Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Feb. 19, 2014 | Jun. 29, 2013 |
Entity Listings [Line Items] | ' | ' | ' |
Entity Registrant Name | 'REGAL BELOIT CORP | ' | ' |
Entity Central Index Key | '0000082811 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,881.80 |
Entity Common Stock, Shares Outstanding | ' | 45.1 | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net Sales | $3,095.70 | $3,166.90 | $2,808.30 |
Cost of Sales | 2,312.50 | 2,395.90 | 2,142.30 |
Gross Profit | 783.2 | 771 | 666 |
Operating Expenses | 494.2 | 458.2 | 410.3 |
Asset impairments and other, net | 81 | 0 | 0 |
Operating Costs and Expenses | 575.2 | 458.2 | 410.3 |
Income From Operations | 208 | 312.8 | 255.7 |
Interest Expense | 42.4 | 44.5 | 31.1 |
Interest Income | 4.9 | 1.6 | 1.7 |
Income Before Taxes | 170.5 | 269.9 | 226.3 |
Provision For Income Taxes | 44.5 | 69.6 | 68.3 |
Net Income | 126 | 200.3 | 158 |
Less: Net Income Attributable to Noncontrolling Interests, net of tax | 6 | 4.7 | 5.7 |
Net Income Attributable to Regal Beloit Corporation | $120 | $195.60 | $152.30 |
Earning Per Share Attributable to Regal Beloit Corporation: | ' | ' | ' |
Basic | $2.66 | $4.68 | $3.84 |
Assuming Dilution | $2.64 | $4.64 | $3.79 |
Weighted Average Number of Shares Outstanding: | ' | ' | ' |
Basic | 45 | 41.8 | 39.7 |
Assuming Dilution | 45.4 | 42.1 | 40.1 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net Income | $126 | $200.30 | $158 |
Other Comprehensive Income (Loss) net of tax: | ' | ' | ' |
Currency translation adjustments | -22.2 | 14.7 | -43.6 |
Change in fair value of hedging activities, net of tax effects of $(27,405) in 2011, $11,045 in 2010 and $18,844 in 2009 | -1.1 | 16.6 | -44.7 |
Hedging Activities Reclassified into Earnings from Other Comprehensive Income, net of tax effects of $(5,458) in 2011, $1,976 in 2010 and $30,455 in 2009 | 9 | 16.8 | -8.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 7.9 | 33.4 | -53.6 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 16 | -9.9 | -7.7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | -1.1 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | 2.6 | 2.4 | 2.1 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | -18.6 | 7.5 | 6.7 |
Other Comprehensive Income (Loss) | 4.3 | 40.6 | -103.9 |
Comprehensive Income Attributable to Regal Beloit Corporation | 130.3 | 240.9 | 54.1 |
Less: Comprehensive Income Attributable to Noncontrolling Interests | 5.9 | 5.4 | 5.3 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $124.40 | $235.50 | $48.80 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Paranthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ($5.90) | ($10.70) | ' |
Tax effect of fair value hedging activities | -0.7 | 10.1 | 27.4 |
Tax effect of hedging activities reclassified into earnings | 5.5 | 10.3 | -5.3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | ' | -6.1 | -4.7 |
Defined Benefit Plan, Other Costs | 0 | 0 | -0.6 |
Other Comprehensive Income Defined Benefit Plan Amortization Of Net Prior Service Cost And Unrecognized Gain Loss Tax Amount | $1.70 | $1.40 | $1.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and Cash Equivalents | $466 | $375.30 |
Trade Receivables, less Allowances of $13,631 in 2011 and of $10,637 in 2010 | 463.8 | 446 |
Inventories | 618.7 | 557 |
Prepaid Expenses and Other Current Assets | 130.6 | 112.9 |
Deferred Income Tax Benefits | 46.8 | 48.7 |
Total Current Assets | 1,725.90 | 1,539.90 |
Net Property, Plant and Equipment: | 573.4 | 573.1 |
Goodwill | 1,081.90 | 1,151 |
Intangible Assets, Net of Amortization | 244.2 | 293.2 |
Other Noncurrent Assets | 18.1 | 11.9 |
Total Assets | 3,643.50 | 3,569.10 |
LIABILITIES AND EQUITY | ' | ' |
Accounts Payable | 304.6 | 251.8 |
Dividends Payable | 9 | 8.5 |
Hedging Obligations | 11.3 | 6.3 |
Accrued Compensation and Employee Benefits | 85.6 | 80 |
Other Accrued Expenses | 132 | 123.5 |
Current Maturities of Debt | 158.4 | 63.8 |
Liabilities, Current | 700.9 | 533.9 |
Long-Term Debt | 609 | 754.7 |
Deferred Income Taxes | 140.3 | 132 |
Hedging Liabilities, Noncurrent | 16.8 | 35.7 |
Pension and Other Post Retirement Benefits | 39.7 | 69.2 |
Other Noncurrent Liabilities | 34.4 | 47.1 |
Contingencies and Commitments (see Note 11) | ' | ' |
Regal Beloit Corporation Shareholders' Equity: | ' | ' |
Common Stock, $.01 par value, 100,000,000 shares authorized, 41,579,895 issued in 2011, and 38,615,547 shares issued in 2010 | 0.5 | 0.4 |
Additional Paid-In Capital | 916.1 | 903.3 |
Retained Earnings | 1,199.40 | 1,115 |
Accumulated Other Comprehensive Loss | -59.8 | -65.3 |
Total Regal Beloit Corporation Shareholders' Equity | 2,056.20 | 1,953.40 |
Noncontrolling Interests | 46.2 | 43.1 |
Total Equity | 2,102.40 | 1,996.50 |
Total Liabilities and Equity | $3,643.50 | $3,569.10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $11.50 | $10.20 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100 | 100 |
Common stock, shares issued | 45.1 | 44.9 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $1,397.20 | $0.40 | $535.80 | $827.50 | ($1.70) | $35.20 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 158 | ' | ' | 152.3 | ' | 5.7 |
Other Comprehensive Income (Loss) | -103.9 | ' | ' | ' | -103.5 | -0.4 |
Dividends Declared | -28.5 | ' | ' | -28.5 | ' | ' |
Issuance of shares of Common Stock for Acquisition | 140.8 | ' | 140.8 | ' | ' | ' |
Stock Options Exercised including income tax benefit and share cancellations | 1.5 | ' | -1.5 | ' | ' | ' |
Share-based Compensation | 14.3 | ' | 14.3 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 1,576.40 | 0.4 | 689.4 | 951.3 | -105.2 | 40.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 200.3 | ' | ' | 195.6 | ' | 4.7 |
Other Comprehensive Income (Loss) | 40.6 | ' | ' | 0 | 39.9 | 0.7 |
Dividends Declared | -31.9 | ' | ' | -31.9 | 0 | 0 |
Issuance of shares of Common Stock for Acquisition | 202.9 | ' | 202.9 | ' | ' | ' |
Stock Options Exercised including income tax benefit and share cancellations | -2 | ' | -2 | ' | ' | ' |
Share-based Compensation | 9 | ' | 9 | ' | ' | ' |
Dividends Declared to Noncontrolling Interests | -2.8 | ' | ' | ' | ' | -2.8 |
Ending Balance at Dec. 29, 2012 | 1,996.50 | 0.4 | 903.3 | 1,115 | -65.3 | 43.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 126 | ' | ' | 120 | ' | 6 |
Other Comprehensive Income (Loss) | 4.3 | ' | ' | 0 | 4.4 | -0.1 |
Dividends Declared | -35.6 | ' | ' | -35.6 | 0 | ' |
Stock Options Exercised including income tax benefit and share cancellations | -1.5 | -0.1 | -1.4 | ' | ' | ' |
Share-based Compensation | 11.4 | ' | 11.4 | ' | ' | ' |
Purchase of Subsidiary Shares from Noncontrolling Interest | 1.7 | ' | ' | ' | 1.1 | 2.8 |
Ending Balance at Dec. 28, 2013 | $2,102.40 | $0.50 | $916.10 | $1,199.40 | ($59.80) | $46.20 |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends Declared, per share | $0.79 | $0.75 | $0.71 |
Issuance of Common Stock for acquisition | 0 | 0 | 2,800,000 |
Stock Issued During Period, Shares, New Issues | 0 | 3,200,000 | 0 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net Income | $126 | $200.30 | $158 |
Adjustments to Reconcile Net Income to Net Cash Provided from Operating Activities: | ' | ' | ' |
Depreciation | 84.4 | 82 | 65 |
Amortization | 44.1 | 44 | 33.2 |
Asset impairments and other, net | 81 | 0 | 0 |
Share-based Compensation | 11.4 | 9 | 14.3 |
Provision for Deferred Income Taxes | -5.5 | 6.5 | 2.3 |
Excess Tax Benefits from Share-based Compensation | -0.8 | -2.2 | -1.4 |
(Gains) Losses on Disposition of Assets | 2 | -2.4 | -5.9 |
Changes in Assets and Liabilities, Net of Acquisitions: | ' | ' | ' |
Increase (Decrease) in Receivables | -16.9 | -14.9 | 32.6 |
Inventories | -52.7 | 40.9 | 21 |
Accounts Payable | 44.5 | -5.3 | -41.3 |
Current Liabilities and Other | -12.5 | -6.2 | -12.5 |
Net Cash Provided from Operating Activities | 305 | 351.7 | 265.3 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to Property, Plant and Equipment | -82.7 | -91 | -57.6 |
Purchases of Investment Securities | -32.2 | -13 | 0 |
Sales of Investment Securities | 32.9 | 4.7 | 56 |
Business Acquisitions, Net of Cash Acquired | -38.4 | -110.4 | -765.9 |
Payments to Acquire Equipment on Lease | -8.3 | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | 1.6 | 8.7 | 0 |
Proceeds from Sale of Assets | 1.7 | 3.4 | 15.4 |
Net Cash Used in Investing Activities | -125.4 | -197.6 | -752.1 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from Issuance of Common Stock | 0 | 202.9 | 0 |
Long-Term Debt Proceeds | 0 | 0 | 500 |
Borrowings Under Revolving Credit Facility | 20 | 292.5 | 254 |
Repayments of Lines of Credit | -20 | -301.5 | -245 |
Proceeds from (Repayments of) Short-term Debt | 46 | 41.2 | 24 |
Repayments of Short-Term Borrowings | -46.5 | -40.9 | -22.1 |
Payments of Long-Term Debt | -55.9 | -90.3 | -28.1 |
Dividends Paid to Shareholders | -35.1 | -30.8 | -27.6 |
Proceeds from the Exercise of Stock Options | 1.5 | 4.2 | 1.9 |
Excess Tax Benefits from Share-based Compensation | 0.8 | 2.2 | 1.4 |
Payments to Noncontrolling Interests | -1.7 | 0 | 0 |
Financing Fees Paid | 0 | 0 | -2.8 |
Distribution to Noncontrolling Interests | 0 | -2.4 | 0 |
Net Cash Provided from (Used in) Financing Activities | -90.9 | 77.1 | 455.7 |
EFFECT OF EXCHANGE RATES ON CASH | 2 | 1.5 | -0.8 |
Net increase (decrease) in Cash and Cash Equivalents | 90.7 | 232.7 | -31.9 |
Cash and Cash Equivalents at Beginning of Year | 375.3 | 142.6 | 174.5 |
Cash and Cash Equivalents at End of Year | 466 | 375.3 | 142.6 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest | 41.7 | 43.8 | 19.6 |
Income Taxes | 49.6 | 63.9 | 61 |
Non-Cash Investing: Issuance of Common Stock in Connection with Acquisition | $0 | $0 | $140.80 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Dec. 28, 2013 | |
Nature Of Operations [Abstract] | ' |
Nature Of Operations | ' |
(1) Nature of Operations | |
Regal Beloit Corporation (the “Company”) is a United States based multinational corporation. The Company reports in two segments; the Electrical segment, with its principal line of business in electric motors, power generation products, high-performance drives and controls and capacitors and the Mechanical segment, with its principal line of business in mechanical products which control motion and torque. |
Basis_Of_Presentation
Basis Of Presentation | 12 Months Ended |
Dec. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
(2) Basis of Presentation | |
The Company operates on a 52/53 week fiscal year ending on the Saturday closest to December 31. The fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011 were all 52 weeks. |
Accounting_Policies
Accounting Policies | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Accounting Policies | ' | |||||||||||
Accounting Policies | ||||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned and majority owned subsidiaries. In addition, the Company has joint ventures that are consolidated in accordance with consolidation accounting guidance. All intercompany accounts and transactions are eliminated. | ||||||||||||
Use of Estimates | ||||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. The Company uses estimates in accounting for, among other items, allowance for doubtful accounts; excess and obsolete inventory; share-based compensation; acquisitions; product warranty obligations; pension assets and liabilities; derivative fair values; goodwill impairment; health care reserves; retirement benefits; rebates and incentives; litigation claims and contingencies; including environmental matters; and income taxes. The Company accounts for changes to estimates and assumptions when warranted by factually based experience. | ||||||||||||
Acquisitions | ||||||||||||
The Company recognizes assets acquired, liabilities assumed, contractual contingencies and contingent consideration at their fair value on the acquisition date. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition. | ||||||||||||
Acquisition-related costs are expensed as incurred, restructuring costs are recognized as post-acquisition expense and changes in deferred tax asset valuation allowances and income tax uncertainties after the measurement period are recorded in income tax expense. | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue upon transfer of title, which generally occurs upon shipment of the product to the customer. The pricing of products sold is generally supported by customer purchase orders, and accounts receivable collection is reasonably assured at the time of shipment. Estimated discounts and rebates are recorded as a reduction of gross sales in the same period revenue is recognized. Product returns and credits are estimated and recorded at the time of shipment based upon historical experience. Shipping and handling costs are recorded as revenue when billed to the customers. The costs incurred from shipping and handling are recorded in Cost of Sales. | ||||||||||||
The Company has certain operating leases in the oil and gas industry where revenue is recognized over the term of the lease. The lease revenue is not material for all fiscal periods presented. The related net leased assets were not material at December 28, 2013 and December 29, 2012 and were included in Other Noncurrent Assets. | ||||||||||||
The Company derives a significant portion of its revenues from several original equipment manufacturing customers. Despite this relative concentration, there were no customers that accounted for more than 10% of consolidated net sales in fiscal 2013, fiscal 2012 or fiscal 2011. | ||||||||||||
Research and Development | ||||||||||||
The Company performs research and development activities relating to new product development and the improvement of current products. The Company's research and development expenses consist primarily of costs for: (i) salaries and related personnel expenses; (ii) the design and development of new energy efficiency products and enhancements; (iii) quality assurance and testing; and (iv) other related overhead. The Company's research and development efforts tend to be targeted toward developing new products that would allow us to gain additional market share, whether in new or existing segments. While these costs make up an insignificant portion of operating expenses in the Mechanical segment, they are more substantial in the Electrical segment. In particular, a large driver of research and development efforts in the Electrical segment is energy efficiency. | ||||||||||||
Research and development costs are expensed as incurred. For fiscal 2013, 2012 and 2011, research and development costs, were $28.3 million, $28.5 million and $21.8 million, respectively. | ||||||||||||
Research and development costs are recorded in operating expenses. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash equivalents consist of highly liquid investments which are readily convertible to cash, present insignificant risk of changes in value due to interest rate fluctuations and have original or purchased maturities of three months or less. | ||||||||||||
Concentration of Credit Risk | ||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents. The Company has material deposits with a global financial institution. It performs periodic evaluations of the relative credit standing of its financial institutions and monitors the amount of exposure. | ||||||||||||
Concentration of credit risk with respect to trade accounts receivable is limited due to the large number of customers and their dispersion across many geographic areas. The Company monitors credit risk associated with its trade receivables. | ||||||||||||
Investments | ||||||||||||
Investments include trading securities and term deposits which have original maturities of greater than three months and remaining maturities of less than one year. Investments with maturities greater than one year are classified as short-term based on its highly liquid nature and availability to fund future activities. The fair value of term deposits approximates their carrying value. These investments are included in Prepaid Expenses and Other Current Assets on the Company's Consolidated Balance Sheets. | ||||||||||||
Trade Receivables | ||||||||||||
Trade receivables are stated at estimated net realizable value. Trade receivables are comprised of balances due from customers, net of estimated allowances. In estimating losses inherent in trade receivables the Company uses historical loss experience and applies them to a related aging analysis. Determination of the proper level of allowances requires management to exercise significant judgment about the timing, frequency and severity of losses. The allowances for doubtful accounts takes into consideration numerous quantitative and qualitative factors, including historical loss experience, collection experience, delinquency trends and economic conditions. | ||||||||||||
In circumstances where the Company is aware of a specific customer's inability to meet its obligation, a specific reserve is recorded against amounts receivable to reduce the net recognized receivable to the amount reasonably expected to be collected. Additions to the allowances for doubtful accounts are maintained through adjustments to the provision for doubtful accounts, which are charged to current period earnings; amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously charged-off accounts benefit current period earnings. | ||||||||||||
Inventories | ||||||||||||
At the beginning of fiscal 2013, the Company changed its inventory valuation method for the finished goods of recently acquired North American businesses to the last-in, first-out ("LIFO") method from the first-in, first-out ("FIFO") method. The Company believes the change to the LIFO method is preferable because it will improve matching of current costs with revenues when there is volatility in the cost of raw materials, and is consistent with the method used for the majority of the Company’s other North American finished goods inventory. Prior period consolidated financial statements have not been retroactively adjusted. The cumulative effect of this change was immaterial. | ||||||||||||
The approximate percentage distribution between major classes of inventory at year end is as follows: | ||||||||||||
December 28, | December 29, | |||||||||||
2013 | 2012 | |||||||||||
Raw Material and Work In Process | 41 | % | 43 | % | ||||||||
Finished Goods and Purchased Parts | 59 | % | 57 | % | ||||||||
Inventories are stated at cost, which is not in excess of market. Cost for approximately 49% of the Company's inventory at December 28, 2013 and 31% at December 29, 2012 was determined using the LIFO method. If all inventories were valued on the FIFO method, they would have increased by $58.2 million and $60.0 million as of December 28, 2013 and December 29, 2012, respectively. Material, labor and factory overhead costs are included in the inventories. | ||||||||||||
The Company reviews inventories for excess and obsolete products or components. Based on an analysis of historical usage and management's evaluation of estimated future demand, market conditions and alternative uses for possible excess or obsolete parts, the Company records inventories at net realizable value. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, Plant and Equipment ("PP&E") are stated at cost. Depreciation of plant and equipment is provided principally on a straight-line basis over the estimated useful lives (3 to 50 years) of the depreciable assets. Accelerated methods are used for income tax purposes. | ||||||||||||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures which extend the useful lives of existing equipment are capitalized and depreciated. | ||||||||||||
Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. | ||||||||||||
The Company evaluates property, plant and equipment whenever events or circumstances have occurred that may indicate that carrying values may not be recoverable. If an indicator is present, the Company evaluates carrying values as compared to undiscounted estimated future cash flows. If such estimated future cash flows are less than carrying value, an impairment would be recognized. | ||||||||||||
Property, plant and equipment by major classification was as follows (in millions): | ||||||||||||
Useful Life (In Years) | 28-Dec-13 | December 29, | ||||||||||
2012 | ||||||||||||
Land and Improvements | $ | 72.3 | $ | 76.2 | ||||||||
Buildings and Improvements | Mar-50 | 231.1 | 212.7 | |||||||||
Machinery and Equipment | 15-Mar | 794.5 | 747.5 | |||||||||
Property, Plant and Equipment | 1,097.90 | 1,036.40 | ||||||||||
Less: Accumulated Depreciation | (524.5 | ) | (463.3 | ) | ||||||||
Net Property, Plant and Equipment | $ | 573.4 | $ | 573.1 | ||||||||
Commitments for property, plant and equipment purchases were $18.8 million at December 28, 2013. | ||||||||||||
Goodwill | ||||||||||||
The Company evaluates the carrying amount of goodwill annually or more frequently if events or circumstances indicate that an asset might be impaired. Factors that could trigger an impairment review include significant underperformance relative to historical or forecasted operating results, a significant decrease in the market value of an asset or significant negative industry or economic trends. The Company performs the required annual goodwill impairment test as of the end of the October fiscal month. | ||||||||||||
The Company uses a weighting of the market approach and the income approach (discounted cash flow method) in testing goodwill for impairment. In the market approach, the Company applies performance multiples from comparable public companies, adjusted for relative risk, profitability, and growth considerations, to the reporting units to estimate fair value. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue growth rates, terminal growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (“WACC”). The WACC considers market and industry data as well as Company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Terminal growth rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and long-term growth rates. | ||||||||||||
The calculated fair values for the Company's 2013 impairment testing exceeded the carrying values of the reporting units for a majority of the Company's reporting units. There were certain reporting units where the calculated fair values were less than the carrying values. The Electrical segment impacted units experienced declines in sales and profitability that were more pronounced in the latter part of fiscal 2013, combined with reduced expected cash flow from weak economic conditions in regions such as Australia, India and Europe. Another reporting unit had reduced future cash flows from a slower than expected adoption of switched reluctance motor technology. In the Mechanical segment, a reporting unit's expected cash flows were reduced by weak sales for the hydraulic fracturing market within the oil and gas industry. An implied goodwill amount was then calculated as a required second step in the testing, using the estimated fair value of all assets and liabilities of the reporting unit as if the unit had been acquired in a business combination. The resulting implied fair value of goodwill is a Level 3 asset measured at fair value on a non-recurring basis (see also Note 14 of the Notes to the Consolidated Financial Statements for fair value definitions). The total goodwill impairment charge related to these reporting units was $76.3 million and was recorded in Asset Impairment and Other, Net. | ||||||||||||
Intangible Assets | ||||||||||||
The Company evaluates the recoverability of the carrying amount of intangible assets whenever events or changes in circumstance indicate that the carrying amount of an asset may not be fully recoverable through future cash flows. Factors that could trigger an impairment review include a significant decrease in the market value of an asset or significant negative or economic trends. For definite-lived intangible assets, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the primary asset to estimate recoverability. | ||||||||||||
During 2013, indicators related to the future expected cash flows of certain reporting units triggered a detailed undiscounted cash flow test of long-lived assets, which included intangible assets. Undiscounted cash flows were determined using the Company's internal projections which are Level 3 measurements (see also Note 14 of Notes to the Consolidated Financial Statements for fair value definitions). As a result, in-process research and development technology intangible assets totaling $16.2 million, related to switched reluctance technology, and $0.8 million of customer relationship intangible assets related to a European motor distribution reporting unit were impaired and recorded in Asset Impairments and Other, Net. | ||||||||||||
The Company does not have any indefinite-lived intangible assets. | ||||||||||||
Asset Impairments and Other, Net | ||||||||||||
During the year ended December 28, 2013, the Company recognized a loss on certain goodwill and intangible asset impairments as discussed above, which was netted with a gain from a fair value adjustment for a contingent consideration liability related to one of the reporting units (see Note 14 of Notes to the Consolidated Financial Statements). | ||||||||||||
The details were as follows (in millions): | ||||||||||||
Electrical Group | Mechanical Group | Total | ||||||||||
Goodwill Impairment | $ | 64.2 | $ | 12.1 | $ | 76.3 | ||||||
Impairment of Technology Intangible Assets | 16.2 | — | 16.2 | |||||||||
Impairment of Customer Relationships Intangible Assets | 0.8 | — | 0.8 | |||||||||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 12.3 | — | 12.3 | |||||||||
Asset Impairments and Other, Net | $ | 68.9 | $ | 12.1 | $ | 81 | ||||||
There were no impairments in fiscal 2012 and fiscal 2011. | ||||||||||||
Earnings per Share (“EPS”) | ||||||||||||
Diluted earnings per share is computed based upon earnings applicable to common shares divided by the weighted-average number of common shares outstanding during the period adjusted for the effect of other dilutive securities. Options for common shares where the exercise price was above the market price have been excluded from the calculation of effect of dilutive securities shown below; the amount of these shares were 0.7 million in 2013, 0.3 million in 2012 and 0.7 million in 2011. The following table reconciles the basic and diluted shares used in EPS calculations for the years ended (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Denominator for Basic EPS | 45 | 41.8 | 39.7 | |||||||||
Effect of Dilutive Securities | 0.4 | 0.3 | 0.4 | |||||||||
Denominator for Diluted EPS | 45.4 | 42.1 | 40.1 | |||||||||
Retirement Plans | ||||||||||||
Approximately half of the Company's domestic employees are covered by defined benefit pension plans with the remaining employees covered by defined contribution plans. The defined benefit pension plans covering a majority of the Company's domestic employees have been closed to new employees and frozen for existing employees. Most of the Company's foreign employees are covered by government sponsored plans in the countries in which they are employed. The Company's obligations under its defined benefit pension plans are determined with the assistance of actuarial firms. The actuaries, under management's direction, make certain assumptions regarding such factors as withdrawal rates and mortality rates. The actuaries also provide information and recommendations from which management makes further assumptions on such factors as the long-term expected rate of return on plan assets, the discount rate on benefit obligations and where applicable, the rate of annual compensation increases. | ||||||||||||
Based upon the assumptions made, the investments made by the plans, overall conditions and movement in financial markets, life-spans of benefit recipients and other factors, annual expenses and recorded assets or liabilities of these defined benefit pension plans may change significantly from year to year. | ||||||||||||
Derivative Financial Instruments | ||||||||||||
Derivative instruments are recorded on the consolidated balance sheet at fair value. Any fair value changes are recorded in net earnings or Accumulated Other Comprehensive Loss as determined under accounting guidance that establishes criteria for designation and effectiveness of the hedging relationships. | ||||||||||||
The Company uses derivative instruments to manage its exposure to fluctuations in certain raw material commodity pricing, fluctuations in the cost of forecasted foreign currency transactions, and variability in interest rate exposure on floating rate borrowings. The majority of derivative instruments have been designated as cash flow hedges (see also Note 13 of Notes to the Consolidated Financial Statements). | ||||||||||||
Income Taxes | ||||||||||||
The Company operates in numerous taxing jurisdictions and is subject to regular examinations by various U.S. Federal, state and foreign jurisdictions for various tax periods. Its income tax positions are based on research and interpretations of the income tax laws and rulings in each of the jurisdictions in which it does business. Due to the subjectivity of interpretations of laws and rulings in each jurisdiction, the differences and interplay in tax laws between those jurisdictions as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, estimates of income tax liabilities may differ from actual payments or assessments. | ||||||||||||
Foreign Currency Translation | ||||||||||||
For those operations using a functional currency other than the U.S. dollar, assets and liabilities are translated into U.S. dollars at year-end exchange rates, and revenues and expenses are translated at weighted-average exchange rates. The resulting translation adjustments are recorded as a separate component of shareholders' equity. Pursuant to accounting rules guiding highly inflationary currency, the Company no longer translates its Venezuelan subsidiary's financial statements as its functional currency is the U.S. dollar. | ||||||||||||
Product Warranty Reserves | ||||||||||||
The Company maintains reserves for product warranty to cover the stated warranty periods for its products. Such reserves are established based on an evaluation of historical warranty experience and specific significant warranty matters when they become known and can reasonably be estimated. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Foreign currency translation adjustments, unrealized gains and losses on derivative instruments designated as hedges and pension liability adjustments are included in shareholders' equity under accumulated other comprehensive loss. | ||||||||||||
The components of the ending balances of Accumulated Other Comprehensive Loss are as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Foreign Currency Translation Adjustments | $ | (27.0 | ) | $ | (6.0 | ) | ||||||
Hedging Activities, net of tax of $(5.9) in 2013 and $(10.7) in 2012 | (9.5 | ) | (17.4 | ) | ||||||||
Pension and Post Retirement Benefits, net of tax of $(14.3) in 2013 and $(25.7) in 2012 | (23.3 | ) | (41.9 | ) | ||||||||
Total | $ | (59.8 | ) | $ | (65.3 | ) | ||||||
Legal Claims | ||||||||||||
The Company records expenses and liabilities when the Company believes that an obligation of the Company on a specific matter is probable and there is a basis to reasonably estimate the value of the obligation. This methodology is used for legal claims that are filed against the Company from time to time. The uncertainty that is associated with such matters frequently requires adjustments to the liabilities previously recorded. | ||||||||||||
Fair Values of Financial Instruments | ||||||||||||
The fair values of cash and cash equivalents, investments, trade receivables and accounts payable approximate the carrying values due to the short period of time to maturity. The fair value of long-term debt is estimated using discounted cash flows based on rates for instruments with comparable maturities and credit ratings. The fair value of pension assets, derivative instruments and contingent purchase price obligations is determined based on the methods disclosed in Notes 8 and 14 of Notes to the Consolidated Financial Statements. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
The Financial Accounting Standards Board ("FASB") issued authoritative guidance in February 2013 that amends the presentation of accumulated other comprehensive income and clarifies how to report the effect of significant reclassifications out of accumulated other comprehensive income. The guidance, which became effective for the Company on a prospective basis at the beginning of its 2013 fiscal year, requires footnote disclosures regarding the changes in accumulated other comprehensive income by component and the line items affected in the statements of earnings. The adoption of this updated authoritative guidance did not have a significant impact on the Company’s Consolidated Financial Statements. | ||||||||||||
In December 2011, the FASB issued guidance enhancing disclosure requirements about the nature of an entity's right to offset and related arrangements associated with its financial instruments and derivative instruments. The new guidance requires the disclosure of the gross amounts subject to rights of set-off, amounts offset in accordance with the accounting standards followed, and the related net exposure. The amendment became effective for the Company in fiscal 2013 with no significant impact to the Company's Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 28, 2013 | ||||
Business Acquisition [Line Items] | ' | |||
Acquisitions | ' | |||
(4) Acquisitions | ||||
The results of operations for acquired businesses are included in the Consolidated Financial Statements from the dates of acquisition. Acquisition related expenses were $3.9 million during 2013, $0.4 million during 2012 and $16.1 million during 2011. | ||||
2013 Acquisitions | ||||
On November 19, 2013, the Company acquired Cemp s.r.l. ("Cemp"), an Italy based electric motor company for $32.0 million, net of cash. Cemp is a leading designer, manufacturer and marketer of flameproof electric motors, and is reported in the Electrical segment. | ||||
On February 8, 2013, the Company acquired the RAM motor business previously owned by Schneider Electric for $6.0 million. This business manufactures hermetic motors from 250 hp to 2,500 hp for commercial HVAC applications and is reported in the Electrical segment. | ||||
The Company also purchased additional shares owned by the noncontrolling interest in its joint venture in a South African distribution business for $1.7 million. | ||||
2012 Acquisitions | ||||
On November 30, 2012, the Company acquired Remco Products Limited for $3.7 million. Remco is a UK supplier of a broad range of AC fractional horsepower electric motors and fans for replacement use in heating, ventilation, refrigeration and air conditioning industries located in West Sussex, England. The acquisition added greater access to the European replacement motor business and is expected to generate growth to the Company's overall European business. Remco is reported as a part of the Company's Electrical segment. | ||||
On October 2, 2012, the Company acquired Marlin Coast Motor Rewinding ("MCMR") for $3.4 million. MCMR, based in Cairns, North Queensland, Australia, is a leader in the supply, service and overhaul of electric machines. MCMR is reported as a part of the Company’s Electrical segment. | ||||
On April 30, 2012, the Company acquired Tecnojar, a Mexico based electrical products company, for $1.6 million. Tecnojar is reported as a part of the Company's Electrical segment. | ||||
On February 3, 2012, the Company acquired Milwaukee Gear Company (“MGC”), a Wisconsin-based leading manufacturer of highly engineered gearing components for oil and gas applications as well as a wide variety of other commercial and industrial applications. The purchase price of MGC was $80.3 million paid in cash, net of cash acquired. MGC is reported as a part of the Company's Mechanical segment. | ||||
2011 Acquisitions | ||||
On August 22, 2011, the Company completed its acquisition of the Electrical Products Company (“EPC”) of A.O. Smith Corporation (NYSE: AOS). EPC manufactures and sells a full line of motors for hermetic, pump, distribution, heating, ventilation and air conditioning (“HVAC”) and general industrial applications. EPC is based in Tipp City, Ohio and has operations in the United States, Mexico, China and the United Kingdom. The acquisition added technology and global capacity that will bring value to the Company's customers with energy saving products, broader product offerings and better operating efficiencies. The purchase price included $756.1 million in cash and 2,834,026 shares of Company common stock. EPC is reported as part of the Company's Electrical segment. | ||||
Pro Forma Financial Information | ||||
The following pro forma financial information shows the results of continuing operations for the years ended December 31, 2011, as though the acquisition of EPC occurred at the beginning of fiscal 2011. The pro forma financial information has been adjusted, where applicable, for: (i) the amortization of acquired intangible assets, (ii) additional interest expense on acquisition related borrowings, and (iii) the income tax effect on the pro forma adjustments. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the acquisition been completed as of the date indicated above, or the results that may be obtained in the future, (in millions, except per share amounts): | ||||
Fiscal 2011 | ||||
Pro forma net sales | $ | 3,342.70 | ||
Pro forma net income | 213 | |||
Basic earnings per share as reported | $ | 3.84 | ||
Pro forma basic earnings per share | 5.13 | |||
Diluted earnings per share as reported | $ | 3.79 | ||
Pro forma diluted earnings per share | 5.08 | |||
Other 2011 Acquisitions | ||||
On June 1, 2011, the Company acquired Australian Fan and Motor Company (“AFMC”) located in Melbourne, Australia. AFMC manufactures and distributes a wide range of direct drive blowers, fan decks, axial fans and sub-fractional motors for sales in Australia and New Zealand. The purchase price of $5.7 million was paid in cash, net of acquired debt and cash. AFMC is reported as part of the Company's Electrical segment. | ||||
On April 5, 2011, the Company acquired Ramu, Inc. (“Ramu”) located in Blacksburg, Virginia. Ramu is a motor and control technology company with a research and development team dedicated to the development of switched reluctance motor technology. The purchase price included $5.3 million paid in cash, net of acquired debt and cash, and an additional amount should certain future performance expectations be met. At December 28, 2013 and December 29, 2012, the Company had recorded a liability of $1.4 million and $13.7 million for this deferred contingent purchase price, respectively. Ramu is reported as part of the Company's Electrical segment. | ||||
On March 7, 2011, the Company acquired Hargil Dynamics Pty. Ltd. (“Hargil”) located in Sydney, Australia. Hargil is a distributor of mechanical power transmission components and solutions. Hargil is reported as part of the Company's Mechanical segment. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||
Goodwill And Intangible Assets | ' | |||||||||||||||||||||
(5) Goodwill and Intangible Assets | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||
As described in Note 4 of Notes to the Consolidated Financial Statements, the Company acquired two businesses in 2013 and four businesses in 2012. The excess of purchase price over estimated fair value was assigned to goodwill. | ||||||||||||||||||||||
As described in Note 3 of Notes to the Consolidated Financial Statements, the Company evaluates the carrying amount of goodwill annually or more frequently if events or circumstances indicate that an asset might be impaired. As a result of the annual review, there were certain reporting units where the carrying value, exceeded fair value. | ||||||||||||||||||||||
The Electrical segment reporting units affected experienced declines in sales and profitability that were more pronounced in the latter part of fiscal 2013, combined with reduced future expected cash flows driven by weak sales and margins resulting from economic conditions in Australia, India and Europe. Another reporting unit had reduced future expected cash flows from a slower than expected adoption of switched reluctance motor technology. | ||||||||||||||||||||||
In the Mechanical segment, one reporting unit had reduced expected cash flows resulting from weak sales in the hydraulic fracturing market within the oil and gas industry. | ||||||||||||||||||||||
See Note 3 of Notes to the Consolidated Financial Statements, "Asset Impairments and Other, Net" for additional details of the impairment and related charges. | ||||||||||||||||||||||
The following table presents changes to goodwill during the periods indicated (in millions): | ||||||||||||||||||||||
Total | Electrical Segment | Mechanical Segment | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,117.60 | $ | 1,105.00 | $ | 12.6 | ||||||||||||||||
Acquisitions and valuation adjustments | 25.9 | 2.7 | 23.2 | |||||||||||||||||||
Translation adjustments | 7.5 | 4 | 3.5 | |||||||||||||||||||
Balance as of December 29, 2012 | $ | 1,151.00 | $ | 1,111.70 | $ | 39.3 | ||||||||||||||||
Acquisitions and valuation adjustments | 15.3 | 15.3 | — | |||||||||||||||||||
Less: Impairment charges | 76.3 | 64.2 | 12.1 | |||||||||||||||||||
Translation adjustments | (8.1 | ) | (7.8 | ) | (0.3 | ) | ||||||||||||||||
Balance as of December 28, 2013 | $ | 1,081.90 | $ | 1,055.00 | $ | 26.9 | ||||||||||||||||
Cumulative goodwill impairment charges | $ | 76.3 | $ | 64.2 | $ | 12.1 | ||||||||||||||||
Intangible Assets | ||||||||||||||||||||||
As described in Note 3 of Notes to the Consolidated Financial Statements, the Company evaluates intangible assets in accordance with prescribed guidance. As a result of this review, a total of $17.0 million of intangible assets were deemed impaired. A switched reluctance technology reporting unit in the U.S. recognized a $16.2 million impairment in technology and a motor distribution reporting unit in Europe recognized a $0.8 million impairment in customer relationships. | ||||||||||||||||||||||
Intangible Technology assets at December 29, 2012 included $17.2 million of In-Process Research and Development. (See also Note 3 of Notes to the Consolidated Financial Statements). | ||||||||||||||||||||||
Gross intangible assets consist of the following (in millions): | ||||||||||||||||||||||
Useful Life (years) | December 29, | Acquisitions | Impairment Charges | Translation Adjustments | December 28, 2013 | |||||||||||||||||
2012 | ||||||||||||||||||||||
Customer Relationships | 14-Mar | $ | 244.9 | $ | 10.3 | $ | 0.8 | $ | (0.6 | ) | $ | 253.8 | ||||||||||
Technology/IPRD | 9-Mar | 147.5 | 1.8 | 16.2 | (0.1 | ) | 133 | |||||||||||||||
Trademarks | 20-Mar | 32.7 | 0.4 | — | (0.5 | ) | 32.6 | |||||||||||||||
Patent and Engineering Drawings | 10 | 16.6 | — | — | — | 16.6 | ||||||||||||||||
Non-compete Agreements | 5-Mar | 8.2 | — | — | 0.1 | 8.3 | ||||||||||||||||
Total Gross Intangibles | $ | 449.9 | $ | 12.5 | $ | 17 | $ | (1.1 | ) | $ | 444.3 | |||||||||||
Accumulated amortization on intangible assets consist of the following: | ||||||||||||||||||||||
December 29, 2012 | Amortization | Translation Adjustments | December 28, 2013 | |||||||||||||||||||
Customer Relationships | $ | 78.7 | $ | 23 | $ | 0.3 | $ | 101.4 | ||||||||||||||
Technology | 41.8 | 16.4 | 0.3 | 57.9 | ||||||||||||||||||
Trademarks | 15.7 | 2.5 | 0.2 | 18 | ||||||||||||||||||
Patent and Engineering Drawings | 13.3 | 1.7 | — | 15 | ||||||||||||||||||
Non-compete Agreements | 7.2 | 0.5 | (0.1 | ) | 7.8 | |||||||||||||||||
Total Accumulated Amortization | $ | 156.7 | $ | 44.1 | $ | 0.7 | $ | 200.1 | ||||||||||||||
Intangible Assets, Net of Amortization | $ | 293.2 | $ | 244.2 | ||||||||||||||||||
The Company's customer relationships are generally long-term in nature with useful lives established at acquisition based on historical attrition rates. | ||||||||||||||||||||||
Amortization expense was $44.1 million in fiscal 2013, $44.0 million in fiscal 2012 and $33.2 million in fiscal 2011. | ||||||||||||||||||||||
Estimated Amortization | ||||||||||||||||||||||
Year | ||||||||||||||||||||||
2014 | $ | 42.9 | ||||||||||||||||||||
2015 | 36.3 | |||||||||||||||||||||
2016 | 31.2 | |||||||||||||||||||||
2017 | 25.1 | |||||||||||||||||||||
2018 | 23.8 | |||||||||||||||||||||
Industry_Segment_Information
Industry Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Industry Segment Information | ' | ||||||||||||||||
(6) Industry Segment Information | |||||||||||||||||
The following sets forth certain financial information attributable to the Company's reporting segments for fiscal 2013, fiscal 2012 and fiscal 2011, respectively (in millions): | |||||||||||||||||
Electrical | Mechanical | Eliminations | Total | ||||||||||||||
Fiscal 2013 | |||||||||||||||||
External sales | $ | 2,836.70 | $ | 259 | $ | — | $ | 3,095.70 | |||||||||
Intersegment sales | 4.4 | 5 | (9.4 | ) | — | ||||||||||||
Total sales | 2,841.10 | 264 | (9.4 | ) | 3,095.70 | ||||||||||||
Gross profit | 714.4 | 68.8 | — | 783.2 | |||||||||||||
Operating expenses | 456.9 | 37.3 | — | 494.2 | |||||||||||||
Asset impairments and other, net | 68.9 | 12.1 | — | 81 | |||||||||||||
Income from operations | 188.6 | 19.4 | — | 208 | |||||||||||||
Identifiable assets | 3,429.20 | 214.3 | — | 3,643.50 | |||||||||||||
Depreciation and amortization | 115.8 | 12.7 | — | 128.5 | |||||||||||||
Capital expenditures | 74.3 | 8.4 | — | 82.7 | |||||||||||||
Fiscal 2012 | |||||||||||||||||
External Sales | $ | 2,870.20 | $ | 296.7 | $ | — | $ | 3,166.90 | |||||||||
Intersegment sales | 3.5 | 3.9 | (7.4 | ) | — | ||||||||||||
Total sales | 2,873.70 | 300.6 | (7.4 | ) | 3,166.90 | ||||||||||||
Gross profit | 691.7 | 79.3 | — | 771 | |||||||||||||
Operating expenses | 418 | 40.2 | — | 458.2 | |||||||||||||
Income from operations | 273.7 | 39.1 | — | 312.8 | |||||||||||||
Identifiable assets | 3,323.60 | 245.5 | — | 3,569.10 | |||||||||||||
Depreciation and amortization | 114 | 12 | — | 126 | |||||||||||||
Capital expenditures | 82.2 | 8.8 | — | 91 | |||||||||||||
Fiscal 2011 | |||||||||||||||||
External sales | $ | 2,533.30 | $ | 275 | $ | — | $ | 2,808.30 | |||||||||
Intersegment sales | 8.8 | 2.5 | (11.3 | ) | — | ||||||||||||
Total sales | 2,542.10 | 277.5 | (11.3 | ) | 2,808.30 | ||||||||||||
Gross profit | 590.9 | 75.1 | — | 666 | |||||||||||||
Operating expenses | 368.4 | 41.9 | — | 410.3 | |||||||||||||
Income from operations | 222.6 | 33.1 | — | 255.7 | |||||||||||||
Identifiable assets | 3,139.30 | 127.2 | — | 3,266.50 | |||||||||||||
Depreciation and amortization | 92 | 6.2 | — | 98.2 | |||||||||||||
Capital expenditures | 53.8 | 3.8 | — | 57.6 | |||||||||||||
The Electrical segment manufactures and markets AC and DC commercial, industrial, commercial refrigeration, and HVAC electric motors and blowers. These products range in size from sub-fractional and fractional to small integral horsepower motors to larger commercial and industrial motors up to approximately 6,500 horsepower. The Company provides a comprehensive offering of stock models of electric motors in addition to the motors it produces to specific customer specifications. The Company also produces and markets precision servo motors, electric generators and controls ranging in size from five kilowatts through four megawatts, automatic transfer switches and paralleling switchgear to interconnect and control electric power generation equipment. Additionally, the Electrical segment manufactures and markets a full line of AC and DC variable speed drives and controllers and other accessories for a variety of commercial and industrial applications. The Company manufactures capacitors for use in HVAC systems, high intensity lighting and other applications. It sells its Electrical segment's products to original equipment manufacturers, distributors and end users across many markets. | |||||||||||||||||
The Mechanical segment manufactures and markets a broad array of mechanical motion control products including standard and custom worm gears, bevel gears, helical gears and concentric shaft gearboxes; marine transmissions; custom gearing; gearmotors; manual valve actuators; and electrical connecting devices. Gear and transmission related products primarily control motion by transmitting power from a source, such as an electric motor, to an end use, such as a conveyor belt, usually reducing speed and increasing torque in the process. Valve actuators are used primarily in oil and gas, water distribution and treatment and chemical processing applications. Mechanical products are sold to original equipment manufacturers, distributors and end users across many industry segments. | |||||||||||||||||
The Company evaluates performance based on the segment's income from operations. Corporate costs have been allocated to each segment based primarily on the net sales of each segment. The reported net sales of each segment are from external customers. | |||||||||||||||||
The following sets forth net sales by country in which the Company operates for fiscal 2013, fiscal 2012 and fiscal 2011, respectively (in millions): | |||||||||||||||||
Net Sales | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Geographic Information: | |||||||||||||||||
United States | $ | 2,017.60 | $ | 2,127.20 | $ | 1,798.20 | |||||||||||
Rest of the World | 1,078.10 | 1,039.70 | 1,010.10 | ||||||||||||||
$ | 3,095.70 | $ | 3,166.90 | $ | 2,808.30 | ||||||||||||
U.S. net sales for 2013, 2012 and 2011 represented 65.2%, 67.2% and 64.0% of total net sales, respectively. No individual foreign country represented a material portion of total net sales for any of the years presented. | |||||||||||||||||
The following sets forth long-lived assets by country in which the Company operates for fiscal 2013 and fiscal 2012, respectively (in millions): | |||||||||||||||||
Long-lived Assets | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Geographic Information: | |||||||||||||||||
United States | $ | 244.5 | $ | 232.7 | |||||||||||||
Mexico | 111.4 | 117.2 | |||||||||||||||
China | 111.4 | 107.5 | |||||||||||||||
Rest of the World | 106.1 | 115.7 | |||||||||||||||
$ | 573.4 | $ | 573.1 | ||||||||||||||
Debt_And_Bank_Credit_Facilitie
Debt And Bank Credit Facilities | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Debt And Bank Credit Facilities | ' | ||||||||
(7) Debt and Bank Credit Facilities | |||||||||
The Company's indebtedness as of December 28, 2013 and December 29, 2012 was as follows (in millions): | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Senior Notes | $ | 750 | $ | 750 | |||||
Term Loan | — | 55 | |||||||
Other | 17.4 | 13.5 | |||||||
767.4 | 818.5 | ||||||||
Less: Current Maturities | 158.4 | 63.8 | |||||||
Non-current Portion | $ | 609 | $ | 754.7 | |||||
At December 28, 2013, the Company had $750.0 million of senior notes (the “Notes”) outstanding. During 2011, the Company issued $500.0 million in senior notes (the “2011 Notes”) in a private placement. The 2011 Notes were issued in seven tranches with maturities from seven to twelve years and carry fixed interest rates. The Company also has $250.0 million in senior notes (the “2007 Notes”) issued in two tranches with floating interest rates based on a margin over the London Inter-Bank Offered Rate (“LIBOR”). Details on the Notes at December 28, 2013 were (in millions): | |||||||||
Principal | Interest Rate | Maturity | |||||||
Floating Rate Series 2007A | $ | 150 | Floating (1) | 1-Aug-14 | |||||
Floating Rate Series 2007A | 100 | Floating (1) | 1-Aug-17 | ||||||
Fixed Rate Series 2011A | 100 | 4.10% | 1-Jul-18 | ||||||
Fixed Rate Series 2011A | 230 | 4.8 to 5.0% | 1-Jul-21 | ||||||
Fixed Rate Series 2011A | 170 | 4.9 to 5.1% | 1-Jul-23 | ||||||
$ | 750 | ||||||||
(1) Interest rates vary as LIBOR varies. At December 28, 2013, the interest rate was between 0.8% and 0.9%. | |||||||||
The Company has interest rate swap agreements to manage fluctuations in cash flows resulting from interest rate risk (see also Note 13 of Notes to the Consolidated Financial Statements). | |||||||||
In 2008, the Company entered into a Term Loan Agreement (“Term Loan”) with certain financial institutions, whereby the Company borrowed an aggregate principal amount of $165.0 million. Prior to 2013, the Company repaid $110.0 million of the Term Loan. The final $55.0 million payment was made in June 2013 when the loan matured. | |||||||||
The Company also has a $500.0 million revolving credit facility (the"Facility") that matures in 2016. The Facility permits borrowing at interest rates based upon a margin above LIBOR. The margin varies with the ratio of total funded debt to EBITDA as defined in the Facility. These interest rates also vary as LIBOR varies. At December 28, 2013 and December 29, 2012, there was no outstanding borrowings on the Facility. The average balance in direct borrowings under the Facility was $0.6 million and $30.6 million in 2013 and 2012, respectively. The average interest rate paid under the Facility was 1.4% in 2013 and 1.6% in 2012. At December 28, 2013, the Company had approximately $23.6 million in standby letters of credit issued under the Facility and $476.4 million in available borrowings under the Facility. | |||||||||
At December 28, 2013, other notes payable of approximately $17.4 million were outstanding with a weighted average interest rate of 2.7%. At December 29, 2012, other notes payable of approximately $13.5 million were outstanding with a weighted average rate of 2.4%. | |||||||||
Based on rates for instruments with comparable maturities and credit quality, which are classified as Level 2 inputs (see also Note 14 of Notes to the Consolidated Financial Statements), the approximate fair value of the Company's total debt was $779.6 million and $859.6 million as of December 28, 2013 and December 29, 2012, respectively. | |||||||||
The Notes and the Facility require us to meet specified financial ratios and to satisfy certain financial condition tests. We were in compliance with all financial covenants as of December 28, 2013. We believe that we will continue to be in compliance with these covenants for the foreseeable future. | |||||||||
Maturities of long-term debt are as follows (in millions): | |||||||||
Year | Amount of Maturity | ||||||||
2014 | $ | 158.4 | |||||||
2015 | 0.4 | ||||||||
2016 | 3.3 | ||||||||
2017 | 100.5 | ||||||||
2018 | 100.5 | ||||||||
Thereafter | 404.3 | ||||||||
Total | $ | 767.4 | |||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||
Retirement Plans | ' | |||||||||||||||
(8) Retirement Plans | ||||||||||||||||
Most of the Company's domestic employees are participants in defined benefit pension plans and/or defined contribution plans. The defined benefit pension plans covering a majority of the Company's domestic employees have been closed to new employees and frozen for existing employees. Most foreign employees are covered by government sponsored plans in the countries in which they are employed. The domestic employee plans include defined contribution plans and defined benefit pension plans. The defined contribution plans provide for Company contributions based, depending on the plan, upon one or more of participant contributions, service and profits. Company contributions to domestic defined contribution plans totaled $9.1 million, $9.8 million, and $5.8 million in 2013, 2012 and 2011, respectively. Company contributions to foreign defined contribution plans were $12.4 million, $12.0 million and $11.7 million for the same periods. | ||||||||||||||||
Benefits provided under defined benefit pension plans are based, depending on the plan, on employees' average earnings and years of credited service, or a benefit multiplier times years of service. Funding of these qualified defined benefit pension plans is in accordance with federal laws and regulations. The actuarial valuation measurement date for pension plans is as of fiscal year end for all periods. | ||||||||||||||||
The Company's target allocation, target return and actual weighted-average asset allocation by asset category are as follows: | ||||||||||||||||
Target | Actual Allocation | |||||||||||||||
Allocation | Return | 2013 | 2012 | |||||||||||||
Equity investments | 73 | % | 8 - 11 % | 69 | % | 69 | % | |||||||||
Fixed income | 17 | % | 3.5 - 4.5% | 22 | % | 23 | % | |||||||||
Other | 10 | % | 6 - 8% | 9 | % | 8 | % | |||||||||
Total | 100 | % | 8 | % | 100 | % | 100 | % | ||||||||
The Company's investment strategy for its defined benefit pension plans is to achieve moderately aggressive growth, earning a long-term rate of return sufficient to allow the plans to reach fully funded status. Accordingly, allocation targets have been established to fit this strategy, with a heavier long-term weighting of investments in equity securities. The long-term rate of return assumptions consider historic returns and volatilities adjusted for changes in overall economic conditions that may affect future returns and a weighting of each investment class. | ||||||||||||||||
The following table presents a reconciliation of the funded status of the defined benefit pension plans (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Obligation at beginning of period | $ | 181.2 | $ | 158.6 | ||||||||||||
Service cost | 2.9 | 2.5 | ||||||||||||||
Interest cost | 7.6 | 7.9 | ||||||||||||||
Actuarial (gain) loss | (13.5 | ) | 19.1 | |||||||||||||
Plan amendments | — | 0.1 | ||||||||||||||
Less: Benefits paid | 7.4 | 7.3 | ||||||||||||||
Foreign currency translation | — | 0.3 | ||||||||||||||
Obligation at end of period: | $ | 170.8 | $ | 181.2 | ||||||||||||
Change in fair value of plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of period | 109.5 | 94.4 | ||||||||||||||
Actual return on plan assets | 21 | 10.5 | ||||||||||||||
Employer contributions | 5.5 | 11.7 | ||||||||||||||
Less: Benefits paid | 7.4 | 7.3 | ||||||||||||||
Foreign currency translation | — | 0.2 | ||||||||||||||
Fair value of plan assets at end of period | $ | 128.6 | $ | 109.5 | ||||||||||||
Funded status | $ | (42.2 | ) | $ | (71.7 | ) | ||||||||||
Pension Assets | ||||||||||||||||
The Company classifies the pension plan investments into Level 1, which refers to securities valued using quoted prices from active markets for identical assets, Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available, and Level 3, which refers to securities valued based on significant unobservable inputs. Common stocks and mutual funds are valued at the unadjusted quoted market prices for the securities. Real estate fund values are determined using model-based techniques that include relative value analysis and discounted cash flow techniques. Common collective trust funds and limited partnership interests are valued based on the net asset value ("NAV") provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Investments in units of collective trust funds and short-term investment funds, comprised of cash and money market funds, are valued at their respective NAVs as reported by the funds daily. | ||||||||||||||||
December 28, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 2 | $ | 2 | $ | — | $ | — | ||||||||
Common stocks: | ||||||||||||||||
Domestic equities | 22.1 | 22.1 | — | — | ||||||||||||
International equities | 7.6 | — | 7.6 | — | ||||||||||||
Common collective trust funds: | ||||||||||||||||
Fixed income funds | 12 | — | 12 | — | ||||||||||||
U.S. equity funds | 28 | — | 28 | — | ||||||||||||
International equity funds | 3.5 | — | 3.5 | — | ||||||||||||
Other | 1.6 | — | 1.6 | — | ||||||||||||
Mutual funds: | ||||||||||||||||
U.S. equity funds | 15.5 | 15.5 | — | — | ||||||||||||
Balanced funds | 12 | 12 | — | — | ||||||||||||
International equity funds | 14.2 | 14.2 | — | — | ||||||||||||
Real estate fund | 5.5 | — | — | 5.5 | ||||||||||||
Global emerging markets fund limited partnership | 4.6 | — | — | 4.6 | ||||||||||||
Total | $ | 128.6 | $ | 65.8 | $ | 52.7 | $ | 10.1 | ||||||||
December 29, 2012 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 2.1 | $ | — | $ | — | ||||||||
Common stocks: | ||||||||||||||||
Domestic equities | 16.5 | 16.5 | — | — | ||||||||||||
International equities | 6.8 | — | 6.8 | — | ||||||||||||
Common collective trust funds: | ||||||||||||||||
Fixed income funds | 18.4 | — | 18.4 | — | ||||||||||||
U.S. equity funds | 23.1 | — | 23.1 | — | ||||||||||||
International equity funds | 6.9 | — | 6.9 | — | ||||||||||||
Mutual funds: | ||||||||||||||||
U.S. equity funds | 11.9 | 11.9 | — | — | ||||||||||||
Balanced funds | 9.6 | 9.6 | — | |||||||||||||
International equity funds | 5 | 5 | — | |||||||||||||
Real estate fund | 4.9 | — | — | 4.9 | ||||||||||||
Global emerging markets fund limited partnership | 4.3 | — | — | 4.3 | ||||||||||||
Total | $ | 109.5 | $ | 45.1 | 55.2 | $ | 9.2 | |||||||||
The Level 3 assets noted below represent investments in a real estate fund managed by a major U.S. insurance company and a global emerging markets fund limited partnership. Estimated values provided by fund management approximate the cost of the investments. In determining the reasonableness of the methodology used to value the Level 3 investments, the Company evaluates a variety of factors including reviews of economic conditions, industry and market developments, and overall credit ratings. | ||||||||||||||||
The real estate fund can be redeemed on a quarterly basis and paid within two weeks of the request for redemption. The limited partnership interest can be redeemed on a monthly basis with immediate payment. | ||||||||||||||||
The table below sets forth a summary of changes in the Company's Level 3 assets in its pension plan investments as of December 28, 2013 and December 29, 2012 (in millions). | ||||||||||||||||
December 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | $ | 9.2 | $ | 7.4 | ||||||||||||
Net purchases | 0.7 | 0.9 | ||||||||||||||
Net gains | 0.2 | 0.9 | ||||||||||||||
Ending balance | $ | 10.1 | $ | 9.2 | ||||||||||||
The following table sets forth a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 real estate fund for the year ended December 28, 2013 (in millions). | ||||||||||||||||
Fair Value | Significant Unobservable Inputs | |||||||||||||||
$ | 5.5 | Exit Capitalization Rate | 5.4% to 7.6% | |||||||||||||
Discount Rate | 6.9% to 9.7% | |||||||||||||||
The following table sets forth a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 real estate fund for the year ended December 29, 2012 (in millions). | ||||||||||||||||
Fair Value | Significant Unobservable Inputs | |||||||||||||||
$ | 4.9 | Exit Capitalization Rate | 4.8% to 9.8% | |||||||||||||
Discount Rate | 6.3% to 10.5% | |||||||||||||||
The Company recognized the funded status of its defined benefit pension plans on the balance sheet as follows (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Accrued compensation and employee benefits | $ | 2.5 | $ | 2.5 | ||||||||||||
Pension and other post retirement benefits | 39.7 | 69.2 | ||||||||||||||
$ | 42.2 | $ | 71.7 | |||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||
Net actuarial loss | $ | 36 | 64.9 | |||||||||||||
Prior service cost | 1.6 | 1.8 | ||||||||||||||
$ | 37.6 | $ | 66.7 | |||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $160.1 million and $169.1 million at December 28, 2013 and December 29, 2012, respectively. | ||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans in which the accumulated benefit obligation exceeded the value of plan assets as of December 28, 2013 were $50.4 million, $43.0 million and $9.1 million, respectively. The accumulated plan benefit obligation exceeded plan assets for all pension plans as of December 29, 2012. | ||||||||||||||||
The following assumptions were used to determine the projected benefit obligation at December 28, 2013 and December 29, 2012, respectively. | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Discount rate | 4.3% to 5.3% | 3.5% to 4.5% | ||||||||||||||
Expected long-term rate of return on assets | 8.00% | 8.00% | ||||||||||||||
The objective of the discount rate assumption is to reflect the rate at which the pension benefits could be effectively settled. In making the determination, the Company takes into account the timing and amount of benefits that would be available under the plans. The methodology for selecting the discount rate was to match the plan's cash flows to that of a theoretical bond portfolio yield curve. | ||||||||||||||||
Certain of the Company's defined benefit pension plan obligations are based on years of service rather than on projected compensation percentage increases. For those plans that use compensation increases in the calculation of benefit obligations and net periodic pension cost, the Company used an assumed rate of compensation increase of 3.0% for the years ended December 28, 2013 and December 29, 2012. | ||||||||||||||||
Net periodic pension benefit costs and the net actuarial loss and prior service cost recognized in other comprehensive income (“OCI”) for the defined benefit pension plans were as follows (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 2.9 | $ | 2.5 | $ | 2.5 | ||||||||||
Interest cost | 7.6 | 7.9 | 7.9 | |||||||||||||
Expected return on plan assets | (8.7 | ) | (8.0 | ) | (7.3 | ) | ||||||||||
Amortization of net actuarial loss | 4.1 | 3.6 | 3.2 | |||||||||||||
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | |||||||||||||
Curtailment gain | — | — | (1.7 | ) | ||||||||||||
Net periodic benefit cost | $ | 6.1 | $ | 6.2 | $ | 4.8 | ||||||||||
Change in benefit obligations recognized in OCI, net of tax | ||||||||||||||||
Prior service cost | $ | 0.1 | $ | (0.3 | ) | $ | 0.2 | |||||||||
Net actuarial loss | 2.5 | 3.6 | 3.7 | |||||||||||||
Total recognized in OCI | $ | 2.6 | $ | 3.3 | $ | 3.9 | ||||||||||
The estimated prior service cost and net actuarial loss for the defined benefit pension plans that will be amortized from AOCI into net periodic benefit cost during the 2014 fiscal year are $0.2 million and $2.0 million, respectively. | ||||||||||||||||
As permitted under relevant accounting guidance, the amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plans. | ||||||||||||||||
The following assumptions were used to determine net periodic pension cost for fiscal years 2013, 2012 and 2011, respectively. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Discount rate | 3.5% to 4.5% | 4.4% to 5.3% | 5.2% to 5.9% | |||||||||||||
Expected long-term rate of return on assets | 8.00% | 8.30% | 8.30% | |||||||||||||
The Company made contributions to its defined benefit plan of $5.5 million and $11.7 million for the fiscal years ended December 28, 2013 and December 29, 2012, respectively. | ||||||||||||||||
The Company estimates that in 2014 it will make contributions in the amount of $7.9 million to fund its defined benefit pension plans. | ||||||||||||||||
The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in millions): | ||||||||||||||||
Expected Payments | ||||||||||||||||
Year | ||||||||||||||||
2014 | $ | 8.5 | ||||||||||||||
2015 | 9 | |||||||||||||||
2016 | 9.4 | |||||||||||||||
2017 | 9.9 | |||||||||||||||
2018 | 10.7 | |||||||||||||||
2019 - 2023 | 60.2 | |||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Shareholders' Equity | ' | ||||||||||||
Shareholders' Equity | |||||||||||||
The Company recognized approximately $11.4 million, $9.0 million and $14.3 million in share-based compensation expense in 2013, 2012 and 2011, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. As of December 28, 2013, total unrecognized compensation cost related to share-based compensation awards was approximately $21.6 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 2.4 years. | |||||||||||||
On April 29, 2013, the Company's shareholders approved the 2013 Equity Incentive Plan ("2013 Plan"). The 2013 Plan authorizes the issuance of 3.5 million shares of common stock for equity-based awards, and terminates any further grants under prior equity plans. Approximately 3.0 million shares were available for future grant or payment under the 2013 Plan at December 28, 2013. | |||||||||||||
During 2012, the Company sold 3.2 million shares of common stock for general corporate purposes, working capital and the potential funding of acquisitions. | |||||||||||||
During 2011, the Company issued 2.8 million shares of common stock in connection with the acquisition of EPC. | |||||||||||||
The table below presents share-based compensation activity for the three fiscal years ended 2013, 2012 and 2011 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total intrinsic value of share-based incentive awards exercised | $ | 4 | $ | 11.1 | $ | 2.9 | |||||||
Cash received from stock option exercises | 1.5 | 4.2 | 1.9 | ||||||||||
Income tax benefit from the exercise of stock options | 0.8 | 2.2 | 1.4 | ||||||||||
Total fair value of share-based incentive awards vested | 8.5 | 6.6 | 13.3 | ||||||||||
Options and Stock Appreciation Rights | |||||||||||||
The Company uses several forms of share-based incentive awards, including non-qualified stock options, incentive stock options, and stock appreciation rights (“SAR's”). Options and SAR's generally vest over 5 years and expire 10 years from the grant date. All grants are made at prices equal to the fair market value of the stock on the grant dates, and expire 10 years from the grant date. The majority of the Company’s annual share-based incentive awards are made in the fiscal second quarter. For both years ended December 28, 2013 and December 29, 2012, expired and canceled shares were immaterial. | |||||||||||||
The assumptions used in the Company's Black-Scholes valuation related to grants for options and SAR's were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Per share weighted average fair value of grants | $ | 23.01 | $ | 22.45 | $ | 25.8 | |||||||
Risk-free interest rate | 1.1 | % | 1.3 | % | 2.3 | % | |||||||
Expected life (years) | 7 | 7 | 7 | ||||||||||
Expected volatility | 38.5 | % | 37.6 | % | 35.6 | % | |||||||
Expected dividend yield | 1.2 | % | 1.2 | % | 1 | % | |||||||
The average risk-free interest rate is based on U.S. Treasury security rates in effect as of the grant date. The expected dividend yield is based on the projected annual dividend as a percentage of the estimated market value of the Company's common stock as of the grant date. The Company estimated the expected volatility using a weighted average of daily historical volatility of the Company's stock price over the expected term of the award. The Company estimated the expected term using historical data adjusted for the estimated exercise dates of unexercised awards. | |||||||||||||
Following is a summary of share-based incentive plan grant activity (options and SAR's) for fiscal 2013. | |||||||||||||
Number of Shares Under Option | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions) | |||||||||
Outstanding at December 29, 2012 | 1,568,425 | $ | 54.02 | ||||||||||
Granted | 174,775 | 64.99 | |||||||||||
Exercised | (127,636 | ) | 41.65 | ||||||||||
Forfeited | (52,294 | ) | 63.04 | ||||||||||
Outstanding at December 28, 2013 | 1,563,270 | 56.04 | 6.1 | $ | 27.3 | ||||||||
Exercisable at December 28, 2013 | 791,614 | 48.26 | 4.5 | 20.1 | |||||||||
As of December 28, 2013, there was $12.2 million of unrecognized compensation cost related to non-vested options and SAR's that is expected to be recognized as a change to earnings over a weighted average period of 3.1 years. | |||||||||||||
The amount of options expected to vest is materially consistent with those outstanding and not yet exercisable. | |||||||||||||
Restricted Stock Awards and Restricted Stock Units | |||||||||||||
Restricted stock awards ("RSA") and restricted stock units ("RSU") consist of shares or the rights to shares of the Company's stock. The awards are restricted such that they are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer. RSU awards are typically granted to eligible employees outside of the United States. As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, or death, disability or normal retirement of the grantee. | |||||||||||||
Following is a summary of RSA award activity for fiscal 2013: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSA's at December 29, 2012 | 39,180 | $ | 65.42 | 2 | |||||||||
Granted | 15,037 | 65.03 | |||||||||||
Vested | (13,500 | ) | 61.7 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested RSA's December 28, 2013 | 40,717 | $ | 66.5 | 0.8 | |||||||||
All of the RSA shares will vest on the third anniversary of the grant date, provided the holder of the share is continuously employed by the Company until the vesting date. Compensation expense recognized related to the RSA's was $1.3 million for fiscal 2013. | |||||||||||||
As of December 28, 2013, there was $0.9 million of unrecognized compensation cost related to non-vested RSA's that is expected to be recognized as a charge to earnings over a weighted average period of 0.8 years. | |||||||||||||
Following is a summary of RSU award activity for fiscal 2013: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSU's at December 29, 2012 | 156,946 | $ | 64.84 | 1.9 | |||||||||
Granted | 90,105 | 65.03 | |||||||||||
Vested | (27,962 | ) | 60.46 | ||||||||||
Forfeited | (8,825 | ) | 63.22 | ||||||||||
Unvested RSU's at December 28, 2013 | 210,264 | $ | 65.57 | 1.9 | |||||||||
All of the RSU's will vest on the third anniversary of the grant date, provided the holder of the share is continuously employed by the Company until the vesting date. Compensation expense recognized related to the RSU's was $4.2 million for fiscal 2013. | |||||||||||||
As of December 28, 2013, there was $7.0 million of unrecognized compensation cost related to non-vested RSU's that is expected to be recognized as a charge to earnings over a weighted average period of 1.9 years. | |||||||||||||
Performance Share Units | |||||||||||||
Performance share unit ("PSU") awards consist of shares or the rights to shares of the Company's stock which are awarded to employees of the Company. These shares are payable upon the determination that the Company achieved certain established performance targets and can range from 0% to 200% of the targeted payout based on the actual results. Shares awarded in 2013 have a performance period of 3 years. As set forth in the individual grant agreements, acceleration of vesting may occur under a change in control, death or disability. There are no voting rights with these instruments until vesting occurs and a share of stock is issued. The PSU awards are valued using a Monte Carlo simulation method as of the grant date. | |||||||||||||
Following is a summary of PSU award activity for fiscal 2013: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested PSU's at December 29, 2012 | — | $ | — | ||||||||||
Granted | 36,490 | 56.71 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (760 | ) | 56.71 | ||||||||||
Unvested PSU's at December 28, 2013 | 35,730 | $ | 56.71 | 2.4 | |||||||||
Compensation expense for awards granted are recognized based on the targeted payout of 100.0%, net of estimated forfeitures. Compensation expense recognized related to PSUs was $0.4 million for fiscal 2013. There was no compensation expense recognized related to PSU's for fiscal 2012. Total future compensation expense for all PSUs granted as of December 28, 2013 is estimated to be $1.5 million recognized as a charge to earnings over a weighted average period of 2.4 years. | |||||||||||||
Treasury Stock | |||||||||||||
The Board of Directors has approved repurchase programs of up to 3.0 million common shares of Company stock. Management is authorized to effect purchases from time to time in the open market or through privately negotiated transactions. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
(10) Income Taxes | |||||||||||||
Income before taxes consisted of the following (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 75.4 | $ | 121.3 | $ | 137 | |||||||
Foreign | 95.1 | 148.6 | 89.3 | ||||||||||
Total | $ | 170.5 | $ | 269.9 | $ | 226.3 | |||||||
The provision for income taxes is summarized as follows (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 15.4 | $ | 24.5 | $ | 41.6 | |||||||
State | 4.8 | 7.2 | 5.7 | ||||||||||
Foreign | 29.8 | 31.4 | 18.7 | ||||||||||
50 | 63.1 | 66 | |||||||||||
Deferred | (5.5 | ) | 6.5 | 2.3 | |||||||||
Total | $ | 44.5 | $ | 69.6 | $ | 68.3 | |||||||
A reconciliation of the statutory Federal income tax rate and the effective tax rate reflected in the consolidated statements of income follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 1.9 | % | 2 | % | 1.7 | % | |||||||
Domestic production activities deduction | (1.4 | )% | (1.0 | )% | (1.7 | )% | |||||||
Foreign rate differential - China | (4.4 | )% | (2.1 | )% | (0.7 | )% | |||||||
Foreign rate differential - All Other | (9.2 | )% | (9.3 | )% | (4.9 | )% | |||||||
Research and development credit | (4.5 | )% | — | % | — | % | |||||||
Statutory tax rate change | (2.6 | )% | — | % | — | % | |||||||
Goodwill impairment | 13.2 | % | — | % | — | % | |||||||
Valuation allowance | 1.7 | % | — | % | — | % | |||||||
Adjustments to tax accruals and reserves | — | % | 0.5 | % | 0.7 | % | |||||||
Other | (3.6 | )% | 0.7 | % | 0.1 | % | |||||||
Effective tax rate | 26.1 | % | 25.8 | % | 30.2 | % | |||||||
Deferred taxes arise primarily from differences in amounts reported for tax and financial statement purposes. The Company's net deferred tax liability as of December 28, 2013 of $93.5 million is classified on the consolidated balance sheet as a net current deferred income tax benefit of $46.8 million and a net non-current deferred income tax liability of $140.3 million. | |||||||||||||
The components of this net deferred tax liability are as follows (in millions): |
Contingencies_And_Commitments
Contingencies And Commitments | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Contingencies And Commitments | ' | ||||||||
(11) Contingencies and Commitments | |||||||||
One of the Company's subsidiaries that it acquired in 2007 is subject to numerous claims filed in various jurisdictions relating to certain sub-fractional motors that were primarily manufactured through 2004 and that were included as components of residential and commercial ventilation units marketed by a third party. These claims generally allege that the ventilation units were the cause of fires. Based on the current facts, the Company does not believe these claims, individually or in the aggregate, will have a material effect on its results of operations, financial condition or cash flows. | |||||||||
The Company is, from time to time, party to litigation that arises in the normal course of its business operations, including product warranty and liability claims, contract disputes and environmental, asbestos, employment and other litigation matters. The Company's products are used in a variety of industrial, commercial and residential applications that subject the Company to claims that the use of its products is alleged to have resulted in injury or other damage. The Company accrues for exposures in amounts that it believes are adequate, and the Company does not believe that the outcome of any such lawsuit individually or collectively will have a material effect on the Company's financial position, its results of operations or its cash flows. | |||||||||
The Company recognizes the cost associated with its standard warranty on its products at the time of sale. The amount recognized is based on historical experience. The following is a reconciliation of the changes in accrued warranty costs for 2013 and 2012 (in millions): | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 20.9 | $ | 24.2 | |||||
Less: Payments | 19.4 | 33.4 | |||||||
Provisions | 16.5 | 30 | |||||||
Acquisitions | 1.4 | 0.1 | |||||||
Translation adjustments | (0.1 | ) | — | ||||||
Ending balance | $ | 19.3 | $ | 20.9 | |||||
Leases_And_Rental_Commitments
Leases And Rental Commitments | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Leases, Operating [Abstract] | ' | |||||||
Leases And Rental Commitments | ' | |||||||
(12) Leases and Rental Commitments | ||||||||
Rental expenses charged to operations amounted to $39.5 million in 2013, $36.7 million in 2012 and $32.2 million in 2011. The Company has future minimum rental commitments under operating leases as shown in the following table (in millions): | ||||||||
Year | Expected Payments | |||||||
2014 | $ | 28.2 | ||||||
2015 | 20 | |||||||
2016 | 10.8 | |||||||
2017 | 8.3 | |||||||
2018 | 6.2 | |||||||
Thereafter | 10.5 | |||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
(13) Derivative Financial Instruments | |||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are commodity price risk, currency exchange risk, and interest rate risk. Forward contracts on certain commodities are entered into to manage the price risk associated with forecasted purchases of materials used in the Company's manufacturing process. Forward contracts on certain currencies are entered into to manage forecasted cash flows in certain foreign currencies. Interest rate swaps are entered into to manage interest rate risk associated with the Company's floating rate borrowings. | |||||||||||||||||
The Company is exposed to credit losses in the event of non-performance by the counterparties to various financial agreements, including its commodity hedging transactions, foreign currency exchange contracts and interest rate swap agreements. Exposure to counterparty credit risk is managed by limiting counterparties to major international banks and financial institutions meeting established credit guidelines and continually monitoring their compliance with the credit guidelines. The Company does not obtain collateral or other security to support financial instruments subject to credit risk. The Company does not anticipate non-performance by its counterparties, but cannot provide assurances. | |||||||||||||||||
The Company recognizes all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The Company designates commodity forward contracts as cash flow hedges of forecasted purchases of commodities, currency forward contracts as cash flow hedges of forecasted foreign currency cash flows and interest rate swaps as cash flow hedges of forecasted LIBOR-based interest payments. There were no significant collateral deposits on derivative financial instruments as of December 28, 2013. | |||||||||||||||||
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or changes in market value of derivatives not designated as hedges are recognized in current earnings. At December 28, 2013 and December 29, 2012 the Company had $(0.7) million and $0.3 million, net of tax, of derivative (losses) gains on closed hedge instruments in AOCI that will be realized in earnings when the hedged items impact earnings. | |||||||||||||||||
The Company had outstanding the following notional amounts to hedge forecasted purchases of commodities (in millions): | |||||||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||||||
Copper | $ | 114.5 | $ | 132.8 | |||||||||||||
Aluminum | 9.7 | 8.5 | |||||||||||||||
As of December 28, 2013, the maturities of commodity forward contracts extended through December, 2014. | |||||||||||||||||
The Company had outstanding the following notional amounts of currency forward contracts (in millions): | |||||||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||||||
Mexican Peso | $ | 203 | $ | 174.8 | |||||||||||||
Chinese Renminbi | 142.3 | 108.6 | |||||||||||||||
Indian Rupee | 36.8 | 37.4 | |||||||||||||||
Euro | 11.4 | — | |||||||||||||||
Thai Baht | 4.1 | 17.3 | |||||||||||||||
Australian Dollar | 1.5 | 7.1 | |||||||||||||||
As of December 28, 2013, the maturities of currency forward contracts extended through December 2015. | |||||||||||||||||
As of December 28, 2013 and December 29, 2012, the total notional amount of the Company's receive-variable/pay-fixed interest rate swaps was $250.0 million (with maturities extending to August 2017). | |||||||||||||||||
Fair values of derivative instruments were (in millions): | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
Prepaid Expenses | Other Noncurrent Assets | Hedging Obligations (Current) | Hedging Obligations | ||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | 5.7 | $ | 16.1 | |||||||||
Currency contracts | 8.4 | 0.7 | 3 | 0.7 | |||||||||||||
Commodity contracts | 4 | — | 1.7 | — | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Currency contracts | — | — | 0.1 | — | |||||||||||||
Commodity contracts | 0.7 | — | 0.8 | — | |||||||||||||
Total Derivatives | $ | 13.1 | $ | 0.7 | $ | 11.3 | $ | 16.8 | |||||||||
December 29, 2012 | |||||||||||||||||
Prepaid Expenses | Other Noncurrent Assets | Hedging Obligations (Current) | Hedging Obligations | ||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 35.4 | |||||||||
Currency contracts | 6.8 | 2.3 | 4.6 | 0.3 | |||||||||||||
Commodity contracts | 3.6 | 0.2 | 1.2 | — | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Commodity contracts | 0.6 | — | 0.5 | — | |||||||||||||
Total Derivatives | $ | 11 | $ | 2.5 | $ | 6.3 | $ | 35.7 | |||||||||
Derivatives Designated as Cash Flow Hedging Instruments | |||||||||||||||||
The effect of derivative instruments on the consolidated statements of income and comprehensive income for the three fiscal years in the period ended December 28, 2013 were (in millions): | |||||||||||||||||
Fiscal 2013 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ | (11.3 | ) | $ | 8.8 | $ | 0.7 | $ | (1.8 | ) | |||||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
Loss recognized in Net Sales | — | (0.9 | ) | — | (0.9 | ) | |||||||||||
Loss (Gain) recognized in Cost of Sales | (8.3 | ) | 7.5 | — | (0.8 | ) | |||||||||||
Loss recognized in Interest Expense | — | — | (12.8 | ) | (12.8 | ) | |||||||||||
Fiscal 2012 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ | 8.5 | $ | 23.9 | $ | (5.7 | ) | $ | 26.7 | ||||||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
Loss recognized in Net Sales | — | (1.6 | ) | — | (1.6 | ) | |||||||||||
Loss recognized in Cost of Sales | (9.7 | ) | (3.4 | ) | — | (13.1 | ) | ||||||||||
Loss recognized in Interest Expense | — | — | (12.4 | ) | (12.4 | ) | |||||||||||
Fiscal 2011 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Loss recognized in Other Comprehensive Income (Loss) | $ | (29.4 | ) | $ | (26.7 | ) | $ | (16.0 | ) | $ | (72.1 | ) | |||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
Gain recognized in Net Sales | — | 0.2 | — | 0.2 | |||||||||||||
Gain recognized in Cost of Sales | 21.4 | 5.7 | — | 27.1 | |||||||||||||
Loss recognized in Interest Expense | — | — | (13.1 | ) | (13.1 | ) | |||||||||||
The ineffective portion of hedging instruments recognized was immaterial for all periods presented. | |||||||||||||||||
Derivatives Not Designated as Cash Flow Hedging Instruments | |||||||||||||||||
The effect of derivative instruments on the consolidated statement of income for the three fiscal years in the period ended December 28, 2013 were (in millions): | |||||||||||||||||
Fiscal 2013 | |||||||||||||||||
Commodity Forwards | Currency Forwards | Total | |||||||||||||||
(Loss) Gain recognized in Cost of Sales | $ | (0.1 | ) | $ | 0.5 | $ | 0.4 | ||||||||||
Fiscal 2012 | |||||||||||||||||
Commodity Forwards | Currency Forwards | Total | |||||||||||||||
Gain recognized in Cost of Sales | $ | 0.1 | $ | — | $ | 0.1 | |||||||||||
Fiscal 2011 | |||||||||||||||||
Commodity Forwards | Currency Forwards | Total | |||||||||||||||
Loss recognized in Cost of Sales | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||
The net AOCI balance related to hedging activities of $(9.5) million losses at December 28, 2013 includes $(2.1) million of net current deferred losses expected to be reclassified to the statement of income in the next twelve months. There were no gains or losses reclassified from AOCI to earnings based on the probability that the forecasted transaction would not occur. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||
Fair Value | ' | |||||||||
(14) Fair Value | ||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: | ||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or | |||||||||
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | ||||||||||
Inputs other than quoted prices that are observable for the asset or liability | ||||||||||
Level 3 | Unobservable inputs for the asset or liability | |||||||||
The Company uses the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 28, 2013 and December 29, 2012, respectively (in millions): | ||||||||||
28-Dec-13 | 29-Dec-12 | |||||||||
Classification | ||||||||||
Assets: | ||||||||||
Prepaid expenses and other current assets: | ||||||||||
Derivative currency contracts | $ | 8.4 | $ | 6.8 | Level 2 | |||||
Derivative commodity contracts | 4.7 | 4.2 | Level 2 | |||||||
Investments | 7.6 | 8.3 | Level 2 | |||||||
Other noncurrent assets: | ||||||||||
Assets Held in Rabbi Trust | 5.1 | 2.6 | Level 1 | |||||||
Derivative currency contracts | 0.7 | 2.3 | Level 2 | |||||||
Derivative commodity contracts | — | 0.2 | Level 2 | |||||||
Liabilities: | ||||||||||
Other accrued expenses: | ||||||||||
Deferred contingent purchase price | 8.3 | — | Level 3 | |||||||
Hedging obligations current: | ||||||||||
Interest rate swap | 5.7 | — | Level 2 | |||||||
Derivative currency contracts | 3.1 | 4.6 | Level 2 | |||||||
Derivative commodity contracts | 2.5 | 1.7 | Level 2 | |||||||
Hedging obligations: | ||||||||||
Interest rate swap | 16.1 | 35.4 | Level 2 | |||||||
Derivative currency contracts | 0.7 | 0.3 | Level 2 | |||||||
Other noncurrent liabilities: | ||||||||||
Deferred contingent purchase price | 1.4 | 21.1 | Level 3 | |||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. | ||||||||||
Level 1 fair value measurements are carried at market value. As of December 28, 2013, market value for Level 1 assets approximates cost. | ||||||||||
Level 2 fair value measurements for derivative assets and liabilities are measured using quoted prices in active markets for similar assets and liabilities. Interest rate swaps are valued based on the six-month LIBOR swap rate for similar instruments. Foreign currency forwards are valued based on exchange rates quoted by domestic and foreign banks for similar instruments. Fair value of debt was estimated using Level 2 fair value measurements based on quoted market values. The carrying value of debt includes adjustments related to fair value hedges (see Note 7 of Notes to the Consolidated Financial Statements for the fair value estimate of debt). | ||||||||||
Level 3 liabilities are comprised entirely of the deferred contingent purchase price of the Company's acquisitions and are measured using Level 3 inputs. The fair value was determined using valuation techniques based on risk and probability adjusted discounted cash flows. | ||||||||||
The Company did not change its valuation techniques during fiscal 2013. | ||||||||||
The table below sets forth a summary of changes in fair market value of the Company's Level 3 liabilities as of December 28, 2013 and December 29, 2012, respectively (in millions): | ||||||||||
Year Ended | ||||||||||
28-Dec-13 | 29-Dec-12 | |||||||||
Beginning balance | $ | 21.1 | $ | 23.5 | ||||||
Expense | 1.1 | 1.2 | ||||||||
Acquisitions | — | 0.4 | ||||||||
Fair value adjustment | (12.3 | ) | — | |||||||
Payments | (0.2 | ) | (4.0 | ) | ||||||
Ending balance | $ | 9.7 | $ | 21.1 | ||||||
The liabilities described above are comprised entirely of the deferred contingent purchase price of the Company's acquisitions and are measured using Level 3 inputs. The fair value was determined using valuation techniques based on risk and probability adjusted discounted cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 28, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
(15) Related Party Transactions | |
As part of the consideration paid for the acquisition of Elco on November 1, 2010, the Company assumed $22.3 million payable to an entity that is affiliated with its Elco Group B.V. joint venture partner resulting from a bankruptcy proceeding involving Elco. A total of $10.5 million was paid during 2012 representing the final payments to the affiliate. |
Restructuring_Restructuring_No
Restructuring Restructuring (Notes) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||
(16) Restructuring Activities | |||||||||
During fiscal 2013 and 2012, the Company announced the closure of several of its manufacturing and warehouse facilities and consolidation into existing facilities to simplify manufacturing operations in its Electrical segment. As a result of these closures, the Company incurred expenses including employee termination and plant relocation costs. The employee termination expenses are accrued over the vesting period while the plant relocation costs are expensed as incurred. | |||||||||
The following is a reconciliation of provisions and payments for the restructuring projects for 2013 and 2012 (in millions): | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 3.1 | $ | — | |||||
Provision | 6.2 | 9.6 | |||||||
Less: Payments | 5.4 | 6.5 | |||||||
Ending Balance | $ | 3.9 | $ | 3.1 | |||||
The following is a reconciliation of expenses by type for the restructuring projects in 2013 and 2012 (in millions): | |||||||||
2013 | 2012 | ||||||||
Employee termination expenses | $ | 2.2 | $ | 4.5 | |||||
Property, plant and equipment disposals | 1.9 | 2.1 | |||||||
Other expenses | 2.1 | 3 | |||||||
Total restructuring expenses | $ | 6.2 | $ | 9.6 | |||||
For fiscal 2013, restructuring charges of $5.4 million and $0.8 million were recorded in Cost of Sales and Operating Expenses, respectively. For fiscal 2012, restructuring charges of $6.9 million and $2.7 million were recorded in Cost of Sales and Operating Expenses, respectively. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
(17) Subsequent Event | |
On February 7, 2014, the Company announced the acquisition of Hy-Bon Engineering Company, Inc. (Hy-Bon), a leader in vapor recovery solutions for oil and gas applications. |
Accounting_Policies_Policy
Accounting Policies (Policy) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Principles Of Consolidation | ' | |||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned and majority owned subsidiaries. In addition, the Company has joint ventures that are consolidated in accordance with consolidation accounting guidance. All intercompany accounts and transactions are eliminated. | ||||||||||||
Use Of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. The Company uses estimates in accounting for, among other items, allowance for doubtful accounts; excess and obsolete inventory; share-based compensation; acquisitions; product warranty obligations; pension assets and liabilities; derivative fair values; goodwill impairment; health care reserves; retirement benefits; rebates and incentives; litigation claims and contingencies; including environmental matters; and income taxes. The Company accounts for changes to estimates and assumptions when warranted by factually based experience. | ||||||||||||
Business Combinations Policy [Policy Text Block] | ' | |||||||||||
Acquisitions | ||||||||||||
The Company recognizes assets acquired, liabilities assumed, contractual contingencies and contingent consideration at their fair value on the acquisition date. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition. | ||||||||||||
Acquisition-related costs are expensed as incurred, restructuring costs are recognized as post-acquisition expense and changes in deferred tax asset valuation allowances and income tax uncertainties after the measurement period are recorded in income tax expense. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue upon transfer of title, which generally occurs upon shipment of the product to the customer. The pricing of products sold is generally supported by customer purchase orders, and accounts receivable collection is reasonably assured at the time of shipment. Estimated discounts and rebates are recorded as a reduction of gross sales in the same period revenue is recognized. Product returns and credits are estimated and recorded at the time of shipment based upon historical experience. Shipping and handling costs are recorded as revenue when billed to the customers. The costs incurred from shipping and handling are recorded in Cost of Sales. | ||||||||||||
The Company has certain operating leases in the oil and gas industry where revenue is recognized over the term of the lease. The lease revenue is not material for all fiscal periods presented. The related net leased assets were not material at December 28, 2013 and December 29, 2012 and were included in Other Noncurrent Assets. | ||||||||||||
The Company derives a significant portion of its revenues from several original equipment manufacturing customers. Despite this relative concentration, there were no customers that accounted for more than 10% of consolidated net sales in fiscal 2013, fiscal 2012 or fiscal 2011. | ||||||||||||
Research And Development | ' | |||||||||||
Research and Development | ||||||||||||
The Company performs research and development activities relating to new product development and the improvement of current products. The Company's research and development expenses consist primarily of costs for: (i) salaries and related personnel expenses; (ii) the design and development of new energy efficiency products and enhancements; (iii) quality assurance and testing; and (iv) other related overhead. The Company's research and development efforts tend to be targeted toward developing new products that would allow us to gain additional market share, whether in new or existing segments. While these costs make up an insignificant portion of operating expenses in the Mechanical segment, they are more substantial in the Electrical segment. In particular, a large driver of research and development efforts in the Electrical segment is energy efficiency. | ||||||||||||
Research and development costs are expensed as incurred. For fiscal 2013, 2012 and 2011, research and development costs, were $28.3 million, $28.5 million and $21.8 million, respectively. | ||||||||||||
Research and development costs are recorded in operating expenses. | ||||||||||||
Cash And Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash equivalents consist of highly liquid investments which are readily convertible to cash, present insignificant risk of changes in value due to interest rate fluctuations and have original or purchased maturities of three months or less. | ||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||||||||||
Concentration of Credit Risk | ||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents. The Company has material deposits with a global financial institution. It performs periodic evaluations of the relative credit standing of its financial institutions and monitors the amount of exposure. | ||||||||||||
Concentration of credit risk with respect to trade accounts receivable is limited due to the large number of customers and their dispersion across many geographic areas. The Company monitors credit risk associated with its trade receivables. | ||||||||||||
Investments | ' | |||||||||||
Investments | ||||||||||||
Investments include trading securities and term deposits which have original maturities of greater than three months and remaining maturities of less than one year. Investments with maturities greater than one year are classified as short-term based on its highly liquid nature and availability to fund future activities. The fair value of term deposits approximates their carrying value. These investments are included in Prepaid Expenses and Other Current Assets on the Company's Consolidated Balance Sheets. | ||||||||||||
Trade Receivables | ' | |||||||||||
Trade Receivables | ||||||||||||
Trade receivables are stated at estimated net realizable value. Trade receivables are comprised of balances due from customers, net of estimated allowances. In estimating losses inherent in trade receivables the Company uses historical loss experience and applies them to a related aging analysis. Determination of the proper level of allowances requires management to exercise significant judgment about the timing, frequency and severity of losses. The allowances for doubtful accounts takes into consideration numerous quantitative and qualitative factors, including historical loss experience, collection experience, delinquency trends and economic conditions. | ||||||||||||
In circumstances where the Company is aware of a specific customer's inability to meet its obligation, a specific reserve is recorded against amounts receivable to reduce the net recognized receivable to the amount reasonably expected to be collected. Additions to the allowances for doubtful accounts are maintained through adjustments to the provision for doubtful accounts, which are charged to current period earnings; amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously charged-off accounts benefit current period earnings. | ||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||
nventories | ||||||||||||
At the beginning of fiscal 2013, the Company changed its inventory valuation method for the finished goods of recently acquired North American businesses to the last-in, first-out ("LIFO") method from the first-in, first-out ("FIFO") method. The Company believes the change to the LIFO method is preferable because it will improve matching of current costs with revenues when there is volatility in the cost of raw materials, and is consistent with the method used for the majority of the Company’s other North American finished goods inventory. Prior period consolidated financial statements have not been retroactively adjusted. The cumulative effect of this change was immaterial. | ||||||||||||
The approximate percentage distribution between major classes of inventory at year end is as follows: | ||||||||||||
December 28, | December 29, | |||||||||||
2013 | 2012 | |||||||||||
Raw Material and Work In Process | 41 | % | 43 | % | ||||||||
Finished Goods and Purchased Parts | 59 | % | 57 | % | ||||||||
Inventories are stated at cost, which is not in excess of market. Cost for approximately 49% of the Company's inventory at December 28, 2013 and 31% at December 29, 2012 was determined using the LIFO method. If all inventories were valued on the FIFO method, they would have increased by $58.2 million and $60.0 million as of December 28, 2013 and December 29, 2012, respectively. Material, labor and factory overhead costs are included in the inventories. | ||||||||||||
The Company reviews inventories for excess and obsolete products or components. Based on an analysis of historical usage and management's evaluation of estimated future demand, market conditions and alternative uses for possible excess or obsolete parts, the Company records inventories at net realizable value. | ||||||||||||
Property Plant and Equipment Policy Text Block | ' | |||||||||||
Property, Plant and Equipment | ||||||||||||
Property, Plant and Equipment ("PP&E") are stated at cost. Depreciation of plant and equipment is provided principally on a straight-line basis over the estimated useful lives (3 to 50 years) of the depreciable assets. Accelerated methods are used for income tax purposes. | ||||||||||||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures which extend the useful lives of existing equipment are capitalized and depreciated. | ||||||||||||
Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. | ||||||||||||
The Company evaluates property, plant and equipment whenever events or circumstances have occurred that may indicate that carrying values may not be recoverable. If an indicator is present, the Company evaluates carrying values as compared to undiscounted estimated future cash flows. If such estimated future cash flows are less than carrying value, an impairment would be recognized. | ||||||||||||
Property, plant and equipment by major classification was as follows (in millions): | ||||||||||||
Useful Life (In Years) | 28-Dec-13 | December 29, | ||||||||||
2012 | ||||||||||||
Land and Improvements | $ | 72.3 | $ | 76.2 | ||||||||
Buildings and Improvements | Mar-50 | 231.1 | 212.7 | |||||||||
Machinery and Equipment | 15-Mar | 794.5 | 747.5 | |||||||||
Property, Plant and Equipment | 1,097.90 | 1,036.40 | ||||||||||
Less: Accumulated Depreciation | (524.5 | ) | (463.3 | ) | ||||||||
Net Property, Plant and Equipment | $ | 573.4 | $ | 573.1 | ||||||||
Commitments for property, plant and equipment purchases were $18.8 million at December 28, 2013. | ||||||||||||
Goodwill And Intangible Assets | ' | |||||||||||
Goodwill | ||||||||||||
The Company evaluates the carrying amount of goodwill annually or more frequently if events or circumstances indicate that an asset might be impaired. Factors that could trigger an impairment review include significant underperformance relative to historical or forecasted operating results, a significant decrease in the market value of an asset or significant negative industry or economic trends. The Company performs the required annual goodwill impairment test as of the end of the October fiscal month. | ||||||||||||
The Company uses a weighting of the market approach and the income approach (discounted cash flow method) in testing goodwill for impairment. In the market approach, the Company applies performance multiples from comparable public companies, adjusted for relative risk, profitability, and growth considerations, to the reporting units to estimate fair value. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue growth rates, terminal growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (“WACC”). The WACC considers market and industry data as well as Company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Terminal growth rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and long-term growth rates. | ||||||||||||
The calculated fair values for the Company's 2013 impairment testing exceeded the carrying values of the reporting units for a majority of the Company's reporting units. There were certain reporting units where the calculated fair values were less than the carrying values. The Electrical segment impacted units experienced declines in sales and profitability that were more pronounced in the latter part of fiscal 2013, combined with reduced expected cash flow from weak economic conditions in regions such as Australia, India and Europe. Another reporting unit had reduced future cash flows from a slower than expected adoption of switched reluctance motor technology. In the Mechanical segment, a reporting unit's expected cash flows were reduced by weak sales for the hydraulic fracturing market within the oil and gas industry. An implied goodwill amount was then calculated as a required second step in the testing, using the estimated fair value of all assets and liabilities of the reporting unit as if the unit had been acquired in a business combination. The resulting implied fair value of goodwill is a Level 3 asset measured at fair value on a non-recurring basis (see also Note 14 of the Notes to the Consolidated Financial Statements for fair value definitions). The total goodwill impairment charge related to these reporting units was $76.3 million and was recorded in Asset Impairment and Other, Net. | ||||||||||||
Intangible Assets | ||||||||||||
The Company evaluates the recoverability of the carrying amount of intangible assets whenever events or changes in circumstance indicate that the carrying amount of an asset may not be fully recoverable through future cash flows. Factors that could trigger an impairment review include a significant decrease in the market value of an asset or significant negative or economic trends. For definite-lived intangible assets, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the primary asset to estimate recoverability. | ||||||||||||
During 2013, indicators related to the future expected cash flows of certain reporting units triggered a detailed undiscounted cash flow test of long-lived assets, which included intangible assets. Undiscounted cash flows were determined using the Company's internal projections which are Level 3 measurements (see also Note 14 of Notes to the Consolidated Financial Statements for fair value definitions). As a result, in-process research and development technology intangible assets totaling $16.2 million, related to switched reluctance technology, and $0.8 million of customer relationship intangible assets related to a European motor distribution reporting unit were impaired and recorded in Asset Impairments and Other, Net. | ||||||||||||
The Company does not have any indefinite-lived intangible assets. | ||||||||||||
Asset Impairments and Other, Net | ||||||||||||
During the year ended December 28, 2013, the Company recognized a loss on certain goodwill and intangible asset impairments as discussed above, which was netted with a gain from a fair value adjustment for a contingent consideration liability related to one of the reporting units (see Note 14 of Notes to the Consolidated Financial Statements). | ||||||||||||
The details were as follows (in millions): | ||||||||||||
Electrical Group | Mechanical Group | Total | ||||||||||
Goodwill Impairment | $ | 64.2 | $ | 12.1 | $ | 76.3 | ||||||
Impairment of Technology Intangible Assets | 16.2 | — | 16.2 | |||||||||
Impairment of Customer Relationships Intangible Assets | 0.8 | — | 0.8 | |||||||||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 12.3 | — | 12.3 | |||||||||
Asset Impairments and Other, Net | $ | 68.9 | $ | 12.1 | $ | 81 | ||||||
Impairment Of Long-Lived Assets And Amortizable Intangible Assets | ' | |||||||||||
Asset Impairments and Other, Net | ||||||||||||
During the year ended December 28, 2013, the Company recognized a loss on certain goodwill and intangible asset impairments as discussed above, which was netted with a gain from a fair value adjustment for a contingent consideration liability related to one of the reporting units (see Note 14 of Notes to the Consolidated Financial Statements). | ||||||||||||
The details were as follows (in millions): | ||||||||||||
Electrical Group | Mechanical Group | Total | ||||||||||
Goodwill Impairment | $ | 64.2 | $ | 12.1 | $ | 76.3 | ||||||
Impairment of Technology Intangible Assets | 16.2 | — | 16.2 | |||||||||
Impairment of Customer Relationships Intangible Assets | 0.8 | — | 0.8 | |||||||||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 12.3 | — | 12.3 | |||||||||
Asset Impairments and Other, Net | $ | 68.9 | $ | 12.1 | $ | 81 | ||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||||||
The details were as follows (in millions): | ||||||||||||
Electrical Group | Mechanical Group | Total | ||||||||||
Goodwill Impairment | $ | 64.2 | $ | 12.1 | $ | 76.3 | ||||||
Impairment of Technology Intangible Assets | 16.2 | — | 16.2 | |||||||||
Impairment of Customer Relationships Intangible Assets | 0.8 | — | 0.8 | |||||||||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 12.3 | — | 12.3 | |||||||||
Asset Impairments and Other, Net | $ | 68.9 | $ | 12.1 | $ | 81 | ||||||
Earnings Per Share (EPS) | ' | |||||||||||
Earnings per Share (“EPS”) | ||||||||||||
Diluted earnings per share is computed based upon earnings applicable to common shares divided by the weighted-average number of common shares outstanding during the period adjusted for the effect of other dilutive securities. Options for common shares where the exercise price was above the market price have been excluded from the calculation of effect of dilutive securities shown below; the amount of these shares were 0.7 million in 2013, 0.3 million in 2012 and 0.7 million in 2011. The following table reconciles the basic and diluted shares used in EPS calculations for the years ended (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Denominator for Basic EPS | 45 | 41.8 | 39.7 | |||||||||
Effect of Dilutive Securities | 0.4 | 0.3 | 0.4 | |||||||||
Denominator for Diluted EPS | 45.4 | 42.1 | 40.1 | |||||||||
Retirement Plans | ' | |||||||||||
Retirement Plans | ||||||||||||
Approximately half of the Company's domestic employees are covered by defined benefit pension plans with the remaining employees covered by defined contribution plans. The defined benefit pension plans covering a majority of the Company's domestic employees have been closed to new employees and frozen for existing employees. Most of the Company's foreign employees are covered by government sponsored plans in the countries in which they are employed. The Company's obligations under its defined benefit pension plans are determined with the assistance of actuarial firms. The actuaries, under management's direction, make certain assumptions regarding such factors as withdrawal rates and mortality rates. The actuaries also provide information and recommendations from which management makes further assumptions on such factors as the long-term expected rate of return on plan assets, the discount rate on benefit obligations and where applicable, the rate of annual compensation increases. | ||||||||||||
Based upon the assumptions made, the investments made by the plans, overall conditions and movement in financial markets, life-spans of benefit recipients and other factors, annual expenses and recorded assets or liabilities of these defined benefit pension plans may change significantly from year to year. | ||||||||||||
Derivative Financial Instruments | ' | |||||||||||
Derivative Financial Instruments | ||||||||||||
Derivative instruments are recorded on the consolidated balance sheet at fair value. Any fair value changes are recorded in net earnings or Accumulated Other Comprehensive Loss as determined under accounting guidance that establishes criteria for designation and effectiveness of the hedging relationships. | ||||||||||||
The Company uses derivative instruments to manage its exposure to fluctuations in certain raw material commodity pricing, fluctuations in the cost of forecasted foreign currency transactions, and variability in interest rate exposure on floating rate borrowings. The majority of derivative instruments have been designated as cash flow hedges (see also Note 13 of Notes to the Consolidated Financial Statements). | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The Company operates in numerous taxing jurisdictions and is subject to regular examinations by various U.S. Federal, state and foreign jurisdictions for various tax periods. Its income tax positions are based on research and interpretations of the income tax laws and rulings in each of the jurisdictions in which it does business. Due to the subjectivity of interpretations of laws and rulings in each jurisdiction, the differences and interplay in tax laws between those jurisdictions as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, estimates of income tax liabilities may differ from actual payments or assessments. | ||||||||||||
Foreign Currency Translation | ' | |||||||||||
Foreign Currency Translation | ||||||||||||
For those operations using a functional currency other than the U.S. dollar, assets and liabilities are translated into U.S. dollars at year-end exchange rates, and revenues and expenses are translated at weighted-average exchange rates. The resulting translation adjustments are recorded as a separate component of shareholders' equity. | ||||||||||||
Product Warranty Reserves | ' | |||||||||||
Product Warranty Reserves | ||||||||||||
The Company maintains reserves for product warranty to cover the stated warranty periods for its products. Such reserves are established based on an evaluation of historical warranty experience and specific significant warranty matters when they become known and can reasonably be estimated. | ||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Foreign currency translation adjustments, unrealized gains and losses on derivative instruments designated as hedges and pension liability adjustments are included in shareholders' equity under accumulated other comprehensive loss. | ||||||||||||
The components of the ending balances of Accumulated Other Comprehensive Loss are as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Foreign Currency Translation Adjustments | $ | (27.0 | ) | $ | (6.0 | ) | ||||||
Hedging Activities, net of tax of $(5.9) in 2013 and $(10.7) in 2012 | (9.5 | ) | (17.4 | ) | ||||||||
Pension and Post Retirement Benefits, net of tax of $(14.3) in 2013 and $(25.7) in 2012 | (23.3 | ) | (41.9 | ) | ||||||||
Total | $ | (59.8 | ) | $ | (65.3 | ) | ||||||
Legal Claims | ' | |||||||||||
Legal Claims | ||||||||||||
The Company records expenses and liabilities when the Company believes that an obligation of the Company on a specific matter is probable and there is a basis to reasonably estimate the value of the obligation. This methodology is used for legal claims that are filed against the Company from time to time. The uncertainty that is associated with such matters frequently requires adjustments to the liabilities previously recorded. | ||||||||||||
Fair Values | ' | |||||||||||
Fair Values of Financial Instruments | ||||||||||||
The fair values of cash and cash equivalents, investments, trade receivables and accounts payable approximate the carrying values due to the short period of time to maturity. The fair value of long-term debt is estimated using discounted cash flows based on rates for instruments with comparable maturities and credit ratings. The fair value of pension assets, derivative instruments and contingent purchase price obligations is determined based on the methods disclosed in Notes 8 and 14 of Notes to the Consolidated Financial Statements. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Property, Plant and Equipment [Line Items] | ' | |||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||
Property, plant and equipment by major classification was as follows (in millions): | ||||||||||
Useful Life (In Years) | 28-Dec-13 | December 29, | ||||||||
2012 | ||||||||||
Land and Improvements | $ | 72.3 | $ | 76.2 | ||||||
Buildings and Improvements | Mar-50 | 231.1 | 212.7 | |||||||
Machinery and Equipment | 15-Mar | 794.5 | 747.5 | |||||||
Property, Plant and Equipment | 1,097.90 | 1,036.40 | ||||||||
Less: Accumulated Depreciation | (524.5 | ) | (463.3 | ) | ||||||
Net Property, Plant and Equipment | $ | 573.4 | $ | 573.1 | ||||||
Percentage Distribution Between Major Classes Of Inventory | ' | |||||||||
The approximate percentage distribution between major classes of inventory at year end is as follows: | ||||||||||
December 28, | December 29, | |||||||||
2013 | 2012 | |||||||||
Raw Material and Work In Process | 41 | % | 43 | % | ||||||
Finished Goods and Purchased Parts | 59 | % | 57 | % | ||||||
Earnings Per Share Reconciliation | ' | |||||||||
The following table reconciles the basic and diluted shares used in EPS calculations for the years ended (in millions): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Denominator for Basic EPS | 45 | 41.8 | 39.7 | |||||||
Effect of Dilutive Securities | 0.4 | 0.3 | 0.4 | |||||||
Denominator for Diluted EPS | 45.4 | 42.1 | 40.1 | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||||
The components of the ending balances of Accumulated Other Comprehensive Loss are as follows (in millions): | ||||||||||
2013 | 2012 | |||||||||
Foreign Currency Translation Adjustments | $ | (27.0 | ) | $ | (6.0 | ) | ||||
Hedging Activities, net of tax of $(5.9) in 2013 and $(10.7) in 2012 | (9.5 | ) | (17.4 | ) | ||||||
Pension and Post Retirement Benefits, net of tax of $(14.3) in 2013 and $(25.7) in 2012 | (23.3 | ) | (41.9 | ) | ||||||
Total | $ | (59.8 | ) | $ | (65.3 | ) |
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule Of Changes To Goodwill | ' | |||||||||||||||||||||
The following table presents changes to goodwill during the periods indicated (in millions): | ||||||||||||||||||||||
Total | Electrical Segment | Mechanical Segment | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,117.60 | $ | 1,105.00 | $ | 12.6 | ||||||||||||||||
Acquisitions and valuation adjustments | 25.9 | 2.7 | 23.2 | |||||||||||||||||||
Translation adjustments | 7.5 | 4 | 3.5 | |||||||||||||||||||
Balance as of December 29, 2012 | $ | 1,151.00 | $ | 1,111.70 | $ | 39.3 | ||||||||||||||||
Acquisitions and valuation adjustments | 15.3 | 15.3 | — | |||||||||||||||||||
Less: Impairment charges | 76.3 | 64.2 | 12.1 | |||||||||||||||||||
Translation adjustments | (8.1 | ) | (7.8 | ) | (0.3 | ) | ||||||||||||||||
Balance as of December 28, 2013 | $ | 1,081.90 | $ | 1,055.00 | $ | 26.9 | ||||||||||||||||
Cumulative goodwill impairment charges | $ | 76.3 | $ | 64.2 | $ | 12.1 | ||||||||||||||||
Schedule Of Gross Intangibles | ' | |||||||||||||||||||||
Gross intangible assets consist of the following (in millions): | ||||||||||||||||||||||
Useful Life (years) | December 29, | Acquisitions | Impairment Charges | Translation Adjustments | December 28, 2013 | |||||||||||||||||
2012 | ||||||||||||||||||||||
Customer Relationships | 14-Mar | $ | 244.9 | $ | 10.3 | $ | 0.8 | $ | (0.6 | ) | $ | 253.8 | ||||||||||
Technology/IPRD | 9-Mar | 147.5 | 1.8 | 16.2 | (0.1 | ) | 133 | |||||||||||||||
Trademarks | 20-Mar | 32.7 | 0.4 | — | (0.5 | ) | 32.6 | |||||||||||||||
Patent and Engineering Drawings | 10 | 16.6 | — | — | — | 16.6 | ||||||||||||||||
Non-compete Agreements | 5-Mar | 8.2 | — | — | 0.1 | 8.3 | ||||||||||||||||
Total Gross Intangibles | $ | 449.9 | $ | 12.5 | $ | 17 | $ | (1.1 | ) | $ | 444.3 | |||||||||||
Schedule Of Accumulated Amortization | ' | |||||||||||||||||||||
Accumulated amortization on intangible assets consist of the following: | ||||||||||||||||||||||
December 29, 2012 | Amortization | Translation Adjustments | December 28, 2013 | |||||||||||||||||||
Customer Relationships | $ | 78.7 | $ | 23 | $ | 0.3 | $ | 101.4 | ||||||||||||||
Technology | 41.8 | 16.4 | 0.3 | 57.9 | ||||||||||||||||||
Trademarks | 15.7 | 2.5 | 0.2 | 18 | ||||||||||||||||||
Patent and Engineering Drawings | 13.3 | 1.7 | — | 15 | ||||||||||||||||||
Non-compete Agreements | 7.2 | 0.5 | (0.1 | ) | 7.8 | |||||||||||||||||
Total Accumulated Amortization | $ | 156.7 | $ | 44.1 | $ | 0.7 | $ | 200.1 | ||||||||||||||
Intangible Assets, Net of Amortization | $ | 293.2 | $ | 244.2 | ||||||||||||||||||
Schedule Of Estimated Amortization | ' | |||||||||||||||||||||
Estimated Amortization | ||||||||||||||||||||||
Year | ||||||||||||||||||||||
2014 | $ | 42.9 | ||||||||||||||||||||
2015 | 36.3 | |||||||||||||||||||||
2016 | 31.2 | |||||||||||||||||||||
2017 | 25.1 | |||||||||||||||||||||
2018 | 23.8 | |||||||||||||||||||||
Industry_Segment_Information_T
Industry Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule Of Financial Information Attributable To The Reporting Segments | ' | ||||||||||||||||
The following sets forth certain financial information attributable to the Company's reporting segments for fiscal 2013, fiscal 2012 and fiscal 2011, respectively (in millions): | |||||||||||||||||
Electrical | Mechanical | Eliminations | Total | ||||||||||||||
Fiscal 2013 | |||||||||||||||||
External sales | $ | 2,836.70 | $ | 259 | $ | — | $ | 3,095.70 | |||||||||
Intersegment sales | 4.4 | 5 | (9.4 | ) | — | ||||||||||||
Total sales | 2,841.10 | 264 | (9.4 | ) | 3,095.70 | ||||||||||||
Gross profit | 714.4 | 68.8 | — | 783.2 | |||||||||||||
Operating expenses | 456.9 | 37.3 | — | 494.2 | |||||||||||||
Asset impairments and other, net | 68.9 | 12.1 | — | 81 | |||||||||||||
Income from operations | 188.6 | 19.4 | — | 208 | |||||||||||||
Identifiable assets | 3,429.20 | 214.3 | — | 3,643.50 | |||||||||||||
Depreciation and amortization | 115.8 | 12.7 | — | 128.5 | |||||||||||||
Capital expenditures | 74.3 | 8.4 | — | 82.7 | |||||||||||||
Fiscal 2012 | |||||||||||||||||
External Sales | $ | 2,870.20 | $ | 296.7 | $ | — | $ | 3,166.90 | |||||||||
Intersegment sales | 3.5 | 3.9 | (7.4 | ) | — | ||||||||||||
Total sales | 2,873.70 | 300.6 | (7.4 | ) | 3,166.90 | ||||||||||||
Gross profit | 691.7 | 79.3 | — | 771 | |||||||||||||
Operating expenses | 418 | 40.2 | — | 458.2 | |||||||||||||
Income from operations | 273.7 | 39.1 | — | 312.8 | |||||||||||||
Identifiable assets | 3,323.60 | 245.5 | — | 3,569.10 | |||||||||||||
Depreciation and amortization | 114 | 12 | — | 126 | |||||||||||||
Capital expenditures | 82.2 | 8.8 | — | 91 | |||||||||||||
Fiscal 2011 | |||||||||||||||||
External sales | $ | 2,533.30 | $ | 275 | $ | — | $ | 2,808.30 | |||||||||
Intersegment sales | 8.8 | 2.5 | (11.3 | ) | — | ||||||||||||
Total sales | 2,542.10 | 277.5 | (11.3 | ) | 2,808.30 | ||||||||||||
Gross profit | 590.9 | 75.1 | — | 666 | |||||||||||||
Operating expenses | 368.4 | 41.9 | — | 410.3 | |||||||||||||
Income from operations | 222.6 | 33.1 | — | 255.7 | |||||||||||||
Identifiable assets | 3,139.30 | 127.2 | — | 3,266.50 | |||||||||||||
Depreciation and amortization | 92 | 6.2 | — | 98.2 | |||||||||||||
Capital expenditures | 53.8 | 3.8 | — | 57.6 | |||||||||||||
Schedule Of Financial Information Attributable To Geographic Regions | ' | ||||||||||||||||
The following sets forth net sales by country in which the Company operates for fiscal 2013, fiscal 2012 and fiscal 2011, respectively (in millions): | |||||||||||||||||
Net Sales | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Geographic Information: | |||||||||||||||||
United States | $ | 2,017.60 | $ | 2,127.20 | $ | 1,798.20 | |||||||||||
Rest of the World | 1,078.10 | 1,039.70 | 1,010.10 | ||||||||||||||
$ | 3,095.70 | $ | 3,166.90 | $ | 2,808.30 | ||||||||||||
The following sets forth long-lived assets by country in which the Company operates for fiscal 2013 and fiscal 2012, respectively (in millions): | |||||||||||||||||
Long-lived Assets | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Geographic Information: | |||||||||||||||||
United States | $ | 244.5 | $ | 232.7 | |||||||||||||
Mexico | 111.4 | 117.2 | |||||||||||||||
China | 111.4 | 107.5 | |||||||||||||||
Rest of the World | 106.1 | 115.7 | |||||||||||||||
$ | 573.4 | $ | 573.1 | ||||||||||||||
Debt_And_Bank_Credit_Facilitie1
Debt And Bank Credit Facilities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Schedule Of Indebtedness | ' | ||||||||
The Company's indebtedness as of December 28, 2013 and December 29, 2012 was as follows (in millions): | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Senior Notes | $ | 750 | $ | 750 | |||||
Term Loan | — | 55 | |||||||
Other | 17.4 | 13.5 | |||||||
767.4 | 818.5 | ||||||||
Less: Current Maturities | 158.4 | 63.8 | |||||||
Non-current Portion | $ | 609 | $ | 754.7 | |||||
Details Of The Senior Notes | ' | ||||||||
Details on the Notes at December 28, 2013 were (in millions): | |||||||||
Principal | Interest Rate | Maturity | |||||||
Floating Rate Series 2007A | $ | 150 | Floating (1) | 1-Aug-14 | |||||
Floating Rate Series 2007A | 100 | Floating (1) | 1-Aug-17 | ||||||
Fixed Rate Series 2011A | 100 | 4.10% | 1-Jul-18 | ||||||
Fixed Rate Series 2011A | 230 | 4.8 to 5.0% | 1-Jul-21 | ||||||
Fixed Rate Series 2011A | 170 | 4.9 to 5.1% | 1-Jul-23 | ||||||
$ | 750 | ||||||||
(1) Interest rates vary as LIBOR varies. At December 28, 2013, the interest rate was between 0.8% and 0.9%. | |||||||||
Maturities Of Long-Term Debt | ' | ||||||||
Details on the Notes at December 28, 2013 were (in millions): | |||||||||
Principal | Interest Rate | Maturity | |||||||
Floating Rate Series 2007A | $ | 150 | Floating (1) | 1-Aug-14 | |||||
Floating Rate Series 2007A | 100 | Floating (1) | 1-Aug-17 | ||||||
Fixed Rate Series 2011A | 100 | 4.10% | 1-Jul-18 | ||||||
Fixed Rate Series 2011A | 230 | 4.8 to 5.0% | 1-Jul-21 | ||||||
Fixed Rate Series 2011A | 170 | 4.9 to 5.1% | 1-Jul-23 | ||||||
$ | 750 | ||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||
Schedule Of Defined Benefit Pension Assets Investment | ' | |||||||||||||||
The Company's target allocation, target return and actual weighted-average asset allocation by asset category are as follows: | ||||||||||||||||
Target | Actual Allocation | |||||||||||||||
Allocation | Return | 2013 | 2012 | |||||||||||||
Equity investments | 73 | % | 8 - 11 % | 69 | % | 69 | % | |||||||||
Fixed income | 17 | % | 3.5 - 4.5% | 22 | % | 23 | % | |||||||||
Other | 10 | % | 6 - 8% | 9 | % | 8 | % | |||||||||
Total | 100 | % | 8 | % | 100 | % | 100 | % | ||||||||
Schedule Of Reconciliation Of Funded Status Of The Defined Benefit Pension Plans | ' | |||||||||||||||
The following table presents a reconciliation of the funded status of the defined benefit pension plans (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Obligation at beginning of period | $ | 181.2 | $ | 158.6 | ||||||||||||
Service cost | 2.9 | 2.5 | ||||||||||||||
Interest cost | 7.6 | 7.9 | ||||||||||||||
Actuarial (gain) loss | (13.5 | ) | 19.1 | |||||||||||||
Plan amendments | — | 0.1 | ||||||||||||||
Less: Benefits paid | 7.4 | 7.3 | ||||||||||||||
Foreign currency translation | — | 0.3 | ||||||||||||||
Obligation at end of period: | $ | 170.8 | $ | 181.2 | ||||||||||||
Change in fair value of plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of period | 109.5 | 94.4 | ||||||||||||||
Actual return on plan assets | 21 | 10.5 | ||||||||||||||
Employer contributions | 5.5 | 11.7 | ||||||||||||||
Less: Benefits paid | 7.4 | 7.3 | ||||||||||||||
Foreign currency translation | — | 0.2 | ||||||||||||||
Fair value of plan assets at end of period | $ | 128.6 | $ | 109.5 | ||||||||||||
Funded status | $ | (42.2 | ) | $ | (71.7 | ) | ||||||||||
Schedule Of Fair Value Of Plan Assets | ' | |||||||||||||||
December 28, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 2 | $ | 2 | $ | — | $ | — | ||||||||
Common stocks: | ||||||||||||||||
Domestic equities | 22.1 | 22.1 | — | — | ||||||||||||
International equities | 7.6 | — | 7.6 | — | ||||||||||||
Common collective trust funds: | ||||||||||||||||
Fixed income funds | 12 | — | 12 | — | ||||||||||||
U.S. equity funds | 28 | — | 28 | — | ||||||||||||
International equity funds | 3.5 | — | 3.5 | — | ||||||||||||
Other | 1.6 | — | 1.6 | — | ||||||||||||
Mutual funds: | ||||||||||||||||
U.S. equity funds | 15.5 | 15.5 | — | — | ||||||||||||
Balanced funds | 12 | 12 | — | — | ||||||||||||
International equity funds | 14.2 | 14.2 | — | — | ||||||||||||
Real estate fund | 5.5 | — | — | 5.5 | ||||||||||||
Global emerging markets fund limited partnership | 4.6 | — | — | 4.6 | ||||||||||||
Total | $ | 128.6 | $ | 65.8 | $ | 52.7 | $ | 10.1 | ||||||||
December 29, 2012 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 2.1 | $ | — | $ | — | ||||||||
Common stocks: | ||||||||||||||||
Domestic equities | 16.5 | 16.5 | — | — | ||||||||||||
International equities | 6.8 | — | 6.8 | — | ||||||||||||
Common collective trust funds: | ||||||||||||||||
Fixed income funds | 18.4 | — | 18.4 | — | ||||||||||||
U.S. equity funds | 23.1 | — | 23.1 | — | ||||||||||||
International equity funds | 6.9 | — | 6.9 | — | ||||||||||||
Mutual funds: | ||||||||||||||||
U.S. equity funds | 11.9 | 11.9 | — | — | ||||||||||||
Balanced funds | 9.6 | 9.6 | — | |||||||||||||
International equity funds | 5 | 5 | — | |||||||||||||
Real estate fund | 4.9 | — | — | 4.9 | ||||||||||||
Global emerging markets fund limited partnership | 4.3 | — | — | 4.3 | ||||||||||||
Total | $ | 109.5 | $ | 45.1 | 55.2 | $ | 9.2 | |||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | ' | |||||||||||||||
The table below sets forth a summary of changes in the Company's Level 3 assets in its pension plan investments as of December 28, 2013 and December 29, 2012 (in millions). | ||||||||||||||||
December 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | $ | 9.2 | $ | 7.4 | ||||||||||||
Net purchases | 0.7 | 0.9 | ||||||||||||||
Net gains | 0.2 | 0.9 | ||||||||||||||
Ending balance | $ | 10.1 | $ | 9.2 | ||||||||||||
Schedule Of Amounts Recognized Defined Benefit Pension Plans | ' | |||||||||||||||
The Company recognized the funded status of its defined benefit pension plans on the balance sheet as follows (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Accrued compensation and employee benefits | $ | 2.5 | $ | 2.5 | ||||||||||||
Pension and other post retirement benefits | 39.7 | 69.2 | ||||||||||||||
$ | 42.2 | $ | 71.7 | |||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||
Net actuarial loss | $ | 36 | 64.9 | |||||||||||||
Prior service cost | 1.6 | 1.8 | ||||||||||||||
$ | 37.6 | $ | 66.7 | |||||||||||||
Schedule Of Defined Benefit Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets | ' | |||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans in which the accumulated benefit obligation exceeded the value of plan assets as of December 28, 2013 were $50.4 million, $43.0 million and $9.1 million, respectively. The accumulated plan benefit obligation exceeded plan assets for all pension plans as of December 29, 2012. | ||||||||||||||||
Schedule Of Weighted-Average Assumptions Used To Determine Projected Benefit Obligation | ' | |||||||||||||||
The following assumptions were used to determine the projected benefit obligation at December 28, 2013 and December 29, 2012, respectively. | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Discount rate | 4.3% to 5.3% | 3.5% to 4.5% | ||||||||||||||
Expected long-term rate of return on assets | 8.00% | 8.00% | ||||||||||||||
Schedule Of Net Periodic Pension Benefit Costs For The Defined Benefit Pension Plans | ' | |||||||||||||||
Net periodic pension benefit costs and the net actuarial loss and prior service cost recognized in other comprehensive income (“OCI”) for the defined benefit pension plans were as follows (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 2.9 | $ | 2.5 | $ | 2.5 | ||||||||||
Interest cost | 7.6 | 7.9 | 7.9 | |||||||||||||
Expected return on plan assets | (8.7 | ) | (8.0 | ) | (7.3 | ) | ||||||||||
Amortization of net actuarial loss | 4.1 | 3.6 | 3.2 | |||||||||||||
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | |||||||||||||
Curtailment gain | — | — | (1.7 | ) | ||||||||||||
Net periodic benefit cost | $ | 6.1 | $ | 6.2 | $ | 4.8 | ||||||||||
Change in benefit obligations recognized in OCI, net of tax | ||||||||||||||||
Prior service cost | $ | 0.1 | $ | (0.3 | ) | $ | 0.2 | |||||||||
Net actuarial loss | 2.5 | 3.6 | 3.7 | |||||||||||||
Total recognized in OCI | $ | 2.6 | $ | 3.3 | $ | 3.9 | ||||||||||
Schedule Of Assumptions Used To Determine Net Periodic Pension Cost | ' | |||||||||||||||
The following assumptions were used to determine net periodic pension cost for fiscal years 2013, 2012 and 2011, respectively. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Discount rate | 3.5% to 4.5% | 4.4% to 5.3% | 5.2% to 5.9% | |||||||||||||
Expected long-term rate of return on assets | 8.00% | 8.30% | 8.30% | |||||||||||||
Schedule Of Pension Benefit Payments Expected Future Service | ' | |||||||||||||||
The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in millions): | ||||||||||||||||
Expected Payments | ||||||||||||||||
Year | ||||||||||||||||
2014 | $ | 8.5 | ||||||||||||||
2015 | 9 | |||||||||||||||
2016 | 9.4 | |||||||||||||||
2017 | 9.9 | |||||||||||||||
2018 | 10.7 | |||||||||||||||
2019 - 2023 | 60.2 | |||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Assumptions used in Black-Scholes Valuation for Options and SAR's | ' | ||||||||||||
The assumptions used in the Company's Black-Scholes valuation related to grants for options and SAR's were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Per share weighted average fair value of grants | $ | 23.01 | $ | 22.45 | $ | 25.8 | |||||||
Risk-free interest rate | 1.1 | % | 1.3 | % | 2.3 | % | |||||||
Expected life (years) | 7 | 7 | 7 | ||||||||||
Expected volatility | 38.5 | % | 37.6 | % | 35.6 | % | |||||||
Expected dividend yield | 1.2 | % | 1.2 | % | 1 | % | |||||||
Share-based Incentive Plan Grant Activity (Options and SAR's) | ' | ||||||||||||
Following is a summary of share-based incentive plan grant activity (options and SAR's) for fiscal 2013. | |||||||||||||
Number of Shares Under Option | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions) | |||||||||
Outstanding at December 29, 2012 | 1,568,425 | $ | 54.02 | ||||||||||
Granted | 174,775 | 64.99 | |||||||||||
Exercised | (127,636 | ) | 41.65 | ||||||||||
Forfeited | (52,294 | ) | 63.04 | ||||||||||
Outstanding at December 28, 2013 | 1,563,270 | 56.04 | 6.1 | $ | 27.3 | ||||||||
Exercisable at December 28, 2013 | 791,614 | 48.26 | 4.5 | 20.1 | |||||||||
Share-based Compensation Activity | ' | ||||||||||||
RSA Award Activity | ' | ||||||||||||
Following is a summary of RSA award activity for fiscal 2013: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSA's at December 29, 2012 | 39,180 | $ | 65.42 | 2 | |||||||||
Granted | 15,037 | 65.03 | |||||||||||
Vested | (13,500 | ) | 61.7 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested RSA's December 28, 2013 | 40,717 | $ | 66.5 | 0.8 | |||||||||
RSU Award Activity | ' | ||||||||||||
Following is a summary of RSU award activity for fiscal 2013: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSU's at December 29, 2012 | 156,946 | $ | 64.84 | 1.9 | |||||||||
Granted | 90,105 | 65.03 | |||||||||||
Vested | (27,962 | ) | 60.46 | ||||||||||
Forfeited | (8,825 | ) | 63.22 | ||||||||||
Unvested RSU's at December 28, 2013 | 210,264 | $ | 65.57 | 1.9 | |||||||||
PSU Award Activity | ' | ||||||||||||
Following is a summary of PSU award activity for fiscal 2013: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested PSU's at December 29, 2012 | — | $ | — | ||||||||||
Granted | 36,490 | 56.71 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (760 | ) | 56.71 | ||||||||||
Unvested PSU's at December 28, 2013 | 35,730 | $ | 56.71 | 2.4 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Before Taxes And Noncontrolling Interest | ' | ||||||||||||
Income before taxes consisted of the following (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 75.4 | $ | 121.3 | $ | 137 | |||||||
Foreign | 95.1 | 148.6 | 89.3 | ||||||||||
Total | $ | 170.5 | $ | 269.9 | $ | 226.3 | |||||||
Provision For Income Taxes | ' | ||||||||||||
The provision for income taxes is summarized as follows (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 15.4 | $ | 24.5 | $ | 41.6 | |||||||
State | 4.8 | 7.2 | 5.7 | ||||||||||
Foreign | 29.8 | 31.4 | 18.7 | ||||||||||
50 | 63.1 | 66 | |||||||||||
Deferred | (5.5 | ) | 6.5 | 2.3 | |||||||||
Total | $ | 44.5 | $ | 69.6 | $ | 68.3 | |||||||
Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate | ' | ||||||||||||
A reconciliation of the statutory Federal income tax rate and the effective tax rate reflected in the consolidated statements of income follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 1.9 | % | 2 | % | 1.7 | % | |||||||
Domestic production activities deduction | (1.4 | )% | (1.0 | )% | (1.7 | )% | |||||||
Foreign rate differential - China | (4.4 | )% | (2.1 | )% | (0.7 | )% | |||||||
Foreign rate differential - All Other | (9.2 | )% | (9.3 | )% | (4.9 | )% | |||||||
Research and development credit | (4.5 | )% | — | % | — | % | |||||||
Statutory tax rate change | (2.6 | )% | — | % | — | % | |||||||
Goodwill impairment | 13.2 | % | — | % | — | % | |||||||
Valuation allowance | 1.7 | % | — | % | — | % | |||||||
Adjustments to tax accruals and reserves | — | % | 0.5 | % | 0.7 | % | |||||||
Other | (3.6 | )% | 0.7 | % | 0.1 | % | |||||||
Effective tax rate | 26.1 | % | 25.8 | % | 30.2 | % | |||||||
Components Of Net Deferred Tax Asset (Liability) | ' | ||||||||||||
The components of this net deferred tax liability are as follows (in millions): | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Accrued employee benefits | $ | 43.5 | $ | 43.1 | |||||||||
Bad debt allowances | 2.6 | 1 | |||||||||||
Warranty accruals | 4.9 | 5.7 | |||||||||||
Inventory | 7.7 | 9.3 | |||||||||||
Accrued liabilities | 13.2 | 11.7 | |||||||||||
Derivative instruments | 5.9 | 10.7 | |||||||||||
Tax loss carryforward | 11.4 | 11.3 | |||||||||||
Valuation allowance | (5.9 | ) | (3.0 | ) | |||||||||
Other | 1.4 | 0.2 | |||||||||||
Deferred tax assets | 84.7 | 90 | |||||||||||
Property related | (41.6 | ) | (39.6 | ) | |||||||||
Intangible items | (136.6 | ) | (133.7 | ) | |||||||||
Deferred tax liabilities | (178.2 | ) | (173.3 | ) | |||||||||
Net deferred tax liability | $ | (93.5 | ) | $ | (83.3 | ) | |||||||
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | ' | ||||||||||||
Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions): | |||||||||||||
Unrecognized tax benefits, January 1, 2011 | $ | 5.5 | |||||||||||
Gross increases from prior period tax positions | 1.6 | ||||||||||||
Gross increases from current period tax positions | 0.2 | ||||||||||||
Settlements with taxing authorities | (0.2 | ) | |||||||||||
Lapse of statute of limitations | — | ||||||||||||
Unrecognized tax benefits, December 31, 2011 | $ | 7.1 | |||||||||||
Gross increases from prior period tax positions | 0.7 | ||||||||||||
Gross increases from current period tax positions | — | ||||||||||||
Settlements with taxing authorities | (1.6 | ) | |||||||||||
Lapse of statute of limitations | (0.5 | ) | |||||||||||
Unrecognized tax benefits, December 29, 2012 | $ | 5.7 | |||||||||||
Gross increases from prior period tax positions | 1.1 | ||||||||||||
Gross increases from current period tax positions | 0.3 | ||||||||||||
Settlements with taxing authorities | (2.1 | ) | |||||||||||
Lapse of statute of limitations | (0.6 | ) | |||||||||||
Unrecognized tax benefits, December 28, 2013 | $ | 4.4 | |||||||||||
Contingencies_And_Commitments_
Contingencies And Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Loss Contingencies [Line Items] | ' | ||||||||
Schedule Of Changes In Accrued Warranty Costs | ' | ||||||||
The following is a reconciliation of the changes in accrued warranty costs for 2013 and 2012 (in millions): | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 20.9 | $ | 24.2 | |||||
Less: Payments | 19.4 | 33.4 | |||||||
Provisions | 16.5 | 30 | |||||||
Acquisitions | 1.4 | 0.1 | |||||||
Translation adjustments | (0.1 | ) | — | ||||||
Ending balance | $ | 19.3 | $ | 20.9 | |||||
Leases_And_Rental_Commitments_
Leases And Rental Commitments (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Leases, Operating [Abstract] | ' | |||||||
Future Minimum Rental Commitments | ' | |||||||
The Company has future minimum rental commitments under operating leases as shown in the following table (in millions): | ||||||||
Year | Expected Payments | |||||||
2014 | $ | 28.2 | ||||||
2015 | 20 | |||||||
2016 | 10.8 | |||||||
2017 | 8.3 | |||||||
2018 | 6.2 | |||||||
Thereafter | 10.5 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||
Schedule Of Fair Values Of Derivative Instruments | ' | ||||||||||||||||
Fair values of derivative instruments were (in millions): | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
Prepaid Expenses | Other Noncurrent Assets | Hedging Obligations (Current) | Hedging Obligations | ||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | 5.7 | $ | 16.1 | |||||||||
Currency contracts | 8.4 | 0.7 | 3 | 0.7 | |||||||||||||
Commodity contracts | 4 | — | 1.7 | — | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Currency contracts | — | — | 0.1 | — | |||||||||||||
Commodity contracts | 0.7 | — | 0.8 | — | |||||||||||||
Total Derivatives | $ | 13.1 | $ | 0.7 | $ | 11.3 | $ | 16.8 | |||||||||
December 29, 2012 | |||||||||||||||||
Prepaid Expenses | Other Noncurrent Assets | Hedging Obligations (Current) | Hedging Obligations | ||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 35.4 | |||||||||
Currency contracts | 6.8 | 2.3 | 4.6 | 0.3 | |||||||||||||
Commodity contracts | 3.6 | 0.2 | 1.2 | — | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Commodity contracts | 0.6 | — | 0.5 | — | |||||||||||||
Total Derivatives | $ | 11 | $ | 2.5 | $ | 6.3 | $ | 35.7 | |||||||||
Schedule Of Cash Flow Hedging Instruments | ' | ||||||||||||||||
The effect of derivative instruments on the consolidated statements of income and comprehensive income for the three fiscal years in the period ended December 28, 2013 were (in millions): | |||||||||||||||||
Fiscal 2013 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ | (11.3 | ) | $ | 8.8 | $ | 0.7 | $ | (1.8 | ) | |||||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
Loss recognized in Net Sales | — | (0.9 | ) | — | (0.9 | ) | |||||||||||
Loss (Gain) recognized in Cost of Sales | (8.3 | ) | 7.5 | — | (0.8 | ) | |||||||||||
Loss recognized in Interest Expense | — | — | (12.8 | ) | (12.8 | ) | |||||||||||
Fiscal 2012 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ | 8.5 | $ | 23.9 | $ | (5.7 | ) | $ | 26.7 | ||||||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
Loss recognized in Net Sales | — | (1.6 | ) | — | (1.6 | ) | |||||||||||
Loss recognized in Cost of Sales | (9.7 | ) | (3.4 | ) | — | (13.1 | ) | ||||||||||
Loss recognized in Interest Expense | — | — | (12.4 | ) | (12.4 | ) | |||||||||||
Fiscal 2011 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Loss recognized in Other Comprehensive Income (Loss) | $ | (29.4 | ) | $ | (26.7 | ) | $ | (16.0 | ) | $ | (72.1 | ) | |||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
Gain recognized in Net Sales | — | 0.2 | — | 0.2 | |||||||||||||
Gain recognized in Cost of Sales | 21.4 | 5.7 | — | 27.1 | |||||||||||||
Loss recognized in Interest Expense | — | — | (13.1 | ) | (13.1 | ) | |||||||||||
Commodity Forwards [Member] | ' | ||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||
Schedule Of Notional Amounts Of Forward Contracts | ' | ||||||||||||||||
The Company had outstanding the following notional amounts to hedge forecasted purchases of commodities (in millions): | |||||||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||||||
Copper | $ | 114.5 | $ | 132.8 | |||||||||||||
Aluminum | 9.7 | 8.5 | |||||||||||||||
Currency Forwards [Member] | ' | ||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||
Schedule Of Notional Amounts Of Forward Contracts | ' | ||||||||||||||||
The Company had outstanding the following notional amounts of currency forward contracts (in millions): | |||||||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||||||
Mexican Peso | $ | 203 | $ | 174.8 | |||||||||||||
Chinese Renminbi | 142.3 | 108.6 | |||||||||||||||
Indian Rupee | 36.8 | 37.4 | |||||||||||||||
Euro | 11.4 | — | |||||||||||||||
Thai Baht | 4.1 | 17.3 | |||||||||||||||
Australian Dollar | 1.5 | 7.1 | |||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||
Schedule Of Financial Assets And Liabilities At Fair Value | ' | |||||||||
The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 28, 2013 and December 29, 2012, respectively (in millions): | ||||||||||
28-Dec-13 | 29-Dec-12 | |||||||||
Classification | ||||||||||
Assets: | ||||||||||
Prepaid expenses and other current assets: | ||||||||||
Derivative currency contracts | $ | 8.4 | $ | 6.8 | Level 2 | |||||
Derivative commodity contracts | 4.7 | 4.2 | Level 2 | |||||||
Investments | 7.6 | 8.3 | Level 2 | |||||||
Other noncurrent assets: | ||||||||||
Assets Held in Rabbi Trust | 5.1 | 2.6 | Level 1 | |||||||
Derivative currency contracts | 0.7 | 2.3 | Level 2 | |||||||
Derivative commodity contracts | — | 0.2 | Level 2 | |||||||
Liabilities: | ||||||||||
Other accrued expenses: | ||||||||||
Deferred contingent purchase price | 8.3 | — | Level 3 | |||||||
Hedging obligations current: | ||||||||||
Interest rate swap | 5.7 | — | Level 2 | |||||||
Derivative currency contracts | 3.1 | 4.6 | Level 2 | |||||||
Derivative commodity contracts | 2.5 | 1.7 | Level 2 | |||||||
Hedging obligations: | ||||||||||
Interest rate swap | 16.1 | 35.4 | Level 2 | |||||||
Derivative currency contracts | 0.7 | 0.3 | Level 2 | |||||||
Other noncurrent liabilities: | ||||||||||
Deferred contingent purchase price | 1.4 | 21.1 | Level 3 | |||||||
Summary Of Changes In Fair Market Value Of Company's Level 3 Liabilities | ' | |||||||||
The table below sets forth a summary of changes in fair market value of the Company's Level 3 liabilities as of December 28, 2013 and December 29, 2012, respectively (in millions): | ||||||||||
Year Ended | ||||||||||
28-Dec-13 | 29-Dec-12 | |||||||||
Beginning balance | $ | 21.1 | $ | 23.5 | ||||||
Expense | 1.1 | 1.2 | ||||||||
Acquisitions | — | 0.4 | ||||||||
Fair value adjustment | (12.3 | ) | — | |||||||
Payments | (0.2 | ) | (4.0 | ) | ||||||
Ending balance | $ | 9.7 | $ | 21.1 | ||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||
The following is a reconciliation of provisions and payments for the restructuring projects for 2013 and 2012 (in millions): | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 3.1 | $ | — | |||||
Provision | 6.2 | 9.6 | |||||||
Less: Payments | 5.4 | 6.5 | |||||||
Ending Balance | $ | 3.9 | $ | 3.1 | |||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||
The following is a reconciliation of expenses by type for the restructuring projects in 2013 and 2012 (in millions): | |||||||||
2013 | 2012 | ||||||||
Employee termination expenses | $ | 2.2 | $ | 4.5 | |||||
Property, plant and equipment disposals | 1.9 | 2.1 | |||||||
Other expenses | 2.1 | 3 | |||||||
Total restructuring expenses | $ | 6.2 | $ | 9.6 | |||||
Nature_Of_Operations_Details
Nature Of Operations (Details) | 12 Months Ended |
Dec. 28, 2013 | |
segment | |
Nature Of Operations [Abstract] | ' |
Number of reported segments | 2 |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) | 12 Months Ended |
Dec. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of weeks operates in fiscal year | '52/53 |
Accounting_Policies_Narrative_
Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income Defined Benefit Plans Net Unamortized Loss Tax | ($14.30) | ($25.70) | ' |
FIFO LIFO valuation difference | 58.2 | 60 | ' |
Commitments for purchases of property, plant, and equipment | $18.80 | ' | ' |
Shares excluded from the calculation of the effect of dilutive securities | 0.7 | 0.3 | 0.7 |
Long-term rate of return on plan assets | 8.00% | 8.30% | 8.30% |
Accounting_Policies_Percentage
Accounting Policies (Percentage Distribution Between Major Classes Of Inventory) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Percentage of LIFO Inventory | 49.00% | 31.00% |
FIFO LIFO valuation difference | $58.20 | $60 |
Raw Material and Work in Process | 41.00% | 43.00% |
Finished Goods and Purchased Parts | 0.00% | 57.00% |
Accounting_Policies_Property_P
Accounting Policies Property, Plant and Equipment (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
In Millions, unless otherwise specified | Land and Land Improvements [Member] | Land and Land Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
Land and Building [Member] | Machinery and Equipment [Member] | Land and Building [Member] | Machinery and Equipment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '40 years | '15 years |
Property, Plant and Equipment, Gross | $1,097.90 | $1,036.40 | $72.30 | $76.20 | $231.10 | $212.70 | $794.50 | $747.50 | ' | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -524.5 | -463.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | $573.40 | $573.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting_Policies_Earnings_P
Accounting Policies (Earnings Per Share Reconciliation) (Details) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.7 | 0.3 | ' | 0.7 |
Denominator for basic EPS | 45 | 41.8 | 39.7 | 39.7 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0.4 | 0.3 | ' | 0.4 |
Denominator for diluted EPS | 45.4 | 42.1 | 40.1 | 40.1 |
Accounting_Policies_Accumulate
Accounting Policies (Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Translation adjustments | ($27) | $6 |
Hedging activities, net of tax | -9.5 | 17.4 |
Pension and post retirement benefits, net of tax | 23.3 | -41.9 |
Accumulated Other Comprehensive Loss | ($59.80) | ($65.30) |
Accounting_Policies_Research_a
Accounting Policies Research and Development expenses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Research and Development Expense | $28.30 | $28.50 | $21.80 |
Accounting_Policies_Goodwill_I
Accounting Policies Goodwill Impairment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Other Asset Impairment Charges | $6.30 | $12.30 | $0 | ' |
Asset impairments and other, net | ' | 81 | 0 | 0 |
Goodwill, Impairment Loss | ' | 76.3 | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | 17 | ' | ' |
Electrical Segment [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Other Asset Impairment Charges | ' | 12.3 | ' | ' |
Asset impairments and other, net | ' | 68.9 | ' | ' |
Goodwill, Impairment Loss | ' | 64.2 | ' | ' |
Mechanical Segment [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Other Asset Impairment Charges | ' | 0 | ' | ' |
Asset impairments and other, net | ' | 12.1 | ' | ' |
Goodwill, Impairment Loss | ' | 12.1 | ' | ' |
Technology [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | 16.2 | ' | ' |
Technology [Member] | Electrical Segment [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | 16.2 | ' | ' |
Technology [Member] | Mechanical Segment [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | 0 | ' | ' |
Customer Relationships [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | 0.8 | ' | ' |
Customer Relationships [Member] | Electrical Segment [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | 0.8 | ' | ' |
Customer Relationships [Member] | Mechanical Segment [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | $0 | ' | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | ||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Nov. 19, 2013 | Feb. 08, 2013 | Nov. 30, 2012 | Oct. 02, 2012 | Jun. 01, 2011 | Dec. 28, 2013 | Sep. 29, 2012 | Apr. 05, 2011 | Apr. 30, 2012 | ||||
Marlin Coast [Member] | Marlin Coast [Member] | Australian Fan And Motor Company [Member] | Ramu, Inc. [Member] | Ramu, Inc. [Member] | Ramu, Inc. [Member] | Elco Group B.V. [Member] | |||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
(4) Acquisitions | |||||||||||||||
The results of operations for acquired businesses are included in the Consolidated Financial Statements from the dates of acquisition. Acquisition related expenses were $3.9 million during 2013, $0.4 million during 2012 and $16.1 million during 2011. | |||||||||||||||
2013 Acquisitions | |||||||||||||||
On November 19, 2013, the Company acquired Cemp s.r.l. ("Cemp"), an Italy based electric motor company for $32.0 million, net of cash. Cemp is a leading designer, manufacturer and marketer of flameproof electric motors, and is reported in the Electrical segment. | |||||||||||||||
On February 8, 2013, the Company acquired the RAM motor business previously owned by Schneider Electric for $6.0 million. This business manufactures hermetic motors from 250 hp to 2,500 hp for commercial HVAC applications and is reported in the Electrical segment. | |||||||||||||||
The Company also purchased additional shares owned by the noncontrolling interest in its joint venture in a South African distribution business for $1.7 million. | |||||||||||||||
2012 Acquisitions | |||||||||||||||
On November 30, 2012, the Company acquired Remco Products Limited for $3.7 million. Remco is a UK supplier of a broad range of AC fractional horsepower electric motors and fans for replacement use in heating, ventilation, refrigeration and air conditioning industries located in West Sussex, England. The acquisition added greater access to the European replacement motor business and is expected to generate growth to the Company's overall European business. Remco is reported as a part of the Company's Electrical segment. | |||||||||||||||
On October 2, 2012, the Company acquired Marlin Coast Motor Rewinding ("MCMR") for $3.4 million. MCMR, based in Cairns, North Queensland, Australia, is a leader in the supply, service and overhaul of electric machines. MCMR is reported as a part of the Company’s Electrical segment. | |||||||||||||||
On April 30, 2012, the Company acquired Tecnojar, a Mexico based electrical products company, for $1.6 million. Tecnojar is reported as a part of the Company's Electrical segment. | |||||||||||||||
On February 3, 2012, the Company acquired Milwaukee Gear Company (“MGC”), a Wisconsin-based leading manufacturer of highly engineered gearing components for oil and gas applications as well as a wide variety of other commercial and industrial applications. The purchase price of MGC was $80.3 million paid in cash, net of cash acquired. MGC is reported as a part of the Company's Mechanical segment. | |||||||||||||||
2011 Acquisitions | |||||||||||||||
On August 22, 2011, the Company completed its acquisition of the Electrical Products Company (“EPC”) of A.O. Smith Corporation (NYSE: AOS). EPC manufactures and sells a full line of motors for hermetic, pump, distribution, heating, ventilation and air conditioning (“HVAC”) and general industrial applications. EPC is based in Tipp City, Ohio and has operations in the United States, Mexico, China and the United Kingdom. The acquisition added technology and global capacity that will bring value to the Company's customers with energy saving products, broader product offerings and better operating efficiencies. The purchase price included $756.1 million in cash and 2,834,026 shares of Company common stock. EPC is reported as part of the Company's Electrical segment. | |||||||||||||||
Pro Forma Financial Information | |||||||||||||||
The following pro forma financial information shows the results of continuing operations for the years ended December 31, 2011, as though the acquisition of EPC occurred at the beginning of fiscal 2011. The pro forma financial information has been adjusted, where applicable, for: (i) the amortization of acquired intangible assets, (ii) additional interest expense on acquisition related borrowings, and (iii) the income tax effect on the pro forma adjustments. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the acquisition been completed as of the date indicated above, or the results that may be obtained in the future, (in millions, except per share amounts): | |||||||||||||||
Fiscal 2011 | |||||||||||||||
Pro forma net sales | $ | 3,342.70 | |||||||||||||
Pro forma net income | 213 | ||||||||||||||
Basic earnings per share as reported | $ | 3.84 | |||||||||||||
Pro forma basic earnings per share | 5.13 | ||||||||||||||
Diluted earnings per share as reported | $ | 3.79 | |||||||||||||
Pro forma diluted earnings per share | 5.08 | ||||||||||||||
Other 2011 Acquisitions | |||||||||||||||
On June 1, 2011, the Company acquired Australian Fan and Motor Company (“AFMC”) located in Melbourne, Australia. AFMC manufactures and distributes a wide range of direct drive blowers, fan decks, axial fans and sub-fractional motors for sales in Australia and New Zealand. The purchase price of $5.7 million was paid in cash, net of acquired debt and cash. AFMC is reported as part of the Company's Electrical segment. | |||||||||||||||
On April 5, 2011, the Company acquired Ramu, Inc. (“Ramu”) located in Blacksburg, Virginia. Ramu is a motor and control technology company with a research and development team dedicated to the development of switched reluctance motor technology. The purchase price included $5.3 million paid in cash, net of acquired debt and cash, and an additional amount should certain future performance expectations be met. At December 28, 2013 and December 29, 2012, the Company had recorded a liability of $1.4 million and $13.7 million for this deferred contingent purchase price, respectively. Ramu is reported as part of the Company's Electrical segment. | |||||||||||||||
On March 7, 2011, the Company acquired Hargil Dynamics Pty. Ltd. (“Hargil”) located in Sydney, Australia. Hargil is a distributor of mechanical power transmission components and solutions. Hargil is reported as part of the Company's Mechanical segment. | |||||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition related expenses | 3,900,000 | 400,000 | 16,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business Combination, Acquisition Related Costs | 3,900,000 | 400,000 | 16,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business acquisition recorded liability | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 13,700,000 | ' | ' | |||
Cash included in purchase price | 1,700,000 | ' | 756,100,000 | 32,000,000 | ' | 3,700,000 | 3,400,000 | 5,700,000 | ' | ' | 5,300,000 | 1,600,000 | |||
Amount payable to an entity related to acquisition | 22,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition to be paid in semi-annual payments | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition purchase price paid in shares | ' | ' | $2,834,026 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Schedule_Of_Pro_F
Acquisitions (Schedule Of Pro Forma Financial Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' |
Pro forma net sales | ' | ' | $3,342.70 |
Pro forma net income | ' | ' | $213 |
Basic earnings per share as reported | $2.66 | $4.68 | $3.84 |
Pro forma basic earnings per share | ' | ' | $5.13 |
Diluted earnings per share as reported | $2.64 | $4.64 | $3.79 |
Pro forma diluted earnings per share | ' | ' | $5.08 |
Acquisitions_ProForma_net_sale
Acquisitions ProForma net sales (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | ' | $3,342.70 |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | $213 |
Earnings Per Share, Basic | $2.66 | $4.68 | $3.84 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | ' | $5.13 |
Earnings Per Share, Diluted | $2.64 | $4.64 | $3.79 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | ' | $5.08 |
Acquisitions_purchase_price_De
Acquisitions purchase price (Details) (USD $) | Dec. 28, 2013 | Nov. 19, 2013 | Dec. 31, 2011 | Feb. 03, 2012 |
In Millions, unless otherwise specified | RAM | |||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $1.70 | $32 | $756.10 | $80.30 |
Acquisitions_net_sales_of_acqu
Acquisitions net sales of acquiree (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | $3,095.70 | $3,166.90 | $2,808.30 | $2,808.30 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Schedule Of Changes To Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Asset, Amount | $12.50 | ' | ' | ' |
Goodwill | 1,081.90 | 1,151 | ' | 1,117.60 |
Acquisitions | 15.3 | 25.9 | ' | ' |
Goodwill, Impairment Loss | 76.3 | ' | ' | ' |
Translation Adjustments | -8.1 | 7.5 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 76.3 | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | 17 | ' | ' | ' |
Electrical Segment [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | 1,055 | 1,111.70 | ' | 1,105 |
Acquisitions | 15.3 | 2.7 | ' | ' |
Goodwill, Impairment Loss | 64.2 | ' | ' | ' |
Translation Adjustments | -7.8 | 4 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 64.2 | ' | ' | ' |
Mechanical Segment [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | 26.9 | 39.3 | ' | 12.6 |
Acquisitions | 0 | ' | 23.2 | ' |
Goodwill, Impairment Loss | 12.1 | ' | ' | ' |
Translation Adjustments | -0.3 | 3.5 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 12.1 | ' | ' | ' |
Technology [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Asset, Amount | 1.8 | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | 16.2 | ' | ' | ' |
Technology [Member] | Electrical Segment [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | 16.2 | ' | ' | ' |
Technology [Member] | Mechanical Segment [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | $0 | ' | ' | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Gross Intangibles) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Goodwill [Line Items] | ' |
Acquired Indefinite-lived Intangible Asset, Amount | $12.50 |
Impairment of Intangible Assets, Finite-lived | 17 |
Gross Intangibles, January 1, 2011 | 449.9 |
Translation Adjustments | -1.1 |
Gross Intangibles, December 31, 2011 | 444.3 |
Customer Relationships [Member] | ' |
Goodwill [Line Items] | ' |
Acquired Indefinite-lived Intangible Asset, Amount | 10.3 |
Impairment of Intangible Assets, Finite-lived | 0.8 |
Gross Intangibles, January 1, 2011 | 244.9 |
Translation Adjustments | -0.6 |
Gross Intangibles, December 31, 2011 | 253.8 |
Technology [Member] | ' |
Goodwill [Line Items] | ' |
Acquired Indefinite-lived Intangible Asset, Amount | 1.8 |
Impairment of Intangible Assets, Finite-lived | 16.2 |
Gross Intangibles, January 1, 2011 | 147.5 |
Translation Adjustments | -0.1 |
Gross Intangibles, December 31, 2011 | 133 |
Trademarks [Member] | ' |
Goodwill [Line Items] | ' |
Acquired Indefinite-lived Intangible Asset, Amount | 0.4 |
Impairment of Intangible Assets, Finite-lived | 0 |
Gross Intangibles, January 1, 2011 | 32.7 |
Translation Adjustments | -0.5 |
Gross Intangibles, December 31, 2011 | 32.6 |
Patents [Member] | ' |
Goodwill [Line Items] | ' |
Acquired Indefinite-lived Intangible Asset, Amount | 0 |
Impairment of Intangible Assets, Finite-lived | 0 |
Gross Intangibles, January 1, 2011 | 16.6 |
Translation Adjustments | 0 |
Gross Intangibles, December 31, 2011 | 16.6 |
Non-Compete Agreements [Member] | ' |
Goodwill [Line Items] | ' |
Acquired Indefinite-lived Intangible Asset, Amount | 0 |
Impairment of Intangible Assets, Finite-lived | 0 |
Gross Intangibles, January 1, 2011 | 8.2 |
Translation Adjustments | 0.1 |
Gross Intangibles, December 31, 2011 | $8.30 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Schedule Of Accumulated Amortization) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization | ($44.10) | ($44) | ($33.20) |
Translation Adjustments | -0.7 | ' | ' |
Accumulated Amortization, December 31, 2011 | 156.7 | ' | ' |
Accumulated Amortization, December 31, 2011 | 200.1 | 156.7 | ' |
Intangible Assets, Net of Amortization, January 1, 2011 | 293.2 | ' | ' |
Intangible Assets, Net of Amortization, December 31, 2011 | 244.2 | 293.2 | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization | -23 | ' | ' |
Translation Adjustments | -0.3 | ' | ' |
Accumulated Amortization, December 31, 2011 | 78.7 | ' | ' |
Intangible Assets, Net of Amortization, December 31, 2011 | 101.4 | ' | ' |
Technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization | -16.4 | ' | ' |
Translation Adjustments | -0.3 | ' | ' |
Accumulated Amortization, December 31, 2011 | 41.8 | ' | ' |
Intangible Assets, Net of Amortization, December 31, 2011 | 57.9 | ' | ' |
Trademarks [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization | -2.5 | ' | ' |
Translation Adjustments | -0.2 | ' | ' |
Accumulated Amortization, December 31, 2011 | 15.7 | ' | ' |
Intangible Assets, Net of Amortization, December 31, 2011 | 18 | ' | ' |
Patents [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization | -1.7 | ' | ' |
Translation Adjustments | 0 | ' | ' |
Accumulated Amortization, December 31, 2011 | 13.3 | ' | ' |
Intangible Assets, Net of Amortization, December 31, 2011 | 15 | ' | ' |
Non-Compete Agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization | -0.5 | ' | ' |
Translation Adjustments | -0.1 | ' | ' |
Accumulated Amortization, December 31, 2011 | 7.2 | ' | ' |
Intangible Assets, Net of Amortization, December 31, 2011 | $7.80 | ' | ' |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Schedule Of Estimated Amortization) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense | $44.10 | $44 | $33.20 |
Future Amortization Expense, Remainder of Fiscal Year | 42.9 | ' | ' |
Future Amortization Expense, Year One | 36.3 | ' | ' |
Future Amortization Expense, Year Two | 31.2 | ' | ' |
Future Amortization Expense, Year Three | 25.1 | ' | ' |
Future Amortization Expense, Year Four | $23.80 | ' | ' |
Industry_Segment_Information_S
Industry Segment Information (Schedule Of Financial Information Attributable To The Reporting Segments) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from External Customers | $3,095.70 | $3,166.90 | ' | $2,808.30 |
Net Sales | 3,095.70 | 3,166.90 | 2,808.30 | 2,808.30 |
Gross Profit | 783.2 | 771 | 666 | ' |
Operating Expenses | 494.2 | 458.2 | 410.3 | ' |
Income From Operations | 208 | 312.8 | 255.7 | 255.7 |
Capital Expenditures | 82.7 | 91 | 57.6 | 57.6 |
Intersegment sales | 0 | 0 | ' | 0 |
Assets | 3,643.50 | 3,569.10 | 3,266.50 | ' |
Depreciation, Depletion and Amortization | 128.5 | 126 | ' | 98.2 |
Electrical Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from External Customers | 2,836.70 | 2,870.20 | ' | 2,533.30 |
Net Sales | 2,841.10 | 2,873.70 | ' | 2,542.10 |
Gross Profit | 714.4 | 691.7 | 590.9 | ' |
Operating Expenses | 456.9 | 418 | 368.4 | ' |
Income From Operations | 188.6 | 273.7 | ' | 222.6 |
Capital Expenditures | 74.3 | 82.2 | ' | 53.8 |
Intersegment sales | 4.4 | 3.5 | ' | 8.8 |
Assets | 3,429.20 | 3,323.60 | 3,139.30 | ' |
Depreciation, Depletion and Amortization | 115.8 | 114 | ' | 92 |
Mechanical Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from External Customers | 259 | 296.7 | ' | 275 |
Net Sales | 264 | 300.6 | ' | 277.5 |
Gross Profit | 68.8 | 79.3 | 75.1 | ' |
Operating Expenses | 37.3 | 40.2 | 41.9 | ' |
Income From Operations | 19.4 | 39.1 | ' | 33.1 |
Capital Expenditures | 8.4 | 8.8 | ' | 3.8 |
Intersegment sales | 5 | 3.9 | ' | 2.5 |
Assets | 214.3 | 245.5 | 127.2 | ' |
Depreciation, Depletion and Amortization | 12.7 | 12 | ' | 6.2 |
Business Intersegment, Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from External Customers | 0 | 0 | ' | 0 |
Net Sales | -9.4 | -7.4 | ' | -11.3 |
Gross Profit | 0 | 0 | 0 | ' |
Operating Expenses | 0 | 0 | 0 | ' |
Income From Operations | 0 | 0 | ' | 0 |
Capital Expenditures | 0 | 0 | ' | 0 |
Intersegment sales | -9.4 | -7.4 | ' | -11.3 |
Assets | 0 | 0 | 0 | ' |
Depreciation, Depletion and Amortization | ' | 0 | ' | 0 |
United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 2,017.60 | 2,127.20 | ' | 1,798.20 |
Rest Of The World [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $1,078.10 | $1,039.70 | ' | $1,010.10 |
Warranty_Costs_Details
Warranty Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Component of Other Expense, Nonoperating [Line Items] | ' | ' | ' |
Standard Product Warranty Accrual | $19.30 | $20.90 | $24.20 |
Standard Product Warranty Accrual, Payments | -19.4 | -33.4 | ' |
Standard Product Warranty Accrual, Warranties Issued | 16.5 | 30 | ' |
Standard Product Warranty Accrual, Additions from Business Acquisition | 1.4 | 0.1 | ' |
Standard Product Warranty Accrual, Currency Translation, Increase (Decrease) | ($0.10) | $0 | ' |
Industry_Segment_Information_S1
Industry Segment Information (Schedule Of Financial Information Attributable To Geographic Regions) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $3,095.70 | $3,166.90 | $2,808.30 | $2,808.30 |
Long-Lived Assets | 573.4 | 573.1 | ' | ' |
United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 2,017.60 | 2,127.20 | ' | 1,798.20 |
Long-Lived Assets | 244.5 | 232.7 | ' | ' |
Mexico [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Long-Lived Assets | 111.4 | 117.2 | ' | ' |
Rest Of The World [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 1,078.10 | 1,039.70 | ' | 1,010.10 |
Long-Lived Assets | 106.1 | 115.7 | ' | ' |
China [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Long-Lived Assets | $111.40 | $107.50 | ' | ' |
Industry_Segment_Information_U
Industry Segment Information U.S. revenue as a percent of total revenue worldwide (Details) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 | |
Segment Reporting [Abstract] | ' | ' | ' |
Entity-Wide Disclosure on Geographic Areas, Basis for Attributing Revenue to Countries | '.652 | '.672 | '.640 |
Debt_And_Bank_Credit_Facilitie2
Debt And Bank Credit Facilities (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 29, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | ' | $750 | $750 |
private placement notes | ' | ' | 500 |
Principal amount of debt | ' | 165 | ' |
Repayment of term loan | 55 | ' | 110 |
Revolving credit facility | ' | 500 | ' |
Interest rate based on margin over LIBOR | ' | 25000000000.00% | ' |
Average balance outstanding under the Facility | ' | 0.6 | 30.6 |
Facility average interest rate | ' | 1.40% | ' |
Letters of Credit Outstanding, Amount | ' | ' | 23.6 |
Available borrowing capacity under the Facility | ' | 476.4 | ' |
Other notes payable amount outstanding | ' | 17.4 | 13.5 |
Weighted average interest rate of other notes payable | ' | 2.70% | 2.40% |
Debt Instrument, Fair Value Disclosure | ' | $779.60 | $859.60 |
Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate based on margin over London Inter-Bank Offered Rate | ' | 0.80% | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate based on margin over London Inter-Bank Offered Rate | ' | 0.90% | ' |
Debt_And_Bank_Credit_Facilitie3
Debt And Bank Credit Facilities (Schedule Of Indebtedness) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $750 | $750 |
Term Loan | 0 | 55 |
Other | 17.4 | 13.5 |
Long-term debt, Total | 767.4 | 818.5 |
Less: Current maturities | -158.4 | -63.8 |
Non-current portion | $609 | $754.70 |
Debt_And_Bank_Credit_Facilitie4
Debt And Bank Credit Facilities (Details Of The Senior Notes) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
In Millions, unless otherwise specified | Floating Rate Series 2007A Mature In August 2014 [Member] | Floating Rate Series 2007A Mature In August 2017 [Member] | Fixed Rate Series 2011A Mature In July 2018 [Member] | Fixed Rate Series 2011A Mature In July 2021 [Member] | Fixed Rate Series 2011A Mature In July 2023 [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||
Fixed Rate Series 2011A Mature In July 2021 [Member] | Fixed Rate Series 2011A Mature In July 2023 [Member] | Fixed Rate Series 2011A Mature In July 2021 [Member] | Fixed Rate Series 2011A Mature In July 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | $750 | $750 | $150 | $100 | $100 | $230 | $170 | ' | ' | ' | ' |
Variable rate terms | ' | ' | 'Floating (1) | 'Floating (1) | ' | ' | ' | ' | ' | ' | ' |
Stated rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | 4.90% |
Stated rate, maximum | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.10% | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | 4.10% | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 1-Aug-14 | 1-Aug-17 | 1-Jul-18 | 1-Jul-21 | 1-Jul-23 | ' | ' | ' | ' |
Notes Payable | $750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_And_Bank_Credit_Facilitie5
Debt And Bank Credit Facilities (Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
In Millions, unless otherwise specified | Floating Rate Series Two Thousand Seven Senior Notes Mature In August Two Thousand Seventeen [Member] | Fixed Rate Series 2011A Mature In July 2018 [Member] | Floating Rate Series Two Thousand Eleven Senior Notes Mature In July Two Thousand Twenty One [Member] | Floating Rate Series Two Thousand Eleven Senior Notes Mature In July Two Thousand Twenty Three [Member] | Floating Rate Series Two Thousand Seven Senior Notes Mature In August Two Thousand Fourteen [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
Floating Rate Series Two Thousand Eleven Senior Notes Mature In July Two Thousand Twenty One [Member] | Floating Rate Series Two Thousand Eleven Senior Notes Mature In July Two Thousand Twenty Three [Member] | Floating Rate Series Two Thousand Eleven Senior Notes Mature In July Two Thousand Twenty One [Member] | Floating Rate Series Two Thousand Eleven Senior Notes Mature In July Two Thousand Twenty Three [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | 4.80% | 4.90% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.10% |
Senior Notes | $750 | $750 | $100 | $100 | $230 | $170 | $150 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 4.10% | ' | ' | ' | ' | ' | ' | ' |
2012 | 158.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 100.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 100.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, Total | 767.4 | 818.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate Terms | ' | ' | 'Floating (1) | ' | ' | ' | 'Floating (1) | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 1-Aug-17 | 1-Jul-18 | 1-Jul-21 | 1-Jul-23 | 1-Aug-14 | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 404.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | $750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 |
Accumulated Defined Benefit Plans Adjustment [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member] | Real Estate [Member] | |||
Projected benefit obligation | $50.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets | 9.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | 4.9 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan compensation increase assumption | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | 5.5 | 11.7 | ' | ' | ' | ' | 12.4 | 12 | 11.7 | ' | ' |
Defined Benefit Plan, Other Information | ' | ' | ' | '9.1 | '9.8 | '5.8 | ' | ' | ' | ' | ' |
Accumulated benefit obligation | 160.1 | 169.1 | 43 | ' | ' | ' | ' | ' | ' | ' | ' |
Expected contribution to defined benefit pension plans | 7.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Plans_Schedule_Of_D
Retirement Plans (Schedule Of Defined Benefit Pension Assets Investment) (Details) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation Total | 100.00% | ' |
Equity investments, Target Return minimum | 8.00% | ' |
Equity investments, Target Return maximum | 11.00% | ' |
Fixed income, Target Return minimum | 3.50% | ' |
Fixed income, Target Return maximum | 4.50% | ' |
Defined Benefit Plans, Real Estate and Other Real Assets, Target Return Minimum | 6.00% | ' |
Target Return Total | 8.00% | ' |
Equity investments, Actual Allocation | 100.00% | 100.00% |
Defined Benefit Plan Real Estate And Other Real Assets | 8.00% | ' |
Other Credit Derivatives [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Equity investments, Target Allocation | 10.00% | ' |
Equity investments, Actual Allocation | 9.00% | 8.00% |
Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Equity investments, Target Allocation | 17.00% | ' |
Equity investments, Actual Allocation | 22.00% | 0.00% |
U S Equity Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Equity investments, Target Allocation | 73.00% | ' |
Equity investments, Actual Allocation | 69.00% | 69.00% |
Retirement_Plans_Schedule_Of_R
Retirement Plans (Schedule Of Reconciliation Of Funded Status Of The Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension And Other Postretirement Benefit Plans Accumulated Other Comprehensive Income Loss Net Gains Losses Tax | $36 | $64.90 | ' | ' |
Obligation at beginning of period | 181.2 | 158.6 | ' | ' |
Service cost | 2.9 | 2.5 | 2.5 | ' |
Interest cost | 7.6 | 7.9 | 7.9 | ' |
Actuarial loss | -13.5 | 19.1 | ' | ' |
Plan amendments | 0 | 0.1 | ' | ' |
Benefits paid | 7.4 | 7.3 | ' | ' |
Foreign currency translation | 0 | 0.3 | ' | ' |
Obligation at end of period | 170.8 | 181.2 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 128.6 | 109.5 | ' | 94.4 |
Actual return on plan assets | 21 | 10.5 | ' | ' |
Employer contributions | 5.5 | 11.7 | ' | ' |
Foreign currency translation | 0 | 0.2 | ' | ' |
Funded status | -42.2 | -71.7 | ' | ' |
Asset Retirement Obligation, Liabilities Settled | 7.4 | 7.3 | ' | ' |
Pension And Other Postretirement Benefit Plans Accumulated Other Comprehensive Income Loss Net Prior Service Cost Credit Tax | $1.60 | $1.80 | ' | ' |
Retirement_Plans_Schedule_Of_F
Retirement Plans (Schedule Of Fair Value Of Plan Assets) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $128.60 | $109.50 | $94.40 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 65.8 | 45.1 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 52.7 | 55.2 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 10.1 | 9.2 | 7.4 |
Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 2.1 | ' |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 2.1 | ' |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Common Collective Trust Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1.6 | ' | ' |
Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1.6 | ' | ' |
Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Domestic Equities [Member] | Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 22.1 | 16.5 | ' |
Domestic Equities [Member] | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 22.1 | 16.5 | ' |
Domestic Equities [Member] | Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Domestic Equities [Member] | Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
International Equities [Member] | Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 7.6 | 6.8 | ' |
International Equities [Member] | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
International Equities [Member] | Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 7.6 | 6.8 | ' |
International Equities [Member] | Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fixed Income Funds [Member] | Common Collective Trust Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12 | 18.4 | ' |
Fixed Income Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fixed Income Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12 | 18.4 | ' |
Fixed Income Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Equity Funds [Member] | Common Collective Trust Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 28 | 23.1 | ' |
U.S. Equity Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Equity Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 28 | 23.1 | ' |
U.S. Equity Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Equity Funds [Member] | Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 15.5 | 11.9 | ' |
U.S. Equity Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 15.5 | 11.9 | ' |
U.S. Equity Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Equity Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Balanced Funds [Member] | Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12 | 9.6 | ' |
Balanced Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12 | 9.6 | ' |
Balanced Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Balanced Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
International Equity Funds [Member] | Common Collective Trust Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3.5 | 6.9 | ' |
International Equity Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
International Equity Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3.5 | 6.9 | ' |
International Equity Funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
International Equity Funds [Member] | Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 14.2 | 5 | ' |
International Equity Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 14.2 | 5 | ' |
International Equity Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
International Equity Funds [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Real Estate Investment [Member] | Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 4.9 | ' |
Real Estate Investment [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Real Estate Investment [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Real Estate Investment [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 4.9 | ' |
MARKET FOR ALTERNATIVE INVESTMENT [Member] | Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4.6 | 4.3 | ' |
MARKET FOR ALTERNATIVE INVESTMENT [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
MARKET FOR ALTERNATIVE INVESTMENT [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
MARKET FOR ALTERNATIVE INVESTMENT [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $4.60 | $4.30 | ' |
Retirement_Plans_Schedule_Of_A
Retirement Plans (Schedule Of Amounts Recognized Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Pension and Other Post Retirement Benefits | $39.70 | $69.20 | ' | ' |
Pension plan balance sheet total | -42.2 | -71.7 | ' | ' |
Other Accrued Expenses | 2.5 | 2.5 | ' | ' |
Net actuarial loss | 0 | 0 | 1.1 | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.2 | 0.2 | ' | 0.2 |
Pension And Other Postretirement Benefit Plans Accumulated Other Comprehensive Income Loss Net Gains Losses Tax | 36 | 64.9 | ' | ' |
Prior service cost | -16 | 9.9 | 7.7 | ' |
Pension And Other Postretirement Benefit Plans Accumulated Other Comprehensive Income Loss Net Prior Service Cost Credit Tax | 1.6 | 1.8 | ' | ' |
Total | $37.60 | $66.70 | ' | ' |
Retirement_Plans_Schedule_Of_W
Retirement Plans (Schedule Of Weighted-Average Assumptions Used To Determine Projected Benefit Obligation) (Details) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 8.00% | 8.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | ' |
Retirement_Plans_Schedule_Of_A1
Retirement Plans (Schedule Of Assumptions Used To Determine Net Periodic Pension Cost) (Details) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | ' | ' |
Expected long-term rate of return on assets | 8.00% | 8.30% | 8.30% |
Retirement_Plans_Schedule_Of_P
Retirement Plans (Schedule Of Pension Benefit Payments Expected Future Service) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $2.90 | $2.50 | ' | $2.50 |
Defined Benefit Plan, Interest Cost | 7.6 | 7.9 | ' | 7.9 |
Defined Benefit Plan, Expected Return on Plan Assets | -8.7 | -8 | ' | -7.3 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 4.1 | 3.6 | ' | 3.2 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | -18.6 | 7.5 | 6.7 | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.2 | 0.2 | ' | 0.2 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | ' | -1.7 |
Defined Benefit Plan, Net Periodic Benefit Cost | 6.1 | 6.2 | ' | 4.8 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | ' | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 0 | 0 | ' | 0 |
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Total | 0 | 0 | ' | 0 |
2012 | 8.5 | ' | ' | ' |
2013 | 9 | ' | ' | ' |
2014 | 9.4 | ' | ' | ' |
2015 | 9.9 | ' | ' | ' |
2016 | 10.7 | ' | ' | ' |
2017-2020 | $60.20 | ' | ' | ' |
Retirement_Plans_Level_3_Plan_
Retirement Plans Level 3 Plan Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets at beginning of period | $109.50 | $94.40 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0.7 | 0.9 |
Fair value of plan assets at end of period | 128.6 | 109.5 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets at beginning of period | 9.2 | 7.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.2 | 0.9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.2 | 0.9 |
Fair value of plan assets at end of period | $10.10 | $9.20 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Apr. 29, 2013 | |
Options and SAR's [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Performance Share Units [Member] | Performance Share Units [Member] | Performance Share Units [Member] | Performance Share Units [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Minimum [Member] | Maximum [Member] | 2013 Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized share-based compensation expense | $11,400,000 | $9,000,000 | $14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to share-based compensation | 21,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 |
Share available for future grant or payment under the various plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Stock Issued During Period, Shares, New Issues | 0 | 3,200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock for acquisition | 0 | 0 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period, minimum | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | 1,300,000 | 4,200,000 | 400,000 | 0 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | $900,000 | $7,000,000 | $1,500,000 | ' | ' | ' | ' | ' |
Share-based compensation expected to recognize over a weighted average period, years | '2 years 4 months 24 days | ' | ' | ' | '9 months 26 days | '1 year 10 months 17 days | '2 years 4 months 24 days | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares Term, Potential Payout as a Percentage of Target | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Award Performance Period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Basis of Recognition, % of Target Payout | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Number of shares approved to be repurchased | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Stockholde
Shareholders' Equity Stockholders' Equity Assumptions Used in Black Scholes valuation for Options and SAR's (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Per share weighted average fair value of grants | $23.01 | $22.45 | $25.80 |
Options and SAR's [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.10% | 1.30% | 2.30% |
Expected life (years) | '7 years | '7 years | '7 years |
Expected volatility | 38.50% | 37.60% | 35.60% |
Expected dividend yield | 1.20% | 1.20% | 1.00% |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Schedule Of Share-Based Incentive Plan Grant Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Share-based incentive plan grant activity | ' | ' |
Options Shares Outstanding at December 29, 2012 | 1,568,425 | ' |
Option Shares, Granted | 174,775 | ' |
Options Shares, Exercised | -127,636 | ' |
Option Shares, Forfeited | -52,294 | ' |
Options Shares Outstanding at December 28, 2013 | 1,563,270 | 1,568,425 |
Options Shares, Exercisable at December 28, 2013 | 791,614 | ' |
Options Weighted Average Exercise Price at December 29.2012 | $54.02 | ' |
Options Weighted Average Exercise Price, Granted | $64.99 | ' |
Options Weighted Average Exercise Price, Exercised | $41.65 | ' |
Optionss Weighted Average Exercise Price, Forfeited | $63.04 | ' |
Options Weighted Average Exercise Price at December 28, 2013 | $56.04 | $54.02 |
Options Weighted Average Exercise Price at December 28, 2013 | $48.26 | ' |
Options Outstanding Weighted Average Remaining Contractual Terms (years) | ' | '6 years 1 month 6 days |
Options Exercisable Weighted Average Remaining Contractual Term (years) | '4 years 6 months | ' |
Options Outstanding Aggregate Intrinsic Value | $27.30 | ' |
Options Exercisable Aggregate Intrinsic Value | $20.10 | ' |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Share-Based Compensation Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of share-based incentive awards exercised | $4 | $11.10 | $2.90 |
Cash received from stock option exercises | 1.5 | 4.2 | 1.9 |
Income tax benefit from the exercise of stock options | 0.8 | 2.2 | 1.4 |
Total fair value of share-based incentive awards vested | 8.5 | 6.6 | 13.3 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $12.20 | ' | ' |
Shareholders_Equity_Schedule_O1
Shareholders' Equity (Schedule Of Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Restricted Stock [Member] | ' | ' |
Shares and Weighted Average Fair Value at Grant Date | ' | ' |
Unvested Shares at December 29, 2012 | 39,180 | ' |
Granted, Shares | 15,037 | ' |
Vested, Shares | -13,500 | ' |
Forfeited, Shares | 0 | ' |
Unvested Shares at December 28, 2013 | 40,717 | 39,180 |
Wtd. Avg. Grant Date Fair Value at December 29, 2012 | $65.42 | ' |
Granted, Wtd. Avg. Share Fair Value | $65.03 | ' |
Vested, Wtd. Avg. Share Fair Value | $61.70 | ' |
Forfeited, Wtd. Avg. Share Fair Value | $0 | ' |
Wtd. Avg. Grant Date Fair Value at December 28,2013 | $66.50 | $65.42 |
Weighted Average Remaining Contractual Term at December 29, 2012 | '9 months 18 days | '2 years |
Weighted Average Remaining Contractual Term at December 28, 2013 | '9 months 18 days | '2 years |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholder' Equity (Schedule of Restricted Stock Units) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unvested Shares at December 29, 2012 | 156,946 | ' |
Granted, Shares | 90,105 | ' |
Vested, Shares | -27,962 | ' |
Forfeited, Shares | -8,825 | ' |
Unvested Shares at December 28, 2013 | 210,264 | 156,946 |
Wtd. Avg. Grant Date Fair Value at December 29, 2012 | $64.84 | ' |
Granted, Wtd. Avg. Share Fair Value | $65.03 | ' |
Vested, Wtd. Avg. Share Fair Value | $60.46 | ' |
Forfeited, Wtd. Avg. Share Fair Value | $63.22 | ' |
Wtd. Avg. Grant Date Fair Value at December 28,2013 | $65.57 | $64.84 |
Weighted Average Remaining Contractual Term at December 29, 2012 | '1 year 10 months 24 days | '1 year 11 months 5 days |
Weighted Average Remaining Contractual Term at December 28, 2013 | '1 year 10 months 24 days | '1 year 11 months 5 days |
Shareholders_Equity_Shareholde2
Shareholders' Equity Shareholders' Equity (Schedule of Performance Share Units) (Details) (USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 4 months 24 days |
Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 4 months 24 days |
Unvested Shares at December 29, 2012 | 0 |
Granted, Shares | 36,490 |
Vested, Shares | 0 |
Forfeited, Shares | -760 |
Unvested Shares at December 28, 2013 | 35,730 |
Wtd. Avg. Grant Date Fair Value at December 29, 2012 | 0 |
Granted, Wtd. Avg. Share Fair Value | 56.71 |
Vested, Wtd. Avg. Share Fair Value | 0 |
Forfeited, Wtd. Avg. Share Fair Value | 56.71 |
Wtd. Avg. Grant Date Fair Value at December 28,2013 | 56.71 |
Weighted Average Remaining Contractual Term at December 29, 2012 | '2 years 4 months 24 days |
Weighted Average Remaining Contractual Term at December 28, 2013 | '2 years 4 months 24 days |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | $140.30 | $132 | ' |
Net deferred tax asset (liability) | 93.5 | -83.3 | ' |
Net current deferred income tax benefit | 46.8 | ' | ' |
Unrecognized tax benefits which would impact the effective income tax rate | 4.4 | ' | ' |
Unrecognized tax benefits, recognized interest expense | 0.2 | 0.1 | ' |
Unrecognized tax benefits, accrued interest | 1.3 | 1.1 | 1.1 |
Unrecognized tax benefits including accrued that could change in coming year | 0.6 | ' | ' |
Net operating losses | 11.4 | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 5.9 | 3 | ' |
Unremitted non-U.S. subsidiary earnings estimated amount | 484.1 | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $107.30 | ' | ' |
Income_Taxes_Income_Before_Tax
Income Taxes (Income Before Taxes And Noncontrolling Interest) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
United States | $75.40 | $121.30 | ' | $137 |
Foreign | 95.1 | 148.6 | ' | 89.3 |
Income Before Taxes | $170.50 | $269.90 | $226.30 | $226.30 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Federal | $15.40 | $24.50 | ' | $41.60 |
State | 4.8 | 7.2 | ' | 5.7 |
Foreign | 29.8 | 31.4 | ' | 18.7 |
Current, Total | 50 | 63.1 | ' | 66 |
Deferred | -5.5 | 6.5 | ' | 2.3 |
Total | $44.50 | $69.60 | $68.30 | $68.30 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate) (Details) | 12 Months Ended | |||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Federal statutory tax rate | 35.00% | 35.00% | ' | 35.00% |
State income taxes, net of federal benefit | 1.90% | 2.00% | ' | 1.70% |
Domestic production activities deduction | -1.40% | -1.00% | ' | -1.70% |
Foreign rate differential | -9.20% | -9.30% | -4.90% | ' |
Effective Income Tax Rate Reconciliation, Tax Credits, Research | -4.50% | 0.00% | ' | 0.00% |
Adjustments to tax accruals and reserves | 0.00% | 0.50% | 0.70% | ' |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate | -2.60% | 0.00% | 0.00% | ' |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses | 13.20% | 0.00% | 0.00% | ' |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 1.70% | 0.00% | 0.00% | ' |
Other, net | -3.60% | 0.70% | ' | 0.10% |
Effective tax rate | 26.10% | 25.80% | ' | 30.20% |
CHINA | ' | ' | ' | ' |
Foreign rate differential | -4.40% | -2.10% | ' | -0.70% |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Tax Asset (Liability)) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Accrued employee benefits | $43.50 | $43.10 |
Bad debt reserve | 2.6 | 1 |
Warranty reserve | 4.9 | 5.7 |
Inventory | 7.7 | 9.3 |
Accrued liabilities | 13.2 | 11.7 |
Derivative instruments | 5.9 | 10.7 |
Deferred Tax Assets, Operating Loss Carryforwards | 11.4 | 11.3 |
Deferred Tax Assets, Valuation Allowance | -5.9 | -3 |
Other | 1.4 | 0.2 |
Deferred tax assets | 84.7 | 90 |
Property related | -41.6 | -39.6 |
Intangible items | -136.6 | -133.7 |
Deferred tax liabilities | -178.2 | -173.3 |
Net deferred tax asset (liability) | ($93.50) | $83.30 |
Income_Taxes_Reconciliation_Of1
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits - beginning of year | $5.70 | $7.10 | $5.50 |
Gross increases - tax positions in prior periods | 1.1 | 0.7 | 1.6 |
Gross increases - tax positions in the current period | 0.3 | 0 | 0.2 |
Settlements with taxing authorities | 2.1 | -1.6 | 0.2 |
Lapse of statute of limitations | -0.6 | -0.5 | 0 |
Unrecognized tax benefits - end of year | $4.40 | $5.70 | ' |
Contingencies_And_Commitments_1
Contingencies And Commitments (Schedule Of Changes In Accrued Warranty Costs) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Beginning balance | $20.90 | $24.20 |
Payments | -19.4 | -33.4 |
Provision | 16.5 | 30 |
Acquisitions | 1.4 | 0.1 |
Translation | -0.1 | 0 |
Ending balance | $19.30 | $20.90 |
Leases_And_Rental_Commitments_1
Leases And Rental Commitments (Future Minimum Rental Commitments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2010 |
Leases, Operating [Abstract] | ' | ' | ' |
2012 | $28.20 | ' | ' |
2013 | 20 | ' | ' |
2014 | 10.8 | ' | ' |
2015 | 8.3 | ' | ' |
2016 | 6.2 | ' | ' |
Thereafter | 10.5 | ' | ' |
Rental expenses charged to operations | $39.50 | $36.70 | $32.20 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Derivative [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ($0.70) | $0.30 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | -9.5 | ' |
Notional amount of receive-variable/pay-fixed interest rate swaps | 250 | ' |
Derivative Assets, Current | ' | 11 |
Long-term Derivatives Fair Value, Net | ' | 0.3 |
Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Current derivative assets, gross | 8.4 | 6.8 |
Derivative Assets, Noncurrent | 0.5 | 2.3 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | ' | -1.5 |
Current Derivatives, Fair Value, Net | 7.8 | 5.3 |
Long-term derivative assets, gross | 0.7 | 2.3 |
Current derivative liabilities, gross | 3.1 | 4.6 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | ' | -1.6 |
Derivative, Net Liability Position, Aggregate Fair Value | 2.5 | 3 |
Derivative Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Current derivative assets, gross | 4.7 | 4.2 |
Derivative Assets, Noncurrent | ' | 0.2 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | ' | -1.3 |
Current Derivatives, Fair Value, Net | 2.3 | 2.9 |
Long-term derivative assets, gross | ' | 0.2 |
Current derivative liabilities, gross | 2.5 | 1.7 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | ' | -1.2 |
Long-term Derivatives Fair Value, Net | 0.5 | ' |
Derivative, Net Liability Position, Aggregate Fair Value | 0.1 | 0.5 |
Long-term derivative liabilities, gross | 0.7 | 0.3 |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -0.6 | ' |
Other Current Assets [Member] | Derivative Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -2.4 | ' |
Other Noncurrent Assets [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -0.2 | 0 |
Other Noncurrent Assets [Member] | Derivative Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral | ' | 0 |
Hedging Obligations (Current) [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -0.6 | ' |
Hedging Obligations (Current) [Member] | Derivative Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -2.4 | ' |
Hedging Obligations [Member] | Derivative Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Liability, Fair Value, Amount Offset Against Collateral | ($0.20) | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Instruments) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Total derivative assets, current | ' | $11 |
Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap contracts asset | ' | 0 |
Foreign exchange contracts asset | ' | 6.8 |
Commodity contracts asset | ' | 3.6 |
Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Commodity contracts liability | ' | 0.6 |
Prepaid Expenses [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivative assets, current | 13.1 | ' |
Prepaid Expenses [Member] | Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap contracts asset | 0 | ' |
Foreign exchange contracts asset | 8.4 | ' |
Commodity contracts asset | 4 | ' |
Prepaid Expenses [Member] | Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Foreign exchange contracts liability | 0 | ' |
Commodity contracts liability | 0.7 | ' |
Other Noncurrent Assets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivative assets, noncurrent | 0.7 | 2.5 |
Other Noncurrent Assets [Member] | Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap contracts asset | 0 | 0 |
Foreign exchange contracts asset | 0.7 | 2.3 |
Commodity contracts asset | 0 | 0.2 |
Other Noncurrent Assets [Member] | Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Foreign exchange contracts liability | 0 | ' |
Commodity contracts liability | 0 | 0 |
Hedging Obligations (Current) [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivative liabilities, current | 11.3 | 6.3 |
Hedging Obligations (Current) [Member] | Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap contracts asset | 5.7 | 0 |
Foreign exchange contracts asset | 3 | 4.6 |
Commodity contracts asset | 1.7 | 1.2 |
Hedging Obligations (Current) [Member] | Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Foreign exchange contracts liability | 0.1 | ' |
Commodity contracts liability | 0.8 | 0.5 |
Hedging Obligations [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivative liabilities, noncurrent | 16.8 | 35.7 |
Hedging Obligations [Member] | Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap contracts asset | 16.1 | 35.4 |
Foreign exchange contracts asset | 0.7 | 0.3 |
Commodity contracts asset | 0 | 0 |
Hedging Obligations [Member] | Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Foreign exchange contracts liability | 0 | ' |
Commodity contracts liability | $0 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Notional Amounts Of Forward Contracts) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | $4.10 | $17.30 |
Mexican Peso [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 203 | 174.8 |
Indian Rupee [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | ' | 37.4 |
Australian Dollar [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 11.4 | 0 |
Chinese Renminbi [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 36.8 | ' |
Thai Baht [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 142.3 | 108.6 |
Aluminum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 9.7 | 8.5 |
Copper [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | $114.50 | $132.80 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule Of Cash Flow Hedging Instruments) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | $4.10 | $17.30 | ' | ' |
Net current deferred gains (losses) expected to be realized | -2.1 | ' | ' | ' |
Mexican Peso [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 203 | 174.8 | ' | ' |
Indian Rupee [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | ' | 37.4 | ' | ' |
Australian Dollar [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 11.4 | 0 | ' | ' |
Chinese Renminbi [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 36.8 | ' | ' | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 1.5 | 7.1 | ' | ' |
Thai Baht [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | 142.3 | 108.6 | ' | ' |
Designated As Hedging Instruments [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) recognized in Other Comprehensive Income (Loss) | -1.8 | 26.7 | ' | -72.1 |
Gain recognized in Net Sales | -0.9 | -1.6 | 0.2 | ' |
Gain (Loss) recognized in Cost of Sales | -0.8 | -13.1 | ' | 27.1 |
Loss recognized in Interest Expense | -12.8 | -12.4 | ' | -13.1 |
Designated As Hedging Instruments [Member] | Commodity Forwards [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) recognized in Other Comprehensive Income (Loss) | -11.3 | 8.5 | ' | -29.4 |
Gain recognized in Net Sales | 0 | 0 | 0 | ' |
Gain (Loss) recognized in Cost of Sales | -8.3 | -9.7 | ' | 21.4 |
Loss recognized in Interest Expense | 0 | 0 | ' | 0 |
Designated As Hedging Instruments [Member] | Currency Forwards [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) recognized in Other Comprehensive Income (Loss) | 8.8 | 23.9 | ' | -26.7 |
Gain recognized in Net Sales | -0.9 | -1.6 | 0.2 | ' |
Gain (Loss) recognized in Cost of Sales | 7.5 | -3.4 | ' | 5.7 |
Loss recognized in Interest Expense | 0 | 0 | ' | 0 |
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) recognized in Other Comprehensive Income (Loss) | 0.7 | -5.7 | ' | -16 |
Gain recognized in Net Sales | 0 | 0 | 0 | ' |
Gain (Loss) recognized in Cost of Sales | 0 | 0 | ' | 0 |
Loss recognized in Interest Expense | -12.8 | -12.4 | ' | -13.1 |
Not Designated As Hedging Instruments [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) recognized in Cost of Sales | 0.4 | 0.1 | ' | -0.1 |
Not Designated As Hedging Instruments [Member] | Commodity Forwards [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) recognized in Cost of Sales | -0.1 | 0.1 | ' | 0 |
Not Designated As Hedging Instruments [Member] | Currency Forwards [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) recognized in Cost of Sales | $0.50 | $0 | ' | ($0.10) |
Fair_Value_Summary_Of_Changes_
Fair Value (Summary Of Changes In Fair Market Value Of Company's Level 3 Liabilities) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Other Asset Impairment Charges | $6.30 | $12.30 | $0 |
Beginning Balance | 9.7 | 21.1 | 23.5 |
Ending balance | ' | $9.70 | $21.10 |
Fair_Value_Schedule_Of_Financi
Fair Value (Schedule Of Financial Assets And Liabilities At Fair Value) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Prepaid Expenses And Other Current Assets [Member] | Prepaid Expenses And Other Current Assets [Member] | Prepaid Expenses And Other Current Assets [Member] | Prepaid Expenses And Other Current Assets [Member] | Prepaid Expenses And Other Current Assets [Member] | Prepaid Expenses And Other Current Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Accrued Expenses [Member] | Other Accrued Expenses [Member] | Hedging Obligations [Member] | Hedging Obligations [Member] | Hedging Obligations [Member] | Hedging Obligations [Member] | Hedging Obligations [Member] | Hedging Obligations [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Designated As Hedging Instruments [Member] | Designated As Hedging Instruments [Member] | Designated As Hedging Instruments [Member] | Commodity Forwards [Member] | Commodity Forwards [Member] | Commodity Forwards [Member] | Currency Forwards [Member] | Currency Forwards [Member] | Currency Forwards [Member] | |||||
Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Designated As Hedging Instruments [Member] | Designated As Hedging Instruments [Member] | Designated As Hedging Instruments [Member] | Designated As Hedging Instruments [Member] | Designated As Hedging Instruments [Member] | Designated As Hedging Instruments [Member] | ||||||||
Derivative Currency Contracts [Member] | Derivative Currency Contracts [Member] | Derivative Commodity Contracts [Member] | Derivative Commodity Contracts [Member] | Investments [Member] | Investments [Member] | Derivative Currency Contracts [Member] | Derivative Currency Contracts [Member] | Derivative Currency Contracts [Member] | Derivative Currency Contracts [Member] | Derivative Commodity Contracts [Member] | Derivative Commodity Contracts [Member] | Deferred Contingent Purchase Price [Member] | Deferred Contingent Purchase Price [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Derivative Currency Contracts [Member] | Derivative Currency Contracts [Member] | Derivative Commodity Contracts [Member] | Derivative Commodity Contracts [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Derivative Currency Contracts [Member] | Derivative Currency Contracts [Member] | Deferred Contingent Purchase Price [Member] | Deferred Contingent Purchase Price [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ' | $9.70 | $21.10 | $23.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 1.1 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | 8.4 | 6.8 | 4.7 | 4.2 | 7.6 | 8.3 | 5.1 | 2.6 | 0.7 | 2.3 | 0 | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.3 | 0 | 5.7 | 0 | 3.1 | 4.6 | 2.5 | 1.7 | 16.1 | 35.4 | 0.7 | 0.3 | 1.4 | 21.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liabilities Acquisitions | ' | 0 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Asset Impairment Charges | -6.3 | -12.3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liabilities Payment | ' | -0.2 | -4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain recognized in Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.90) | ($1.60) | $0.20 | $0 | $0 | $0 | ($0.90) | ($1.60) | $0.20 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Related Party Transaction [Line Items] | ' |
Amount payable to an entity related to acquisition | $22.30 |
Acquisition to be paid in semi-annual payments | $10.50 |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ' | ' | |||||||
The following is a reconciliation of expenses by type for the restructuring projects in 2013 and 2012 (in millions): | ||||||||||
2013 | 2012 | |||||||||
Employee termination expenses | $ | 2.2 | $ | 4.5 | ||||||
Property, plant and equipment disposals | 1.9 | 2.1 | ||||||||
Other expenses | 2.1 | 3 | ||||||||
Total restructuring expenses | $ | 6.2 | $ | 9.6 | ||||||
Restructuring Reserve | $3.90 | $3.10 | $0 | |||||||
Restructuring Charges | 6.2 | 9.6 | ' | |||||||
Payments for Restructuring | 5.4 | 6.5 | ' | |||||||
Cost of Sales [Member] | ' | ' | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||||||
Schedule of Restructuring and Related Costs [Table Text Block] | '5.4 | '6.9 | ' | |||||||
Operating Expense [Member] | ' | ' | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||||||
Schedule of Restructuring and Related Costs [Table Text Block] | '.8 | '2.7 | ' | |||||||
Employee Severance [Member] | ' | ' | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||||||
Restructuring Charges | 2.2 | 4.5 | ' | |||||||
Other Restructuring [Member] | ' | ' | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||||||
Restructuring Charges | 2.1 | 3 | ' | |||||||
Facility Closing [Member] | ' | ' | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||||||
Restructuring Charges | $1.90 | $2.10 | ' |