil seeking $2.1 for the tax years 2006 and 2007, under Case No. 3.111.006 (DRT n°.04-256.169/2009). The State of São 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 São Paulo. The Court of Tax and Fees of the State of São 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. The Court of Tax and Fees again ruled in favor of L&P Brazil and nullified the tax assessment. The State filed another special appeal. On April 17, 2014, the Court of Tax and Fees ruled in the State's favor upholding the original assessment of $2.1. On July 31, 2014, L&P Brazil filed an annulment action, Case No. 101712346.2014.8260602 in the Sorocaba State Court, seeking to have the Court of Tax and Fees ruling annulled for an updated assessment amount of $4.2. On December 3, 2014, the State of São Paulo filed a Tax Collection action against L&P Brazil in Sorocaba Judicial District Court, Case No. 1501115-34.2014.8.26.0602, seeking to collect the same amounts at issue in annulment action No. 101712346.2014.8260602. The original assessment amount of $4.2 was increased by 10% to include attorneys' fees. | |
On October 4, 2012, the State of São Paulo issued a Tax Assessment under Procedure Number 4.003.484 against L&P Brazil in the amount of $1.7 for the tax years 2009 through 2011. Similar to the 2009 assessment, the State of São 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 São Paulo. On June 21, 2013, the State of São Paulo's attorneys converted the Tax Assessment No. 4.003.484 to a tax collection action against L&P Brazil in the amount of $2.2, under Sorocaba Judicial District Court, Case No. 3005528-50.2013.8.26.0602. L&P Brazil filed its response, a Motion to Stay of Execution denying the allegations. | |
L&P Brazil also received a Notice of Tax Assessment and Imposition of a Fine from the State of São Paulo dated March 27, 2014, under Procedure Number 4.038.746-0 against L&P Brazil in the amount of $1.1 for the tax years January 2011 through August 2012 regarding the same subject matter. L&P filed its response denying the allegations. The first administrative level denied L&P Brazil’s defense and upheld the assessment. L&P Brazil filed its appeal of this decision. | |
State of Minas Gerais, Brazil Cases. 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 $.5, under PTA Case No. 01.000.182756-62. L&P Brazil filed its response denying any violation. The first administrative level ruled against us but did reduce the tax to $.3 (plus interest and penalties). We appealed to the second administrative level, which affirmed the first administrative level ruling. The case will now proceed judicially under Case No. 0003673-61.2014.8.13.0878 in Camanducaia Judicial District Court for the updated amount of $.5. L&P Brazil filed its response, a Motion to Stay of Execution, on June 5, 2014. | |
Patent Infringement Claim | |
At this time, we do not expect that the outcome of this matter will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. | |
First Lawsuit. On January 24, 2012, in a case in the United States District Court for the Central District of California, the jury entered 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 boxsprings. 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. We appealed the case to the Federal Circuit Court of Appeals. Oral argument was held before a three judge appeal panel in the Federal Circuit in Washington D.C. The Court of Appeals issued a judgment affirming 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 which was denied. | |
The plaintiff requested royalties for post-verdict use of the machines, and requested pre-judgment interest in the amount of $.7. 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 $.5. Both parties filed a notice of appeal of this order to the Federal Circuit Court of Appeals, but plaintiff has since withdrawn its appeal. | |
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 of the patents, 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. The plaintiff filed petitions to terminate all re-examination proceedings based on the final ruling of the Federal Circuit Court of Appeals. We opposed those petitions. The Patent Office terminated all three re-examination proceedings, and we requested an ex parte reexamination as to one of the patents. The Patent Office did not accept our request. | |
Second Lawsuit. 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 boxsprings, and that the plaintiff is entitled to additional damages from January 24, 2012 forward. Leggett and Simmons Bedding Company filed their answers, and the Court granted summary judgment finding that the use of an earlier version of the automatic stapling machines constituted infringement, but also finding that use of a redesigned version of the machine does not infringe any Imaginal patent. On October 17, 2014, the parties entered into a Confidential Settlement Agreement and Limited Release, whereby Leggett agreed to pay Imaginal a cash payment, which is not material to the Company, to settle the part of the case concerning the machines found to infringe. Imaginal is appealing the summary judgment ruling that the redesigned stapling machines do not infringe to the U.S. Court of Appeals for the Federal Circuit. The appeal is currently pending. | |
Accrual for Loss Contingencies | |
Although the Company denies liability in all threatened or pending litigation proceedings in which it is or may be a party and believes that it has valid bases to contest all claims threatened or made against it, we recorded, in addition to previously recognized unpaid accruals disclosed above, an additional aggregate (pre-tax) litigation accrual in continuing operations of $22 in the fourth quarter of 2014 which represents our reasonable estimate of unrecorded probable loss for all pending and threatened litigation proceedings impacting continuing operations. We expect to make most of these cash payments in 2015 with the remainder expected to be paid in 2016. We have relied on several facts and circumstances that have changed since the filing of our last periodic report, most significantly in January 2015, to conclude that some loss is probable with respect to certain proceedings and matters, to arrive at a reasonable estimate of loss and record the accrual, including: the maturation of the pending proceedings and matters; our experience in settlement negotiations and mediation; comparative settlements of other companies in similar proceedings; discovery becoming substantially complete in certain proceedings; certain quantitative metrics used to value probable loss contingencies; and our willingness to settle certain proceedings to forgo the cost and risk of litigation and distraction to our senior executives. We also recorded an additional $27 litigation contingency accrual in discontinued operations in the fourth quarter based upon the same facts, circumstances and analysis as described above. We expect to make most of these cash payments in 2015 with the remainder expected to be paid in 2016. By far the largest portion of the accruals is for the foam antitrust proceedings. | |
Although there are a number of uncertainties and potential outcomes associated with all of our pending or threatened litigation proceedings, we believe, based on current facts and circumstances, that additional reasonably possible losses (other than those Brazilian VAT matters quantified and disclosed above), are not expected to materially affect our consolidated financial position, results of operations or cash flows. | |
For more information regarding discontinued operations, please refer to footnote B on page 77 of our Notes to Consolidated Financial Statements. |
Quarterly_Summary_Of_Earnings
Quarterly Summary Of Earnings | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Summary Of Earnings | Quarterly Summary of Earnings | |||||||||||||||||||
Leggett & Platt, Incorporated | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollar amounts in millions, except per share data) | ||||||||||||||||||||
Year ended December 31 | First | Second 1 | Third 2,4 | Fourth 3,5 | Total | |||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 875.5 | $ | 956.1 | $ | 997.4 | $ | 953.3 | $ | 3,782.30 | ||||||||||
Gross profit | 176.8 | 200.7 | 209.1 | 203.8 | 790.4 | |||||||||||||||
Earnings from continuing operations before income taxes | 76.8 | 93.2 | 66.5 | 59 | 295.5 | |||||||||||||||
Earnings from continuing operations | $ | 56 | $ | 69.6 | $ | 53.4 | $ | 46.2 | $ | 225.2 | ||||||||||
Earnings (loss) from discontinued operations, net of tax | (2.3 | ) | (92.7 | ) | (4.4 | ) | (24.6 | ) | (124.0 | ) | ||||||||||
Net earnings | 53.7 | (23.1 | ) | 49 | 21.6 | 101.2 | ||||||||||||||
(Earnings) attributable to noncontrolling interest, net of tax | (.6 | ) | (.8 | ) | (.8 | ) | (1.0 | ) | (3.2 | ) | ||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 53.1 | $ | (23.9 | ) | $ | 48.2 | $ | 20.6 | $ | 98 | |||||||||
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.49 | $ | 0.37 | $ | 0.32 | $ | 1.57 | ||||||||||
Diluted | $ | 0.38 | $ | 0.48 | $ | 0.37 | $ | 0.32 | $ | 1.55 | ||||||||||
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | (.02 | ) | $ | (.66 | ) | $ | (.03 | ) | $ | (.17 | ) | $ | (.88 | ) | |||||
Diluted | $ | (.02 | ) | $ | (.65 | ) | $ | (.03 | ) | $ | (.17 | ) | $ | (.87 | ) | |||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.37 | $ | (.17 | ) | $ | 0.34 | $ | 0.15 | $ | 0.69 | |||||||||
Diluted | $ | 0.37 | $ | (.17 | ) | $ | 0.34 | $ | 0.14 | $ | 0.68 | |||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 860.8 | $ | 879.6 | $ | 877.6 | $ | 859.2 | $ | 3,477.20 | ||||||||||
Gross profit | 179.9 | 185.3 | 179.6 | 165.1 | 709.9 | |||||||||||||||
Earnings from continuing operations before income taxes | 68.4 | 82.4 | 90.5 | (3.7 | ) | 237.6 | ||||||||||||||
Earnings from continuing operations | $ | 49.7 | $ | 59.6 | $ | 66.5 | $ | 10.5 | $ | 186.3 | ||||||||||
Earnings (loss) from discontinued operations, net of tax | (.2 | ) | 12.3 | 5.5 | (4.2 | ) | 13.4 | |||||||||||||
Net earnings | 49.5 | 71.9 | 72 | 6.3 | 199.7 | |||||||||||||||
(Earnings) attributable to noncontrolling interest, net of tax | (.4 | ) | (.6 | ) | (.7 | ) | (.7 | ) | (2.4 | ) | ||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 49.1 | $ | 71.3 | $ | 71.3 | $ | 5.6 | $ | 197.3 | ||||||||||
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.41 | $ | 0.45 | $ | 0.07 | $ | 1.27 | ||||||||||
Diluted | $ | 0.33 | $ | 0.4 | $ | 0.45 | $ | 0.07 | $ | 1.25 | ||||||||||
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | — | $ | 0.08 | $ | 0.04 | $ | (.03 | ) | $ | 0.09 | |||||||||
Diluted | $ | — | $ | 0.08 | $ | 0.04 | $ | (.03 | ) | $ | 0.09 | |||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.49 | $ | 0.49 | $ | 0.04 | $ | 1.36 | ||||||||||
Diluted | $ | 0.33 | $ | 0.48 | $ | 0.49 | $ | 0.04 | $ | 1.34 | ||||||||||
__________________________________ | ||||||||||||||||||||
1 | Second quarter 2014 Earnings from discontinued operations include pretax goodwill impairment charges of $108 associated with the Store Fixtures operation. See Note B and Note E. | |||||||||||||||||||
2 | Third quarter 2014 Earnings from continuing operations includes pretax charges of $32 associated with litigation accruals. Discontinued operations includes pretax charges of $8 for litigation accruals. See Note T. | |||||||||||||||||||
3 | Fourth quarter 2014 Earnings from continuing operations include pretax charges of $22 for litigation accruals. Discontinued operations includes the following pretax items: $27 litigation accruals and a $9 loss on the sale of the majority of our Store Fixtures unit. See Note B and Note T. | |||||||||||||||||||
4 | In the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. See Note R. | |||||||||||||||||||
5 | In the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) See Note C. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts And Reserves | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Valuation And Qualifying Accounts And Reserves | LEGGETT & PLATT, INCORPORATED | |||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||
(Amounts in millions) | ||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||
Description | Balance | Additions | Deductions | Balance | ||||||||||||
at | Charged | at End of | ||||||||||||||
Beginning | to Cost | Period | ||||||||||||||
of Period | and | |||||||||||||||
Expenses | ||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||
Allowance for doubtful receivables | $ | 17.6 | $ | 4.9 | $ | 5.3 | -1 | $ | 17.2 | |||||||
Excess and obsolete inventory reserve, LIFO basis | $ | 21.9 | $ | 10 | $ | 10 | $ | 21.9 | ||||||||
Tax valuation allowance | $ | 25.4 | $ | 1 | $ | (.7 | ) | $ | 27.1 | |||||||
Year ended December 31, 2013 | ||||||||||||||||
Allowance for doubtful receivables | $ | 20.6 | $ | 6.1 | $ | 9.1 | -1 | $ | 17.6 | |||||||
Excess and obsolete inventory reserve, LIFO basis | $ | 19.4 | $ | 11.8 | $ | 9.3 | $ | 21.9 | ||||||||
Tax valuation allowance | $ | 32.2 | $ | (3.4 | ) | $ | 3.4 | $ | 25.4 | |||||||
Year ended December 31, 2012 | ||||||||||||||||
Allowance for doubtful receivables | $ | 26 | $ | 4.9 | $ | 10.3 | -1 | $ | 20.6 | |||||||
Excess and obsolete inventory reserve, LIFO basis | $ | 20.2 | $ | 10.2 | $ | 11 | $ | 19.4 | ||||||||
Tax valuation allowance | $ | 69.1 | $ | (36.3 | ) | $ | 0.6 | (2) | $ | 32.2 | ||||||
______________________________ | ||||||||||||||||
-1 | Uncollectible accounts charged off, net of recoveries. | |||||||||||||||
-2 | As discussed in Note N, 2012 includes a $36.9 tax benefit primarily related to the release of valuation allowances on certain Canadian deferred tax assets. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Principles Of Consolidation | PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of Leggett & Platt, Incorporated and its majority-owned subsidiaries (“we” or “our”). Management does not expect foreign exchange restrictions to significantly impact the ultimate realization of amounts consolidated in the accompanying financial statements for subsidiaries located outside the United States. All intercompany transactions and accounts have been eliminated in consolidation. | |||
Estimates | ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies. Legal costs are accrued when a loss is probable and reasonably estimable. If a range of outcomes are possible, the most likely outcome is used to accrue these costs. Any insurance recovery is recorded separately if it is determined that a recovery is probable. Legal fees are accrued when incurred. | |||
Cash Equivalents | CASH EQUIVALENTS: Cash equivalents include cash in excess of daily requirements which is invested in various financial instruments with original maturities of three months or less. | |||
Accounts And Other Receivables And Allowance For Doubtful Accounts | TRADE AND OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: Trade receivables are recorded at the invoiced amount and generally do not bear interest. Credit is also occasionally extended in the form of a note receivable to facilitate our customers’ operating cycles. Other notes receivable are established in special circumstances, such as in partial payment for the sale of a business. Other notes receivable generally bear interest at market rates commensurate with the corresponding credit risk on the date of origination. | |||
The allowance for doubtful accounts is an estimate of the amount of probable credit losses. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. Allowances and nonaccrual status designations are determined by individual account reviews by management, and are based on several factors such as the length of time that receivables are past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. Interest income is recorded on the date of cash receipt for nonaccrual status accounts. Account balances are charged off against the allowance when it is probable the receivable will not be recovered. | ||||
Inventories | INVENTORIES: All inventories are stated at the lower of cost or market. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The cost for approximately 50% of our inventories is determined by the last-in, first-out (LIFO) method and is primarily used to value domestic inventories with raw material content consisting of steel, wire, chemicals and foam scrap. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost. | |||
Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover, and if necessary, are written down to estimated net realizable value. | ||||
Divestitures | DIVESTITURES: Significant accounting policies associated with a decision to dispose of a business are discussed below: | |||
Discontinued Operations—For the periods presented, a business has been classified as a discontinued operation when (i) the operations and cash flows of the business can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the business has either been disposed of or is classified as held for sale; and (iii) we will not have any significant continuing involvement in the operations of the business after the disposal transactions. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. | ||||
If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Gains and losses related to the sale of businesses that do not meet the discontinued operation criteria are reported in continuing operations and separately disclosed if significant. | ||||
Assets Held for Sale—An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. Upon being classified as held for sale, the recoverability of the carrying value must be assessed. Evaluating the recoverability of the assets of a business classified as held for sale follows a defined order in which property and intangible assets subject to amortization are considered only after the recoverability of goodwill and other assets are assessed. After the valuation process is completed, the assets held for sale are reported at the lower of the carrying value or fair value less cost to sell, and the assets are no longer depreciated or amortized. An impairment charge is recognized if the carrying value exceeds the fair value less cost to sell. The assets and related liabilities are aggregated and reported on separate lines of the balance sheet. | ||||
Assets Held for Use—If a decision to dispose of an asset or a business is made and the held for sale criteria are not met, it is considered held for use. Assets of the business are evaluated for recoverability in the following order: (i) assets other than goodwill, property and intangibles; (ii) property and intangibles subject to amortization; and (iii) goodwill. In evaluating the recoverability of property and intangible assets subject to amortization, the carrying value is first compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition. If the carrying value exceeds the undiscounted expected cash flows, then a fair value analysis is performed. An impairment charge is recognized if the carrying value exceeds the fair value. | ||||
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost, less accumulated depreciation. Assets are depreciated by the straight-line method and salvage value, if any, is assumed to be minimal. The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. | |||
Useful Life Range | Weighted | |||
Average Life | ||||
Machinery and equipment | 3-20 years | 10 years | ||
Buildings | 10-40 years | 28 years | ||
Other items | 3-15 years | 8 years | ||
Property is reviewed for recoverability at year end and whenever events or changes in circumstances indicate that its carrying value may not be recoverable as discussed above. | ||||
Goodwill | GOODWILL: Goodwill results from the acquisition of existing businesses and is not amortized; it is assessed for impairment annually and as triggering events may occur. We perform our annual review in the second quarter of each year. Recoverability of goodwill is evaluated using a two-step process. The first step involves a comparison of the fair value of a reporting unit with its carrying value. Our reporting units are the business groups one level below the operating segment level for which discrete financial information is available and reviewed by segment management. | |||
If the carrying value of the group exceeds its fair value, the second step of the process is necessary and involves a comparison of the implied fair value and the carrying value of the goodwill of that group. If the carrying value of the goodwill of a group exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. | ||||
In evaluating the recoverability of goodwill, it is necessary to estimate the fair values of the reporting units. In making this assessment, we estimate the fair market values of our reporting units 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, sales growth, margins, capital expenditure requirements, and working capital requirements. Recent performance of the group is an important factor, but not the only factor, in our assessment. There are inherent assumptions and judgments required in the analysis of goodwill impairment. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. | ||||
Other Intangible Assets | OTHER INTANGIBLE ASSETS: Substantially all other intangible assets are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment using a process similar to that used in evaluating the recoverability of property, plant and equipment. | |||
Useful Life Range | Weighted | |||
Average Life | ||||
Other intangible assets | 1-40 years | 15 years | ||
Stock-Based Compensation | STOCK-BASED COMPENSATION: The cost of employee services received in exchange for all equity awards granted is based on the fair market value of the award as of the grant date. Expense is recognized net of an estimated forfeiture rate using the straight-line method over the vesting period of the award. | |||
Sales Recognition | SALES RECOGNITION: We recognize sales when title and risk of loss pass to the customer. The terms of our sales are split approximately evenly between FOB shipping point and FOB destination. The timing of our recognition of FOB destination sales is determined based on shipping date and distance to the destination. We have no significant or unusual price protection, right of return or acceptance provisions with our customers. Sales allowances, discounts and rebates can be reasonably estimated throughout the period and are deducted from sales in arriving at net sales. | |||
Shipping And Handling Fees And Costs | SHIPPING AND HANDLING FEES AND COSTS: Shipping and handling costs are included as a component of “Cost of goods sold.” | |||
Restructuring Costs | RESTRUCTURING COSTS: Restructuring costs are items such as employee termination, contract termination, plant closure and asset relocation costs related to exit activities. Restructuring-related items are inventory writedowns and gains or losses from sales of assets recorded as the result of exit activities. We recognize a liability for costs associated with an exit or disposal activity when the liability is incurred. Certain termination benefits for which employees are required to render service are recognized ratably over the respective future service periods. | |||
Income Taxes | INCOME TAXES: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of our assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. A valuation allowance is provided to reduce deferred tax assets when management cannot conclude that it is more likely than not that a tax benefit will be realized. A provision is also made for incremental taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely invested. | |||
The calculation of our U.S., state, and foreign tax liabilities involves dealing with uncertainties in the application of complex global tax laws. We recognize potential liabilities for anticipated tax issues which might arise in the U.S. and other tax jurisdictions based on management’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. Conversely, if the estimate of tax liabilities proves to be less than the ultimate tax assessment, a further charge to tax expense would result. | ||||
Concentration Of Credit Risks, Exposures And Financial Instruments | CONCENTRATION OF CREDIT RISKS, EXPOSURES AND FINANCIAL INSTRUMENTS: We manufacture, market, and distribute products for the various end markets described in Note F. Our operations are principally located in the United States, although we also have operations in China, Europe, Canada, Mexico and other various countries. | |||
We maintain allowances for potential credit losses. We perform ongoing credit evaluations of our customers’ financial conditions and generally require no collateral from our customers, some of which are highly leveraged. Management also monitors the financial condition and status of other notes receivable. Other notes receivable primarily consist of notes accepted as partial payment for the divestiture of a business. Some of these companies are highly leveraged and the notes are not fully collateralized. | ||||
We have no material guarantees or liabilities for product warranties which require disclosure. | ||||
From time to time, we will enter into contracts to hedge foreign currency denominated transactions, natural gas purchases, and interest rates related to our debt. To minimize the risk of counterparty default, only highly-rated financial institutions that meet certain requirements are used. We do not anticipate that any of the financial institution counterparties will default on their obligations. | ||||
The carrying value of cash and short-term financial instruments approximates fair value due to the short maturity of those instruments. | ||||
Other Risks | OTHER RISKS: Although we obtain insurance for workers’ compensation, automobile, product and general liability, property loss and medical claims, we have elected to retain a significant portion of expected losses through the use of deductibles. Accrued liabilities include estimates for unpaid reported claims and for claims incurred but not yet reported. Provisions for losses are recorded based upon reasonable estimates of the aggregate liability for claims incurred utilizing our prior experience and information provided by our third-party administrators and insurance carriers. | |||
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION: The functional currency for most foreign operations is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income and expense accounts using monthly average exchange rates. The cumulative effects of translating the functional currencies into the U.S. dollar are included in comprehensive income. | |||
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS: We utilize derivative financial instruments to manage market and financial risks related to interest rates, foreign currency and commodities. We seek to use derivative contracts that qualify for hedge accounting treatment; however some instruments that economically manage currency risk may not qualify for hedge accounting treatment. It is our policy not to speculate using derivative instruments. | |||
Under hedge accounting, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. The process includes designating derivative instruments as hedges of specific assets, liabilities, firm commitments or forecasted transactions. We also formally assess both at inception and on a quarterly basis thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be highly effective, deferred gains or losses are recorded in the Consolidated Statements of Operations. | ||||
On the date the contract is entered into, we designate the derivative as one of the following types of hedging instruments and account for it as follows: | ||||
Cash Flow Hedge—The hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability or anticipated transaction is designated as a cash flow hedge. The effective portion of the change in fair value is recorded in accumulated other comprehensive income. When the hedged item impacts the income statement, the gain or loss included in other comprehensive income is reported on the same line of the Consolidated Statements of Operations as the hedged item to match the gain or loss on the derivative to the gain or loss on the hedged item. Any ineffective portion of the changes in the fair value is immediately reported in the Consolidated Statements of Operations on the same line as the hedged item. 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 Hedge—The hedge of a recognized asset or liability or an unrecognized firm commitment is designated as a fair value hedge. For fair value hedges, both the effective and ineffective portions of the changes in fair value of the derivative, along with the gain or loss on the hedged item that is attributable to the hedged risk, are recorded in earnings and reported in the Consolidated Statements of Operations on the same line as the hedged item. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. | ||||
FOREIGN CURRENCY TRANSLATION: The functional currency for most foreign operations is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income and expense accounts using monthly average exchange rates. The cumulative effects of translating the functional currencies into the U.S. dollar are included in comprehensive income. | ||||
RECLASSIFICATIONS: Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the 2014 presentation. | ||||
Reclassifications | RECLASSIFICATIONS: Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the 2014 presentation. | |||
New Accounting Guidance | NEW ACCOUNTING GUIDANCE: In April 2014, the Financial Accounting Standards Board (FASB) issued updated guidance, Reporting Discontinued Operations and Disclosures of Disposals of Components of an entity. This guidance changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. We adopted this guidance on January 1, 2015, and we do not believe it will have a material impact on our future financial statements. | |||
In May 2014, the FASB issued new authoritative literature, Revenue from Contracts with Customers, which supersedes much of the existing authoritative literature for revenue recognition. This guidance will be effective January 1, 2017. We are currently evaluating the newly issued guidance and the impact on our future financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Schedule Of Property, Plant And Equipment | The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. | |||
Useful Life Range | Weighted | |||
Average Life | ||||
Machinery and equipment | 3-20 years | 10 years | ||
Buildings | 10-40 years | 28 years | ||
Other items | 3-15 years | 8 years | ||
Summary Of Other Intangible Assets | ||||
Useful Life Range | Weighted | |||
Average Life | ||||
Other intangible assets | 1-40 years | 15 years |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Results From Discontinued Operations And Activity Directly Related To Divestitures | The table below includes activity related to these operations: | |||||||||||
Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
External sales: | ||||||||||||
Commercial Fixturing & Components - Store Fixtures | $ | 167.4 | $ | 268.8 | $ | 291.6 | ||||||
Industrial Materials: | ||||||||||||
Wire dishwasher racks | — | 4.1 | 11.1 | |||||||||
Cotton-based erosion control products | — | 0.1 | 0.1 | |||||||||
Specialized Products - the specialty trailers portion of the CVP unit | — | 0.5 | 3.5 | |||||||||
Total external sales | $ | 167.4 | $ | 273.5 | $ | 306.3 | ||||||
Earnings (loss): | ||||||||||||
Commercial Fixturing & Components - Store Fixtures (1) | $ | (120.9 | ) | $ | 10.2 | $ | 19 | |||||
Industrial Materials: | ||||||||||||
Wire dishwasher racks | — | 1 | (.1 | ) | ||||||||
Cotton-based erosion control products | — | (3.1 | ) | (1.2 | ) | |||||||
Specialized Products - the specialty trailers portion of the CVP unit | — | (.7 | ) | (.8 | ) | |||||||
Subsequent activity related to divestitures completed prior to 2011 (2) | (35.4 | ) | 0.5 | 3.9 | ||||||||
Earnings (loss) before interest and income taxes (EBIT) | (156.3 | ) | 7.9 | 20.8 | ||||||||
Income tax benefit (3) | 32.3 | 5.5 | (2.1 | ) | ||||||||
Earnings (loss) from discontinued operations, net of tax | $ | (124.0 | ) | $ | 13.4 | $ | 18.7 | |||||
______________________________ | ||||||||||||
-1 | This includes goodwill impairment charges of $108.0 in 2014 as discussed in Note E. | |||||||||||
-2 | Subsequent activity for businesses divested in prior years has been reported as discontinued operations in the table above, including a 2014 antitrust litigation settlement of $35.3, associated with our former Prime Foam Products unit. Also reflected above is an unrelated cash litigation settlement of $3.9 received in 2012 associated with our Prime Foam Products unit. This unit was sold in March 2007 and was previously part of the Residential Furnishings segment. |
Impairment_Charges_Tables
Impairment Charges (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Summary Of Impairment Charges On Continued And Discontinued Operations | ||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Goodwill Impairment | Other Long-Lived Asset Impairments | Total Impairments | Goodwill Impairment | Other Long-Lived Asset Impairments | Total Impairments | Other Long-Lived Asset Impairments | ||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Residential Furnishings | $ | — | $ | 1.2 | $ | 1.2 | $ | — | $ | 0.8 | $ | 0.8 | $ | 0.1 | ||||||||||||||
Industrial Materials | — | — | — | — | — | — | 0.6 | |||||||||||||||||||||
Specialized Products: | ||||||||||||||||||||||||||||
CVP unit | — | — | — | 63 | — | 63 | — | |||||||||||||||||||||
Other units | — | 0.1 | 0.1 | — | — | — | 0.1 | |||||||||||||||||||||
Total continuing operations | — | 1.3 | 1.3 | 63 | 0.8 | 63.8 | 0.8 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Commercial Fixturing & Components - Store Fixtures | 108 | — | 108 | — | — | — | — | |||||||||||||||||||||
Industrial Materials: | ||||||||||||||||||||||||||||
Cotton-based erosion control products | — | — | — | — | 1.5 | 1.5 | — | |||||||||||||||||||||
Wire dishwasher racks | — | — | — | — | — | — | 0.9 | |||||||||||||||||||||
Subsequent activity related to divestitures completed prior to 2012 | — | — | — | — | 0.1 | 0.1 | — | |||||||||||||||||||||
Total discontinued operations | 108 | — | 108 | — | 1.6 | 1.6 | 0.9 | |||||||||||||||||||||
Total impairment charges | $ | 108 | $ | 1.3 | $ | 109.3 | $ | 63 | $ | 2.4 | $ | 65.4 | $ | 1.7 | ||||||||||||||
Components Of Fair Values In Relation To Their Respective Carrying Values | ||||||||||||||||||||||||||||
Percentage of Fair Value in Excess of Carrying Value | December 31, | 10-year | Terminal | Discount Rate | ||||||||||||||||||||||||
2014 | Compound | Values Long- | Ranges | |||||||||||||||||||||||||
Goodwill Value | Annual Growth | term Growth | ||||||||||||||||||||||||||
Rate Range for Sales | Rate for Debt-Free Cash Flow | |||||||||||||||||||||||||||
< 25% | $ | — | ||||||||||||||||||||||||||
25-49% | 203.4 | 2.0% - 5.5% | 3 | % | 9.5% - 10.0% | |||||||||||||||||||||||
50% - 74% | 383.2 | .5% - 3.8% | 3 | % | 9.0% - 12.0% | |||||||||||||||||||||||
75%+ | 232.4 | 3.7% - 8.2% | 3 | % | 9.0% - 9.5% | |||||||||||||||||||||||
$ | 819 | .5% - 8.2% | 3 | % | 9.0% - 12.0% | |||||||||||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||
Summary Of Restructuring-Related Costs | Our total restructuring-related costs for the three years ended December 31 were comprised of: | |||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Charged to other (income) expense, net: | ||||||||||||||||||||||||||||
Severance and other restructuring costs | $ | 0.9 | $ | 2.1 | $ | 3.2 | ||||||||||||||||||||||
(Gain) loss from sale of assets | (.1 | ) | (.2 | ) | 0.3 | |||||||||||||||||||||||
Total continuing operations | 0.8 | 1.9 | 3.5 | |||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Severance and other restructuring costs | 1.8 | 0.2 | 4.3 | |||||||||||||||||||||||||
Loss (gain) from sale of assets | 8.6 | (.5 | ) | (2.1 | ) | |||||||||||||||||||||||
Total discontinued operations | 10.4 | (.3 | ) | 2.2 | ||||||||||||||||||||||||
Total restructuring and restructuring-related cost | $ | 11.2 | $ | 1.6 | $ | 5.7 | ||||||||||||||||||||||
Portion of total that represents cash charges | $ | 2.7 | $ | 2.3 | $ | 7.5 | ||||||||||||||||||||||
Summary Of Restructuring-Related Cost Incurred By Segment | Restructuring and restructuring-related charges (income) by segment were as follows: | |||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Residential Furnishings | $ | — | $ | 1.7 | $ | 2.3 | ||||||||||||||||||||||
Industrial Materials | 0.1 | (.1 | ) | 0.6 | ||||||||||||||||||||||||
Specialized Products | 0.7 | 0.3 | 0.6 | |||||||||||||||||||||||||
Total continuing operations | 0.8 | 1.9 | 3.5 | |||||||||||||||||||||||||
Discontinued operations | 10.4 | (.3 | ) | 2.2 | ||||||||||||||||||||||||
Total | $ | 11.2 | $ | 1.6 | $ | 5.7 | ||||||||||||||||||||||
Accrued Liability | The accrued liability associated with our total restructuring initiatives consisted of the following: | |||||||||||||||||||||||||||
Balance at | 2013 | 2013 | Balance at | 2014 | 2014 Payments | Balance at | ||||||||||||||||||||||
December 31, | Charges | Payments | December 31, | Charges | December 31, | |||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||||
Termination benefits | $ | 1.1 | $ | 0.3 | $ | 1.3 | $ | 0.1 | $ | 2.6 | $ | 1.6 | $ | 1.1 | ||||||||||||||
Contract termination costs | 0.6 | 0.1 | 0.7 | — | — | — | — | |||||||||||||||||||||
Other restructuring costs | 0.4 | 1.9 | 1.6 | 0.7 | 0.1 | 0.3 | 0.5 | |||||||||||||||||||||
$ | 2.1 | $ | 2.3 | $ | 3.6 | $ | 0.8 | $ | 2.7 | $ | 1.9 | $ | 1.6 | |||||||||||||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Changes In The Carrying Amounts Of Goodwill | The changes in the carrying amounts of goodwill are as follows: | |||||||||||||||||||||||
Residential | Commercial | Industrial | Specialized | Total | ||||||||||||||||||||
Furnishings | Fixturing & | Materials | Products | |||||||||||||||||||||
Components | ||||||||||||||||||||||||
Net goodwill as of January 1, 2013 | $ | 390 | $ | 199.4 | $ | 127.8 | $ | 274.3 | $ | 991.5 | ||||||||||||||
Additions for current year acquisitions | — | — | 6.1 | — | 6.1 | |||||||||||||||||||
Adjustments to prior year acquisitions | — | — | (.4 | ) | — | (.4 | ) | |||||||||||||||||
Reductions for sale of business | — | — | — | (.3 | ) | (.3 | ) | |||||||||||||||||
Impairment charge (1) | — | — | — | (63.0 | ) | (63.0 | ) | |||||||||||||||||
Foreign currency translation adjustment/other | (3.9 | ) | (2.9 | ) | 0.7 | (1.0 | ) | (7.1 | ) | |||||||||||||||
Net goodwill as of December 31, 2013 | 386.1 | 196.5 | 134.2 | 210 | 926.8 | |||||||||||||||||||
Additions for current year acquisitions | 19 | — | — | — | 19 | |||||||||||||||||||
Adjustments to prior year acquisitions | 0.1 | — | (.1 | ) | — | — | ||||||||||||||||||
Impairment charge (2) | — | (108.0 | ) | — | — | (108.0 | ) | |||||||||||||||||
Foreign currency translation adjustment/other | (7.6 | ) | (1.6 | ) | (.6 | ) | (9.0 | ) | (18.8 | ) | ||||||||||||||
Net goodwill as of December 31, 2014 | $ | 397.6 | $ | 86.9 | $ | 133.5 | $ | 201 | $ | 819 | ||||||||||||||
Net goodwill as of December 31, 2014 is comprised of: | ||||||||||||||||||||||||
Gross goodwill | $ | 397.6 | $ | 337.5 | $ | 133.5 | $ | 264 | $ | 1,132.60 | ||||||||||||||
Accumulated impairment losses | — | (250.6 | ) | — | (63.0 | ) | (313.6 | ) | ||||||||||||||||
Net goodwill as of December 31, 2014 | $ | 397.6 | $ | 86.9 | $ | 133.5 | $ | 201 | $ | 819 | ||||||||||||||
Intangible Assets Purchased | The gross carrying amount and accumulated amortization by major amortized intangible asset class and intangible assets acquired during the period presented included in "Other intangibles" on the Consolidated Balance Sheets are as follows: | |||||||||||||||||||||||
Debt | Non-compete | Customer- Related Intangibles | Total | |||||||||||||||||||||
Issue | Patents | Agreements | Supply | |||||||||||||||||||||
Costs | and | Agreements | ||||||||||||||||||||||
Trademarks | and Other | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Gross carrying amount | $ | 10.1 | $ | 57.8 | $ | 7.6 | $ | 223.9 | $ | 35 | $ | 334.4 | ||||||||||||
Accumulated amortization | 4.2 | 29.7 | 1.4 | 78.8 | 15.6 | 129.7 | ||||||||||||||||||
Net other intangibles as of December 31, 2014 | $ | 5.9 | $ | 28.1 | $ | 6.2 | $ | 145.1 | $ | 19.4 | $ | 204.7 | ||||||||||||
Acquired during 2014: | ||||||||||||||||||||||||
Acquired related to business acquisitions | $ | — | $ | 5 | $ | 5.5 | $ | 1.1 | $ | 2.5 | $ | 14.1 | ||||||||||||
Acquired outside business acquisitions | 2.9 | 1.4 | 0.2 | 2.3 | 7.3 | 14.1 | ||||||||||||||||||
Total acquired in 2014 | $ | 2.9 | $ | 6.4 | $ | 5.7 | $ | 3.4 | $ | 9.8 | $ | 28.2 | ||||||||||||
Weighted average amortization period in years for items acquired in 2014 | 10 | 11.3 | 5 | 11.2 | 7.1 | 8.4 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Gross carrying amount | $ | 9.5 | $ | 53.8 | $ | 7.7 | $ | 221.9 | $ | 24.9 | $ | 317.8 | ||||||||||||
Accumulated amortization | 5.5 | 28.2 | 5.2 | 63.9 | 11.6 | 114.4 | ||||||||||||||||||
Net other intangibles as of December 31, 2013 | $ | 4 | $ | 25.6 | $ | 2.5 | $ | 158 | $ | 13.3 | $ | 203.4 | ||||||||||||
Acquired during 2013: | ||||||||||||||||||||||||
Acquired related to business acquisitions | $ | — | $ | 0.7 | $ | 0.5 | $ | 9.7 | $ | 1.4 | $ | 12.3 | ||||||||||||
Acquired outside business acquisitions | — | 1.6 | — | 5.9 | 5.3 | 12.8 | ||||||||||||||||||
Total acquired in 2013 | $ | — | $ | 2.3 | $ | 0.5 | $ | 15.6 | $ | 6.7 | $ | 25.1 | ||||||||||||
Weighted average amortization period in years for items acquired in 2013 | 0 | 16.3 | 4.8 | 9.6 | 6.1 | 9.2 | ||||||||||||||||||
Estimated Amortization Expense | Estimated amortization expense for items included in our December 31, 2014 balance sheet in each of the next five years is as follows: | |||||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||||||
2015 | $ | 24 | ||||||||||||||||||||||
2016 | 23 | |||||||||||||||||||||||
2017 | 22 | |||||||||||||||||||||||
2018 | 20 | |||||||||||||||||||||||
2019 | 19 | |||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Results From Continuing Operations | A summary of segment results for the periods presented are as follows: | |||||||||||||||
Year Ended December 31 | ||||||||||||||||
External | Inter- | Total | EBIT | |||||||||||||
Sales | Segment | Sales | ||||||||||||||
Sales | ||||||||||||||||
2014 | ||||||||||||||||
Residential Furnishings | $ | 2,183.40 | $ | 39.8 | $ | 2,223.20 | $ | 161.3 | ||||||||
Commercial Fixturing & Components | 194.3 | 4.6 | 198.9 | 13 | ||||||||||||
Industrial Materials | 605.3 | 259.7 | 865 | 55.8 | ||||||||||||
Specialized Products | 799.3 | 62.4 | 861.7 | 117.4 | ||||||||||||
Intersegment eliminations and other | (15.1 | ) | ||||||||||||||
Adjustment to LIFO method | (.9 | ) | ||||||||||||||
$ | 3,782.30 | $ | 366.5 | $ | 4,148.80 | $ | 331.5 | |||||||||
2013 | ||||||||||||||||
Residential Furnishings | $ | 1,944.00 | $ | 23 | $ | 1,967.00 | $ | 169.4 | ||||||||
Commercial Fixturing & Components | 182.5 | 4 | 186.5 | 10.7 | ||||||||||||
Industrial Materials | 612.8 | 231 | 843.8 | 71.3 | ||||||||||||
Specialized Products | 737.9 | 52.5 | 790.4 | 26.2 | ||||||||||||
Intersegment eliminations and other | 0.9 | |||||||||||||||
Adjustment to LIFO method | (3.9 | ) | ||||||||||||||
$ | 3,477.20 | $ | 310.5 | $ | 3,787.70 | $ | 274.6 | |||||||||
2012 | ||||||||||||||||
Residential Furnishings | $ | 1,895.00 | $ | 8.8 | $ | 1,903.80 | $ | 152.2 | ||||||||
Commercial Fixturing & Components | 186.7 | 3.8 | 190.5 | 15 | ||||||||||||
Industrial Materials | 621.7 | 249.4 | 871.1 | 65.1 | ||||||||||||
Specialized Products | 711.1 | 45.9 | 757 | 86.1 | ||||||||||||
Intersegment eliminations and other | (6.8 | ) | ||||||||||||||
Adjustment to LIFO method | 12.8 | |||||||||||||||
$ | 3,414.50 | $ | 307.9 | $ | 3,722.40 | $ | 324.4 | |||||||||
Revenues From External Customers | Revenues from external customers, by product line, are as follows: | |||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Residential Furnishings | ||||||||||||||||
Bedding group | $ | 802.2 | $ | 660.9 | $ | 657.6 | ||||||||||
Furniture group | 708.9 | 673.2 | 676.9 | |||||||||||||
Fabric & Carpet Underlay group | 672.3 | 609.9 | 560.5 | |||||||||||||
2,183.40 | 1,944.00 | 1,895.00 | ||||||||||||||
Commercial Fixturing & Components | ||||||||||||||||
Work Furniture group | 194.3 | 182.5 | 186.7 | |||||||||||||
194.3 | 182.5 | 186.7 | ||||||||||||||
Industrial Materials | ||||||||||||||||
Wire group | 387 | 428 | 457.9 | |||||||||||||
Tubing group | 218.3 | 184.8 | 163.8 | |||||||||||||
605.3 | 612.8 | 621.7 | ||||||||||||||
Specialized Products | ||||||||||||||||
Automotive group | 589.4 | 502.7 | 463.5 | |||||||||||||
Commercial Vehicle Products group | 110.4 | 109 | 137.7 | |||||||||||||
Machinery group | 99.5 | 126.2 | 109.9 | |||||||||||||
799.3 | 737.9 | 711.1 | ||||||||||||||
$ | 3,782.30 | $ | 3,477.20 | $ | 3,414.50 | |||||||||||
Schedule Of Revenue From External Sales And Long-Lived Assets, By Geographical Areas | Our principal operations outside of the United States are presented in the following geographic information, based on the area of manufacture. | |||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
External sales | ||||||||||||||||
United States | $ | 2,599.00 | $ | 2,449.90 | $ | 2,430.20 | ||||||||||
Europe | 422.7 | 351.7 | 326.2 | |||||||||||||
China | 390 | 335.5 | 311.9 | |||||||||||||
Canada | 206.5 | 201.6 | 213.2 | |||||||||||||
Mexico | 90.1 | 69.6 | 64.5 | |||||||||||||
Other | 74 | 68.9 | 68.5 | |||||||||||||
$ | 3,782.30 | $ | 3,477.20 | $ | 3,414.50 | |||||||||||
Tangible long-lived assets | ||||||||||||||||
United States | $ | 347.2 | $ | 363.6 | $ | 383.9 | ||||||||||
Europe | 124.3 | 124.5 | 102.7 | |||||||||||||
China | 40.5 | 35.7 | 35.9 | |||||||||||||
Canada | 25.6 | 25 | 21.1 | |||||||||||||
Mexico | 9.8 | 11.8 | 12.9 | |||||||||||||
Other | 11.5 | 14 | 16.3 | |||||||||||||
$ | 558.9 | $ | 574.6 | $ | 572.8 | |||||||||||
Segment assets for all years are reflected at their estimated average for the year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. | ||||||||||||||||
Year Ended December 31 | ||||||||||||||||
Assets | Additions | Acquired | Depreciation | |||||||||||||
to | Companies’ | And | ||||||||||||||
Property, | Long-Lived | Amortization | ||||||||||||||
Plant and | Assets | |||||||||||||||
Equipment | ||||||||||||||||
2014 | ||||||||||||||||
Residential Furnishings | $ | 595.2 | $ | 47.8 | $ | 60.5 | $ | 48.1 | ||||||||
Commercial Fixturing & Components | 49.2 | 2.1 | — | 3.5 | ||||||||||||
Industrial Materials | 256.2 | 13.7 | — | 23.1 | ||||||||||||
Specialized Products | 245.1 | 27.5 | — | 24.3 | ||||||||||||
Other (1) | 90.4 | 1.4 | — | 2.9 | ||||||||||||
Average current liabilities included in segment numbers above | 520.2 | — | — | — | ||||||||||||
Unallocated assets (2) | 1,451.40 | 1.6 | — | 16 | ||||||||||||
Difference between average assets and year-end balance sheet | (67.1 | ) | — | — | — | |||||||||||
$ | 3,140.60 | $ | 94.1 | $ | 60.5 | $ | 117.9 | |||||||||
2013 | ||||||||||||||||
Residential Furnishings | $ | 586.5 | $ | 36.5 | $ | 0.6 | $ | 47.2 | ||||||||
Commercial Fixturing & Components | 48.7 | 1.5 | — | 3.7 | ||||||||||||
Industrial Materials | 248 | 12.6 | 31 | 21.8 | ||||||||||||
Specialized Products | 225 | 26.7 | 3.3 | 27.7 | ||||||||||||
Other (1) | 96.2 | 1.1 | — | 6.1 | ||||||||||||
Average current liabilities included in segment numbers above | 460.6 | — | — | — | ||||||||||||
Unallocated assets (2) | 1,492.40 | 2.2 | — | 16.1 | ||||||||||||
Difference between average assets and year-end balance sheet | (49.3 | ) | — | — | — | |||||||||||
$ | 3,108.10 | $ | 80.6 | $ | 34.9 | $ | 122.6 | |||||||||
2012 | ||||||||||||||||
Residential Furnishings | $ | 602.9 | $ | 22.5 | $ | 12.9 | $ | 46.4 | ||||||||
Commercial Fixturing & Components | 51.1 | 2 | — | 4.3 | ||||||||||||
Industrial Materials | 237.1 | 14.3 | 182.4 | 22.8 | ||||||||||||
Specialized Products | 225.4 | 23.4 | — | 24.6 | ||||||||||||
Other (1) | 116.2 | 3.2 | — | 7.6 | ||||||||||||
Average current liabilities included in segment numbers above | 440.7 | — | — | — | ||||||||||||
Unallocated assets (2) | 1,678.20 | 5.6 | — | 13.3 | ||||||||||||
Difference between average assets and year-end balance sheet | (96.7 | ) | — | — | — | |||||||||||
$ | 3,254.90 | $ | 71 | $ | 195.3 | $ | 119 | |||||||||
______________________________ | ||||||||||||||||
-1 | Businesses sold or classified as discontinued operations during the years presented. | |||||||||||||||
-2 | Unallocated assets consist primarily of goodwill, other intangibles, cash and deferred tax assets. Unallocated depreciation and amortization consists primarily of depreciation of non-operating assets and amortization of debt issue costs. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Calculation Of Basic And Diluted Earnings Per Share | Basic and diluted earnings per share were calculated as follows: | |||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings: | ||||||||||||
Earnings from continuing operations | $ | 225.2 | $ | 186.3 | $ | 231.8 | ||||||
(Earnings) attributable to noncontrolling interest, net of tax | (3.2 | ) | (2.4 | ) | (2.3 | ) | ||||||
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | 222 | 183.9 | 229.5 | |||||||||
Earnings (loss) from discontinued operations, net of tax | (124.0 | ) | 13.4 | 18.7 | ||||||||
Net earnings attributable to Leggett & Platt common shareholders | $ | 98 | $ | 197.3 | $ | 248.2 | ||||||
Weighted average number of shares (in millions): | ||||||||||||
Weighted average number of common shares used in basic EPS | 141.4 | 145.2 | 144.3 | |||||||||
Dilutive effect of equity-based compensation | 1.8 | 2.1 | 1.7 | |||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 143.2 | 147.3 | 146 | |||||||||
Basic and Diluted EPS: | ||||||||||||
Basic EPS attributable to Leggett & Platt common shareholders | ||||||||||||
Continuing operations | $ | 1.57 | $ | 1.27 | $ | 1.59 | ||||||
Discontinued operations | (.88 | ) | 0.09 | 0.13 | ||||||||
Basic EPS attributable to Leggett & Platt common shareholders | $ | 0.69 | $ | 1.36 | $ | 1.72 | ||||||
Diluted EPS attributable to Leggett & Platt common shareholders | ||||||||||||
Continuing operations | $ | 1.55 | $ | 1.25 | $ | 1.57 | ||||||
Discontinued operations | (.87 | ) | 0.09 | 0.13 | ||||||||
Diluted EPS attributable to Leggett & Platt common shareholders | $ | 0.68 | $ | 1.34 | $ | 1.7 | ||||||
Other information: | ||||||||||||
Anti-dilutive shares excluded from diluted EPS computation | — | — | 1.9 | |||||||||
Accounts_and_Other_Receivables1
Accounts and Other Receivables (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Components Of Accounts And Other Receivables | Accounts and other receivables at December 31 consisted of the following: | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Current | Long-term | Current | Long-term | |||||||||||||||||||||||||
Trade accounts receivable | $ | 484 | $ | — | $ | 447.4 | $ | — | ||||||||||||||||||||
Trade notes receivable | 1.1 | 2.9 | 2.6 | 2.3 | ||||||||||||||||||||||||
Total trade receivables | 485.1 | 2.9 | 450 | 2.3 | ||||||||||||||||||||||||
Other notes receivable: | ||||||||||||||||||||||||||||
Notes received as partial payment for divestitures | 0.9 | — | 0.5 | 5.4 | ||||||||||||||||||||||||
Other | — | 3.3 | 3 | 1.6 | ||||||||||||||||||||||||
Income tax receivables | 14 | — | 2.7 | — | ||||||||||||||||||||||||
Other receivables | 38 | — | 26.4 | — | ||||||||||||||||||||||||
Subtotal other receivables | 52.9 | 3.3 | 32.6 | 7 | ||||||||||||||||||||||||
Total trade and other receivables | 538 | 6.2 | 482.6 | 9.3 | ||||||||||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||||||||||
Trade accounts receivable | (14.7 | ) | — | (14.6 | ) | — | ||||||||||||||||||||||
Trade notes receivable | — | (2.1 | ) | (.6 | ) | (1.3 | ) | |||||||||||||||||||||
Total trade receivables | (14.7 | ) | (2.1 | ) | (15.2 | ) | (1.3 | ) | ||||||||||||||||||||
Other notes receivable | — | (.4 | ) | — | (1.1 | ) | ||||||||||||||||||||||
Total allowance for doubtful accounts | (14.7 | ) | (2.5 | ) | (15.2 | ) | (2.4 | ) | ||||||||||||||||||||
Total net receivables | $ | 523.3 | $ | 3.7 | $ | 467.4 | $ | 6.9 | ||||||||||||||||||||
Allowance For Doubtful Accounts | Activity related to the allowance for doubtful accounts is reflected below: | |||||||||||||||||||||||||||
Balance at | 2013 | 2013 | Balance at | 2014 | 2014 | Balance at | ||||||||||||||||||||||
December 31, | Charges* | Charge-offs, | December 31, | Charges* | Charge-offs, | December 31, | ||||||||||||||||||||||
2012 | Net of | 2013 | Net of | 2014 | ||||||||||||||||||||||||
Recoveries | Recoveries | |||||||||||||||||||||||||||
Trade accounts receivable | $ | 18.9 | $ | 4.1 | $ | 8.4 | $ | 14.6 | $ | 4.7 | $ | 4.6 | $ | 14.7 | ||||||||||||||
Trade notes receivable | 0.8 | 1.9 | 0.8 | 1.9 | 0.2 | — | 2.1 | |||||||||||||||||||||
Total trade receivables | 19.7 | 6 | 9.2 | 16.5 | 4.9 | 4.6 | 16.8 | |||||||||||||||||||||
Other notes receivable: | ||||||||||||||||||||||||||||
Other | 0.9 | 0.1 | (.1 | ) | 1.1 | — | 0.7 | 0.4 | ||||||||||||||||||||
Subtotal other receivables | 0.9 | 0.1 | (.1 | ) | 1.1 | — | 0.7 | 0.4 | ||||||||||||||||||||
Total allowance for doubtful accounts | $ | 20.6 | $ | 6.1 | $ | 9.1 | $ | 17.6 | $ | 4.9 | $ | 5.3 | $ | 17.2 | ||||||||||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Schedule Of Supplemental Balance Sheet Information | at December 31 consisted of the following: | |||||||
2014 | 2013 | |||||||
Other current assets | ||||||||
Deferred taxes (see Note N) | $ | 42.3 | $ | 12.1 | ||||
Other prepaids | 39.2 | 33.6 | ||||||
Current assets held for sale (see Note B) | 10.4 | — | ||||||
$ | 91.9 | $ | 45.7 | |||||
Sundry assets | ||||||||
Deferred taxes (see Note N) | $ | 36.5 | $ | 46.9 | ||||
Assets held for sale (see Note B) | 22.4 | 19.1 | ||||||
Diversified investments associated with stock-based compensation plans (see Note L) | 17.5 | 11.7 | ||||||
Investment in associated companies | 6.7 | 6.6 | ||||||
Notes receivable (see Note H) | 3.7 | 6.9 | ||||||
Pension plan assets (see Note M) | — | 1.4 | ||||||
Other | 41.6 | 29 | ||||||
$ | 128.4 | $ | 121.6 | |||||
Accrued expenses | ||||||||
Contingency accruals | $ | 83.9 | $ | 3.7 | ||||
Wages and commissions payable | 67.3 | 64.2 | ||||||
Workers’ compensation, medical, auto and product liability | 54.7 | 54.5 | ||||||
Sales promotions | 30.7 | 25.2 | ||||||
Liabilities associated with stock-based compensation plans (see Note L) | 23.7 | 8.8 | ||||||
Accrued interest | 12.3 | 11.9 | ||||||
General taxes, excluding income taxes | 11.6 | 14.6 | ||||||
Other | 53.4 | 46.8 | ||||||
$ | 337.6 | $ | 229.7 | |||||
Other current liabilities | ||||||||
Dividends payable | $ | 42.7 | $ | 42 | ||||
Customer deposits | 12.7 | 13.1 | ||||||
Sales tax payable | 10.4 | 6.8 | ||||||
Current liabilities associated with assets held for sale (see Note B) | 5.5 | — | ||||||
Derivative financial instruments (see Note S) | 2.4 | 0.9 | ||||||
Liabilities associated with stock-based compensation plans (see Note L) | 1.3 | 1.7 | ||||||
Outstanding checks in excess of book balances | 0.9 | 9.1 | ||||||
Other | 7.2 | 5.8 | ||||||
$ | 83.1 | $ | 79.4 | |||||
Other long-term liabilities | ||||||||
Liability for pension benefits (see Note M) | $ | 83.7 | $ | 39.9 | ||||
Liabilities associated with stock-based compensation plans (see Note L) | 27.9 | 15.4 | ||||||
Net reserves for tax contingencies | 25.1 | 29.2 | ||||||
Deferred compensation | 14.7 | 15.4 | ||||||
Other liabilities associated with assets held for sale (see Note B) | 0.1 | — | ||||||
Other | 33.5 | 27.8 | ||||||
$ | 185 | $ | 127.7 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Details Of Long-Term Debt, Weighted Average Interest Rates And Due Dates | Long-term debt, weighted average interest rates and due dates at December 31 are as follows: | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Stated Interest | Due Date | Balance | Stated Interest | Due Date | Balance | |||||||||||||
Rate | Through | Rate | Through | |||||||||||||||
Term notes | 4.7 | % | 2024 | $ | 948 | 4.8 | % | 2022 | $ | 828.4 | ||||||||
Industrial development bonds, principally variable interest rates | 0.2 | % | 2030 | 14.7 | 0.2 | % | 2030 | 19.9 | ||||||||||
Commercial paper | 0.2 | % | 2019 | — | 0.2 | % | 2017 | 16 | ||||||||||
Capitalized leases (primarily machinery, vehicle and office equipment) | 5.2 | 4.4 | ||||||||||||||||
Other, partially secured | 0.5 | 0.8 | ||||||||||||||||
968.4 | 869.5 | |||||||||||||||||
Less current maturities | 201.7 | 181.1 | ||||||||||||||||
$ | 766.7 | $ | 688.4 | |||||||||||||||
Maturities Of Long-Term Debt | Maturities of long-term debt are as follows: | |||||||||||||||||
Year ended December 31 | ||||||||||||||||||
2015 | $ | 201.7 | ||||||||||||||||
2016 | 3.3 | |||||||||||||||||
2017 | 3.3 | |||||||||||||||||
2018 | 153.4 | |||||||||||||||||
2019 | — | |||||||||||||||||
Thereafter | 606.7 | |||||||||||||||||
$ | 968.4 | |||||||||||||||||
Amounts Outstanding Related To Commercial Paper Program | Amounts outstanding at December 31 related to our commercial paper program were: | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Total program authorized | $ | 600 | $ | 600 | ||||||||||||||
Commercial paper outstanding (classified as long-term debt) | — | (16.0 | ) | |||||||||||||||
Letters of credit issued under the credit agreement | — | — | ||||||||||||||||
Total program usage | — | (16.0 | ) | |||||||||||||||
Total program available | $ | 600 | $ | 584 | ||||||||||||||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Components Of Rental Expense | Total rental expense for the periods presented was as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Continuing operations | $ | 48.9 | $ | 45.4 | $ | 44.6 | ||||||
Discontinued operations | $ | 2.1 | $ | 4.1 | $ | 3.4 | ||||||
Future Minimum Rental Commitments For All Long-Term Non-Cancelable Operating Leases | Future minimum rental commitments for all long-term non-cancelable operating leases are as follows: | |||||||||||
Year ended December 31 | ||||||||||||
2015 | $ | 37.7 | ||||||||||
2016 | 27.6 | |||||||||||
2017 | 20.3 | |||||||||||
2018 | 14.5 | |||||||||||
2019 | 8.7 | |||||||||||
Thereafter | 20.7 | |||||||||||
$ | 129.5 | |||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||
Flexible Stock Plan Options | Stock options and stock units are granted pursuant to our Flexible Stock Plan (the "Plan"). On May 10, 2012 the Plan changed the way awards granted under the Plan are charged against the number of available shares. Under the 2012 Plan modification, each option counts as one share against the shares available under the Plan, but each share granted for any other awards will count as three shares against the Plan. | |||||||||||||||||||||||||
At December 31, 2014, the following common shares were authorized for issuance under the Flexible Stock Plan: | ||||||||||||||||||||||||||
Shares Available for Issuance | Maximum Number of Authorized Shares | |||||||||||||||||||||||||
Unexercised options | 3.7 | 3.7 | ||||||||||||||||||||||||
Outstanding stock units—vested | 4 | 6.4 | ||||||||||||||||||||||||
Outstanding stock units—unvested | 1.9 | 4.6 | ||||||||||||||||||||||||
Available for grant | 4.4 | 4.4 | ||||||||||||||||||||||||
Authorized for issuance at December 31, 2014 | 14 | 19.1 | ||||||||||||||||||||||||
Components Of Stock-Based Compensation | The following table recaps the impact of stock-based compensation (including discontinued operations) on the results of operations for each of the periods presented: | |||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
To Be Settled With Stock | To Be Settled In Cash | 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 | $ | 0.6 | $ | — | $ | 1.6 | $ | — | $ | 4.4 | $ | — | ||||||||||||||
Cash payments in lieu of options | — | 0.8 | — | 0.8 | — | 0.3 | ||||||||||||||||||||
Stock-based retirement plans contributions (2) | 6.1 | 1.4 | 6.5 | 1.2 | 6.6 | 1 | ||||||||||||||||||||
Discounts on various stock awards: | ||||||||||||||||||||||||||
Deferred Stock Compensation Program (1) | 2.2 | — | 1.5 | — | 1.2 | — | ||||||||||||||||||||
Stock-based retirement plans (2) | 1.9 | — | 1.1 | — | 1.2 | — | ||||||||||||||||||||
Discount Stock Plan (6) | 1 | — | 0.9 | — | 0.9 | — | ||||||||||||||||||||
Performance Stock Unit awards (3) | 6.4 | 13.9 | 6.4 | 1.1 | 6.5 | 5.1 | ||||||||||||||||||||
Restricted Stock Units awards (4) | 3.4 | — | 4.2 | — | 2.2 | — | ||||||||||||||||||||
Profitable Growth Incentive awards (5) | 4.4 | 4.4 | 0.6 | 0.6 | — | — | ||||||||||||||||||||
Other, primarily non-employee directors restricted stock | 1.3 | — | 1.3 | — | 1 | — | ||||||||||||||||||||
Total stock-related compensation expense | 27.3 | $ | 20.5 | 24.1 | $ | 3.7 | 24 | $ | 6.4 | |||||||||||||||||
Employee contributions for above stock plans | 14.3 | 12.2 | 9.8 | |||||||||||||||||||||||
Total stock-based compensation | $ | 41.6 | $ | 36.3 | $ | 33.8 | ||||||||||||||||||||
Recognized tax benefits on stock-based compensation expense | $ | 10.4 | $ | 9.2 | $ | 9.1 | ||||||||||||||||||||
Schedule of Stock-based Compensation Assets and Liabilities | The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented: | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Current | Long-term | Total | Current | Long-term | Total | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Diversified investments associated with the stock-based retirement plans (2) | $ | 1.3 | $ | 17.5 | $ | 18.8 | $ | 1.7 | $ | 11.7 | $ | 13.4 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Stock-based retirement plans (2) | $ | 1.3 | $ | 17.3 | $ | 18.6 | $ | 1.7 | $ | 11.6 | $ | 13.3 | ||||||||||||||
Performance Stock Unit award (3) | 10 | 6.6 | 16.6 | 2.8 | 2.6 | 5.4 | ||||||||||||||||||||
Profitable Growth Incentive award (5) | 6.1 | 4 | 10.1 | — | 1.2 | 1.2 | ||||||||||||||||||||
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts | 7.6 | — | 7.6 | 6 | — | 6 | ||||||||||||||||||||
Total liabilities associated with stock-based compensation | $ | 25 | $ | 27.9 | $ | 52.9 | $ | 10.5 | $ | 15.4 | $ | 25.9 | ||||||||||||||
Net Tax Windfall | Net windfall is presented below: | |||||||||||||||||||||||||
Balance at | Net Windfall | Balance at | ||||||||||||||||||||||||
December 31, | Resulting From | December 31, | ||||||||||||||||||||||||
2013 | Exercises and | 2014 | ||||||||||||||||||||||||
Conversions | ||||||||||||||||||||||||||
Accumulated tax windfall in additional contributed capital | $ | 41.9 | $ | 10.5 | $ | 52.4 | ||||||||||||||||||||
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits | ||||||||||||||||||||||||||
Options | Units | Cash | ||||||||||||||||||||||||
Aggregate amount of compensation deferred during 2014 | $ | 0.1 | $ | 6.9 | $ | 1.2 | ||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | STOCK OPTIONS SUMMARY | |||||||||||||||||||||||||
Stock option information for the plans discussed above for the periods presented is as follows: | ||||||||||||||||||||||||||
Employee | Deferred | Other-Primarily Outside Directors' | Total | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Stock | Compensation | Options** | Options | Average | Average | Intrinsic | ||||||||||||||||||||
Options | Options | Exercise | Remaining | Value | ||||||||||||||||||||||
Price per | Contractual | |||||||||||||||||||||||||
Share | Life in Years | |||||||||||||||||||||||||
Outstanding at December 31, 2013 | 5.1 | 1.2 | 0.1 | 6.4 | $ | 21.61 | ||||||||||||||||||||
Exercised * | (1.6 | ) | (1.0 | ) | (.1 | ) | (2.7 | ) | 22.82 | |||||||||||||||||
Outstanding at December 31, 2014 | 3.5 | 0.2 | — | 3.7 | $ | 20.79 | 4.4 | $ | 81.2 | |||||||||||||||||
Vested or expected to vest | 3.7 | $ | 20.78 | 4.4 | $ | 81.2 | ||||||||||||||||||||
Exercisable (vested) at December 31, 2014 | 3.4 | $ | 20.6 | 4.2 | $ | 75.9 | ||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||
* | Prior to 2005, we granted options with a below market exercise price under the terms of our Deferred Compensation Program. During 2014, there were no significant options exercised at a below market exercise price, and .1 of these options remain outstanding at December 31, 2014. In 2005, we amended the Program to provide only “at market” stock options. | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Additional information related to stock option activity for the periods presented is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 35.2 | $ | 18.4 | $ | 24.9 | ||||||||||||||||||||
Cash received from stock options exercised | 21.8 | 36.9 | 35.6 | |||||||||||||||||||||||
Total fair value of stock options vested | 2.9 | 4.4 | 4.5 | |||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes fair values calculated (and assumptions utilized) using the Black-Scholes option pricing model. | |||||||||||||||||||||||||
Year Ended December 31 * | ||||||||||||||||||||||||||
2014 | 2012 | |||||||||||||||||||||||||
Aggregate grant date fair value | $ | 0.1 | $ | 4 | ||||||||||||||||||||||
Weighted-average per share grant date fair value | $ | 7.3 | $ | 4.68 | ||||||||||||||||||||||
Risk-free interest rate | 2.1 | % | 1.9 | % | ||||||||||||||||||||||
Expected life in years | 6 | 7.2 | ||||||||||||||||||||||||
Expected volatility (over expected life) | 35.1 | % | 34.4 | % | ||||||||||||||||||||||
Expected dividend yield (over expected life) | 3.9 | % | 4.8 | % | ||||||||||||||||||||||
__________________________________ | ||||||||||||||||||||||||||
* | No options were granted in 2013 | |||||||||||||||||||||||||
Components Of SBP And ESUP | Information for the year ended December 31 for these plans was as follows: | |||||||||||||||||||||||||
SBP | ESUP | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Employee contributions | $ | 3 | $ | 4.3 | ||||||||||||||||||||||
Less diversified contributions | 0.7 | 4.3 | ||||||||||||||||||||||||
Total employee stock contributions | $ | 2.3 | $ | — | ||||||||||||||||||||||
Employer premium contribution to diversified investment accounts | $ | 0.8 | ||||||||||||||||||||||||
Shares purchased by employees | 0.1 | |||||||||||||||||||||||||
Shares of company match | 0.1 | |||||||||||||||||||||||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Performance Based Units Table | Below is a summary of the number of shares and related grant date fair value of PSU’s for the periods presented: | |||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Total shares base award | 0.2 | 0.2 | 0.3 | |||||||||||||||||||||||
Grant date per share fair value | $ | 30.45 | $ | 27.6 | $ | 23.79 | ||||||||||||||||||||
Risk-free interest rate | 0.8 | % | 0.4 | % | 0.4 | % | ||||||||||||||||||||
Expected life in years | 3 | 3 | 3 | |||||||||||||||||||||||
Expected volatility (over expected life) | 25.9 | % | 29.1 | % | 35 | % | ||||||||||||||||||||
Expected dividend yield (over expected life) | 3.9 | % | 4.2 | % | 4.8 | % | ||||||||||||||||||||
Three-Year Performance Cycle | ||||||||||||||||||||||||||
Award Year | Completion Date | TSR Performance | Payout as a | Number of Shares | Distribution Date | |||||||||||||||||||||
Relative to the Peer Group (1%¾st) | Percent of the | Distributed | ||||||||||||||||||||||||
Base Award | ||||||||||||||||||||||||||
2010 | 31-Dec-12 | 46th percentile | 91.00% | 0.3 | Jan-13 | |||||||||||||||||||||
2011 | December 31, 2013 | 55th percentile | 64.20% | 0.2 | Jan-14 | |||||||||||||||||||||
2012 | December 31, 2014 | 30th percentile | 157.00% | 0.4 | Jan-15 | |||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | STOCK UNITS SUMMARY | |||||||||||||||||||||||||
Stock unit information for the plans discussed above is presented in the table below. | ||||||||||||||||||||||||||
DSU | ESUP | PSU* | RSU | PGI** | Total Units | Weighted | Aggregate | |||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||
Grant Date | Value | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
per Unit | ||||||||||||||||||||||||||
Non-vested at December 31, 2013 | — | — | 1.3 | 0.3 | 0.2 | 1.8 | $ | 14.87 | ||||||||||||||||||
Granted based on current service | 0.2 | 0.3 | — | 0.1 | — | 0.6 | 33.92 | |||||||||||||||||||
Granted based on future conditions | — | — | 0.4 | — | 0.1 | 0.5 | 24.89 | |||||||||||||||||||
Vested | (.2 | ) | (.3 | ) | (.2 | ) | (.1 | ) | — | (.8 | ) | 30.44 | ||||||||||||||
Forfeited | — | — | (.1 | ) | — | — | (.1 | ) | 14.53 | |||||||||||||||||
Difference between maximum and actual payout | — | — | (.1 | ) | — | — | (.1 | ) | — | |||||||||||||||||
Total non-vested at December 31, 2014 | — | — | 1.3 | 0.3 | 0.3 | 1.9 | $ | 18.4 | $ | 80.3 | ||||||||||||||||
Fully vested shares available for issuance at December 31, 2014 | 4 | $ | 171.6 | |||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||
* | PSU awards are presented at 175% (i.e. maximum) payout | |||||||||||||||||||||||||
** PGI awards are presented at 250% (i.e. maximum) payout | ||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Total intrinsic value of vested stock units converted to common stock | $ | 9.2 | $ | 7 | $ | 4.7 | ||||||||||||||||||||
STOCK | ||||||||||||||||||||||||||
Stock Units Converted To Common Stock | ||||||||||||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ||||||||||||||||||||||||||
STOCK-BASED COMPENSATION COST NOT YET RECOGNIZED | ||||||||||||||||||||||||||
As of December 31, 2014, the unrecognized cost of non-vested stock options and units that are not adjusted to fair value at each reporting period was as follows: | ||||||||||||||||||||||||||
Options | Units | |||||||||||||||||||||||||
Unrecognized cost of non-vested stock | $ | 0.2 | $ | 7.3 | ||||||||||||||||||||||
Weighted-average remaining contractual life in years | 0.4 | 1.4 | ||||||||||||||||||||||||
Discount Stock Plan | ||||||||||||||||||||||||||
Average 2014 purchase price per share (net of discount) | $ | 29.61 | ||||||||||||||||||||||||
2014 number of shares purchased by employees | 0.1 | |||||||||||||||||||||||||
Shares purchased since inception in 1982 | 22.5 | |||||||||||||||||||||||||
Maximum shares under the plan | 23 | |||||||||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Summary Of Pension Obligations And Funded Status | A summary of our pension obligations and funded status as of December 31 is as follows: | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||
Benefit obligation, beginning of period | $ | 287 | $ | 316.5 | $ | 290.1 | ||||||||||||||||||||||||||
Service cost | 3 | 3.2 | 3 | |||||||||||||||||||||||||||||
Interest cost | 12.9 | 11.9 | 12.6 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.6 | 0.5 | 0.5 | |||||||||||||||||||||||||||||
Actuarial loss (gain) | 58.1 | (30.3 | ) | 25.4 | ||||||||||||||||||||||||||||
Benefits paid | (15.6 | ) | (14.8 | ) | (16.4 | ) | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | (3.0 | ) | — | 1.3 | ||||||||||||||||||||||||||||
Benefit obligation, end of period (1) | 343 | 287 | 316.5 | |||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of period | 248 | 240.3 | 223.2 | |||||||||||||||||||||||||||||
Actual return on plan assets | 23.9 | 20 | 24.3 | |||||||||||||||||||||||||||||
Employer contributions | 4.1 | 1.9 | 7.8 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.6 | 0.5 | 0.5 | |||||||||||||||||||||||||||||
Benefits paid | (15.6 | ) | (14.8 | ) | (16.4 | ) | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | (2.1 | ) | 0.1 | 0.9 | ||||||||||||||||||||||||||||
Fair value of plan assets, end of period | 258.9 | 248 | 240.3 | |||||||||||||||||||||||||||||
Net funded status | $ | (84.1 | ) | $ | (39.0 | ) | $ | (76.2 | ) | |||||||||||||||||||||||
Funded status recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
Other assets—sundry | $ | — | $ | 1.4 | $ | — | ||||||||||||||||||||||||||
Other current liabilities | (.4 | ) | (.5 | ) | (.4 | ) | ||||||||||||||||||||||||||
Other long-term liabilities | (83.7 | ) | (39.9 | ) | (75.8 | ) | ||||||||||||||||||||||||||
Net funded status | $ | (84.1 | ) | $ | (39.0 | ) | $ | (76.2 | ) | |||||||||||||||||||||||
Schedule Of Accumulated And Projected Benefit Obligation Information | Accumulated and projected benefit obligation information at December 31 is recapped below: | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Aggregated plans with accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 343 | $ | 230.3 | $ | 316.5 | ||||||||||||||||||||||||||
Accumulated benefit obligation | 338.5 | 228.7 | 312.3 | |||||||||||||||||||||||||||||
Fair value of plan assets | 258.9 | 190.2 | 240.3 | |||||||||||||||||||||||||||||
Aggregated plans with projected benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||||
Projected benefit obligation | 343 | 233.8 | 316.5 | |||||||||||||||||||||||||||||
Fair value of plan assets | 258.9 | 193.4 | 240.3 | |||||||||||||||||||||||||||||
Accumulated benefit obligation for all defined benefit plans | 338.5 | 283.5 | 312.3 | |||||||||||||||||||||||||||||
Schedule Of Unfunded Supplemental Executive Retirement Plan | Included in the above plans is a subsidiary’s unfunded supplemental executive retirement plan. This is a non-qualified plan, and these benefits are secured by insurance policies that are not included in the plan’s assets. Cash surrender values associated with these policies at December 31 were as follows: | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Cash surrender values | $ | 2.2 | $ | 2.1 | $ | 2.1 | ||||||||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income | Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: | |||||||||||||||||||||||||||||||
December 31, | 2014 | 2014 | 2014 | 2014 | December 31, | |||||||||||||||||||||||||||
2013 | Amortization | Net | Foreign | Income | 2014 | |||||||||||||||||||||||||||
Actuarial | currency | taxes | ||||||||||||||||||||||||||||||
loss | exchange | change | ||||||||||||||||||||||||||||||
rates | ||||||||||||||||||||||||||||||||
change | ||||||||||||||||||||||||||||||||
Net loss (gain) (before tax) | $ | 63.1 | $ | (2.8 | ) | $ | 50 | $ | (.6 | ) | $ | (.2 | ) | $ | 109.5 | |||||||||||||||||
Net prior service cost (before tax) | 0.3 | (.3 | ) | — | — | — | — | |||||||||||||||||||||||||
Deferred income taxes | (23.1 | ) | — | — | 0.1 | (17.2 | ) | (40.2 | ) | |||||||||||||||||||||||
Accumulated other comprehensive income (net of tax) | $ | 40.3 | $ | (3.1 | ) | $ | 50 | $ | (.5 | ) | $ | (17.4 | ) | $ | 69.3 | |||||||||||||||||
Summary Of Accumulated Other Comprehensive Income Recognized In Net Periodic Pension Cost | Of the amounts in accumulated other comprehensive income as of December 31, 2014, the portions expected to be recognized as components of net periodic pension cost in 2015 are as follows: | |||||||||||||||||||||||||||||||
Net loss | $ | 5.5 | ||||||||||||||||||||||||||||||
Net prior service cost | — | |||||||||||||||||||||||||||||||
Components Of Net Pension (Expense) Income | Components of net pension (expense) income for the years ended December 31 were as follows: | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | (3.0 | ) | $ | (3.2 | ) | $ | (3.0 | ) | |||||||||||||||||||||||
Interest cost | (12.9 | ) | (11.9 | ) | (12.6 | ) | ||||||||||||||||||||||||||
Expected return on plan assets | 15.9 | 15.2 | 14.5 | |||||||||||||||||||||||||||||
Amortization of prior service cost | (.3 | ) | (.2 | ) | (.3 | ) | ||||||||||||||||||||||||||
Recognized net actuarial loss | (2.8 | ) | (6.4 | ) | (6.0 | ) | ||||||||||||||||||||||||||
Net pension (expense) income | $ | (3.1 | ) | $ | (6.5 | ) | $ | (7.4 | ) | |||||||||||||||||||||||
Weighted average assumptions for pension costs: | ||||||||||||||||||||||||||||||||
Discount rate used in net pension costs | 4.6 | % | 3.8 | % | 4.4 | % | ||||||||||||||||||||||||||
Rate of compensation increase used in pension costs | 3.8 | % | 3.8 | % | 3.8 | % | ||||||||||||||||||||||||||
Expected return on plan assets | 6.7 | % | 6.6 | % | 6.6 | % | ||||||||||||||||||||||||||
Weighted average assumptions for benefit obligation: | ||||||||||||||||||||||||||||||||
Discount rate used in benefit obligation | 3.8 | % | 4.6 | % | 3.8 | % | ||||||||||||||||||||||||||
Rate of compensation increase used in benefit obligation | 3.5 | % | 3.8 | % | 3.8 | % | ||||||||||||||||||||||||||
Schedule Of Fair Value Of Pension Plan Assets | Presented below are our major categories of investments for the periods presented: | |||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Mutual and pooled funds | ||||||||||||||||||||||||||||||||
Fixed income | $ | 67.3 | $ | — | $ | — | $ | 67.3 | $ | 96.1 | $ | — | $ | — | $ | 96.1 | ||||||||||||||||
Equities | 136.8 | — | — | 136.8 | 148.7 | — | — | 148.7 | ||||||||||||||||||||||||
Stable value funds | — | 45.9 | — | 45.9 | — | — | — | — | ||||||||||||||||||||||||
Money market funds, cash and other | 8.9 | — | — | 8.9 | 3.2 | — | — | 3.2 | ||||||||||||||||||||||||
Total investments at fair value | $ | 213 | $ | 45.9 | $ | — | $ | 258.9 | $ | 248 | $ | — | $ | — | $ | 248 | ||||||||||||||||
Schedule of Allocation of Plan Assets | ||||||||||||||||||||||||||||||||
Plan assets are invested in diversified portfolios of equity, debt and government securities, as well as a stable value fund. The aggregate allocation of these investments is as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||||||||||
Equity securities | 53 | % | 60 | % | ||||||||||||||||||||||||||||
Debt securities | 26 | 39 | ||||||||||||||||||||||||||||||
Stable value funds | 18 | — | ||||||||||||||||||||||||||||||
Other, including cash | 3 | 1 | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||
Schedule Of Estimated Benefit Payments | Estimated benefit payments, expected over the next ten years are as follows: | |||||||||||||||||||||||||||||||
2015 | $ | 15.1 | ||||||||||||||||||||||||||||||
2016 | 15.8 | |||||||||||||||||||||||||||||||
2017 | 16.2 | |||||||||||||||||||||||||||||||
2018 | 16.4 | |||||||||||||||||||||||||||||||
2019 | 16.8 | |||||||||||||||||||||||||||||||
2020-2024 | 91.3 | |||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | Total expense from continuing operations for defined contribution plans was as follows: | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Defined contribution plans | $ | 7.3 | $ | 6.4 | $ | 6.1 | ||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Components Of Earnings From Continuing Operations Before Income Taxes | The components of earnings from continuing operations before income taxes are as follows: | |||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Domestic | $ | 142.1 | $ | 111.2 | $ | 179.2 | ||||||||||
Foreign | 153.4 | 126.4 | 108.3 | |||||||||||||
$ | 295.5 | $ | 237.6 | $ | 287.5 | |||||||||||
Income Tax Expense From Continuing Operations | Income tax expense from continuing operations is comprised of the following components: | |||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Current | ||||||||||||||||
Federal | $ | 38.4 | $ | 59.8 | $ | 45.8 | ||||||||||
State and local | 3.3 | 5.9 | 4 | |||||||||||||
Foreign | 29.8 | 24.2 | 22.1 | |||||||||||||
71.5 | 89.9 | 71.9 | ||||||||||||||
Deferred | ||||||||||||||||
Federal | (6.1 | ) | (26.4 | ) | 9.3 | |||||||||||
State and local | 2.1 | (1.8 | ) | (.5 | ) | |||||||||||
Foreign | 2.8 | (10.4 | ) | (25.0 | ) | |||||||||||
(1.2 | ) | (38.6 | ) | (16.2 | ) | |||||||||||
$ | 70.3 | $ | 51.3 | $ | 55.7 | |||||||||||
Schedule Of Income Tax Expense From Continuing Operations Percentage | Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from the statutory federal income tax rate as follows: | |||||||||||||||
Year Ended December 31 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||
Increases (decreases) in rate resulting from: | ||||||||||||||||
State taxes, net of federal benefit | 1 | 1.4 | 1.2 | |||||||||||||
Tax effect of foreign operations | (7.5 | ) | (8.6 | ) | (5.8 | ) | ||||||||||
Deferred tax on undistributed foreign earnings | 0.4 | (.5 | ) | 3.7 | ||||||||||||
Change in valuation allowance | 0.2 | (1.4 | ) | (12.7 | ) | |||||||||||
Change in uncertain tax positions, net | (.6 | ) | (1.1 | ) | 0.6 | |||||||||||
Domestic Production Activities Deduction | (3.4 | ) | (2.0 | ) | (1.2 | ) | ||||||||||
Other permanent differences, net | (.7 | ) | (.6 | ) | (.3 | ) | ||||||||||
Other, net | (.6 | ) | (.6 | ) | (1.1 | ) | ||||||||||
Effective tax rate | 23.8 | % | 21.6 | % | 19.4 | % | ||||||||||
Reconciliation Of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Gross unrecognized tax benefits, January 1 | $ | 24.4 | $ | 26.6 | $ | 25.7 | ||||||||||
Gross increases—tax positions in prior periods | 0.1 | 4.5 | 4.8 | |||||||||||||
Gross decreases—tax positions in prior periods | (2.4 | ) | (1.5 | ) | (2.3 | ) | ||||||||||
Gross increases—current period tax positions | 1.3 | 1 | 1.1 | |||||||||||||
Change due to exchange rate fluctuations | (1.0 | ) | (.4 | ) | 0.3 | |||||||||||
Settlements | (.6 | ) | (2.8 | ) | (1.7 | ) | ||||||||||
Lapse of statute of limitations | (2.0 | ) | (3.0 | ) | (1.3 | ) | ||||||||||
Gross unrecognized tax benefits, December 31 | $ | 19.8 | $ | 24.4 | $ | 26.6 | ||||||||||
Interest | 7.6 | 7.6 | 8 | |||||||||||||
Penalties | 0.8 | 0.9 | 0.9 | |||||||||||||
Total gross unrecognized tax benefits, December 31 | $ | 28.2 | $ | 32.9 | $ | 35.5 | ||||||||||
Deferred Tax Assets Or Liabilities | Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows: | |||||||||||||||
December 31 | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Property, plant and equipment | $ | 13.6 | $ | (56.6 | ) | $ | 13.2 | $ | (60.0 | ) | ||||||
Inventories | 2.2 | (14.1 | ) | 1.6 | (16.4 | ) | ||||||||||
Accrued expenses | 120.9 | — | 89.7 | (.8 | ) | |||||||||||
Net operating losses and other tax carryforwards | 58.7 | — | 69.2 | — | ||||||||||||
Pension cost and other post-retirement benefits | 33.6 | (.8 | ) | 16 | (.9 | ) | ||||||||||
Intangible assets | 1.9 | (102.1 | ) | 2.3 | (108.5 | ) | ||||||||||
Derivative financial instruments | 12.8 | (1.9 | ) | 14.2 | (1.7 | ) | ||||||||||
Tax on undistributed earnings | — | (11.2 | ) | — | (10.1 | ) | ||||||||||
Uncertain tax positions | 9.3 | — | 11.2 | — | ||||||||||||
Other | 5.5 | (9.0 | ) | 6.8 | (6.3 | ) | ||||||||||
Gross deferred tax assets (liabilities) | 258.5 | (195.7 | ) | 224.2 | (204.7 | ) | ||||||||||
Valuation allowance | (27.1 | ) | — | (25.4 | ) | — | ||||||||||
Total deferred taxes | $ | 231.4 | $ | (195.7 | ) | $ | 198.8 | $ | (204.7 | ) | ||||||
Net deferred tax (liability) | $ | 35.7 | $ | (5.9 | ) | |||||||||||
Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets | Deferred tax assets (liabilities) included in the consolidated balance sheets are as follows: | |||||||||||||||
December 31 | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Other current assets | $ | 42.3 | $ | 12.1 | ||||||||||||
Sundry | 36.5 | 46.9 | ||||||||||||||
Other current liabilities | (1.3 | ) | (1.6 | ) | ||||||||||||
Deferred income taxes | (41.8 | ) | (63.3 | ) | ||||||||||||
$ | 35.7 | $ | (5.9 | ) | ||||||||||||
Other_Income_Expense_Tables
Other (Income) Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||
Components Of Other (Income) Expense | The components of other (income) expense from continuing operations were as follows: | |||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gain on asset sales | $ | (5.1 | ) | $ | (7.8 | ) | $ | (.4 | ) | |||
Bargain purchase gain from acquisitions (see Note R) | — | (8.8 | ) | — | ||||||||
Restructuring charges (see Note D) | 0.9 | 2.1 | 3.2 | |||||||||
Asset impairments (see Note C) | 1.3 | 0.8 | 0.8 | |||||||||
Currency loss | 0.3 | 1.8 | 2.1 | |||||||||
Royalty income | (1.0 | ) | (1.4 | ) | (1.6 | ) | ||||||
(Gain) loss from diversified investments associated with stock-based compensation plans (see Note L) | (1.2 | ) | (1.9 | ) | (.5 | ) | ||||||
Other income | (5.6 | ) | (5.8 | ) | (5.6 | ) | ||||||
$ | (10.4 | ) | $ | (21.0 | ) | $ | (2.0 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Changes In Each Component Of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in each component of accumulated other comprehensive income (loss): | |||||||||||||||
Foreign | Cash | Defined | Accumulated | |||||||||||||
Currency | Flow | Benefit | Other | |||||||||||||
Translation | Hedges | Pension | Comprehensive | |||||||||||||
Adjustments | Plans | Income (Loss) | ||||||||||||||
Balance January 1, 2012 | $ | 147.6 | $ | (21.5 | ) | $ | (60.9 | ) | $ | 65.2 | ||||||
Other comprehensive income (loss) before reclassifications, pretax | 15.3 | (10.1 | ) | (16.0 | ) | (10.8 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 1.9 | 6.3 | 8.2 | ||||||||||||
Interest expense | — | 1.8 | — | 1.8 | ||||||||||||
Other income/expense, net | 0.7 | — | — | 0.7 | ||||||||||||
Subtotal of reclassifications, pretax | 0.7 | 3.7 | 6.3 | 10.7 | ||||||||||||
Other comprehensive income (loss), pretax | 16 | (6.4 | ) | (9.7 | ) | (.1 | ) | |||||||||
Income tax effect | — | 2.4 | 3.6 | 6 | ||||||||||||
Attributable to noncontrolling interest | (.1 | ) | — | — | (.1 | ) | ||||||||||
Balance December 31, 2012 | 163.5 | (25.5 | ) | (67.0 | ) | 71 | ||||||||||
Other comprehensive income (loss) before reclassifications, pretax | (5.0 | ) | (1.0 | ) | 35.2 | 29.2 | ||||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||
Cost of goods sold; selling and administrative expenses | — | 0.5 | 6.6 | 7.1 | ||||||||||||
Interest expense | — | 3.9 | — | 3.9 | ||||||||||||
Subtotal of reclassifications, pretax | — | 4.4 | 6.6 | 11 | ||||||||||||
Other comprehensive income (loss), pretax | (5.0 | ) | 3.4 | 41.8 | 40.2 | |||||||||||
Income tax effect | — | (1.4 | ) | (15.1 | ) | (16.5 | ) | |||||||||
Attributable to noncontrolling interest | (.2 | ) | — | — | (.2 | ) | ||||||||||
Balance December 31, 2013 | 158.3 | (23.5 | ) | (40.3 | ) | 94.5 | ||||||||||
Other comprehensive income (loss) before reclassifications, pretax | (71.7 | ) | 0.8 | (49.5 | ) | (120.4 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income, pretax: | ||||||||||||||||
Net Sales | — | 0.4 | — | 0.4 | ||||||||||||
Cost of goods sold; selling and administrative expenses | — | — | 3.1 | 3.1 | ||||||||||||
Interest expense | — | 4 | — | 4 | ||||||||||||
Subtotal of reclassifications, pretax | — | 4.4 | 3.1 | 7.5 | ||||||||||||
Other comprehensive income (loss), pretax | (71.7 | ) | 5.2 | (46.4 | ) | (112.9 | ) | |||||||||
Income tax effect | — | (1.8 | ) | 17.4 | 15.6 | |||||||||||
Attributable to noncontrolling interest | 0.2 | — | — | 0.2 | ||||||||||||
Balance December 31, 2014 | $ | 86.8 | $ | (20.1 | ) | $ | (69.3 | ) | $ | (2.6 | ) | |||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Items Measured At Fair Value On A Recurring Basis | ||||||||||||||||
As of December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 140.7 | $ | — | $ | 140.7 | ||||||||
Derivative assets (see Note S) | — | 2 | — | 2 | ||||||||||||
Diversified investments associated with the ESUP* (see Note L) | 18.8 | — | — | 18.8 | ||||||||||||
Total assets | $ | 18.8 | $ | 142.7 | $ | — | $ | 161.5 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities (see Note S) | $ | — | $ | 2.7 | $ | — | $ | 2.7 | ||||||||
Liabilities associated with the ESUP* (see Note L) | 18.6 | — | — | 18.6 | ||||||||||||
Total liabilities | $ | 18.6 | $ | 2.7 | $ | — | $ | 21.3 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Bank time deposits with original maturities of three months or less | $ | — | $ | 114.8 | $ | — | $ | 114.8 | ||||||||
Derivative assets (see Note S) | — | 0.6 | — | 0.6 | ||||||||||||
Diversified investments associated with the ESUP* (see Note L) | 13.4 | — | — | 13.4 | ||||||||||||
Total assets | $ | 13.4 | $ | 115.4 | $ | — | $ | 128.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities (see Note S) | $ | — | $ | 0.9 | $ | — | $ | 0.9 | ||||||||
Liabilities associated with the ESUP* (see Note L) | 13.3 | — | — | 13.3 | ||||||||||||
Total liabilities | $ | 13.3 | $ | 0.9 | $ | — | $ | 14.2 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Estimated Fair Values Of The Assets Acquired And Liabilities Assumed | The following table contains the estimated fair values 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. The majority of the goodwill included in the table below is expected to provide an income tax benefit. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Accounts receivable | $ | 7.9 | $ | 12.7 | $ | 11.5 | ||||||
Inventory | 16.5 | 15 | 21.1 | |||||||||
Property, plant and equipment | 27.1 | 16.1 | 15.7 | |||||||||
Goodwill (see Note E) | 19 | 6.1 | 60.2 | |||||||||
Other intangible assets (see Note E) | 14.1 | 12.3 | 109.8 | |||||||||
Other current and long-term assets | 4.1 | 0.4 | 10.2 | |||||||||
Current liabilities | (14.1 | ) | (19.5 | ) | (7.6 | ) | ||||||
Long-term liabilities | (3.1 | ) | (6.4 | ) | (9.5 | ) | ||||||
Additional consideration for prior years’ acquisitions | — | — | 0.2 | |||||||||
Fair value of net identifiable assets | 71.5 | 36.7 | 211.6 | |||||||||
Less: Bargain purchase gain | — | 8.8 | — | |||||||||
Less: Non-cash consideration | 1.1 | — | — | |||||||||
Net cash consideration | $ | 70.4 | $ | 27.9 | $ | 211.6 | ||||||
Businesses That Were Previously Not Wholly Owned | The following table summarizes acquisitions for the periods presented. | |||||||||||
Year Ended | Number of | Segment | Product/Service | |||||||||
Acquisitions | ||||||||||||
December 31, 2014 | 5 | Residential Furnishings | Innersprings; Home furniture components; Geotextile products; Fabric converting for furniture and bedding; Foam carpet underlay | |||||||||
December 31, 2013 | 4 | Residential Furnishings (1); Industrial Materials (2); Specialized Products (1) | Tubing for the aerospace industry (2); Innerspring unit wire-forming machines; Geotextile products | |||||||||
December 31, 2012 | 5 | Residential Furnishings (2); Industrial Materials (3) | Tubing for the aerospace industry; Wire partitions; Gel components; Tubing fabrication; Warehouse/distribution services |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Financial Instruments At Fair Value | |||||||||||||||||||
Expiring at various dates through: | Total USD | As of December 31, 2014 | |||||||||||||||||
Equivalent | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | Notional | Assets | Liabilities | ||||||||||||||||
Amount | Other Current | Other Current | Other Long-Term | ||||||||||||||||
Assets | Liabilities | Liabilities | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||
Currency hedges: | |||||||||||||||||||
-Future USD sales of Canadian and Chinese subsidiaries | Dec-16 | $ | 153.3 | $ | 0.3 | $ | 1 | $ | 0.2 | ||||||||||
-Future USD purchases of Canadian and European subsidiaries | Dec-15 | 10.4 | 0.9 | — | — | ||||||||||||||
-Future USD purchases of a USD subsidiary | Dec-16 | 5.3 | — | 0.3 | 0.1 | ||||||||||||||
-Future JPY sales of Chinese subsidiary | Dec-15 | 6.9 | 0.5 | — | — | ||||||||||||||
-Future EUR Sales of Chinese Subsidiary | Dec-15 | 6 | 0.3 | — | — | ||||||||||||||
Total cash flow hedges | 2 | 1.3 | 0.3 | ||||||||||||||||
Fair value hedges: | |||||||||||||||||||
USD inter-company note receivable on a Swiss subsidiary | Sep-15 | 18.5 | — | 1.1 | — | ||||||||||||||
$ | 2 | $ | 2.4 | $ | 0.3 | ||||||||||||||
Expiring at various dates through: | Total USD | As of December 31, 2013 | |||||||||||||||||
Equivalent | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | Notional | Assets | Liabilities | ||||||||||||||||
Amount | Other Current | Other Current | |||||||||||||||||
Assets | Liabilities | ||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||
Currency hedges: | |||||||||||||||||||
-Future USD sales of Canadian and Chinese subsidiaries | Dec-15 | $ | 133.9 | $ | 0.1 | $ | 0.8 | ||||||||||||
-Future JPY sales of Chinese subsidiary | Dec-14 | 5.1 | 0.1 | — | |||||||||||||||
-Future EUR Sales of Chinese Subsidiary | Feb-15 | 4.7 | — | 0.1 | |||||||||||||||
Total cash flow hedges | 0.2 | 0.9 | |||||||||||||||||
Fair value hedges: | |||||||||||||||||||
USD inter-company note receivables on a Swiss subsidiary | Mar-14 | 14.5 | 0.4 | — | |||||||||||||||
$ | 0.6 | $ | 0.9 | ||||||||||||||||
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 | ||||||||||||||||||
Caption | Recorded in Income | ||||||||||||||||||
for the Year Ended | |||||||||||||||||||
December 31 | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||||
Commodity cash flow hedges | Cost of goods sold | $ | — | $ | 0.4 | $ | 2.4 | ||||||||||||
Interest rate cash flow hedges | Interest expense | 4 | 3.9 | 1.8 | |||||||||||||||
Currency cash flow hedges | Net sales * | 2.1 | (1.5 | ) | (.6 | ) | |||||||||||||
Currency cash flow hedges | Cost of goods sold | (.3 | ) | 0.1 | (.5 | ) | |||||||||||||
Currency cash flow hedges | Other (income) expense, net | 0.4 | 0.2 | 0.2 | |||||||||||||||
Total cash flow hedges | 6.2 | 3.1 | 3.3 | ||||||||||||||||
Fair value hedges | Other (income) expense, net | 2.7 | (3.2 | ) | (.2 | ) | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||
Hedge of EUR assets (including inter-company note receivables)-UK and USD subsidiaries | Other (income) expense, net | — | — | (.8 | ) | ||||||||||||||
Hedge of steel purchases - US subsidiary | Other (income) expense, net | — | — | 0.1 | |||||||||||||||
Hedge of EUR inter-company note receivable- USD denominated subsidiary | Interest expense | — | — | 0.1 | |||||||||||||||
Total derivative instruments | $ | 8.9 | $ | (.1 | ) | $ | 2.5 | ||||||||||||
* Discontinued operations amounts included in the above: | $ | 0.1 | $ | 0.2 | $ | — | |||||||||||||
Quarterly_Summary_Of_Earnings_
Quarterly Summary Of Earnings (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule Of Quarterly Summary Of Earnings | ||||||||||||||||||||
Year ended December 31 | First | Second 1 | Third 2,4 | Fourth 3,5 | Total | |||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 875.5 | $ | 956.1 | $ | 997.4 | $ | 953.3 | $ | 3,782.30 | ||||||||||
Gross profit | 176.8 | 200.7 | 209.1 | 203.8 | 790.4 | |||||||||||||||
Earnings from continuing operations before income taxes | 76.8 | 93.2 | 66.5 | 59 | 295.5 | |||||||||||||||
Earnings from continuing operations | $ | 56 | $ | 69.6 | $ | 53.4 | $ | 46.2 | $ | 225.2 | ||||||||||
Earnings (loss) from discontinued operations, net of tax | (2.3 | ) | (92.7 | ) | (4.4 | ) | (24.6 | ) | (124.0 | ) | ||||||||||
Net earnings | 53.7 | (23.1 | ) | 49 | 21.6 | 101.2 | ||||||||||||||
(Earnings) attributable to noncontrolling interest, net of tax | (.6 | ) | (.8 | ) | (.8 | ) | (1.0 | ) | (3.2 | ) | ||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 53.1 | $ | (23.9 | ) | $ | 48.2 | $ | 20.6 | $ | 98 | |||||||||
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.49 | $ | 0.37 | $ | 0.32 | $ | 1.57 | ||||||||||
Diluted | $ | 0.38 | $ | 0.48 | $ | 0.37 | $ | 0.32 | $ | 1.55 | ||||||||||
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | (.02 | ) | $ | (.66 | ) | $ | (.03 | ) | $ | (.17 | ) | $ | (.88 | ) | |||||
Diluted | $ | (.02 | ) | $ | (.65 | ) | $ | (.03 | ) | $ | (.17 | ) | $ | (.87 | ) | |||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.37 | $ | (.17 | ) | $ | 0.34 | $ | 0.15 | $ | 0.69 | |||||||||
Diluted | $ | 0.37 | $ | (.17 | ) | $ | 0.34 | $ | 0.14 | $ | 0.68 | |||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 860.8 | $ | 879.6 | $ | 877.6 | $ | 859.2 | $ | 3,477.20 | ||||||||||
Gross profit | 179.9 | 185.3 | 179.6 | 165.1 | 709.9 | |||||||||||||||
Earnings from continuing operations before income taxes | 68.4 | 82.4 | 90.5 | (3.7 | ) | 237.6 | ||||||||||||||
Earnings from continuing operations | $ | 49.7 | $ | 59.6 | $ | 66.5 | $ | 10.5 | $ | 186.3 | ||||||||||
Earnings (loss) from discontinued operations, net of tax | (.2 | ) | 12.3 | 5.5 | (4.2 | ) | 13.4 | |||||||||||||
Net earnings | 49.5 | 71.9 | 72 | 6.3 | 199.7 | |||||||||||||||
(Earnings) attributable to noncontrolling interest, net of tax | (.4 | ) | (.6 | ) | (.7 | ) | (.7 | ) | (2.4 | ) | ||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 49.1 | $ | 71.3 | $ | 71.3 | $ | 5.6 | $ | 197.3 | ||||||||||
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.41 | $ | 0.45 | $ | 0.07 | $ | 1.27 | ||||||||||
Diluted | $ | 0.33 | $ | 0.4 | $ | 0.45 | $ | 0.07 | $ | 1.25 | ||||||||||
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | — | $ | 0.08 | $ | 0.04 | $ | (.03 | ) | $ | 0.09 | |||||||||
Diluted | $ | — | $ | 0.08 | $ | 0.04 | $ | (.03 | ) | $ | 0.09 | |||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.49 | $ | 0.49 | $ | 0.04 | $ | 1.36 | ||||||||||
Diluted | $ | 0.33 | $ | 0.48 | $ | 0.49 | $ | 0.04 | $ | 1.34 | ||||||||||
__________________________________ | ||||||||||||||||||||
1 | Second quarter 2014 Earnings from discontinued operations include pretax goodwill impairment charges of $108 associated with the Store Fixtures operation. See Note B and Note E. | |||||||||||||||||||
2 | Third quarter 2014 Earnings from continuing operations includes pretax charges of $32 associated with litigation accruals. Discontinued operations includes pretax charges of $8 for litigation accruals. See Note T. | |||||||||||||||||||
3 | Fourth quarter 2014 Earnings from continuing operations include pretax charges of $22 for litigation accruals. Discontinued operations includes the following pretax items: $27 litigation accruals and a $9 loss on the sale of the majority of our Store Fixtures unit. See Note B and Note T. | |||||||||||||||||||
4 | In the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. See Note R. | |||||||||||||||||||
5 | In the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) | Dec. 31, 2014 |
Accounting Policies [Abstract] | |
Percentage of LIFO Inventory | 50.00% |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 10 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 28 years |
Other items | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 8 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 3 years |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 10 years |
Minimum | Other items | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 3 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 20 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 40 years |
Maximum | Other items | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 15 years |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Summary Of Other Intangible Assets) (Details) (Other intangible assets) | 12 Months Ended |
Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Life | 15 years |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 40 years |
Discontinued_Operations_Result
Discontinued Operations (Results From Discontinued Operations And Activity Directly Related To Divestitures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | $167,400,000 | $273,500,000 | $306,300,000 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Trade Receivables | 7,000,000 | 0 | 0 | ||||||||||||||||
Goodwill impairment | 108,000,000 | 63,000,000 | 0 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 32,800,000 | 19,100,000 | 32,800,000 | 19,100,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 5,600,000 | 0 | 5,600,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Total Assets, Net | 27,200,000 | 19,100,000 | 27,200,000 | 19,100,000 | |||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -9,000,000 | ||||||||||||||||||
Loss before interest and income taxes | -156,300,000 | 7,900,000 | 20,800,000 | ||||||||||||||||
Income tax benefit (expense) | 32,300,000 | 5,500,000 | -2,100,000 | ||||||||||||||||
Loss from discontinued operations, net of tax | -24,600,000 | [1],[2],[3] | -4,400,000 | [2],[4] | -92,700,000 | [2] | -2,300,000 | [2] | -4,200,000 | [1],[2],[3] | 5,500,000 | [2],[4] | 12,300,000 | [2] | -200,000 | [2] | -124,000,000 | 13,400,000 | 18,700,000 |
Disposal Group, Discontinued operation real property | 0 | 0 | 0 | 0 | |||||||||||||||
Accounts and Other Receivables, Net, Current | 300,000 | 0 | 300,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Inventory | 3,000,000 | 0 | 3,000,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 100,000 | 0 | 100,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 10,400,000 | 0 | 10,400,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 20,400,000 | 19,100,000 | 20,400,000 | 19,100,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Intangible Assets | 600,000 | 0 | 600,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 1,400,000 | 0 | 1,400,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 22,400,000 | 19,100,000 | 22,400,000 | 19,100,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Accounts Payable | 3,700,000 | 0 | 3,700,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 1,500,000 | 0 | 1,500,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 300,000 | 0 | 300,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 5,500,000 | 0 | 5,500,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities, Noncurrent | 100,000 | 0 | 100,000 | 0 | |||||||||||||||
Industrial Materials | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Goodwill impairment | 0 | 0 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 3,400,000 | 2,600,000 | 3,400,000 | 2,600,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 0 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Total Assets, Net | 3,400,000 | 3,400,000 | |||||||||||||||||
Aluminum Products [Member] | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 0 | 400,000 | 0 | 400,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 0 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Total Assets, Net | 0 | 0 | |||||||||||||||||
Specialized Products: | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Goodwill impairment | 0 | 63,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 5,200,000 | 5,800,000 | 5,200,000 | 5,800,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 0 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Total Assets, Net | 5,200,000 | 5,200,000 | |||||||||||||||||
Residential Furnishings Segment [Member] | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 4,100,000 | 8,000,000 | 4,100,000 | 8,000,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 0 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Total Assets, Net | 4,100,000 | 4,100,000 | |||||||||||||||||
Commercial Fixturing & Components | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Goodwill impairment | 108,000,000 | 0 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 20,100,000 | 2,300,000 | 20,100,000 | 2,300,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 5,600,000 | 5,600,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Total Assets, Net | 14,500,000 | 14,500,000 | |||||||||||||||||
Subsequent activity related to other divestitures completed prior to 2011 | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Earnings (loss): | 3,900,000 | ||||||||||||||||||
Subsequent activity related to other divestitures completed prior to 2011 | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Earnings (loss): | -35,400,000 | ||||||||||||||||||
Litigation Settlement, Amount | 0 | 0 | |||||||||||||||||
Subsequent activity related to other divestitures completed prior to 2011 | Subsequent activity related to other divestitures completed prior to 2011 | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Earnings (loss): | 500,000 | ||||||||||||||||||
Specialized Products: | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 500,000 | 3,500,000 | ||||||||||||||||
Earnings (loss): | 0 | -700,000 | |||||||||||||||||
Specialized Products: | Total external sales | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Earnings (loss): | -800,000 | ||||||||||||||||||
Store Fixtures [Member] | Commercial Fixturing & Components | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 59,200,000 | 59,200,000 | |||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 4,700,000 | ||||||||||||||||||
Wire dishwasher racks | Industrial Materials | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 4,100,000 | 11,100,000 | ||||||||||||||||
Earnings (loss): | 0 | 1,000,000 | -100,000 | ||||||||||||||||
Cotton-based erosion control products | Industrial Materials | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 100,000 | 100,000 | ||||||||||||||||
Disposal Groups, Number of Operations Disposed | 3 | ||||||||||||||||||
Loss on write down | 1,900,000 | ||||||||||||||||||
Fixed asset impairment | 1,500,000 | ||||||||||||||||||
Earnings (loss): | 0 | -3,100,000 | -1,200,000 | ||||||||||||||||
Commercial Fixturing & Components - Store Fixtures | Commercial Fixturing & Components | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 167,400,000 | 268,800,000 | 291,600,000 | ||||||||||||||||
Goodwill impairment | 0 | ||||||||||||||||||
Earnings (loss): | ($120,900,000) | $10,200,000 | $19,000,000 | ||||||||||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246MUQ1OUY4MDRDQzg1OEQwMDk3NkIwQzkwNEVBRkJCRTkM} | ||||||||||||||||||
[2] | . | ||||||||||||||||||
[3] | n the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) | ||||||||||||||||||
[4] | n the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. |
Impairment_Charges_Narrative_D
Impairment Charges (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | |||||||
Impairment charges | $109.30 | $65.40 | |||||
Control premium percentage | 25.00% | ||||||
Financial forecasted years | 10 years | ||||||
Goodwill impairment | 108 | 63 | 0 | ||||
Fair Value Inputs, Compound Annual Growth Rate, Earnings Before Interest, Taxes, Depreciation, Amortization | 0.50% | 4.80% | |||||
Discount Rate | 12.00% | 10.50% | |||||
Commercial Fixturing And Components Fixture And Display Group [Member] | Store Fixtures [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment | 108 | ||||||
Specialized Products: | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment | 0 | 63 | |||||
Specialized Products: | CVP unit | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment | 63 | ||||||
Specialized Products: | CVP unit | Customer- Related Intangibles | |||||||
Goodwill [Line Items] | |||||||
Accelerated amortization of intangibles | $3.80 |
Impairment_Charges_Summary_Of_
Impairment Charges (Summary Of Impairment Charges On Continued And Discontinued Operations) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | $108 | $63 | $0 | |||
Other Long-Lived Asset Impairments | 1.3 | 2.4 | 1.7 | |||
Total Impairments | 109.3 | 65.4 | ||||
Continuing Operations | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 63 | 0 | |||
Other Long-Lived Asset Impairments | 1.3 | 0.8 | 0.8 | |||
Total Impairments | 1.3 | 63.8 | ||||
Discontinued Operations | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 108 | 0 | ||||
Other Long-Lived Asset Impairments | 0 | 1.6 | 0.9 | |||
Total Impairments | 108 | 1.6 | ||||
Commercial Fixturing & Components - Store Fixtures | Discontinued Operations | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 108 | 0 | 108 | |||
Other Long-Lived Asset Impairments | 0 | 0 | 0 | |||
Total Impairments | 108 | 0 | ||||
Residential Furnishings | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Residential Furnishings | Continuing Operations | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Other Long-Lived Asset Impairments | 1.2 | 0.8 | 0.1 | |||
Total Impairments | 1.2 | 0.8 | ||||
Commercial Fixturing & Components | Store Fixtures [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 108 | |||||
Industrial Materials | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Industrial Materials | Continuing Operations | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Other Long-Lived Asset Impairments | 0 | 0 | 0.6 | |||
Total Impairments | 0 | 0 | ||||
Industrial Materials | Discontinued Operations | Cotton-based erosion control products | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Other Long-Lived Asset Impairments | 0 | 1.5 | 0 | |||
Total Impairments | 0 | 1.5 | ||||
Industrial Materials | Discontinued Operations | Wire dishwasher racks | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Other Long-Lived Asset Impairments | 0 | 0 | 0.9 | |||
Total Impairments | 0 | 0 | ||||
Specialized Products: | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 63 | ||||
Specialized Products: | CVP unit | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 63 | |||||
Specialized Products: | Continuing Operations | CVP unit | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 63 | ||||
Other Long-Lived Asset Impairments | 0 | 0 | 0 | |||
Total Impairments | 0 | 63 | ||||
Other | Continuing Operations | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Other Long-Lived Asset Impairments | 0.1 | 0 | 0.1 | |||
Other | Continuing Operations | Other Group [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Total Impairments | 0.1 | 0 | ||||
Subsequent activity related to other divestitures completed prior to 2011 | Discontinued Operations | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Goodwill Impairment | 0 | 0 | ||||
Other Long-Lived Asset Impairments | 0 | 0.1 | 0 | |||
Total Impairments | $0 | $0.10 |
Impairment_Charges_Components_
Impairment Charges (Components Of Fair Values In Relation To Their Respective Carrying Values) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill (see Note E) | $819 | $926.80 | $991.50 |
Terminal Values Long- term Growth Rate for Debt-Free Cash Flow | 3.00% | ||
Specialized Products: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill (see Note E) | 201 | 210 | 274.3 |
Less Than Twenty-Five Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill (see Note E) | 0 | ||
Twenty-Five to Forty-Nine Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill (see Note E) | 203.4 | ||
Terminal Values Long- term Growth Rate for Debt-Free Cash Flow | 3.00% | ||
Seventy-Five Percent Plus [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill (see Note E) | 232.4 | ||
Terminal Values Long- term Growth Rate for Debt-Free Cash Flow | 3.00% | ||
Fifty to Seventy-Four Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill (see Note E) | $383.20 | ||
Terminal Values Long- term Growth Rate for Debt-Free Cash Flow | 3.00% | ||
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
10-year Compound Annual Growth Rate Range for Sales | 0.50% | ||
Discount Rate Ranges | 9.00% | ||
Minimum | Twenty-Five to Forty-Nine Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of Fair Value in Excess of Carrying Value | 25.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 2.00% | ||
Discount Rate Ranges | 9.50% | ||
Minimum | Seventy-Five Percent Plus [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of Fair Value in Excess of Carrying Value | 75.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 3.70% | ||
Discount Rate Ranges | 9.00% | ||
Minimum | Fifty to Seventy-Four Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of Fair Value in Excess of Carrying Value | 50.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 0.50% | ||
Discount Rate Ranges | 9.00% | ||
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
10-year Compound Annual Growth Rate Range for Sales | 8.20% | ||
Discount Rate Ranges | 12.00% | ||
Maximum | Less Than Twenty-Five Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of Fair Value in Excess of Carrying Value | 25.00% | ||
Maximum | Twenty-Five to Forty-Nine Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of Fair Value in Excess of Carrying Value | 49.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 5.50% | ||
Discount Rate Ranges | 10.00% | ||
Maximum | Seventy-Five Percent Plus [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
10-year Compound Annual Growth Rate Range for Sales | 8.20% | ||
Discount Rate Ranges | 9.50% | ||
Maximum | Fifty to Seventy-Four Percent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of Fair Value in Excess of Carrying Value | 74.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 3.80% | ||
Discount Rate Ranges | 12.00% |
Restructuring_Summary_Of_Restr
Restructuring (Summary Of Restructuring-Related Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Inventory obsolescence charged to cost of goods sold | $10 | $11.80 | $10.20 |
Other Initiatives | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 11.2 | 1.6 | 5.7 |
Portion of total that represents cash charges | 2.7 | 2.3 | 7.5 |
Other Initiatives | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.8 | 1.9 | 3.5 |
Other Initiatives | Discontinued Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 10.4 | -0.3 | 2.2 |
(Gain) Loss from sale of assets | 8.6 | -0.5 | -2.1 |
Other Initiatives | Severance and other restructuring costs | Discontinued Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1.8 | 0.2 | 4.3 |
Other Initiatives | Charged to other (income) expense, net: | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
(Gain) Loss from sale of assets | -0.1 | -0.2 | 0.3 |
Other Initiatives | Charged to other (income) expense, net: | Severance and other restructuring costs | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $0.90 | $2.10 | $3.20 |
Restructuring_Summary_Of_Restr1
Restructuring (Summary Of Restructuring-Related Cost Incurred By Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Writedown of inventories | $10 | $11.80 | $10.20 |
Restructuring_Accrued_Liabilit
Restructuring (Accrued Liability) (Details) (Other Initiatives, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $0.80 | $2.10 | |
Charges | 2.7 | 2.3 | 7.5 |
Portion of total that represents cash charges | 1.9 | 3.6 | |
Balance at end of period | 1.6 | 0.8 | 2.1 |
Termination benefits | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0.1 | 1.1 | |
Charges | 2.6 | 0.3 | |
Portion of total that represents cash charges | 1.6 | 1.3 | |
Balance at end of period | 1.1 | 0.1 | |
Contract termination costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0 | 0.6 | |
Charges | 0 | 0.1 | |
Portion of total that represents cash charges | 0 | 0.7 | |
Balance at end of period | 0 | 0 | |
Other restructuring costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0.7 | 0.4 | |
Charges | 0.1 | 1.9 | |
Portion of total that represents cash charges | 0.3 | 1.6 | |
Balance at end of period | $0.50 | $0.70 |
Restructuring_Summary_Of_Restr2
Restructuring (Summary Of Restructuring And Restructuring-Related Charges (Income) Continuing Operations By Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Inventory obsolescence charged to cost of goods sold | $10 | $11.80 | $10.20 |
Other Initiatives | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | 11.2 | 1.6 | 5.7 |
Other Initiatives | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | 0.8 | 1.9 | 3.5 |
Other Initiatives | Continuing Operations | Residential Furnishings | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | 0 | 1.7 | 2.3 |
Other Initiatives | Continuing Operations | Industrial Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | 0.1 | -0.1 | 0.6 |
Other Initiatives | Continuing Operations | Specialized Products: | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | 0.7 | 0.3 | 0.6 |
Other Initiatives | Discontinued Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | 10.4 | -0.3 | 2.2 |
(Gain) Loss from sale of assets | 8.6 | -0.5 | -2.1 |
Other Initiatives | Other Income Expense Net | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
(Gain) Loss from sale of assets | -0.1 | -0.2 | 0.3 |
Other Initiatives | Severance and other restructuring costs | Discontinued Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | 1.8 | 0.2 | 4.3 |
Other Initiatives | Severance and other restructuring costs | Other Income Expense Net | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and restructuring-related cost | $0.90 | $2.10 | $3.20 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Changes In The Carrying Amounts Of Goodwill) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ||||
Net goodwill | $991.50 | $926.80 | $991.50 | |
Additions for current year acquisitions | 6.1 | 19 | 6.1 | |
Adjustments to prior year acquisitions | 0 | -0.4 | ||
Reductions for sale of business | -0.3 | |||
Impairment charge | -108 | -63 | 0 | |
Foreign currency translation adjustment/other | -18.8 | -7.1 | ||
Gross goodwill | 1,132.60 | |||
Accumulated impairment losses | -313.6 | |||
Net goodwill | 819 | 926.8 | 991.5 | |
Residential Furnishings | ||||
Goodwill [Roll Forward] | ||||
Net goodwill | 390 | 386.1 | 390 | |
Additions for current year acquisitions | 19 | 0 | ||
Adjustments to prior year acquisitions | 0.1 | 0 | ||
Reductions for sale of business | 0 | |||
Impairment charge | 0 | 0 | ||
Foreign currency translation adjustment/other | -7.6 | -3.9 | ||
Gross goodwill | 397.6 | |||
Accumulated impairment losses | 0 | |||
Net goodwill | 397.6 | 386.1 | ||
Commercial Fixturing & Components | ||||
Goodwill [Roll Forward] | ||||
Net goodwill | 199.4 | 196.5 | 199.4 | |
Additions for current year acquisitions | 0 | 0 | ||
Adjustments to prior year acquisitions | 0 | 0 | ||
Reductions for sale of business | 0 | |||
Impairment charge | -108 | 0 | ||
Foreign currency translation adjustment/other | -1.6 | -2.9 | ||
Gross goodwill | 337.5 | |||
Accumulated impairment losses | -250.6 | |||
Net goodwill | 86.9 | 196.5 | ||
Industrial Materials | ||||
Goodwill [Roll Forward] | ||||
Net goodwill | 127.8 | 134.2 | 127.8 | |
Additions for current year acquisitions | 0 | 6.1 | ||
Adjustments to prior year acquisitions | -0.1 | -0.4 | ||
Reductions for sale of business | 0 | |||
Impairment charge | 0 | 0 | ||
Foreign currency translation adjustment/other | -0.6 | 0.7 | ||
Gross goodwill | 133.5 | |||
Accumulated impairment losses | 0 | |||
Net goodwill | 133.5 | 134.2 | ||
Specialized Products: | ||||
Goodwill [Roll Forward] | ||||
Net goodwill | 274.3 | 210 | 274.3 | |
Additions for current year acquisitions | 0 | 0 | ||
Adjustments to prior year acquisitions | 0 | 0 | ||
Reductions for sale of business | -0.3 | |||
Impairment charge | 0 | -63 | ||
Foreign currency translation adjustment/other | -9 | -1 | ||
Gross goodwill | 264 | |||
Accumulated impairment losses | -63 | |||
Net goodwill | $201 | $210 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Intangible Assets Purchased) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $334.40 | $317.80 |
Accumulated amortization | 129.7 | 114.4 |
Net intangibles as of end of period | 204.7 | 203.4 |
Acquired during period: | ||
Acquired related to business acquisitions | 14.1 | 12.3 |
Acquired outside business acquisitions | 14.1 | 12.8 |
Total acquired in period | 28.2 | 25.1 |
Weighted average amortization period in years for items acquired in period | 8 years 4 months 12 days | |
Debt Issue Costs | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 10.1 | 9.5 |
Accumulated amortization | 4.2 | 5.5 |
Net intangibles as of end of period | 5.9 | 4 |
Acquired during period: | ||
Acquired related to business acquisitions | 0 | 0 |
Acquired outside business acquisitions | 2.9 | 0 |
Total acquired in period | 2.9 | 0 |
Weighted average amortization period in years for items acquired in period | 10 years 0 months 18 days | |
Patents and Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 57.8 | 53.8 |
Accumulated amortization | 29.7 | 28.2 |
Net intangibles as of end of period | 28.1 | 25.6 |
Acquired during period: | ||
Acquired related to business acquisitions | 5 | 0.7 |
Acquired outside business acquisitions | 1.4 | 1.6 |
Total acquired in period | 6.4 | 2.3 |
Weighted average amortization period in years for items acquired in period | 11 years 3 months 18 days | |
Non-compete Agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7.6 | 7.7 |
Accumulated amortization | 1.4 | 5.2 |
Net intangibles as of end of period | 6.2 | 2.5 |
Acquired during period: | ||
Acquired related to business acquisitions | 5.5 | 0.5 |
Acquired outside business acquisitions | 0.2 | 0 |
Total acquired in period | 5.7 | 0.5 |
Weighted average amortization period in years for items acquired in period | 5 years 0 months 18 days | |
Customer- Related Intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 223.9 | 221.9 |
Accumulated amortization | 78.8 | 63.9 |
Net intangibles as of end of period | 145.1 | 158 |
Acquired during period: | ||
Acquired related to business acquisitions | 1.1 | 9.7 |
Acquired outside business acquisitions | 2.3 | 5.9 |
Total acquired in period | 3.4 | 15.6 |
Weighted average amortization period in years for items acquired in period | 11 years 2 months 18 days | |
Supply Agreements and Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 35 | 24.9 |
Accumulated amortization | 15.6 | 11.6 |
Net intangibles as of end of period | 19.4 | 13.3 |
Acquired during period: | ||
Acquired related to business acquisitions | 2.5 | 1.4 |
Acquired outside business acquisitions | 7.3 | 5.3 |
Total acquired in period | $9.80 | $6.70 |
Weighted average amortization period in years for items acquired in period | 7 years 1 month 6 days | |
Other Intangibles | ||
Acquired during period: | ||
Weighted average amortization period in years for items acquired in period | 9 years 2 months 12 days | |
Other Intangibles | Debt Issue Costs | ||
Acquired during period: | ||
Weighted average amortization period in years for items acquired in period | 0 years | |
Other Intangibles | Patents and Trademarks | ||
Acquired during period: | ||
Weighted average amortization period in years for items acquired in period | 16 years 3 months 18 days | |
Other Intangibles | Non-compete Agreements | ||
Acquired during period: | ||
Weighted average amortization period in years for items acquired in period | 4 years 9 months 18 days | |
Other Intangibles | Customer- Related Intangibles | ||
Acquired during period: | ||
Weighted average amortization period in years for items acquired in period | 9 years 7 months 6 days | |
Other Intangibles | Supply Agreements and Other | ||
Acquired during period: | ||
Weighted average amortization period in years for items acquired in period | 6 years 1 month 6 days |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2014 | $24 |
2015 | 23 |
2016 | 22 |
2017 | 20 |
2018 | $19 |
Segment_Information_Segment_Re
Segment Information (Segment Results From Continuing Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
External Sales | $953.30 | [1],[2],[3] | $997.40 | [1],[4] | $956.10 | [1] | $875.50 | [1] | $859.20 | [1],[2],[3] | $877.60 | [1],[4] | $879.60 | [1] | $860.80 | [1] | $3,782.30 | $3,477.20 | $3,414.50 |
Inter- Segment Sales | 4,148.80 | 3,787.70 | 3,722.40 | ||||||||||||||||
Total Sales | 4,148.80 | 3,787.70 | 3,722.40 | ||||||||||||||||
EBIT | 331.5 | 274.6 | 324.4 | ||||||||||||||||
Adjustment to LIFO method | 0.9 | -3.9 | 12.8 | ||||||||||||||||
Intersegment eliminations and other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Intersegment eliminations and other | 15.1 | 0.9 | -6.8 | ||||||||||||||||
Residential Furnishings | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
External Sales | 2,183.40 | 1,944 | 1,895 | ||||||||||||||||
Inter- Segment Sales | 2,223.20 | 1,967 | 1,903.80 | ||||||||||||||||
Total Sales | 2,223.20 | 1,967 | 1,903.80 | ||||||||||||||||
EBIT | 161.3 | 169.4 | 152.2 | ||||||||||||||||
Commercial Fixturing & Components | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
External Sales | 194.3 | 182.5 | 186.7 | ||||||||||||||||
Inter- Segment Sales | 198.9 | 186.5 | 190.5 | ||||||||||||||||
Total Sales | 198.9 | 186.5 | 190.5 | ||||||||||||||||
EBIT | 13 | 10.7 | 15 | ||||||||||||||||
Industrial Materials | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
External Sales | 605.3 | 612.8 | 621.7 | ||||||||||||||||
Inter- Segment Sales | 865 | 843.8 | 871.1 | ||||||||||||||||
Total Sales | 865 | 843.8 | 871.1 | ||||||||||||||||
EBIT | 55.8 | 71.3 | 65.1 | ||||||||||||||||
Specialized Products: | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
External Sales | 799.3 | 737.9 | 711.1 | ||||||||||||||||
Inter- Segment Sales | 861.7 | 790.4 | 757 | ||||||||||||||||
Total Sales | 861.7 | 790.4 | 757 | ||||||||||||||||
EBIT | 117.4 | 26.2 | 86.1 | ||||||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter- Segment Sales | 366.5 | 310.5 | 307.9 | ||||||||||||||||
Total Sales | 366.5 | 310.5 | 307.9 | ||||||||||||||||
Intersegment Eliminations [Member] | Residential Furnishings | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter- Segment Sales | 39.8 | 23 | 8.8 | ||||||||||||||||
Total Sales | 39.8 | 23 | 8.8 | ||||||||||||||||
Intersegment Eliminations [Member] | Commercial Fixturing & Components | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter- Segment Sales | 4.6 | 4 | 3.8 | ||||||||||||||||
Total Sales | 4.6 | 4 | 3.8 | ||||||||||||||||
Intersegment Eliminations [Member] | Industrial Materials | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter- Segment Sales | 259.7 | 231 | 249.4 | ||||||||||||||||
Total Sales | 259.7 | 231 | 249.4 | ||||||||||||||||
Intersegment Eliminations [Member] | Specialized Products: | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter- Segment Sales | 62.4 | 52.5 | 45.9 | ||||||||||||||||
Total Sales | $62.40 | $52.50 | $45.90 | ||||||||||||||||
[1] | . | ||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246MUQ1OUY4MDRDQzg1OEQwMDk3NkIwQzkwNEVBRkJCRTkM} | ||||||||||||||||||
[3] | n the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) | ||||||||||||||||||
[4] | n the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. |
Segment_Information_Average_As
Segment Information (Average Assets For Segments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Assets | $3,140.60 | $3,108.10 | $3,254.90 | |||
Additions to Property, Plant and Equipment | 94.1 | 80.6 | 71 | |||
Acquired Companies’ Long-Lived Assets | 60.5 | 34.9 | 195.3 | |||
Depreciation And Amortization | 117.9 | 122.6 | 119 | |||
Residential Furnishings | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 595.2 | 586.5 | 602.9 | |||
Additions to Property, Plant and Equipment | 47.8 | 36.5 | 22.5 | |||
Acquired Companies’ Long-Lived Assets | 60.5 | 0.6 | 12.9 | |||
Depreciation And Amortization | 48.1 | 47.2 | 46.4 | |||
Commercial Fixturing & Components | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 49.2 | 48.7 | 51.1 | |||
Additions to Property, Plant and Equipment | 2.1 | 1.5 | 2 | |||
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |||
Depreciation And Amortization | 3.5 | 3.7 | 4.3 | |||
Industrial Materials | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 256.2 | 248 | 237.1 | |||
Additions to Property, Plant and Equipment | 13.7 | 12.6 | 14.3 | |||
Acquired Companies’ Long-Lived Assets | 0 | 31 | 182.4 | |||
Depreciation And Amortization | 23.1 | 21.8 | 22.8 | |||
Specialized Products: | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 245.1 | 225 | 225.4 | |||
Additions to Property, Plant and Equipment | 27.5 | 26.7 | 23.4 | |||
Acquired Companies’ Long-Lived Assets | 0 | 3.3 | 0 | |||
Depreciation And Amortization | 24.3 | 27.7 | 24.6 | |||
Average current liabilities included in segment numbers above | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 520.2 | 460.6 | 440.7 | |||
Additions to Property, Plant and Equipment | 0 | 0 | 0 | |||
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |||
Depreciation And Amortization | 0 | 0 | 0 | |||
Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 90.4 | [1] | 96.2 | [1] | 116.2 | [1] |
Additions to Property, Plant and Equipment | 1.4 | [1] | 1.1 | [1] | 3.2 | [1] |
Acquired Companies’ Long-Lived Assets | 0 | [1] | 0 | [1] | 0 | [1] |
Depreciation And Amortization | 2.9 | [1] | 6.1 | [1] | 7.6 | [1] |
Unallocated assets | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 1,451.40 | [2] | 1,492.40 | [2] | 1,678.20 | [2] |
Additions to Property, Plant and Equipment | 1.6 | [2] | 2.2 | [2] | 5.6 | [2] |
Acquired Companies’ Long-Lived Assets | 0 | [2] | 0 | [2] | 0 | [2] |
Depreciation And Amortization | 16 | [2] | 16.1 | [2] | 13.3 | [2] |
Difference between average assets and year-end balance sheet | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | -67.1 | -49.3 | -96.7 | |||
Additions to Property, Plant and Equipment | 0 | 0 | 0 | |||
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |||
Depreciation And Amortization | $0 | $0 | $0 | |||
[1] | Businesses sold or classified as discontinued operations during the years presented. | |||||
[2] | Unallocated assets consist primarily of goodwill, other intangibles, cash and deferred tax assets. Unallocated depreciation and amortization consists primarily of depreciation of non-operating assets and amortization of debt issue costs. |
Segment_Information_Revenues_F
Segment Information (Revenues From External Customers) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | $953.30 | [1],[2],[3] | $997.40 | [1],[4] | $956.10 | [1] | $875.50 | [1] | $859.20 | [1],[2],[3] | $877.60 | [1],[4] | $879.60 | [1] | $860.80 | [1] | $3,782.30 | $3,477.20 | $3,414.50 |
Residential Furnishings | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 2,183.40 | 1,944 | 1,895 | ||||||||||||||||
Commercial Fixturing & Components | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 194.3 | 182.5 | 186.7 | ||||||||||||||||
Industrial Materials | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 605.3 | 612.8 | 621.7 | ||||||||||||||||
Specialized Products: | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 799.3 | 737.9 | 711.1 | ||||||||||||||||
Bedding group | Residential Furnishings | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 802.2 | 660.9 | 657.6 | ||||||||||||||||
Furniture group | Residential Furnishings | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 708.9 | 673.2 | 676.9 | ||||||||||||||||
Fabric & Carpet Underlay group | Residential Furnishings | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 672.3 | 609.9 | 560.5 | ||||||||||||||||
Work Furniture group | Commercial Fixturing & Components | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 194.3 | 182.5 | 186.7 | ||||||||||||||||
Wire group | Industrial Materials | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 387 | 428 | 457.9 | ||||||||||||||||
Tubing group | Industrial Materials | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 218.3 | 184.8 | 163.8 | ||||||||||||||||
Automotive group | Specialized Products: | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 589.4 | 502.7 | 463.5 | ||||||||||||||||
Commercial Vehicle Products group | Specialized Products: | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | 110.4 | 109 | 137.7 | ||||||||||||||||
Machinery group | Specialized Products: | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Net sales | $99.50 | $126.20 | $109.90 | ||||||||||||||||
[1] | . | ||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246MUQ1OUY4MDRDQzg1OEQwMDk3NkIwQzkwNEVBRkJCRTkM} | ||||||||||||||||||
[3] | n the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) | ||||||||||||||||||
[4] | n the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenue From External Sales And Long-Lived Assets, By Geographical Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
External Sales | $953.30 | [1],[2],[3] | $997.40 | [1],[4] | $956.10 | [1] | $875.50 | [1] | $859.20 | [1],[2],[3] | $877.60 | [1],[4] | $879.60 | [1] | $860.80 | [1] | $3,782.30 | $3,477.20 | $3,414.50 |
Tangible long-lived assets | 558.9 | 574.6 | 558.9 | 574.6 | 572.8 | ||||||||||||||
United States | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
External Sales | 2,599 | 2,449.90 | 2,430.20 | ||||||||||||||||
Tangible long-lived assets | 347.2 | 363.6 | 347.2 | 363.6 | 383.9 | ||||||||||||||
Europe | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
External Sales | 390 | 335.5 | 311.9 | ||||||||||||||||
Tangible long-lived assets | 40.5 | 35.7 | 40.5 | 35.7 | 35.9 | ||||||||||||||
China | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
External Sales | 422.7 | 351.7 | 326.2 | ||||||||||||||||
Tangible long-lived assets | 124.3 | 124.5 | 124.3 | 124.5 | 102.7 | ||||||||||||||
Canada | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
External Sales | 206.5 | 201.6 | 213.2 | ||||||||||||||||
Tangible long-lived assets | 25.6 | 25 | 25.6 | 25 | 21.1 | ||||||||||||||
Mexico | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
External Sales | 90.1 | 69.6 | 64.5 | ||||||||||||||||
Tangible long-lived assets | 9.8 | 11.8 | 9.8 | 11.8 | 12.9 | ||||||||||||||
Other | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
External Sales | 74 | 68.9 | 68.5 | ||||||||||||||||
Tangible long-lived assets | $11.50 | $14 | $11.50 | $14 | $16.30 | ||||||||||||||
[1] | . | ||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246MUQ1OUY4MDRDQzg1OEQwMDk3NkIwQzkwNEVBRkJCRTkM} | ||||||||||||||||||
[3] | n the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) | ||||||||||||||||||
[4] | n the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Earnings: | |||||||||||||||||||
Earnings from continuing operations | $46.20 | [1],[2],[3] | $53.40 | [1],[4] | $69.60 | [1] | $56 | [1] | $10.50 | [1],[2],[3] | $66.50 | [1],[4] | $59.60 | [1] | $49.70 | [1] | $225.20 | $186.30 | $231.80 |
(Earnings) attributable to noncontrolling interest, net of tax | -1 | [1],[2],[3] | -0.8 | [1],[4] | -0.8 | [1] | -0.6 | [1] | -0.7 | [1],[2],[3] | -0.7 | [1],[4] | -0.6 | [1] | -0.4 | [1] | -3.2 | -2.4 | -2.3 |
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | 222 | 183.9 | 229.5 | ||||||||||||||||
Earnings (loss) from discontinued operations, net of tax | -24.6 | [1],[2],[3] | -4.4 | [1],[4] | -92.7 | [1] | -2.3 | [1] | -4.2 | [1],[2],[3] | 5.5 | [1],[4] | 12.3 | [1] | -0.2 | [1] | -124 | 13.4 | 18.7 |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $20.60 | [1],[2],[3] | $48.20 | [1],[4] | ($23.90) | [1] | $53.10 | [1] | $5.60 | [1],[2],[3] | $71.30 | [1],[4] | $71.30 | [1] | $49.10 | [1] | $98 | $197.30 | $248.20 |
Weighted average number of shares (in millions): | |||||||||||||||||||
Weighted average number of common shares used in basic EPS | 141.4 | 145.2 | 144.3 | ||||||||||||||||
Dilutive effect of equity-based compensation | 1.8 | 2.1 | 1.7 | ||||||||||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 143.2 | 147.3 | 146 | ||||||||||||||||
Basic EPS attributable to Leggett & Platt common shareholders | |||||||||||||||||||
Continuing operations (in dollars per share) | $0.32 | [1],[2],[3] | $0.37 | [1],[4] | $0.49 | [1] | $0.39 | [1] | $0.07 | [1],[2],[3] | $0.45 | [1],[4] | $0.41 | [1] | $0.34 | [1] | $1.57 | $1.27 | $1.59 |
Discontinued operations (in dollars per share) | ($0.17) | [1],[2],[3] | ($0.03) | [1],[4] | ($0.66) | [1] | ($0.02) | [1] | ($0.03) | [1],[2],[3] | $0.04 | [1],[4] | $0.08 | [1] | $0 | [1] | ($0.88) | $0.09 | $0.13 |
Basic (in dollars per share) | $0.15 | [1],[2],[3] | $0.34 | [1],[4] | ($0.17) | [1] | $0.37 | [1] | $0.04 | [1],[2],[3] | $0.49 | [1],[4] | $0.49 | [1] | $0.34 | [1] | $0.69 | $1.36 | $1.72 |
Diluted EPS attributable to Leggett & Platt common shareholders | |||||||||||||||||||
Continuing operations (in dollars per share) | $0.32 | [1],[2],[3] | $0.37 | [1],[4] | $0.48 | [1] | $0.38 | [1] | $0.07 | [1],[2],[3] | $0.45 | [1],[4] | $0.40 | [1] | $0.33 | [1] | $1.55 | $1.25 | $1.57 |
Discontinued operations (in dollars per share) | ($0.17) | [1],[2],[3] | ($0.03) | [1],[4] | ($0.65) | [1] | ($0.02) | [1] | ($0.03) | [1],[2],[3] | $0.04 | [1],[4] | $0.08 | [1] | $0 | [1] | ($0.87) | $0.09 | $0.13 |
Diluted (in dollars per share) | $0.14 | [1],[2],[3] | $0.34 | [1],[4] | ($0.17) | [1] | $0.37 | [1] | $0.04 | [1],[2],[3] | $0.49 | [1],[4] | $0.48 | [1] | $0.33 | [1] | $0.68 | $1.34 | $1.70 |
Other information: | |||||||||||||||||||
Anti-dilutive shares excluded from diluted EPS computation | 0 | 0 | 1.9 | ||||||||||||||||
[1] | . | ||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246MUQ1OUY4MDRDQzg1OEQwMDk3NkIwQzkwNEVBRkJCRTkM} | ||||||||||||||||||
[3] | n the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) | ||||||||||||||||||
[4] | n the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. |
Accounts_and_Other_Receivables2
Accounts and Other Receivables (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Disposal Group, Including Discontinued Operation, Other Expense | $0.10 | $0.20 |
Accounts_and_Other_Receivables3
Accounts and Other Receivables (Components Of Accounts And Other Receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivable, Gross, Current [Abstract] | ||
Trade accounts receivable, Current | $484 | $447.40 |
Trade notes receivable, Current | 1.1 | 2.6 |
Total trade receivables, Current | 485.1 | 450 |
Note received as partial payment for divestitures, Current | 0.9 | 0.5 |
Other, Current | 0 | 3 |
Income tax receivables, Current | 14 | 2.7 |
Other receivables, Current | 38 | 26.4 |
Subtotal other receivables, Current | 52.9 | 32.6 |
Total trade and other receivables, Current | 538 | 482.6 |
Allowance for Doubtfull Accounts, Current [Abstract] | ||
Allowance for doubtful accounts, Trade accounts receivable, Current | -14.7 | -14.6 |
Allowance for doubtful accounts, Trade note receivable, Current | 0 | -0.6 |
Allowance for doubtful accounts, Total trade receivable, Current | -14.7 | -15.2 |
Other notes receivable, Current | 0 | 0 |
Total allowance for doubtful accounts, Current | -14.7 | -15.2 |
Total receivables, net | 523.3 | 467.4 |
Receivables, Gross, Noncurrent [Abstract] | ||
Trade accounts receivable, Long-term | 0 | 0 |
Trade note receivable, Long-term | 2.9 | 2.3 |
Total trade receivable, Long-term | 2.9 | 2.3 |
Notes received as partial payment for divestitures, Long-term | 0 | 5.4 |
Other, Long-term | 3.3 | 1.6 |
Income tax receivables, Long-term | 0 | 0 |
Other receivables, Long-term | 0 | 0 |
Subtotal other receivables, Long-term | 3.3 | 7 |
Total trade and other receivables, Long-term | 6.2 | 9.3 |
Allowance for Doubtful Accounts, Noncurrent [Abstract] | ||
Allowance for doubtful accounts, Trade accounts receivable, Long-term | 0 | 0 |
Allowance for doubtful accounts, Trade notes receivable, Long-term | -2.1 | -1.3 |
Total trade receivable, Long-term | -2.1 | -1.3 |
Other notes receivable, Long-term | -0.4 | -1.1 |
Total allowance for doubtful accounts, Long-term | -2.5 | -2.4 |
Total net receivables, Long-term | $3.70 | $6.90 |
Accounts_and_Other_Receivables4
Accounts and Other Receivables (Allowance For Doubtful Accounts) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | $17.60 | $20.60 | |
Charges | -4.9 | -6.1 | -4.9 |
Charge-offs, net of recoveries | -5.3 | 9.1 | |
Ending Balance | 17.2 | 17.6 | 20.6 |
Total trade receivables | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 16.5 | 19.7 | |
Charges | -4.9 | -6 | |
Charge-offs, net of recoveries | -4.6 | 9.2 | |
Ending Balance | 16.8 | 16.5 | |
Trade accounts receivable | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 14.6 | 18.9 | |
Charges | -4.7 | -4.1 | |
Charge-offs, net of recoveries | 4.6 | 8.4 | |
Ending Balance | 14.7 | 14.6 | |
Trade notes receivable | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 1.9 | 0.8 | |
Charges | -0.2 | -1.9 | |
Charge-offs, net of recoveries | 0 | 0.8 | |
Ending Balance | 2.1 | 1.9 | |
Subtotal other receivables | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 1.1 | 0.9 | |
Charges | 0 | -0.1 | |
Charge-offs, net of recoveries | -0.7 | -0.1 | |
Ending Balance | 0.4 | 1.1 | |
Other | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 1.1 | 0.9 | |
Charges | 0 | -0.1 | |
Charge-offs, net of recoveries | 0.7 | -0.1 | |
Ending Balance | $0.40 | $1.10 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Schedule Of Supplemental Balance Sheet Information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Deferred Tax Assets, Net of Valuation Allowance, Current | $42.30 | $12.10 | |
Other Prepaid Expense, Current | 39.2 | 33.6 | |
Disposal Group, Including Discontinued Operation, Assets, Current | 10.4 | 0 | |
Total inventories, net | 91.9 | 45.7 | |
Sundry assets | |||
Deferred taxes (see Note N) | 36.5 | 46.9 | |
Assets held for sale | 22.4 | 19.1 | |
Diversified investments associated with stock-based compensation plans (see Note L) | 17.5 | 11.7 | |
Notes receivable (see Note H) | 6.7 | 6.6 | |
Investment in associated companies | 3.7 | 6.9 | |
Pension plan assets (see Note M) | 0 | 1.4 | 0 |
Other | 41.6 | 29 | |
Sundry assets | 128.4 | 121.6 | |
Accrued expenses | |||
Wages and commissions payable | 67.3 | 64.2 | |
Workers’ compensation, medical, auto and product liability | 54.7 | 54.5 | |
Sales promotions | 30.7 | 25.2 | |
General taxes, excluding income taxes | 11.6 | 14.6 | |
Accrued interest | 12.3 | 11.9 | |
Liabilities associated with stock-based compensation plans (see Note L) | 23.7 | 8.8 | |
Commitments and Contingencies | 83.9 | 3.7 | |
Other | 53.4 | 46.8 | |
Accrued expenses | 337.6 | 229.7 | |
Other current liabilities | |||
Dividends payable | 42.7 | 42 | |
Customer deposits | 12.7 | 13.1 | |
Outstanding checks in excess of book balances | 0.9 | 9.1 | |
Derivative financial instruments (see Note S) | 10.4 | 6.8 | |
Liabilities associated with stock-based compensation plans (see Note L) | 1.3 | 1.7 | |
Derivative financial instruments (see Note S) | 2.4 | 0.9 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 5.5 | 0 | |
Other | 7.2 | 5.8 | |
Other current liabilities | 83.1 | 79.4 | |
Other long-term liabilities | |||
Liability for pension benefits (see Note M) | 83.7 | 39.9 | 75.8 |
Net reserves for tax contingencies | 25.1 | 29.2 | |
Deferred compensation | 14.7 | 15.4 | |
Liabilities associated with stock-based compensation plans (see Note L) | 27.9 | 15.4 | |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0.1 | 0 | |
Other | 33.5 | 27.8 | |
Other long-term liabilities | $185 | $127.70 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
lender | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $600,000,000 | $600,000,000 | |
Number of lenders in syndicate | 12 | ||
Debt to equity ratio, max | 60.00% | ||
Debt to assets ratio, max | 15.00% | ||
Amount of assets, sold, transferred or disposed of in any trailing 4 quarters to total assets ratio, max | 25.00% | ||
Commercial paper | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | 600,000,000 | ||
Letters Of Credit | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $250,000,000 |
LongTerm_Debt_Details_Of_LongT
Long-Term Debt (Details Of Long-Term Debt, Weighted Average Interest Rates And Due Dates) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long-term debt | $968.40 | $869.50 |
Less current maturities | 201.7 | 181.1 |
Noncurrent portion of long-term debt | 766.7 | 688.4 |
Term notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 948 | 828.4 |
Stated Interest Rate | 4.70% | 4.80% |
Due Date Through | 2024 | 2022 |
Industrial development bonds, principally variable interest rates | ||
Debt Instrument [Line Items] | ||
Long-term debt | 14.7 | 19.9 |
Stated Interest Rate | 0.20% | 0.20% |
Due Date Through | 2030 | 2030 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 16 |
Stated Interest Rate | 0.20% | 0.20% |
Due Date Through | 2019 | 2017 |
Capitalized leases (primarily machinery, vehicle and office equipment) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5.2 | 4.4 |
Capitalized leases (primarily machinery, vehicle and office equipment) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $0.50 | $0.80 |
LongTerm_Debt_Maturities_Of_Lo
Long-Term Debt (Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2014 | $201.70 | |
2015 | 3.3 | |
2016 | 3.3 | |
2017 | 153.4 | |
2018 | 0 | |
Thereafter | 606.7 | |
Total | $968.40 | $869.50 |
LongTerm_Debt_Amounts_Outstand
Long-Term Debt (Amounts Outstanding Related To Commercial Paper Program) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ||
Total program authorized | $600,000,000 | $600,000,000 |
Commercial paper outstanding (classified as long-term debt) | 0 | -16,000,000 |
Letters of credit issued under the credit agreement | 0 | 0 |
Total program usage | 0 | -16,000,000 |
Total program available | $600,000,000 | $584,000,000 |
Lease_Obligations_Components_O
Lease Obligations (Components Of Rental Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Continuing operations | $48.90 | $45.40 | $44.60 |
Operating Leases Rent Expense Net Discontinued Operations | $2.10 | $4.10 | $3.40 |
Lease_Obligations_Future_Minim
Lease Obligations (Future Minimum Rental Commitments For All Long-Term Non-Cancelable Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | |
2015 | $37.70 |
2016 | 27.6 |
2017 | 20.3 |
2018 | 14.5 |
2019 | 8.7 |
Thereafter | 20.7 |
Total | $129.50 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 10-May-12 | 9-May-12 | |||
option_choice_program | |||||||
group | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of stock units per common share | 1 | ||||||
Termination service of employee, years | 20 years | ||||||
Options continue to vest and remain exercisable after termination of employment | 3 years | ||||||
Number of option choice programs offered | 2 | ||||||
Number of groups offered 2010 cash/option choice | 1 | ||||||
Cash value offered in lieu of shares based off Black Scholes fair value | 50.00% | 50.00% | |||||
Ratio of options foregone for each restricted stock unit offered | 4 | ||||||
Grants in period (shares) | 0 | ||||||
Expected life in years | 6 years | 7 years 2 months 12 days | [1] | ||||
Exercised, options | 2,700,000 | [1] | |||||
Options outstanding | 3,700,000 | 6,400,000 | |||||
Stock units converted to common stock ratio | 1-to-1 ratio | ||||||
Options Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected life in years | 10 years | ||||||
GPSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance measurement period | 2 years | ||||||
Base target share award | 100,000 | ||||||
Cash payout ratio | 50.00% | ||||||
Share payout ratio | 50.00% | ||||||
Maximum cash payout ratio | 100.00% | ||||||
Deferred Stock Compensation Program | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 15 months | ||||||
Number of shares granted, deferred compensation multiplier | 500.00% | ||||||
Expected life in years | 10 years | ||||||
Acquisition interval for purchase of discounted stock | 14 days | ||||||
Discount to the market price, percentage | 20.00% | ||||||
Time period for receiving plan distributions, max | 10 years | ||||||
Time period for installment distributions, max | 10 years | ||||||
Options outstanding | 0.1 | ||||||
Stock-based retirement plans | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Discount market price purchase date, percentage | 85.00% | ||||||
Number of stock-based retirement plans | 2 | ||||||
Automatic employer match, percentage | 50.00% | ||||||
Additional employer match upon certain profitability levels, percentage | 50.00% | ||||||
Measurement performance period, years | 3 years | ||||||
Performance Stock Unit Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected life in years | 3 years | ||||||
Number of companies forming peer group | 320 | ||||||
Measurement performance period, years | 3 years | ||||||
Percentage of award intended to pay out in cash | 35.00% | ||||||
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% | ||||||
Discount Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Discount to the market price, percentage | 85.00% | ||||||
SBP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
ESUP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee termination age, years | 65 years | ||||||
Maximum | GPSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 250.00% | ||||||
Maximum | Stock-based retirement plans | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
SBP participant contribution for stock or other investment purchases | 6.00% | ||||||
ESUP participant contribution for stock or other investment purchases | 10.00% | ||||||
Premium contributions for ESUP participants | 17.65% | ||||||
Maximum | Performance Stock Unit Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Base award percentage of total shareholder return | 175.00% | ||||||
Maximum | PGI | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Base award percentage of total shareholder return | 250.00% | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee termination age, years | 55 years | ||||||
Minimum | GPSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 0.00% | ||||||
Minimum | Performance Stock Unit Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Base award percentage of total shareholder return | 0.00% | ||||||
First Increment | Options Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 18 months | ||||||
First Increment | Units Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 12 months | ||||||
Second Increment | Options Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 30 months | ||||||
Second Increment | Units Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 24 months | ||||||
Third Increment | Options Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 42 months | ||||||
Third Increment | Units Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 36 months | ||||||
Flexible Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares against plan | 3 | 1 | |||||
Options outstanding | 3,700,000 | ||||||
[1] | options were granted in 2013 |
StockBased_Compensation_Flexib
Stock-Based Compensation (Flexible Stock Plan Options) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Maximum Number of Authorized Shares | ||
Unexercised options | 3,700,000 | 6,400,000 |
Outstanding stock units—unvested | 1,800,000 | |
Flexible Stock Plan | ||
Shares Available for Issuance | ||
Unexercised options | 3,700,000 | |
Outstanding stock units—vested | 4,000,000 | |
Outstanding stock units—unvested | 1,900,000 | |
Available for grant | 4,400,000 | |
Authorized for issuance at December 31, 2014 | 14,000,000 | |
Maximum Number of Authorized Shares | ||
Unexercised options | 3,700,000 | |
Outstanding stock units—vested | 6,400,000 | |
Outstanding stock units—unvested | 4,600,000 | |
Available for grant | 4,400,000 | |
Authorized for issuance at December 31, 2014 | 19,100,000 |
StockBased_Compensation_Compon
Stock-Based Compensation (Components Of Stock-Based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $41.60 | $36.30 | $33.80 |
Settled with Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 27.3 | 24.1 | 24 |
Employee contributions for above stock plans | 14.3 | 12.2 | 9.8 |
Total stock-based compensation | 41.6 | 36.3 | 33.8 |
Recognized tax benefits on stock-based compensation expense | 10.4 | 9.2 | 9.1 |
Settled with Stock | Amortization ff the grant date fair value of stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0.6 | 1.6 | 4.4 |
Settled with Stock | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 6.1 | 6.5 | 6.6 |
Settled with Stock | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2.2 | 1.5 | 1.2 |
Settled with Stock | Stock-based retirement plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.9 | 1.1 | 1.2 |
Settled with Stock | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1 | 0.9 | 0.9 |
Settled with Stock | Performance Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 6.4 | 6.4 | 6.5 |
Settled with Stock | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 3.4 | 4.2 | 2.2 |
Settled with Stock | PGI | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 4.4 | 0.6 | 0 |
Settled with Stock | Other, primarily non-employee directors restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.3 | 1.3 | 1 |
Settled with Stock | Cash Payments in Lieu of Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Settled with Cash | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 20.5 | 3.7 | 6.4 |
Settled with Cash | Amortization ff the grant date fair value of stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Settled with Cash | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.4 | 1.2 | 1 |
Settled with Cash | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Settled with Cash | Stock-based retirement plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Settled with Cash | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Settled with Cash | Performance Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 13.9 | 1.1 | 5.1 |
Settled with Cash | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Settled with Cash | PGI | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 4.4 | 0.6 | 0 |
Settled with Cash | Other, primarily non-employee directors restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Settled with Cash | Cash Payments in Lieu of Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $0.80 | $0.80 | $0.30 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock-based Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Diversified investments associated with the stock-based retirement plans, Current | $1.30 | $1.70 |
Diversified investments associated with the stock-based retirement plans, Long-term | 17.5 | 11.7 |
Diversified investments associated with the stock-based retirement plans, Total | 18.8 | 13.4 |
Liabilities: | ||
Share Liabilities, Current | 1.3 | 1.7 |
Share Liabilities, Long-term | 14.7 | 15.4 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, Current | 7.6 | 6 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, Long-term | 0 | 0 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, Total | 7.6 | 6 |
Total liabilities associated with stock-based compensation, Current | 25 | 10.5 |
Total liabilities associated with stock-based compensation, Long-term | 27.9 | 15.4 |
Total liabilities associated with stock-based compensation, Total | 52.9 | 25.9 |
Stock-based retirement plans | ||
Liabilities: | ||
Share Liabilities, Current | 1.3 | 1.7 |
Share Liabilities, Long-term | 17.3 | 11.6 |
Share Liabilities, Total | 18.6 | 13.3 |
Performance Stock Unit Awards | ||
Liabilities: | ||
Share Liabilities, Current | 10 | 2.8 |
Share Liabilities, Long-term | 6.6 | 2.6 |
Share Liabilities, Total | 16.6 | 5.4 |
PGI | ||
Liabilities: | ||
Share Liabilities, Current | 6.1 | 0 |
Share Liabilities, Long-term | 4 | 1.2 |
Share Liabilities, Total | $10.10 | $1.20 |
StockBased_Compensation_Net_Ta
Stock-Based Compensation (Net Tax Windfall) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Balance at December 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accumulated tax windfall in additional contributed capital | $41.90 | |
Net Windfall Resulting From Exercises and Conversions | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accumulated tax windfall in additional contributed capital | 10.5 | |
Balance at December 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accumulated tax windfall in additional contributed capital | $52.40 |
StockBased_Compensation_Deferr
Stock-Based Compensation (Deferred Compensation Program) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation | $14.70 | $15.40 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation | 0.1 | |
Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation | 6.9 | |
Cash | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation | $1.20 |
StockBased_Compensation_Compon1
Stock-Based Compensation (Components Of Stock Options) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period, Options | 6,400,000 | |
Exercised, Options | -2,700,000 | [1] |
Outstanding at end of period, Options | 3,700,000 | |
Vested or expected to vest at end of period, Total Options | 3,700,000 | |
Exercisable (vested) at end of period, Total Options | 3,400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning of period, Weighted Average Exercise Price per Share | $21.61 | |
Exercised, Weighted Average Exercise Price per Share | $22.82 | [1] |
Outstanding at end of period, Weighted Average Exercise Price per Share | $20.79 | |
Vested or expected to vest at end of period, Weighted Average Exercise Price per Share | $20.78 | |
Exercisable (vested) at end of period, Weighted Average Exercise Price per Share | $20.60 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Outstanding at end of period, Weighted Average Remaining Contractual Life in Years | 4 years 4 months 24 days | |
Vested or expected to vest at end of period, Weighted Average Remaining Contractual Life in Years | 4 years 4 months 24 days | |
Exercisable (vested) at end of period, Weighted Average Remaining Contractual Life in Years | 4 years 2 months 12 days | |
Outstanding at end of period, Aggregate Intrinsic Value | $81.20 | |
Vested or expected to vest at end of period, Aggregate Intrinsic Value | 81.2 | |
Exercisable (vested) at end of period, Aggregate Intrinsic Value | $75.90 | |
Employee Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period, Options | 5,100,000 | |
Exercised, Options | -1,600,000 | [1] |
Outstanding at end of period, Options | 3,500,000 | |
Deferred Compensation Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period, Options | 1,200,000 | |
Exercised, Options | -1,000,000 | [1] |
Outstanding at end of period, Options | 200,000 | |
Other-Primarily Outside Directors' Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period, Options | 100,000 | [2] |
Exercised, Options | -100,000 | [1],[2] |
Outstanding at end of period, Options | 0 | [2] |
[1] | options were granted in 2013 | |
[2] | Prior to 2005, we granted options with a below market exercise price under the terms of our Deferred Compensation Program. During 2014, there were no significant options exercised at a below market exercise price, and .1 of these options remain outstanding at December 31, 2014. In 2005, we amended the Program to provide only “at market†stock options. |
StockBased_Compensation_Additi
Stock-Based Compensation (Additional Information Related To Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $35.20 | $18.40 | $24.90 |
Cash received from stock options exercised | 21.8 | 36.9 | 35.6 |
Total fair value of stock options vested | $2.90 | $4.40 | $4.50 |
StockBased_Compensation_Calcul
Stock-Based Compensation (Calculation And Assumptions Utilized In Calculation Of Fair Values Of Options Granted) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Aggregate grant date fair value | $0.10 | $4 | [1] |
Weighted-average per share grant date fair value (in dollars per share) | $7.30 | $4.68 | [1] |
Risk-free interest rate | 2.10% | 1.90% | [1] |
Expected life in years | 6 years | 7 years 2 months 12 days | [1] |
Expected volatility (over expected life) | 35.10% | 34.40% | [1] |
Expected dividend yield (over expected life) | 3.90% | 4.80% | [1] |
[1] | options were granted in 2013 |
StockBased_Compensation_Compon2
Stock-Based Compensation (Components Of SBP And ESUP) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
SBP 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee contributions | $3 |
Less diversified contributions | 0.7 |
Total employee stock contributions | 2.3 |
Employer premium contribution to diversified investment accounts | |
Shares purchased by employees | 0.1 |
Shares of company match | 0.1 |
ESUP 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee contributions | 4.3 |
Less diversified contributions | 4.3 |
Total employee stock contributions | 0 |
Employer premium contribution to diversified investment accounts | $0.80 |
StockBased_Compensation_Number
Stock-Based Compensation (Number Of Shares And Related Grant Date Fair Value Of PSU) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares base award | 0.5 | |||
Grant date per share fair value | $24.89 | |||
Risk-free interest rate | 2.10% | 1.90% | [1] | |
Expected life in years | 6 years | 7 years 2 months 12 days | [1] | |
Expected volatility (over expected life) | 35.10% | 34.40% | [1] | |
Expected dividend yield (over expected life) | 3.90% | 4.80% | [1] | |
Performance Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares base award | 0.2 | 0.2 | 0.3 | |
Grant date per share fair value | $30.45 | $27.60 | $23.79 | |
Risk-free interest rate | 0.80% | 0.40% | 0.40% | |
Expected life in years | 3 years | 3 years | 3 years | |
Expected volatility (over expected life) | 25.90% | 29.10% | 35.00% | |
Expected dividend yield (over expected life) | 3.90% | 4.20% | 4.80% | |
Award Year 2010 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
TSR Performance Relative to the Peer Group (1%Best) | 46.00% | |||
Payout as a Percent of the Base Award | 91.00% | |||
Number of Shares Distributed | 0.3 | |||
Award Year 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
TSR Performance Relative to the Peer Group (1%Best) | 30.00% | 55.00% | ||
Payout as a Percent of the Base Award | 157.00% | 64.20% | ||
Number of Shares Distributed | 0.4 | 0.2 | ||
[1] | options were granted in 2013 |
Recovered_Sheet1
Stock-based Compensation (Schedule of Restricted Stock Unit Two-Year Performance Cycle) (Details) (PGI) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
PGI | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Payout as a Percent of the Base Award | 127.00% |
Estimated number of shares | 0 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Stock Unit Information) (Details) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested at January 1, 2012 (in shares) | 1.8 | |
Granted based on current service at 1 authorization share (in shares) | 0.6 | |
Granted based on current service at 3 authorization shares (in shares) | 0.5 | |
Vested at 1 authorization share (in shares) | -0.8 | |
Forfeited - PSU (in shares) | -0.1 | |
Difference between maximum and actual payout - PSU (in shares) | -0.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Non-vested at January 1, 2012, Weighted Average Grant Date Fair Value (in dollars per share) | $14.87 | |
Granted based on current service at 1 authorization share, Weighted Average Grant Date Fair Value (in dollars per share) | $33.92 | |
Granted based on current service at 3 authorization shares, Weighted Average Grant Date Fair Value (in dollars per share) | $24.89 | |
Vested at 1 authorization share, Weighted Average Grant Date Fair Value (in dollars per share) | $30.44 | |
Forfeited - PSU, Weighted Average Grant Date Fair Value (in dollars per share) | $14.53 | |
Difference between maximum and actual payout - PSU, Weighted Average Grant Date Fair Value (in dollars per share) | $0 | |
Non-vested at December 31, 2012 at 3 authorization shares, Weighted Average Grant Date Fair Value (in dollars per share) | $18.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total non-vested at December 31, 2012 (in shares) | 1.9 | |
Fully vested stock units outstanding at December 31, 2012 (in shares) | 4 | |
Total non-vested at December 31, 2012, Aggregate Intrinsic Value | $80.30 | |
Fully vested stock units outstanding at December 31, 2012, Aggregate Intrinsic Value | $171.60 | |
DSU | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested at January 1, 2012 (in shares) | 0 | |
Granted based on current service at 1 authorization share (in shares) | 0.2 | |
Granted based on current service at 3 authorization shares (in shares) | 0 | |
Vested at 1 authorization share (in shares) | -0.2 | |
Forfeited - PSU (in shares) | 0 | |
Difference between maximum and actual payout - PSU (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total non-vested at December 31, 2012 (in shares) | 0 | |
ESUP | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested at January 1, 2012 (in shares) | 0 | |
Granted based on current service at 1 authorization share (in shares) | 0.3 | |
Granted based on current service at 3 authorization shares (in shares) | 0 | |
Vested at 1 authorization share (in shares) | -0.3 | |
Forfeited - PSU (in shares) | 0 | |
Difference between maximum and actual payout - PSU (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total non-vested at December 31, 2012 (in shares) | 0 | |
PSU | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested at January 1, 2012 (in shares) | 1.3 | [1] |
Granted based on current service at 1 authorization share (in shares) | 0 | |
Granted based on future conditions at 1 authorization share (in shares) | 0.4 | [1] |
Vested at 1 authorization share (in shares) | -0.2 | [1] |
Forfeited - PSU (in shares) | -0.1 | |
Difference between maximum and actual payout - PSU (in shares) | -0.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total non-vested at December 31, 2012 (in shares) | 1.3 | |
RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested at January 1, 2012 (in shares) | 0.3 | |
Granted based on current service at 1 authorization share (in shares) | 0.1 | |
Granted based on current service at 3 authorization shares (in shares) | 0 | |
Vested at 1 authorization share (in shares) | -0.1 | |
Forfeited - PSU (in shares) | 0 | |
Difference between maximum and actual payout - PSU (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total non-vested at December 31, 2012 (in shares) | 0.3 | |
PGI | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested at January 1, 2012 (in shares) | 0.2 | |
Granted based on current service at 1 authorization share (in shares) | 0 | |
Granted based on current service at 3 authorization shares (in shares) | 0.1 | |
Vested at 1 authorization share (in shares) | 0 | |
Vested at 3 authorization shares (in shares) | 0 | |
Forfeited - PSU (in shares) | 0 | |
Difference between maximum and actual payout - PSU (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total non-vested at December 31, 2012 (in shares) | 0.3 | |
[1] | *PSU awards are presented at 175% (i.e. maximum) payo |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Units Converted To Common Stock) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of vested stock units converted to common stock | $9.20 | $7 | $4.70 |
StockBased_Compensation_Unreco
Stock-Based Compensation (Unrecognized Cost Of Non-Vested Stock Options And Units) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized cost of non-vested stock | $0.20 |
Weighted-average remaining contractual life in years | 4 months 24 days |
Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized cost of non-vested stock | $7.30 |
Weighted-average remaining contractual life in years | 1 year 4 months 24 days |
StockBased_Compensation_Discou
Stock-Based Compensation (Discount Stock Plan) (Details) (Discount Stock Plan, USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Discount Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average 2014 purchase price per share (net of discount) | $29.61 |
2014 number of shares purchased by employees | 0.1 |
Shares purchased since inception in 1982 | 22.5 |
Maximum shares under the plan | 23 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
investment | |||
pension_plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension benefit obligation, percentage | 87.00% | ||
Target allocation | 100.00% | 100.00% | |
Number of investments | 7 | ||
Expected employer contributions | $1.90 | ||
Number of union sponsored multiemployer plans | 2 | ||
Multiemployer Plans, Plan Contributions | 0.6 | ||
Multiemployer pension plans, period contributions (less than $0.5m) | 0.6 | 0.6 | 0.6 |
Withdrawal obligation | $23.20 | ||
Frozen Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Significant plans employing a liability driven investment strategy | 60.00% | ||
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 53.00% | 60.00% | |
Equity securities | Frozen Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 40.00% | ||
Equity securities | Active Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 75.00% | ||
Bonds | Frozen Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 60.00% | ||
Bonds | Active Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 25.00% |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary Of Pension Obligations And Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Benefit Obligation | |||
Benefit obligation, beginning of period | $287 | $316.50 | $290.10 |
Service cost | 3 | 3.2 | 3 |
Interest cost | 12.9 | 11.9 | 12.6 |
Plan participants’ contributions | 0.6 | 0.5 | 0.5 |
Actuarial loss (gain) | 58.1 | -30.3 | 25.4 |
Benefits paid | -15.6 | -14.8 | -16.4 |
Foreign currency exchange rate changes | -3 | 0 | 1.3 |
Benefit obligation, end of period (1) | 343 | 287 | 316.5 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of period | 248 | 240.3 | 223.2 |
Actual return on plan assets | 23.9 | 20 | 24.3 |
Employer contributions | 4.1 | 1.9 | 7.8 |
Foreign currency exchange rate changes | -2.1 | 0.1 | 0.9 |
Fair value of plan assets, end of period | 258.9 | 248 | 240.3 |
Net funded status | -84.1 | -39 | -76.2 |
Funded status recognized in the Consolidated Balance Sheets | |||
Other assets—sundry | 0 | 1.4 | 0 |
Other current liabilities | -0.4 | -0.5 | -0.4 |
Other long-term liabilities | ($83.70) | ($39.90) | ($75.80) |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans (Summary Of Accumulated And Projected Benefit Obligation Information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Aggregated plans with accumulated benefit obligations in excess of plan assets: | |||
Projected benefit obligation | $343 | $230.30 | $316.50 |
Accumulated benefit obligation | 338.5 | 228.7 | 312.3 |
Fair value of plan assets | 258.9 | 190.2 | 240.3 |
Aggregated plans with projected benefit obligations in excess of plan assets: | |||
Projected benefit obligation | 343 | 233.8 | 316.5 |
Fair value of plan assets | 258.9 | 193.4 | 240.3 |
Accumulated benefit obligation for all defined benefit plans | $338.50 | $283.50 | $312.30 |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans (Summary Of Unfunded Supplemental Executive Retirement Plan) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Compensation and Retirement Disclosure [Abstract] | |||
Cash surrender values | $2.20 | $2.10 | $2.10 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
2014 Amortization | $2.80 | $6.40 | $6 |
Net loss (gain) (before tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Accumulated other comprehensive income (net of tax), Beginning Balance | 63.1 | ||
2014 Amortization | 2.8 | ||
2014 Net Actuarial loss | -50 | ||
2014 Foreign currency exchange rates change | 0.6 | ||
Deferred income taxes change | 0.2 | ||
Accumulated other comprehensive income (net of tax), Ending Balance | 109.5 | ||
Net prior service cost (before tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Accumulated other comprehensive income (net of tax), Beginning Balance | 0.3 | ||
2014 Amortization | 0.3 | ||
2014 Net Actuarial loss | 0 | ||
2014 Foreign currency exchange rates change | 0 | ||
Deferred income taxes change | 0 | ||
Accumulated other comprehensive income (net of tax), Ending Balance | 0 | ||
Deferred income taxes | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Deferred income taxes, beginning balance | -23.1 | ||
2014 Amortization | 0 | ||
2014 Net Actuarial loss | 0 | ||
2014 Foreign currency exchange rates change | -0.1 | ||
Deferred income taxes change | 17.2 | ||
Deferred income taxes, ending balance | -40.2 | ||
Accumulated other comprehensive income (net of tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Accumulated other comprehensive income (net of tax), beginning balance | 40.3 | ||
2014 Amortization | 3.1 | ||
2014 Net Actuarial loss | -50 | ||
2014 Foreign currency exchange rates change | 0.5 | ||
Deferred income taxes change | 17.4 | ||
Accumulated other comprehensive income (net of tax), ending balance | $69.30 |
Employee_Benefit_Plans_Summary3
Employee Benefit Plans (Summary Of Accumulated Other Comprehensive Income Recognized In Net Periodic Pension Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Net loss | $5.50 |
Net prior service cost | $0 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Pension (Expense) Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | ($3) | ($3.20) | ($3) |
Interest cost | -12.9 | -11.9 | -12.6 |
Expected return on plan assets | 15.9 | 15.2 | 14.5 |
Amortization of prior service cost | -0.3 | -0.2 | -0.3 |
Recognized net actuarial loss | -2.8 | -6.4 | -6 |
Net pension (expense) income | ($3.10) | ($6.50) | ($7.40) |
Weighted average assumptions for pension costs: | |||
Discount rate used in net pension costs | 4.60% | 3.80% | 4.40% |
Rate of compensation increase used in pension costs | 3.80% | 3.80% | 3.80% |
Expected return on plan assets | 6.70% | 6.60% | 6.60% |
Weighted average assumptions for benefit obligation: | |||
Discount rate used in benefit obligation | 3.80% | 4.60% | 3.80% |
Rate of compensation increase used in benefit obligation | 3.50% | 3.80% | 3.80% |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule Of Fair Value Of Pension Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | $258.90 | $248 | $240.30 | $223.20 |
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 213 | 248 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 45.9 | 0 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Common Stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 45.9 | 0 | ||
Common Stock | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Common Stock | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 45.9 | 0 | ||
Common Stock | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 8.9 | 3.2 | ||
Money market funds, cash and other | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 8.9 | 3.2 | ||
Money market funds, cash and other | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Money market funds, cash and other | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Fixed income | Mutual and pooled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 67.3 | 96.1 | ||
Fixed income | Mutual and pooled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 67.3 | 96.1 | ||
Fixed income | Mutual and pooled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Fixed income | Mutual and pooled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Equities | Mutual and pooled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 136.8 | 148.7 | ||
Equities | Mutual and pooled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 136.8 | 148.7 | ||
Equities | Mutual and pooled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Equities | Mutual and pooled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | $0 | $0 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule Of Allocation Of Plan Assets) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 53.00% | 60.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 26.00% | 39.00% |
Stable value funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 18.00% | 0.00% |
Other, including cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 3.00% | 1.00% |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans (Schedule Of Estimated Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2013 | $15.10 |
2014 | 15.8 |
2015 | 16.2 |
2016 | 16.4 |
2017 | 16.8 |
2018-2022 | $91.30 |
Employee_Benefit_Plans_Total_E
Employee Benefit Plans (Total Expense From Continuing Operations For Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Defined contribution plans | $7.30 | $6.40 | $6.10 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
subsidiary | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance | $231,400,000 | $198,800,000 | ||
Tax benefits related to impact of Mexico tax law changes, the settlement of certain state and foreign audits and a non-taxable bargain purchase gain | 13,900,000 | 17,500,000 | ||
Number of Canadian subsidiaries which amalgamated | 2 | |||
Accrual for China withholding taxes no longer permanently reinvested | 11,200,000 | |||
Net excess tax benefits (costs) related to the exercise of employee stock options | 10,100,000 | 4,600,000 | 5,500,000 | |
Unrecognized tax benefits | 28,200,000 | 32,900,000 | 35,500,000 | |
Unrecognized tax benefits that would impact effective tax rate | 15,800,000 | |||
Refunds from expected years | 15,600,000 | |||
Settlements | 600,000 | 2,800,000 | 1,700,000 | |
Expiration dates, time period | 20 years | |||
Maximum operating loss carryforward expiring annually | 10,000,000 | |||
Cumulative undistributed earnings that are indefinitely reinvested | 485,800,000 | |||
Resulting incremental taxes | 82,200,000 | |||
Decrease in accrued income taxes | -1,100,000 | -11,200,000 | ||
Canada | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance | -6,000,000 | |||
Change in valuation allowance | 36,900,000 | |||
Number of tax years under audit | 8 | |||
Settlements | 1,100,000 | 200,000 | ||
Income Tax Examination, Estimate of Possible Loss | 2,900,000 | |||
Europe | ||||
Income Tax Contingency [Line Items] | ||||
Accrual for China withholding taxes no longer permanently reinvested | 11,200,000 | |||
Decrease in accrued income taxes | 1,100,000 | |||
Internal Revenue Service (IRS) [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Number of tax years under audit | 4 | |||
Discontinued Operations | ||||
Income Tax Contingency [Line Items] | ||||
Accrual for China withholding taxes no longer permanently reinvested | 600,000 | |||
Decrease in accrued income taxes | -200,000 | -400,000 | ||
Continuing Operations | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in accrued income taxes | -1,300,000 | |||
Change in Assumptions for Pension Plans [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance | 17,200,000 | |||
Foam Antitrust Lawsuit [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance | $31,800,000 |
Income_Taxes_Components_Of_Ear
Income Taxes (Components Of Earnings From Continuing Operations Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Domestic | $142.10 | $111.20 | $179.20 | ||||||||||||||||
Foreign | 153.4 | 126.4 | 108.3 | ||||||||||||||||
Earnings from continuing operations before income taxes | $59 | [1],[2],[3] | $66.50 | [1],[4] | $93.20 | [1] | $76.80 | [1] | ($3.70) | [1],[2],[3] | $90.50 | [1],[4] | $82.40 | [1] | $68.40 | [1] | $295.50 | $237.60 | $287.50 |
[1] | . | ||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246MUQ1OUY4MDRDQzg1OEQwMDk3NkIwQzkwNEVBRkJCRTkM} | ||||||||||||||||||
[3] | n the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) | ||||||||||||||||||
[4] | n the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense From Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $38.40 | $59.80 | $45.80 |
State and local | 3.3 | 5.9 | 4 |
Foreign | 29.8 | 24.2 | 22.1 |
Current income tax expense, Total | 71.5 | 89.9 | 71.9 |
Deferred | |||
Federal | -6.1 | -26.4 | 9.3 |
State and local | 2.1 | -1.8 | -0.5 |
Foreign | 2.8 | -10.4 | -25 |
Deferred income tax expense, Total | -1.2 | -38.6 | -16.2 |
Income tax expense, Total | $70.30 | $51.30 | $55.70 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense From Continuing Operations Percentage) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.00% | 1.40% | 1.20% |
Tax effect of foreign operations | -7.50% | -8.60% | -5.80% |
Deferred tax on undistributed foreign earnings | 0.40% | -0.50% | 3.70% |
Change in valuation allowance | 0.20% | -1.40% | -12.70% |
Change in uncertain tax positions, net | -0.60% | -1.10% | 0.60% |
Domestic Production Activities Deduction | -3.40% | -2.00% | -1.20% |
Other permanent differences, net | -0.70% | -0.60% | -0.30% |
Other, net | -0.60% | -0.60% | -1.10% |
Effective tax rate | 23.80% | 21.60% | 19.40% |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, January 1 | $24.40 | $26.60 | $25.70 |
Gross increases—tax positions in prior periods | 0.1 | 4.5 | 4.8 |
Gross decreases—tax positions in prior periods | -2.4 | -1.5 | -2.3 |
Gross increases—current period tax positions | 1.3 | 1 | 1.1 |
Change due to exchange rate fluctuations | -1 | -0.4 | 0.3 |
Settlements | -0.6 | -2.8 | -1.7 |
Lapse of statute of limitations | -2 | -3 | -1.3 |
Gross unrecognized tax benefits, December 31 | 19.8 | 24.4 | 26.6 |
Interest | 7.6 | 7.6 | 8 |
Penalties | 0.8 | 0.9 | 0.9 |
Total gross unrecognized tax benefits, December 31 | $28.20 | $32.90 | $35.50 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets Or Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | $258.50 | $224.20 |
Gross deferred tax, Liabilities | -195.7 | -204.7 |
Valuation allowance | -27.1 | -25.4 |
Total deferred taxes, Assets | 231.4 | 198.8 |
Net deferred tax (liability) | 35.7 | -5.9 |
Property, plant and equipment | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 13.6 | 13.2 |
Gross deferred tax, Liabilities | -56.6 | -60 |
Inventories | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 2.2 | 1.6 |
Gross deferred tax, Liabilities | -14.1 | -16.4 |
Accrued expenses | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 120.9 | 89.7 |
Gross deferred tax, Liabilities | 0 | -0.8 |
Net operating losses and other tax carryforwards | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 58.7 | 69.2 |
Gross deferred tax, Liabilities | 0 | 0 |
Pension cost and other post-retirement benefits | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 33.6 | 16 |
Gross deferred tax, Liabilities | -0.8 | -0.9 |
Intangible assets | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 1.9 | 2.3 |
Gross deferred tax, Liabilities | -102.1 | -108.5 |
Derivative financial instruments | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 12.8 | 14.2 |
Gross deferred tax, Liabilities | -1.9 | -1.7 |
Tax on undistributed earnings | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 0 | 0 |
Gross deferred tax, Liabilities | -11.2 | -10.1 |
Uncertain tax positions | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 9.3 | 11.2 |
Gross deferred tax, Liabilities | 0 | 0 |
Other | ||
Income Tax Contingency [Line Items] | ||
Gross deferred tax, Assets | 5.5 | 6.8 |
Gross deferred tax, Liabilities | ($9) | ($6.30) |
Income_Taxes_Deferred_Tax_Asse1
Income Taxes (Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets)(Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Other current assets | $42.30 | $12.10 |
Sundry | 36.5 | 46.9 |
Other current liabilities | -1.3 | -1.6 |
Deferred income taxes | -41.8 | -63.3 |
Net deferred tax (liability) | $35.70 | ($5.90) |
Other_Income_Expense_Component
Other (Income) Expense (Components Of Other (Income) Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | ($10.40) | ($21) | ($2) |
Gain on asset sales | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | -5.1 | -7.8 | -0.4 |
Bargain purchase gain from acquisitions (see Note R) | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | 0 | -8.8 | 0 |
Restructuring charges (see Note D) | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | 0.9 | 2.1 | 3.2 |
Asset impairments (see Note C) | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | 1.3 | 0.8 | 0.8 |
Currency loss | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | 0.3 | 1.8 | 2.1 |
Royalty income | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | -1 | -1.4 | -1.6 |
(Gain) loss from diversified investments associated with stock-based compensation plans (see Note L) | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | -1.2 | -1.9 | -0.5 |
Other income | |||
Other (Income) Expense [Line Items] | |||
Other (income) expense, net | ($5.60) | ($5.80) | ($5.60) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Changes In Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | $94.50 | $71 | $65.20 |
Other comprehensive income (loss) before reclassifications, pretax | -120.4 | 29.2 | -10.8 |
Amounts reclassified from accumulated other comprehensive income, pretax: | 7.5 | 11 | 10.7 |
Other comprehensive income (loss), pretax | -112.9 | 40.2 | -0.1 |
Income tax effect | 15.6 | -16.5 | 6 |
Attributable to noncontrolling interest | 0.2 | -0.2 | -0.1 |
Balance end of period | -2.6 | 94.5 | 71 |
Cost of goods sold; selling and administrative expenses | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 3.1 | 7.1 | 8.2 |
Interest expense | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 4 | 3.9 | 1.8 |
Net sales | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 0.4 | ||
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | 158.3 | 163.5 | 147.6 |
Other comprehensive income (loss) before reclassifications, pretax | -71.7 | -5 | 15.3 |
Amounts reclassified from accumulated other comprehensive income, pretax: | 0 | 0 | 0.7 |
Other comprehensive income (loss), pretax | -71.7 | -5 | 16 |
Income tax effect | 0 | 0 | 0 |
Attributable to noncontrolling interest | 0.2 | -0.2 | -0.1 |
Balance end of period | 86.8 | 158.3 | 163.5 |
Foreign Currency Translation Adjustments | Cost of goods sold; selling and administrative expenses | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | Interest expense | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | Net sales | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 0 | ||
Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | -23.5 | -25.5 | -21.5 |
Other comprehensive income (loss) before reclassifications, pretax | 0.8 | -1 | -10.1 |
Amounts reclassified from accumulated other comprehensive income, pretax: | 4.4 | 4.4 | 3.7 |
Other comprehensive income (loss), pretax | 5.2 | 3.4 | -6.4 |
Income tax effect | -1.8 | -1.4 | 2.4 |
Attributable to noncontrolling interest | 0 | 0 | 0 |
Balance end of period | -20.1 | -23.5 | -25.5 |
Cash Flow Hedges | Cost of goods sold; selling and administrative expenses | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 0 | 0.5 | 1.9 |
Cash Flow Hedges | Interest expense | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 4 | 3.9 | 1.8 |
Cash Flow Hedges | Net sales | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 0.4 | ||
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | -40.3 | -67 | -60.9 |
Other comprehensive income (loss) before reclassifications, pretax | -49.5 | 35.2 | -16 |
Amounts reclassified from accumulated other comprehensive income, pretax: | 3.1 | 6.6 | 6.3 |
Other comprehensive income (loss), pretax | -46.4 | 41.8 | -9.7 |
Income tax effect | 17.4 | -15.1 | 3.6 |
Attributable to noncontrolling interest | 0 | 0 | 0 |
Balance end of period | -69.3 | -40.3 | -67 |
Defined Benefit Pension Plans | Cost of goods sold; selling and administrative expenses | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 3.1 | 6.6 | 6.3 |
Defined Benefit Pension Plans | Interest expense | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | 0 | 0 | 0 |
Defined Benefit Pension Plans | Net sales | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income, pretax: | $0 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Fixed rate debt carrying value | $950 | $830 |
Fixed rate debt difference between carrying value and fair value | $3.20 |
Fair_Value_Items_Measured_At_F
Fair Value (Items Measured At Fair Value On A Recurring Basis) (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (see Note S) | $2 | $0.60 |
Total assets | 161.5 | 128.8 |
Derivative liabilities | 2.7 | 0.9 |
Total liabilities | 21.3 | 14.2 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (see Note S) | 0 | 0 |
Total assets | 18.8 | 13.4 |
Derivative liabilities | 0 | 0 |
Total liabilities | 18.6 | 13.3 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (see Note S) | 2 | 0.6 |
Total assets | 142.7 | 115.4 |
Derivative liabilities | 2.7 | 0.9 |
Total liabilities | 2.7 | 0.9 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (see Note S) | 0 | 0 |
Total assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Bank time deposits with original maturities of three months or less | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 140.7 | 114.8 |
Bank time deposits with original maturities of three months or less | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Bank time deposits with original maturities of three months or less | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 140.7 | 114.8 |
Bank time deposits with original maturities of three months or less | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Diversified investments associated with the ESUP (see Note L) | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 18.8 | 13.4 |
Diversified investments associated with the ESUP (see Note L) | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 18.8 | 13.4 |
Diversified investments associated with the ESUP (see Note L) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Diversified investments associated with the ESUP (see Note L) | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Liabilities associated with the ESUP (see Note L) | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 18.6 | 13.3 |
Liabilities associated with the ESUP (see Note L) | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 18.6 | 13.3 |
Liabilities associated with the ESUP (see Note L) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 0 | 0 |
Liabilities associated with the ESUP (see Note L) | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | $0 | $0 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2012 |
Business Acquisition [Line Items] | ||||||||||
Other Assets | $819 | $926.80 | $991.50 | $819 | ||||||
Additions for current year acquisitions | 6.1 | 19 | 6.1 | |||||||
Bargain purchase gain | 9 | 0 | 8.8 | 0 | ||||||
Liquidation of (investment in) unconsolidated entity | 21.2 | 22.4 | 0 | -21.2 | 22.4 | |||||
Interest Earned on Cost Method Investments | 1.8 | |||||||||
Tempur Sealy | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Other Assets | 0 | |||||||||
Business Combination, Consideration Transferred | 0 | |||||||||
Kintec Solution | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Other Assets | 0 | 0 | ||||||||
Business Combination, Consideration Transferred | 0 | |||||||||
Aerospace Tubing Manufacturer based in France | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash purchase price paid for acquisition | 14.5 | 11.7 | ||||||||
Bargain purchase gain | 8.8 | |||||||||
Western | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash purchase price paid for acquisition | $188.20 |
Acquisitions_Estimated_Fair_Va
Acquisitions (Estimated Fair Values Of The Assets Acquired And Liabilities Assumed) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ||||
Property, plant and equipment | $60.50 | $34.90 | $195.30 | |
Goodwill (see Note E) | 819 | 926.8 | 991.5 | |
Less: Bargain purchase gain | 9 | 0 | 8.8 | 0 |
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 7.9 | 12.7 | 11.5 | |
Inventory | 16.5 | 15 | 21.1 | |
Property, plant and equipment | 27.1 | 16.1 | 15.7 | |
Goodwill (see Note E) | 19 | 6.1 | 60.2 | |
Other intangible assets (see Note E) | 14.1 | 12.3 | 109.8 | |
Other current and long-term assets | 4.1 | 0.4 | 10.2 | |
Current liabilities | 14.1 | 19.5 | 7.6 | |
Long-term liabilities | 3.1 | 6.4 | 9.5 | |
Additional consideration for prior years’ acquisitions | 0 | 0 | 0.2 | |
Fair value of net identifiable assets | 71.5 | 36.7 | 211.6 | |
Less: Bargain purchase gain | 0 | 8.8 | 0 | |
Less: Non-cash consideration | 1.1 | 0 | 0 | |
Net cash consideration | $70.40 | $27.90 | $211.60 |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocations Related To Acquisitions) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
acquisition | acquisition | acquisition | |
Foam Carpet Underlay; Fabric Converting for Furniture and Bedding; Innersprings [Member] | Residential Furnishings Segment [Member] | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 5 | ||
Tubing for the aerospace industry (2); Innerspring unit wire-forming machines; Geotextile products | Residential Furnishings, Industrial Materials and Specialized Products | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 4 | ||
Tubing for the aerospace industry; Wire partitions; Gel components; Tubing fabrication; Warehouse/distribution services | Residential Furnishings and Industrial Materials | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 5 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Nov. 15, 2014 | Dec. 31, 2013 | Aug. 12, 2012 | |
Interest rate cash flow hedges | ||||
Derivative [Line Items] | ||||
Amount of debt hedged | $200,000,000 | |||
Loss from forward starting interest rate swaps | 42,700,000 | |||
3.40% Senior Notes due 2022 | Senior Notes | ||||
Derivative [Line Items] | ||||
Aggregate principal of Senior Notes | $300 | $300,000,000 | ||
Senior Notes term | 10 years | |||
Interest rate on Senior Notes | 3.40% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Derivative Financial Instruments At Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Assets | $2 | |
Currency cash flow derivatives designated as hedging instruments, Assets | 0.2 | |
Total derivative assets | 2 | |
Other Current Assets | USD inter-company note receivable on a Swiss subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0.6 | |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 1.3 | |
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.9 | |
Total derivative liabilities | 2.4 | |
Other Current Liabilities | USD inter-company note receivable on a Swiss subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0.9 | |
Other Long Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 0.3 | |
Total derivative liabilities | 0.3 | |
Other Long Term Liabilities [Member] | -Future USD sales of Canadian and Chinese subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.2 | |
Other Long Term Liabilities [Member] | -Future EUR Sales of Chinese Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Other Long Term Liabilities [Member] | USD inter-company note receivable on a Swiss subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0 | |
Other Long Term Liabilities [Member] | Future USD Purchases of Canadian and European Subsidiaries [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Other Long Term Liabilities [Member] | Future USD Purchases of a USD Subsidiary [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.1 | |
Derivatives Designated as Hedging Instruments | -Future EUR Sales of Chinese Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 6 | |
Derivatives Designated as Hedging Instruments | Other Current Assets | -Future EUR Sales of Chinese Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.3 | |
Derivatives Designated as Hedging Instruments | Other Current Liabilities | -Future EUR Sales of Chinese Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future USD sales of Canadian, Chinese and Switzerland Subsidiaries [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 153.3 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | -Future USD sales of Canadian and Chinese subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 133.9 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | -Future USD sales of Canadian and Chinese subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 4.7 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | -Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 6.9 | 5.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future USD Purchases of Canadian and European Subsidiaries [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 10.4 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future USD Purchases of a USD Subsidiary [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 5.3 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future USD sales of Canadian, Chinese and Switzerland Subsidiaries [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.3 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | -Future USD sales of Canadian and Chinese subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | -Future USD sales of Canadian and Chinese subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | -Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.5 | 0.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future USD Purchases of Canadian and European Subsidiaries [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.9 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future USD Purchases of a USD Subsidiary [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future USD sales of Canadian, Chinese and Switzerland Subsidiaries [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | -Future USD sales of Canadian and Chinese subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.8 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | -Future USD sales of Canadian and Chinese subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | -Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | 0 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future USD Purchases of Canadian and European Subsidiaries [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future USD Purchases of a USD Subsidiary [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.3 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | USD inter-company note receivable on a Swiss subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 18.5 | 14.5 |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Current Assets | USD inter-company note receivable on a Swiss subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0 | 0.4 |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Current Liabilities | USD inter-company note receivable on a Swiss subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | $1.10 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Gains (Losses) Of Hedging Activities Recorded In Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | $6.20 | $3.10 | $3.30 |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 2.7 | -3.2 | -0.2 |
Derivatives Not Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 8.9 | -0.1 | 2.5 |
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 for the Year Ended December 31 | 0 | 0.4 | 2.4 |
Interest rate cash flow hedges | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 4 | 3.9 | 1.8 |
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 for the Year Ended December 31 | -0.3 | 0.1 | -0.5 |
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 for the Year Ended December 31 | 2.1 | -1.5 | -0.6 |
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 0.4 | 0.2 | 0.2 |
Hedge of EUR assets (including inter-company note receivables)-UK and USD subsidiaries | Derivatives Not Designated as Hedging Instruments | Other (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 0 | 0 | -0.8 |
Hedge of steel purchases - US subsidiary | Derivatives Not Designated as Hedging Instruments | Other (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 0 | 0 | 0.1 |
Hedge of EUR inter-company note receivable- USD denominated subsidiary | Derivatives Not Designated as Hedging Instruments | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 0 | 0 | 0.1 |
Discontinued Operations | Derivatives Designated as Hedging Instruments | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | $0 | $0 | $0 |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | 0 Months Ended | 36 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Aug. 14, 2014 | Dec. 30, 2011 | Dec. 03, 2014 | Sep. 04, 2014 | Jul. 31, 2014 | Jul. 01, 2014 | Jun. 26, 2014 | Jun. 05, 2014 | Apr. 17, 2014 | Mar. 27, 2014 | Oct. 22, 2013 | Jun. 21, 2013 | Feb. 01, 2013 | Dec. 18, 2012 | Oct. 04, 2012 | Dec. 22, 2011 | Apr. 16, 2009 | Dec. 31, 2014 | Jul. 03, 2013 | Feb. 14, 2013 | Jan. 24, 2012 | Dec. 31, 2012 | Feb. 28, 2011 | Oct. 16, 2013 | Apr. 11, 2013 |
Defendant | direct_purchaser_class_action_case | direct_purchaser_class_action_case | direct_purchaser_class_action_case | |||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
Payments for legal settlements charged to Discontinued Operations | $0 | |||||||||||||||||||||||||
Direct Purchaser Class Action Cases | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
Named as a defendant in pending cases | 3 | |||||||||||||||||||||||||
General and special damages | 39.8 | |||||||||||||||||||||||||
Payments for Legal Settlements | 4 | 39.8 | ||||||||||||||||||||||||
Individual Direct Purchaser Cases | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
Named as a defendant in pending cases | 35 | |||||||||||||||||||||||||
Direct Purchaser and Indirect Purchaser Cases | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
Named as a defendant in pending cases | 2 | |||||||||||||||||||||||||
Antitrust Lawsuits Canada | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
Number of defendants | 13 | |||||||||||||||||||||||||
Named as a defendant in pending cases | 2 | |||||||||||||||||||||||||
General and special damages | 100 | |||||||||||||||||||||||||
Antitrust Canada Lawsuits Punitive Damages | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
General and special damages | 10 | |||||||||||||||||||||||||
Brazilian Value- Added Tax Matters | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
General and special damages | 0.1 | 4.2 | 4.2 | 0.9 | 0.5 | 2.1 | 1.1 | 0.3 | 2.2 | 0.2 | 0.5 | 1.7 | 2.7 | 2.1 | 4.7 | |||||||||||
Loss Contingency, Value Added Tax, Alleged Improper Offset | 0.2 | 0.1 | ||||||||||||||||||||||||
Brazilian Tax Credit Matters | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
General and special damages | 3.1 | |||||||||||||||||||||||||
Patent Infringement Claim | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
General and special damages | 16.2 | |||||||||||||||||||||||||
Damages awarded | 5 | 5 | ||||||||||||||||||||||||
Pre-judgment interest requested | 0.7 | |||||||||||||||||||||||||
Pre-judgment interest awarded | 0.5 | |||||||||||||||||||||||||
Continuing Operations | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
Loss Contingency Accrual, Period Increase (Decrease) | 22 | |||||||||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||||||
Loss Contingency Accrual, Period Increase (Decrease) | $27 |
Quarterly_Summary_Of_Earnings_1
Quarterly Summary Of Earnings (Schedule Of Quarterly Summary Of Earnings) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | ||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||
Net sales | $953.30 | [1],[2],[3] | $997.40 | [1],[4] | $956.10 | [1] | $875.50 | [1] | $859.20 | [1],[2],[3] | $877.60 | [1],[4] | $879.60 | [1] | $860.80 | [1] | $3,782.30 | $3,477.20 | $3,414.50 | |
Gross profit | 203.8 | [1],[2],[3] | 209.1 | [1],[4] | 200.7 | [1] | 176.8 | [1] | 165.1 | [1],[2],[3] | 179.6 | [1],[4] | 185.3 | [1] | 179.9 | [1] | 790.4 | 709.9 | 695.6 | |
Earnings from continuing operations before income taxes | 59 | [1],[2],[3] | 66.5 | [1],[4] | 93.2 | [1] | 76.8 | [1] | -3.7 | [1],[2],[3] | 90.5 | [1],[4] | 82.4 | [1] | 68.4 | [1] | 295.5 | 237.6 | 287.5 | |
Earnings from continuing operations | 46.2 | [1],[2],[3] | 53.4 | [1],[4] | 69.6 | [1] | 56 | [1] | 10.5 | [1],[2],[3] | 66.5 | [1],[4] | 59.6 | [1] | 49.7 | [1] | 225.2 | 186.3 | 231.8 | |
Earnings (loss) from discontinued operations, net of tax | -24.6 | [1],[2],[3] | -4.4 | [1],[4] | -92.7 | [1] | -2.3 | [1] | -4.2 | [1],[2],[3] | 5.5 | [1],[4] | 12.3 | [1] | -0.2 | [1] | -124 | 13.4 | 18.7 | |
Net earnings | 21.6 | [1],[2],[3] | 49 | [1],[4] | -23.1 | [1] | 53.7 | [1] | 6.3 | [1],[2],[3] | 72 | [1],[4] | 71.9 | [1] | 49.5 | [1] | 101.2 | 199.7 | 250.5 | |
(Earnings) attributable to noncontrolling interest, net of tax | -1 | [1],[2],[3] | -0.8 | [1],[4] | -0.8 | [1] | -0.6 | [1] | -0.7 | [1],[2],[3] | -0.7 | [1],[4] | -0.6 | [1] | -0.4 | [1] | -3.2 | -2.4 | -2.3 | |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 20.6 | [1],[2],[3] | 48.2 | [1],[4] | -23.9 | [1] | 53.1 | [1] | 5.6 | [1],[2],[3] | 71.3 | [1],[4] | 71.3 | [1] | 49.1 | [1] | 98 | 197.3 | 248.2 | |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders, Basic (in dollars per share) | $0.32 | [1],[2],[3] | $0.37 | [1],[4] | $0.49 | [1] | $0.39 | [1] | $0.07 | [1],[2],[3] | $0.45 | [1],[4] | $0.41 | [1] | $0.34 | [1] | $1.57 | $1.27 | $1.59 | |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders, Diluted (in dollars per share) | $0.32 | [1],[2],[3] | $0.37 | [1],[4] | $0.48 | [1] | $0.38 | [1] | $0.07 | [1],[2],[3] | $0.45 | [1],[4] | $0.40 | [1] | $0.33 | [1] | $1.55 | $1.25 | $1.57 | |
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders, Basic (in dollars per share) | ($0.17) | [1],[2],[3] | ($0.03) | [1],[4] | ($0.66) | [1] | ($0.02) | [1] | ($0.03) | [1],[2],[3] | $0.04 | [1],[4] | $0.08 | [1] | $0 | [1] | ($0.88) | $0.09 | $0.13 | |
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders, Diluted (in dollars per share) | ($0.17) | [1],[2],[3] | ($0.03) | [1],[4] | ($0.65) | [1] | ($0.02) | [1] | ($0.03) | [1],[2],[3] | $0.04 | [1],[4] | $0.08 | [1] | $0 | [1] | ($0.87) | $0.09 | $0.13 | |
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Basic (in dollars per share) | $0.15 | [1],[2],[3] | $0.34 | [1],[4] | ($0.17) | [1] | $0.37 | [1] | $0.04 | [1],[2],[3] | $0.49 | [1],[4] | $0.49 | [1] | $0.34 | [1] | $0.69 | $1.36 | $1.72 | |
Diluted (in dollars per share) | $0.14 | [1],[2],[3] | $0.34 | [1],[4] | ($0.17) | [1] | $0.37 | [1] | $0.04 | [1],[2],[3] | $0.49 | [1],[4] | $0.48 | [1] | $0.33 | [1] | $0.68 | $1.34 | $1.70 | |
Bargain purchase gain | 9 | 0 | 8.8 | 0 | ||||||||||||||||
Goodwill impairment | 108 | 63 | 0 | |||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 9 | |||||||||||||||||||
Specialized Products: | ||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||
Net sales | 799.3 | 737.9 | 711.1 | |||||||||||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Goodwill impairment | 0 | 63 | ||||||||||||||||||
Specialized Products: | CVP unit | ||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||
Net sales | 110.4 | 109 | 137.7 | |||||||||||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Impairment loss and accelerated amortization | 67 | |||||||||||||||||||
Goodwill impairment | 63 | |||||||||||||||||||
Accelerated amortization | 4 | |||||||||||||||||||
Continuing Operations | ||||||||||||||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Goodwill impairment | 0 | 63 | 0 | |||||||||||||||||
Loss Contingency Accrual, Period Increase (Decrease) | 22 | 32 | ||||||||||||||||||
Continuing Operations | Specialized Products: | CVP unit | ||||||||||||||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Goodwill impairment | 0 | 63 | ||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Goodwill impairment | 108 | 0 | ||||||||||||||||||
Loss Contingency Accrual, Period Increase (Decrease) | 27 | 8 | ||||||||||||||||||
Discontinued Operations | Commercial Fixturing & Components - Store Fixtures | ||||||||||||||||||||
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
Goodwill impairment | $108 | $0 | $108 | |||||||||||||||||
[1] | . | |||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246MUQ1OUY4MDRDQzg1OEQwMDk3NkIwQzkwNEVBRkJCRTkM} | |||||||||||||||||||
[3] | n the fourth quarter of 2013 we incurred pretax charges of $67 related to the Commercial Vehicle Products group ($63 goodwill impairment charge and $4 accelerated amortization of a customer-related intangible asset.) | |||||||||||||||||||
[4] | n the third quarter of 2013 we recorded a $9 bargain purchase gain related to an acquisition. |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts And Reserves (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for doubtful receivables | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $17.60 | [1] | $20.60 | [1] | $26 | [1] |
Additions Charged to Cost and Expenses | 4.9 | [1] | 6.1 | [1] | 4.9 | [1] |
Deductions | 5.3 | [1] | 9.1 | [1] | 10.3 | [1] |
Balance at End of Period | 17.2 | [1] | 17.6 | [1] | 20.6 | [1] |
Excess and obsolete inventory reserve, LIFO basis | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 21.9 | 19.4 | 20.2 | |||
Additions Charged to Cost and Expenses | 10 | 11.8 | 10.2 | |||
Deductions | 10 | 9.3 | 11 | |||
Balance at End of Period | 21.9 | 21.9 | 19.4 | |||
Tax valuation allowance | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 25.4 | [2] | 32.2 | [2] | 69.1 | [2] |
Additions Charged to Cost and Expenses | 1 | [2] | -3.4 | [2] | -36.3 | [2] |
Deductions | -0.7 | [2] | 3.4 | [2] | 0.6 | [2] |
Balance at End of Period | $27.10 | [2] | $25.40 | [2] | $32.20 | [2] |
[1] | Uncollectible accounts charged off, net of recoveries. | |||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjliOGNhYWMyOTU1MzQ1ZmFhMjk0YzY4NjA4MDBjZDBifFRleHRTZWxlY3Rpb246OUNFMEY2QTAyQjA5MTA2ODYwMzgwQzkwNEVCMUE4MzEM} |