Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
2-May-14 | 30-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'JOY GLOBAL INC | ' |
Entity Central Index Key | '0000801898 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 2-May-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--10-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 99,911,156 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $929,730 | $1,360,435 | $1,769,042 | $2,510,312 |
Cost of sales | 651,592 | 909,179 | 1,255,770 | 1,682,328 |
Product development, selling and administrative expenses | 154,534 | 172,953 | 307,563 | 330,234 |
Other income | -2,138 | -330 | -5,278 | -2,035 |
Operating income | 125,742 | 278,633 | 210,987 | 499,785 |
Interest income | 2,293 | 1,843 | 4,876 | 3,644 |
Interest expense | -16,141 | -17,028 | -32,544 | -33,982 |
Income from continuing operations before income taxes | 111,894 | 263,448 | 183,319 | 469,447 |
Provision for income taxes | 37,943 | 81,669 | 60,507 | 145,529 |
Income from continuing operations | 73,951 | 181,779 | 122,812 | 323,918 |
Loss from discontinued operations, net of income taxes | 0 | -223 | 0 | -225 |
Net income | $73,951 | $181,556 | $122,812 | $323,693 |
Basic earnings per share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.74 | $1.71 | $1.22 | $3.05 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 |
Net income (in dollars per share) | $0.74 | $1.71 | $1.22 | $3.05 |
Diluted earnings per share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.73 | $1.69 | $1.20 | $3.02 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 |
Net income (in dollars per share) | $0.73 | $1.69 | $1.20 | $3.02 |
Dividends per share (in dollars per share) | $0.18 | $0.18 | $0.35 | $0.35 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 100,346 | 106,426 | 101,071 | 106,334 |
Diluted (in shares) | 101,203 | 107,413 | 101,935 | 107,325 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $73,951 | $181,556 | $122,812 | $323,693 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in unrecognized pension and other postretirement obligations, net of taxes | 3,731 | 2,885 | 7,535 | 9,777 |
Derivative instrument fair market value adjustment, net of benefits | -2,796 | -2,204 | -286 | -5,206 |
Foreign currency translation adjustment | 28,300 | -12,268 | -24,472 | -12,928 |
Total other comprehensive income (loss), net of taxes | 29,235 | -11,587 | -17,223 | -8,357 |
Comprehensive income | $103,186 | $169,969 | $105,589 | $315,336 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Change in unrecognized pension and other postretirement obligations, (taxes) benefits | ($1,605) | ($1,742) | ($3,229) | ($4,675) |
Derivative instrument fair market value adjustment, (taxes) benefits | $1,124 | $1,265 | $102 | $2,793 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | 2-May-14 | Jan. 31, 2014 | Oct. 25, 2013 | Apr. 26, 2013 | Jan. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $385,790 | ' | $405,709 | $234,875 | ' | $263,873 |
Accounts receivable, net | 917,502 | ' | 1,083,663 | ' | ' | ' |
Inventories | 1,128,891 | ' | 1,139,744 | ' | ' | ' |
Other current assets | 201,838 | ' | 193,328 | ' | ' | ' |
Total current assets | 2,634,021 | ' | 2,822,444 | ' | ' | ' |
Property, plant and equipment, net | 893,649 | ' | 912,642 | ' | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 322,701 | ' | 331,812 | ' | ' | ' |
Goodwill | 1,492,689 | ' | 1,480,519 | ' | ' | ' |
Deferred income taxes | 39,746 | ' | 41,532 | ' | ' | ' |
Other non-current assets | 194,928 | ' | 200,633 | ' | ' | ' |
Total other assets | 2,050,064 | ' | 2,054,496 | ' | ' | ' |
Total assets | 5,577,734 | ' | 5,789,582 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 58,089 | ' | 58,669 | ' | ' | ' |
Trade accounts payable | 335,319 | ' | 388,119 | ' | ' | ' |
Employee compensation and benefits | 111,713 | ' | 130,555 | ' | ' | ' |
Advance payments and progress billings | 403,518 | ' | 399,768 | ' | ' | ' |
Accrued warranties | 73,602 | 77,804 | 85,732 | 83,691 | 87,427 | 100,646 |
Other accrued liabilities | 225,953 | ' | 286,063 | ' | ' | ' |
Current liabilities of discontinued operations | 11,684 | ' | 11,684 | ' | ' | ' |
Total current liabilities | 1,219,878 | ' | 1,360,590 | ' | ' | ' |
Long-term obligations | 1,231,572 | ' | 1,256,927 | ' | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 19,944 | ' | 20,723 | ' | ' | ' |
Accrued pension costs | 139,196 | ' | 149,805 | ' | ' | ' |
Other non-current liabilities | 152,328 | ' | 143,168 | ' | ' | ' |
Total other liabilities | 311,468 | ' | 313,696 | ' | ' | ' |
Shareholders’ equity | 2,814,816 | ' | 2,858,369 | ' | ' | ' |
Total liabilities and shareholders’ equity | $5,577,734 | ' | $5,789,582 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 |
Operating Activities: | ' | ' |
Net income | $122,812 | $323,693 |
Loss from discontinued operations | 0 | 225 |
Adjustments to continuing operations: | ' | ' |
Depreciation and amortization | 64,837 | 48,873 |
Changes in deferred income taxes | -6,697 | 8,651 |
Contributions to defined benefit employee pension plans | -4,353 | -92,223 |
Defined benefit employee pension plan expense | 3,089 | 8,368 |
Share-based compensation expense | 13,164 | 18,333 |
Excess tax expense (benefit) from share-based compensation awards | -432 | 1,701 |
Changes in long-term receivables | 6,622 | -26,985 |
Other adjustments to continuing operations, net | 485 | 2,706 |
Changes in working capital items attributed to continuing operations: | ' | ' |
Accounts receivable, net | 166,177 | 7,705 |
Inventories | -15,577 | 24,908 |
Other current assets | -10,150 | -14,559 |
Trade accounts payable | -45,992 | -14,239 |
Employee compensation and benefits | -17,433 | -48,034 |
Advance payments and progress billings | 9,182 | -74,157 |
Accrued warranties | -12,543 | -15,939 |
Other accrued liabilities | -67,380 | -62,350 |
Net cash provided by operating activities of continuing operations | 206,675 | 93,275 |
Net cash used by operating activities of discontinued operations | -115 | -2,372 |
Net cash provided by operating activities | 206,560 | 90,903 |
Investing Activities: | ' | ' |
Property, plant and equipment acquired | -44,304 | -87,001 |
Proceeds from sale of property, plant and equipment | 4,205 | 2,187 |
Other investing activities, net | -66 | -70 |
Net cash used by investing activities | -40,165 | -84,884 |
Financing Activities: | ' | ' |
Common stock issued | 6,581 | 5,227 |
Excess tax (expense) benefit from share-based compensation awards | -432 | 1,701 |
Dividends paid | -35,374 | -37,130 |
Repayments of term loan | -25,000 | -25,000 |
Changes in short and other long-term obligations, net | -1,262 | 22,216 |
Treasury stock purchased | -129,504 | 0 |
Net cash used by financing activities | -184,991 | -32,986 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -1,323 | -2,031 |
Decrease in Cash and Cash Equivalents | -19,919 | -28,998 |
Cash and Cash Equivalents at Beginning of Period | 405,709 | 263,873 |
Cash and Cash Equivalents at End of Period | $385,790 | $234,875 |
Description_of_Business
Description of Business | 6 Months Ended |
2-May-14 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Joy Global Inc. (the “Company”) is a leading manufacturer and servicer of high-productivity mining equipment for the extraction of coal and other minerals and ores. We manufacture and market original equipment and parts and perform services for both underground and surface mining and certain industrial applications. Our equipment is used in major mining regions throughout the world to mine coal, copper, iron ore, oil sands, gold and other minerals. We operate in two business segments: Underground Mining Machinery ("Underground") and Surface Mining Equipment ("Surface"). We are a major manufacturer of underground mining machinery for the extraction of coal and other bedded minerals and offer comprehensive service locations near major mining regions worldwide. We are also a major producer of surface mining equipment for the extraction of ores and minerals and we provide extensive operational support for many types of equipment used in surface mining. Our principal manufacturing facilities are located in the United States, including facilities in Pennsylvania, Wisconsin, Texas and Alabama, and internationally, including facilities in China, the United Kingdom, South Africa and Australia. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
2-May-14 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The Condensed Consolidated Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to SEC rules and regulations. In our opinion, all adjustments necessary for the fair presentation on a going concern basis of the results of operations, cash flows and financial position for all periods presented have been made. All such adjustments made are of a normal recurring nature. The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual amounts could differ from the estimates. | |
These financial statements should be read in conjunction with the financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended October 25, 2013. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. |
Inventories
Inventories | 6 Months Ended | |||||||
2-May-14 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Consolidated inventories consist of the following: | ||||||||
In thousands | May 2, | October 25, | ||||||
2014 | 2013 | |||||||
Finished goods | $ | 836,089 | $ | 838,052 | ||||
Work in process | 223,884 | 233,303 | ||||||
Raw materials | 68,918 | 68,389 | ||||||
Total inventories | $ | 1,128,891 | $ | 1,139,744 | ||||
Finished goods include finished components and parts in addition to any finished equipment. |
Warranties
Warranties | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Warranties | ' | |||||||||||||||
Warranties | ||||||||||||||||
We provide for the estimated costs that may be incurred under product warranties to remedy deficiencies of quality or performance of our products. Warranty costs are accrued at the time revenue is recognized. These product warranties extend over either a specified period of time, units of production or machine hours depending on the product subject to the warranty. We accrue a provision for estimated future warranty costs based on the historical relationship of warranty costs to sales. We periodically review the adequacy of the accrual for product warranties and adjust the warranty percentage and accrued warranty reserve for actual experience as necessary. | ||||||||||||||||
The following table reconciles the changes in the product warranty reserve: | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
In thousands | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 77,804 | $ | 87,427 | $ | 85,732 | $ | 100,646 | ||||||||
Accrual for warranty expensed during the period | 9,297 | 12,442 | 16,663 | 24,921 | ||||||||||||
Settlements made during the period | (14,235 | ) | (15,455 | ) | (29,176 | ) | (40,708 | ) | ||||||||
Effect of foreign currency translation | 736 | (723 | ) | 383 | (1,168 | ) | ||||||||||
Balance, end of period | $ | 73,602 | $ | 83,691 | $ | 73,602 | $ | 83,691 | ||||||||
Borrowings_and_Credit_Faciliti
Borrowings and Credit Facilities | 6 Months Ended | |||||||
2-May-14 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings and Credit Facilities | ' | |||||||
Borrowings and Credit Facilities | ||||||||
On October 12, 2012, we entered into a $1.0 billion unsecured revolving credit facility that matures on November 12, 2017 (as amended, the "Credit Agreement"). Under the Credit Agreement, we also may request an increase of up to $250.0 million of additional aggregate revolving commitments, subject to the terms and conditions contained in the Credit Agreement. Under the terms of the Credit Agreement, we pay a commitment fee ranging from 0.1% to 0.325% on the unused portion of the revolving credit facility based on our credit rating. Letters of credit issued under applicable provisions of the Credit Agreement represent an unfunded utilization of the Credit Agreement for purposes of calculating the periodic commitment fee due. Eurodollar rate loans bear interest for a period from the applicable borrowing date until a date one or two weeks or one, two, three or six months thereafter, as selected by the Company, at the corresponding Eurodollar rate plus a margin of 1.0% to 2.0% depending on the Company's credit rating. Base rate loans bear interest from the applicable borrowing date at a rate equal to (i) the highest of (a) the federal funds rate plus 0.5%, (b) the rate of interest in effect for such day as publicly announced by the administrative agent as its "prime rate," or (c) a daily rate equal to the Eurodollar rate plus 1.0%, plus (ii) a margin that varies according to the Company's credit rating. Swing line loans bear interest at either the base rate described above or the daily floating Eurodollar rate plus the applicable margin, as selected by the Company. The Credit Agreement requires the maintenance of certain financial covenants, including leverage and interest coverage ratios. The Credit Agreement also restricts payment of dividends or other returns of capital to shareholders when the consolidated leverage ratio exceeds a stated level amount. As of May 2, 2014, we were in compliance with all financial covenants of the Credit Agreement and had no restrictions on the payment of dividends or other returns of capital to shareholders. | ||||||||
As of May 2, 2014, there were no direct borrowings under the Credit Agreement. Outstanding standby letters of credit issued under the Credit Agreement, which count toward the $1.0 billion credit limit, totaled $187.6 million. As of May 2, 2014, there was $812.4 million available for borrowings under the Credit Agreement. | ||||||||
On June 16, 2011, we entered into a credit agreement, which matures June 16, 2016, and provided for a $500.0 million term loan commitment (the “Term Loan”), which was drawn in full to partially finance the fiscal 2011 acquisition of LeTourneau Technologies, Inc. ("LeTourneau"). The Term Loan requires quarterly principal payments and contains terms and conditions that are the same as the terms and conditions of the Credit Agreement. The Term Loan is guaranteed by each of our current and future material domestic subsidiaries and requires the maintenance of certain financial covenants, including leverage and interest coverage ratios. As of May 2, 2014, we were in compliance with all financial covenants of the Term Loan. | ||||||||
On October 12, 2011, we issued $500.0 million aggregate principal amount of 5.125% Senior Notes due in 2021 (the “2021 Notes”) at a discount of $4.2 million in an offering that was registered under the Securities Act. Interest on the 2021 Notes is paid semi-annually in arrears on October 15 and April 15 of each year, and the 2021 Notes are guaranteed by each of our current and future material domestic subsidiaries. At our option, we may redeem some or all of the 2021 Notes at a redemption price of the greater of 100% of the principal amount of the 2021 Notes to be redeemed or the sum of the present values of the principal amounts and the remaining scheduled interest payments using a discount rate equal to the sum of a treasury rate of a comparable treasury issue plus 0.5%. | ||||||||
In November 2006, we issued $250.0 million aggregate principal amount of 6.0% Senior Notes due 2016 and $150.0 million aggregate principal amount of 6.625% Senior Notes due 2036 (the “2016 Notes” and “2036 Notes,” respectively). Interest on the 2016 Notes and 2036 Notes is paid semi-annually in arrears on May 15 and November 15 of each year, and the 2016 Notes and 2036 Notes are guaranteed by each of our current and future material domestic subsidiaries. The 2016 Notes and 2036 Notes were issued in a private placement under an exemption from registration provided by the Securities Act. In the second quarter of fiscal 2007, the 2016 Notes and 2036 Notes were exchanged for substantially identical notes in an exchange that was registered under the Securities Act. At our option, we may redeem some or all of the 2016 Notes and 2036 Notes at a redemption price of the greater of 100% of the principal amount of the 2016 Notes and 2036 Notes to be redeemed or the sum of the present values of the principal amounts and the remaining scheduled interest payments using a discount rate equal to the sum of a treasury rate of a comparable treasury issue plus 0.3% for the 2016 Notes and 0.375% for the 2036 Notes. | ||||||||
Direct borrowings and capital lease obligations consist of the following: | ||||||||
In thousands | May 2, | October 25, | ||||||
2014 | 2013 | |||||||
Domestic: | ||||||||
Term Loan due 2016 | $ | 387,500 | $ | 412,500 | ||||
6.0% Senior Notes due 2016 | 248,929 | 248,733 | ||||||
5.125% Senior Notes due 2021 | 496,620 | 496,438 | ||||||
6.625% Senior Notes due 2036 | 148,507 | 148,493 | ||||||
Other secured borrowings | — | 1,212 | ||||||
Foreign: | ||||||||
Capital leases | 120 | — | ||||||
Short-term borrowings | 7,985 | 8,220 | ||||||
Total obligations | 1,289,661 | 1,315,596 | ||||||
Less: Amounts due within one year | (58,089 | ) | (58,669 | ) | ||||
Long-term obligations | $ | 1,231,572 | $ | 1,256,927 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended | |||||||||||||||||||||||||||||||
2-May-14 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||
Comprehensive income and its components are presented in the Condensed Consolidated Statements of Comprehensive Income. Changes in accumulated other comprehensive (loss) income, net of taxes, consist of the following: | ||||||||||||||||||||||||||||||||
Quarter ended May 2, 2014 | Quarter ended April 26, 2013 | |||||||||||||||||||||||||||||||
Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | |||||||||||||||||||||||||
Beginning balance | $ | (536,318 | ) | $ | 7,538 | $ | (25,312 | ) | $ | (554,092 | ) | $ | (552,566 | ) | $ | 1,877 | $ | 45,270 | $ | (505,419 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes | — | (1,437 | ) | 28,300 | 26,863 | — | (757 | ) | (12,268 | ) | (13,025 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | 3,731 | (1,359 | ) | — | 2,372 | 2,885 | (1,447 | ) | — | 1,438 | ||||||||||||||||||||||
Total other comprehensive income (loss), net of taxes | 3,731 | (2,796 | ) | 28,300 | 29,235 | 2,885 | (2,204 | ) | (12,268 | ) | (11,587 | ) | ||||||||||||||||||||
Ending balance | $ | (532,587 | ) | $ | 4,742 | $ | 2,988 | $ | (524,857 | ) | $ | (549,681 | ) | $ | (327 | ) | $ | 33,002 | $ | (517,006 | ) | |||||||||||
Six months ended May 2, 2014 | Six months ended April 26, 2013 | |||||||||||||||||||||||||||||||
Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | |||||||||||||||||||||||||
Beginning balance | $ | (540,122 | ) | $ | 5,028 | $ | 27,460 | $ | (507,634 | ) | $ | (559,458 | ) | $ | 4,879 | $ | 45,930 | $ | (508,649 | ) | ||||||||||||
Other comprehensive (loss) income before reclassifications, net of taxes | — | 3,293 | (24,472 | ) | (21,179 | ) | — | (2,963 | ) | (12,928 | ) | (15,891 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | 7,535 | (3,579 | ) | — | 3,956 | 9,777 | (2,243 | ) | — | 7,534 | ||||||||||||||||||||||
Total other comprehensive (loss) income, net of taxes | 7,535 | (286 | ) | (24,472 | ) | (17,223 | ) | 9,777 | (5,206 | ) | (12,928 | ) | (8,357 | ) | ||||||||||||||||||
Ending balance | $ | (532,587 | ) | $ | 4,742 | $ | 2,988 | $ | (524,857 | ) | $ | (549,681 | ) | $ | (327 | ) | $ | 33,002 | $ | (517,006 | ) | |||||||||||
Details of the reclassifications from accumulated other comprehensive (loss) income are disclosed below: | ||||||||||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||
Quarter Ended | Six Months Ended | Affected Line Items in the Statements of Income | ||||||||||||||||||||||||||||||
May 2, | April 26, | May 2, | April 26, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Change in unrecognized pension and other postretirement obligations: | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | $ | 192 | $ | 145 | $ | 358 | $ | 340 | Cost of sales/Product development, selling and administrative expense* | |||||||||||||||||||||||
Amortization of net actuarial gain | 5,144 | 4,482 | 10,406 | 14,112 | Cost of sales/Product development, selling and administrative expense* | |||||||||||||||||||||||||||
Deferred tax | (1,605 | ) | (1,742 | ) | (3,229 | ) | (4,675 | ) | Provision for income taxes | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | $ | 3,731 | $ | 2,885 | $ | 7,535 | $ | 9,777 | ||||||||||||||||||||||||
Derivative instrument fair market value adjustment: | ||||||||||||||||||||||||||||||||
Foreign exchange cash flow hedges | $ | (1,905 | ) | $ | (2,219 | ) | $ | (5,032 | ) | $ | (3,440 | ) | Net sales/Cost of sales** | |||||||||||||||||||
Deferred tax | 546 | 772 | 1,453 | 1,197 | Provision for income taxes | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | $ | (1,359 | ) | $ | (1,447 | ) | $ | (3,579 | ) | $ | (2,243 | ) | ||||||||||||||||||||
Total reclassifications for the period | $ | 2,372 | $ | 1,438 | $ | 3,956 | $ | 7,534 | ||||||||||||||||||||||||
* Amounts are included in the computation of net periodic benefits costs as either cost of sales or product development, selling and administrative expense as appropriate. Refer to Footnote 9, Retiree Benefits, for additional information. | ||||||||||||||||||||||||||||||||
** Amounts are included in either sales or cost of sales as appropriate. Refer to Footnote 10, Derivatives, for additional information. |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended |
2-May-14 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders' Equity | |
In August 2013, our Board of Directors authorized the Company to repurchase up to $1.0 billion in shares of our common stock until August 2016. Under the program, the Company may repurchase shares in the open market in accordance with applicable SEC rules and regulations. During the quarter ended May 2, 2014, we purchased 137,812 shares of common stock for approximately $7.5 million. During the six months ended May 2, 2014, we purchased 2,396,710 shares of common stock for approximately $129.5 million. Since its inception, the Company has repurchased 6,501,710 shares of common stock under the program for approximately $343.6 million, leaving $656.4 million available under the program. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended |
2-May-14 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-Based Compensation | ' |
Share-Based Compensation | |
Total share-based compensation expense recognized for the quarters ended May 2, 2014 and April 26, 2013 was $7.1 million and $10.7 million, respectively. Total share-based compensation expense recognized for the six months ended May 2, 2014 and April 26, 2013 was $13.2 million and $18.3 million, respectively. The total share-based compensation expense is reflected in our Condensed Consolidated Statements of Cash Flows in operating activities as an add back to net income. | |
The corresponding deferred tax asset recognized related to the share-based compensation expense was $1.6 million and $3.1 million for the quarters ended May 2, 2014 and April 26, 2013, respectively. The corresponding deferred tax asset recognized related to the share-based compensation expense was $3.1 million and $5.2 million for the six months ended May 2, 2014 and April 26, 2013, respectively. |
Retiree_Benefits
Retiree Benefits | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retiree Benefits | ' | |||||||||||||||
Retiree Benefits | ||||||||||||||||
The components of the net periodic benefit cost associated with our pension and other postretirement plans are as follows: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||
In thousands | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 317 | $ | 2,848 | $ | 260 | $ | 187 | ||||||||
Interest cost | 20,638 | 19,536 | 323 | 282 | ||||||||||||
Expected return on assets | (26,013 | ) | (25,604 | ) | (148 | ) | (102 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost | 159 | 152 | 33 | (7 | ) | |||||||||||
Actuarial loss (gain) | 5,370 | 4,668 | (226 | ) | (186 | ) | ||||||||||
Net periodic benefit cost | $ | 471 | $ | 1,600 | $ | 242 | $ | 174 | ||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
In thousands | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 3,038 | $ | 5,695 | $ | 520 | $ | 542 | ||||||||
Interest cost | 41,299 | 39,047 | 645 | 584 | ||||||||||||
Expected return on assets | (52,398 | ) | (51,208 | ) | (295 | ) | (214 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost | 292 | 305 | 66 | 35 | ||||||||||||
Actuarial loss (gain) | 10,858 | 14,529 | (452 | ) | (417 | ) | ||||||||||
Net periodic benefit cost | $ | 3,089 | $ | 8,368 | $ | 484 | $ | 530 | ||||||||
The actuarial loss (gain) arises from differences in estimates and actual experiences for certain assumptions, including changes in the discount rate and expected return on assets. For the six months ended May 2, 2014, we contributed $4.4 million to our defined benefit employee pension plans, and we do not expect contributions to exceed $50.0 million for the full fiscal year. |
Derivatives
Derivatives | 6 Months Ended | ||||||||||
2-May-14 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivatives | ' | ||||||||||
Derivatives | |||||||||||
We are exposed to certain foreign currency risks in the normal course of our global business operations. We enter into derivative contracts that are foreign currency forward contracts to hedge the risks of certain identified and anticipated transactions in currencies other than the functional currency of the respective operating unit. The types of risks hedged are those arising from the variability of future earnings and cash flows caused by fluctuations in foreign currency exchange rates. These contracts are for forecasted transactions and committed receivables and payables denominated in foreign currencies and are not entered into for speculative purposes. Consequently, any market-related losses on the forward contract would be offset by changes in the value of the hedged item, and, as a result, we are generally not exposed to net market risk associated with these instruments. | |||||||||||
Each derivative is classified as either a cash flow hedge, a fair value hedge or an undesignated instrument. All derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets under the heading Other current assets or under the heading Other accrued liabilities, as appropriate. Cash flows from fair value and cash flow hedges are classified within the same category as the item being hedged on the Condensed Consolidated Statements of Cash Flows. Cash flows from undesignated derivative instruments are included in operating activities on the Condensed Consolidated Statements of Cash Flows. | |||||||||||
For derivative contracts that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss of the derivative contract is recorded as a component of other comprehensive income, net of tax. This amount is reclassified into the income statement on the line associated with the underlying transaction for the periods in which the hedged transaction affects earnings. The amounts recorded in accumulated other comprehensive income for existing cash flow hedges are generally expected to be reclassified into earnings within one year and all of the existing hedges will be reclassified into earnings by October 2015. Ineffectiveness related to these derivative contracts was recorded in the Condensed Consolidated Statements of Income as a gain of less than $0.1 million and a gain of $0.4 million for the quarters ended May 2, 2014 and April 26, 2013, respectively. Ineffectiveness related to these derivative contracts was recorded in the Condensed Consolidated Statements of Income as a gain of less than $0.1 million and a gain of $0.7 million for the six months ended May 2, 2014 and April 26, 2013, respectively. | |||||||||||
For derivative contracts that are designated and qualify as a fair value hedge, the gain or loss is recorded in the Condensed Consolidated Statements of Income under the heading Cost of sales. For the quarters ended May 2, 2014 and April 26, 2013, we recorded a loss of $0.5 million and a loss of $0.6 million, respectively, related to fair value hedges, which were offset by foreign exchange fluctuations of the underlying hedged item. For the six months ended May 2, 2014 and April 26, 2013, we recorded a loss of $0.7 million and a loss of $1.2 million, respectively, related to fair value hedges, which were offset by foreign exchange fluctuations of the underlying hedged item. | |||||||||||
For derivative contracts entered into to hedge revaluation of net balance sheet exposures in non-functional currency that are not designated as a fair value hedge or a cash flow hedge, the gain or loss is recorded in the Condensed Consolidated Statements of Income under the heading Cost of sales. For the quarters ended May 2, 2014 and April 26, 2013, we recorded a loss of $0.4 million and a loss of $1.6 million, respectively, related to undesignated hedges, which were offset by foreign exchange fluctuations. For the six months ended May 2, 2014 and April 26, 2013, we recorded a gain of $2.6 million and a loss of $3.2 million, respectively, related to undesignated hedges, which were offset by foreign exchange fluctuations. | |||||||||||
The following table summarizes the effect of cash flow hedges on the Condensed Consolidated Financial Statements: | |||||||||||
In thousands | Effective Portion | ||||||||||
Amount of Gain/(Loss) Recognized in Other Comprehensive Income | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | ||||||||||
Derivative Hedging Relationship | Location | Amount | |||||||||
Foreign currency forward contracts | |||||||||||
Quarter ended May 2, 2014 | $ | (2,015 | ) | Cost of sales | $ | 1,776 | |||||
Sales | 129 | ||||||||||
Six months ended May 2, 2014 | $ | 4,644 | Cost of sales | $ | 4,853 | ||||||
Sales | 179 | ||||||||||
Quarter ended April 26, 2013 | $ | (1,250 | ) | Cost of sales | $ | 2,408 | |||||
Sales | (189 | ) | |||||||||
Six months ended April 26, 2013 | $ | (4,559 | ) | Cost of sales | $ | 3,622 | |||||
Sales | (182 | ) | |||||||||
We are exposed to credit risk in the event of nonperformance by counterparties to the forward contracts. The terms of the forward contract determine the timing and amounts to be exchanged, and the contract is generally subject to credit risk only when it has a positive fair value. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during each period. Diluted earnings per share is computed similar to basic earnings per share, except that the weighted average number of shares outstanding is increased to include additional shares from the assumed exercise of stock options, performance shares and restricted stock units, if dilutive. | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
In thousands, except per share amounts | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 73,951 | $ | 181,779 | $ | 122,812 | $ | 323,918 | ||||||||
Loss from discontinued operations, net of income taxes | — | (223 | ) | — | (225 | ) | ||||||||||
Net income | $ | 73,951 | $ | 181,556 | $ | 122,812 | $ | 323,693 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding | 100,346 | 106,426 | 101,071 | 106,334 | ||||||||||||
Dilutive effect of stock options, performance shares and restricted stock units | 857 | 987 | 864 | 991 | ||||||||||||
Weighted average shares outstanding assuming dilution | 101,203 | 107,413 | 101,935 | 107,325 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Income from continuing operations | $ | 0.74 | $ | 1.71 | $ | 1.22 | $ | 3.05 | ||||||||
Loss from discontinued operations | — | — | — | — | ||||||||||||
Net income | $ | 0.74 | $ | 1.71 | $ | 1.22 | $ | 3.05 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Income from continuing operations | $ | 0.73 | $ | 1.69 | $ | 1.2 | $ | 3.02 | ||||||||
Loss from discontinued operations | — | — | — | — | ||||||||||||
Net income | $ | 0.73 | $ | 1.69 | $ | 1.2 | $ | 3.02 | ||||||||
Options to purchase a weighted average of 2.1 million and 1.5 million shares were excluded from the calculations of diluted earnings per share for the quarters ended May 2, 2014 and April 26, 2013, respectively, as the effect would have been antidilutive. Options to purchase a weighted average of 1.8 million and 1.2 million shares were excluded from the calculations of diluted earnings per share for the six months ended May 2, 2014 and April 26, 2013, respectively, as the effect would have been antidilutive. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
GAAP establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows: | ||||||||||||||||
Level 1: Quoted prices in active markets for identical instruments; | ||||||||||||||||
Level 2: Inputs, other than quoted prices in active markets, that are observable for the instrument either directly or indirectly or quoted prices for similar instruments in active markets; and | ||||||||||||||||
Level 3: Unobservable inputs for the instrument where there is little or no market data, which requires the reporting entity to develop its own assumptions. | ||||||||||||||||
GAAP requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value and disclose the fair value of long-term obligations recorded at cost as of May 2, 2014 and October 25, 2013. As of May 2, 2014 and October 25, 2013, we did not have any Level 3 assets or liabilities. | ||||||||||||||||
Fair Value Measurements as of May 2, 2014 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 1,624 | $ | 1,624 | $ | 1,624 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 9,680 | $ | 9,680 | $ | — | $ | 9,680 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 5,907 | $ | 5,907 | $ | — | $ | 5,907 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 387,500 | $ | 398,643 | $ | — | $ | 398,643 | ||||||||
6.0% Senior Notes due 2016 | $ | 248,929 | $ | 278,600 | $ | — | $ | 278,600 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,620 | $ | 536,450 | $ | — | $ | 536,450 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,507 | $ | 170,340 | $ | — | $ | 170,340 | ||||||||
Fair Value Measurements as of October 25, 2013 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 29,221 | $ | 29,221 | $ | 29,221 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 9,593 | $ | 9,593 | $ | — | $ | 9,593 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 6,608 | $ | 6,608 | $ | — | $ | 6,608 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 412,500 | $ | 432,952 | $ | — | $ | 432,952 | ||||||||
6.0% Senior Notes due 2016 | $ | 248,733 | $ | 280,425 | $ | — | $ | 280,425 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,438 | $ | 531,400 | $ | — | $ | 531,400 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,493 | $ | 165,600 | $ | — | $ | 165,600 | ||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments: | ||||||||||||||||
Cash equivalents: The carrying value of cash equivalents approximates fair value based on the short-term nature of these instruments. | ||||||||||||||||
Derivatives: The fair value of forward foreign exchange contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. | ||||||||||||||||
Term Loan: The fair value of the Term Loan is estimated using discounted cash flows and market conditions. | ||||||||||||||||
Senior Notes: The fair market value of the senior notes is estimated based on market quotations of similar instruments at the respective period end. |
Contingent_Liabilities
Contingent Liabilities | 6 Months Ended |
2-May-14 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingent Liabilities | ' |
Contingent Liabilities | |
We and our subsidiaries are involved in various unresolved legal matters that arise in the normal course of operations, the most prevalent of which relate to product liability (including approximately 2,960 asbestos and silica-related cases), employment and commercial matters. We and our subsidiaries also become involved from time to time in proceedings relating to environmental matters. In addition, as a normal part of operations, our subsidiaries undertake contractual obligations, warranties and guarantees in connection with the sale of products or services. Although the outcome of these matters cannot be predicted with certainty and favorable or unfavorable resolutions may affect our results of operations on a quarter-to-quarter basis, we believe that the outcome of such legal and other matters will not have a materially adverse effect on our consolidated financial position, results of operations, or liquidity. | |
As of May 2, 2014, we were contingently liable to financial institutions and others for approximately $219.3 million for outstanding standby letters of credit, surety bonds and bank guarantees to secure the performance of sales contracts and other guarantees in the ordinary course of business. Of the $219.3 million, approximately $27.5 million relates to surety bonds and $4.2 million relates to outstanding letters of credit or other guarantees issued by non-U.S. banks for non-U.S. subsidiaries under locally provided credit facilities. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||
2-May-14 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
We operate in two reportable segments: Underground and Surface. Crushing and conveying operating results related to surface applications are reported as part of the Surface segment, while total crushing and conveying operating results are included in the Underground segment. Eliminations primarily consist of the surface applications of crushing and conveying included in both operating segments. | ||||||||||||||||||||
Operating income (loss) of segments does not include interest income and expense, corporate administration expenses and the provision for income taxes. | ||||||||||||||||||||
In thousands | Underground | Surface | Corporate | Eliminations | Total | |||||||||||||||
Quarter ended May 2, 2014 | ||||||||||||||||||||
Net sales | $ | 517,878 | $ | 443,625 | $ | — | $ | (31,773 | ) | $ | 929,730 | |||||||||
Operating income (loss) | $ | 67,532 | $ | 82,613 | $ | (14,203 | ) | $ | (10,200 | ) | $ | 125,742 | ||||||||
Interest income | — | — | 2,293 | — | 2,293 | |||||||||||||||
Interest expense | — | — | (16,141 | ) | — | (16,141 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 67,532 | $ | 82,613 | $ | (28,051 | ) | $ | (10,200 | ) | $ | 111,894 | ||||||||
Depreciation and amortization | $ | 17,478 | $ | 13,917 | $ | 676 | $ | — | $ | 32,071 | ||||||||||
Capital expenditures | $ | 9,122 | $ | 8,527 | $ | — | $ | — | $ | 17,649 | ||||||||||
Quarter ended April 26, 2013 | ||||||||||||||||||||
Net sales | $ | 681,914 | $ | 712,796 | $ | — | $ | (34,275 | ) | $ | 1,360,435 | |||||||||
Operating income (loss) | $ | 137,222 | $ | 165,643 | $ | (16,647 | ) | $ | (7,585 | ) | $ | 278,633 | ||||||||
Interest income | — | — | 1,843 | — | 1,843 | |||||||||||||||
Interest expense | — | — | (17,028 | ) | — | (17,028 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 137,222 | $ | 165,643 | $ | (31,832 | ) | $ | (7,585 | ) | $ | 263,448 | ||||||||
Depreciation and amortization | $ | 16,221 | $ | 11,837 | $ | 720 | $ | — | $ | 28,778 | ||||||||||
Capital expenditures | $ | 12,362 | $ | 18,660 | $ | 1,391 | $ | — | $ | 32,413 | ||||||||||
In thousands | Underground | Surface | Corporate | Eliminations | Total | |||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
Net sales | $ | 995,341 | $ | 844,321 | $ | — | $ | (70,620 | ) | $ | 1,769,042 | |||||||||
Operating income (loss) | $ | 130,138 | $ | 128,765 | $ | (28,425 | ) | $ | (19,491 | ) | $ | 210,987 | ||||||||
Interest income | — | — | 4,876 | — | 4,876 | |||||||||||||||
Interest expense | — | — | (32,544 | ) | — | (32,544 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 130,138 | $ | 128,765 | $ | (56,093 | ) | $ | (19,491 | ) | $ | 183,319 | ||||||||
Depreciation and amortization | $ | 36,212 | $ | 27,209 | $ | 1,416 | $ | — | $ | 64,837 | ||||||||||
Capital expenditures | $ | 18,978 | $ | 23,368 | $ | 1,958 | $ | — | $ | 44,304 | ||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
Net sales | $ | 1,272,024 | $ | 1,318,279 | $ | — | $ | (79,991 | ) | $ | 2,510,312 | |||||||||
Operating income (loss) | $ | 249,105 | $ | 301,323 | $ | (29,479 | ) | $ | (21,164 | ) | $ | 499,785 | ||||||||
Interest income | — | — | 3,644 | — | 3,644 | |||||||||||||||
Interest expense | — | — | (33,982 | ) | — | (33,982 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 249,105 | $ | 301,323 | $ | (59,817 | ) | $ | (21,164 | ) | $ | 469,447 | ||||||||
Depreciation and amortization | $ | 22,763 | $ | 24,679 | $ | 1,431 | $ | — | $ | 48,873 | ||||||||||
Capital expenditures | $ | 51,805 | $ | 32,388 | $ | 2,808 | $ | — | $ | 87,001 | ||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
2-May-14 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-09 "Revenue from Contracts with Customers." ASU 2014-09 provides a single principles-based, five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, to identify the performance obligations in the contact, to determine the transaction price, to allocate the transaction price to the performance obligations in the contract and to recognize revenue when each performance obligation is satisfied. Revenue will be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. ASU 2014-09 will be effective for the Company beginning on October 28, 2017 and the standard allows for either full retrospective adoption or modified retrospective adoption. The Company has just begun the process of evaluating the impact that the adoption of this guidance will have on our financial condition, results of operations and the presentation of our financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU No. 2013-02 requires presentation, either in a single note or parenthetically on the face of the financial statements, of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, cross references to the related footnote for additional information would be appropriate. ASU 2013-02 was effective for the Company beginning on October 26, 2013. The adoption of this guidance had no impact on our financial condition or results of operations but impacted the presentation of other comprehensive income in the footnotes of the financial statements. |
Subsidiary_Guarantors
Subsidiary Guarantors (Subsidiary Guarantors) | 6 Months Ended | |||||||||||||||||||
2-May-14 | ||||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||
Subsidiary Guarantors | ||||||||||||||||||||
The following tables present condensed consolidated financial information as of May 2, 2014 and October 25, 2013 and for the quarters and six months ended May 2, 2014 and April 26, 2013 for: (a) the Company; (b) on a combined basis, the guarantors of the Term Loan and of the 2016 Notes and 2036 Notes issued in November 2006, which include the significant domestic operations of Joy Global Underground Mining LLC, Joy Global Surface Mining Inc., N.E.S. Investment Co., Joy Global Conveyors Inc., Joy Global Longview Operations LLC and certain immaterial wholly owned subsidiaries of Joy Global Longview Operations LLC (the “Subsidiary Guarantors”); and (c) on a combined basis, the non-guarantors, which include all of our foreign subsidiaries and a number of small domestic subsidiaries (the “Non-Guarantor Subsidiaries”). | ||||||||||||||||||||
The borrowings are fully and unconditionally guaranteed on a joint and several unsecured basis by the Subsidiary Guarantors, which are direct and indirect 100% owned subsidiaries of the Company. We conduct all of our business and derive essentially all of our income from our subsidiaries. Therefore, our ability to make payments on the obligations is dependent on the earnings and distribution of funds from our subsidiaries. There are no restrictions on the ability of any of our domestic subsidiaries to transfer funds to the parent company. Separate financial statements of the Subsidiary Guarantors are not presented because we believe such separate statements or disclosures would not be useful to investors. | ||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 500,309 | $ | 630,602 | $ | (201,181 | ) | $ | 929,730 | |||||||||
Cost of sales | — | 370,922 | 443,475 | (162,805 | ) | 651,592 | ||||||||||||||
Product development, selling and administrative expenses | 14,154 | 66,670 | 73,710 | — | 154,534 | |||||||||||||||
Other (income) expense | — | 4,203 | (6,341 | ) | — | (2,138 | ) | |||||||||||||
Operating income (loss) | (14,154 | ) | 58,514 | 119,758 | (38,376 | ) | 125,742 | |||||||||||||
Intercompany items | 15,503 | (25,742 | ) | (2,934 | ) | 13,173 | — | |||||||||||||
Interest (expense) income, net | (15,836 | ) | 1,711 | 277 | — | (13,848 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (14,487 | ) | 34,483 | 117,101 | (25,203 | ) | 111,894 | |||||||||||||
Provision (benefit) for income taxes | (4,878 | ) | 29,852 | 12,948 | 21 | 37,943 | ||||||||||||||
Equity in income of subsidiaries | 83,560 | 47,954 | — | (131,514 | ) | — | ||||||||||||||
Income from continuing operations | $ | 73,951 | $ | 52,585 | $ | 104,153 | $ | (156,738 | ) | $ | 73,951 | |||||||||
Comprehensive income | $ | 103,186 | $ | 52,820 | $ | 128,297 | $ | (181,117 | ) | $ | 103,186 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 816,797 | $ | 898,483 | $ | (354,845 | ) | $ | 1,360,435 | |||||||||
Cost of sales | — | 578,803 | 622,410 | (292,034 | ) | 909,179 | ||||||||||||||
Product development, selling and administrative expenses | 16,608 | 79,826 | 76,519 | — | 172,953 | |||||||||||||||
Other (income) expense | — | 6,785 | (7,115 | ) | — | (330 | ) | |||||||||||||
Operating income (loss) | (16,608 | ) | 151,383 | 206,669 | (62,811 | ) | 278,633 | |||||||||||||
Intercompany items | 26,889 | (23,967 | ) | (26,876 | ) | 23,954 | — | |||||||||||||
Interest (expense) income, net | (10,355 | ) | 477 | (5,307 | ) | — | (15,185 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (74 | ) | 127,893 | 174,486 | (38,857 | ) | 263,448 | |||||||||||||
Provision (benefit) for income taxes | (11,361 | ) | 66,819 | 26,211 | — | 81,669 | ||||||||||||||
Equity in income of subsidiaries | 170,492 | 106,652 | — | (277,144 | ) | — | ||||||||||||||
Income from continuing operations | $ | 181,779 | $ | 167,726 | $ | 148,275 | $ | (316,001 | ) | $ | 181,779 | |||||||||
Comprehensive income | $ | 169,969 | $ | 165,839 | $ | 134,239 | $ | (300,078 | ) | $ | 169,969 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 980,981 | $ | 1,233,367 | $ | (445,306 | ) | $ | 1,769,042 | |||||||||
Cost of sales | — | 733,989 | 889,314 | (367,533 | ) | 1,255,770 | ||||||||||||||
Product development, selling and administrative expenses | 28,823 | 134,505 | 144,235 | — | 307,563 | |||||||||||||||
Other (income) expense | (473 | ) | 6,152 | (10,957 | ) | — | (5,278 | ) | ||||||||||||
Operating income (loss) | (28,350 | ) | 106,335 | 210,775 | (77,773 | ) | 210,987 | |||||||||||||
Intercompany items | 32,781 | (45,728 | ) | (12,005 | ) | 24,952 | — | |||||||||||||
Interest (expense) income, net | (31,881 | ) | 3,596 | 617 | — | (27,668 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (27,450 | ) | 64,203 | 199,387 | (52,821 | ) | 183,319 | |||||||||||||
Provision (benefit) for income taxes | (9,932 | ) | 56,220 | 14,198 | 21 | 60,507 | ||||||||||||||
Equity in income of subsidiaries | 140,330 | 80,967 | — | (221,297 | ) | — | ||||||||||||||
Income from continuing operations | $ | 122,812 | $ | 88,950 | $ | 185,189 | $ | (274,139 | ) | $ | 122,812 | |||||||||
Comprehensive income | $ | 105,589 | $ | 87,650 | $ | 161,629 | $ | (249,279 | ) | $ | 105,589 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 1,417,753 | $ | 1,776,004 | $ | (683,445 | ) | $ | 2,510,312 | |||||||||
Cost of sales | — | 989,446 | 1,243,530 | (550,648 | ) | 1,682,328 | ||||||||||||||
Product development, selling and administrative expenses | 29,410 | 153,943 | 146,881 | — | 330,234 | |||||||||||||||
Other (income) expense | — | 15,961 | (17,996 | ) | — | (2,035 | ) | |||||||||||||
Operating income (loss) | (29,410 | ) | 258,403 | 403,589 | (132,797 | ) | 499,785 | |||||||||||||
Intercompany items | 58,009 | (43,815 | ) | (62,533 | ) | 48,339 | — | |||||||||||||
Interest (expense) income, net | (32,925 | ) | 574 | 2,013 | — | (30,338 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (4,326 | ) | 215,162 | 343,069 | (84,458 | ) | 469,447 | |||||||||||||
Provision (benefit) for income taxes | (20,637 | ) | 123,865 | 42,301 | — | 145,529 | ||||||||||||||
Equity in income of subsidiaries | 307,607 | 196,610 | — | (504,217 | ) | — | ||||||||||||||
Income from continuing operations | $ | 323,918 | $ | 287,907 | $ | 300,768 | $ | (588,675 | ) | $ | 323,918 | |||||||||
Comprehensive income | $ | 315,336 | $ | 284,297 | $ | 283,239 | $ | (567,536 | ) | $ | 315,336 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | — | $ | 385,790 | ||||||||||
Accounts receivable, net | — | 367,991 | 565,940 | (16,429 | ) | 917,502 | ||||||||||||||
Inventories | — | 474,587 | 761,425 | (107,121 | ) | 1,128,891 | ||||||||||||||
Other current assets | 70,414 | 8,767 | 122,642 | 15 | 201,838 | |||||||||||||||
Total current assets | 181,571 | 860,801 | 1,715,184 | (123,535 | ) | 2,634,021 | ||||||||||||||
Property, plant and equipment, net | 18,623 | 360,075 | 514,951 | — | 893,649 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 238,623 | 84,078 | — | 322,701 | |||||||||||||||
Goodwill | — | 453,375 | 1,039,314 | — | 1,492,689 | |||||||||||||||
Deferred income taxes | (30,530 | ) | — | 70,276 | — | 39,746 | ||||||||||||||
Other non-current assets | 4,113,371 | 1,925,690 | 2,681,037 | (8,525,170 | ) | 194,928 | ||||||||||||||
Total other assets | 4,082,841 | 2,617,688 | 3,874,705 | (8,525,170 | ) | 2,050,064 | ||||||||||||||
Total assets | $ | 4,283,035 | $ | 3,838,564 | $ | 6,104,840 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | — | $ | 8,089 | $ | — | $ | 58,089 | ||||||||||
Trade accounts payable | 967 | 176,382 | 157,970 | — | 335,319 | |||||||||||||||
Employee compensation and benefits | 8,857 | 53,288 | 49,568 | — | 111,713 | |||||||||||||||
Advance payments and progress billings | — | 137,598 | 285,484 | (19,564 | ) | 403,518 | ||||||||||||||
Accrued warranties | — | 24,339 | 49,263 | — | 73,602 | |||||||||||||||
Other accrued liabilities | 43,548 | 48,943 | 140,852 | (7,390 | ) | 225,953 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 103,372 | 452,234 | 691,226 | (26,954 | ) | 1,219,878 | ||||||||||||||
Long-term obligations | 1,231,556 | — | 16 | — | 1,231,572 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,091 | 853 | — | — | 19,944 | |||||||||||||||
Accrued pension costs | 126,575 | 5,361 | 7,260 | — | 139,196 | |||||||||||||||
Other non-current liabilities | (12,375 | ) | 8,084 | 156,619 | — | 152,328 | ||||||||||||||
Total other liabilities | 133,291 | 14,298 | 163,879 | — | 311,468 | |||||||||||||||
Shareholders’ equity | 2,814,816 | 3,372,032 | 5,249,719 | (8,621,751 | ) | 2,814,816 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,283,035 | $ | 3,838,564 | $ | 6,104,840 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | — | $ | 405,709 | ||||||||||
Accounts receivable, net | — | 410,928 | 679,183 | (6,448 | ) | 1,083,663 | ||||||||||||||
Inventories | — | 456,345 | 813,182 | (129,783 | ) | 1,139,744 | ||||||||||||||
Other current assets | 68,792 | 16,957 | 107,564 | 15 | 193,328 | |||||||||||||||
Total current assets | 191,693 | 904,591 | 1,862,376 | (136,216 | ) | 2,822,444 | ||||||||||||||
Property, plant and equipment, net | 18,081 | 375,026 | 519,535 | — | 912,642 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 247,200 | 84,612 | — | 331,812 | |||||||||||||||
Goodwill | — | 454,199 | 1,026,320 | — | 1,480,519 | |||||||||||||||
Deferred income taxes | (49,393 | ) | — | 90,925 | — | 41,532 | ||||||||||||||
Other non-current assets | 4,168,916 | 2,065,239 | 3,968,205 | (10,001,727 | ) | 200,633 | ||||||||||||||
Total other assets | 4,119,523 | 2,766,638 | 5,170,062 | (10,001,727 | ) | 2,054,496 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | 449 | $ | 8,220 | $ | — | $ | 58,669 | ||||||||||
Trade accounts payable | 2,565 | 165,691 | 219,863 | — | 388,119 | |||||||||||||||
Employee compensation and benefits | 10,080 | 52,260 | 68,215 | — | 130,555 | |||||||||||||||
Advance payments and progress billings | — | 144,853 | 269,628 | (14,713 | ) | 399,768 | ||||||||||||||
Accrued warranties | — | 30,111 | 55,621 | — | 85,732 | |||||||||||||||
Other accrued liabilities | 24,545 | 54,285 | 211,074 | (3,841 | ) | 286,063 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 87,190 | 459,333 | 832,621 | (18,554 | ) | 1,360,590 | ||||||||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,881 | 842 | — | — | 20,723 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other non-current liabilities | (29,193 | ) | 7,851 | 164,510 | — | 143,168 | ||||||||||||||
Total other liabilities | 127,574 | 14,378 | 171,744 | — | 313,696 | |||||||||||||||
Shareholders’ equity | 2,858,369 | 3,571,781 | 6,547,608 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 174,009 | $ | 56 | $ | 32,610 | $ | 206,675 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (115 | ) | — | (115 | ) | ||||||||||||||
Net cash provided (used) by operating activities | 174,009 | (59 | ) | 32,610 | 206,560 | |||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (1,958 | ) | (12,344 | ) | (30,002 | ) | (44,304 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 2,710 | 1,495 | 4,205 | ||||||||||||||||
Other investing activities, net | (66 | ) | — | — | (66 | ) | ||||||||||||||
Net cash used by investing activities | (2,024 | ) | (9,634 | ) | (28,507 | ) | (40,165 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 6,581 | — | — | 6,581 | ||||||||||||||||
Excess tax expense from share-based compensation awards | (432 | ) | — | — | (432 | ) | ||||||||||||||
Dividends paid | (35,374 | ) | — | — | (35,374 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | — | (1,212 | ) | (50 | ) | (1,262 | ) | |||||||||||||
Treasury stock purchased | (129,504 | ) | — | — | (129,504 | ) | ||||||||||||||
Net cash used by financing activities | (183,729 | ) | (1,212 | ) | (50 | ) | (184,991 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1,323 | ) | (1,323 | ) | ||||||||||||||
(Decrease) Increase in Cash and Cash Equivalents | (11,744 | ) | (10,905 | ) | 2,730 | (19,919 | ) | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 122,901 | 20,361 | 262,447 | 405,709 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | 385,790 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 26,790 | $ | 20,072 | $ | 46,413 | $ | 93,275 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (2,372 | ) | — | (2,372 | ) | ||||||||||||||
Net cash provided by operating activities | 26,790 | 17,700 | 46,413 | 90,903 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (2,808 | ) | (21,815 | ) | (62,378 | ) | (87,001 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 1,421 | 766 | 2,187 | ||||||||||||||||
Other investing activities, net | (70 | ) | — | — | (70 | ) | ||||||||||||||
Net cash used by investing activities | (2,878 | ) | (20,394 | ) | (61,612 | ) | (84,884 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 5,227 | — | — | 5,227 | ||||||||||||||||
Excess tax benefit from share-based compensation awards | 1,701 | — | — | 1,701 | ||||||||||||||||
Dividends paid | (37,130 | ) | — | — | (37,130 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | 28,000 | (209 | ) | (5,575 | ) | 22,216 | ||||||||||||||
Net cash used by financing activities | (27,202 | ) | (209 | ) | (5,575 | ) | (32,986 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (2,031 | ) | (2,031 | ) | ||||||||||||||
Decrease in Cash and Cash Equivalents | (3,290 | ) | (2,903 | ) | (22,805 | ) | (28,998 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 3,459 | 6,628 | 253,786 | 263,873 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 169 | $ | 3,725 | $ | 230,981 | $ | 234,875 | ||||||||||||
Supplemental_Subsidiary_Guaran
Supplemental Subsidiary Guarantors (Supplemental Subsidiary Guarantors) | 6 Months Ended | |||||||||||||||||||
2-May-14 | ||||||||||||||||||||
Supplemental Subsidiary Guarantors | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Supplemental Subsidiary Guarantors | ' | |||||||||||||||||||
Supplemental Subsidiary Guarantors | ||||||||||||||||||||
The following tables present condensed consolidated financial information as of May 2, 2014 and October 25, 2013 and for the quarters and six months ended May 2, 2014 and April 26, 2013 for: (a) the Company; (b) on a combined basis, the guarantors of the Credit Agreement and the 2021 Notes issued in October 2011, which include Joy Global Underground Mining LLC, Joy Global Surface Mining Inc., N.E.S. Investment Co., Joy Global Conveyors Inc. and Joy Global Longview Operations LLC (the “Supplemental Subsidiary Guarantors”); and (c) on a combined basis, the non-guarantors, which include all of our foreign subsidiaries and a number of small domestic subsidiaries (“Non-Guarantor Subsidiaries”). | ||||||||||||||||||||
The borrowings are fully and unconditionally guaranteed on a joint and several unsecured basis by the Supplemental Subsidiary Guarantors, which are direct and indirect 100% owned subsidiaries of the Company. We conduct all of our business and derive essentially all of our income from our subsidiaries. Therefore, our ability to make payments on the obligations is dependent on the earnings and distribution of funds from our subsidiaries. There are no restrictions on the ability of any of our domestic subsidiaries to transfer funds to the parent company. Separate financial statements of the Supplemental Subsidiary Guarantors are not presented because we believe such separate statements or disclosures would not be useful to investors. | ||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 496,836 | $ | 634,075 | $ | (201,181 | ) | $ | 929,730 | |||||||||
Cost of sales | — | 368,347 | 446,050 | (162,805 | ) | 651,592 | ||||||||||||||
Product development, selling and administrative expenses | 14,154 | 66,435 | 73,945 | — | 154,534 | |||||||||||||||
Other (income) expense | — | 4,210 | (6,348 | ) | — | (2,138 | ) | |||||||||||||
Operating income (loss) | (14,154 | ) | 57,844 | 120,428 | (38,376 | ) | 125,742 | |||||||||||||
Intercompany items | 15,503 | (25,742 | ) | (2,934 | ) | 13,173 | — | |||||||||||||
Interest (expense) income, net | (15,836 | ) | 1,686 | 302 | — | (13,848 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (14,487 | ) | 33,788 | 117,796 | (25,203 | ) | 111,894 | |||||||||||||
Provision (benefit) for income taxes | (4,878 | ) | 29,852 | 12,948 | 21 | 37,943 | ||||||||||||||
Equity in income of subsidiaries | 83,560 | 47,954 | — | (131,514 | ) | — | ||||||||||||||
Income from continuing operations | $ | 73,951 | $ | 51,890 | $ | 104,848 | $ | (156,738 | ) | $ | 73,951 | |||||||||
Comprehensive income | $ | 103,186 | $ | 52,125 | $ | 128,992 | $ | (181,117 | ) | $ | 103,186 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 811,365 | $ | 903,915 | $ | (354,845 | ) | $ | 1,360,435 | |||||||||
Cost of sales | — | 572,800 | 628,413 | (292,034 | ) | 909,179 | ||||||||||||||
Product development, selling and administrative expenses | 16,608 | 79,342 | 77,003 | — | 172,953 | |||||||||||||||
Other (income) expense | — | 6,730 | (7,060 | ) | — | (330 | ) | |||||||||||||
Operating income (loss) | (16,608 | ) | 152,493 | 205,559 | (62,811 | ) | 278,633 | |||||||||||||
Intercompany items | 26,889 | (23,967 | ) | (26,876 | ) | 23,954 | — | |||||||||||||
Interest (expense) income, net | (10,355 | ) | 447 | (5,277 | ) | — | (15,185 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (74 | ) | 128,973 | 173,406 | (38,857 | ) | 263,448 | |||||||||||||
Provision (benefit) for income taxes | (11,361 | ) | 67,608 | 25,422 | — | 81,669 | ||||||||||||||
Equity in income of subsidiaries | 170,492 | 106,652 | — | (277,144 | ) | — | ||||||||||||||
Income from continuing operations | $ | 181,779 | $ | 168,017 | $ | 147,984 | $ | (316,001 | ) | $ | 181,779 | |||||||||
Comprehensive income | $ | 169,969 | $ | 166,130 | $ | 133,948 | $ | (300,078 | ) | $ | 169,969 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 975,412 | $ | 1,238,936 | $ | (445,306 | ) | $ | 1,769,042 | |||||||||
Cost of sales | — | 729,716 | 893,587 | (367,533 | ) | 1,255,770 | ||||||||||||||
Product development, selling and administrative expenses | 28,823 | 134,026 | 144,714 | — | 307,563 | |||||||||||||||
Other (income) expense | (473 | ) | 6,540 | (11,345 | ) | — | (5,278 | ) | ||||||||||||
Operating income (loss) | (28,350 | ) | 105,130 | 211,980 | (77,773 | ) | 210,987 | |||||||||||||
Intercompany items | 32,781 | (45,728 | ) | (12,005 | ) | 24,952 | — | |||||||||||||
Interest (expense) income, net | (31,881 | ) | 3,540 | 673 | — | (27,668 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (27,450 | ) | 62,942 | 200,648 | (52,821 | ) | 183,319 | |||||||||||||
Provision (benefit) for income taxes | (9,932 | ) | 57,108 | 13,310 | 21 | 60,507 | ||||||||||||||
Equity in income of subsidiaries | 140,330 | 80,967 | — | (221,297 | ) | — | ||||||||||||||
Income from continuing operations | $ | 122,812 | $ | 86,801 | $ | 187,338 | $ | (274,139 | ) | $ | 122,812 | |||||||||
Comprehensive income | $ | 105,589 | $ | 85,501 | $ | 163,778 | $ | (249,279 | ) | $ | 105,589 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 1,412,321 | $ | 1,781,436 | $ | (683,445 | ) | $ | 2,510,312 | |||||||||
Cost of sales | — | 983,443 | 1,249,533 | (550,648 | ) | 1,682,328 | ||||||||||||||
Product development, selling and administrative expenses | 29,410 | 153,459 | 147,365 | — | 330,234 | |||||||||||||||
Other (income) expense | — | 15,906 | (17,941 | ) | — | (2,035 | ) | |||||||||||||
Operating income (loss) | (29,410 | ) | 259,513 | 402,479 | (132,797 | ) | 499,785 | |||||||||||||
Intercompany items | 58,009 | (43,815 | ) | (62,533 | ) | 48,339 | — | |||||||||||||
Interest (expense) income, net | (32,925 | ) | 544 | 2,043 | — | (30,338 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (4,326 | ) | 216,242 | 341,989 | (84,458 | ) | 469,447 | |||||||||||||
Provision (benefit) for income taxes | (20,637 | ) | 124,654 | 41,512 | — | 145,529 | ||||||||||||||
Equity in income of subsidiaries | 307,607 | 196,610 | — | (504,217 | ) | — | ||||||||||||||
Income from continuing operations | $ | 323,918 | $ | 288,198 | $ | 300,477 | $ | (588,675 | ) | $ | 323,918 | |||||||||
Comprehensive income | $ | 315,336 | $ | 284,588 | $ | 282,948 | $ | (567,536 | ) | $ | 315,336 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | — | $ | 385,790 | ||||||||||
Accounts receivable, net | — | 359,606 | 574,325 | (16,429 | ) | 917,502 | ||||||||||||||
Inventories | — | 474,587 | 761,425 | (107,121 | ) | 1,128,891 | ||||||||||||||
Other current assets | 70,414 | 8,767 | 122,642 | 15 | 201,838 | |||||||||||||||
Total current assets | 181,571 | 852,416 | 1,723,569 | (123,535 | ) | 2,634,021 | ||||||||||||||
Property, plant and equipment, net | 18,623 | 358,361 | 516,665 | — | 893,649 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 238,623 | 84,078 | — | 322,701 | |||||||||||||||
Goodwill | — | 453,375 | 1,039,314 | — | 1,492,689 | |||||||||||||||
Deferred income taxes | (30,530 | ) | — | 70,276 | — | 39,746 | ||||||||||||||
Other non-current assets | 4,113,371 | 1,929,750 | 2,676,977 | (8,525,170 | ) | 194,928 | ||||||||||||||
Total other assets | 4,082,841 | 2,621,748 | 3,870,645 | (8,525,170 | ) | 2,050,064 | ||||||||||||||
Total assets | $ | 4,283,035 | $ | 3,832,525 | $ | 6,110,879 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | — | $ | 8,089 | $ | — | $ | 58,089 | ||||||||||
Trade accounts payable | 967 | 175,842 | 158,510 | — | 335,319 | |||||||||||||||
Employee compensation and benefits | 8,857 | 53,288 | 49,568 | — | 111,713 | |||||||||||||||
Advance payments and progress billings | — | 137,598 | 285,484 | (19,564 | ) | 403,518 | ||||||||||||||
Accrued warranties | — | 24,339 | 49,263 | — | 73,602 | |||||||||||||||
Other accrued liabilities | 43,548 | 48,943 | 140,852 | (7,390 | ) | 225,953 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 103,372 | 451,694 | 691,766 | (26,954 | ) | 1,219,878 | ||||||||||||||
Long-term obligations | 1,231,556 | — | 16 | — | 1,231,572 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,091 | 853 | — | — | 19,944 | |||||||||||||||
Accrued pension costs | 126,575 | 5,361 | 7,260 | — | 139,196 | |||||||||||||||
Other non-current liabilities | (12,375 | ) | 8,084 | 156,619 | — | 152,328 | ||||||||||||||
Total other liabilities | 133,291 | 14,298 | 163,879 | — | 311,468 | |||||||||||||||
Shareholders’ equity | 2,814,816 | 3,366,533 | 5,255,218 | (8,621,751 | ) | 2,814,816 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,283,035 | $ | 3,832,525 | $ | 6,110,879 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | — | $ | 405,709 | ||||||||||
Accounts receivable, net | — | 402,321 | 687,790 | (6,448 | ) | 1,083,663 | ||||||||||||||
Inventories | — | 456,345 | 813,182 | (129,783 | ) | 1,139,744 | ||||||||||||||
Other current assets | 68,792 | 16,957 | 107,564 | 15 | 193,328 | |||||||||||||||
Total current assets | 191,693 | 895,984 | 1,870,983 | (136,216 | ) | 2,822,444 | ||||||||||||||
Property, plant and equipment, net | 18,081 | 373,235 | 521,326 | — | 912,642 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 247,200 | 84,612 | — | 331,812 | |||||||||||||||
Goodwill | — | 454,199 | 1,026,320 | — | 1,480,519 | |||||||||||||||
Deferred income taxes | (49,393 | ) | — | 90,925 | — | 41,532 | ||||||||||||||
Other non-current assets | 4,168,916 | 2,070,239 | 3,963,205 | (10,001,727 | ) | 200,633 | ||||||||||||||
Total other assets | 4,119,523 | 2,771,638 | 5,165,062 | (10,001,727 | ) | 2,054,496 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | 449 | $ | 8,220 | $ | — | $ | 58,669 | ||||||||||
Trade accounts payable | 2,565 | 165,045 | 220,509 | — | 388,119 | |||||||||||||||
Employee compensation and benefits | 10,080 | 52,260 | 68,215 | — | 130,555 | |||||||||||||||
Advance payments and progress billings | — | 144,853 | 269,628 | (14,713 | ) | 399,768 | ||||||||||||||
Accrued warranties | — | 30,111 | 55,621 | — | 85,732 | |||||||||||||||
Other accrued liabilities | 24,545 | 54,285 | 211,074 | (3,841 | ) | 286,063 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 87,190 | 458,687 | 833,267 | (18,554 | ) | 1,360,590 | ||||||||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,881 | 842 | — | — | 20,723 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other non-current liabilities | (29,193 | ) | 7,851 | 164,510 | — | 143,168 | ||||||||||||||
Total other liabilities | 127,574 | 14,378 | 171,744 | — | 313,696 | |||||||||||||||
Shareholders’ equity | 2,858,369 | 3,567,029 | 6,552,360 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 174,009 | $ | 56 | $ | 32,610 | $ | 206,675 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (115 | ) | — | (115 | ) | ||||||||||||||
Net cash provided (used) by operating activities | 174,009 | (59 | ) | 32,610 | 206,560 | |||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (1,958 | ) | (12,344 | ) | (30,002 | ) | (44,304 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 2,710 | 1,495 | 4,205 | ||||||||||||||||
Other investing activities, net | (66 | ) | — | — | (66 | ) | ||||||||||||||
Net cash used by investing activities | (2,024 | ) | (9,634 | ) | (28,507 | ) | (40,165 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 6,581 | — | — | 6,581 | ||||||||||||||||
Excess tax expense from share-based compensation awards | (432 | ) | — | — | (432 | ) | ||||||||||||||
Dividends paid | (35,374 | ) | — | — | (35,374 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | — | (1,212 | ) | (50 | ) | (1,262 | ) | |||||||||||||
Treasury stock purchased | (129,504 | ) | — | — | (129,504 | ) | ||||||||||||||
Net cash used by financing activities | (183,729 | ) | (1,212 | ) | (50 | ) | (184,991 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1,323 | ) | (1,323 | ) | ||||||||||||||
(Decrease) Increase in Cash and Cash Equivalents | (11,744 | ) | (10,905 | ) | 2,730 | (19,919 | ) | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 122,901 | 20,361 | 262,447 | 405,709 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | 385,790 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 26,790 | $ | 22,991 | $ | 43,494 | $ | 93,275 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (2,372 | ) | — | (2,372 | ) | ||||||||||||||
Net cash provided by operating activities | 26,790 | 20,619 | 43,494 | 90,903 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (2,808 | ) | (24,269 | ) | (59,924 | ) | (87,001 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 956 | 1,231 | 2,187 | ||||||||||||||||
Other investing activities, net | (70 | ) | — | — | (70 | ) | ||||||||||||||
Net cash used by investing activities | (2,878 | ) | (23,313 | ) | (58,693 | ) | (84,884 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 5,227 | — | — | 5,227 | ||||||||||||||||
Excess tax benefit from share-based compensation awards | 1,701 | — | — | 1,701 | ||||||||||||||||
Dividends paid | (37,130 | ) | — | — | (37,130 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | 28,000 | (209 | ) | (5,575 | ) | 22,216 | ||||||||||||||
Net cash used by financing activities | (27,202 | ) | (209 | ) | (5,575 | ) | (32,986 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (2,031 | ) | (2,031 | ) | ||||||||||||||
Decrease in Cash and Cash Equivalents | (3,290 | ) | (2,903 | ) | (22,805 | ) | (28,998 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 3,459 | 6,628 | 253,786 | 263,873 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 169 | $ | 3,725 | $ | 230,981 | $ | 234,875 | ||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
2-May-14 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On May 19, 2014, our Board of Directors declared a cash dividend of $0.20 per outstanding share of common stock. The dividend will be paid on June 18, 2014 to all shareholders of record at the close of business on June 4, 2014. | |
On May 30, 2014, we closed on the purchase of certain assets of Mining Technologies International Inc. ("MTI") for $51.0 million Canadian dollars, subject to a working capital adjustment. MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a world leading supplier of raise bore drilling consumables. We have acquired substantially all of the assets associated with MTI’s hard rock drilling, loaders, dump trucks, shaft sinking and raise bore product lines. MTI's results of operations will be included as part of the Underground segment from the date of the acquisition forward. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
2-May-14 | |
Accounting Policies [Abstract] | ' |
Recent accounting pronouncements | ' |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-09 "Revenue from Contracts with Customers." ASU 2014-09 provides a single principles-based, five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, to identify the performance obligations in the contact, to determine the transaction price, to allocate the transaction price to the performance obligations in the contract and to recognize revenue when each performance obligation is satisfied. Revenue will be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. ASU 2014-09 will be effective for the Company beginning on October 28, 2017 and the standard allows for either full retrospective adoption or modified retrospective adoption. The Company has just begun the process of evaluating the impact that the adoption of this guidance will have on our financial condition, results of operations and the presentation of our financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU No. 2013-02 requires presentation, either in a single note or parenthetically on the face of the financial statements, of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, cross references to the related footnote for additional information would be appropriate. ASU 2013-02 was effective for the Company beginning on October 26, 2013. The adoption of this guidance had no impact on our financial condition or results of operations but impacted the presentation of other comprehensive income in the footnotes of the financial statements. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
2-May-14 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Consolidated inventories | ' | |||||||
Consolidated inventories consist of the following: | ||||||||
In thousands | May 2, | October 25, | ||||||
2014 | 2013 | |||||||
Finished goods | $ | 836,089 | $ | 838,052 | ||||
Work in process | 223,884 | 233,303 | ||||||
Raw materials | 68,918 | 68,389 | ||||||
Total inventories | $ | 1,128,891 | $ | 1,139,744 | ||||
Warranties_Tables
Warranties (Tables) | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Changes in the product warranty reserve | ' | |||||||||||||||
The following table reconciles the changes in the product warranty reserve: | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
In thousands | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 77,804 | $ | 87,427 | $ | 85,732 | $ | 100,646 | ||||||||
Accrual for warranty expensed during the period | 9,297 | 12,442 | 16,663 | 24,921 | ||||||||||||
Settlements made during the period | (14,235 | ) | (15,455 | ) | (29,176 | ) | (40,708 | ) | ||||||||
Effect of foreign currency translation | 736 | (723 | ) | 383 | (1,168 | ) | ||||||||||
Balance, end of period | $ | 73,602 | $ | 83,691 | $ | 73,602 | $ | 83,691 | ||||||||
Borrowings_and_Credit_Faciliti1
Borrowings and Credit Facilities (Tables) | 6 Months Ended | |||||||
2-May-14 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Direct borrowings and capital lease obligations | ' | |||||||
Direct borrowings and capital lease obligations consist of the following: | ||||||||
In thousands | May 2, | October 25, | ||||||
2014 | 2013 | |||||||
Domestic: | ||||||||
Term Loan due 2016 | $ | 387,500 | $ | 412,500 | ||||
6.0% Senior Notes due 2016 | 248,929 | 248,733 | ||||||
5.125% Senior Notes due 2021 | 496,620 | 496,438 | ||||||
6.625% Senior Notes due 2036 | 148,507 | 148,493 | ||||||
Other secured borrowings | — | 1,212 | ||||||
Foreign: | ||||||||
Capital leases | 120 | — | ||||||
Short-term borrowings | 7,985 | 8,220 | ||||||
Total obligations | 1,289,661 | 1,315,596 | ||||||
Less: Amounts due within one year | (58,089 | ) | (58,669 | ) | ||||
Long-term obligations | $ | 1,231,572 | $ | 1,256,927 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
2-May-14 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||||||||||
Changes in accumulated other comprehensive (loss) income | ' | |||||||||||||||||||||||||||||||
Changes in accumulated other comprehensive (loss) income, net of taxes, consist of the following: | ||||||||||||||||||||||||||||||||
Quarter ended May 2, 2014 | Quarter ended April 26, 2013 | |||||||||||||||||||||||||||||||
Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | |||||||||||||||||||||||||
Beginning balance | $ | (536,318 | ) | $ | 7,538 | $ | (25,312 | ) | $ | (554,092 | ) | $ | (552,566 | ) | $ | 1,877 | $ | 45,270 | $ | (505,419 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes | — | (1,437 | ) | 28,300 | 26,863 | — | (757 | ) | (12,268 | ) | (13,025 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | 3,731 | (1,359 | ) | — | 2,372 | 2,885 | (1,447 | ) | — | 1,438 | ||||||||||||||||||||||
Total other comprehensive income (loss), net of taxes | 3,731 | (2,796 | ) | 28,300 | 29,235 | 2,885 | (2,204 | ) | (12,268 | ) | (11,587 | ) | ||||||||||||||||||||
Ending balance | $ | (532,587 | ) | $ | 4,742 | $ | 2,988 | $ | (524,857 | ) | $ | (549,681 | ) | $ | (327 | ) | $ | 33,002 | $ | (517,006 | ) | |||||||||||
Six months ended May 2, 2014 | Six months ended April 26, 2013 | |||||||||||||||||||||||||||||||
Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | Change in Unrecognized Pension and Other Postretirement Obligations | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Translation Adjustment | Total | |||||||||||||||||||||||||
Beginning balance | $ | (540,122 | ) | $ | 5,028 | $ | 27,460 | $ | (507,634 | ) | $ | (559,458 | ) | $ | 4,879 | $ | 45,930 | $ | (508,649 | ) | ||||||||||||
Other comprehensive (loss) income before reclassifications, net of taxes | — | 3,293 | (24,472 | ) | (21,179 | ) | — | (2,963 | ) | (12,928 | ) | (15,891 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | 7,535 | (3,579 | ) | — | 3,956 | 9,777 | (2,243 | ) | — | 7,534 | ||||||||||||||||||||||
Total other comprehensive (loss) income, net of taxes | 7,535 | (286 | ) | (24,472 | ) | (17,223 | ) | 9,777 | (5,206 | ) | (12,928 | ) | (8,357 | ) | ||||||||||||||||||
Ending balance | $ | (532,587 | ) | $ | 4,742 | $ | 2,988 | $ | (524,857 | ) | $ | (549,681 | ) | $ | (327 | ) | $ | 33,002 | $ | (517,006 | ) | |||||||||||
Reclassifications from accumulated other comprehensive (loss) income | ' | |||||||||||||||||||||||||||||||
Details of the reclassifications from accumulated other comprehensive (loss) income are disclosed below: | ||||||||||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||
Quarter Ended | Six Months Ended | Affected Line Items in the Statements of Income | ||||||||||||||||||||||||||||||
May 2, | April 26, | May 2, | April 26, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Change in unrecognized pension and other postretirement obligations: | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | $ | 192 | $ | 145 | $ | 358 | $ | 340 | Cost of sales/Product development, selling and administrative expense* | |||||||||||||||||||||||
Amortization of net actuarial gain | 5,144 | 4,482 | 10,406 | 14,112 | Cost of sales/Product development, selling and administrative expense* | |||||||||||||||||||||||||||
Deferred tax | (1,605 | ) | (1,742 | ) | (3,229 | ) | (4,675 | ) | Provision for income taxes | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | $ | 3,731 | $ | 2,885 | $ | 7,535 | $ | 9,777 | ||||||||||||||||||||||||
Derivative instrument fair market value adjustment: | ||||||||||||||||||||||||||||||||
Foreign exchange cash flow hedges | $ | (1,905 | ) | $ | (2,219 | ) | $ | (5,032 | ) | $ | (3,440 | ) | Net sales/Cost of sales** | |||||||||||||||||||
Deferred tax | 546 | 772 | 1,453 | 1,197 | Provision for income taxes | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | $ | (1,359 | ) | $ | (1,447 | ) | $ | (3,579 | ) | $ | (2,243 | ) | ||||||||||||||||||||
Total reclassifications for the period | $ | 2,372 | $ | 1,438 | $ | 3,956 | $ | 7,534 | ||||||||||||||||||||||||
* Amounts are included in the computation of net periodic benefits costs as either cost of sales or product development, selling and administrative expense as appropriate. Refer to Footnote 9, Retiree Benefits, for additional information. | ||||||||||||||||||||||||||||||||
** Amounts are included in either sales or cost of sales as appropriate. Refer to Footnote 10, Derivatives, for additional information. |
Retiree_Benefits_Tables
Retiree Benefits (Tables) | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||
The components of the net periodic benefit cost associated with our pension and other postretirement plans are as follows: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||
In thousands | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 317 | $ | 2,848 | $ | 260 | $ | 187 | ||||||||
Interest cost | 20,638 | 19,536 | 323 | 282 | ||||||||||||
Expected return on assets | (26,013 | ) | (25,604 | ) | (148 | ) | (102 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost | 159 | 152 | 33 | (7 | ) | |||||||||||
Actuarial loss (gain) | 5,370 | 4,668 | (226 | ) | (186 | ) | ||||||||||
Net periodic benefit cost | $ | 471 | $ | 1,600 | $ | 242 | $ | 174 | ||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
In thousands | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 3,038 | $ | 5,695 | $ | 520 | $ | 542 | ||||||||
Interest cost | 41,299 | 39,047 | 645 | 584 | ||||||||||||
Expected return on assets | (52,398 | ) | (51,208 | ) | (295 | ) | (214 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost | 292 | 305 | 66 | 35 | ||||||||||||
Actuarial loss (gain) | 10,858 | 14,529 | (452 | ) | (417 | ) | ||||||||||
Net periodic benefit cost | $ | 3,089 | $ | 8,368 | $ | 484 | $ | 530 | ||||||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | ||||||||||
2-May-14 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Effect of cash flow hedges on the Condensed Consolidated Financial Statements | ' | ||||||||||
The following table summarizes the effect of cash flow hedges on the Condensed Consolidated Financial Statements: | |||||||||||
In thousands | Effective Portion | ||||||||||
Amount of Gain/(Loss) Recognized in Other Comprehensive Income | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | ||||||||||
Derivative Hedging Relationship | Location | Amount | |||||||||
Foreign currency forward contracts | |||||||||||
Quarter ended May 2, 2014 | $ | (2,015 | ) | Cost of sales | $ | 1,776 | |||||
Sales | 129 | ||||||||||
Six months ended May 2, 2014 | $ | 4,644 | Cost of sales | $ | 4,853 | ||||||
Sales | 179 | ||||||||||
Quarter ended April 26, 2013 | $ | (1,250 | ) | Cost of sales | $ | 2,408 | |||||
Sales | (189 | ) | |||||||||
Six months ended April 26, 2013 | $ | (4,559 | ) | Cost of sales | $ | 3,622 | |||||
Sales | (182 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of basic and diluted earnings per share | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
In thousands, except per share amounts | May 2, | April 26, | May 2, | April 26, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 73,951 | $ | 181,779 | $ | 122,812 | $ | 323,918 | ||||||||
Loss from discontinued operations, net of income taxes | — | (223 | ) | — | (225 | ) | ||||||||||
Net income | $ | 73,951 | $ | 181,556 | $ | 122,812 | $ | 323,693 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding | 100,346 | 106,426 | 101,071 | 106,334 | ||||||||||||
Dilutive effect of stock options, performance shares and restricted stock units | 857 | 987 | 864 | 991 | ||||||||||||
Weighted average shares outstanding assuming dilution | 101,203 | 107,413 | 101,935 | 107,325 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Income from continuing operations | $ | 0.74 | $ | 1.71 | $ | 1.22 | $ | 3.05 | ||||||||
Loss from discontinued operations | — | — | — | — | ||||||||||||
Net income | $ | 0.74 | $ | 1.71 | $ | 1.22 | $ | 3.05 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Income from continuing operations | $ | 0.73 | $ | 1.69 | $ | 1.2 | $ | 3.02 | ||||||||
Loss from discontinued operations | — | — | — | — | ||||||||||||
Net income | $ | 0.73 | $ | 1.69 | $ | 1.2 | $ | 3.02 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
2-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurements | ' | |||||||||||||||
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value and disclose the fair value of long-term obligations recorded at cost as of May 2, 2014 and October 25, 2013. As of May 2, 2014 and October 25, 2013, we did not have any Level 3 assets or liabilities. | ||||||||||||||||
Fair Value Measurements as of May 2, 2014 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 1,624 | $ | 1,624 | $ | 1,624 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 9,680 | $ | 9,680 | $ | — | $ | 9,680 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 5,907 | $ | 5,907 | $ | — | $ | 5,907 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 387,500 | $ | 398,643 | $ | — | $ | 398,643 | ||||||||
6.0% Senior Notes due 2016 | $ | 248,929 | $ | 278,600 | $ | — | $ | 278,600 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,620 | $ | 536,450 | $ | — | $ | 536,450 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,507 | $ | 170,340 | $ | — | $ | 170,340 | ||||||||
Fair Value Measurements as of October 25, 2013 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 29,221 | $ | 29,221 | $ | 29,221 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 9,593 | $ | 9,593 | $ | — | $ | 9,593 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 6,608 | $ | 6,608 | $ | — | $ | 6,608 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 412,500 | $ | 432,952 | $ | — | $ | 432,952 | ||||||||
6.0% Senior Notes due 2016 | $ | 248,733 | $ | 280,425 | $ | — | $ | 280,425 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,438 | $ | 531,400 | $ | — | $ | 531,400 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,493 | $ | 165,600 | $ | — | $ | 165,600 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||
2-May-14 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment reporting information | ' | |||||||||||||||||||
In thousands | Underground | Surface | Corporate | Eliminations | Total | |||||||||||||||
Quarter ended May 2, 2014 | ||||||||||||||||||||
Net sales | $ | 517,878 | $ | 443,625 | $ | — | $ | (31,773 | ) | $ | 929,730 | |||||||||
Operating income (loss) | $ | 67,532 | $ | 82,613 | $ | (14,203 | ) | $ | (10,200 | ) | $ | 125,742 | ||||||||
Interest income | — | — | 2,293 | — | 2,293 | |||||||||||||||
Interest expense | — | — | (16,141 | ) | — | (16,141 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 67,532 | $ | 82,613 | $ | (28,051 | ) | $ | (10,200 | ) | $ | 111,894 | ||||||||
Depreciation and amortization | $ | 17,478 | $ | 13,917 | $ | 676 | $ | — | $ | 32,071 | ||||||||||
Capital expenditures | $ | 9,122 | $ | 8,527 | $ | — | $ | — | $ | 17,649 | ||||||||||
Quarter ended April 26, 2013 | ||||||||||||||||||||
Net sales | $ | 681,914 | $ | 712,796 | $ | — | $ | (34,275 | ) | $ | 1,360,435 | |||||||||
Operating income (loss) | $ | 137,222 | $ | 165,643 | $ | (16,647 | ) | $ | (7,585 | ) | $ | 278,633 | ||||||||
Interest income | — | — | 1,843 | — | 1,843 | |||||||||||||||
Interest expense | — | — | (17,028 | ) | — | (17,028 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 137,222 | $ | 165,643 | $ | (31,832 | ) | $ | (7,585 | ) | $ | 263,448 | ||||||||
Depreciation and amortization | $ | 16,221 | $ | 11,837 | $ | 720 | $ | — | $ | 28,778 | ||||||||||
Capital expenditures | $ | 12,362 | $ | 18,660 | $ | 1,391 | $ | — | $ | 32,413 | ||||||||||
In thousands | Underground | Surface | Corporate | Eliminations | Total | |||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
Net sales | $ | 995,341 | $ | 844,321 | $ | — | $ | (70,620 | ) | $ | 1,769,042 | |||||||||
Operating income (loss) | $ | 130,138 | $ | 128,765 | $ | (28,425 | ) | $ | (19,491 | ) | $ | 210,987 | ||||||||
Interest income | — | — | 4,876 | — | 4,876 | |||||||||||||||
Interest expense | — | — | (32,544 | ) | — | (32,544 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 130,138 | $ | 128,765 | $ | (56,093 | ) | $ | (19,491 | ) | $ | 183,319 | ||||||||
Depreciation and amortization | $ | 36,212 | $ | 27,209 | $ | 1,416 | $ | — | $ | 64,837 | ||||||||||
Capital expenditures | $ | 18,978 | $ | 23,368 | $ | 1,958 | $ | — | $ | 44,304 | ||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
Net sales | $ | 1,272,024 | $ | 1,318,279 | $ | — | $ | (79,991 | ) | $ | 2,510,312 | |||||||||
Operating income (loss) | $ | 249,105 | $ | 301,323 | $ | (29,479 | ) | $ | (21,164 | ) | $ | 499,785 | ||||||||
Interest income | — | — | 3,644 | — | 3,644 | |||||||||||||||
Interest expense | — | — | (33,982 | ) | — | (33,982 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 249,105 | $ | 301,323 | $ | (59,817 | ) | $ | (21,164 | ) | $ | 469,447 | ||||||||
Depreciation and amortization | $ | 22,763 | $ | 24,679 | $ | 1,431 | $ | — | $ | 48,873 | ||||||||||
Capital expenditures | $ | 51,805 | $ | 32,388 | $ | 2,808 | $ | — | $ | 87,001 | ||||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) (Subsidiary Guarantors) | 6 Months Ended | |||||||||||||||||||
2-May-14 | ||||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Subsidiary guarantor condensed consolidating statements of income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 500,309 | $ | 630,602 | $ | (201,181 | ) | $ | 929,730 | |||||||||
Cost of sales | — | 370,922 | 443,475 | (162,805 | ) | 651,592 | ||||||||||||||
Product development, selling and administrative expenses | 14,154 | 66,670 | 73,710 | — | 154,534 | |||||||||||||||
Other (income) expense | — | 4,203 | (6,341 | ) | — | (2,138 | ) | |||||||||||||
Operating income (loss) | (14,154 | ) | 58,514 | 119,758 | (38,376 | ) | 125,742 | |||||||||||||
Intercompany items | 15,503 | (25,742 | ) | (2,934 | ) | 13,173 | — | |||||||||||||
Interest (expense) income, net | (15,836 | ) | 1,711 | 277 | — | (13,848 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (14,487 | ) | 34,483 | 117,101 | (25,203 | ) | 111,894 | |||||||||||||
Provision (benefit) for income taxes | (4,878 | ) | 29,852 | 12,948 | 21 | 37,943 | ||||||||||||||
Equity in income of subsidiaries | 83,560 | 47,954 | — | (131,514 | ) | — | ||||||||||||||
Income from continuing operations | $ | 73,951 | $ | 52,585 | $ | 104,153 | $ | (156,738 | ) | $ | 73,951 | |||||||||
Comprehensive income | $ | 103,186 | $ | 52,820 | $ | 128,297 | $ | (181,117 | ) | $ | 103,186 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 816,797 | $ | 898,483 | $ | (354,845 | ) | $ | 1,360,435 | |||||||||
Cost of sales | — | 578,803 | 622,410 | (292,034 | ) | 909,179 | ||||||||||||||
Product development, selling and administrative expenses | 16,608 | 79,826 | 76,519 | — | 172,953 | |||||||||||||||
Other (income) expense | — | 6,785 | (7,115 | ) | — | (330 | ) | |||||||||||||
Operating income (loss) | (16,608 | ) | 151,383 | 206,669 | (62,811 | ) | 278,633 | |||||||||||||
Intercompany items | 26,889 | (23,967 | ) | (26,876 | ) | 23,954 | — | |||||||||||||
Interest (expense) income, net | (10,355 | ) | 477 | (5,307 | ) | — | (15,185 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (74 | ) | 127,893 | 174,486 | (38,857 | ) | 263,448 | |||||||||||||
Provision (benefit) for income taxes | (11,361 | ) | 66,819 | 26,211 | — | 81,669 | ||||||||||||||
Equity in income of subsidiaries | 170,492 | 106,652 | — | (277,144 | ) | — | ||||||||||||||
Income from continuing operations | $ | 181,779 | $ | 167,726 | $ | 148,275 | $ | (316,001 | ) | $ | 181,779 | |||||||||
Comprehensive income | $ | 169,969 | $ | 165,839 | $ | 134,239 | $ | (300,078 | ) | $ | 169,969 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 980,981 | $ | 1,233,367 | $ | (445,306 | ) | $ | 1,769,042 | |||||||||
Cost of sales | — | 733,989 | 889,314 | (367,533 | ) | 1,255,770 | ||||||||||||||
Product development, selling and administrative expenses | 28,823 | 134,505 | 144,235 | — | 307,563 | |||||||||||||||
Other (income) expense | (473 | ) | 6,152 | (10,957 | ) | — | (5,278 | ) | ||||||||||||
Operating income (loss) | (28,350 | ) | 106,335 | 210,775 | (77,773 | ) | 210,987 | |||||||||||||
Intercompany items | 32,781 | (45,728 | ) | (12,005 | ) | 24,952 | — | |||||||||||||
Interest (expense) income, net | (31,881 | ) | 3,596 | 617 | — | (27,668 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (27,450 | ) | 64,203 | 199,387 | (52,821 | ) | 183,319 | |||||||||||||
Provision (benefit) for income taxes | (9,932 | ) | 56,220 | 14,198 | 21 | 60,507 | ||||||||||||||
Equity in income of subsidiaries | 140,330 | 80,967 | — | (221,297 | ) | — | ||||||||||||||
Income from continuing operations | $ | 122,812 | $ | 88,950 | $ | 185,189 | $ | (274,139 | ) | $ | 122,812 | |||||||||
Comprehensive income | $ | 105,589 | $ | 87,650 | $ | 161,629 | $ | (249,279 | ) | $ | 105,589 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 1,417,753 | $ | 1,776,004 | $ | (683,445 | ) | $ | 2,510,312 | |||||||||
Cost of sales | — | 989,446 | 1,243,530 | (550,648 | ) | 1,682,328 | ||||||||||||||
Product development, selling and administrative expenses | 29,410 | 153,943 | 146,881 | — | 330,234 | |||||||||||||||
Other (income) expense | — | 15,961 | (17,996 | ) | — | (2,035 | ) | |||||||||||||
Operating income (loss) | (29,410 | ) | 258,403 | 403,589 | (132,797 | ) | 499,785 | |||||||||||||
Intercompany items | 58,009 | (43,815 | ) | (62,533 | ) | 48,339 | — | |||||||||||||
Interest (expense) income, net | (32,925 | ) | 574 | 2,013 | — | (30,338 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (4,326 | ) | 215,162 | 343,069 | (84,458 | ) | 469,447 | |||||||||||||
Provision (benefit) for income taxes | (20,637 | ) | 123,865 | 42,301 | — | 145,529 | ||||||||||||||
Equity in income of subsidiaries | 307,607 | 196,610 | — | (504,217 | ) | — | ||||||||||||||
Income from continuing operations | $ | 323,918 | $ | 287,907 | $ | 300,768 | $ | (588,675 | ) | $ | 323,918 | |||||||||
Comprehensive income | $ | 315,336 | $ | 284,297 | $ | 283,239 | $ | (567,536 | ) | $ | 315,336 | |||||||||
Subsidiary guarantor condensed consolidating balance sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | — | $ | 385,790 | ||||||||||
Accounts receivable, net | — | 367,991 | 565,940 | (16,429 | ) | 917,502 | ||||||||||||||
Inventories | — | 474,587 | 761,425 | (107,121 | ) | 1,128,891 | ||||||||||||||
Other current assets | 70,414 | 8,767 | 122,642 | 15 | 201,838 | |||||||||||||||
Total current assets | 181,571 | 860,801 | 1,715,184 | (123,535 | ) | 2,634,021 | ||||||||||||||
Property, plant and equipment, net | 18,623 | 360,075 | 514,951 | — | 893,649 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 238,623 | 84,078 | — | 322,701 | |||||||||||||||
Goodwill | — | 453,375 | 1,039,314 | — | 1,492,689 | |||||||||||||||
Deferred income taxes | (30,530 | ) | — | 70,276 | — | 39,746 | ||||||||||||||
Other non-current assets | 4,113,371 | 1,925,690 | 2,681,037 | (8,525,170 | ) | 194,928 | ||||||||||||||
Total other assets | 4,082,841 | 2,617,688 | 3,874,705 | (8,525,170 | ) | 2,050,064 | ||||||||||||||
Total assets | $ | 4,283,035 | $ | 3,838,564 | $ | 6,104,840 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | — | $ | 8,089 | $ | — | $ | 58,089 | ||||||||||
Trade accounts payable | 967 | 176,382 | 157,970 | — | 335,319 | |||||||||||||||
Employee compensation and benefits | 8,857 | 53,288 | 49,568 | — | 111,713 | |||||||||||||||
Advance payments and progress billings | — | 137,598 | 285,484 | (19,564 | ) | 403,518 | ||||||||||||||
Accrued warranties | — | 24,339 | 49,263 | — | 73,602 | |||||||||||||||
Other accrued liabilities | 43,548 | 48,943 | 140,852 | (7,390 | ) | 225,953 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 103,372 | 452,234 | 691,226 | (26,954 | ) | 1,219,878 | ||||||||||||||
Long-term obligations | 1,231,556 | — | 16 | — | 1,231,572 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,091 | 853 | — | — | 19,944 | |||||||||||||||
Accrued pension costs | 126,575 | 5,361 | 7,260 | — | 139,196 | |||||||||||||||
Other non-current liabilities | (12,375 | ) | 8,084 | 156,619 | — | 152,328 | ||||||||||||||
Total other liabilities | 133,291 | 14,298 | 163,879 | — | 311,468 | |||||||||||||||
Shareholders’ equity | 2,814,816 | 3,372,032 | 5,249,719 | (8,621,751 | ) | 2,814,816 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,283,035 | $ | 3,838,564 | $ | 6,104,840 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | — | $ | 405,709 | ||||||||||
Accounts receivable, net | — | 410,928 | 679,183 | (6,448 | ) | 1,083,663 | ||||||||||||||
Inventories | — | 456,345 | 813,182 | (129,783 | ) | 1,139,744 | ||||||||||||||
Other current assets | 68,792 | 16,957 | 107,564 | 15 | 193,328 | |||||||||||||||
Total current assets | 191,693 | 904,591 | 1,862,376 | (136,216 | ) | 2,822,444 | ||||||||||||||
Property, plant and equipment, net | 18,081 | 375,026 | 519,535 | — | 912,642 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 247,200 | 84,612 | — | 331,812 | |||||||||||||||
Goodwill | — | 454,199 | 1,026,320 | — | 1,480,519 | |||||||||||||||
Deferred income taxes | (49,393 | ) | — | 90,925 | — | 41,532 | ||||||||||||||
Other non-current assets | 4,168,916 | 2,065,239 | 3,968,205 | (10,001,727 | ) | 200,633 | ||||||||||||||
Total other assets | 4,119,523 | 2,766,638 | 5,170,062 | (10,001,727 | ) | 2,054,496 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | 449 | $ | 8,220 | $ | — | $ | 58,669 | ||||||||||
Trade accounts payable | 2,565 | 165,691 | 219,863 | — | 388,119 | |||||||||||||||
Employee compensation and benefits | 10,080 | 52,260 | 68,215 | — | 130,555 | |||||||||||||||
Advance payments and progress billings | — | 144,853 | 269,628 | (14,713 | ) | 399,768 | ||||||||||||||
Accrued warranties | — | 30,111 | 55,621 | — | 85,732 | |||||||||||||||
Other accrued liabilities | 24,545 | 54,285 | 211,074 | (3,841 | ) | 286,063 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 87,190 | 459,333 | 832,621 | (18,554 | ) | 1,360,590 | ||||||||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,881 | 842 | — | — | 20,723 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other non-current liabilities | (29,193 | ) | 7,851 | 164,510 | — | 143,168 | ||||||||||||||
Total other liabilities | 127,574 | 14,378 | 171,744 | — | 313,696 | |||||||||||||||
Shareholders’ equity | 2,858,369 | 3,571,781 | 6,547,608 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Subsidiary guarantor condensed consolidating statements of cash flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 174,009 | $ | 56 | $ | 32,610 | $ | 206,675 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (115 | ) | — | (115 | ) | ||||||||||||||
Net cash provided (used) by operating activities | 174,009 | (59 | ) | 32,610 | 206,560 | |||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (1,958 | ) | (12,344 | ) | (30,002 | ) | (44,304 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 2,710 | 1,495 | 4,205 | ||||||||||||||||
Other investing activities, net | (66 | ) | — | — | (66 | ) | ||||||||||||||
Net cash used by investing activities | (2,024 | ) | (9,634 | ) | (28,507 | ) | (40,165 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 6,581 | — | — | 6,581 | ||||||||||||||||
Excess tax expense from share-based compensation awards | (432 | ) | — | — | (432 | ) | ||||||||||||||
Dividends paid | (35,374 | ) | — | — | (35,374 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | — | (1,212 | ) | (50 | ) | (1,262 | ) | |||||||||||||
Treasury stock purchased | (129,504 | ) | — | — | (129,504 | ) | ||||||||||||||
Net cash used by financing activities | (183,729 | ) | (1,212 | ) | (50 | ) | (184,991 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1,323 | ) | (1,323 | ) | ||||||||||||||
(Decrease) Increase in Cash and Cash Equivalents | (11,744 | ) | (10,905 | ) | 2,730 | (19,919 | ) | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 122,901 | 20,361 | 262,447 | 405,709 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | 385,790 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Subsidiary | Non-Guarantor | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 26,790 | $ | 20,072 | $ | 46,413 | $ | 93,275 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (2,372 | ) | — | (2,372 | ) | ||||||||||||||
Net cash provided by operating activities | 26,790 | 17,700 | 46,413 | 90,903 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (2,808 | ) | (21,815 | ) | (62,378 | ) | (87,001 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 1,421 | 766 | 2,187 | ||||||||||||||||
Other investing activities, net | (70 | ) | — | — | (70 | ) | ||||||||||||||
Net cash used by investing activities | (2,878 | ) | (20,394 | ) | (61,612 | ) | (84,884 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 5,227 | — | — | 5,227 | ||||||||||||||||
Excess tax benefit from share-based compensation awards | 1,701 | — | — | 1,701 | ||||||||||||||||
Dividends paid | (37,130 | ) | — | — | (37,130 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | 28,000 | (209 | ) | (5,575 | ) | 22,216 | ||||||||||||||
Net cash used by financing activities | (27,202 | ) | (209 | ) | (5,575 | ) | (32,986 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (2,031 | ) | (2,031 | ) | ||||||||||||||
Decrease in Cash and Cash Equivalents | (3,290 | ) | (2,903 | ) | (22,805 | ) | (28,998 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 3,459 | 6,628 | 253,786 | 263,873 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 169 | $ | 3,725 | $ | 230,981 | $ | 234,875 | ||||||||||||
Supplemental_Subsidiary_Guaran1
Supplemental Subsidiary Guarantors (Tables) (Supplemental Subsidiary Guarantors) | 6 Months Ended | |||||||||||||||||||
2-May-14 | ||||||||||||||||||||
Supplemental Subsidiary Guarantors | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Subsidiary guarantor condensed consolidating statements of income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 496,836 | $ | 634,075 | $ | (201,181 | ) | $ | 929,730 | |||||||||
Cost of sales | — | 368,347 | 446,050 | (162,805 | ) | 651,592 | ||||||||||||||
Product development, selling and administrative expenses | 14,154 | 66,435 | 73,945 | — | 154,534 | |||||||||||||||
Other (income) expense | — | 4,210 | (6,348 | ) | — | (2,138 | ) | |||||||||||||
Operating income (loss) | (14,154 | ) | 57,844 | 120,428 | (38,376 | ) | 125,742 | |||||||||||||
Intercompany items | 15,503 | (25,742 | ) | (2,934 | ) | 13,173 | — | |||||||||||||
Interest (expense) income, net | (15,836 | ) | 1,686 | 302 | — | (13,848 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (14,487 | ) | 33,788 | 117,796 | (25,203 | ) | 111,894 | |||||||||||||
Provision (benefit) for income taxes | (4,878 | ) | 29,852 | 12,948 | 21 | 37,943 | ||||||||||||||
Equity in income of subsidiaries | 83,560 | 47,954 | — | (131,514 | ) | — | ||||||||||||||
Income from continuing operations | $ | 73,951 | $ | 51,890 | $ | 104,848 | $ | (156,738 | ) | $ | 73,951 | |||||||||
Comprehensive income | $ | 103,186 | $ | 52,125 | $ | 128,992 | $ | (181,117 | ) | $ | 103,186 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Quarter ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 811,365 | $ | 903,915 | $ | (354,845 | ) | $ | 1,360,435 | |||||||||
Cost of sales | — | 572,800 | 628,413 | (292,034 | ) | 909,179 | ||||||||||||||
Product development, selling and administrative expenses | 16,608 | 79,342 | 77,003 | — | 172,953 | |||||||||||||||
Other (income) expense | — | 6,730 | (7,060 | ) | — | (330 | ) | |||||||||||||
Operating income (loss) | (16,608 | ) | 152,493 | 205,559 | (62,811 | ) | 278,633 | |||||||||||||
Intercompany items | 26,889 | (23,967 | ) | (26,876 | ) | 23,954 | — | |||||||||||||
Interest (expense) income, net | (10,355 | ) | 447 | (5,277 | ) | — | (15,185 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (74 | ) | 128,973 | 173,406 | (38,857 | ) | 263,448 | |||||||||||||
Provision (benefit) for income taxes | (11,361 | ) | 67,608 | 25,422 | — | 81,669 | ||||||||||||||
Equity in income of subsidiaries | 170,492 | 106,652 | — | (277,144 | ) | — | ||||||||||||||
Income from continuing operations | $ | 181,779 | $ | 168,017 | $ | 147,984 | $ | (316,001 | ) | $ | 181,779 | |||||||||
Comprehensive income | $ | 169,969 | $ | 166,130 | $ | 133,948 | $ | (300,078 | ) | $ | 169,969 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 975,412 | $ | 1,238,936 | $ | (445,306 | ) | $ | 1,769,042 | |||||||||
Cost of sales | — | 729,716 | 893,587 | (367,533 | ) | 1,255,770 | ||||||||||||||
Product development, selling and administrative expenses | 28,823 | 134,026 | 144,714 | — | 307,563 | |||||||||||||||
Other (income) expense | (473 | ) | 6,540 | (11,345 | ) | — | (5,278 | ) | ||||||||||||
Operating income (loss) | (28,350 | ) | 105,130 | 211,980 | (77,773 | ) | 210,987 | |||||||||||||
Intercompany items | 32,781 | (45,728 | ) | (12,005 | ) | 24,952 | — | |||||||||||||
Interest (expense) income, net | (31,881 | ) | 3,540 | 673 | — | (27,668 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (27,450 | ) | 62,942 | 200,648 | (52,821 | ) | 183,319 | |||||||||||||
Provision (benefit) for income taxes | (9,932 | ) | 57,108 | 13,310 | 21 | 60,507 | ||||||||||||||
Equity in income of subsidiaries | 140,330 | 80,967 | — | (221,297 | ) | — | ||||||||||||||
Income from continuing operations | $ | 122,812 | $ | 86,801 | $ | 187,338 | $ | (274,139 | ) | $ | 122,812 | |||||||||
Comprehensive income | $ | 105,589 | $ | 85,501 | $ | 163,778 | $ | (249,279 | ) | $ | 105,589 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 1,412,321 | $ | 1,781,436 | $ | (683,445 | ) | $ | 2,510,312 | |||||||||
Cost of sales | — | 983,443 | 1,249,533 | (550,648 | ) | 1,682,328 | ||||||||||||||
Product development, selling and administrative expenses | 29,410 | 153,459 | 147,365 | — | 330,234 | |||||||||||||||
Other (income) expense | — | 15,906 | (17,941 | ) | — | (2,035 | ) | |||||||||||||
Operating income (loss) | (29,410 | ) | 259,513 | 402,479 | (132,797 | ) | 499,785 | |||||||||||||
Intercompany items | 58,009 | (43,815 | ) | (62,533 | ) | 48,339 | — | |||||||||||||
Interest (expense) income, net | (32,925 | ) | 544 | 2,043 | — | (30,338 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (4,326 | ) | 216,242 | 341,989 | (84,458 | ) | 469,447 | |||||||||||||
Provision (benefit) for income taxes | (20,637 | ) | 124,654 | 41,512 | — | 145,529 | ||||||||||||||
Equity in income of subsidiaries | 307,607 | 196,610 | — | (504,217 | ) | — | ||||||||||||||
Income from continuing operations | $ | 323,918 | $ | 288,198 | $ | 300,477 | $ | (588,675 | ) | $ | 323,918 | |||||||||
Comprehensive income | $ | 315,336 | $ | 284,588 | $ | 282,948 | $ | (567,536 | ) | $ | 315,336 | |||||||||
Subsidiary guarantor condensed consolidating balance sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | — | $ | 385,790 | ||||||||||
Accounts receivable, net | — | 359,606 | 574,325 | (16,429 | ) | 917,502 | ||||||||||||||
Inventories | — | 474,587 | 761,425 | (107,121 | ) | 1,128,891 | ||||||||||||||
Other current assets | 70,414 | 8,767 | 122,642 | 15 | 201,838 | |||||||||||||||
Total current assets | 181,571 | 852,416 | 1,723,569 | (123,535 | ) | 2,634,021 | ||||||||||||||
Property, plant and equipment, net | 18,623 | 358,361 | 516,665 | — | 893,649 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 238,623 | 84,078 | — | 322,701 | |||||||||||||||
Goodwill | — | 453,375 | 1,039,314 | — | 1,492,689 | |||||||||||||||
Deferred income taxes | (30,530 | ) | — | 70,276 | — | 39,746 | ||||||||||||||
Other non-current assets | 4,113,371 | 1,929,750 | 2,676,977 | (8,525,170 | ) | 194,928 | ||||||||||||||
Total other assets | 4,082,841 | 2,621,748 | 3,870,645 | (8,525,170 | ) | 2,050,064 | ||||||||||||||
Total assets | $ | 4,283,035 | $ | 3,832,525 | $ | 6,110,879 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | — | $ | 8,089 | $ | — | $ | 58,089 | ||||||||||
Trade accounts payable | 967 | 175,842 | 158,510 | — | 335,319 | |||||||||||||||
Employee compensation and benefits | 8,857 | 53,288 | 49,568 | — | 111,713 | |||||||||||||||
Advance payments and progress billings | — | 137,598 | 285,484 | (19,564 | ) | 403,518 | ||||||||||||||
Accrued warranties | — | 24,339 | 49,263 | — | 73,602 | |||||||||||||||
Other accrued liabilities | 43,548 | 48,943 | 140,852 | (7,390 | ) | 225,953 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 103,372 | 451,694 | 691,766 | (26,954 | ) | 1,219,878 | ||||||||||||||
Long-term obligations | 1,231,556 | — | 16 | — | 1,231,572 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,091 | 853 | — | — | 19,944 | |||||||||||||||
Accrued pension costs | 126,575 | 5,361 | 7,260 | — | 139,196 | |||||||||||||||
Other non-current liabilities | (12,375 | ) | 8,084 | 156,619 | — | 152,328 | ||||||||||||||
Total other liabilities | 133,291 | 14,298 | 163,879 | — | 311,468 | |||||||||||||||
Shareholders’ equity | 2,814,816 | 3,366,533 | 5,255,218 | (8,621,751 | ) | 2,814,816 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,283,035 | $ | 3,832,525 | $ | 6,110,879 | $ | (8,648,705 | ) | $ | 5,577,734 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Eliminations | Consolidated | |||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | — | $ | 405,709 | ||||||||||
Accounts receivable, net | — | 402,321 | 687,790 | (6,448 | ) | 1,083,663 | ||||||||||||||
Inventories | — | 456,345 | 813,182 | (129,783 | ) | 1,139,744 | ||||||||||||||
Other current assets | 68,792 | 16,957 | 107,564 | 15 | 193,328 | |||||||||||||||
Total current assets | 191,693 | 895,984 | 1,870,983 | (136,216 | ) | 2,822,444 | ||||||||||||||
Property, plant and equipment, net | 18,081 | 373,235 | 521,326 | — | 912,642 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Other intangible assets, net | — | 247,200 | 84,612 | — | 331,812 | |||||||||||||||
Goodwill | — | 454,199 | 1,026,320 | — | 1,480,519 | |||||||||||||||
Deferred income taxes | (49,393 | ) | — | 90,925 | — | 41,532 | ||||||||||||||
Other non-current assets | 4,168,916 | 2,070,239 | 3,963,205 | (10,001,727 | ) | 200,633 | ||||||||||||||
Total other assets | 4,119,523 | 2,771,638 | 5,165,062 | (10,001,727 | ) | 2,054,496 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term notes payable, including current portion of long-term obligations | $ | 50,000 | $ | 449 | $ | 8,220 | $ | — | $ | 58,669 | ||||||||||
Trade accounts payable | 2,565 | 165,045 | 220,509 | — | 388,119 | |||||||||||||||
Employee compensation and benefits | 10,080 | 52,260 | 68,215 | — | 130,555 | |||||||||||||||
Advance payments and progress billings | — | 144,853 | 269,628 | (14,713 | ) | 399,768 | ||||||||||||||
Accrued warranties | — | 30,111 | 55,621 | — | 85,732 | |||||||||||||||
Other accrued liabilities | 24,545 | 54,285 | 211,074 | (3,841 | ) | 286,063 | ||||||||||||||
Current liabilities of discontinued operations | — | 11,684 | — | — | 11,684 | |||||||||||||||
Total current liabilities | 87,190 | 458,687 | 833,267 | (18,554 | ) | 1,360,590 | ||||||||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Other liabilities: | ||||||||||||||||||||
Liabilities for postretirement benefits | 19,881 | 842 | — | — | 20,723 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other non-current liabilities | (29,193 | ) | 7,851 | 164,510 | — | 143,168 | ||||||||||||||
Total other liabilities | 127,574 | 14,378 | 171,744 | — | 313,696 | |||||||||||||||
Shareholders’ equity | 2,858,369 | 3,567,029 | 6,552,360 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Subsidiary guarantor condensed consolidating statements of cash flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended May 2, 2014 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 174,009 | $ | 56 | $ | 32,610 | $ | 206,675 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (115 | ) | — | (115 | ) | ||||||||||||||
Net cash provided (used) by operating activities | 174,009 | (59 | ) | 32,610 | 206,560 | |||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (1,958 | ) | (12,344 | ) | (30,002 | ) | (44,304 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 2,710 | 1,495 | 4,205 | ||||||||||||||||
Other investing activities, net | (66 | ) | — | — | (66 | ) | ||||||||||||||
Net cash used by investing activities | (2,024 | ) | (9,634 | ) | (28,507 | ) | (40,165 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 6,581 | — | — | 6,581 | ||||||||||||||||
Excess tax expense from share-based compensation awards | (432 | ) | — | — | (432 | ) | ||||||||||||||
Dividends paid | (35,374 | ) | — | — | (35,374 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | — | (1,212 | ) | (50 | ) | (1,262 | ) | |||||||||||||
Treasury stock purchased | (129,504 | ) | — | — | (129,504 | ) | ||||||||||||||
Net cash used by financing activities | (183,729 | ) | (1,212 | ) | (50 | ) | (184,991 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1,323 | ) | (1,323 | ) | ||||||||||||||
(Decrease) Increase in Cash and Cash Equivalents | (11,744 | ) | (10,905 | ) | 2,730 | (19,919 | ) | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 122,901 | 20,361 | 262,447 | 405,709 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 111,157 | $ | 9,456 | $ | 265,177 | $ | 385,790 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended April 26, 2013 | ||||||||||||||||||||
In thousands | Parent | Supplemental | Supplemental | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 26,790 | $ | 22,991 | $ | 43,494 | $ | 93,275 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (2,372 | ) | — | (2,372 | ) | ||||||||||||||
Net cash provided by operating activities | 26,790 | 20,619 | 43,494 | 90,903 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (2,808 | ) | (24,269 | ) | (59,924 | ) | (87,001 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 956 | 1,231 | 2,187 | ||||||||||||||||
Other investing activities, net | (70 | ) | — | — | (70 | ) | ||||||||||||||
Net cash used by investing activities | (2,878 | ) | (23,313 | ) | (58,693 | ) | (84,884 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 5,227 | — | — | 5,227 | ||||||||||||||||
Excess tax benefit from share-based compensation awards | 1,701 | — | — | 1,701 | ||||||||||||||||
Dividends paid | (37,130 | ) | — | — | (37,130 | ) | ||||||||||||||
Repayments of term loan | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Change in short and long-term obligations, net | 28,000 | (209 | ) | (5,575 | ) | 22,216 | ||||||||||||||
Net cash used by financing activities | (27,202 | ) | (209 | ) | (5,575 | ) | (32,986 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (2,031 | ) | (2,031 | ) | ||||||||||||||
Decrease in Cash and Cash Equivalents | (3,290 | ) | (2,903 | ) | (22,805 | ) | (28,998 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 3,459 | 6,628 | 253,786 | 263,873 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 169 | $ | 3,725 | $ | 230,981 | $ | 234,875 | ||||||||||||
Description_of_Business_Detail
Description of Business (Details) | 6 Months Ended |
2-May-14 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of business segments | 2 |
Inventories_Details
Inventories (Details) (USD $) | 2-May-14 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $836,089 | $838,052 |
Work in process | 223,884 | 233,303 |
Raw materials | 68,918 | 68,389 |
Total inventories | $1,128,891 | $1,139,744 |
Warranties_Details
Warranties (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Changes in the product warranty reserve | ' | ' | ' | ' |
Balance, beginning of period | $77,804 | $87,427 | $85,732 | $100,646 |
Accrual for warranty expensed during the period | 9,297 | 12,442 | 16,663 | 24,921 |
Settlements made during the period | -14,235 | -15,455 | -29,176 | -40,708 |
Effect of foreign currency translation | 736 | -723 | 383 | -1,168 |
Balance, end of period | $73,602 | $83,691 | $73,602 | $83,691 |
Borrowings_and_Credit_Faciliti2
Borrowings and Credit Facilities (Details Textual) (USD $) | Jun. 16, 2011 | Oct. 12, 2011 | 2-May-14 | Oct. 25, 2013 | Nov. 01, 2006 | 2-May-14 | Oct. 25, 2013 | Nov. 01, 2006 | 2-May-14 | Oct. 25, 2013 | Oct. 12, 2011 | Nov. 01, 2006 | Nov. 01, 2006 | 2-May-14 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 |
Term Loan due 2016 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | Treasury Rate | Treasury Rate | Treasury Rate | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |
5.125% Senior Notes due 2021 | 6.0% Senior Notes due 2016 | 6.625% Senior Notes due 2036 | Eurodollar Interest Period One | Eurodollar Interest Period Two | Eurodollar Interest Period Three | Eurodollar Interest Period Four | Eurodollar Interest Period Five | Eurodollar Interest Period Six | Eurodollar Rate | Federal Funds Rate | Minimum | Minimum | Maximum | Maximum | |||||||||||||
Eurodollar Rate | Eurodollar Rate | ||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility (Credit Agreement) maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit commitment fee percentage on unused capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | 0.33% | ' |
Interest period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 days | '14 days | '1 month | '2 months | '3 months | '6 months | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.30% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | ' | 1.00% | ' | 2.00% |
Line of credit amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 812,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | 500,000,000 | 500,000,000 | ' | ' | 250,000,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | 5.13% | 5.13% | 5.13% | 6.00% | 6.00% | 6.00% | 6.63% | 6.63% | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on note payable | ' | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount of notes to be redeemed at company's option | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_and_Credit_Faciliti3
Borrowings and Credit Facilities (Details) (USD $) | 2-May-14 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | $1,289,661 | $1,315,596 |
Less: Amounts due within one year | -58,089 | -58,669 |
Long-term obligations | 1,231,572 | 1,256,927 |
Term Loan due 2016 | ' | ' |
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | 387,500 | 412,500 |
6.0% Senior Notes due 2016 | ' | ' |
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | 248,929 | 248,733 |
5.125% Senior Notes due 2021 | ' | ' |
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | 496,620 | 496,438 |
6.625% Senior Notes due 2036 | ' | ' |
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | 148,507 | 148,493 |
Other secured borrowings | ' | ' |
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | 0 | 1,212 |
Capital leases | ' | ' |
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | 120 | 0 |
Short-term borrowings | ' | ' |
Direct borrowings and capital lease obligations | ' | ' |
Total obligations | $7,985 | $8,220 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 | ||||
Changes in Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Beginning balance | ($554,092) | ($505,419) | ($507,634) | ($508,649) | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | 26,863 | -13,025 | -21,179 | -15,891 | ||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | 2,372 | 1,438 | 3,956 | 7,534 | ||||
Total other comprehensive income (loss), net of taxes | 29,235 | -11,587 | -17,223 | -8,357 | ||||
Ending balance | -524,857 | -517,006 | -524,857 | -517,006 | ||||
Reclassifications from Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Deferred tax | -37,943 | -81,669 | -60,507 | -145,529 | ||||
Net income | 73,951 | 181,556 | 122,812 | 323,693 | ||||
Change in Unrecognized Pension and Other Postretirement Obligations | ' | ' | ' | ' | ||||
Changes in Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Beginning balance | -536,318 | -552,566 | -540,122 | -559,458 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | 3,731 | 2,885 | 7,535 | 9,777 | ||||
Total other comprehensive income (loss), net of taxes | 3,731 | 2,885 | 7,535 | 9,777 | ||||
Ending balance | -532,587 | -549,681 | -532,587 | -549,681 | ||||
Derivative Instrument Fair Market Value Adjustment | ' | ' | ' | ' | ||||
Changes in Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Beginning balance | 7,538 | 1,877 | 5,028 | 4,879 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | -1,437 | -757 | 3,293 | -2,963 | ||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | -1,359 | -1,447 | -3,579 | -2,243 | ||||
Total other comprehensive income (loss), net of taxes | -2,796 | -2,204 | -286 | -5,206 | ||||
Ending balance | 4,742 | -327 | 4,742 | -327 | ||||
Foreign Currency Translation Adjustment | ' | ' | ' | ' | ||||
Changes in Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Beginning balance | -25,312 | 45,270 | 27,460 | 45,930 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | 28,300 | -12,268 | -24,472 | -12,928 | ||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | 0 | 0 | 0 | 0 | ||||
Total other comprehensive income (loss), net of taxes | 28,300 | -12,268 | -24,472 | -12,928 | ||||
Ending balance | 2,988 | 33,002 | 2,988 | 33,002 | ||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Net income | 2,372 | 1,438 | 3,956 | 7,534 | ||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | Change in Unrecognized Pension and Other Postretirement Obligations | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Amortization of prior service cost | 192 | [1] | 145 | [1] | 358 | [1] | 340 | [1] |
Amortization of net actuarial gain | 5,144 | [1] | 4,482 | [1] | 10,406 | [1] | 14,112 | [1] |
Deferred tax | -1,605 | -1,742 | -3,229 | -4,675 | ||||
Net income | 3,731 | 2,885 | 7,535 | 9,777 | ||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | Derivative Instrument Fair Market Value Adjustment | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Deferred tax | 546 | 772 | 1,453 | 1,197 | ||||
Net income | -1,359 | -1,447 | -3,579 | -2,243 | ||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | Derivative Instrument Fair Market Value Adjustment | Foreign Currency Forward Contracts | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ||||
Foreign exchange cash flow hedges | ($1,905) | [2] | ($2,219) | [2] | ($5,032) | [2] | ($3,440) | [2] |
[1] | Amounts are included in the computation of net periodic benefits costs as either cost of sales or product development, selling and administrative expense as appropriate. Refer to Footnote 9, Retiree Benefits, for additional information. | |||||||
[2] | Amounts are included in either sales or cost of sales as appropriate. Refer to Footnote 10, Derivatives, for additional information. |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Aug. 30, 2013 | 2-May-14 | 2-May-14 | 2-May-14 | |
Equity [Abstract] | ' | ' | ' | ' |
Value of shares authorized to be repurchased | $1,000,000,000 | ' | ' | ' |
Purchase of treasury stock (in shares) | ' | 137,812 | 2,396,710 | 6,501,710 |
Purchase of treasury stock | ' | 7,500,000 | 129,500,000 | 343,600,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | $656,400,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Share-based compensation expense | $7,100,000 | $10,700,000 | $13,164,000 | $18,333,000 |
Deferred tax asset related to the share-based compensation expense | $1,600,000 | $3,100,000 | $3,100,000 | $5,200,000 |
Retiree_Benefits_Details
Retiree Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Pension Plans, Defined Benefit | ' | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' | ' |
Service cost | $317 | $2,848 | $3,038 | $5,695 |
Interest cost | 20,638 | 19,536 | 41,299 | 39,047 |
Expected return on assets | -26,013 | -25,604 | -52,398 | -51,208 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | 159 | 152 | 292 | 305 |
Actuarial loss (gain) | 5,370 | 4,668 | 10,858 | 14,529 |
Net periodic benefit cost | 471 | 1,600 | 3,089 | 8,368 |
Postretirement Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' | ' |
Service cost | 260 | 187 | 520 | 542 |
Interest cost | 323 | 282 | 645 | 584 |
Expected return on assets | -148 | -102 | -295 | -214 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | 33 | -7 | 66 | 35 |
Actuarial loss (gain) | -226 | -186 | -452 | -417 |
Net periodic benefit cost | $242 | $174 | $484 | $530 |
Retiree_Benefits_Details_Textu
Retiree Benefits (Details Textual) (USD $) | 6 Months Ended | |
2-May-14 | Apr. 26, 2013 | |
Pension contributions | $4,353,000 | $92,223,000 |
Pension Plans, Defined Benefit | ' | ' |
Pension contributions | 4,400,000 | ' |
Maximum | Pension Plans, Defined Benefit | ' | ' |
Estimated employer contributions to defined benefit plan in current fiscal year | $50,000,000 | ' |
Derivatives_Details_Textual
Derivatives (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Gain (loss) on foreign currency cash flow hedge ineffectiveness | $0.10 | $0.40 | $0.10 | $0.70 |
Gain (loss) on foreign currency forward contracts designated and qualifying as fair value hedges | -0.5 | -0.6 | -0.7 | -1.2 |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | ($0.40) | ($1.60) | $2.60 | ($3.20) |
Derivatives_Details
Derivatives (Details) (Cash Flow Hedges, Foreign Currency Forward Contracts, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Other Comprehensive Income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion amount of gain/(loss) recognized in OCI | ($2,015) | ($1,250) | $4,644 | ($4,559) |
Cost of sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion gain reclassified from AOCI into earnings | 1,776 | 2,408 | 4,853 | 3,622 |
Sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion gain reclassified from AOCI into earnings | $129 | ($189) | $179 | ($182) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Numerator: | ' | ' | ' | ' |
Income from continuing operations | $73,951 | $181,779 | $122,812 | $323,918 |
Loss from discontinued operations, net of income taxes | 0 | -223 | 0 | -225 |
Net income | $73,951 | $181,556 | $122,812 | $323,693 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding (in shares) | 100,346 | 106,426 | 101,071 | 106,334 |
Dilutive effect of stock options, performance shares and restricted stock units (in shares) | 857 | 987 | 864 | 991 |
Weighted average shares outstanding assuming dilution (in shares) | 101,203 | 107,413 | 101,935 | 107,325 |
Basic earnings per share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.74 | $1.71 | $1.22 | $3.05 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 |
Net income (in dollars per share) | $0.74 | $1.71 | $1.22 | $3.05 |
Diluted earnings per share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.73 | $1.69 | $1.20 | $3.02 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 |
Net income (in dollars per share) | $0.73 | $1.69 | $1.20 | $3.02 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares excluded from the calculations of diluted earnings per share | 2.1 | 1.5 | 1.8 | 1.2 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 2-May-14 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ' | ' |
Current Assets | ' | ' |
Cash equivalents | $1,624 | $29,221 |
Other Current Assets | ' | ' |
Derivatives | 9,680 | 9,593 |
Other Accrued Liabilities | ' | ' |
Derivatives | 5,907 | 6,608 |
Carrying Value | Term Loan due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 387,500 | 412,500 |
Carrying Value | 6.0% Senior Notes due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 248,929 | 248,733 |
Carrying Value | 5.125% Senior Notes due 2021 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 496,620 | 496,438 |
Carrying Value | 6.625% Senior Notes due 2036 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 148,507 | 148,493 |
Total Fair Value | ' | ' |
Current Assets | ' | ' |
Cash equivalents | 1,624 | 29,221 |
Other Current Assets | ' | ' |
Derivatives | 9,680 | 9,593 |
Other Accrued Liabilities | ' | ' |
Derivatives | 5,907 | 6,608 |
Total Fair Value | Term Loan due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 398,643 | 432,952 |
Total Fair Value | 6.0% Senior Notes due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 278,600 | 280,425 |
Total Fair Value | 5.125% Senior Notes due 2021 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 536,450 | 531,400 |
Total Fair Value | 6.625% Senior Notes due 2036 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 170,340 | 165,600 |
Level 1 | ' | ' |
Current Assets | ' | ' |
Cash equivalents | 1,624 | 29,221 |
Other Current Assets | ' | ' |
Derivatives | 0 | 0 |
Other Accrued Liabilities | ' | ' |
Derivatives | 0 | 0 |
Level 1 | Term Loan due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 0 | 0 |
Level 1 | 6.0% Senior Notes due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 0 | 0 |
Level 1 | 5.125% Senior Notes due 2021 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 0 | 0 |
Level 1 | 6.625% Senior Notes due 2036 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 0 | 0 |
Level 2 | ' | ' |
Current Assets | ' | ' |
Cash equivalents | 0 | 0 |
Other Current Assets | ' | ' |
Derivatives | 9,680 | 9,593 |
Other Accrued Liabilities | ' | ' |
Derivatives | 5,907 | 6,608 |
Level 2 | Term Loan due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 398,643 | 432,952 |
Level 2 | 6.0% Senior Notes due 2016 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 278,600 | 280,425 |
Level 2 | 5.125% Senior Notes due 2021 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | 536,450 | 531,400 |
Level 2 | 6.625% Senior Notes due 2036 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term debt | $170,340 | $165,600 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) | 2-May-14 | Oct. 25, 2013 | Nov. 01, 2006 | 2-May-14 | Oct. 25, 2013 | Oct. 12, 2011 | 2-May-14 | Oct. 25, 2013 | Nov. 01, 2006 |
6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | 6.00% | 6.00% | 6.00% | 5.13% | 5.13% | 5.13% | 6.63% | 6.63% | 6.63% |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | 2-May-14 |
In Millions, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
Contingent liability | $219.30 |
Surety Bond | ' |
Loss Contingencies [Line Items] | ' |
Contingent liability | 27.5 |
Other Guarantees | ' |
Loss Contingencies [Line Items] | ' |
Contingent liability | $4.20 |
Damages from Product Defects | ' |
Loss Contingencies [Line Items] | ' |
Number of unresolved asbestos and silica-related product liability cases | 2,960 |
Segment_Information_Details_Te
Segment Information (Details Textual) | 3 Months Ended |
2-May-14 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 |
Schedule of segment reporting information | ' | ' | ' | ' |
Net sales | $929,730 | $1,360,435 | $1,769,042 | $2,510,312 |
Operating income (loss) | 125,742 | 278,633 | 210,987 | 499,785 |
Interest income | 2,293 | 1,843 | 4,876 | 3,644 |
Interest expense | -16,141 | -17,028 | -32,544 | -33,982 |
Income (loss) from continuing operations before income taxes | 111,894 | 263,448 | 183,319 | 469,447 |
Depreciation and amortization | 32,071 | 28,778 | 64,837 | 48,873 |
Capital expenditures | 17,649 | 32,413 | 44,304 | 87,001 |
Underground | ' | ' | ' | ' |
Schedule of segment reporting information | ' | ' | ' | ' |
Net sales | 517,878 | 681,914 | 995,341 | 1,272,024 |
Operating income (loss) | 67,532 | 137,222 | 130,138 | 249,105 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 67,532 | 137,222 | 130,138 | 249,105 |
Depreciation and amortization | 17,478 | 16,221 | 36,212 | 22,763 |
Capital expenditures | 9,122 | 12,362 | 18,978 | 51,805 |
Surface | ' | ' | ' | ' |
Schedule of segment reporting information | ' | ' | ' | ' |
Net sales | 443,625 | 712,796 | 844,321 | 1,318,279 |
Operating income (loss) | 82,613 | 165,643 | 128,765 | 301,323 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 82,613 | 165,643 | 128,765 | 301,323 |
Depreciation and amortization | 13,917 | 11,837 | 27,209 | 24,679 |
Capital expenditures | 8,527 | 18,660 | 23,368 | 32,388 |
Corporate | ' | ' | ' | ' |
Schedule of segment reporting information | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Operating income (loss) | -14,203 | -16,647 | -28,425 | -29,479 |
Interest income | 2,293 | 1,843 | 4,876 | 3,644 |
Interest expense | -16,141 | -17,028 | -32,544 | -33,982 |
Income (loss) from continuing operations before income taxes | -28,051 | -31,832 | -56,093 | -59,817 |
Depreciation and amortization | 676 | 720 | 1,416 | 1,431 |
Capital expenditures | 0 | 1,391 | 1,958 | 2,808 |
Eliminations | ' | ' | ' | ' |
Schedule of segment reporting information | ' | ' | ' | ' |
Net sales | -31,773 | -34,275 | -70,620 | -79,991 |
Operating income (loss) | -10,200 | -7,585 | -19,491 | -21,164 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | -10,200 | -7,585 | -19,491 | -21,164 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Capital expenditures | $0 | $0 | $0 | $0 |
Subsidiary_Guarantors_Details
Subsidiary Guarantors (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 | Jan. 31, 2014 | Oct. 25, 2013 | Jan. 25, 2013 | Oct. 26, 2012 |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $929,730 | $1,360,435 | $1,769,042 | $2,510,312 | ' | ' | ' | ' |
Cost of sales | 651,592 | 909,179 | 1,255,770 | 1,682,328 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 154,534 | 172,953 | 307,563 | 330,234 | ' | ' | ' | ' |
Other (income) expense, net | -2,138 | -330 | -5,278 | -2,035 | ' | ' | ' | ' |
Operating income | 125,742 | 278,633 | 210,987 | 499,785 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 111,894 | 263,448 | 183,319 | 469,447 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 37,943 | 81,669 | 60,507 | 145,529 | ' | ' | ' | ' |
Income from continuing operations | 73,951 | 181,779 | 122,812 | 323,918 | ' | ' | ' | ' |
Comprehensive income | 103,186 | 169,969 | 105,589 | 315,336 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 385,790 | 234,875 | 385,790 | 234,875 | ' | ' | ' | ' |
Accounts receivable, net | 917,502 | ' | 917,502 | ' | ' | 1,083,663 | ' | ' |
Inventories | 1,128,891 | ' | 1,128,891 | ' | ' | 1,139,744 | ' | ' |
Other current assets | 201,838 | ' | 201,838 | ' | ' | 193,328 | ' | ' |
Total current assets | 2,634,021 | ' | 2,634,021 | ' | ' | 2,822,444 | ' | ' |
Property, plant and equipment, net | 893,649 | ' | 893,649 | ' | ' | 912,642 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 322,701 | ' | 322,701 | ' | ' | 331,812 | ' | ' |
Goodwill | 1,492,689 | ' | 1,492,689 | ' | ' | 1,480,519 | ' | ' |
Deferred income taxes | 39,746 | ' | 39,746 | ' | ' | 41,532 | ' | ' |
Other non-current assets | 194,928 | ' | 194,928 | ' | ' | 200,633 | ' | ' |
Total other assets | 2,050,064 | ' | 2,050,064 | ' | ' | 2,054,496 | ' | ' |
Total assets | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 58,089 | ' | 58,089 | ' | ' | 58,669 | ' | ' |
Trade accounts payable | 335,319 | ' | 335,319 | ' | ' | 388,119 | ' | ' |
Employee compensation and benefits | 111,713 | ' | 111,713 | ' | ' | 130,555 | ' | ' |
Advance payments and progress billings | 403,518 | ' | 403,518 | ' | ' | 399,768 | ' | ' |
Accrued warranties | 73,602 | 83,691 | 73,602 | 83,691 | 77,804 | 85,732 | 87,427 | 100,646 |
Other accrued liabilities | 225,953 | ' | 225,953 | ' | ' | 286,063 | ' | ' |
Current liabilities of discontinued operations | 11,684 | ' | 11,684 | ' | ' | 11,684 | ' | ' |
Total current liabilities | 1,219,878 | ' | 1,219,878 | ' | ' | 1,360,590 | ' | ' |
Long-term obligations | 1,231,572 | ' | 1,231,572 | ' | ' | 1,256,927 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 19,944 | ' | 19,944 | ' | ' | 20,723 | ' | ' |
Accrued pension costs | 139,196 | ' | 139,196 | ' | ' | 149,805 | ' | ' |
Other non-current liabilities | 152,328 | ' | 152,328 | ' | ' | 143,168 | ' | ' |
Total other liabilities | 311,468 | ' | 311,468 | ' | ' | 313,696 | ' | ' |
Shareholders’ equity | 2,814,816 | ' | 2,814,816 | ' | ' | 2,858,369 | ' | ' |
Total liabilities and shareholders’ equity | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 206,675 | 93,275 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | -115 | -2,372 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 206,560 | 90,903 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | -17,649 | -32,413 | -44,304 | -87,001 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 4,205 | 2,187 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | -66 | -70 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -40,165 | -84,884 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 6,581 | 5,227 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | -432 | 1,701 | ' | ' | ' | ' |
Dividends paid | ' | ' | -35,374 | -37,130 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | -25,000 | -25,000 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -1,262 | 22,216 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | -129,504 | 0 | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -184,991 | -32,986 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | -1,323 | -2,031 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -19,919 | -28,998 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 405,709 | 263,873 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 385,790 | 234,875 | 385,790 | 234,875 | ' | ' | ' | ' |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Cost of sales | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 14,154 | 16,608 | 28,823 | 29,410 | ' | ' | ' | ' |
Other (income) expense, net | 0 | 0 | -473 | 0 | ' | ' | ' | ' |
Operating income | -14,154 | -16,608 | -28,350 | -29,410 | ' | ' | ' | ' |
Intercompany items | 15,503 | 26,889 | 32,781 | 58,009 | ' | ' | ' | ' |
Interest (expense) income, net | -15,836 | -10,355 | -31,881 | -32,925 | ' | ' | ' | ' |
Income from continuing operations before income taxes | -14,487 | -74 | -27,450 | -4,326 | ' | ' | ' | ' |
Provision (benefit) for income taxes | -4,878 | -11,361 | -9,932 | -20,637 | ' | ' | ' | ' |
Equity in income of subsidiaries | 83,560 | 170,492 | 140,330 | 307,607 | ' | ' | ' | ' |
Income from continuing operations | 73,951 | 181,779 | 122,812 | 323,918 | ' | ' | ' | ' |
Comprehensive income | 103,186 | 169,969 | 105,589 | 315,336 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 111,157 | 169 | 111,157 | 169 | ' | ' | ' | ' |
Accounts receivable, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Inventories | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other current assets | 70,414 | ' | 70,414 | ' | ' | 68,792 | ' | ' |
Total current assets | 181,571 | ' | 181,571 | ' | ' | 191,693 | ' | ' |
Property, plant and equipment, net | 18,623 | ' | 18,623 | ' | ' | 18,081 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Deferred income taxes | -30,530 | ' | -30,530 | ' | ' | -49,393 | ' | ' |
Other non-current assets | 4,113,371 | ' | 4,113,371 | ' | ' | 4,168,916 | ' | ' |
Total other assets | 4,082,841 | ' | 4,082,841 | ' | ' | 4,119,523 | ' | ' |
Total assets | 4,283,035 | ' | 4,283,035 | ' | ' | 4,329,297 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 50,000 | ' | 50,000 | ' | ' | 50,000 | ' | ' |
Trade accounts payable | 967 | ' | 967 | ' | ' | 2,565 | ' | ' |
Employee compensation and benefits | 8,857 | ' | 8,857 | ' | ' | 10,080 | ' | ' |
Advance payments and progress billings | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Accrued warranties | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other accrued liabilities | 43,548 | ' | 43,548 | ' | ' | 24,545 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total current liabilities | 103,372 | ' | 103,372 | ' | ' | 87,190 | ' | ' |
Long-term obligations | 1,231,556 | ' | 1,231,556 | ' | ' | 1,256,164 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 19,091 | ' | 19,091 | ' | ' | 19,881 | ' | ' |
Accrued pension costs | 126,575 | ' | 126,575 | ' | ' | 136,886 | ' | ' |
Other non-current liabilities | -12,375 | ' | -12,375 | ' | ' | -29,193 | ' | ' |
Total other liabilities | 133,291 | ' | 133,291 | ' | ' | 127,574 | ' | ' |
Shareholders’ equity | 2,814,816 | ' | 2,814,816 | ' | ' | 2,858,369 | ' | ' |
Total liabilities and shareholders’ equity | 4,283,035 | ' | 4,283,035 | ' | ' | 4,329,297 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 174,009 | 26,790 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 174,009 | 26,790 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -1,958 | -2,808 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 0 | 0 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | -66 | -70 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -2,024 | -2,878 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 6,581 | 5,227 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | -432 | 1,701 | ' | ' | ' | ' |
Dividends paid | ' | ' | -35,374 | -37,130 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | -25,000 | -25,000 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | 0 | 28,000 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | -129,504 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -183,729 | -27,202 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | 0 | 0 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -11,744 | -3,290 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 122,901 | 3,459 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 111,157 | 169 | 111,157 | 169 | ' | ' | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 500,309 | 816,797 | 980,981 | 1,417,753 | ' | ' | ' | ' |
Cost of sales | 370,922 | 578,803 | 733,989 | 989,446 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 66,670 | 79,826 | 134,505 | 153,943 | ' | ' | ' | ' |
Other (income) expense, net | 4,203 | 6,785 | 6,152 | 15,961 | ' | ' | ' | ' |
Operating income | 58,514 | 151,383 | 106,335 | 258,403 | ' | ' | ' | ' |
Intercompany items | -25,742 | -23,967 | -45,728 | -43,815 | ' | ' | ' | ' |
Interest (expense) income, net | 1,711 | 477 | 3,596 | 574 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 34,483 | 127,893 | 64,203 | 215,162 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 29,852 | 66,819 | 56,220 | 123,865 | ' | ' | ' | ' |
Equity in income of subsidiaries | 47,954 | 106,652 | 80,967 | 196,610 | ' | ' | ' | ' |
Income from continuing operations | 52,585 | 167,726 | 88,950 | 287,907 | ' | ' | ' | ' |
Comprehensive income | 52,820 | 165,839 | 87,650 | 284,297 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9,456 | 3,725 | 9,456 | 3,725 | ' | ' | ' | ' |
Accounts receivable, net | 367,991 | ' | 367,991 | ' | ' | 410,928 | ' | ' |
Inventories | 474,587 | ' | 474,587 | ' | ' | 456,345 | ' | ' |
Other current assets | 8,767 | ' | 8,767 | ' | ' | 16,957 | ' | ' |
Total current assets | 860,801 | ' | 860,801 | ' | ' | 904,591 | ' | ' |
Property, plant and equipment, net | 360,075 | ' | 360,075 | ' | ' | 375,026 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 238,623 | ' | 238,623 | ' | ' | 247,200 | ' | ' |
Goodwill | 453,375 | ' | 453,375 | ' | ' | 454,199 | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other non-current assets | 1,925,690 | ' | 1,925,690 | ' | ' | 2,065,239 | ' | ' |
Total other assets | 2,617,688 | ' | 2,617,688 | ' | ' | 2,766,638 | ' | ' |
Total assets | 3,838,564 | ' | 3,838,564 | ' | ' | 4,046,255 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 0 | ' | 0 | ' | ' | 449 | ' | ' |
Trade accounts payable | 176,382 | ' | 176,382 | ' | ' | 165,691 | ' | ' |
Employee compensation and benefits | 53,288 | ' | 53,288 | ' | ' | 52,260 | ' | ' |
Advance payments and progress billings | 137,598 | ' | 137,598 | ' | ' | 144,853 | ' | ' |
Accrued warranties | 24,339 | ' | 24,339 | ' | ' | 30,111 | ' | ' |
Other accrued liabilities | 48,943 | ' | 48,943 | ' | ' | 54,285 | ' | ' |
Current liabilities of discontinued operations | 11,684 | ' | 11,684 | ' | ' | 11,684 | ' | ' |
Total current liabilities | 452,234 | ' | 452,234 | ' | ' | 459,333 | ' | ' |
Long-term obligations | 0 | ' | 0 | ' | ' | 763 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 853 | ' | 853 | ' | ' | 842 | ' | ' |
Accrued pension costs | 5,361 | ' | 5,361 | ' | ' | 5,685 | ' | ' |
Other non-current liabilities | 8,084 | ' | 8,084 | ' | ' | 7,851 | ' | ' |
Total other liabilities | 14,298 | ' | 14,298 | ' | ' | 14,378 | ' | ' |
Shareholders’ equity | 3,372,032 | ' | 3,372,032 | ' | ' | 3,571,781 | ' | ' |
Total liabilities and shareholders’ equity | 3,838,564 | ' | 3,838,564 | ' | ' | 4,046,255 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 56 | 20,072 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | -115 | -2,372 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | -59 | 17,700 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -12,344 | -21,815 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 2,710 | 1,421 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -9,634 | -20,394 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 0 | 0 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | 0 | 0 | ' | ' | ' | ' |
Dividends paid | ' | ' | 0 | 0 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | 0 | 0 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -1,212 | -209 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -1,212 | -209 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | 0 | 0 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -10,905 | -2,903 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 20,361 | 6,628 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 9,456 | 3,725 | 9,456 | 3,725 | ' | ' | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 630,602 | 898,483 | 1,233,367 | 1,776,004 | ' | ' | ' | ' |
Cost of sales | 443,475 | 622,410 | 889,314 | 1,243,530 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 73,710 | 76,519 | 144,235 | 146,881 | ' | ' | ' | ' |
Other (income) expense, net | -6,341 | -7,115 | -10,957 | -17,996 | ' | ' | ' | ' |
Operating income | 119,758 | 206,669 | 210,775 | 403,589 | ' | ' | ' | ' |
Intercompany items | -2,934 | -26,876 | -12,005 | -62,533 | ' | ' | ' | ' |
Interest (expense) income, net | 277 | -5,307 | 617 | 2,013 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 117,101 | 174,486 | 199,387 | 343,069 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 12,948 | 26,211 | 14,198 | 42,301 | ' | ' | ' | ' |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Income from continuing operations | 104,153 | 148,275 | 185,189 | 300,768 | ' | ' | ' | ' |
Comprehensive income | 128,297 | 134,239 | 161,629 | 283,239 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 265,177 | 230,981 | 265,177 | 230,981 | ' | ' | ' | ' |
Accounts receivable, net | 565,940 | ' | 565,940 | ' | ' | 679,183 | ' | ' |
Inventories | 761,425 | ' | 761,425 | ' | ' | 813,182 | ' | ' |
Other current assets | 122,642 | ' | 122,642 | ' | ' | 107,564 | ' | ' |
Total current assets | 1,715,184 | ' | 1,715,184 | ' | ' | 1,862,376 | ' | ' |
Property, plant and equipment, net | 514,951 | ' | 514,951 | ' | ' | 519,535 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 84,078 | ' | 84,078 | ' | ' | 84,612 | ' | ' |
Goodwill | 1,039,314 | ' | 1,039,314 | ' | ' | 1,026,320 | ' | ' |
Deferred income taxes | 70,276 | ' | 70,276 | ' | ' | 90,925 | ' | ' |
Other non-current assets | 2,681,037 | ' | 2,681,037 | ' | ' | 3,968,205 | ' | ' |
Total other assets | 3,874,705 | ' | 3,874,705 | ' | ' | 5,170,062 | ' | ' |
Total assets | 6,104,840 | ' | 6,104,840 | ' | ' | 7,551,973 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 8,089 | ' | 8,089 | ' | ' | 8,220 | ' | ' |
Trade accounts payable | 157,970 | ' | 157,970 | ' | ' | 219,863 | ' | ' |
Employee compensation and benefits | 49,568 | ' | 49,568 | ' | ' | 68,215 | ' | ' |
Advance payments and progress billings | 285,484 | ' | 285,484 | ' | ' | 269,628 | ' | ' |
Accrued warranties | 49,263 | ' | 49,263 | ' | ' | 55,621 | ' | ' |
Other accrued liabilities | 140,852 | ' | 140,852 | ' | ' | 211,074 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total current liabilities | 691,226 | ' | 691,226 | ' | ' | 832,621 | ' | ' |
Long-term obligations | 16 | ' | 16 | ' | ' | 0 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Accrued pension costs | 7,260 | ' | 7,260 | ' | ' | 7,234 | ' | ' |
Other non-current liabilities | 156,619 | ' | 156,619 | ' | ' | 164,510 | ' | ' |
Total other liabilities | 163,879 | ' | 163,879 | ' | ' | 171,744 | ' | ' |
Shareholders’ equity | 5,249,719 | ' | 5,249,719 | ' | ' | 6,547,608 | ' | ' |
Total liabilities and shareholders’ equity | 6,104,840 | ' | 6,104,840 | ' | ' | 7,551,973 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 32,610 | 46,413 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 32,610 | 46,413 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -30,002 | -62,378 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 1,495 | 766 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -28,507 | -61,612 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 0 | 0 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | 0 | 0 | ' | ' | ' | ' |
Dividends paid | ' | ' | 0 | 0 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | 0 | 0 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -50 | -5,575 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -50 | -5,575 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | -1,323 | -2,031 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | 2,730 | -22,805 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 262,447 | 253,786 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 265,177 | 230,981 | 265,177 | 230,981 | ' | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | -201,181 | -354,845 | -445,306 | -683,445 | ' | ' | ' | ' |
Cost of sales | -162,805 | -292,034 | -367,533 | -550,648 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other (income) expense, net | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Operating income | -38,376 | -62,811 | -77,773 | -132,797 | ' | ' | ' | ' |
Intercompany items | 13,173 | 23,954 | 24,952 | 48,339 | ' | ' | ' | ' |
Interest (expense) income, net | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Income from continuing operations before income taxes | -25,203 | -38,857 | -52,821 | -84,458 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 21 | 0 | 21 | 0 | ' | ' | ' | ' |
Equity in income of subsidiaries | -131,514 | -277,144 | -221,297 | -504,217 | ' | ' | ' | ' |
Income from continuing operations | -156,738 | -316,001 | -274,139 | -588,675 | ' | ' | ' | ' |
Comprehensive income | -181,117 | -300,078 | -249,279 | -567,536 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | ' | ' | ' |
Accounts receivable, net | -16,429 | ' | -16,429 | ' | ' | -6,448 | ' | ' |
Inventories | -107,121 | ' | -107,121 | ' | ' | -129,783 | ' | ' |
Other current assets | 15 | ' | 15 | ' | ' | 15 | ' | ' |
Total current assets | -123,535 | ' | -123,535 | ' | ' | -136,216 | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other non-current assets | -8,525,170 | ' | -8,525,170 | ' | ' | -10,001,727 | ' | ' |
Total other assets | -8,525,170 | ' | -8,525,170 | ' | ' | -10,001,727 | ' | ' |
Total assets | -8,648,705 | ' | -8,648,705 | ' | ' | -10,137,943 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Trade accounts payable | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Employee compensation and benefits | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Advance payments and progress billings | -19,564 | ' | -19,564 | ' | ' | -14,713 | ' | ' |
Accrued warranties | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other accrued liabilities | -7,390 | ' | -7,390 | ' | ' | -3,841 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total current liabilities | -26,954 | ' | -26,954 | ' | ' | -18,554 | ' | ' |
Long-term obligations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Accrued pension costs | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other non-current liabilities | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total other liabilities | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Shareholders’ equity | -8,621,751 | ' | -8,621,751 | ' | ' | -10,119,389 | ' | ' |
Total liabilities and shareholders’ equity | -8,648,705 | ' | -8,648,705 | ' | ' | -10,137,943 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 0 | ' | 0 | ' | ' | ' | ' | ' |
Consolidated | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 929,730 | 1,360,435 | 1,769,042 | 2,510,312 | ' | ' | ' | ' |
Cost of sales | 651,592 | 909,179 | 1,255,770 | 1,682,328 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 154,534 | 172,953 | 307,563 | 330,234 | ' | ' | ' | ' |
Other (income) expense, net | -2,138 | -330 | -5,278 | -2,035 | ' | ' | ' | ' |
Operating income | 125,742 | 278,633 | 210,987 | 499,785 | ' | ' | ' | ' |
Intercompany items | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Interest (expense) income, net | -13,848 | -15,185 | -27,668 | -30,338 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 111,894 | 263,448 | 183,319 | 469,447 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 37,943 | 81,669 | 60,507 | 145,529 | ' | ' | ' | ' |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Income from continuing operations | 73,951 | 181,779 | 122,812 | 323,918 | ' | ' | ' | ' |
Comprehensive income | 103,186 | 169,969 | 105,589 | 315,336 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 385,790 | 234,875 | 385,790 | 234,875 | ' | ' | ' | ' |
Accounts receivable, net | 917,502 | ' | 917,502 | ' | ' | 1,083,663 | ' | ' |
Inventories | 1,128,891 | ' | 1,128,891 | ' | ' | 1,139,744 | ' | ' |
Other current assets | 201,838 | ' | 201,838 | ' | ' | 193,328 | ' | ' |
Total current assets | 2,634,021 | ' | 2,634,021 | ' | ' | 2,822,444 | ' | ' |
Property, plant and equipment, net | 893,649 | ' | 893,649 | ' | ' | 912,642 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 322,701 | ' | 322,701 | ' | ' | 331,812 | ' | ' |
Goodwill | 1,492,689 | ' | 1,492,689 | ' | ' | 1,480,519 | ' | ' |
Deferred income taxes | 39,746 | ' | 39,746 | ' | ' | 41,532 | ' | ' |
Other non-current assets | 194,928 | ' | 194,928 | ' | ' | 200,633 | ' | ' |
Total other assets | 2,050,064 | ' | 2,050,064 | ' | ' | 2,054,496 | ' | ' |
Total assets | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 58,089 | ' | 58,089 | ' | ' | 58,669 | ' | ' |
Trade accounts payable | 335,319 | ' | 335,319 | ' | ' | 388,119 | ' | ' |
Employee compensation and benefits | 111,713 | ' | 111,713 | ' | ' | 130,555 | ' | ' |
Advance payments and progress billings | 403,518 | ' | 403,518 | ' | ' | 399,768 | ' | ' |
Accrued warranties | 73,602 | ' | 73,602 | ' | ' | 85,732 | ' | ' |
Other accrued liabilities | 225,953 | ' | 225,953 | ' | ' | 286,063 | ' | ' |
Current liabilities of discontinued operations | 11,684 | ' | 11,684 | ' | ' | 11,684 | ' | ' |
Total current liabilities | 1,219,878 | ' | 1,219,878 | ' | ' | 1,360,590 | ' | ' |
Long-term obligations | 1,231,572 | ' | 1,231,572 | ' | ' | 1,256,927 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 19,944 | ' | 19,944 | ' | ' | 20,723 | ' | ' |
Accrued pension costs | 139,196 | ' | 139,196 | ' | ' | 149,805 | ' | ' |
Other non-current liabilities | 152,328 | ' | 152,328 | ' | ' | 143,168 | ' | ' |
Total other liabilities | 311,468 | ' | 311,468 | ' | ' | 313,696 | ' | ' |
Shareholders’ equity | 2,814,816 | ' | 2,814,816 | ' | ' | 2,858,369 | ' | ' |
Total liabilities and shareholders’ equity | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 206,675 | 93,275 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | -115 | -2,372 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 206,560 | 90,903 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -44,304 | -87,001 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 4,205 | 2,187 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | -66 | -70 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -40,165 | -84,884 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 6,581 | 5,227 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | -432 | 1,701 | ' | ' | ' | ' |
Dividends paid | ' | ' | -35,374 | -37,130 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | -25,000 | -25,000 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -1,262 | 22,216 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | -129,504 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -184,991 | -32,986 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | -1,323 | -2,031 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -19,919 | -28,998 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 405,709 | 263,873 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | $385,790 | $234,875 | $385,790 | $234,875 | ' | ' | ' | ' |
Supplemental_Subsidiary_Guaran2
Supplemental Subsidiary Guarantors (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | 2-May-14 | Apr. 26, 2013 | 2-May-14 | Apr. 26, 2013 | Jan. 31, 2014 | Oct. 25, 2013 | Jan. 25, 2013 | Oct. 26, 2012 |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $929,730 | $1,360,435 | $1,769,042 | $2,510,312 | ' | ' | ' | ' |
Cost of sales | 651,592 | 909,179 | 1,255,770 | 1,682,328 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 154,534 | 172,953 | 307,563 | 330,234 | ' | ' | ' | ' |
Other (income) expense, net | -2,138 | -330 | -5,278 | -2,035 | ' | ' | ' | ' |
Operating income | 125,742 | 278,633 | 210,987 | 499,785 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 111,894 | 263,448 | 183,319 | 469,447 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 37,943 | 81,669 | 60,507 | 145,529 | ' | ' | ' | ' |
Income from continuing operations | 73,951 | 181,779 | 122,812 | 323,918 | ' | ' | ' | ' |
Comprehensive income | 103,186 | 169,969 | 105,589 | 315,336 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 385,790 | 234,875 | 385,790 | 234,875 | ' | ' | ' | ' |
Accounts receivable, net | 917,502 | ' | 917,502 | ' | ' | 1,083,663 | ' | ' |
Inventories | 1,128,891 | ' | 1,128,891 | ' | ' | 1,139,744 | ' | ' |
Other current assets | 201,838 | ' | 201,838 | ' | ' | 193,328 | ' | ' |
Total current assets | 2,634,021 | ' | 2,634,021 | ' | ' | 2,822,444 | ' | ' |
Property, plant and equipment, net | 893,649 | ' | 893,649 | ' | ' | 912,642 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 322,701 | ' | 322,701 | ' | ' | 331,812 | ' | ' |
Goodwill | 1,492,689 | ' | 1,492,689 | ' | ' | 1,480,519 | ' | ' |
Deferred income taxes | 39,746 | ' | 39,746 | ' | ' | 41,532 | ' | ' |
Other non-current assets | 194,928 | ' | 194,928 | ' | ' | 200,633 | ' | ' |
Total other assets | 2,050,064 | ' | 2,050,064 | ' | ' | 2,054,496 | ' | ' |
Total assets | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 58,089 | ' | 58,089 | ' | ' | 58,669 | ' | ' |
Trade accounts payable | 335,319 | ' | 335,319 | ' | ' | 388,119 | ' | ' |
Employee compensation and benefits | 111,713 | ' | 111,713 | ' | ' | 130,555 | ' | ' |
Advance payments and progress billings | 403,518 | ' | 403,518 | ' | ' | 399,768 | ' | ' |
Accrued warranties | 73,602 | 83,691 | 73,602 | 83,691 | 77,804 | 85,732 | 87,427 | 100,646 |
Other accrued liabilities | 225,953 | ' | 225,953 | ' | ' | 286,063 | ' | ' |
Current liabilities of discontinued operations | 11,684 | ' | 11,684 | ' | ' | 11,684 | ' | ' |
Total current liabilities | 1,219,878 | ' | 1,219,878 | ' | ' | 1,360,590 | ' | ' |
Long-term obligations | 1,231,572 | ' | 1,231,572 | ' | ' | 1,256,927 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 19,944 | ' | 19,944 | ' | ' | 20,723 | ' | ' |
Accrued pension costs | 139,196 | ' | 139,196 | ' | ' | 149,805 | ' | ' |
Other non-current liabilities | 152,328 | ' | 152,328 | ' | ' | 143,168 | ' | ' |
Total other liabilities | 311,468 | ' | 311,468 | ' | ' | 313,696 | ' | ' |
Shareholders’ equity | 2,814,816 | ' | 2,814,816 | ' | ' | 2,858,369 | ' | ' |
Total liabilities and shareholders’ equity | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 206,675 | 93,275 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | -115 | -2,372 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 206,560 | 90,903 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | -17,649 | -32,413 | -44,304 | -87,001 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 4,205 | 2,187 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | -66 | -70 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -40,165 | -84,884 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 6,581 | 5,227 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | -432 | 1,701 | ' | ' | ' | ' |
Dividends paid | ' | ' | -35,374 | -37,130 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | -25,000 | -25,000 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -1,262 | 22,216 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | -129,504 | 0 | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -184,991 | -32,986 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | -1,323 | -2,031 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -19,919 | -28,998 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 405,709 | 263,873 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 385,790 | 234,875 | 385,790 | 234,875 | ' | ' | ' | ' |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Cost of sales | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 14,154 | 16,608 | 28,823 | 29,410 | ' | ' | ' | ' |
Other (income) expense, net | 0 | 0 | -473 | 0 | ' | ' | ' | ' |
Operating income | -14,154 | -16,608 | -28,350 | -29,410 | ' | ' | ' | ' |
Intercompany items | 15,503 | 26,889 | 32,781 | 58,009 | ' | ' | ' | ' |
Interest (expense) income, net | -15,836 | -10,355 | -31,881 | -32,925 | ' | ' | ' | ' |
Income from continuing operations before income taxes | -14,487 | -74 | -27,450 | -4,326 | ' | ' | ' | ' |
Provision (benefit) for income taxes | -4,878 | -11,361 | -9,932 | -20,637 | ' | ' | ' | ' |
Equity in income of subsidiaries | 83,560 | 170,492 | 140,330 | 307,607 | ' | ' | ' | ' |
Income from continuing operations | 73,951 | 181,779 | 122,812 | 323,918 | ' | ' | ' | ' |
Comprehensive income | 103,186 | 169,969 | 105,589 | 315,336 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 111,157 | 169 | 111,157 | 169 | ' | ' | ' | ' |
Accounts receivable, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Inventories | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other current assets | 70,414 | ' | 70,414 | ' | ' | 68,792 | ' | ' |
Total current assets | 181,571 | ' | 181,571 | ' | ' | 191,693 | ' | ' |
Property, plant and equipment, net | 18,623 | ' | 18,623 | ' | ' | 18,081 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Deferred income taxes | -30,530 | ' | -30,530 | ' | ' | -49,393 | ' | ' |
Other non-current assets | 4,113,371 | ' | 4,113,371 | ' | ' | 4,168,916 | ' | ' |
Total other assets | 4,082,841 | ' | 4,082,841 | ' | ' | 4,119,523 | ' | ' |
Total assets | 4,283,035 | ' | 4,283,035 | ' | ' | 4,329,297 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 50,000 | ' | 50,000 | ' | ' | 50,000 | ' | ' |
Trade accounts payable | 967 | ' | 967 | ' | ' | 2,565 | ' | ' |
Employee compensation and benefits | 8,857 | ' | 8,857 | ' | ' | 10,080 | ' | ' |
Advance payments and progress billings | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Accrued warranties | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other accrued liabilities | 43,548 | ' | 43,548 | ' | ' | 24,545 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total current liabilities | 103,372 | ' | 103,372 | ' | ' | 87,190 | ' | ' |
Long-term obligations | 1,231,556 | ' | 1,231,556 | ' | ' | 1,256,164 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 19,091 | ' | 19,091 | ' | ' | 19,881 | ' | ' |
Accrued pension costs | 126,575 | ' | 126,575 | ' | ' | 136,886 | ' | ' |
Other non-current liabilities | -12,375 | ' | -12,375 | ' | ' | -29,193 | ' | ' |
Total other liabilities | 133,291 | ' | 133,291 | ' | ' | 127,574 | ' | ' |
Shareholders’ equity | 2,814,816 | ' | 2,814,816 | ' | ' | 2,858,369 | ' | ' |
Total liabilities and shareholders’ equity | 4,283,035 | ' | 4,283,035 | ' | ' | 4,329,297 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 174,009 | 26,790 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 174,009 | 26,790 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -1,958 | -2,808 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 0 | 0 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | -66 | -70 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -2,024 | -2,878 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 6,581 | 5,227 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | -432 | 1,701 | ' | ' | ' | ' |
Dividends paid | ' | ' | -35,374 | -37,130 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | -25,000 | -25,000 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | 0 | 28,000 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | -129,504 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -183,729 | -27,202 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | 0 | 0 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -11,744 | -3,290 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 122,901 | 3,459 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 111,157 | 169 | 111,157 | 169 | ' | ' | ' | ' |
Supplemental Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 496,836 | 811,365 | 975,412 | 1,412,321 | ' | ' | ' | ' |
Cost of sales | 368,347 | 572,800 | 729,716 | 983,443 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 66,435 | 79,342 | 134,026 | 153,459 | ' | ' | ' | ' |
Other (income) expense, net | 4,210 | 6,730 | 6,540 | 15,906 | ' | ' | ' | ' |
Operating income | 57,844 | 152,493 | 105,130 | 259,513 | ' | ' | ' | ' |
Intercompany items | -25,742 | -23,967 | -45,728 | -43,815 | ' | ' | ' | ' |
Interest (expense) income, net | 1,686 | 447 | 3,540 | 544 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 33,788 | 128,973 | 62,942 | 216,242 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 29,852 | 67,608 | 57,108 | 124,654 | ' | ' | ' | ' |
Equity in income of subsidiaries | 47,954 | 106,652 | 80,967 | 196,610 | ' | ' | ' | ' |
Income from continuing operations | 51,890 | 168,017 | 86,801 | 288,198 | ' | ' | ' | ' |
Comprehensive income | 52,125 | 166,130 | 85,501 | 284,588 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9,456 | 3,725 | 9,456 | 3,725 | ' | ' | ' | ' |
Accounts receivable, net | 359,606 | ' | 359,606 | ' | ' | 402,321 | ' | ' |
Inventories | 474,587 | ' | 474,587 | ' | ' | 456,345 | ' | ' |
Other current assets | 8,767 | ' | 8,767 | ' | ' | 16,957 | ' | ' |
Total current assets | 852,416 | ' | 852,416 | ' | ' | 895,984 | ' | ' |
Property, plant and equipment, net | 358,361 | ' | 358,361 | ' | ' | 373,235 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 238,623 | ' | 238,623 | ' | ' | 247,200 | ' | ' |
Goodwill | 453,375 | ' | 453,375 | ' | ' | 454,199 | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other non-current assets | 1,929,750 | ' | 1,929,750 | ' | ' | 2,070,239 | ' | ' |
Total other assets | 2,621,748 | ' | 2,621,748 | ' | ' | 2,771,638 | ' | ' |
Total assets | 3,832,525 | ' | 3,832,525 | ' | ' | 4,040,857 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 0 | ' | 0 | ' | ' | 449 | ' | ' |
Trade accounts payable | 175,842 | ' | 175,842 | ' | ' | 165,045 | ' | ' |
Employee compensation and benefits | 53,288 | ' | 53,288 | ' | ' | 52,260 | ' | ' |
Advance payments and progress billings | 137,598 | ' | 137,598 | ' | ' | 144,853 | ' | ' |
Accrued warranties | 24,339 | ' | 24,339 | ' | ' | 30,111 | ' | ' |
Other accrued liabilities | 48,943 | ' | 48,943 | ' | ' | 54,285 | ' | ' |
Current liabilities of discontinued operations | 11,684 | ' | 11,684 | ' | ' | 11,684 | ' | ' |
Total current liabilities | 451,694 | ' | 451,694 | ' | ' | 458,687 | ' | ' |
Long-term obligations | 0 | ' | 0 | ' | ' | 763 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 853 | ' | 853 | ' | ' | 842 | ' | ' |
Accrued pension costs | 5,361 | ' | 5,361 | ' | ' | 5,685 | ' | ' |
Other non-current liabilities | 8,084 | ' | 8,084 | ' | ' | 7,851 | ' | ' |
Total other liabilities | 14,298 | ' | 14,298 | ' | ' | 14,378 | ' | ' |
Shareholders’ equity | 3,366,533 | ' | 3,366,533 | ' | ' | 3,567,029 | ' | ' |
Total liabilities and shareholders’ equity | 3,832,525 | ' | 3,832,525 | ' | ' | 4,040,857 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 56 | 22,991 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | -115 | -2,372 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | -59 | 20,619 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -12,344 | -24,269 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 2,710 | 956 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -9,634 | -23,313 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 0 | 0 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | 0 | 0 | ' | ' | ' | ' |
Dividends paid | ' | ' | 0 | 0 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | 0 | 0 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -1,212 | -209 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -1,212 | -209 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | 0 | 0 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -10,905 | -2,903 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 20,361 | 6,628 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 9,456 | 3,725 | 9,456 | 3,725 | ' | ' | ' | ' |
Supplemental Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 634,075 | 903,915 | 1,238,936 | 1,781,436 | ' | ' | ' | ' |
Cost of sales | 446,050 | 628,413 | 893,587 | 1,249,533 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 73,945 | 77,003 | 144,714 | 147,365 | ' | ' | ' | ' |
Other (income) expense, net | -6,348 | -7,060 | -11,345 | -17,941 | ' | ' | ' | ' |
Operating income | 120,428 | 205,559 | 211,980 | 402,479 | ' | ' | ' | ' |
Intercompany items | -2,934 | -26,876 | -12,005 | -62,533 | ' | ' | ' | ' |
Interest (expense) income, net | 302 | -5,277 | 673 | 2,043 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 117,796 | 173,406 | 200,648 | 341,989 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 12,948 | 25,422 | 13,310 | 41,512 | ' | ' | ' | ' |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Income from continuing operations | 104,848 | 147,984 | 187,338 | 300,477 | ' | ' | ' | ' |
Comprehensive income | 128,992 | 133,948 | 163,778 | 282,948 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 265,177 | 230,981 | 265,177 | 230,981 | ' | ' | ' | ' |
Accounts receivable, net | 574,325 | ' | 574,325 | ' | ' | 687,790 | ' | ' |
Inventories | 761,425 | ' | 761,425 | ' | ' | 813,182 | ' | ' |
Other current assets | 122,642 | ' | 122,642 | ' | ' | 107,564 | ' | ' |
Total current assets | 1,723,569 | ' | 1,723,569 | ' | ' | 1,870,983 | ' | ' |
Property, plant and equipment, net | 516,665 | ' | 516,665 | ' | ' | 521,326 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 84,078 | ' | 84,078 | ' | ' | 84,612 | ' | ' |
Goodwill | 1,039,314 | ' | 1,039,314 | ' | ' | 1,026,320 | ' | ' |
Deferred income taxes | 70,276 | ' | 70,276 | ' | ' | 90,925 | ' | ' |
Other non-current assets | 2,676,977 | ' | 2,676,977 | ' | ' | 3,963,205 | ' | ' |
Total other assets | 3,870,645 | ' | 3,870,645 | ' | ' | 5,165,062 | ' | ' |
Total assets | 6,110,879 | ' | 6,110,879 | ' | ' | 7,557,371 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 8,089 | ' | 8,089 | ' | ' | 8,220 | ' | ' |
Trade accounts payable | 158,510 | ' | 158,510 | ' | ' | 220,509 | ' | ' |
Employee compensation and benefits | 49,568 | ' | 49,568 | ' | ' | 68,215 | ' | ' |
Advance payments and progress billings | 285,484 | ' | 285,484 | ' | ' | 269,628 | ' | ' |
Accrued warranties | 49,263 | ' | 49,263 | ' | ' | 55,621 | ' | ' |
Other accrued liabilities | 140,852 | ' | 140,852 | ' | ' | 211,074 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total current liabilities | 691,766 | ' | 691,766 | ' | ' | 833,267 | ' | ' |
Long-term obligations | 16 | ' | 16 | ' | ' | 0 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Accrued pension costs | 7,260 | ' | 7,260 | ' | ' | 7,234 | ' | ' |
Other non-current liabilities | 156,619 | ' | 156,619 | ' | ' | 164,510 | ' | ' |
Total other liabilities | 163,879 | ' | 163,879 | ' | ' | 171,744 | ' | ' |
Shareholders’ equity | 5,255,218 | ' | 5,255,218 | ' | ' | 6,552,360 | ' | ' |
Total liabilities and shareholders’ equity | 6,110,879 | ' | 6,110,879 | ' | ' | 7,557,371 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 32,610 | 43,494 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 32,610 | 43,494 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -30,002 | -59,924 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 1,495 | 1,231 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | 0 | 0 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -28,507 | -58,693 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 0 | 0 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | 0 | 0 | ' | ' | ' | ' |
Dividends paid | ' | ' | 0 | 0 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | 0 | 0 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -50 | -5,575 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -50 | -5,575 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | -1,323 | -2,031 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | 2,730 | -22,805 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 262,447 | 253,786 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 265,177 | 230,981 | 265,177 | 230,981 | ' | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | -201,181 | -354,845 | -445,306 | -683,445 | ' | ' | ' | ' |
Cost of sales | -162,805 | -292,034 | -367,533 | -550,648 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other (income) expense, net | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Operating income | -38,376 | -62,811 | -77,773 | -132,797 | ' | ' | ' | ' |
Intercompany items | 13,173 | 23,954 | 24,952 | 48,339 | ' | ' | ' | ' |
Interest (expense) income, net | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Income from continuing operations before income taxes | -25,203 | -38,857 | -52,821 | -84,458 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 21 | 0 | 21 | 0 | ' | ' | ' | ' |
Equity in income of subsidiaries | -131,514 | -277,144 | -221,297 | -504,217 | ' | ' | ' | ' |
Income from continuing operations | -156,738 | -316,001 | -274,139 | -588,675 | ' | ' | ' | ' |
Comprehensive income | -181,117 | -300,078 | -249,279 | -567,536 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | ' | ' | ' |
Accounts receivable, net | -16,429 | ' | -16,429 | ' | ' | -6,448 | ' | ' |
Inventories | -107,121 | ' | -107,121 | ' | ' | -129,783 | ' | ' |
Other current assets | 15 | ' | 15 | ' | ' | 15 | ' | ' |
Total current assets | -123,535 | ' | -123,535 | ' | ' | -136,216 | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other non-current assets | -8,525,170 | ' | -8,525,170 | ' | ' | -10,001,727 | ' | ' |
Total other assets | -8,525,170 | ' | -8,525,170 | ' | ' | -10,001,727 | ' | ' |
Total assets | -8,648,705 | ' | -8,648,705 | ' | ' | -10,137,943 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Trade accounts payable | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Employee compensation and benefits | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Advance payments and progress billings | -19,564 | ' | -19,564 | ' | ' | -14,713 | ' | ' |
Accrued warranties | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other accrued liabilities | -7,390 | ' | -7,390 | ' | ' | -3,841 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total current liabilities | -26,954 | ' | -26,954 | ' | ' | -18,554 | ' | ' |
Long-term obligations | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Accrued pension costs | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Other non-current liabilities | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Total other liabilities | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Shareholders’ equity | -8,621,751 | ' | -8,621,751 | ' | ' | -10,119,389 | ' | ' |
Total liabilities and shareholders’ equity | -8,648,705 | ' | -8,648,705 | ' | ' | -10,137,943 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | 0 | ' | 0 | ' | ' | ' | ' | ' |
Consolidated | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 929,730 | 1,360,435 | 1,769,042 | 2,510,312 | ' | ' | ' | ' |
Cost of sales | 651,592 | 909,179 | 1,255,770 | 1,682,328 | ' | ' | ' | ' |
Product development, selling and administrative expenses | 154,534 | 172,953 | 307,563 | 330,234 | ' | ' | ' | ' |
Other (income) expense, net | -2,138 | -330 | -5,278 | -2,035 | ' | ' | ' | ' |
Operating income | 125,742 | 278,633 | 210,987 | 499,785 | ' | ' | ' | ' |
Intercompany items | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Interest (expense) income, net | -13,848 | -15,185 | -27,668 | -30,338 | ' | ' | ' | ' |
Income from continuing operations before income taxes | 111,894 | 263,448 | 183,319 | 469,447 | ' | ' | ' | ' |
Provision (benefit) for income taxes | 37,943 | 81,669 | 60,507 | 145,529 | ' | ' | ' | ' |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Income from continuing operations | 73,951 | 181,779 | 122,812 | 323,918 | ' | ' | ' | ' |
Comprehensive income | 103,186 | 169,969 | 105,589 | 315,336 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 385,790 | 234,875 | 385,790 | 234,875 | ' | ' | ' | ' |
Accounts receivable, net | 917,502 | ' | 917,502 | ' | ' | 1,083,663 | ' | ' |
Inventories | 1,128,891 | ' | 1,128,891 | ' | ' | 1,139,744 | ' | ' |
Other current assets | 201,838 | ' | 201,838 | ' | ' | 193,328 | ' | ' |
Total current assets | 2,634,021 | ' | 2,634,021 | ' | ' | 2,822,444 | ' | ' |
Property, plant and equipment, net | 893,649 | ' | 893,649 | ' | ' | 912,642 | ' | ' |
Other assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 322,701 | ' | 322,701 | ' | ' | 331,812 | ' | ' |
Goodwill | 1,492,689 | ' | 1,492,689 | ' | ' | 1,480,519 | ' | ' |
Deferred income taxes | 39,746 | ' | 39,746 | ' | ' | 41,532 | ' | ' |
Other non-current assets | 194,928 | ' | 194,928 | ' | ' | 200,633 | ' | ' |
Total other assets | 2,050,064 | ' | 2,050,064 | ' | ' | 2,054,496 | ' | ' |
Total assets | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 58,089 | ' | 58,089 | ' | ' | 58,669 | ' | ' |
Trade accounts payable | 335,319 | ' | 335,319 | ' | ' | 388,119 | ' | ' |
Employee compensation and benefits | 111,713 | ' | 111,713 | ' | ' | 130,555 | ' | ' |
Advance payments and progress billings | 403,518 | ' | 403,518 | ' | ' | 399,768 | ' | ' |
Accrued warranties | 73,602 | ' | 73,602 | ' | ' | 85,732 | ' | ' |
Other accrued liabilities | 225,953 | ' | 225,953 | ' | ' | 286,063 | ' | ' |
Current liabilities of discontinued operations | 11,684 | ' | 11,684 | ' | ' | 11,684 | ' | ' |
Total current liabilities | 1,219,878 | ' | 1,219,878 | ' | ' | 1,360,590 | ' | ' |
Long-term obligations | 1,231,572 | ' | 1,231,572 | ' | ' | 1,256,927 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for postretirement benefits | 19,944 | ' | 19,944 | ' | ' | 20,723 | ' | ' |
Accrued pension costs | 139,196 | ' | 139,196 | ' | ' | 149,805 | ' | ' |
Other non-current liabilities | 152,328 | ' | 152,328 | ' | ' | 143,168 | ' | ' |
Total other liabilities | 311,468 | ' | 311,468 | ' | ' | 313,696 | ' | ' |
Shareholders’ equity | 2,814,816 | ' | 2,814,816 | ' | ' | 2,858,369 | ' | ' |
Total liabilities and shareholders’ equity | 5,577,734 | ' | 5,577,734 | ' | ' | 5,789,582 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities of continuing operations | ' | ' | 206,675 | 93,275 | ' | ' | ' | ' |
Net cash used by operating activities of discontinued operations | ' | ' | -115 | -2,372 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 206,560 | 90,903 | ' | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | -44,304 | -87,001 | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | 4,205 | 2,187 | ' | ' | ' | ' |
Other investing activities, net | ' | ' | -66 | -70 | ' | ' | ' | ' |
Net cash used by investing activities | ' | ' | -40,165 | -84,884 | ' | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 6,581 | 5,227 | ' | ' | ' | ' |
Excess tax (expense) benefit from share-based compensation awards | ' | ' | -432 | 1,701 | ' | ' | ' | ' |
Dividends paid | ' | ' | -35,374 | -37,130 | ' | ' | ' | ' |
Repayments of term loan | ' | ' | -25,000 | -25,000 | ' | ' | ' | ' |
Changes in short and other long-term obligations, net | ' | ' | -1,262 | 22,216 | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | -129,504 | ' | ' | ' | ' | ' |
Net cash used by financing activities | ' | ' | -184,991 | -32,986 | ' | ' | ' | ' |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | -1,323 | -2,031 | ' | ' | ' | ' |
Decrease in Cash and Cash Equivalents | ' | ' | -19,919 | -28,998 | ' | ' | ' | ' |
Cash and Cash Equivalents at Beginning of Period | ' | ' | 405,709 | 263,873 | ' | ' | ' | ' |
Cash and Cash Equivalents at End of Period | $385,790 | $234,875 | $385,790 | $234,875 | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent event) | 19-May-14 | 30-May-14 |
In Millions, except Per Share data, unless otherwise specified | USD ($) | Mining Technologies, Inc. [Member] |
CAD | ||
Subsequent Event [Line Items] | ' | ' |
Cash dividend declared (in dollars per share) | $0.20 | ' |
Payments to acquire assets | ' | 51 |