Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 03, 2015 | Feb. 24, 2015 | Jun. 28, 2014 |
Entity Listings [Line Items] | |||
Entity Registrant Name | REGAL BELOIT CORP | ||
Entity Central Index Key | 82811 | ||
Document Type | 10-K | ||
Document Period End Date | 3-Jan-15 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -2 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $3,481.40 | ||
Entity Common Stock, Shares Outstanding | 44,707,879 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net Sales | $3,257.10 | $3,095.70 | $3,166.90 |
Cost of Sales | 2,459.80 | 2,312.50 | 2,395.90 |
Gross Profit | 797.3 | 783.2 | 771 |
Operating Expenses | 516.3 | 494.2 | 458.2 |
Goodwill Impairment | 119.5 | 76.3 | 0 |
Asset Impairments and Other, Net | 40 | 4.7 | 0 |
Operating Costs and Expenses | 675.8 | 575.2 | 458.2 |
Income From Operations | 121.5 | 208 | 312.8 |
Interest Expense | 39.1 | 42.4 | 44.5 |
Interest Income | 7.9 | 4.9 | 1.6 |
Income Before Taxes | 90.3 | 170.5 | 269.9 |
Provision For Income Taxes | 54.2 | 44.5 | 69.6 |
Net Income | 36.1 | 126 | 200.3 |
Less: Net Income Attributable to Noncontrolling Interests, net of tax | 5.1 | 6 | 4.7 |
Net Income Attributable to Regal Beloit Corporation | $31 | $120 | $195.60 |
Earning Per Share Attributable to Regal Beloit Corporation: | |||
Basic | $0.69 | $2.66 | $4.68 |
Earnings Per Share, Diluted | $0.69 | $2.64 | $4.64 |
Weighted Average Number of Shares Outstanding: | |||
Basic | 45 | 45 | 41.8 |
Assuming Dilution | 45.3 | 45.4 | 42.1 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net Income | $36.10 | $126 | $200.30 |
Other Comprehensive Income (Loss) net of tax: | |||
Currency translation adjustments | -55.5 | -22.2 | 14.7 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | -1 | 0 | 0 |
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 | -27.6 | -1.1 | 16.6 |
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 | 6.1 | 9 | 16.8 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | -21.5 | 7.9 | 33.4 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | -17.6 | 16 | -9.9 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | 1.4 | 2.6 | 2.4 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | -16.2 | 18.6 | -7.5 |
Other Comprehensive Income (Loss) | -94.2 | 4.3 | 40.6 |
Comprehensive Income Attributable to Regal Beloit Corporation | -58.1 | 130.3 | 240.9 |
Less: Comprehensive Income Attributable to Noncontrolling Interests | 2.1 | 5.9 | 5.4 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($60.20) | $124.40 | $235.50 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Paranthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ($19) | ($5.90) | |
Tax effect of fair value hedging activities | -16.9 | -0.7 | 10.1 |
Tax effect of hedging activities reclassified into earnings | 3.7 | 5.5 | 10.3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | -10.2 | 9.7 | -6.1 |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 |
Other Comprehensive Income Defined Benefit Plan Amortization Of Net Prior Service Cost And Unrecognized Gain Loss Tax Amount | $1.10 | $1.70 | $1.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and Cash Equivalents | $334.10 | $466 |
Trade Receivables, less Allowances of $13,631 in 2011 and of $10,637 in 2010 | 447.5 | 463.8 |
Inventories | 691.7 | 618.7 |
Prepaid Expenses and Other Current Assets | 111.7 | 130.6 |
Deferred Income Tax Benefits | 67 | 46.8 |
Total Current Assets | 1,652 | 1,725.90 |
Net Property, Plant and Equipment: | 531.5 | 573.4 |
Goodwill | 1,004 | 1,081.90 |
Intangible Assets, Net of Amortization | 202.3 | 244.2 |
Other Noncurrent Assets | 17.8 | 18.1 |
Total Assets | 3,407.60 | 3,643.50 |
LIABILITIES AND EQUITY | ||
Accounts Payable | 312.2 | 304.6 |
Dividends Payable | 9.8 | 9 |
Hedging Obligations | 29.7 | 11.3 |
Accrued Compensation and Employee Benefits | 75.7 | 85.6 |
Other Accrued Expenses | 125.5 | 132 |
Current Maturities of Debt | 8.4 | 158.4 |
Liabilities, Current | 561.3 | 700.9 |
Long-Term Debt | 625.4 | 609 |
Deferred Income Taxes | 116 | 140.3 |
Hedging Liabilities, Noncurrent | 22.5 | 16.8 |
Pension and Other Post Retirement Benefits | 65 | 39.7 |
Other Noncurrent Liabilities | 38.1 | 34.4 |
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 | 0.4 | 0.5 |
Additional Paid-In Capital | 896.1 | 916.1 |
Retained Earnings | 1,188.90 | 1,199.40 |
Accumulated Other Comprehensive Loss | -151 | -59.8 |
Total Regal Beloit Corporation Shareholders' Equity | 1,934.40 | 2,056.20 |
Noncontrolling Interests | 44.9 | 46.2 |
Total Equity | 1,979.30 | 2,102.40 |
Total Liabilities and Equity | $3,407.60 | $3,643.50 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $11.60 | $11.50 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 44,700,000 | 45,100,000 |
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, 2011 | $1,576.40 | $689.40 | $951.30 | ($105.20) | $40.50 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 200.3 | 195.6 | 4.7 | |||
Other Comprehensive Income (Loss) | 40.6 | 39.9 | 0.7 | |||
Dividends Declared | -31.9 | -31.9 | ||||
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 | 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 | 0.5 | 916.1 | 1,199.40 | -59.8 | 46.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 36.1 | 31 | 5.1 | |||
Other Comprehensive Income (Loss) | -94.2 | 0 | -91.2 | -3 | ||
Dividends Declared | -38.6 | -38.6 | 0 | |||
Stock Options Exercised including income tax benefit and share cancellations | -0.1 | 0 | -0.1 | |||
Share-based Compensation | 11.9 | 11.9 | ||||
Stock Repurchased During Period, Value | -35 | -0.1 | -32 | -2.9 | ||
Proceeds from Divestiture of Interest in Joint Venture | -3.1 | -3.1 | ||||
Dividends Declared to Noncontrolling Interests | -0.3 | -0.3 | ||||
Ending Balance at Jan. 03, 2015 | $1,979.30 | $0.40 | $896.10 | $1,188.90 | ($151) | $44.90 |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends Declared, per share | $0.86 | $0.79 | $0.75 |
Issuance of Common Stock for acquisition | 0 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 0 | 0 | 3,200,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income (Loss) | $36.10 | $126 | $200.30 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities (net of Acquisitions): | |||
Depreciation | 92 | 84.4 | 82 |
Amortization | 46.7 | 44.1 | 44 |
Goodwill Impairment | 119.5 | 76.3 | 0 |
Asset Impairments and Other, Net | 40 | 4.7 | 0 |
Share-based Compensation Expense | 11.9 | 11.4 | 9 |
Provision for (Benefit from) Deferred Income Taxes | -26.4 | -5.5 | 6.5 |
Excess Tax Benefits from Share-based Compensation | -1.3 | -0.8 | -2.2 |
Loss on Venezuela Currency Devaluation | 10.4 | 3.6 | 0 |
Loss (Gain) on Disposition of Assets | -12.1 | 2 | -2.4 |
Gain on Disposal of Real Estate | 1.9 | 0 | 0 |
Provision for Losses on Receivables | 19.5 | 2.7 | -1.3 |
Changes in Assets and Liabilities, Net of Acquisitions: | |||
Receivables | -3.4 | -19.6 | -13.6 |
Inventories | -55.4 | -52.7 | 40.9 |
Accounts Payable | 6.9 | 44.5 | -5.3 |
Current Liabilities and Other | 11.9 | -16.1 | -6.2 |
Net Cash Provided by Operating Activities | -298.2 | -305 | -351.7 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to Property, Plant and Equipment | -83.6 | -82.7 | -91 |
Purchases of Investment Securities | -46.7 | -32.2 | -13 |
Sales of Investment Securities | 44.8 | 32.9 | 4.7 |
Business Acquisitions, net of Cash Acquired | -128.2 | -38.4 | -110.4 |
Additions of Equipment for Operating Leases | -4.6 | -8.3 | 0 |
Grants Received for Capital Expenditures | 0 | 1.6 | 8.7 |
Proceeds from Divestiture of Businesses | 0.9 | 0 | 0 |
Proceeds from Sale of Assets | 12.5 | 1.7 | 3.4 |
Net Cash Used in Investing Activities | -204.9 | -125.4 | -197.6 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net Proceeds from the Sale of Common Stock | 0 | 0 | 202.9 |
Borrowings under Revolving Credit Facility | 296.2 | 20 | 292.5 |
Repayments under Revolving Credit Facility | -279.2 | -20 | -301.5 |
Proceeds from Short-Term Borrowings | 62.1 | 46 | 41.2 |
Repayments of Short-Term Borrowings | -61.9 | -46.5 | -40.9 |
Repayments of Long-Term Debt | -150.4 | -55.9 | -90.3 |
Dividends Paid to Shareholders | -37.8 | -35.1 | -30.8 |
Proceeds from the Exercise of Stock Options | 0.9 | 1.5 | 4.2 |
Excess Tax Benefits from Share-based Compensation | 1.3 | 0.8 | 2.2 |
Payments of Deferred Purchase Price | -5.3 | 0 | 0 |
Purchase of Subsidiary Shares from Noncontrolling Interest | 0 | -1.7 | 0 |
Repurchase of Common Stock | -35 | 0 | 0 |
Payments of Contingent Consideration | -8.6 | 0 | 0 |
Distribution to Noncontrolling Interests | -0.3 | 0 | -2.4 |
Net Cash (Used In) Provided By Financing Activities | -218 | -90.9 | 77.1 |
EFFECT OF EXCHANGE RATES ON CASH and CASH EQUIVALENTS | -7.2 | 2 | 1.5 |
Net increase (decrease) in Cash and Cash Equivalents | -131.9 | 90.7 | 232.7 |
Cash and Cash Equivalents at beginning of period | 466 | 375.3 | 142.6 |
Cash and Cash Equivalents at end of period | 334.1 | 466 | 375.3 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest | 39.9 | 41.7 | 43.8 |
Income Taxes | $58.20 | $49.60 | $63.90 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Jan. 03, 2015 | |
Nature Of Operations [Abstract] | |
Nature Of Operations | (1) Nature of Operations |
Regal Beloit Corporation (the “Company”) is a United States based multi-national corporation. The Company reports in three segments; the Commercial and Industrial Systems segment, with its principal line of business in medium and large electric motors, power generation products, high-performance drives and controls and capacitors; the Climate Solutions segment, with its principal line of business in small motors, controls and air moving products; and the Power Transmission Solutions segment, with its principal line of business in power transmission gearing, hydraulic pump drives, large open gearing and specialty mechanical products which control motion and torque. |
Basis_Of_Presentation
Basis Of Presentation | 12 Months Ended |
Jan. 03, 2015 | |
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 year ended January 3, 2015 was 53 weeks. The fiscal years ended December 28, 2013 and December 29, 2012 were 52 weeks. |
Accounting_Policies
Accounting Policies | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
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. | ||||||||||||||||
Accounting for Highly Inflationary Economies | ||||||||||||||||
The Company has a subsidiary in Venezuela using accounting for highly inflationary economies. Currency restrictions enacted by the Venezuelan government have the potential to impact the ability of the Company's subsidiary to obtain U.S. dollars in exchange for Venezuelan bolivares fuertes ("Bolivars") at the official foreign exchange rate. In 2014, the Venezuelan government announced the expansion of its auction-based foreign exchange system (SICAD1). The Venezuelan government also introduced an additional auction-based foreign exchange system (SICAD2) which permits all companies incorporated or domiciled in Venezuela to bid for U.S. dollars. As of January 3, 2015, the SICAD1 and SICAD2 exchange rates were 12.0 and 51.0 Bolivars per U.S. dollar, respectively. | ||||||||||||||||
Although the functional currency of the Company's operations in Venezuela is the U.S. dollar, a portion of the transactions are denominated in local currency. The Company has historically applied the official exchange rate of 6.3 Venezuelan Bolivares fuertes per U.S. dollar to remeasure local currency transactions and balances into U.S. dollars. However effective January 3, 2015, the Company concluded that it was appropriate to apply the SICAD2 exchange rate of 51.0 Venezuelan Bolivares fuertes per US dollar as it believes that this rate best represented the economics of its business activity in Venezuela at that time. As a result, the Company recorded a $10.4 million devaluation charge in the fourth quarter of 2014. Going forward, any devaluation in Venezuela will result in a reduction in the U.S. dollar reported amount of currency denominated revenues, expenses and, consequently, income before taxes. At January 3, 2015, the Company had approximately $1.3 million of exposed net monetary assets denominated in Bolivars. During February 2015, additional changes to the exchange rate mechanisms were announced, resulting in SICAD2 being replaced by a new mechanism called “SIMADI” that could result in further devaluation during 2015. | ||||||||||||||||
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 and other asset impairments; 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 generally 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 January 3, 2015 and December 28, 2013 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 2014, fiscal 2013 or fiscal 2012. | ||||||||||||||||
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 it to gain additional market share, whether in new or existing segments. While these costs make up an insignificant portion of operating expenses in the Power Transmission Solutions segment, they are more substantial in the Climate Solutions and Commercial and Industrial Systems segments. In particular, a large driver of research and development efforts in the Climate Solutions and Commercial and Industrial Systems segments is energy efficiency. | ||||||||||||||||
Research and development costs are expensed as incurred. For fiscal 2014, 2013 and 2012, research and development costs were $32.9 million, $28.3 million and $28.5 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 term deposits which have original maturities of greater than three months and remaining maturities of less than one year. 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 experiences 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 take 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: | ||||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Raw Material and Work In Process | 45 | % | 41 | % | ||||||||||||
Finished Goods and Purchased Parts | 55 | % | 59 | % | ||||||||||||
Inventories are stated at cost, which is not in excess of market. Cost for approximately 52% of the Company's inventory at January 3, 2015 and 49% at December 28, 2013 was determined using the LIFO method. If all inventories were valued on the FIFO method, they would have increased by $47.2 million and $58.2 million as of January 3, 2015 and December 28, 2013, 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 the lower of cost or market. | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, Plant and Equipment 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. See also "Long-Lived Assets" in this footnote for the results and additional details of the impairment of certain long-lived assets and related charges. | ||||||||||||||||
Property, plant and equipment by major classification was as follows (in millions): | ||||||||||||||||
Useful Life (In Years) | 3-Jan-15 | December 28, | ||||||||||||||
2013 | ||||||||||||||||
Land and Improvements | $ | 68.8 | $ | 72.3 | ||||||||||||
Buildings and Improvements | Mar-50 | 235.4 | 231.1 | |||||||||||||
Machinery and Equipment | 15-Mar | 812.1 | 794.5 | |||||||||||||
Property, Plant and Equipment | 1,116.30 | 1,097.90 | ||||||||||||||
Less: Accumulated Depreciation | (584.8 | ) | (524.5 | ) | ||||||||||||
Net Property, Plant and Equipment | $ | 531.5 | $ | 573.4 | ||||||||||||
Commitments for property, plant and equipment purchases were $10.6 million at January 3, 2015. | ||||||||||||||||
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 2014 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 Commercial and Industrial Systems segment and the Power Transmission Solutions segment include reporting units that have significant exposure to the volatility in the oil and gas industry. Crude oil prices saw a sharp decline in the latter part of 2014. Expected cash flows were also negatively impacted by lower gas and oil prices as lower prices decreased the capital spending of customers these reporting units serve. Weak economic conditions in regions such as Australia and New Zealand as well as currency devaluations in Venezuela have contributed to the reduced expected cash flows for the Company's reporting units in these regions. In the Climate Solutions segment, unfavorable customer dynamics impacted one reporting unit's expected cash flows. 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). Additionally, the Company's reporting unit related to technology that had been deemed substantially impaired during the fourth quarter of 2013 was deemed fully impaired during 2014 as a result of the closing of the facility. This resulted in a $1.0 million impairment charge to goodwill. The total goodwill impairment charge related to these reporting units was $119.5 million and was recorded in Goodwill Impairment within the Consolidated Statements of Income. | ||||||||||||||||
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. Reporting units within the Commercial and Industrial Systems and Climate Solutions segments 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 Power Transmission Solutions 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. The total goodwill impairment charge related to these reporting units was $76.3 million and was recorded in Goodwill Impairment. | ||||||||||||||||
In the Consolidated Statement of Income for the twelve months ended December 28, 2013, $76.3 million that had been previously reported within "Asset Impairments and Other, Net" is separately reported as "Goodwill Impairment" within the Consolidated Statements of Income. | ||||||||||||||||
Long-Lived 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. If the asset is not recoverable, the asset is written down to fair value. | ||||||||||||||||
During 2014, due primarily to unfavorable customer dynamics and the effects of the sharp decline in the price of oil, the carrying amounts of intangible and other long-lived assets for two reporting units within the Climate Solutions and Power Transmission Solutions segments were deemed to be not fully recoverable. Fair value was determined using the discounted cash flows from the Company's internal cash flow projections and a discount rate indicative of the return an investor would expect to receive for investing in the asset which are Level 3 measurements. As a result, intangible and other long-lived asset impairments of $26.2 million were recognized related to hydraulic fracturing equipment used in the oil and gas end markets. Technology and other long-lived asset impairments were recognized related to products used in hermetic climate applications of $13.8 million and recognized in Asset Impairments and Other, Net. | ||||||||||||||||
During 2013, indicators related to the future expected cash flows of certain reporting units in the Commercial and Industrial Systems segment triggered a detailed undiscounted cash flow test of long-lived assets, which included intangible assets. Discounted cash flows were determined as discussed above, which are Level 3 measurments. As a result, in-process research and development technology intangible impairments totaling $16.2 million, related to switched reluctance technology, and $0.8 million of customer relationship intangible impairments related to a European motor distribution reporting unit were impaired and recognized in Asset Impairments and Other, Net. | ||||||||||||||||
The Company does not have any indefinite-lived intangible assets. | ||||||||||||||||
During the year ended December 28, 2013, the Company recognized a loss on certain intangible asset impairments as discussed above, which was netted with a related gain of $12.3 million 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): | ||||||||||||||||
Commercial & Industrial Systems | Climate Solutions | Power Transmission Solutions | Total | |||||||||||||
Impairments during 2014: | ||||||||||||||||
Impairment of Intangible Assets | $ | — | $ | 7.8 | $ | 11.1 | $ | 18.9 | ||||||||
Impairment of Property, Plant and Equipment | — | 6 | 15.1 | 21.1 | ||||||||||||
Asset Impairments and Other, Net | $ | — | $ | 13.8 | $ | 26.2 | $ | 40 | ||||||||
Impairments during 2013: | ||||||||||||||||
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 | $ | 4.7 | $ | — | $ | — | $ | 4.7 | ||||||||
There were no impairments in fiscal 2012. | ||||||||||||||||
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 0.3 million in 2014, 0.7 million in 2013 and 0.3 million in 2012. The following table reconciles the basic and diluted shares used in EPS calculations for the years ended (in millions): | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Denominator for Basic EPS | 45 | 45 | 41.8 | |||||||||||||
Effect of Dilutive Securities | 0.3 | 0.4 | 0.3 | |||||||||||||
Denominator for Diluted EPS | 45.3 | 45.4 | 42.1 | |||||||||||||
Retirement Plans | ||||||||||||||||
The Company's domestic employees are covered by defined contribution plans and approximately half of the Company's employees are covered by defined benefit plans. The defined benefit pension plans 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): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Foreign Currency Translation Adjustments | $ | (80.5 | ) | $ | (27.0 | ) | ||||||||||
Hedging Activities, net of tax of $(19.0) in 2014 and $(5.9) in 2013 | (31.0 | ) | (9.5 | ) | ||||||||||||
Pension and Post Retirement Benefits, net of tax of $(23.4) in 2014 and $(14.3) in 2013 | (39.5 | ) | (23.3 | ) | ||||||||||||
Total | $ | (151.0 | ) | $ | (59.8 | ) | ||||||||||
Legal Claims | ||||||||||||||||
The Company records expenses and liabilities when the Company believes that an obligation of the Company or a subsidiary 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 or a subsidiary 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 equivalents, term deposits, 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 | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Revenue from Contracts with Customers (Accounting Standard Update ("ASU") 2014-09), a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP. This update requires the Company to recognize revenue at amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services at the time of transfer. In doing so, the Company will need to use more judgment and make more estimates than under today’s guidance. Such estimates include identifying performance obligations in the contracts, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company can either apply a full retrospective adoption or a modified retrospective adoption. The Company is required to adopt the new requirements in the first quarter of 2017. The Company is currently evaluating the impact of the new requirements to its consolidated financial statements. | ||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued-operations criteria. Under the new guidance, a discontinued operation may include a component or group of components of an entity that has been disposed of by sale or other than sale in accordance with applicable guidance, or is classified as held for sale, and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The new guidance also requires entities to provide certain disclosures about disposals that do not meet the criteria to be reported as a discontinued operation but are considered individually significant components. | ||||||||||||||||
This ASU is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted. The Company has elected to early adopt ASU 2014-08, effective June 29, 2014. Consequently, individually significant operations that are sold or classified as held for sale may not qualify for presentation as discontinued operations in the consolidated financial statements, but will be disclosed in the notes to the consolidated financial statements. (See also Note 4 to the Consolidated Financial Statements.) This ASU did not have a significant impact on the Company's financial position, results of operations or cash flows for any of the periods presented. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Acquisitions and Divestitures | Acquisitions and Divestitures | |||||||||||
The results of operations for acquired businesses are included in the Consolidated Financial Statements from the dates of acquisition. Acquisition-related expenses were $5.8 million during 2014, $3.9 million during 2013 and $0.4 million during 2012. | ||||||||||||
On January 30, 2015, the Company acquired the Power Transmission Solutions business of Emerson Electric Co. ("PTS") (see also Note 17 of Notes to the Consolidated Financial Statements). | ||||||||||||
2014 Acquisitions | ||||||||||||
On June 30, 2014, the Company acquired all of the stock of Benshaw. Inc., ("Benshaw") for $51.0 million. Benshaw is a manufacturer of custom low and medium voltage variable frequency drives and soft starters. It is reported in the Commercial and Industrial Systems segment. The Company acquired Benshaw because management determined it was a strategic fit for the Commercial and Industrial Systems segment. | ||||||||||||
The acquisition of Benshaw was accounted for as a purchase in accordance with FASB Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships and technology, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company expects the amount of goodwill will be deductible for United States income tax purposes. | ||||||||||||
The purchase price allocation for Benshaw was as follows: | ||||||||||||
As of June 30, 2014 | ||||||||||||
Current assets | $ | 0.5 | ||||||||||
Trade receivables | 10.4 | |||||||||||
Inventories | 22.4 | |||||||||||
Property, plant and equipment | 4.5 | |||||||||||
Intangible assets, subject to amortization | 14.6 | |||||||||||
Goodwill | 9.9 | |||||||||||
Total assets acquired | $ | 62.3 | ||||||||||
Accounts payable | 3.7 | |||||||||||
Current liabilities assumed | 2.2 | |||||||||||
Long-term liabilities assumed | 5.4 | |||||||||||
Net assets acquired | $ | 51 | ||||||||||
On February 7, 2014, the Company acquired the stock of Hy-Bon Engineering Company, Inc. ("Hy-Bon") for $78.0 million. Hy-Bon is a leader in vapor recovery solutions for oil and gas applications and is reported in the Commercial and Industrial Systems segment. The Company acquired Hy-Bon because management determined it was a strategic fit for the Commercial and Industrial Systems segment. | ||||||||||||
The acquisition of Hy-Bon was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill will be deductible for income tax purposes under current United States tax law. | ||||||||||||
The purchase price allocation for Hy-Bon was as follows: | ||||||||||||
February 7, 2014 | ||||||||||||
Current assets | $ | 1.7 | ||||||||||
Trade receivables | 11.5 | |||||||||||
Inventories | 14.3 | |||||||||||
Property, plant and equipment | 8.1 | |||||||||||
Intangible assets, subject to amortization | 13.4 | |||||||||||
Goodwill | 40.6 | |||||||||||
Other assets | 0.1 | |||||||||||
Total assets acquired | 89.7 | |||||||||||
Accounts payable | 5.5 | |||||||||||
Current liabilities assumed | 5.1 | |||||||||||
Long-term liabilities assumed | 1.1 | |||||||||||
Net assets acquired | $ | 78 | ||||||||||
2013 Acquisitions | ||||||||||||
On November 19, 2013, the Company acquired the stock of Cemp s.r.l. ("Cemp"), an Italy based electric motor company for $34.6 million, net of cash. Cemp is a leading designer, manufacturer and marketer of flameproof electric motors, and is reported in the Commercial and Industrial Systems segment. The Company acquired Cemp because management determined it was a strategic fit for the Commercial and Industrial Systems segment. | ||||||||||||
The acquisition of Cemp was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill be deductible for income tax purposes under current Italiantax law. | ||||||||||||
The purchase price allocation for Cemp was as follows: | ||||||||||||
November 19, 2013 | ||||||||||||
Current assets | $ | 3.1 | ||||||||||
Trade receivables | 6.6 | |||||||||||
Inventories | 7.8 | |||||||||||
Property, plant and equipment | 3.7 | |||||||||||
Intangible assets, subject to amortization | 12.6 | |||||||||||
Goodwill | 14.8 | |||||||||||
Total assets acquired | 48.6 | |||||||||||
Accounts payable | 5.5 | |||||||||||
Current liabilities assumed | 3 | |||||||||||
Long-term liabilities assumed | 5.5 | |||||||||||
Net assets acquired | $ | 34.6 | ||||||||||
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 Commercial and Industrial Systems segment. The Company acquired RAM because management determined it was a strategic fit for the Commercial and Industrial Systems segment. | ||||||||||||
The acquisition of RAM was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. | ||||||||||||
The purchase price allocation for RAM was as follows: | ||||||||||||
8-Feb-13 | ||||||||||||
Current assets | $ | 1.2 | ||||||||||
Trade receivables | 1.9 | |||||||||||
Inventories | 7.7 | |||||||||||
Property, plant and equipment | 2.1 | |||||||||||
Other assets | 0.1 | |||||||||||
Total assets acquired | 13 | |||||||||||
Accounts payable | 1.1 | |||||||||||
Current liabilities assumed | 5.4 | |||||||||||
Long-term liabilities assumed | 0.5 | |||||||||||
Net assets acquired | $ | 6 | ||||||||||
On September 3, 2013, the Company purchased additional shares owned by the noncontrolling interest in its joint venture in a South African distribution business increasing its ownership from 60.0% to 80.0% for $1.7 million. The Company consolidates the results of the South African distribution business into the Company's consolidated financial statements in the Commercial and Industrial Systems segment and presents the portion of its investment not owned by the Company as noncontrolling interest. The noncontrolling interest in the South African distribution business was reduced to 20.0% as of September 3, 2013. | ||||||||||||
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 Climate Solutions segment. The Company acquired Remco because management determined it was a strategic fit for the Climate Solutions segment. | ||||||||||||
The acquisition of Remco was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill be deductible for income tax purposes under current tax law. | ||||||||||||
November 30, 2012 | ||||||||||||
Trade receivables | $ | 1.1 | ||||||||||
Inventories | 1.4 | |||||||||||
Property, plant and equipment | 0.2 | |||||||||||
Intangible assets, subject to amortization | 0.5 | |||||||||||
Goodwill | 0.8 | |||||||||||
Total assets acquired | 4 | |||||||||||
Accounts payable | 0.2 | |||||||||||
Long-term liabilities assumed | 0.1 | |||||||||||
Net assets acquired | $ | 3.7 | ||||||||||
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 Commercial and Industrial Systems segment.The Company acquired MCMR because management determined it was a strategic fit for the Commercial and Industrial Systems segment.The Company acquired MCMR because management determined it was a strategic fit for the Commercial and Industrial Systems segment. | ||||||||||||
The acquisition of MCMR was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities were recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill to be deductible for income tax purposes under current tax law. | ||||||||||||
October 2, 2012 | ||||||||||||
Property, plant and equipment | 1.4 | |||||||||||
Intangible assets, subject to amortization | 0.6 | |||||||||||
Goodwill | 1.4 | |||||||||||
Total assets acquired | 3.4 | |||||||||||
Net assets acquired | $ | 3.4 | ||||||||||
On April 30, 2012, the Company acquired Tecnojar, a Mexico based commercial and industrial solutions products company, for $1.6 million. Tecnojar is reported as a part of the Company's Commercial and Industrial Systems segment.The Company acquired Tecnojar because management determined it was a strategic fit for the Commercial and Industrial Systems segment.The Company acquired Tecnojar because management determined it was a strategic fit for the Commercial and Industrial Systems segment. | ||||||||||||
The acquisition of Tecnojar was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The excess of the purchase price over the estimated fair values of tangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill be deductible for income tax purposes under current tax law. | ||||||||||||
April 30, 2012 | ||||||||||||
Current assets | $ | 0.3 | ||||||||||
Trade receivables | 0.2 | |||||||||||
Inventories | 0.1 | |||||||||||
Property, plant and equipment | 0.8 | |||||||||||
Goodwill | 0.7 | |||||||||||
Total assets acquired | 2.1 | |||||||||||
Current liabilities assumed | 0.5 | |||||||||||
Net assets acquired | $ | 1.6 | ||||||||||
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 Power Transmission Solutions segment. The Company acquired MGC because management determined it was a strategic fit for the Commercial and Industrial Systems segment. | ||||||||||||
The acquisition of MGC was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill be deductible for income tax purposes under current tax law. | ||||||||||||
February 3, 2012 | ||||||||||||
Current assets | $ | 3.1 | ||||||||||
Trade receivables | 5.8 | |||||||||||
Inventories | 17.1 | |||||||||||
Property, plant and equipment | 26 | |||||||||||
Intangible assets, subject to amortization | 18.2 | |||||||||||
Goodwill | 21.4 | |||||||||||
Other assets | 0.1 | |||||||||||
Total assets acquired | 91.7 | |||||||||||
Accounts payable | 2.7 | |||||||||||
Current liabilities assumed | 1.5 | |||||||||||
Long-term liabilities assumed | 7.2 | |||||||||||
Net assets acquired | $ | 80.3 | ||||||||||
Unaudited Pro Forma Consolidated Financial Information | ||||||||||||
The following unaudited pro forma information presents the financial results for 2014, 2013 and 2012. Presented are the financial results for 2014, 2013 and 2012 as if the acquisitions of Benshaw, Hy-Bon, Cemp, RAM, Remco, MCMR, Tecnojar and MGC had occurred on January 1, 2012. | ||||||||||||
Such pro forma amounts do not include any estimated cost synergies or other effects of the integration of the acquisitions. Accordingly, the pro forma amounts are not necessarily indicative of the results that actually would have occurred had the acquisitions been completed on the dates indicated. Pro forma amounts are also not necessarily indicative of any future consolidated operating results of the Company (see Note 5 of the Notes to the Consolidated Financial Statements for amortization expense related to intangible assets acquired) (in millions, except per share amounts). | ||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
Pro forma net sales | $ | 3,291.20 | $ | 3,240.40 | $ | 3,328.80 | ||||||
Pro forma net income | 28.8 | 123.8 | 202.4 | |||||||||
Basic earnings per share as reported | $ | 0.69 | $ | 2.66 | $ | 4.68 | ||||||
Pro forma basic earnings per share | 0.64 | 2.75 | 4.84 | |||||||||
Diluted earnings per share as reported | $ | 0.69 | $ | 2.64 | 4.64 | |||||||
Pro forma diluted earnings per share | 0.64 | 2.73 | 4.81 | |||||||||
Divestitures | ||||||||||||
The Company sold its shares of a joint venture ("Jinling") located in Shanghai, China on September 11, 2014 which was previously accounted for as a consolidated joint venture and was reported in the Commercial and Industrial Systems segment. The disposal of Jinling was determined to not qualify for presentation as discontinued operations in the Company's Consolidated Financial Statements, in accordance with ASU 2014-08. A loss of approximately $1.9 million was recorded in Operating Expenses in the Consolidated Statements of Income in 2014. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||
Goodwill And Intangible Assets | Goodwill and Intangible Assets | |||||||||||||||||||||
Goodwill | ||||||||||||||||||||||
As described in Note 4 of Notes to the Consolidated Financial Statements, the Company acquired two businesses in 2014 and two businesses in 2013. 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 Commercial and Industrial Systems segment and the Power Transmission Solutions segment include reporting units that have significant exposure to the volatility in the oil and gas industry. These markets saw a sharp decline in the latter part of 2014, leading to declines in sales and profitability and thereby reducing expected cash flows. Expected cash flows were also negatively impacted by lower gas and oil prices as lower prices decreased the capital spending of customers these reporting units serve. Weak economic conditions in regions such as Australia and New Zealand as well as currency devaluations in Venezuela have contributed to the reduced expected cash flows for the Company's reporting units in these regions. In the Climate Solutions segment, unfavorable customer dynamics impacted one reporting unit's expected cash flows. Additionally, the Company's reporting unit related to technology that had been deemed substantially impaired during the fourth quarter of 2013 was deemed fully impaired during 2014 as a result of the closing of the facility. | ||||||||||||||||||||||
Reporting units within the Commercial and Industrial Systems and Climate Solutions segments 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 Power Transmission Solutions 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, "Goodwill" and "Long-Lived Assets" for additional details of the impairments. | ||||||||||||||||||||||
The following table presents changes to goodwill during the periods indicated (in millions): | ||||||||||||||||||||||
Total | Commercial and Industrial Systems | Climate Solutions | Power Transmission Solutions | |||||||||||||||||||
Balance as of December 29, 2012 | $ | 1,151.00 | $ | 759.4 | $ | 354.4 | $ | 37.2 | ||||||||||||||
Acquisitions and valuation adjustments | 15.3 | 15.3 | — | — | ||||||||||||||||||
Less: Impairment charges | 76.3 | 64.2 | — | 12.1 | ||||||||||||||||||
Translation adjustments | (8.1 | ) | (7.3 | ) | (0.8 | ) | — | |||||||||||||||
Balance as of December 28, 2013 | $ | 1,081.90 | $ | 703.2 | $ | 353.6 | $ | 25.1 | ||||||||||||||
Acquisitions and valuation adjustments | 54.5 | 54.5 | — | — | ||||||||||||||||||
Less: Impairment charges | 119.5 | 100.7 | 7.7 | 11.1 | ||||||||||||||||||
Translation adjustments | (12.9 | ) | (11.6 | ) | (1.3 | ) | — | |||||||||||||||
Balance as of January 3, 2015 | $ | 1,004.00 | $ | 645.4 | $ | 344.6 | $ | 14 | ||||||||||||||
Cumulative goodwill impairment charges | $ | 195.8 | $ | 164.9 | $ | 7.7 | $ | 23.2 | ||||||||||||||
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, during 2014, due primarily to the sharp decline in the price of oil, the carrying amounts of intangible assets for two reporting units within the Climate Solutions and Power Transmission Solutions segments were deemed impaired. The impairment charges related to these two reporting units were $7.8 million and $11.1 million, respectively. During fiscal 2013, a total of $17.0 million of intangible assets in the Commercial and Industrial Systems segment were deemed impaired. A switched reluctance technology reporting unit 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. | ||||||||||||||||||||||
Gross intangible assets consist of the following (in millions): | ||||||||||||||||||||||
Weighted Average Amortization Period (Years) | December 28, | Acquisitions | Impairment Charges | Translation Adjustments | January 3, 2015 | |||||||||||||||||
2013 | ||||||||||||||||||||||
Customer Relationships | 11 | $ | 253.8 | $ | 20.5 | $ | 10.7 | $ | (6.8 | ) | $ | 256.8 | ||||||||||
Technology | 9 | 133 | 5.2 | 7.8 | (1.0 | ) | 129.4 | |||||||||||||||
Trademarks | 12 | 32.6 | 2 | 0.4 | (1.1 | ) | 33.1 | |||||||||||||||
Patent and Engineering Drawings | 5 | 16.6 | — | — | — | 16.6 | ||||||||||||||||
Non-compete Agreements | 5 | 8.3 | 0.4 | — | (0.1 | ) | 8.6 | |||||||||||||||
Total Gross Intangibles | $ | 444.3 | $ | 28.1 | $ | 18.9 | $ | (9.0 | ) | $ | 444.5 | |||||||||||
Accumulated amortization on intangible assets consists of the following: | ||||||||||||||||||||||
December 28, 2013 | Amortization | Translation Adjustments | January 3, 2015 | |||||||||||||||||||
Customer Relationships | $ | 101.4 | $ | 24.2 | $ | (3.0 | ) | $ | 122.6 | |||||||||||||
Technology | 57.9 | 17.6 | (0.6 | ) | 74.9 | |||||||||||||||||
Trademarks | 18 | 2.9 | (0.8 | ) | 20.1 | |||||||||||||||||
Patent and Engineering Drawings | 15 | 1.7 | (0.1 | ) | 16.6 | |||||||||||||||||
Non-compete Agreements | 7.8 | 0.3 | (0.1 | ) | 8 | |||||||||||||||||
Total Accumulated Amortization | $ | 200.1 | $ | 46.7 | $ | (4.6 | ) | $ | 242.2 | |||||||||||||
Intangible Assets, Net of Amortization | $ | 244.2 | $ | 202.3 | ||||||||||||||||||
The Company's contractual customer relationships are generally short-term in nature. Useful lives are established at acquisition based on historical attrition rates. | ||||||||||||||||||||||
Amortization expense was $46.7 million in fiscal 2014, $44.1 million in fiscal 2013 and $44.0 million in fiscal 2012. | ||||||||||||||||||||||
The following table presents estimated future amortization expense (in millions): | ||||||||||||||||||||||
Estimated Amortization | ||||||||||||||||||||||
Year | ||||||||||||||||||||||
2015 | $ | 35.4 | ||||||||||||||||||||
2016 | 30.8 | |||||||||||||||||||||
2017 | 24.2 | |||||||||||||||||||||
2018 | 22.2 | |||||||||||||||||||||
2019 | 22.1 | |||||||||||||||||||||
Industry_Segment_Information
Industry Segment Information | 12 Months Ended | ||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Industry Segment Information | (6) Segment Information | ||||||||||||||||||||
The following sets forth certain financial information attributable to the Company's reporting segments for fiscal 2014, fiscal 2013 and fiscal 2012, respectively (in millions): | |||||||||||||||||||||
Commercial and Industrial Systems | Climate Solutions | Power Transmission Solutions | Eliminations | Total | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
External sales | $ | 1,856.10 | $ | 1,134.80 | $ | 266.2 | $ | — | $ | 3,257.10 | |||||||||||
Intersegment sales | 78.2 | 19.2 | 5.1 | (102.5 | ) | — | |||||||||||||||
Total sales | 1,934.30 | 1,154.00 | 271.3 | (102.5 | ) | 3,257.10 | |||||||||||||||
Gross profit | 468.2 | 258.8 | 70.3 | — | 797.3 | ||||||||||||||||
Operating expenses | 333.9 | 137.7 | 44.7 | — | 516.3 | ||||||||||||||||
Goodwill impairment | 100.7 | 7.7 | 11.1 | — | 119.5 | ||||||||||||||||
Asset impairments and other, net | — | 13.8 | 26.2 | — | 40 | ||||||||||||||||
Income (loss) from operations | 33.6 | 99.6 | (11.7 | ) | — | 121.5 | |||||||||||||||
Depreciation and amortization | 81.5 | 45 | 12.2 | — | 138.7 | ||||||||||||||||
Capital expenditures | 59.6 | 16.8 | 7.2 | — | 83.6 | ||||||||||||||||
Identifiable assets | 2,407.30 | 855.3 | 145 | — | 3,407.60 | ||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||
External sales | $ | 1,746.60 | $ | 1,098.60 | $ | 250.5 | $ | — | 3,095.70 | ||||||||||||
Intersegment sales | 73.6 | 16.6 | 5 | (95.2 | ) | — | |||||||||||||||
Total sales | 1,820.20 | 1,115.20 | 255.5 | (95.2 | ) | 3,095.70 | |||||||||||||||
Gross profit | 461.8 | 252.9 | 68.5 | — | 783.2 | ||||||||||||||||
Operating expenses | 311.1 | 143.6 | 39.5 | — | 494.2 | ||||||||||||||||
Goodwill impairments | 64.2 | — | 12.1 | — | 76.3 | ||||||||||||||||
Asset impairments and other, net | 4.7 | — | — | — | 4.7 | ||||||||||||||||
Income from operations | 81.8 | 109.3 | 16.9 | — | 208 | ||||||||||||||||
Depreciation and amortization | 67.3 | 49 | 12.2 | — | 128.5 | ||||||||||||||||
Capital expenditures | 56.4 | 17.9 | 8.4 | — | 82.7 | ||||||||||||||||
Identifiable assets | 2,614.90 | 823.5 | 205.1 | — | 3,643.50 | ||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||
External sales | $ | 1,793.20 | $ | 1,102.70 | $ | 271 | $ | — | $ | 3,166.90 | |||||||||||
Intersegment sales | 40 | 15.1 | 3.9 | (59.0 | ) | — | |||||||||||||||
Total sales | 1,833.20 | 1,117.80 | 274.9 | (59.0 | ) | 3,166.90 | |||||||||||||||
Gross profit | 451.3 | 244.8 | 74.9 | — | 771 | ||||||||||||||||
Operating expenses | 281.9 | 141.1 | 35.2 | — | 458.2 | ||||||||||||||||
Income from operations | 169.4 | 103.7 | 39.7 | — | 312.8 | ||||||||||||||||
Depreciation and amortization | 64.6 | 50.7 | 10.7 | — | 126 | ||||||||||||||||
Capital expenditures | 64.4 | 17.8 | 8.8 | — | 91 | ||||||||||||||||
Identifiable assets | 2,572.70 | 785.9 | 210.5 | — | 3,569.10 | ||||||||||||||||
In the fourth quarter of 2014, the Company reorganized its reportable segments to align with its new management reporting structure and business activities. Prior to this reorganization, the Company was comprised of two reportable segments for financial reporting purposes: Electrical and Mechanical. As a result of this change, the Company is now comprised of three reportable segments: Commercial & Industrial Systems, Climate Solutions and Power Transmission Solutions. Historical financial information has been revised on a basis consistent with these segments. | |||||||||||||||||||||
The Climate Solutions segment produces small motors, controls and air moving solutions. Applications include residential and light commercial HVAC, commercial refrigeration and water heaters. | |||||||||||||||||||||
The Power Transmission Solutions segment produces power transmission gearing, hydraulic pump drives, large open gearing and specialty mechanical products. Applications include material handling, industrial equipment, energy and off-road equipment. | |||||||||||||||||||||
The Company evaluates performance based on the segment's income from operations. Corporate costs have been allocated to each segment based on the net sales of each segment. The reported external net sales of each segment are from external customers. | |||||||||||||||||||||
The following sets forth net sales by country in which the Company operates for fiscal 2014, fiscal 2013 and fiscal 2012, respectively (in millions): | |||||||||||||||||||||
Net Sales | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Geographic Information: | |||||||||||||||||||||
United States | $ | 2,359.30 | $ | 2,017.60 | $ | 2,127.20 | |||||||||||||||
Rest of the World | 897.8 | 1,078.10 | 1,039.70 | ||||||||||||||||||
$ | 3,257.10 | $ | 3,095.70 | $ | 3,166.90 | ||||||||||||||||
U.S. net sales for 2014, 2013 and 2012 represented 72.4%, 65.2% and 67.2% 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 (net property, plant and equipment) by country in which the Company operates for fiscal 2014 and fiscal 2013, respectively (in millions): | |||||||||||||||||||||
Long-lived Assets | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Geographic Information: | |||||||||||||||||||||
United States | $ | 293.5 | $ | 244.5 | |||||||||||||||||
Mexico | 33.5 | 111.4 | |||||||||||||||||||
China | 107.9 | 111.4 | |||||||||||||||||||
Rest of the World | 96.6 | 106.1 | |||||||||||||||||||
$ | 531.5 | $ | 573.4 | ||||||||||||||||||
Debt_And_Bank_Credit_Facilitie
Debt And Bank Credit Facilities | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||
Debt And Bank Credit Facilities | Debt and Bank Credit Facilities | ||||||||
The Company's indebtedness as of January 3, 2015 and December 28, 2013 was as follows (in millions): | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Senior Notes | $ | 600 | $ | 750 | |||||
Revolving Credit Facility | 17 | — | |||||||
Other | 16.8 | 17.4 | |||||||
633.8 | 767.4 | ||||||||
Less: Current Maturities | 8.4 | 158.4 | |||||||
Non-current Portion | $ | 625.4 | $ | 609 | |||||
Senior Notes | |||||||||
At January 3, 2015, the Company had $600.0 million of senior notes (the “Notes”) outstanding. The Notes consist of (i) $500.0 million in senior notes (the “2011 Notes”) in a private placement which were issued in seven tranches with maturities from seven to twelve years and carry fixed interest rates and (ii) $100.0 million in senior notes (the “2007 Notes”) issued in 2007 with a floating interest rate based on a margin over the London Inter-Bank Offered Rate (“LIBOR”). In August 2014, $150.0 million of the 2007 Notes matured. The Company repaid that tranche of the 2007 Notes at maturity with a combination of cash and borrowings under the Prior Revolving Facility (as that term is defined below). | |||||||||
Details on the Notes at January 3, 2015 were (in millions): | |||||||||
Principal | Interest Rate | Maturity | |||||||
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 | ||||||
$ | 600 | ||||||||
(1) Interest rates vary as LIBOR varies. At January 3, 2015, the interest rate was 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). | |||||||||
Compliance With Financial Covenants | |||||||||
The Prior Credit Agreement and the Notes require the Company to meet specified financial ratios and to satisfy certain financial condition tests. The Company was in compliance with all financial covenants contained in the Notes and the Prior Credit Agreement as of January 3, 2015. | |||||||||
The Prior Credit Agreement and Prior Revolving Facility | |||||||||
On June 30, 2011, the Company entered into a revolving credit agreement (the “Prior Credit Agreement”) that provided for an aggregate amount of availability under a revolving credit facility of $500.0 million, including a $100.0 million letter of credit subfacility (the “Prior Revolving Facility”). The Prior Revolving Facility permitted borrowing at interest rates based upon a margin above LIBOR. At January 3, 2015, the Company had $17.0 million outstanding on the Prior Revolving Facility and at December 28, 2013, there were no outstanding borrowings on the Prior Revolving Facility. The average balance in direct borrowings under the Prior Revolving Facility was $20.3 million and $0.6 million in fiscal 2014 and fiscal 2013, respectively. The average interest rate paid under the Prior Revolving Facility was 1.4% in fiscal 2014 and 1.4% in fiscal 2013. At January 3, 2015, the Company had approximately $27.2 million in standby letters of credit issued and $455.8 million in available borrowings under the Prior Revolving Facility. | |||||||||
Other Notes Payable | |||||||||
At January 3, 2015, other notes payable of approximately $16.8 million were outstanding with a weighted average interest rate of 2.5%. At December 28, 2013, other notes payable of approximately $17.4 million were outstanding with a weighted average rate of 2.7%.. | |||||||||
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 $666.8 million and $779.6 million as of January 3, 2015 and December 28, 2013, respectively. | |||||||||
Maturities of long-term debt are as follows (in millions): | |||||||||
Year | Amount of Maturity | ||||||||
2015 | $ | 8.4 | |||||||
2016 | 17.5 | ||||||||
2017 | 103.3 | ||||||||
2018 | 100.5 | ||||||||
2019 | 0.5 | ||||||||
Thereafter | 403.6 | ||||||||
Total | $ | 633.8 | |||||||
The New Credit Agreement | |||||||||
In connection with the PTS Acquisition, on January 30, 2015, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as Administrative Agent and the lenders named therein, providing for a (i) 5-year unsecured term loan facility in the principal amount of $1.25 billion (the “Term Facility”) and (ii) a 5-year unsecured multicurrency revolving facility in the principal amount of $500.0 million (the “Multicurrency Revolving Facility”) available for general corporate purposes. The Credit Agreement replaced the Prior Credit Agreement, and the Multicurrency Revolving Facility replaced the Prior Revolving Facility. The Term Facility was drawn in full on January 30, 2015 in connection with the closing of the PTS Acquisition. The loans under the Term Facility require quarterly amortization at a rate starting at 5.0% per annum, increasing to 7.5% per annum after two years and further increasing to 10.0% per annum for the last two years of the facility. | |||||||||
The Credit Agreement requires the Company prepay the loans under the Term Facility with 100% of the net cash proceeds received from specified asset sales and incurrences of borrowed money indebtedness, subject to certain exceptions. | |||||||||
Borrowings under the Credit Agreement bear interest at floating rates based upon indices determined by the currency of the borrowing, plus an applicable margin determined by reference to the Company's consolidated funded debt to consolidated EBITDA ratio or at an alternate base rate. | |||||||||
The Company will pay a non-use fee on the aggregate unused amount of the Multicurrency Revolving Facility at a rate determined by reference to its consolidated funded debt to consolidated EBITDA ratio. | |||||||||
The Credit Agreement contains customary affirmative and negative covenants and events of default for an unsecured financing arrangement, including, among other things, limitations on consolidations, mergers and sales of assets. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||
Retirement Plans | (8) Retirement Plans | |||||||||||||||
The Company's domestic employees are participants in defined benefit pension plans and/or defined contribution plans. The majority of the Company's defined benefit pension plans covering 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 $8.8 million, $9.1 million, and $9.8 million in 2014, 2013 and 2012, respectively. Company contributions to non-U.S. defined contribution plans were $12.6 million, $12.4 million and $12.0 million in 2014, 2013, and 2012, respectively. | ||||||||||||||||
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 | 2014 | 2013 | |||||||||||||
Equity investments | 76 | % | 6.7 - 8.4 % | 71 | % | 69 | % | |||||||||
Fixed income | 19 | % | 3.7 - 4.4% | 24 | % | 23 | % | |||||||||
Other | 5 | % | 7 | % | 5 | % | 8 | % | ||||||||
Total | 100 | % | 7.5 | % | 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): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Obligation at beginning of period | $ | 170.8 | $ | 181.2 | ||||||||||||
Service cost | 2.5 | 2.9 | ||||||||||||||
Interest cost | 8.3 | 7.6 | ||||||||||||||
Actuarial (gain) loss | 27.2 | (13.5 | ) | |||||||||||||
Less: Benefits paid | 13.3 | 7.4 | ||||||||||||||
Foreign currency translation | (1.2 | ) | — | |||||||||||||
Obligation at end of period: | $ | 194.3 | $ | 170.8 | ||||||||||||
Change in fair value of plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of period | 128.6 | 109.5 | ||||||||||||||
Actual return on plan assets | 8.8 | 21 | ||||||||||||||
Employer contributions | 3.1 | 5.5 | ||||||||||||||
Less: Benefits paid | 13.3 | 7.4 | ||||||||||||||
Foreign currency translation | (0.6 | ) | — | |||||||||||||
Fair value of plan assets at end of period | $ | 126.6 | $ | 128.6 | ||||||||||||
Funded status | $ | (67.7 | ) | $ | (42.2 | ) | ||||||||||
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") as provided by the administrator of the fund as a practical expedient to estimate fair value. 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. | ||||||||||||||||
Pension assets by type and level are as follows (in millions): | ||||||||||||||||
January 3, 2015 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 3.1 | $ | 3.1 | $ | — | $ | — | ||||||||
Common stocks: | ||||||||||||||||
Domestic equities | 20.6 | 20.6 | — | — | ||||||||||||
International equities | 8 | 8 | — | — | ||||||||||||
Common collective trust funds: | ||||||||||||||||
Fixed income funds | 9.5 | — | 9.5 | — | ||||||||||||
U.S. equity funds | 23.9 | — | 23.9 | — | ||||||||||||
Mutual funds: | ||||||||||||||||
U.S. equity funds | 16.8 | 16.8 | — | — | ||||||||||||
Balanced funds | 6.1 | 6.1 | — | — | ||||||||||||
International equity funds | 13.8 | 13.8 | — | — | ||||||||||||
Fixed income funds | 12.3 | 12.3 | — | — | ||||||||||||
Other | 1 | 1 | — | — | ||||||||||||
Real estate fund | 6.2 | — | — | 6.2 | ||||||||||||
Global emerging markets fund limited partnership | 5.3 | — | — | 5.3 | ||||||||||||
Total | $ | 126.6 | $ | 81.7 | $ | 33.4 | $ | 11.5 | ||||||||
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 | |||||||||
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 limited partnership interest is an investment in the Vontobel Global Emerging Markets Fund, which seeks to provide capital appreciation by investing in a diversified portfolio consisting primarily of equity based securities. The common collective trust funds are investments in the Northern Trust Collective S&P 500 Index Fund and the Northern Trust Collective Aggregate Bond Index Fund. The Northern Trust Collective S&P 500 Index Fund seeks to provide investment results that approximate the overall performance of the common stocks in that index. The Northern Trust Collective Aggregate Bond Index Fund seeks to provide investment results that approximate the overall performance of the Barclays Capital U.S. Aggregate Index by investing primarily, but not exclusively, in securities that comprise that index. The common collective trust funds are available for immediate redemption. | ||||||||||||||||
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 January 3, 2015 and December 28, 2013 (in millions). | ||||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Beginning balance | $ | 10.1 | $ | 9.2 | ||||||||||||
Net purchases | 0.7 | 0.7 | ||||||||||||||
Net gains | 0.7 | 0.2 | ||||||||||||||
Ending balance | $ | 11.5 | $ | 10.1 | ||||||||||||
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 January 3, 2015 (in millions). | ||||||||||||||||
Fair Value | Significant Unobservable Inputs | |||||||||||||||
$ | 6.2 | Exit Capitalization Rate | 5.3% to 7.5% | |||||||||||||
Discount Rate | 6.8% to 9.5% | |||||||||||||||
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 Company recognized the funded status of its defined benefit pension plans on the balance sheet as follows (in millions): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Accrued compensation and employee benefits | $ | 2.7 | $ | 2.5 | ||||||||||||
Pension and other post retirement benefits | 65 | 39.7 | ||||||||||||||
$ | 67.7 | $ | 42.2 | |||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||
Net actuarial loss | $ | 61.5 | 36 | |||||||||||||
Prior service cost | 1.4 | 1.6 | ||||||||||||||
$ | 62.9 | $ | 37.6 | |||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $182.3 million and $160.1 million at January 3, 2015 and December 28, 2013, respectively. | ||||||||||||||||
The accumulated plan benefit obligation exceeded plan assets for all pension plans as of January 3, 2015. 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 following weighted average assumptions were used to determine the projected benefit obligation at January 3, 2015 and December 28, 2013, respectively. | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 4.20% | 5.00% | ||||||||||||||
Expected long-term rate of return on assets | 7.50% | 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 January 3, 2015 and December 28, 2013. | ||||||||||||||||
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): | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2.5 | $ | 2.9 | $ | 2.5 | ||||||||||
Interest cost | 8.3 | 7.6 | 7.9 | |||||||||||||
Expected return on plan assets | (9.2 | ) | (8.7 | ) | (8.0 | ) | ||||||||||
Amortization of net actuarial loss | 2.3 | 4.1 | 3.6 | |||||||||||||
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | |||||||||||||
Net periodic benefit cost | $ | 4.1 | $ | 6.1 | $ | 6.2 | ||||||||||
Change in benefit obligations recognized in OCI, net of tax | ||||||||||||||||
Prior service cost | $ | 0.1 | $ | 0.1 | $ | (0.3 | ) | |||||||||
Net actuarial loss | 1.3 | 2.5 | 3.6 | |||||||||||||
Total recognized in OCI | $ | 1.4 | $ | 2.6 | $ | 3.3 | ||||||||||
The estimated prior service cost and net actuarial loss for the defined benefit pension plans that will be amortized from Accumulated Other Comprehensive Income ("AOCI") into net periodic benefit cost during the 2015 fiscal year are $0.2 million and $4.6 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 weighted average assumptions were used to determine net periodic pension cost for fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 5.00% | 4.20% | 5.00% | |||||||||||||
Expected long-term rate of return on assets | 8.00% | 8.00% | 8.30% | |||||||||||||
The Company made contributions to its defined benefit plan of $3.1 million and $5.5 million for the fiscal years ended January 3, 2015 and December 28, 2013, respectively. | ||||||||||||||||
The Company estimates that in 2015 it will make contributions in the amount of $3.3 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 | ||||||||||||||||
2015 | $ | 9 | ||||||||||||||
2016 | 9.3 | |||||||||||||||
2017 | 9.9 | |||||||||||||||
2018 | 10.5 | |||||||||||||||
2019 | 11.3 | |||||||||||||||
2020 - 2024 | 61.4 | |||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Shareholders' Equity | Shareholders' Equity | ||||||||||||
Common Stock | |||||||||||||
The Company acquired and retired 500,000 shares of its common stock in the third quarter of 2014 at an average cost of $69.94 per share for a total of $35.0 million. | |||||||||||||
The Board of Directors has approved a repurchase program 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. | |||||||||||||
During 2012, the Company sold 3.2 million shares of common stock for general corporate purposes, working capital and the potential funding of acquisitions. | |||||||||||||
Share Based Compensation | |||||||||||||
The Company recognized approximately $11.9 million, $11.4 million and $9.0 million in share-based compensation expense in 2014, 2013 and 2012, 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 January 3, 2015, total unrecognized compensation cost related to share-based compensation awards was approximately $21.9 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 2.0 years. | |||||||||||||
During 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 January 3, 2015. | |||||||||||||
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 date. The majority of the Company’s annual share-based incentive awards are made in the fiscal second quarter. For both years ended January 3, 2015 and December 28, 2013, expired and canceled shares were immaterial. | |||||||||||||
The table below presents share-based compensation activity for the three fiscal years ended 2014, 2013 and 2012 (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total intrinsic value of share-based incentive awards exercised | $ | 5.2 | $ | 4 | $ | 11.1 | |||||||
Cash received from stock option exercises | 1.9 | 1.5 | 4.2 | ||||||||||
Income tax benefit from the exercise of stock options | 2 | 0.8 | 2.2 | ||||||||||
Total fair value of share-based incentive awards vested | 5.5 | 8.5 | 6.6 | ||||||||||
The assumptions used in the Company's Black-Scholes valuation related to grants for options and SAR's were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per share weighted average fair value of grants | $ | 28.01 | $ | 23.01 | $ | 22.45 | |||||||
Risk-free interest rate | 2 | % | 1.1 | % | 1.3 | % | |||||||
Expected life (years) | 7 | 7 | 7 | ||||||||||
Expected volatility | 37.7 | % | 38.5 | % | 37.6 | % | |||||||
Expected dividend yield | 1.2 | % | 1.2 | % | 1.2 | % | |||||||
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 2014. | |||||||||||||
Number of Shares Under Options and SAR's | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions) | |||||||||
Outstanding at December 28, 2013 | 1,563,270 | $ | 56.04 | ||||||||||
Granted | 148,955 | 75.76 | |||||||||||
Exercised | (163,742 | ) | 43.01 | ||||||||||
Forfeited | (59,651 | ) | 60.21 | ||||||||||
Outstanding at January 3, 2015 | 1,488,832 | 59.34 | 5.8 | $ | 23.9 | ||||||||
Exercisable at January 3, 2015 | 878,489 | 53.2 | 4.4 | 19.5 | |||||||||
As of January 3, 2015, there was $11.3 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 2.9 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. 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 2014: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSAs at December 28, 2013 | 40,717 | $ | 66.5 | 0.8 | |||||||||
Granted | 12,144 | 75.76 | |||||||||||
Vested | (28,047 | ) | 67.83 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested RSAs January 3, 2015 | 24,814 | $ | 69.53 | 0.3 | |||||||||
RSAs vest on either the first (for RSAs granted in 2013 and later) or the third (for RSAs granted prior to 2013) anniversary of the grant date, provided the holder of the shares is continuously employed by or in the service of the Company until the vesting date. Compensation expense recognized related to the RSA's was $1.5 million for fiscal 2014. | |||||||||||||
As of January 3, 2015, there was $0.4 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 0.3 years. | |||||||||||||
Following is a summary of RSU award activity for fiscal 2014: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSUs at December 28, 2013 | 210,264 | $ | 65.57 | 1.9 | |||||||||
Granted | 89,050 | 74.77 | |||||||||||
Vested | (53,503 | ) | 69.01 | ||||||||||
Forfeited | (7,865 | ) | 64.36 | ||||||||||
Unvested RSUs at January 3, 2015 | 237,946 | $ | 68.28 | 1.8 | |||||||||
RSU shares vest on the third anniversary of the grant date, provided the holder of the shares is continuously employed by the Company until the vesting date. Compensation expense recognized related to the RSU's was $4.4 million for fiscal 2014. | |||||||||||||
As of January 3, 2015, there was $9.3 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 1.8 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. PSU's 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 2014: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested PSUs at December 28, 2013 | 35,730 | $ | 56.71 | 2.4 | |||||||||
Granted | 25,310 | 83.74 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (1,925 | ) | 57.83 | ||||||||||
Unvested PSUs January 3, 2015 | 59,115 | $ | 68.25 | 2 | |||||||||
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 $1.0 million for fiscal 2014 and $0.4 million for fiscal 2013. Total unrecognized compensation expense for all PSUs granted as of January 3, 2015 is estimated to be $2.6 million recognized as a charge to earnings over a weighted average period of 2.0 years. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | (10) Income Taxes | ||||||||||||
Income (loss) before taxes consisted of the following (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | (11.2 | ) | $ | 75.4 | $ | 121.3 | ||||||
Foreign | 101.5 | 95.1 | 148.6 | ||||||||||
Total | $ | 90.3 | $ | 170.5 | $ | 269.9 | |||||||
The provision for income taxes is summarized as follows (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 37.8 | $ | 15.4 | $ | 24.5 | |||||||
State | 1.5 | 4.8 | 7.2 | ||||||||||
Foreign | 41.3 | 29.8 | 31.4 | ||||||||||
80.6 | 50 | 63.1 | |||||||||||
Deferred | (26.4 | ) | (5.5 | ) | 6.5 | ||||||||
Total | $ | 54.2 | $ | 44.5 | $ | 69.6 | |||||||
A reconciliation of the statutory Federal income tax rate and the effective tax rate reflected in the consolidated statements of income follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | (0.4 | )% | 1.9 | % | 2 | % | |||||||
Domestic production activities deduction | (2.7 | )% | (1.4 | )% | (1.0 | )% | |||||||
Foreign rate differential - China | (7.7 | )% | (4.4 | )% | (2.1 | )% | |||||||
Foreign rate differential - All Other | (4.8 | )% | (9.2 | )% | (9.3 | )% | |||||||
Research and development credit | (7.4 | )% | (4.5 | )% | — | % | |||||||
Statutory tax rate change | — | % | (2.6 | )% | — | % | |||||||
Goodwill impairment | 42.9 | % | 13.2 | % | — | % | |||||||
Valuation allowance | 4.2 | % | 1.7 | % | — | % | |||||||
Adjustments to tax accruals and reserves | — | % | — | % | 0.5 | % | |||||||
Other | 0.9 | % | (3.6 | )% | 0.7 | % | |||||||
Effective tax rate | 60 | % | 26.1 | % | 25.8 | % | |||||||
Deferred taxes arise primarily from differences in amounts reported for tax and financial statement purposes. The Company's net deferred tax liability as of January 3, 2015 of $(49.0) million is classified on the consolidated balance sheet as a net current deferred income tax benefit of $67.0 million and a net non-current deferred income tax liability of $(116.0) million. | |||||||||||||
The components of this net deferred tax liability are as follows (in millions): | |||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Accrued employee benefits | $ | 60.5 | $ | 43.5 | |||||||||
Bad debt allowances | 8.8 | 2.6 | |||||||||||
Warranty accruals | 4.7 | 4.9 | |||||||||||
Inventory | 9.7 | 7.7 | |||||||||||
Accrued liabilities | 9.5 | 13.2 | |||||||||||
Derivative instruments | 19.7 | 5.9 | |||||||||||
Tax loss carryforward | 16.6 | 11.4 | |||||||||||
Valuation allowance | (10.1 | ) | (5.9 | ) | |||||||||
Other | 2.8 | 1.4 | |||||||||||
Deferred tax assets | 122.2 | 84.7 | |||||||||||
Property related | (37.1 | ) | (41.6 | ) | |||||||||
Intangible items | (134.1 | ) | (136.6 | ) | |||||||||
Deferred tax liabilities | (171.2 | ) | (178.2 | ) | |||||||||
Net deferred tax liability | $ | (49.0 | ) | $ | (93.5 | ) | |||||||
Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions): | |||||||||||||
Unrecognized tax benefits, January 1, 2012 | $ | 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 | |||||||||||
Gross increases from prior period tax positions | 0.1 | ||||||||||||
Gross increases from current period tax positions | 3.6 | ||||||||||||
Settlements with taxing authorities | (2.1 | ) | |||||||||||
Lapse of statute of limitations | (0.2 | ) | |||||||||||
Unrecognized tax benefits, January 3, 2015 | $ | 5.8 | |||||||||||
Unrecognized tax benefits as of January 3, 2015 amount to $5.8 million, all of which would impact the effective income tax rate if recognized. | |||||||||||||
Potential interest and penalties related to unrecognized tax benefits are recorded in income tax expense. During fiscal 2014, 2013 and 2012, the Company recognized approximately $(0.2) million, $0.2 million and $0.1 million in net interest (income) expense, respectively. The Company had approximately $1.1 million, $1.3 million and $1.1 million of accrued interest as of January 3, 2015, December 28, 2013 and December 29, 2012, respectively. | |||||||||||||
Due to statute expirations, approximately $0.2 million of the unrecognized tax benefits, including accrued interest, could reasonably change in the coming year. | |||||||||||||
With few exceptions, the Company is no longer subject to U.S. Federal and state/local income tax examinations by tax authorities for years prior to 2010, and the Company is no longer subject to non-U.S. income tax examinations by tax authorities for years prior to 2008. | |||||||||||||
At January 3, 2015, the Company had approximately $16.6 million of tax effected net operating losses in various jurisdictions with a portion expiring over a period of up to 15 years and the remaining never expiring. At December 28, 2013, the Company had approximately $11.4 million of tax effected net operating losses in various jurisdictions with a portion expiring over a period up to 15 years and the remaining never expiring. | |||||||||||||
Valuation allowances totaling $10.1 million and $5.9 million as of January 3, 2015 and December 28, 2013, respectively, have been established for deferred income tax assets primarily related to certain subsidiary loss carryforwards that may not be realized. Realization of the net deferred income tax assets is dependent on generating sufficient taxable income prior to their expiration. Although realization is not assured, management believes it is more-likely-than-not that the net deferred income tax assets will be realized. The amount of the net deferred income tax assets considered realizable, however, could change in the near term if future taxable income during the carryforward period fluctuates. | |||||||||||||
The Company has been granted a tax holiday for some of its Chinese subsidiaries. This tax holiday expires in 2016 and is renewable subject to certain conditions with which the Company expects to comply. | |||||||||||||
Contingencies_And_Commitments
Contingencies And Commitments | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Contingencies And Commitments | 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 2014 and 2013 (in millions): | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Beginning balance | $ | 19.3 | $ | 20.9 | |||||
Less: Payments | 20.2 | 19.4 | |||||||
Provisions | 19.6 | 16.5 | |||||||
Acquisitions | 0.7 | 1.4 | |||||||
Translation adjustments | (0.1 | ) | (0.1 | ) | |||||
Ending balance | $ | 19.3 | $ | 19.3 | |||||
Leases_And_Rental_Commitments
Leases And Rental Commitments | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Leases, Operating [Abstract] | ||||||||
Leases And Rental Commitments | Leases and Rental Commitments | |||||||
Rental expenses charged to operations amounted to $38.3 million in 2014, $39.5 million in 2013 and $36.7 million in 2012. The Company has future minimum rental commitments under operating leases as shown in the following table (in millions): | ||||||||
Year | Expected Payments | |||||||
2015 | $ | 20.7 | ||||||
2016 | 14.2 | |||||||
2017 | 11.6 | |||||||
2018 | 8.8 | |||||||
2019 | 4.9 | |||||||
Thereafter | 12.3 | |||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Derivative Financial Instruments | 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 January 3, 2015. | |||||||||||||||||
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 January 3, 2015 and December 28, 2013 the Company had $(2.2) million and $(0.7) 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): | |||||||||||||||||
3-Jan-15 | 28-Dec-13 | ||||||||||||||||
Copper | $ | 137.4 | $ | 114.5 | |||||||||||||
Aluminum | 5.2 | 9.7 | |||||||||||||||
As of January 3, 2015, the maturities of commodity forward contracts extended through March 2016. | |||||||||||||||||
The Company had outstanding the following notional amounts of currency forward contracts (in millions): | |||||||||||||||||
3-Jan-15 | 28-Dec-13 | ||||||||||||||||
Mexican Peso | $ | 324.1 | $ | 203 | |||||||||||||
Chinese Renminbi | 206.1 | 142.3 | |||||||||||||||
Indian Rupee | 51.7 | 36.8 | |||||||||||||||
Euro | 17.8 | 11.4 | |||||||||||||||
Canadian Dollar | 8.6 | — | |||||||||||||||
Australian Dollar | 4.3 | 1.5 | |||||||||||||||
Thai Baht | 3.5 | 4.1 | |||||||||||||||
As of January 3, 2015, the maturities of currency forward contracts extended through December 2018. | |||||||||||||||||
As of January 3, 2015 and December 28, 2013, the total notional amount of the Company's receive-variable/pay-fixed interest rate swaps were $100.0 million and $250.0 million , respectively (with maturities extending to August 2017). | |||||||||||||||||
Fair values of derivative instruments were (in millions): | |||||||||||||||||
January 3, 2015 | |||||||||||||||||
Prepaid Expenses | Other Noncurrent Assets | Hedging Obligations (Current) | Hedging Obligations | ||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 11.9 | |||||||||
Currency contracts | 1.6 | — | 15.9 | 10.3 | |||||||||||||
Commodity contracts | — | — | 9.8 | 0.1 | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Currency contracts | — | — | 1.6 | 0.2 | |||||||||||||
Commodity contracts | 2.3 | — | 2.4 | — | |||||||||||||
Total Derivatives | $ | 3.9 | $ | — | $ | 29.7 | $ | 22.5 | |||||||||
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: | |||||||||||||||||
Commodity contracts | 0.7 | — | 0.8 | — | |||||||||||||
Total Derivatives | $ | 13.1 | $ | 0.7 | $ | 11.3 | $ | 16.8 | |||||||||
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 January 3, 2015 were (in millions): | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ | (18.8 | ) | $ | (25.2 | ) | $ | (0.5 | ) | $ | (44.5 | ) | |||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
(Loss) Gain recognized in Cost of Sales | (7.1 | ) | 7.6 | — | 0.5 | ||||||||||||
Loss recognized in Interest Expense | — | — | (10.3 | ) | (10.3 | ) | |||||||||||
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): | |||||||||||||||||
Gain 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 | ) | |||||||||||
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 statements of income for the three fiscal years in the period ended January 3, 2015 were (in millions): | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||
Commodity Forwards | Currency Forwards | Total | |||||||||||||||
Loss recognized in Cost of Sales | $ | — | $ | (1.3 | ) | $ | (1.3 | ) | |||||||||
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 | |||||||||||
The net AOCI balance related to hedging activities of $(31.0) million losses at January 3, 2015 includes $(19.2) 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. | |||||||||||||||||
The Company's commodity and currency derivative contracts are subject to master netting agreements with the respective counterparties which allow the Company to net settle transactions with a single net amount payable by one party to another party. The Company has elected to present the derivative assets and derivative liabilities on the Consolidated Balance Sheets on a gross basis for the periods ended January 3, 2015 and December 28, 2013. | |||||||||||||||||
The following table presents the derivative assets and derivative liabilities presented on a net basis under enforceable master netting agreements (in millions): | |||||||||||||||||
January 3, 2015 | |||||||||||||||||
Gross Amounts as Presented in the Consolidated Balance Sheet | Derivative Contract Amounts Subject to Right of Offset | Derivative Contracts as Presented on a Net Basis | |||||||||||||||
Prepaid Expenses and Other Current Assets: | |||||||||||||||||
Derivative Currency Contracts | $ | 1.6 | $ | (1.3 | ) | $ | 0.3 | ||||||||||
Derivative Commodity Contracts | 2.3 | (2.3 | ) | — | |||||||||||||
Hedging Obligations Current: | |||||||||||||||||
Derivative Currency Contracts | 17.5 | (1.3 | ) | 16.2 | |||||||||||||
Derivative Commodity Contracts | 12.2 | (2.3 | ) | 9.9 | |||||||||||||
Hedging Obligations: | |||||||||||||||||
Derivative Currency Contracts | 10.5 | — | 10.5 | ||||||||||||||
Derivative Commodity Contracts | 0.1 | — | 0.1 | ||||||||||||||
December 28, 2013 | |||||||||||||||||
Gross Amounts as Presented in the Consolidated Balance Sheet | Derivative Contract Amounts Subject to Right of Offset | Derivative Contracts as Presented on a Net Basis | |||||||||||||||
Prepaid Expenses and Other Current Assets: | |||||||||||||||||
Derivative Currency Contracts | $ | 8.4 | $ | (0.6 | ) | $ | 7.8 | ||||||||||
Derivative Commodity Contracts | 4.7 | (2.4 | ) | 2.3 | |||||||||||||
Other Noncurrent Assets: | |||||||||||||||||
Derivative Currency Contracts | 0.7 | (0.2 | ) | 0.5 | |||||||||||||
Hedging Obligations Current: | |||||||||||||||||
Derivative Currency Contracts | 3.1 | (0.6 | ) | 2.5 | |||||||||||||
Derivative Commodity Contracts | 2.5 | (2.4 | ) | 0.1 | |||||||||||||
Hedging Obligations: | |||||||||||||||||
Derivative Currency Contracts | 0.7 | (0.2 | ) | 0.5 | |||||||||||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Fair Value | 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 January 3, 2015 and December 28, 2013, respectively (in millions): | ||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||
Classification | ||||||||||
Assets: | ||||||||||
Prepaid expenses and other current assets: | ||||||||||
Derivative currency contracts | $ | 1.6 | $ | 8.4 | Level 2 | |||||
Derivative commodity contracts | 2.3 | 4.7 | Level 2 | |||||||
Other noncurrent assets: | ||||||||||
Assets Held in Rabbi Trust | 5.2 | 5.1 | Level 1 | |||||||
Derivative currency contracts | — | 0.7 | 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 | 17.5 | 3.1 | Level 2 | |||||||
Derivative commodity contracts | 12.2 | 2.5 | Level 2 | |||||||
Hedging obligations: | ||||||||||
Interest rate swap | 11.9 | 16.1 | Level 2 | |||||||
Derivative currency contracts | 10.5 | 0.7 | Level 2 | |||||||
Derivative commodity contracts | 0.1 | — | Level 2 | |||||||
Other noncurrent liabilities: | ||||||||||
Deferred contingent purchase price | — | 1.4 | 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 unadjusted quoted prices. | ||||||||||
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 discounted cash flows for the LIBOR forward yield curve for a a swap with similar contractual terms. Foreign currency forwards are valued based on exchange rates quoted by domestic and foreign banks for similar instruments. Fair value of debt was estimated based on rates for instruments with comparable maturities and credit quality. 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. 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 2014. | ||||||||||
The table below sets forth a summary of changes in fair value of the Company's liabilities for deferred contingent purchase price from the Company's acquisitions as of January 3, 2015 and December 28, 2013, respectively (in millions): | ||||||||||
Year Ended | ||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||
Beginning balance | $ | 9.7 | $ | 21.1 | ||||||
Expense | — | 1.1 | ||||||||
Fair value adjustment | (1.1 | ) | (12.3 | ) | ||||||
Payments | (8.6 | ) | (0.2 | ) | ||||||
Ending balance | $ | — | $ | 9.7 | ||||||
During 2013, the Commercial and Industrial Systems segment reporting unit with slower than expected adoption of switched reluctance motor technology had a deferred contingent purchase price liability that was adjusted as a result of changes in future performance expectations that reduced discounted cash flows and increased risk and probability adjustments. This resulted in a $12.3 million decrease in the deferred contingent purchase price liability in 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 03, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
As part of the purchase agreement of the 2008 acquisition of the Wuxi Hwada Motor Co., the Company agreed that if certain relocation compensation was received for the relocation of the business, the Company would pay a portion of that compensation to the seller as part of a deferred contingent purchase price. During 2014 compensation was received, and as a result, payments of $5.3 million were made to the seller in 2014. | |
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 | ||||||||
Jan. 03, 2015 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Activities | ||||||||
Beginning in 2013, the Company announced the closure of several of its manufacturing and warehouse facilities and consolidation into existing facilities to simplify manufacturing operations in its Commercial and Industrial Systems and Climate Solutions segments. 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 employees remaining service period while the plant relocation costs are expensed as incurred. | |||||||||
The following is a reconciliation of provisions and payments for the restructuring projects for 2014 and 2013 (in millions): | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Beginning balance | $ | 3.9 | $ | 3.1 | |||||
Provision | 13.2 | 6.2 | |||||||
Less: Payments | 11 | 5.4 | |||||||
Ending Balance | $ | 6.1 | $ | 3.9 | |||||
The following is a reconciliation of expenses by type for the restructuring projects in 2014 and 2013 (in millions): | |||||||||
2014 | 2013 | ||||||||
Employee termination expenses | $ | 6.5 | $ | 2.2 | |||||
Facility related costs | 4.2 | 1.9 | |||||||
Other expenses | 2.5 | 2.1 | |||||||
Total restructuring expenses | $ | 13.2 | $ | 6.2 | |||||
For fiscal 2014, restructuring charges of $12.9 million and $0.3 million were recorded in Cost of Sales and Operating Expenses, respectively. For fiscal 2013, restructuring charges of $5.4 million and $0.8 million were recorded in Cost of Sales and Operating Expenses, respectively, in the Consolidated Statements of Income. | |||||||||
The Company's current restructuring activities are expected to conclude by the end of 2015. The Company expects to record aggregate future charges of approximately $7.9 million which includes $3.1 million of employee termination expenses and $4.8 million of facility related and other costs. |
Subsequent_Event
Subsequent Event | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Subsequent Events [Abstract] | ||||
Subsequent Event | Subsequent Event | |||
On January 30, 2015, the Company acquired PTS for approximately $1.4 billion in cash. PTS will be included in the Power Transmission Solutions segment. The Company acquired PTS because management believes it provides complementary products, expands and balances the Company’s product portfolio, and enhances its margin profile. | ||||
PTS is a global leader in highly engineered power transmission products and solutions. The business manufactures, sells and services bearings, couplings, gearing, drive components and conveyor systems. | ||||
PTS had net sales of $607.3 million in 2014. | ||||
The following summarizes the allocation of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition. The allocation of the purchase price is preliminary and differences between the preliminary and final purchase price allocation could be material. The Company has not completed its analysis estimating the fair value of inventory, property, plant, and equipment, intangible assets, income tax liabilities and certain contingent liabilities (in millions). | ||||
As of January 30, 2015 | ||||
Current assets | $ | 3.2 | ||
Trade receivables | 71.3 | |||
Inventories | 102.8 | |||
Net Property, plant and equipment and other noncurrent assets | 1,384.00 | |||
Total assets acquired | $ | 1,561.30 | ||
Current liabilities assumed | 76.6 | |||
Long-term liabilities assumed | 82.7 | |||
Net assets acquired | $ | 1,402.00 | ||
On January 30, 2015, the Company entered into a Credit Agreement for a 5-year unsecured term loan facility for the Company in the principal amount of $1.25 billion which was drawn in full by the Company on January 30, 2015 in connection with the closing of the acquisition of PTS (see Note 7 of Notes to the Consolidated Financial Statements, "Debt and Bank Credit Facilities" for additional details of the of the Credit Agreement. | ||||
Unaudited Pro Forma Consolidated Financial Information | ||||
The following unaudited pro forma financial information shows the results of continuing operations for 2014, as though the acquisition of PTS occurred at the beginning of fiscal year 2014. As a practical expedient, the Company has used the audited stand-alone financial statements of PTS for the fiscal year ended September 30, 2014. The pro forma financial information includes, where applicable, adjustments for: (i) the estimated amortization of acquired intangible assets, (ii) estimated additional interest expense on acquisition related borrowings, (iii) the income tax effect on the pro forma adjustments using an estimated effective tax rate, (iv) exclude the estimated impact of inventory purchase accounting adjustments and (v) exclude estimated closing costs on the acquisition. The pro forma adjustments related to the acquisition of PTS are based on a preliminary purchase price allocation. Differences between the preliminary and final purchase price allocation could have an impact on the pro forma financial information presented and such impact could be material. 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): | ||||
2014 | ||||
Pro forma net sales | $ | 3,864.40 | ||
Pro forma net income | 47 | |||
Basic earnings per share as reported | $ | 0.69 | ||
Proforma basic earnings per share | 1.04 | |||
Diluted earnings per share as reported | $ | 0.69 | ||
Pro forma diluted earnings per share | 1.04 | |||
Schedule_II_Regal_Beloit_Corpo
Schedule II Regal Beloit Corporation Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||
Schedule II Regal Beloit Corporation Valuation And Qualifying Accounts | SCHEDULE II | |||||||||||||||||
REGAL BELOIT CORPORATION | ||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
Balance Beginning of Year | Charged to Expenses | Deductions (a) | Adjustments (b) | Balance End of Year | ||||||||||||||
(Dollars in Millions) | ||||||||||||||||||
Allowance for receivables: | ||||||||||||||||||
Fiscal 2014 | $ | 11.5 | 19.5 | (19.2 | ) | (0.2 | ) | $ | 11.6 | |||||||||
Fiscal 2013 | 10.2 | 2.7 | (1.9 | ) | 0.5 | 11.5 | ||||||||||||
Fiscal 2012 | 13.6 | (1.3 | ) | (2.5 | ) | 0.4 | 10.2 | |||||||||||
Allowance for warranty reserves: | ||||||||||||||||||
Fiscal 2014 | $ | 19.3 | 19.6 | (20.2 | ) | 0.6 | $ | 19.3 | ||||||||||
Fiscal 2013 | 20.9 | 16.5 | (19.4 | ) | 1.3 | 19.3 | ||||||||||||
Fiscal 2012 | 24.2 | 30 | (33.4 | ) | 0.1 | 20.9 | ||||||||||||
(a) Deductions consist of write offs charged against the allowance for doubtful accounts and warranty claim costs. | ||||||||||||||||||
(b) Adjustments related to acquisitions and translation. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information | |||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(Amounts in Millions, Except per Share Data) | ||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net Sales | $ | 801.2 | $ | 778.2 | $ | 850.4 | $ | 822 | $ | 829.8 | $ | 768.2 | $ | 775.6 | $ | 727.2 | ||||||||||||||||
Gross Profit | 194.4 | 199.5 | 211 | 209.2 | 203.8 | 196.5 | 188.1 | 178 | ||||||||||||||||||||||||
Income (Loss) from Operations | 69.7 | 75.9 | 87.7 | 81.1 | 74.7 | 78.8 | (110.6 | ) | (27.8 | ) | ||||||||||||||||||||||
Net Income (Loss) | 45 | 50.7 | 58.1 | 53.6 | 48.8 | 54.5 | (115.8 | ) | (32.8 | ) | ||||||||||||||||||||||
Net Income (Loss) Attributable to Regal Beloit Corporation(2), (3) | 43.8 | 49.5 | 56.2 | 51.1 | 47.5 | 52.6 | (116.5 | ) | (33.2 | ) | ||||||||||||||||||||||
Earnings (Loss) per Share Attributable to Regal Beloit Corporation (4): | ||||||||||||||||||||||||||||||||
Basic | 0.97 | 1.1 | 1.24 | 1.14 | 1.06 | 1.17 | (2.61 | ) | (0.74 | ) | ||||||||||||||||||||||
Assuming Dilution | 0.96 | 1.09 | 1.24 | 1.13 | 1.05 | 1.16 | (2.61 | ) | (0.74 | ) | ||||||||||||||||||||||
Weighted Average Number of Shares Outstanding | ||||||||||||||||||||||||||||||||
Basic | 45.1 | 45 | 45.2 | 45 | 44.9 | 45.1 | 44.7 | 45.1 | ||||||||||||||||||||||||
Assuming Dilution | 45.4 | 45.3 | 45.5 | 45.3 | 45.2 | 45.4 | 44.7 | 45.1 | ||||||||||||||||||||||||
Net Sales (1) | ||||||||||||||||||||||||||||||||
Commercial and Industrial Systems | $ | 453.5 | $ | 430.1 | $ | 479 | $ | 447.9 | $ | 472.3 | $ | 437.4 | $ | 451.2 | $ | 431.1 | ||||||||||||||||
Climate Solutions | 285.1 | 283.1 | 303.5 | 307.3 | 290 | 272.3 | 256.2 | 235.9 | ||||||||||||||||||||||||
Power Transmission Solutions | 62.6 | 65 | 67.9 | 66.8 | 67.5 | 58.5 | 68.2 | 60.2 | ||||||||||||||||||||||||
Income (Loss) from Operations | ||||||||||||||||||||||||||||||||
Commercial and Industrial Systems | 37.2 | 42.6 | 47 | 34.1 | 33.6 | 41.8 | (84.2 | ) | (36.7 | ) | ||||||||||||||||||||||
Climate Solutions | 26.3 | 25.4 | 33.1 | 39.4 | 33.1 | 30.1 | 7.1 | 14.4 | ||||||||||||||||||||||||
Power Transmission Solutions | 6.2 | 7.9 | 7.6 | 7.6 | 8 | 6.9 | (33.5 | ) | (5.5 | ) | ||||||||||||||||||||||
(1) Effective September 28, 2014, the Company reorganized its reportable segments to align with its new management reporting structure and business activities. Prior to this reorganization, the Company was comprised of two reportable segments for financial reporting purposes: Electrical and Mechanical. As a result of this change, the Company is now comprised of three reportable segments: Commercial and Industrial Systems, Climate Solutions and Power Transmission Solutions and previously reported information for prior periods have been restated. | ||||||||||||||||||||||||||||||||
(2) Included in the fourth quarter 2014 results were goodwill impairments of $118.5 million and asset impairments and other, net of $40.0 million ($146.3 million after tax). A goodwill impairment of $1.0 million was recorded earlier in 2014. | ||||||||||||||||||||||||||||||||
(3)Included in the fourth quarter 2013 results were goodwill impairments of $76.3 million and asset impairments and other, net of $4.7 million, ($74.7 million after tax). | ||||||||||||||||||||||||||||||||
(4) Due to the weighting of both earnings and the weighted average number of shares outstanding, the sum of the quarterly earnings per share may not equal the annual earnings per share. |
Accounting_Policies_Policy
Accounting Policies (Policy) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
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 and other asset impairments; 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 generally 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 January 3, 2015 and December 28, 2013 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 2014, fiscal 2013 or fiscal 2012. | ||||||||||||||||
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 it to gain additional market share, whether in new or existing segments. While these costs make up an insignificant portion of operating expenses in the Power Transmission Solutions segment, they are more substantial in the Climate Solutions and Commercial and Industrial Systems segments. In particular, a large driver of research and development efforts in the Climate Solutions and Commercial and Industrial Systems segments is energy efficiency. | ||||||||||||||||
Research and development costs are expensed as incurred. For fiscal 2014, 2013 and 2012, research and development costs were $32.9 million, $28.3 million and $28.5 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 term deposits which have original maturities of greater than three months and remaining maturities of less than one year. 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 experiences 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 take 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] | 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: | ||||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Raw Material and Work In Process | 45 | % | 41 | % | ||||||||||||
Finished Goods and Purchased Parts | 55 | % | 59 | % | ||||||||||||
Inventories are stated at cost, which is not in excess of market. Cost for approximately 52% of the Company's inventory at January 3, 2015 and 49% at December 28, 2013 was determined using the LIFO method. If all inventories were valued on the FIFO method, they would have increased by $47.2 million and $58.2 million as of January 3, 2015 and December 28, 2013, 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 the lower of cost or market. | ||||||||||||||||
Property Plant and Equipment Policy Text Block | Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment 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. See also "Long-Lived Assets" in this footnote for the results and additional details of the impairment of certain long-lived assets and related charges. | ||||||||||||||||
Property, plant and equipment by major classification was as follows (in millions): | ||||||||||||||||
Useful Life (In Years) | 3-Jan-15 | December 28, | ||||||||||||||
2013 | ||||||||||||||||
Land and Improvements | $ | 68.8 | $ | 72.3 | ||||||||||||
Buildings and Improvements | Mar-50 | 235.4 | 231.1 | |||||||||||||
Machinery and Equipment | 15-Mar | 812.1 | 794.5 | |||||||||||||
Property, Plant and Equipment | 1,116.30 | 1,097.90 | ||||||||||||||
Less: Accumulated Depreciation | (584.8 | ) | (524.5 | ) | ||||||||||||
Net Property, Plant and Equipment | $ | 531.5 | $ | 573.4 | ||||||||||||
Commitments for property, plant and equipment purchases were $10.6 million at January 3, 2015. | ||||||||||||||||
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 2014 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 Commercial and Industrial Systems segment and the Power Transmission Solutions segment include reporting units that have significant exposure to the volatility in the oil and gas industry. Crude oil prices saw a sharp decline in the latter part of 2014. Expected cash flows were also negatively impacted by lower gas and oil prices as lower prices decreased the capital spending of customers these reporting units serve. Weak economic conditions in regions such as Australia and New Zealand as well as currency devaluations in Venezuela have contributed to the reduced expected cash flows for the Company's reporting units in these regions. In the Climate Solutions segment, unfavorable customer dynamics impacted one reporting unit's expected cash flows. 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). Additionally, the Company's reporting unit related to technology that had been deemed substantially impaired during the fourth quarter of 2013 was deemed fully impaired during 2014 as a result of the closing of the facility. This resulted in a $1.0 million impairment charge to goodwill. The total goodwill impairment charge related to these reporting units was $119.5 million and was recorded in Goodwill Impairment within the Consolidated Statements of Income. | ||||||||||||||||
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. Reporting units within the Commercial and Industrial Systems and Climate Solutions segments 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 Power Transmission Solutions 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. The total goodwill impairment charge related to these reporting units was $76.3 million and was recorded in Goodwill Impairment. | ||||||||||||||||
In the Consolidated Statement of Income for the twelve months ended December 28, 2013, $76.3 million that had been previously reported within "Asset Impairments and Other, Net" is separately reported as "Goodwill Impairment" within the Consolidated Statements of Income. | ||||||||||||||||
Long-Lived 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. If the asset is not recoverable, the asset is written down to fair value. | ||||||||||||||||
During 2014, due primarily to unfavorable customer dynamics and the effects of the sharp decline in the price of oil, the carrying amounts of intangible and other long-lived assets for two reporting units within the Climate Solutions and Power Transmission Solutions segments were deemed to be not fully recoverable. Fair value was determined using the discounted cash flows from the Company's internal cash flow projections and a discount rate indicative of the return an investor would expect to receive for investing in the asset which are Level 3 measurements. As a result, intangible and other long-lived asset impairments of $26.2 million were recognized related to hydraulic fracturing equipment used in the oil and gas end markets. Technology and other long-lived asset impairments were recognized related to products used in hermetic climate applications of $13.8 million and recognized in Asset Impairments and Other, Net. | ||||||||||||||||
During 2013, indicators related to the future expected cash flows of certain reporting units in the Commercial and Industrial Systems segment triggered a detailed undiscounted cash flow test of long-lived assets, which included intangible assets. Discounted cash flows were determined as discussed above, which are Level 3 measurments. As a result, in-process research and development technology intangible impairments totaling $16.2 million, related to switched reluctance technology, and $0.8 million of customer relationship intangible impairments related to a European motor distribution reporting unit were impaired and recognized in Asset Impairments and Other, Net. | ||||||||||||||||
The Company does not have any indefinite-lived intangible assets. | ||||||||||||||||
During the year ended December 28, 2013, the Company recognized a loss on certain intangible asset impairments as discussed above, which was netted with a related gain of $12.3 million 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): | ||||||||||||||||
Commercial & Industrial Systems | Climate Solutions | Power Transmission Solutions | Total | |||||||||||||
Impairments during 2014: | ||||||||||||||||
Impairment of Intangible Assets | $ | — | $ | 7.8 | $ | 11.1 | $ | 18.9 | ||||||||
Impairment of Property, Plant and Equipment | — | 6 | 15.1 | 21.1 | ||||||||||||
Asset Impairments and Other, Net | $ | — | $ | 13.8 | $ | 26.2 | $ | 40 | ||||||||
Impairments during 2013: | ||||||||||||||||
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 | $ | 4.7 | $ | — | $ | — | $ | 4.7 | ||||||||
Impairment Of Long-Lived Assets And Amortizable Intangible Assets | During the year ended December 28, 2013, the Company recognized a loss on certain intangible asset impairments as discussed above, which was netted with a related gain of $12.3 million 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): | ||||||||||||||||
Commercial & Industrial Systems | Climate Solutions | Power Transmission Solutions | Total | |||||||||||||
Impairments during 2014: | ||||||||||||||||
Impairment of Intangible Assets | $ | — | $ | 7.8 | $ | 11.1 | $ | 18.9 | ||||||||
Impairment of Property, Plant and Equipment | — | 6 | 15.1 | 21.1 | ||||||||||||
Asset Impairments and Other, Net | $ | — | $ | 13.8 | $ | 26.2 | $ | 40 | ||||||||
Impairments during 2013: | ||||||||||||||||
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 | $ | 4.7 | $ | — | $ | — | $ | 4.7 | ||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The details were as follows (in millions): | |||||||||||||||
Commercial & Industrial Systems | Climate Solutions | Power Transmission Solutions | Total | |||||||||||||
Impairments during 2014: | ||||||||||||||||
Impairment of Intangible Assets | $ | — | $ | 7.8 | $ | 11.1 | $ | 18.9 | ||||||||
Impairment of Property, Plant and Equipment | — | 6 | 15.1 | 21.1 | ||||||||||||
Asset Impairments and Other, Net | $ | — | $ | 13.8 | $ | 26.2 | $ | 40 | ||||||||
Impairments during 2013: | ||||||||||||||||
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 | $ | 4.7 | $ | — | $ | — | $ | 4.7 | ||||||||
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 0.3 million in 2014, 0.7 million in 2013 and 0.3 million in 2012. The following table reconciles the basic and diluted shares used in EPS calculations for the years ended (in millions): | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Denominator for Basic EPS | 45 | 45 | 41.8 | |||||||||||||
Effect of Dilutive Securities | 0.3 | 0.4 | 0.3 | |||||||||||||
Denominator for Diluted EPS | 45.3 | 45.4 | 42.1 | |||||||||||||
Retirement Plans | Retirement Plans | |||||||||||||||
The Company's domestic employees are covered by defined contribution plans and approximately half of the Company's employees are covered by defined benefit plans. The defined benefit pension plans 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 | |||||||||||||||
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): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Foreign Currency Translation Adjustments | $ | (80.5 | ) | $ | (27.0 | ) | ||||||||||
Hedging Activities, net of tax of $(19.0) in 2014 and $(5.9) in 2013 | (31.0 | ) | (9.5 | ) | ||||||||||||
Pension and Post Retirement Benefits, net of tax of $(23.4) in 2014 and $(14.3) in 2013 | (39.5 | ) | (23.3 | ) | ||||||||||||
Total | $ | (151.0 | ) | $ | (59.8 | ) | ||||||||||
Legal Claims | Legal Claims | |||||||||||||||
The Company records expenses and liabilities when the Company believes that an obligation of the Company or a subsidiary 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 or a subsidiary 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 equivalents, term deposits, 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 | |||||||||
Jan. 03, 2015 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment by major classification was as follows (in millions): | |||||||||
Useful Life (In Years) | 3-Jan-15 | December 28, | ||||||||
2013 | ||||||||||
Land and Improvements | $ | 68.8 | $ | 72.3 | ||||||
Buildings and Improvements | Mar-50 | 235.4 | 231.1 | |||||||
Machinery and Equipment | 15-Mar | 812.1 | 794.5 | |||||||
Property, Plant and Equipment | 1,116.30 | 1,097.90 | ||||||||
Less: Accumulated Depreciation | (584.8 | ) | (524.5 | ) | ||||||
Net Property, Plant and Equipment | $ | 531.5 | $ | 573.4 | ||||||
Percentage Distribution Between Major Classes Of Inventory | The approximate percentage distribution between major classes of inventory at year end is as follows: | |||||||||
January 3, | December 28, | |||||||||
2015 | 2013 | |||||||||
Raw Material and Work In Process | 45 | % | 41 | % | ||||||
Finished Goods and Purchased Parts | 55 | % | 59 | % | ||||||
Earnings Per Share Reconciliation | The following table reconciles the basic and diluted shares used in EPS calculations for the years ended (in millions): | |||||||||
2014 | 2013 | 2012 | ||||||||
Denominator for Basic EPS | 45 | 45 | 41.8 | |||||||
Effect of Dilutive Securities | 0.3 | 0.4 | 0.3 | |||||||
Denominator for Diluted EPS | 45.3 | 45.4 | 42.1 | |||||||
Accumulated Other Comprehensive Loss | The components of the ending balances of Accumulated Other Comprehensive Loss are as follows (in millions): | |||||||||
2014 | 2013 | |||||||||
Foreign Currency Translation Adjustments | $ | (80.5 | ) | $ | (27.0 | ) | ||||
Hedging Activities, net of tax of $(19.0) in 2014 and $(5.9) in 2013 | (31.0 | ) | (9.5 | ) | ||||||
Pension and Post Retirement Benefits, net of tax of $(23.4) in 2014 and $(14.3) in 2013 | (39.5 | ) | (23.3 | ) | ||||||
Total | $ | (151.0 | ) | $ | (59.8 | ) |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following summarizes the allocation of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition. The allocation of the purchase price is preliminary and differences between the preliminary and final purchase price allocation could be material. The Company has not completed its analysis estimating the fair value of inventory, property, plant, and equipment, intangible assets, income tax liabilities and certain contingent liabilities (in millions). | |||||||||||
As of January 30, 2015 | ||||||||||||
Current assets | $ | 3.2 | ||||||||||
Trade receivables | 71.3 | |||||||||||
Inventories | 102.8 | |||||||||||
Net Property, plant and equipment and other noncurrent assets | 1,384.00 | |||||||||||
Total assets acquired | $ | 1,561.30 | ||||||||||
Current liabilities assumed | 76.6 | |||||||||||
Long-term liabilities assumed | 82.7 | |||||||||||
Net assets acquired | $ | 1,402.00 | ||||||||||
Schedule Of Pro Forma Financial Information | Pro forma amounts are also not necessarily indicative of any future consolidated operating results of the Company (see Note 5 of the Notes to the Consolidated Financial Statements for amortization expense related to intangible assets acquired) (in millions, except per share amounts). | |||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
Pro forma net sales | $ | 3,291.20 | $ | 3,240.40 | $ | 3,328.80 | ||||||
Pro forma net income | 28.8 | 123.8 | 202.4 | |||||||||
Basic earnings per share as reported | $ | 0.69 | $ | 2.66 | $ | 4.68 | ||||||
Pro forma basic earnings per share | 0.64 | 2.75 | 4.84 | |||||||||
Diluted earnings per share as reported | $ | 0.69 | $ | 2.64 | 4.64 | |||||||
Pro forma diluted earnings per share | 0.64 | 2.73 | 4.81 | |||||||||
Benshaw [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price allocation for Benshaw was as follows: | |||||||||||
As of June 30, 2014 | ||||||||||||
Current assets | $ | 0.5 | ||||||||||
Trade receivables | 10.4 | |||||||||||
Inventories | 22.4 | |||||||||||
Property, plant and equipment | 4.5 | |||||||||||
Intangible assets, subject to amortization | 14.6 | |||||||||||
Goodwill | 9.9 | |||||||||||
Total assets acquired | $ | 62.3 | ||||||||||
Accounts payable | 3.7 | |||||||||||
Current liabilities assumed | 2.2 | |||||||||||
Long-term liabilities assumed | 5.4 | |||||||||||
Net assets acquired | $ | 51 | ||||||||||
Hy-Bon [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price allocation for Hy-Bon was as follows: | |||||||||||
February 7, 2014 | ||||||||||||
Current assets | $ | 1.7 | ||||||||||
Trade receivables | 11.5 | |||||||||||
Inventories | 14.3 | |||||||||||
Property, plant and equipment | 8.1 | |||||||||||
Intangible assets, subject to amortization | 13.4 | |||||||||||
Goodwill | 40.6 | |||||||||||
Other assets | 0.1 | |||||||||||
Total assets acquired | 89.7 | |||||||||||
Accounts payable | 5.5 | |||||||||||
Current liabilities assumed | 5.1 | |||||||||||
Long-term liabilities assumed | 1.1 | |||||||||||
Net assets acquired | $ | 78 | ||||||||||
Cemp [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price allocation for Cemp was as follows: | |||||||||||
November 19, 2013 | ||||||||||||
Current assets | $ | 3.1 | ||||||||||
Trade receivables | 6.6 | |||||||||||
Inventories | 7.8 | |||||||||||
Property, plant and equipment | 3.7 | |||||||||||
Intangible assets, subject to amortization | 12.6 | |||||||||||
Goodwill | 14.8 | |||||||||||
Total assets acquired | 48.6 | |||||||||||
Accounts payable | 5.5 | |||||||||||
Current liabilities assumed | 3 | |||||||||||
Long-term liabilities assumed | 5.5 | |||||||||||
Net assets acquired | $ | 34.6 | ||||||||||
RAM Motor Business [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price allocation for RAM was as follows: | |||||||||||
8-Feb-13 | ||||||||||||
Current assets | $ | 1.2 | ||||||||||
Trade receivables | 1.9 | |||||||||||
Inventories | 7.7 | |||||||||||
Property, plant and equipment | 2.1 | |||||||||||
Other assets | 0.1 | |||||||||||
Total assets acquired | 13 | |||||||||||
Accounts payable | 1.1 | |||||||||||
Current liabilities assumed | 5.4 | |||||||||||
Long-term liabilities assumed | 0.5 | |||||||||||
Net assets acquired | $ | 6 | ||||||||||
Remco Product Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of Remco was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill be deductible for income tax purposes under current tax law. | |||||||||||
November 30, 2012 | ||||||||||||
Trade receivables | $ | 1.1 | ||||||||||
Inventories | 1.4 | |||||||||||
Property, plant and equipment | 0.2 | |||||||||||
Intangible assets, subject to amortization | 0.5 | |||||||||||
Goodwill | 0.8 | |||||||||||
Total assets acquired | 4 | |||||||||||
Accounts payable | 0.2 | |||||||||||
Long-term liabilities assumed | 0.1 | |||||||||||
Net assets acquired | $ | 3.7 | ||||||||||
Marlin Coast Motor Rewinding [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of MCMR was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities were recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill to be deductible for income tax purposes under current tax law. | |||||||||||
October 2, 2012 | ||||||||||||
Property, plant and equipment | 1.4 | |||||||||||
Intangible assets, subject to amortization | 0.6 | |||||||||||
Goodwill | 1.4 | |||||||||||
Total assets acquired | 3.4 | |||||||||||
Net assets acquired | $ | 3.4 | ||||||||||
Tecnojar [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of Tecnojar was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The excess of the purchase price over the estimated fair values of tangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill be deductible for income tax purposes under current tax law. | |||||||||||
April 30, 2012 | ||||||||||||
Current assets | $ | 0.3 | ||||||||||
Trade receivables | 0.2 | |||||||||||
Inventories | 0.1 | |||||||||||
Property, plant and equipment | 0.8 | |||||||||||
Goodwill | 0.7 | |||||||||||
Total assets acquired | 2.1 | |||||||||||
Current liabilities assumed | 0.5 | |||||||||||
Net assets acquired | $ | 1.6 | ||||||||||
Milwaukee Gear Company [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of MGC was accounted for as a purchase in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and other growth opportunities. The Company does not expect the amount of goodwill be deductible for income tax purposes under current tax law. | |||||||||||
February 3, 2012 | ||||||||||||
Current assets | $ | 3.1 | ||||||||||
Trade receivables | 5.8 | |||||||||||
Inventories | 17.1 | |||||||||||
Property, plant and equipment | 26 | |||||||||||
Intangible assets, subject to amortization | 18.2 | |||||||||||
Goodwill | 21.4 | |||||||||||
Other assets | 0.1 | |||||||||||
Total assets acquired | 91.7 | |||||||||||
Accounts payable | 2.7 | |||||||||||
Current liabilities assumed | 1.5 | |||||||||||
Long-term liabilities assumed | 7.2 | |||||||||||
Net assets acquired | $ | 80.3 | ||||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||
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 | Commercial and Industrial Systems | Climate Solutions | Power Transmission Solutions | |||||||||||||||||||
Balance as of December 29, 2012 | $ | 1,151.00 | $ | 759.4 | $ | 354.4 | $ | 37.2 | ||||||||||||||
Acquisitions and valuation adjustments | 15.3 | 15.3 | — | — | ||||||||||||||||||
Less: Impairment charges | 76.3 | 64.2 | — | 12.1 | ||||||||||||||||||
Translation adjustments | (8.1 | ) | (7.3 | ) | (0.8 | ) | — | |||||||||||||||
Balance as of December 28, 2013 | $ | 1,081.90 | $ | 703.2 | $ | 353.6 | $ | 25.1 | ||||||||||||||
Acquisitions and valuation adjustments | 54.5 | 54.5 | — | — | ||||||||||||||||||
Less: Impairment charges | 119.5 | 100.7 | 7.7 | 11.1 | ||||||||||||||||||
Translation adjustments | (12.9 | ) | (11.6 | ) | (1.3 | ) | — | |||||||||||||||
Balance as of January 3, 2015 | $ | 1,004.00 | $ | 645.4 | $ | 344.6 | $ | 14 | ||||||||||||||
Cumulative goodwill impairment charges | $ | 195.8 | $ | 164.9 | $ | 7.7 | $ | 23.2 | ||||||||||||||
Schedule Of Gross Intangibles | Gross intangible assets consist of the following (in millions): | |||||||||||||||||||||
Weighted Average Amortization Period (Years) | December 28, | Acquisitions | Impairment Charges | Translation Adjustments | January 3, 2015 | |||||||||||||||||
2013 | ||||||||||||||||||||||
Customer Relationships | 11 | $ | 253.8 | $ | 20.5 | $ | 10.7 | $ | (6.8 | ) | $ | 256.8 | ||||||||||
Technology | 9 | 133 | 5.2 | 7.8 | (1.0 | ) | 129.4 | |||||||||||||||
Trademarks | 12 | 32.6 | 2 | 0.4 | (1.1 | ) | 33.1 | |||||||||||||||
Patent and Engineering Drawings | 5 | 16.6 | — | — | — | 16.6 | ||||||||||||||||
Non-compete Agreements | 5 | 8.3 | 0.4 | — | (0.1 | ) | 8.6 | |||||||||||||||
Total Gross Intangibles | $ | 444.3 | $ | 28.1 | $ | 18.9 | $ | (9.0 | ) | $ | 444.5 | |||||||||||
Schedule Of Accumulated Amortization | Accumulated amortization on intangible assets consists of the following: | |||||||||||||||||||||
December 28, 2013 | Amortization | Translation Adjustments | January 3, 2015 | |||||||||||||||||||
Customer Relationships | $ | 101.4 | $ | 24.2 | $ | (3.0 | ) | $ | 122.6 | |||||||||||||
Technology | 57.9 | 17.6 | (0.6 | ) | 74.9 | |||||||||||||||||
Trademarks | 18 | 2.9 | (0.8 | ) | 20.1 | |||||||||||||||||
Patent and Engineering Drawings | 15 | 1.7 | (0.1 | ) | 16.6 | |||||||||||||||||
Non-compete Agreements | 7.8 | 0.3 | (0.1 | ) | 8 | |||||||||||||||||
Total Accumulated Amortization | $ | 200.1 | $ | 46.7 | $ | (4.6 | ) | $ | 242.2 | |||||||||||||
Intangible Assets, Net of Amortization | $ | 244.2 | $ | 202.3 | ||||||||||||||||||
Schedule Of Estimated Amortization | ||||||||||||||||||||||
Estimated Amortization | ||||||||||||||||||||||
Year | ||||||||||||||||||||||
2015 | $ | 35.4 | ||||||||||||||||||||
2016 | 30.8 | |||||||||||||||||||||
2017 | 24.2 | |||||||||||||||||||||
2018 | 22.2 | |||||||||||||||||||||
2019 | 22.1 | |||||||||||||||||||||
Industry_Segment_Information_T
Industry Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||
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 2014, fiscal 2013 and fiscal 2012, respectively (in millions): | ||||||||||||||||||||
Commercial and Industrial Systems | Climate Solutions | Power Transmission Solutions | Eliminations | Total | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
External sales | $ | 1,856.10 | $ | 1,134.80 | $ | 266.2 | $ | — | $ | 3,257.10 | |||||||||||
Intersegment sales | 78.2 | 19.2 | 5.1 | (102.5 | ) | — | |||||||||||||||
Total sales | 1,934.30 | 1,154.00 | 271.3 | (102.5 | ) | 3,257.10 | |||||||||||||||
Gross profit | 468.2 | 258.8 | 70.3 | — | 797.3 | ||||||||||||||||
Operating expenses | 333.9 | 137.7 | 44.7 | — | 516.3 | ||||||||||||||||
Goodwill impairment | 100.7 | 7.7 | 11.1 | — | 119.5 | ||||||||||||||||
Asset impairments and other, net | — | 13.8 | 26.2 | — | 40 | ||||||||||||||||
Income (loss) from operations | 33.6 | 99.6 | (11.7 | ) | — | 121.5 | |||||||||||||||
Depreciation and amortization | 81.5 | 45 | 12.2 | — | 138.7 | ||||||||||||||||
Capital expenditures | 59.6 | 16.8 | 7.2 | — | 83.6 | ||||||||||||||||
Identifiable assets | 2,407.30 | 855.3 | 145 | — | 3,407.60 | ||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||
External sales | $ | 1,746.60 | $ | 1,098.60 | $ | 250.5 | $ | — | 3,095.70 | ||||||||||||
Intersegment sales | 73.6 | 16.6 | 5 | (95.2 | ) | — | |||||||||||||||
Total sales | 1,820.20 | 1,115.20 | 255.5 | (95.2 | ) | 3,095.70 | |||||||||||||||
Gross profit | 461.8 | 252.9 | 68.5 | — | 783.2 | ||||||||||||||||
Operating expenses | 311.1 | 143.6 | 39.5 | — | 494.2 | ||||||||||||||||
Goodwill impairments | 64.2 | — | 12.1 | — | 76.3 | ||||||||||||||||
Asset impairments and other, net | 4.7 | — | — | — | 4.7 | ||||||||||||||||
Income from operations | 81.8 | 109.3 | 16.9 | — | 208 | ||||||||||||||||
Depreciation and amortization | 67.3 | 49 | 12.2 | — | 128.5 | ||||||||||||||||
Capital expenditures | 56.4 | 17.9 | 8.4 | — | 82.7 | ||||||||||||||||
Identifiable assets | 2,614.90 | 823.5 | 205.1 | — | 3,643.50 | ||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||
External sales | $ | 1,793.20 | $ | 1,102.70 | $ | 271 | $ | — | $ | 3,166.90 | |||||||||||
Intersegment sales | 40 | 15.1 | 3.9 | (59.0 | ) | — | |||||||||||||||
Total sales | 1,833.20 | 1,117.80 | 274.9 | (59.0 | ) | 3,166.90 | |||||||||||||||
Gross profit | 451.3 | 244.8 | 74.9 | — | 771 | ||||||||||||||||
Operating expenses | 281.9 | 141.1 | 35.2 | — | 458.2 | ||||||||||||||||
Income from operations | 169.4 | 103.7 | 39.7 | — | 312.8 | ||||||||||||||||
Depreciation and amortization | 64.6 | 50.7 | 10.7 | — | 126 | ||||||||||||||||
Capital expenditures | 64.4 | 17.8 | 8.8 | — | 91 | ||||||||||||||||
Identifiable assets | 2,572.70 | 785.9 | 210.5 | — | 3,569.10 | ||||||||||||||||
Schedule Of Financial Information Attributable To Geographic Regions | The following sets forth net sales by country in which the Company operates for fiscal 2014, fiscal 2013 and fiscal 2012, respectively (in millions): | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Geographic Information: | |||||||||||||||||||||
United States | $ | 2,359.30 | $ | 2,017.60 | $ | 2,127.20 | |||||||||||||||
Rest of the World | 897.8 | 1,078.10 | 1,039.70 | ||||||||||||||||||
$ | 3,257.10 | $ | 3,095.70 | $ | 3,166.90 | ||||||||||||||||
The following sets forth long-lived assets (net property, plant and equipment) by country in which the Company operates for fiscal 2014 and fiscal 2013, respectively (in millions): | |||||||||||||||||||||
Long-lived Assets | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Geographic Information: | |||||||||||||||||||||
United States | $ | 293.5 | $ | 244.5 | |||||||||||||||||
Mexico | 33.5 | 111.4 | |||||||||||||||||||
China | 107.9 | 111.4 | |||||||||||||||||||
Rest of the World | 96.6 | 106.1 | |||||||||||||||||||
$ | 531.5 | $ | 573.4 | ||||||||||||||||||
Debt_And_Bank_Credit_Facilitie1
Debt And Bank Credit Facilities (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||
Schedule Of Indebtedness | The Company's indebtedness as of January 3, 2015 and December 28, 2013 was as follows (in millions): | ||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Senior Notes | $ | 600 | $ | 750 | |||||
Revolving Credit Facility | 17 | — | |||||||
Other | 16.8 | 17.4 | |||||||
633.8 | 767.4 | ||||||||
Less: Current Maturities | 8.4 | 158.4 | |||||||
Non-current Portion | $ | 625.4 | $ | 609 | |||||
Details Of The Senior Notes | Details on the Notes at January 3, 2015 were (in millions): | ||||||||
Principal | Interest Rate | Maturity | |||||||
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 | ||||||
$ | 600 | ||||||||
(1) Interest rates vary as LIBOR varies. At January 3, 2015, the interest rate was 0.9%. | |||||||||
Maturities Of Long-Term Debt | Details on the Notes at January 3, 2015 were (in millions): | ||||||||
Principal | Interest Rate | Maturity | |||||||
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 | ||||||
$ | 600 | ||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
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 | 2014 | 2013 | |||||||||||||
Equity investments | 76 | % | 6.7 - 8.4 % | 71 | % | 69 | % | |||||||||
Fixed income | 19 | % | 3.7 - 4.4% | 24 | % | 23 | % | |||||||||
Other | 5 | % | 7 | % | 5 | % | 8 | % | ||||||||
Total | 100 | % | 7.5 | % | 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): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Obligation at beginning of period | $ | 170.8 | $ | 181.2 | ||||||||||||
Service cost | 2.5 | 2.9 | ||||||||||||||
Interest cost | 8.3 | 7.6 | ||||||||||||||
Actuarial (gain) loss | 27.2 | (13.5 | ) | |||||||||||||
Less: Benefits paid | 13.3 | 7.4 | ||||||||||||||
Foreign currency translation | (1.2 | ) | — | |||||||||||||
Obligation at end of period: | $ | 194.3 | $ | 170.8 | ||||||||||||
Change in fair value of plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of period | 128.6 | 109.5 | ||||||||||||||
Actual return on plan assets | 8.8 | 21 | ||||||||||||||
Employer contributions | 3.1 | 5.5 | ||||||||||||||
Less: Benefits paid | 13.3 | 7.4 | ||||||||||||||
Foreign currency translation | (0.6 | ) | — | |||||||||||||
Fair value of plan assets at end of period | $ | 126.6 | $ | 128.6 | ||||||||||||
Funded status | $ | (67.7 | ) | $ | (42.2 | ) | ||||||||||
Schedule Of Fair Value Of Plan Assets | ||||||||||||||||
January 3, 2015 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 3.1 | $ | 3.1 | $ | — | $ | — | ||||||||
Common stocks: | ||||||||||||||||
Domestic equities | 20.6 | 20.6 | — | — | ||||||||||||
International equities | 8 | 8 | — | — | ||||||||||||
Common collective trust funds: | ||||||||||||||||
Fixed income funds | 9.5 | — | 9.5 | — | ||||||||||||
U.S. equity funds | 23.9 | — | 23.9 | — | ||||||||||||
Mutual funds: | ||||||||||||||||
U.S. equity funds | 16.8 | 16.8 | — | — | ||||||||||||
Balanced funds | 6.1 | 6.1 | — | — | ||||||||||||
International equity funds | 13.8 | 13.8 | — | — | ||||||||||||
Fixed income funds | 12.3 | 12.3 | — | — | ||||||||||||
Other | 1 | 1 | — | — | ||||||||||||
Real estate fund | 6.2 | — | — | 6.2 | ||||||||||||
Global emerging markets fund limited partnership | 5.3 | — | — | 5.3 | ||||||||||||
Total | $ | 126.6 | $ | 81.7 | $ | 33.4 | $ | 11.5 | ||||||||
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 | |||||||||
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 January 3, 2015 and December 28, 2013 (in millions). | |||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Beginning balance | $ | 10.1 | $ | 9.2 | ||||||||||||
Net purchases | 0.7 | 0.7 | ||||||||||||||
Net gains | 0.7 | 0.2 | ||||||||||||||
Ending balance | $ | 11.5 | $ | 10.1 | ||||||||||||
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): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Accrued compensation and employee benefits | $ | 2.7 | $ | 2.5 | ||||||||||||
Pension and other post retirement benefits | 65 | 39.7 | ||||||||||||||
$ | 67.7 | $ | 42.2 | |||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||
Net actuarial loss | $ | 61.5 | 36 | |||||||||||||
Prior service cost | 1.4 | 1.6 | ||||||||||||||
$ | 62.9 | $ | 37.6 | |||||||||||||
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. | |||||||||||||||
Schedule Of Weighted-Average Assumptions Used To Determine Projected Benefit Obligation | The following weighted average assumptions were used to determine the projected benefit obligation at January 3, 2015 and December 28, 2013, respectively. | |||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 4.20% | 5.00% | ||||||||||||||
Expected long-term rate of return on assets | 7.50% | 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): | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2.5 | $ | 2.9 | $ | 2.5 | ||||||||||
Interest cost | 8.3 | 7.6 | 7.9 | |||||||||||||
Expected return on plan assets | (9.2 | ) | (8.7 | ) | (8.0 | ) | ||||||||||
Amortization of net actuarial loss | 2.3 | 4.1 | 3.6 | |||||||||||||
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | |||||||||||||
Net periodic benefit cost | $ | 4.1 | $ | 6.1 | $ | 6.2 | ||||||||||
Change in benefit obligations recognized in OCI, net of tax | ||||||||||||||||
Prior service cost | $ | 0.1 | $ | 0.1 | $ | (0.3 | ) | |||||||||
Net actuarial loss | 1.3 | 2.5 | 3.6 | |||||||||||||
Total recognized in OCI | $ | 1.4 | $ | 2.6 | $ | 3.3 | ||||||||||
Schedule Of Assumptions Used To Determine Net Periodic Pension Cost | The following weighted average assumptions were used to determine net periodic pension cost for fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 5.00% | 4.20% | 5.00% | |||||||||||||
Expected long-term rate of return on assets | 8.00% | 8.00% | 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 | ||||||||||||||||
2015 | $ | 9 | ||||||||||||||
2016 | 9.3 | |||||||||||||||
2017 | 9.9 | |||||||||||||||
2018 | 10.5 | |||||||||||||||
2019 | 11.3 | |||||||||||||||
2020 - 2024 | 61.4 | |||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
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: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per share weighted average fair value of grants | $ | 28.01 | $ | 23.01 | $ | 22.45 | |||||||
Risk-free interest rate | 2 | % | 1.1 | % | 1.3 | % | |||||||
Expected life (years) | 7 | 7 | 7 | ||||||||||
Expected volatility | 37.7 | % | 38.5 | % | 37.6 | % | |||||||
Expected dividend yield | 1.2 | % | 1.2 | % | 1.2 | % | |||||||
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 2014. | ||||||||||||
Number of Shares Under Options and SAR's | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions) | |||||||||
Outstanding at December 28, 2013 | 1,563,270 | $ | 56.04 | ||||||||||
Granted | 148,955 | 75.76 | |||||||||||
Exercised | (163,742 | ) | 43.01 | ||||||||||
Forfeited | (59,651 | ) | 60.21 | ||||||||||
Outstanding at January 3, 2015 | 1,488,832 | 59.34 | 5.8 | $ | 23.9 | ||||||||
Exercisable at January 3, 2015 | 878,489 | 53.2 | 4.4 | 19.5 | |||||||||
RSA Award Activity | Following is a summary of RSA award activity for fiscal 2014: | ||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSAs at December 28, 2013 | 40,717 | $ | 66.5 | 0.8 | |||||||||
Granted | 12,144 | 75.76 | |||||||||||
Vested | (28,047 | ) | 67.83 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested RSAs January 3, 2015 | 24,814 | $ | 69.53 | 0.3 | |||||||||
RSU Award Activity | Following is a summary of RSU award activity for fiscal 2014: | ||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested RSUs at December 28, 2013 | 210,264 | $ | 65.57 | 1.9 | |||||||||
Granted | 89,050 | 74.77 | |||||||||||
Vested | (53,503 | ) | 69.01 | ||||||||||
Forfeited | (7,865 | ) | 64.36 | ||||||||||
Unvested RSUs at January 3, 2015 | 237,946 | $ | 68.28 | 1.8 | |||||||||
PSU Award Activity | Following is a summary of PSU award activity for fiscal 2014: | ||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Contractual Term (years) | |||||||||||
Unvested PSUs at December 28, 2013 | 35,730 | $ | 56.71 | 2.4 | |||||||||
Granted | 25,310 | 83.74 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (1,925 | ) | 57.83 | ||||||||||
Unvested PSUs January 3, 2015 | 59,115 | $ | 68.25 | 2 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Before Taxes And Noncontrolling Interest | Income (loss) before taxes consisted of the following (in millions): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | (11.2 | ) | $ | 75.4 | $ | 121.3 | ||||||
Foreign | 101.5 | 95.1 | 148.6 | ||||||||||
Total | $ | 90.3 | $ | 170.5 | $ | 269.9 | |||||||
Provision For Income Taxes | The provision for income taxes is summarized as follows (in millions): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 37.8 | $ | 15.4 | $ | 24.5 | |||||||
State | 1.5 | 4.8 | 7.2 | ||||||||||
Foreign | 41.3 | 29.8 | 31.4 | ||||||||||
80.6 | 50 | 63.1 | |||||||||||
Deferred | (26.4 | ) | (5.5 | ) | 6.5 | ||||||||
Total | $ | 54.2 | $ | 44.5 | $ | 69.6 | |||||||
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: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | (0.4 | )% | 1.9 | % | 2 | % | |||||||
Domestic production activities deduction | (2.7 | )% | (1.4 | )% | (1.0 | )% | |||||||
Foreign rate differential - China | (7.7 | )% | (4.4 | )% | (2.1 | )% | |||||||
Foreign rate differential - All Other | (4.8 | )% | (9.2 | )% | (9.3 | )% | |||||||
Research and development credit | (7.4 | )% | (4.5 | )% | — | % | |||||||
Statutory tax rate change | — | % | (2.6 | )% | — | % | |||||||
Goodwill impairment | 42.9 | % | 13.2 | % | — | % | |||||||
Valuation allowance | 4.2 | % | 1.7 | % | — | % | |||||||
Adjustments to tax accruals and reserves | — | % | — | % | 0.5 | % | |||||||
Other | 0.9 | % | (3.6 | )% | 0.7 | % | |||||||
Effective tax rate | 60 | % | 26.1 | % | 25.8 | % | |||||||
Components Of Net Deferred Tax Asset (Liability) | The components of this net deferred tax liability are as follows (in millions): | ||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Accrued employee benefits | $ | 60.5 | $ | 43.5 | |||||||||
Bad debt allowances | 8.8 | 2.6 | |||||||||||
Warranty accruals | 4.7 | 4.9 | |||||||||||
Inventory | 9.7 | 7.7 | |||||||||||
Accrued liabilities | 9.5 | 13.2 | |||||||||||
Derivative instruments | 19.7 | 5.9 | |||||||||||
Tax loss carryforward | 16.6 | 11.4 | |||||||||||
Valuation allowance | (10.1 | ) | (5.9 | ) | |||||||||
Other | 2.8 | 1.4 | |||||||||||
Deferred tax assets | 122.2 | 84.7 | |||||||||||
Property related | (37.1 | ) | (41.6 | ) | |||||||||
Intangible items | (134.1 | ) | (136.6 | ) | |||||||||
Deferred tax liabilities | (171.2 | ) | (178.2 | ) | |||||||||
Net deferred tax liability | $ | (49.0 | ) | $ | (93.5 | ) | |||||||
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, 2012 | $ | 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 | |||||||||||
Gross increases from prior period tax positions | 0.1 | ||||||||||||
Gross increases from current period tax positions | 3.6 | ||||||||||||
Settlements with taxing authorities | (2.1 | ) | |||||||||||
Lapse of statute of limitations | (0.2 | ) | |||||||||||
Unrecognized tax benefits, January 3, 2015 | $ | 5.8 | |||||||||||
Contingencies_And_Commitments_
Contingencies And Commitments (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Loss Contingencies [Line Items] | |||||||||
Schedule Of Changes In Accrued Warranty Costs | The following is a reconciliation of the changes in accrued warranty costs for 2014 and 2013 (in millions): | ||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Beginning balance | $ | 19.3 | $ | 20.9 | |||||
Less: Payments | 20.2 | 19.4 | |||||||
Provisions | 19.6 | 16.5 | |||||||
Acquisitions | 0.7 | 1.4 | |||||||
Translation adjustments | (0.1 | ) | (0.1 | ) | |||||
Ending balance | $ | 19.3 | $ | 19.3 | |||||
Leases_And_Rental_Commitments_
Leases And Rental Commitments (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
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 | |||||||
2015 | $ | 20.7 | ||||||
2016 | 14.2 | |||||||
2017 | 11.6 | |||||||
2018 | 8.8 | |||||||
2019 | 4.9 | |||||||
Thereafter | 12.3 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Derivative [Line Items] | |||||||||||||||||
Schedule Of Fair Values Of Derivative Instruments | Fair values of derivative instruments were (in millions): | ||||||||||||||||
January 3, 2015 | |||||||||||||||||
Prepaid Expenses | Other Noncurrent Assets | Hedging Obligations (Current) | Hedging Obligations | ||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 11.9 | |||||||||
Currency contracts | 1.6 | — | 15.9 | 10.3 | |||||||||||||
Commodity contracts | — | — | 9.8 | 0.1 | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Currency contracts | — | — | 1.6 | 0.2 | |||||||||||||
Commodity contracts | 2.3 | — | 2.4 | — | |||||||||||||
Total Derivatives | $ | 3.9 | $ | — | $ | 29.7 | $ | 22.5 | |||||||||
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: | |||||||||||||||||
Commodity contracts | 0.7 | — | 0.8 | — | |||||||||||||
Total Derivatives | $ | 13.1 | $ | 0.7 | $ | 11.3 | $ | 16.8 | |||||||||
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 January 3, 2015 were (in millions): | ||||||||||||||||
Fiscal 2014 | |||||||||||||||||
Interest | |||||||||||||||||
Commodity | Currency | Rate | |||||||||||||||
Forwards | Forwards | Swaps | Total | ||||||||||||||
Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ | (18.8 | ) | $ | (25.2 | ) | $ | (0.5 | ) | $ | (44.5 | ) | |||||
Amounts reclassified from Other Comprehensive Income (Loss): | |||||||||||||||||
(Loss) Gain recognized in Cost of Sales | (7.1 | ) | 7.6 | — | 0.5 | ||||||||||||
Loss recognized in Interest Expense | — | — | (10.3 | ) | (10.3 | ) | |||||||||||
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): | |||||||||||||||||
Gain 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 | ) | |||||||||||
Derivatives Offsetting Disclosures [Table Text Block] | The following table presents the derivative assets and derivative liabilities presented on a net basis under enforceable master netting agreements (in millions): | ||||||||||||||||
January 3, 2015 | |||||||||||||||||
Gross Amounts as Presented in the Consolidated Balance Sheet | Derivative Contract Amounts Subject to Right of Offset | Derivative Contracts as Presented on a Net Basis | |||||||||||||||
Prepaid Expenses and Other Current Assets: | |||||||||||||||||
Derivative Currency Contracts | $ | 1.6 | $ | (1.3 | ) | $ | 0.3 | ||||||||||
Derivative Commodity Contracts | 2.3 | (2.3 | ) | — | |||||||||||||
Hedging Obligations Current: | |||||||||||||||||
Derivative Currency Contracts | 17.5 | (1.3 | ) | 16.2 | |||||||||||||
Derivative Commodity Contracts | 12.2 | (2.3 | ) | 9.9 | |||||||||||||
Hedging Obligations: | |||||||||||||||||
Derivative Currency Contracts | 10.5 | — | 10.5 | ||||||||||||||
Derivative Commodity Contracts | 0.1 | — | 0.1 | ||||||||||||||
December 28, 2013 | |||||||||||||||||
Gross Amounts as Presented in the Consolidated Balance Sheet | Derivative Contract Amounts Subject to Right of Offset | Derivative Contracts as Presented on a Net Basis | |||||||||||||||
Prepaid Expenses and Other Current Assets: | |||||||||||||||||
Derivative Currency Contracts | $ | 8.4 | $ | (0.6 | ) | $ | 7.8 | ||||||||||
Derivative Commodity Contracts | 4.7 | (2.4 | ) | 2.3 | |||||||||||||
Other Noncurrent Assets: | |||||||||||||||||
Derivative Currency Contracts | 0.7 | (0.2 | ) | 0.5 | |||||||||||||
Hedging Obligations Current: | |||||||||||||||||
Derivative Currency Contracts | 3.1 | (0.6 | ) | 2.5 | |||||||||||||
Derivative Commodity Contracts | 2.5 | (2.4 | ) | 0.1 | |||||||||||||
Hedging Obligations: | |||||||||||||||||
Derivative Currency Contracts | 0.7 | (0.2 | ) | 0.5 | |||||||||||||
Commodity Forward Contracts [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): | ||||||||||||||||
3-Jan-15 | 28-Dec-13 | ||||||||||||||||
Copper | $ | 137.4 | $ | 114.5 | |||||||||||||
Aluminum | 5.2 | 9.7 | |||||||||||||||
Currency Forward Contracts [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): | ||||||||||||||||
3-Jan-15 | 28-Dec-13 | ||||||||||||||||
Mexican Peso | $ | 324.1 | $ | 203 | |||||||||||||
Chinese Renminbi | 206.1 | 142.3 | |||||||||||||||
Indian Rupee | 51.7 | 36.8 | |||||||||||||||
Euro | 17.8 | 11.4 | |||||||||||||||
Canadian Dollar | 8.6 | — | |||||||||||||||
Australian Dollar | 4.3 | 1.5 | |||||||||||||||
Thai Baht | 3.5 | 4.1 | |||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
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 January 3, 2015 and December 28, 2013, respectively (in millions): | |||||||||
3-Jan-15 | 28-Dec-13 | |||||||||
Classification | ||||||||||
Assets: | ||||||||||
Prepaid expenses and other current assets: | ||||||||||
Derivative currency contracts | $ | 1.6 | $ | 8.4 | Level 2 | |||||
Derivative commodity contracts | 2.3 | 4.7 | Level 2 | |||||||
Other noncurrent assets: | ||||||||||
Assets Held in Rabbi Trust | 5.2 | 5.1 | Level 1 | |||||||
Derivative currency contracts | — | 0.7 | 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 | 17.5 | 3.1 | Level 2 | |||||||
Derivative commodity contracts | 12.2 | 2.5 | Level 2 | |||||||
Hedging obligations: | ||||||||||
Interest rate swap | 11.9 | 16.1 | Level 2 | |||||||
Derivative currency contracts | 10.5 | 0.7 | Level 2 | |||||||
Derivative commodity contracts | 0.1 | — | Level 2 | |||||||
Other noncurrent liabilities: | ||||||||||
Deferred contingent purchase price | — | 1.4 | 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 value of the Company's liabilities for deferred contingent purchase price from the Company's acquisitions as of January 3, 2015 and December 28, 2013, respectively (in millions): | |||||||||
Year Ended | ||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||
Beginning balance | $ | 9.7 | $ | 21.1 | ||||||
Expense | — | 1.1 | ||||||||
Fair value adjustment | (1.1 | ) | (12.3 | ) | ||||||
Payments | (8.6 | ) | (0.2 | ) | ||||||
Ending balance | $ | — | $ | 9.7 | ||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
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 2014 and 2013 (in millions): | ||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Beginning balance | $ | 3.9 | $ | 3.1 | |||||
Provision | 13.2 | 6.2 | |||||||
Less: Payments | 11 | 5.4 | |||||||
Ending Balance | $ | 6.1 | $ | 3.9 | |||||
Schedule of Restructuring and Related Costs [Table Text Block] | The following is a reconciliation of expenses by type for the restructuring projects in 2014 and 2013 (in millions): | ||||||||
2014 | 2013 | ||||||||
Employee termination expenses | $ | 6.5 | $ | 2.2 | |||||
Facility related costs | 4.2 | 1.9 | |||||||
Other expenses | 2.5 | 2.1 | |||||||
Total restructuring expenses | $ | 13.2 | $ | 6.2 | |||||
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event (Tables) | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Subsequent Events [Abstract] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following summarizes the allocation of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition. The allocation of the purchase price is preliminary and differences between the preliminary and final purchase price allocation could be material. The Company has not completed its analysis estimating the fair value of inventory, property, plant, and equipment, intangible assets, income tax liabilities and certain contingent liabilities (in millions). | |||
As of January 30, 2015 | ||||
Current assets | $ | 3.2 | ||
Trade receivables | 71.3 | |||
Inventories | 102.8 | |||
Net Property, plant and equipment and other noncurrent assets | 1,384.00 | |||
Total assets acquired | $ | 1,561.30 | ||
Current liabilities assumed | 76.6 | |||
Long-term liabilities assumed | 82.7 | |||
Net assets acquired | $ | 1,402.00 | ||
Subsequent Event, Pro Forma Business Combinations or Disposals [Text Block] | ||||
2014 | ||||
Pro forma net sales | $ | 3,864.40 | ||
Pro forma net income | 47 | |||
Basic earnings per share as reported | $ | 0.69 | ||
Proforma basic earnings per share | 1.04 | |||
Diluted earnings per share as reported | $ | 0.69 | ||
Pro forma diluted earnings per share | 1.04 | |||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly Financial Information | |||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(Amounts in Millions, Except per Share Data) | ||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net Sales | $ | 801.2 | $ | 778.2 | $ | 850.4 | $ | 822 | $ | 829.8 | $ | 768.2 | $ | 775.6 | $ | 727.2 | ||||||||||||||||
Gross Profit | 194.4 | 199.5 | 211 | 209.2 | 203.8 | 196.5 | 188.1 | 178 | ||||||||||||||||||||||||
Income (Loss) from Operations | 69.7 | 75.9 | 87.7 | 81.1 | 74.7 | 78.8 | (110.6 | ) | (27.8 | ) | ||||||||||||||||||||||
Net Income (Loss) | 45 | 50.7 | 58.1 | 53.6 | 48.8 | 54.5 | (115.8 | ) | (32.8 | ) | ||||||||||||||||||||||
Net Income (Loss) Attributable to Regal Beloit Corporation(2), (3) | 43.8 | 49.5 | 56.2 | 51.1 | 47.5 | 52.6 | (116.5 | ) | (33.2 | ) | ||||||||||||||||||||||
Earnings (Loss) per Share Attributable to Regal Beloit Corporation (4): | ||||||||||||||||||||||||||||||||
Basic | 0.97 | 1.1 | 1.24 | 1.14 | 1.06 | 1.17 | (2.61 | ) | (0.74 | ) | ||||||||||||||||||||||
Assuming Dilution | 0.96 | 1.09 | 1.24 | 1.13 | 1.05 | 1.16 | (2.61 | ) | (0.74 | ) | ||||||||||||||||||||||
Weighted Average Number of Shares Outstanding | ||||||||||||||||||||||||||||||||
Basic | 45.1 | 45 | 45.2 | 45 | 44.9 | 45.1 | 44.7 | 45.1 | ||||||||||||||||||||||||
Assuming Dilution | 45.4 | 45.3 | 45.5 | 45.3 | 45.2 | 45.4 | 44.7 | 45.1 | ||||||||||||||||||||||||
Net Sales (1) | ||||||||||||||||||||||||||||||||
Commercial and Industrial Systems | $ | 453.5 | $ | 430.1 | $ | 479 | $ | 447.9 | $ | 472.3 | $ | 437.4 | $ | 451.2 | $ | 431.1 | ||||||||||||||||
Climate Solutions | 285.1 | 283.1 | 303.5 | 307.3 | 290 | 272.3 | 256.2 | 235.9 | ||||||||||||||||||||||||
Power Transmission Solutions | 62.6 | 65 | 67.9 | 66.8 | 67.5 | 58.5 | 68.2 | 60.2 | ||||||||||||||||||||||||
Income (Loss) from Operations | ||||||||||||||||||||||||||||||||
Commercial and Industrial Systems | 37.2 | 42.6 | 47 | 34.1 | 33.6 | 41.8 | (84.2 | ) | (36.7 | ) | ||||||||||||||||||||||
Climate Solutions | 26.3 | 25.4 | 33.1 | 39.4 | 33.1 | 30.1 | 7.1 | 14.4 | ||||||||||||||||||||||||
Power Transmission Solutions | 6.2 | 7.9 | 7.6 | 7.6 | 8 | 6.9 | (33.5 | ) | (5.5 | ) | ||||||||||||||||||||||
(1) Effective September 28, 2014, the Company reorganized its reportable segments to align with its new management reporting structure and business activities. Prior to this reorganization, the Company was comprised of two reportable segments for financial reporting purposes: Electrical and Mechanical. As a result of this change, the Company is now comprised of three reportable segments: Commercial and Industrial Systems, Climate Solutions and Power Transmission Solutions and previously reported information for prior periods have been restated. | ||||||||||||||||||||||||||||||||
(2) Included in the fourth quarter 2014 results were goodwill impairments of $118.5 million and asset impairments and other, net of $40.0 million ($146.3 million after tax). A goodwill impairment of $1.0 million was recorded earlier in 2014. | ||||||||||||||||||||||||||||||||
(3)Included in the fourth quarter 2013 results were goodwill impairments of $76.3 million and asset impairments and other, net of $4.7 million, ($74.7 million after tax). | ||||||||||||||||||||||||||||||||
(4) Due to the weighting of both earnings and the weighted average number of shares outstanding, the sum of the quarterly earnings per share may not equal the annual earnings per share. |
Nature_Of_Operations_Details
Nature Of Operations (Details) | 12 Months Ended |
Jan. 03, 2015 | |
segment | |
Nature Of Operations [Abstract] | |
Number of reported segments | 3 |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) | 12 Months Ended |
Jan. 03, 2015 | |
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 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Property, Plant and Equipment [Line Items] | |||
Less: Impairment charges | $119.50 | $76.30 | $0 |
Accumulated Other Comprehensive Income Defined Benefit Plans Net Unamortized Loss Tax | -23.4 | -14.3 | |
FIFO LIFO valuation difference | 47.2 | 58.2 | |
Commitments for purchases of property, plant, and equipment | 10.6 | ||
Shares excluded from the calculation of the effect of dilutive securities | 0.3 | 0.7 | 0.3 |
Long-term rate of return on plan assets | 8.00% | 8.00% | 8.30% |
Discount rate for defined benefit pension plans | 4.20% | 5.00% | |
Loss on Venezuela Currency Devaluation | 10.4 | 3.6 | 0 |
Power Transmission Solutions [Domain] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment Charges | 26.2 | ||
Hermetic [Member] [Domain] [Domain] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment Charges | 13.8 | ||
VENEZUELA | |||
Property, Plant and Equipment [Line Items] | |||
Asset, Reporting Currency Denominated, Value | 1.3 | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives Buildings and Improvements | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives Buildings and Improvements | 15 years | ||
Land and Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives Buildings and Improvements | 3 years | ||
Land and Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives Buildings and Improvements | 40 years | ||
SICAD1 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Foreign Currency Exchange Rate, Translation | 12 | ||
SICAD2 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Foreign Currency Exchange Rate, Translation | 51 | ||
Commercial and Industrial Systems [Domain] | |||
Property, Plant and Equipment [Line Items] | |||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 12.3 | ||
Less: Impairment charges | 100.7 | 64.2 | |
Impairment Charges | $17 |
Accounting_Policies_Percentage
Accounting Policies (Percentage Distribution Between Major Classes Of Inventory) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Property, Plant and Equipment [Line Items] | ||
Percentage of LIFO Inventory | 52.00% | 49.00% |
FIFO LIFO valuation difference | $47.20 | $58.20 |
Raw Material and Work in Process | 45.00% | 41.00% |
Finished Goods and Purchased Parts | 0.00% | 59.00% |
Accounting_Policies_Property_P
Accounting Policies Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,116.30 | $1,097.90 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -584.8 | -524.5 |
Property, Plant and Equipment, Net | 531.5 | 573.4 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 68.8 | 72.3 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 235.4 | 231.1 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 812.1 | $794.50 |
Minimum [Member] | Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years |
Accounting_Policies_Earnings_P
Accounting Policies (Earnings Per Share Reconciliation) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Accounting Policies [Abstract] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0.7 | 0.3 | ||||||||
Denominator for basic EPS | 44.7 | 44.9 | 45.2 | 45.1 | 45.1 | 45.1 | 45 | 45 | 45 | 45 | 41.8 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0.3 | 0.4 | 0.3 | ||||||||
Denominator for diluted EPS | 44.7 | 45.2 | 45.5 | 45.4 | 45.1 | 45.4 | 45.3 | 45.3 | 45.3 | 45.4 | 42.1 |
Accounting_Policies_Accumulate
Accounting Policies (Accumulated Other Comprehensive Loss) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Translation adjustments | ($80.50) | ($27) |
Hedging activities, net of tax | -31 | -9.5 |
Pension and post retirement benefits, net of tax | -39.5 | -23.3 |
Accumulated Other Comprehensive Loss | ($151) | ($59.80) |
Accounting_Policies_Research_a
Accounting Policies Research and Development expenses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Accounting Policies [Abstract] | |||
Research and Development Expense | $32.90 | $28.30 | $28.50 |
Accounting_Policies_Goodwill_I
Accounting Policies Goodwill Impairment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Other Asset Impairment Charges | $21.10 | ||
Asset Impairments and Other, Net | 40 | 4.7 | 0 |
Less: Impairment charges | 119.5 | 76.3 | 0 |
Power Transmission Solutions [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other Asset Impairment Charges | 15.1 | ||
Asset Impairments and Other, Net | 26.2 | 0 | |
Less: Impairment charges | 11.1 | 12.1 | 12.1 |
Impairment Charges | 11.1 | ||
Commercial and Industrial Systems [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other Asset Impairment Charges | 0 | ||
Asset Impairments and Other, Net | 0 | 4.7 | |
Less: Impairment charges | 100.7 | 64.2 | |
Impairment Charges | 17 | ||
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 18.9 | ||
Other Intangible Assets [Member] | Power Transmission Solutions [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 11.1 | ||
Other Intangible Assets [Member] | Commercial and Industrial Systems [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 0 | ||
Hermetic [Member] [Domain] [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 13.8 | ||
Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Less: Impairment charges | 1 | ||
Impairment Charges | 7.8 | 16.2 | |
Technology [Member] | Power Transmission Solutions [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 0 | ||
Technology [Member] | Commercial and Industrial Systems [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 16.2 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 10.7 | 0.8 | |
Customer Relationships [Member] | Power Transmission Solutions [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | 0 | ||
Customer Relationships [Member] | Commercial and Industrial Systems [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment Charges | $0.80 |
Accounting_Policies_Intangible
Accounting Policies Intangible Impairment Details (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Finite-lived intangible assets, impairment summary [Line Items] | |||
Other Asset Impairment Charges | $21.10 | ||
Asset Impairments and Other, Net | 40 | 4.7 | 0 |
Other Intangible Assets [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 18.9 | ||
Technology [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 7.8 | 16.2 | |
Customer Relationships [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 10.7 | 0.8 | |
Commercial and Industrial Systems [Domain] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 17 | ||
Other Asset Impairment Charges | 0 | ||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 12.3 | ||
Asset Impairments and Other, Net | 0 | 4.7 | |
Commercial and Industrial Systems [Domain] | Other Intangible Assets [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 0 | ||
Commercial and Industrial Systems [Domain] | Technology [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 16.2 | ||
Commercial and Industrial Systems [Domain] | Customer Relationships [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 0.8 | ||
Climate Solutions [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 7.8 | ||
Other Asset Impairment Charges | 6 | ||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 0 | ||
Asset Impairments and Other, Net | 13.8 | 0 | |
Climate Solutions [Member] | Other Intangible Assets [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 7.8 | ||
Climate Solutions [Member] | Technology [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 0 | ||
Climate Solutions [Member] | Customer Relationships [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 0 | ||
Power Transmission Solutions [Domain] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 11.1 | ||
Other Asset Impairment Charges | 15.1 | ||
Less: Gain from Adjustment to the Fair Value of a Contingent Consideration Liability | 0 | ||
Asset Impairments and Other, Net | 26.2 | 0 | |
Power Transmission Solutions [Domain] | Other Intangible Assets [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 11.1 | ||
Power Transmission Solutions [Domain] | Technology [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | 0 | ||
Power Transmission Solutions [Domain] | Customer Relationships [Member] | |||
Finite-lived intangible assets, impairment summary [Line Items] | |||
Impairment Charges | $0 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 03, 2013 | Jun. 30, 2014 | Feb. 07, 2014 | Nov. 19, 2013 | Feb. 08, 2013 | Nov. 30, 2012 | Oct. 02, 2012 | Apr. 30, 2012 | Feb. 03, 2012 | |
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Acquisition related expenses | $5,800,000 | $3,900,000 | $400,000 | |||||||||
Business Combination, Acquisition Related Costs | 5,800,000 | 3,900,000 | 400,000 | |||||||||
Noncontrolling Interest in Variable Interest Entity | 0.2 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 60.00% | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 80.00% | |||||||||||
Gain (Loss) on Disposition of Business | -1,900,000 | 0 | 0 | |||||||||
Benshaw [Member] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Business Combination, Consideration Transferred | 51,000,000 | |||||||||||
Benshaw member [Domain] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Assets | 62,300,000 | |||||||||||
Business Combination, Consideration Transferred | 51,000,000 | |||||||||||
Hybon Member [Domain] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Assets | 89,700,000 | |||||||||||
Business Combination, Consideration Transferred | 78,000,000 | |||||||||||
Cemp [Member] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Business Combination, Consideration Transferred | 34,600,000 | |||||||||||
RAM Motor Business [Member] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Assets | 13,000,000 | |||||||||||
Business Combination, Consideration Transferred | 6,000,000 | |||||||||||
South African distribution business [Domain] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Cash included in purchase price | 1,700,000 | |||||||||||
Remco Product Limited [Member] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Assets | 4,000,000 | |||||||||||
Business Combination, Consideration Transferred | 3,700,000 | |||||||||||
Marlin Coast Motor Rewinding [Member] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Assets | 3,400,000 | |||||||||||
Business Combination, Consideration Transferred | 3,400,000 | |||||||||||
Tecnojar [Member] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Assets | 2,100,000 | |||||||||||
Business Combination, Consideration Transferred | 1,600,000 | |||||||||||
Milwaukee Gear Company [Member] | ||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | ||||||||||||
Assets | 91,700,000 | |||||||||||
Business Combination, Consideration Transferred | $80,300,000 |
Acquisitions_Schedule_Of_Alloc
Acquisitions (Schedule Of Allocation Of The Estimated Fair Value Of The Assets Acquired And Liabilities Assumed At The Date Of Acquisition) (Details) (USD $) | Feb. 03, 2012 | Feb. 07, 2014 | Nov. 19, 2013 | Feb. 08, 2013 | Apr. 30, 2012 | Oct. 02, 2012 | Nov. 30, 2012 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||||||||
Milwaukee Gear Company [Member] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Current Assets | $3.10 | |||||||
Receivables | 5.8 | |||||||
Inventory | 17.1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 26 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 18.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 21.4 | |||||||
Assets | 91.7 | |||||||
Accounts Payable | 2.7 | |||||||
Current Liabilities, Other | 1.5 | |||||||
Noncurrent Liabilities, Other | 7.2 | |||||||
Net assets acquired | 80.3 | |||||||
Hybon Member [Domain] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Current Assets | 1.7 | |||||||
Receivables | 11.5 | |||||||
Inventory | 14.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8.1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 13.4 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 40.6 | |||||||
Assets | 89.7 | |||||||
Accounts Payable | 5.5 | |||||||
Current Liabilities, Other | 5.1 | |||||||
Noncurrent Liabilities, Other | 1.1 | |||||||
Net assets acquired | 78 | |||||||
Cemp Member [Domain] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Current Assets | 3.1 | |||||||
Receivables | 6.6 | |||||||
Inventory | 7.8 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3.7 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 12.6 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 14.8 | |||||||
Assets | 48.6 | |||||||
Accounts Payable | 5.5 | |||||||
Current Liabilities, Other | 3 | |||||||
Noncurrent Liabilities, Other | 5.5 | |||||||
Net assets acquired | 34.6 | |||||||
RAM Motor Business [Member] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Current Assets | 1.2 | |||||||
Receivables | 1.9 | |||||||
Inventory | 7.7 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2.1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.1 | |||||||
Assets | 13 | |||||||
Accounts Payable | 1.1 | |||||||
Current Liabilities, Other | 5.4 | |||||||
Noncurrent Liabilities, Other | 0.5 | |||||||
Net assets acquired | 6 | |||||||
Tecnojar [Member] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Current Assets | 0.3 | |||||||
Receivables | 0.2 | |||||||
Inventory | 0.1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0.8 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0.7 | |||||||
Assets | 2.1 | |||||||
Current Liabilities, Other | 0.5 | |||||||
Net assets acquired | 1.6 | |||||||
Marlin Coast Motor Rewinding [Member] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1.4 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0.6 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 1.4 | |||||||
Assets | 3.4 | |||||||
Net assets acquired | 3.4 | |||||||
Remco Product Limited [Member] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Receivables | 1.1 | |||||||
Inventory | 1.4 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0.5 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0.8 | |||||||
Assets | 4 | |||||||
Accounts Payable | 0.2 | |||||||
Noncurrent Liabilities, Other | 0.1 | |||||||
Net assets acquired | 3.7 | |||||||
Benshaw member [Domain] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Current Assets | 0.5 | |||||||
Receivables | 10.4 | |||||||
Inventory | 22.4 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4.5 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14.6 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 9.9 | |||||||
Assets | 62.3 | |||||||
Accounts Payable | 3.7 | |||||||
Current Liabilities, Other | 2.2 | |||||||
Noncurrent Liabilities, Other | 5.4 | |||||||
Net assets acquired | $51 |
Acquisitions_Schedule_Of_Pro_F
Acquisitions (Schedule Of Pro Forma Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | $3,291.20 | $3,240.40 | $3,328.80 | ||||||||
Pro forma net income | $28.80 | $123.80 | $202.40 | ||||||||
Basic earnings per share as reported | ($2,610,000) | $1,060,000 | $1,240,000 | $970,000 | ($740,000) | $1,170,000 | $1,140,000 | $1,100,000 | $0.69 | $2.66 | $4.68 |
Pro forma basic earnings per share | $0.64 | $2.75 | $0 | ||||||||
Earnings Per Share, Diluted | ($2,610,000) | $1,050,000 | $1,240,000 | $960,000 | ($740,000) | $1,160,000 | $1,130,000 | $1,090,000 | $0.69 | $2.64 | $4.64 |
Pro forma diluted earnings per share | $0.64 | $2.73 | $0 |
Acquisitions_ProForma_net_sale
Acquisitions ProForma net sales (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | $3,291.20 | $3,240.40 | $3,328.80 | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $28.80 | $123.80 | $202.40 | ||||||||
Earnings Per Share, Basic | ($2,610,000) | $1,060,000 | $1,240,000 | $970,000 | ($740,000) | $1,170,000 | $1,140,000 | $1,100,000 | $0.69 | $2.66 | $4.68 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.64 | $2.75 | $0 | ||||||||
Earnings Per Share, Diluted | ($2,610,000) | $1,050,000 | $1,240,000 | $960,000 | ($740,000) | $1,160,000 | $1,130,000 | $1,090,000 | $0.69 | $2.64 | $4.64 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.64 | $2.73 | $0 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Schedule Of Changes To Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill [Line Items] | |||
Goodwill, beginning balance | $1,081.90 | $1,151 | |
Acquisitions and valuation adjustments | 54.5 | 15.3 | |
Less: Impairment charges | 119.5 | 76.3 | 0 |
Translation adjustments | -12.9 | -8.1 | |
Goodwill, ending balance | 1,004 | 1,081.90 | 1,151 |
Goodwill, Impaired, Accumulated Impairment Loss | 195.8 | ||
Acquisitions | 28.1 | ||
Commercial and Industrial Systems [Domain] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 703.2 | 759.4 | |
Acquisitions and valuation adjustments | 54.5 | 15.3 | |
Less: Impairment charges | 100.7 | 64.2 | |
Translation adjustments | -11.6 | -7.3 | |
Goodwill, ending balance | 645.4 | 703.2 | |
Goodwill, Impaired, Accumulated Impairment Loss | 164.9 | ||
Impairment Charges | 17 | ||
Climate Solutions [Domain] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 353.6 | 354.4 | |
Acquisitions and valuation adjustments | 0 | 0 | |
Less: Impairment charges | 7.7 | 0 | |
Translation adjustments | -1.3 | -0.8 | |
Goodwill, ending balance | 344.6 | 353.6 | |
Goodwill, Impaired, Accumulated Impairment Loss | 7.7 | ||
Power Transmission Solutions [Domain] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 25.1 | 37.2 | |
Acquisitions and valuation adjustments | 0 | 0 | |
Less: Impairment charges | 11.1 | 12.1 | 12.1 |
Translation adjustments | 0 | 0 | |
Goodwill, ending balance | 14 | 25.1 | 37.2 |
Goodwill, Impaired, Accumulated Impairment Loss | 23.2 | ||
Impairment Charges | 11.1 | ||
Technology [Member] | |||
Goodwill [Line Items] | |||
Less: Impairment charges | 1 | ||
Impairment Charges | 7.8 | 16.2 | |
Acquisitions | 5.2 | ||
Technology [Member] | Commercial and Industrial Systems [Domain] | |||
Goodwill [Line Items] | |||
Impairment Charges | 16.2 | ||
Technology [Member] | Power Transmission Solutions [Domain] | |||
Goodwill [Line Items] | |||
Impairment Charges | $0 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Gross Intangibles) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Goodwill [Line Items] | ||
Intangible assets, beginning of period | $444.30 | |
Acquisitions | 28.1 | |
Translation Adjustments | -9 | |
Intangible assets, end of period | 444.5 | |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Period (Years) | 11 years | |
Intangible assets, beginning of period | 253.8 | |
Acquisitions | 20.5 | |
Impairment Charges | 10.7 | 0.8 |
Translation Adjustments | -6.8 | |
Intangible assets, end of period | 256.8 | 253.8 |
Technology [Member] | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Period (Years) | 9 years | |
Intangible assets, beginning of period | 133 | |
Acquisitions | 5.2 | |
Impairment Charges | 7.8 | 16.2 |
Translation Adjustments | -1 | |
Intangible assets, end of period | 129.4 | 133 |
Trademarks [Member] | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Period (Years) | 12 years | |
Intangible assets, beginning of period | 32.6 | |
Acquisitions | 2 | |
Impairment Charges | 0.4 | |
Translation Adjustments | -1.1 | |
Intangible assets, end of period | 33.1 | 32.6 |
Patents [Member] | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Period (Years) | 5 years | |
Intangible assets, beginning of period | 16.6 | |
Acquisitions | 0 | |
Impairment Charges | 0 | |
Translation Adjustments | 0 | |
Intangible assets, end of period | 16.6 | 16.6 |
Non-Compete Agreements [Member] | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Period (Years) | 5 years | |
Intangible assets, beginning of period | 8.3 | |
Acquisitions | 0.4 | |
Impairment Charges | 0 | |
Translation Adjustments | -0.1 | |
Intangible assets, end of period | 8.6 | 8.3 |
Other Intangible Assets [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 18.9 | |
Climate Solutions [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 7.8 | |
Climate Solutions [Member] | Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 0 | |
Climate Solutions [Member] | Technology [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 0 | |
Climate Solutions [Member] | Other Intangible Assets [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 7.8 | |
Power Transmission Solutions [Domain] | ||
Goodwill [Line Items] | ||
Impairment Charges | 11.1 | |
Power Transmission Solutions [Domain] | Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 0 | |
Power Transmission Solutions [Domain] | Technology [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 0 | |
Power Transmission Solutions [Domain] | Other Intangible Assets [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 11.1 | |
Commercial and Industrial Systems [Domain] | ||
Goodwill [Line Items] | ||
Impairment Charges | 17 | |
Commercial and Industrial Systems [Domain] | Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 0.8 | |
Commercial and Industrial Systems [Domain] | Technology [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 16.2 | |
Commercial and Industrial Systems [Domain] | Other Intangible Assets [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 0 | |
Technology [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | 16.2 | |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Impairment Charges | $0.80 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Schedule Of Accumulated Amortization) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization, December 28, 2013 | $200.10 | ||
Amortization | 46.7 | 44.1 | 44 |
Translation Adjustments | -4.6 | ||
Accumulated Amortization, January 3, 2015 | 242.2 | 200.1 | |
Intangible Assets, Net of Amortization, December 28, 2013 | 244.2 | ||
Intangible Assets, Net of Amortization, January 3, 2015 | 202.3 | 244.2 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization, December 28, 2013 | 101.4 | ||
Amortization | 24.2 | ||
Translation Adjustments | -3 | ||
Accumulated Amortization, January 3, 2015 | 122.6 | ||
Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization, December 28, 2013 | 57.9 | ||
Amortization | 17.6 | ||
Translation Adjustments | -0.6 | ||
Accumulated Amortization, January 3, 2015 | 74.9 | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization, December 28, 2013 | 18 | ||
Amortization | 2.9 | ||
Translation Adjustments | -0.8 | ||
Accumulated Amortization, January 3, 2015 | 20.1 | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization, December 28, 2013 | 15 | ||
Amortization | 1.7 | ||
Translation Adjustments | -0.1 | ||
Accumulated Amortization, January 3, 2015 | 16.6 | ||
Non-Compete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization, December 28, 2013 | 7.8 | ||
Amortization | 0.3 | ||
Translation Adjustments | -0.1 | ||
Accumulated Amortization, January 3, 2015 | $8 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Schedule Of Estimated Amortization) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $46.70 | $44.10 | $44 |
2014 | 35.4 | ||
2015 | 30.8 | ||
2016 | 24.2 | ||
2017 | 22.2 | ||
2018 | $22.10 |
Industry_Segment_Information_S
Industry Segment Information (Schedule Of Financial Information Attributable To The Reporting Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
External sales | $3,257.10 | $3,095.70 | $3,166.90 | ||||||||
Intersegment revenue | 0 | 0 | |||||||||
Net Sales | 775.6 | 829.8 | 850.4 | 801.2 | 727.2 | 768.2 | 822 | 778.2 | 3,257.10 | 3,095.70 | 3,166.90 |
Gross Profit | 188.1 | 203.8 | 211 | 194.4 | 178 | 196.5 | 209.2 | 199.5 | 797.3 | 783.2 | 771 |
Operating Expenses | 516.3 | 494.2 | 458.2 | ||||||||
Less: Impairment charges | 119.5 | 76.3 | 0 | ||||||||
Asset Impairments and Other, Net | 40 | 4.7 | 0 | ||||||||
Income From Operations | -110.6 | 74.7 | 87.7 | 69.7 | -27.8 | 78.8 | 81.1 | 75.9 | 121.5 | 208 | 312.8 |
Capital Expenditures | 83.6 | 82.7 | 91 | ||||||||
Assets | 3,407.60 | 3,643.50 | 3,407.60 | 3,643.50 | 3,569.10 | ||||||
Depreciation, Depletion and Amortization | 138.7 | 128.5 | 126 | ||||||||
Business Intersegment, Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External sales | 0 | 0 | 0 | ||||||||
Intersegment revenue | -102.5 | -95.2 | -59 | ||||||||
Net Sales | -102.5 | -95.2 | -59 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Operating Expenses | 0 | 0 | 0 | ||||||||
Less: Impairment charges | 0 | 0 | |||||||||
Asset Impairments and Other, Net | 0 | 0 | |||||||||
Income From Operations | 0 | 0 | 0 | ||||||||
Capital Expenditures | 0 | 0 | 0 | ||||||||
Assets | 0 | 0 | 0 | 0 | 0 | ||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Intersubsegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment revenue | 0 | ||||||||||
Commercial and Industrial Systems [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External sales | 1,856.10 | 1,746.60 | 1,793.20 | ||||||||
Intersegment revenue | 78.2 | 73.6 | 40 | ||||||||
Net Sales | 451.2 | 472.3 | 479 | 453.5 | 431.1 | 437.4 | 447.9 | 430.1 | 1,934.30 | 1,820.20 | 1,833.20 |
Gross Profit | 468.2 | 461.8 | 451.3 | ||||||||
Operating Expenses | 333.9 | 311.1 | 281.9 | ||||||||
Less: Impairment charges | 100.7 | 64.2 | |||||||||
Asset Impairments and Other, Net | 0 | 4.7 | |||||||||
Income From Operations | -84.2 | 33.6 | 47 | 37.2 | -36.7 | 41.8 | 34.1 | 42.6 | 33.6 | 81.8 | 169.4 |
Capital Expenditures | 59.6 | 56.4 | 64.4 | ||||||||
Assets | 2,407.30 | 2,614.90 | 2,407.30 | 2,614.90 | 2,572.70 | ||||||
Depreciation, Depletion and Amortization | 81.5 | 67.3 | 64.6 | ||||||||
Climate Solutions [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External sales | 1,134.80 | 1,098.60 | 1,102.70 | ||||||||
Intersegment revenue | 19.2 | 16.6 | 15.1 | ||||||||
Net Sales | 1,154 | 1,115.20 | 1,117.80 | ||||||||
Gross Profit | 258.8 | 252.9 | 244.8 | ||||||||
Operating Expenses | 137.7 | 143.6 | 141.1 | ||||||||
Less: Impairment charges | 7.7 | 0 | |||||||||
Asset Impairments and Other, Net | 13.8 | 0 | |||||||||
Income From Operations | 99.6 | 109.3 | 103.7 | ||||||||
Capital Expenditures | 16.8 | 17.9 | 17.8 | ||||||||
Assets | 855.3 | 823.5 | 855.3 | 823.5 | 785.9 | ||||||
Depreciation, Depletion and Amortization | 45 | 49 | 50.7 | ||||||||
Power Transmission Solutions [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External sales | 266.2 | 250.5 | 271 | ||||||||
Intersegment revenue | 5.1 | 5 | 3.9 | ||||||||
Net Sales | 68.2 | 67.5 | 67.9 | 62.6 | 60.2 | 58.5 | 66.8 | 65 | 271.3 | 255.5 | 274.9 |
Gross Profit | 70.3 | 68.5 | 74.9 | ||||||||
Operating Expenses | 44.7 | 39.5 | 35.2 | ||||||||
Less: Impairment charges | 11.1 | 12.1 | 12.1 | ||||||||
Asset Impairments and Other, Net | 26.2 | 0 | |||||||||
Income From Operations | -33.5 | 8 | 7.6 | 6.2 | -5.5 | 6.9 | 7.6 | 7.9 | -11.7 | 16.9 | 39.7 |
Capital Expenditures | 7.2 | 8.4 | 8.8 | ||||||||
Assets | 145 | 205.1 | 145 | 205.1 | 210.5 | ||||||
Depreciation, Depletion and Amortization | 12.2 | 12.2 | 10.7 | ||||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 2,359.30 | 2,017.60 | 2,127.20 | ||||||||
Rest Of The World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $897.80 | $1,078.10 | $1,039.70 |
Industry_Segment_Information_S1
Industry Segment Information (Schedule Of Financial Information Attributable To Geographic Regions) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $775.60 | $829.80 | $850.40 | $801.20 | $727.20 | $768.20 | $822 | $778.20 | $3,257.10 | $3,095.70 | $3,166.90 |
Long-Lived Assets | 531.5 | 573.4 | 531.5 | 573.4 | |||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 2,359.30 | 2,017.60 | 2,127.20 | ||||||||
Long-Lived Assets | 293.5 | 244.5 | 293.5 | 244.5 | |||||||
MEXICO | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets | 33.5 | 111.4 | 33.5 | 111.4 | |||||||
Rest Of The World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 897.8 | 1,078.10 | 1,039.70 | ||||||||
Long-Lived Assets | 96.6 | 106.1 | 96.6 | 106.1 | |||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets | $107.90 | $111.40 | $107.90 | $111.40 |
Industry_Segment_Information_S2
Industry Segment Information Segment Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue from External Customers | ($3,257.10) | ($3,095.70) | ($3,166.90) |
Industry_Segment_Information_U
Industry Segment Information U.S. revenue as a percent of total revenue worldwide (Details) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Segment Reporting [Abstract] | |||
Entity-Wide Disclosure on Geographic Areas, Basis for Attributing Revenue to Countries | 0.724 | 0.652 | 0.672 |
Debt_And_Bank_Credit_Facilitie2
Debt And Bank Credit Facilities (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 30, 2015 |
Debt Instrument [Line Items] | |||
Senior Notes | $600 | $750 | |
Repayment of term loan | 150 | ||
Interest rate based on margin over London Inter-Bank Offered Rate | 0.90% | ||
Revolving credit facility | 500 | ||
Line of credit facility, amount outstanding end of period | 17 | 0 | |
Average balance outstanding under the Facility | 20.3 | 0.6 | |
Facility average interest rate | 1.40% | 1.40% | |
Letters of Credit Outstanding, Amount | 27.2 | ||
Available borrowing capacity under the Facility | 455.8 | ||
Other notes payable amount outstanding | 16.8 | 17.4 | |
Weighted average interest rate of other notes payable | 2.50% | 2.70% | |
Debt Instrument, Fair Value Disclosure | 666.8 | 779.6 | |
2011 Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 500 | ||
Debt Instrument, Number Of Tranches In Private Placement | 7 | ||
2007 Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate based on margin over LIBOR | 10000000000.00% | ||
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
amortization rate per annum | 5.00% | ||
Debt Instrument, Amortization Rate Per Annum, After Two Years | 7.50% | ||
Debt Instrument, Amortization Rate Per Annum, Last Two Years | 10.00% | ||
Subsequent Event [Member] | Term Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | 1,250 | ||
Debt Instrument, Term | 5 years | ||
Subsequent Event [Member] | Multicurrency Revolving Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | 500 | ||
Debt Instrument, Term | 5 years | ||
Minimum [Member] | 2011 Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 7 years | ||
Maximum [Member] | 2011 Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 12 years |
Debt_And_Bank_Credit_Facilitie3
Debt And Bank Credit Facilities (Schedule Of Indebtedness) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Senior Notes | $600 | $750 |
Line of credit facility, amount outstanding end of period | 17 | 0 |
Other | 16.8 | 17.4 |
Long-term debt, Total | 633.8 | 767.4 |
Less: Current maturities | 8.4 | 158.4 |
Non-current portion | $625.40 | $609 |
Debt_And_Bank_Credit_Facilitie4
Debt And Bank Credit Facilities (Details Of The Senior Notes) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Debt Instrument [Line Items] | ||
Senior Notes | $600 | $750 |
Spread on variable interest rate | 0.90% | |
Notes Payable | 600 | |
Floating Rate Series 2007A Mature In August 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 100 | |
Variable rate terms | Floating (1) | |
Maturity date | 1-Aug-17 | |
Fixed Rate Series 2011A Mature In July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 100 | |
Debt instrument interest rate | 4.10% | |
Maturity date | 1-Jul-18 | |
Fixed Rate Series 2011A Mature In July 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 230 | |
Stated rate, minimum | 4.80% | |
Stated rate, maximum | 5.00% | |
Maturity date | 1-Jul-21 | |
Fixed Rate Series 2011A Mature In July 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $170 | |
Stated rate, minimum | 4.90% | |
Stated rate, maximum | 5.10% | |
Maturity date | 1-Jul-23 |
Debt_And_Bank_Credit_Facilitie5
Debt And Bank Credit Facilities (Maturities Of Long-Term Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Debt Instrument [Line Items] | ||
Senior Notes | $600 | $750 |
2015 | 8.4 | |
2016 | 17.5 | |
2017 | 103.3 | |
2018 | 100.5 | |
2019 | 0.5 | |
Thereafter | 403.6 | |
Long-term debt, Total | 633.8 | 767.4 |
Notes Payable | 600 | |
Floating Rate Series Two Thousand Seven Senior Notes Mature In August Two Thousand Seventeen [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 100 | |
Debt Instrument, Interest Rate Terms | Floating (1) | |
Debt Instrument, Maturity Date | 1-Aug-17 | |
Fixed Rate Series 2011A Mature In July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 100 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |
Debt Instrument, Maturity Date | 1-Jul-18 | |
Floating Rate Series Two Thousand Eleven Senior Notes Mature In July Two Thousand Twenty One [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.80% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.00% | |
Senior Notes | 230 | |
Debt Instrument, Maturity Date | 1-Jul-21 | |
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 | 4.90% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.10% | |
Senior Notes | $170 | |
Debt Instrument, Maturity Date | 1-Jul-23 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Accumulated benefit obligation | 182.3 | 160.1 | |
Projected benefit obligation | 50.4 | ||
Accumulated benefit obligation | 43 | ||
Fair value of plan assets | 9.1 | ||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 0.2 | ||
Defined benefit plan compensation increase assumption | 0.00% | 0.00% | |
Defined Benefit Plan, Contributions by Employer | 3.1 | 5.5 | |
Expected contribution to defined benefit pension plans | 3.3 | ||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 4.6 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan, Other Information | 8.8 | 9.1 | 9.8 |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Contributions by Employer | 12.6 | 12.4 | 12 |
Real Estate [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6.2 | 5.5 | |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Fair Value Inputs, Exit Capitalization Rate | 5.30% | 5.40% | |
Fair Value Inputs, Discount Rate | 6.80% | 6.90% | |
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Fair Value Inputs, Exit Capitalization Rate | 7.50% | 7.60% | |
Fair Value Inputs, Discount Rate | 9.50% | 9.70% |
Retirement_Plans_Schedule_Of_D
Retirement Plans (Schedule Of Defined Benefit Pension Assets Investment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $126.60 | $128.60 | $109.50 |
Equity investments, Target Allocation | 100.00% | ||
Target Return | 7.50% | ||
Equity investments, Actual Allocation | 100.00% | 100.00% | |
Other Credit Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments, Target Allocation | 5.00% | ||
Target Return | 7.00% | ||
Equity investments, Actual Allocation | 5.00% | 8.00% | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments, Target Allocation | 19.00% | ||
Fixed income, Target Return minimum | 3.70% | ||
Fixed income, Target Return maximum | 4.40% | ||
Equity investments, Actual Allocation | 24.00% | 0.00% | |
U S Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments, Target Allocation | 76.00% | ||
Equity investments, Target Return minimum | 6.70% | ||
Equity investments, Target Return maximum | 8.40% | ||
Equity investments, Actual Allocation | 71.00% | 69.00% | |
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] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9.5 | 12 | |
Common Collective Trust Funds [Member] | U S Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 23.9 | 28 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 81.7 | 65.8 | |
Fair Value, Inputs, Level 1 [Member] | Common Collective Trust Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Common Collective Trust Funds [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Common Collective Trust Funds [Member] | U S Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.4 | 52.7 | |
Fair Value, Inputs, Level 2 [Member] | Common Collective Trust Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1.6 | ||
Fair Value, Inputs, Level 2 [Member] | Common Collective Trust Funds [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9.5 | 12 | |
Fair Value, Inputs, Level 2 [Member] | Common Collective Trust Funds [Member] | U S Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 23.9 | 28 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.5 | 10.1 | 9.2 |
Fair Value, Inputs, Level 3 [Member] | Common Collective Trust Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Common Collective Trust Funds [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Common Collective Trust Funds [Member] | U S Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 |
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 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Obligation at beginning of period | $170.80 | $181.20 | |
Service cost | 2.5 | 2.9 | 2.5 |
Interest cost | 8.3 | 7.6 | 7.9 |
Actuarial loss | 27.2 | -13.5 | |
Benefits paid | 13.3 | 7.4 | |
Foreign currency translation | -1.2 | 0 | |
Obligation at end of period | 194.3 | 170.8 | 181.2 |
Defined Benefit Plan, Fair Value of Plan Assets | 126.6 | 128.6 | 109.5 |
Actual return on plan assets | 8.8 | 21 | |
Employer contributions | 3.1 | 5.5 | |
Foreign currency translation | -0.6 | 0 | |
Funded status | -67.7 | -42.2 | |
Asset Retirement Obligation, Liabilities Settled | $13.30 | $7.40 |
Retirement_Plans_Schedule_Of_F
Retirement Plans (Schedule Of Fair Value Of Plan Assets) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $126.60 | $128.60 | $109.50 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 81.7 | 65.8 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.4 | 52.7 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.5 | 10.1 | 9.2 |
Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3.1 | 2 | |
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 | 3.1 | 2 | |
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 | ||
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Mutual 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 | 20.6 | 22.1 | |
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 | 20.6 | 22.1 | |
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 | 8 | 7.6 | |
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 | 8 | 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 | 0 | 7.6 | |
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 | 9.5 | 12 | |
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 | 9.5 | 12 | |
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 | |
Fixed Income Funds [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12.3 | ||
Fixed Income 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 | 12.3 | ||
Fixed Income 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 | ||
Fixed Income 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 | ||
U.S. Equity Funds [Member] | Common Collective Trust Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 23.9 | 28 | |
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 | 23.9 | 28 | |
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 | 16.8 | 15.5 | |
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 | 16.8 | 15.5 | |
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 | 6.1 | 12 | |
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 | 6.1 | 12 | |
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 | ||
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 | ||
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 | ||
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 | ||
International Equity Funds [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13.8 | 14.2 | |
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 | 13.8 | 14.2 | |
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 | 6.2 | 5.5 | |
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 | 6.2 | 5.5 | |
MARKET FOR ALTERNATIVE INVESTMENT [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.3 | 4.6 | |
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 | $5.30 | $4.60 |
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 | Jan. 03, 2015 | Dec. 28, 2013 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Accrued compensation and employee benefits | $2.70 | $2.50 |
Pension and other post retirement benefits | 65 | 39.7 |
Pension plan balance sheet total | 67.7 | 42.2 |
Net actuarial loss | 61.5 | 36 |
Prior service cost | 1.4 | 1.6 |
Amounts recognized in Accumulated Other Comprehensive Loss | $62.90 | $37.60 |
Retirement_Plans_Schedule_Of_W
Retirement Plans (Schedule Of Weighted-Average Assumptions Used To Determine Projected Benefit Obligation) (Details) | 12 Months Ended | |
Jan. 03, 2015 | Dec. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.20% | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 7.50% | 8.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% |
Retirement_Plans_Schedule_Of_A1
Retirement Plans (Schedule Of Assumptions Used To Determine Net Periodic Pension Cost) (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $1.40 | $2.60 | $3.30 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.00% | 4.20% | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% | |
Expected long-term rate of return on assets | 8.00% | 8.00% | 8.30% |
Retirement_Plans_Schedule_Of_P
Retirement Plans (Schedule Of Pension Benefit Payments Expected Future Service) (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |||
Defined Benefit Plan, Service Cost | $2,500,000 | $2,900,000 | $2,500,000 |
Defined Benefit Plan, Interest Cost | 8,300,000 | 7,600,000 | 7,900,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -9,200,000 | -8,700,000 | -8,000,000 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 2,300,000 | 4,100,000 | 3,600,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 200,000 | 200,000 | 200,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 4,100,000 | 6,100,000 | 6,200,000 |
Prior service cost | 0.1 | 0.1 | -0.3 |
Net actuarial loss | 1.3 | 2.5 | 3.6 |
Total recognized in OCI | 1.4 | 2.6 | 3.3 |
2014 | 9,000,000 | ||
2015 | 9,300,000 | ||
2016 | 9,900,000 | ||
2017 | 10,500,000 | ||
2018 | 11,300,000 | ||
2019-2023 | $61,400,000 |
Retirement_Plans_Level_3_Plan_
Retirement Plans Level 3 Plan Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of period | $128.60 | $109.50 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0.7 | 0.7 |
Fair value of plan assets at end of period | 126.6 | 128.6 |
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 | 10.1 | 9.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.7 | 0.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.7 | 0.2 |
Fair value of plan assets at end of period | $11.50 | $10.10 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Apr. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Treasury Stock, Shares, Acquired | 500,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $69.94 | ||||
Payments for Repurchase of Common Stock | $35 | $35 | $0 | $0 | |
Recognized share-based compensation expense | 11.9 | 11.4 | 9 | ||
Unrecognized compensation cost related to share-based compensation | 21.9 | ||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 3,200,000 | ||
Vesting period, minimum | 5 years | ||||
Share-based compensation expected to recognize over a weighted average period, years | 2 years 0 months 18 days | ||||
Number of shares approved to be repurchased | 3,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Options and SAR's [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 | 11.3 | ||||
Share-based compensation expected to recognize over a weighted average period, years | 2 years 11 months 12 days | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 1.5 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 0.4 | ||||
Share-based compensation expected to recognize over a weighted average period, years | 4 months 2 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 4.4 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 9.3 | ||||
Share-based compensation expected to recognize over a weighted average period, years | 1 year 9 months 18 days | ||||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 1 | 0.4 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $2.60 | ||||
Share-based compensation expected to recognize over a weighted average period, years | 1 year 11 months 23 days | ||||
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% | ||||
Performance Share Units [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares Term, Potential Payout as a Percentage of Target | 0.00% | ||||
Performance Share Units [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares Term, Potential Payout as a Percentage of Target | 200.00% | ||||
Common Stock [Member] | 2013 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized shares of common stock | 3,500,000 | ||||
Share available for future grant or payment under the various plans | 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 | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Per share weighted average fair value of grants | $28.01 | $23.01 | $22.45 |
Options and SAR's [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.00% | 1.10% | 1.30% |
Expected life (years) | 7 years | 7 years | 7 years |
Expected volatility | 37.70% | 38.50% | 37.60% |
Expected dividend yield | 1.20% | 1.20% | 1.20% |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Schedule Of Share-Based Incentive Plan Grant Activity) (Details) (Options and SAR's [Member], USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Options and SAR's [Member] | ||
Share-based incentive plan grant activity | ||
Options Shares Outstanding at December 28, 2013 | 1,563,270 | |
Option Shares, Granted | 148,955 | |
Options Shares, Exercised | -163,742 | |
Option Shares, Forfeited | -59,651 | |
Options Shares Outstanding at January 3, 2015 | 1,488,832 | 1,563,270 |
Options Shares, Exercisable at January 3, 2015 | 878,489 | |
Options Weighted Average Exercise Price at December 28, 2013 | $56.04 | |
Options Weighted Average Exercise Price, Granted | $75.76 | |
Options Weighted Average Exercise Price, Exercised | $43.01 | |
Optionss Weighted Average Exercise Price, Forfeited | $60.21 | |
Options Weighted Average Exercise Price at January 3, 2015 | $59.34 | $56.04 |
Options Weighted Average Exercise Price at January 3, 2015 | $53.20 | |
Options Outstanding Weighted Average Remaining Contractual Terms (years) | 5 years 9 months 15 days | |
Options Exercisable Weighted Average Remaining Contractual Term (years) | 4 years 4 months 28 days | |
Options Outstanding Aggregate Intrinsic Value | $23.90 | |
Options Exercisable Aggregate Intrinsic Value | $19.50 |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Share-Based Compensation Activity) (Details) (Options and SAR's [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Options and SAR's [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 | $11.30 | ||
Total intrinsic value of share-based incentive awards exercised | 5.2 | 4 | 11.1 |
Cash received from stock option exercises | 1.9 | 1.5 | 4.2 |
Income tax benefit from the exercise of stock options | 2 | 0.8 | 2.2 |
Total fair value of share-based incentive awards vested | $5.50 | $8.50 | $6.60 |
Shareholders_Equity_Schedule_O1
Shareholders' Equity (Schedule Of Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |
Jan. 03, 2015 | Dec. 28, 2013 | |
Restricted Stock [Member] | ||
Shares and Weighted Average Fair Value at Grant Date | ||
Unvested Shares at December 28, 2013 | 40,717 | |
Granted, Shares | 12,144 | |
Vested, Shares | -28,047 | |
Forfeited, Shares | 0 | |
Unvested Shares at January 3, 2015 | 24,814 | 40,717 |
Wtd. Avg. Grant Date Fair Value at December 28, 2013 | $66.50 | |
Granted, Wtd. Avg. Share Fair Value | $75.76 | |
Vested, Wtd. Avg. Share Fair Value | $67.83 | |
Forfeited, Wtd. Avg. Share Fair Value | $0 | |
Wtd. Avg. Grant Date Fair Value at January 3, 2015 | $69.53 | $66.50 |
Weighted Average Remaining Contractual Term at December 28, 2013 | 4 months 2 days | 9 months 18 days |
Weighted Average Remaining Contractual Term at January 3, 2015 | 4 months 2 days | 9 months 18 days |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholder' Equity (Schedule of Restricted Stock Units) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |
Jan. 03, 2015 | Dec. 28, 2013 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested Shares at December 28, 2013 | 210,264 | |
Granted, Shares | 89,050 | |
Vested, Shares | -53,503 | |
Forfeited, Shares | -7,865 | |
Unvested Shares at January 3, 2015 | 237,946 | 210,264 |
Wtd. Avg. Grant Date Fair Value at December 28, 2013 | $65.57 | |
Granted, Wtd. Avg. Share Fair Value | $74.77 | |
Vested, Wtd. Avg. Share Fair Value | $69.01 | |
Forfeited, Wtd. Avg. Share Fair Value | $64.36 | |
Wtd. Avg. Grant Date Fair Value at January 3, 2015 | $68.28 | $65.57 |
Weighted Average Remaining Contractual Term at December 28, 2013 | 1 year 9 months 18 days | 1 year 10 months 24 days |
Weighted Average Remaining Contractual Term at January 3, 2015 | 1 year 9 months 18 days | 1 year 10 months 24 days |
Shareholders_Equity_Shareholde2
Shareholders' Equity Shareholders' Equity (Schedule of Performance Share Units) (Details) (USD $) | 12 Months Ended | |
Jan. 03, 2015 | 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 0 months 18 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 | 1 year 11 months 23 days | |
Unvested Shares at December 28, 2013 | 35,730 | |
Granted, Shares | 25,310 | |
Vested, Shares | 0 | |
Forfeited, Shares | -1,925 | |
Unvested Shares at January 3, 2015 | 59,115 | 35,730 |
Wtd. Avg. Grant Date Fair Value at December 28, 2013 | $56.71 | |
Granted, Wtd. Avg. Share Fair Value | $83.74 | |
Vested, Wtd. Avg. Share Fair Value | $0 | |
Forfeited, Wtd. Avg. Share Fair Value | $57.83 | |
Wtd. Avg. Grant Date Fair Value at January 3, 2015 | $68.25 | $56.71 |
Weighted Average Remaining Contractual Term at December 28, 2013 | 1 year 11 months 23 days | 2 years 4 months 24 days |
Weighted Average Remaining Contractual Term at January 3, 2015 | 1 year 11 months 23 days | 2 years 4 months 24 days |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Liabilities, Net, Noncurrent | ($116) | ($140.30) | |
Net deferred tax asset (liability) | -49 | -93.5 | |
Net current deferred income tax benefit | 67 | ||
Unrecognized tax benefits which would impact the effective income tax rate | 5.8 | ||
Unrecognized tax benefits, recognized interest expense | -0.2 | 0.2 | 0.1 |
Unrecognized tax benefits, accrued interest | 1.1 | 1.3 | 1.1 |
Unrecognized tax benefits including accrued that could change in coming year | 0.2 | ||
Net operating losses | 16.6 | 11.4 | |
Tax effected net operating losses, expiration period | 15 years | 15 years | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 10.1 | 5.9 | |
Deferred tax liability not recorded related to undistributed earnings of foreign subsidiaries | 121.5 | ||
Undistributed earnings of foreign subsidiaries | $537.60 |
Income_Taxes_Income_Before_Tax
Income Taxes (Income Before Taxes And Noncontrolling Interest) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | ($11.20) | $75.40 | $121.30 |
Foreign | 101.5 | 95.1 | 148.6 |
Income Before Taxes | $90.30 | $170.50 | $269.90 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal | $37.80 | $15.40 | $24.50 |
State | 1.5 | 4.8 | 7.2 |
Foreign | 41.3 | 29.8 | 31.4 |
Current, Total | 80.6 | 50 | 63.1 |
Deferred | -26.4 | -5.5 | 6.5 |
Total | $54.20 | $44.50 | $69.60 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate) (Details) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | -0.40% | 1.90% | 2.00% |
Domestic production activities deduction | -2.70% | -1.40% | -1.00% |
Foreign rate differential | -4.80% | -9.20% | -9.30% |
Effective Income Tax Rate Reconciliation, Tax Credits, Research | -7.40% | -4.50% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate | 0.00% | -2.60% | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses | 42.90% | 13.20% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 4.20% | 1.70% | 0.00% |
Adjustments to tax accruals and reserves | 0.00% | 0.00% | 0.50% |
Other, net | 0.90% | -3.60% | 0.70% |
Effective tax rate | 60.00% | 26.10% | 25.80% |
CHINA | |||
Foreign rate differential | -7.70% | -4.40% | -2.10% |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Tax Asset (Liability)) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Accrued employee benefits | $60.50 | $43.50 |
Bad debt reserve | 8.8 | 2.6 |
Warranty reserve | 4.7 | 4.9 |
Inventory | 9.7 | 7.7 |
Accrued liabilities | 9.5 | 13.2 |
Derivative instruments | 19.7 | 5.9 |
Deferred Tax Assets, Operating Loss Carryforwards | 16.6 | 11.4 |
Deferred Tax Assets, Valuation Allowance | -10.1 | -5.9 |
Other | 2.8 | 1.4 |
Deferred tax assets | 122.2 | 84.7 |
Property related | -37.1 | -41.6 |
Intangible items | -134.1 | -136.6 |
Deferred tax liabilities | -171.2 | -178.2 |
Net deferred tax asset (liability) | ($49) | ($93.50) |
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 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits - beginning of year | $4.40 | $5.70 | $7.10 |
Gross increases - tax positions in prior periods | 0.1 | 1.1 | 0.7 |
Gross increases - tax positions in the current period | 3.6 | 0.3 | 0 |
Settlements with taxing authorities | -2.1 | -2.1 | -1.6 |
Lapse of statute of limitations | -0.2 | -0.6 | -0.5 |
Unrecognized tax benefits - end of year | $5.80 | $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 | Jan. 03, 2015 | Dec. 28, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Beginning balance | $19.30 | $20.90 |
Payments | -20.2 | -19.4 |
Provision | 19.6 | 16.5 |
Acquisitions | 0.7 | 1.4 |
Translation | -0.1 | -0.1 |
Ending balance | $19.30 | $19.30 |
Leases_And_Rental_Commitments_1
Leases And Rental Commitments (Future Minimum Rental Commitments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Leases, Operating [Abstract] | |||
2015 | $20.70 | ||
2016 | 14.2 | ||
2017 | 11.6 | ||
2018 | 8.8 | ||
2019 | 4.9 | ||
Thereafter | 12.3 | ||
Rental expenses charged to operations | $38.30 | $39.50 | $36.70 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ($2.20) | ($0.70) |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | -31 | |
Notional amount of receive-variable/pay-fixed interest rate swaps | 100 | 250 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Current derivative assets, gross | 1.6 | 8.4 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -1.3 | -0.6 |
Current Derivatives, Fair Value, Net | 0.3 | 7.8 |
Prepaid Expenses and Other Current Assets [Member] | Derivative Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Current derivative assets, gross | 2.3 | 4.7 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -2.3 | -2.4 |
Current Derivatives, Fair Value, Net | 0 | 2.3 |
Other Noncurrent Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Noncurrent | 0.5 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -0.2 | |
Long-term derivative assets, gross | 0.7 | |
Hedging Obligations Current [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Current derivative liabilities, gross | 17.5 | 3.1 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -1.3 | -0.6 |
Derivative, Net Liability Position, Aggregate Fair Value | 16.2 | 2.5 |
Hedging Obligations Current [Member] | Derivative Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Current derivative liabilities, gross | 12.2 | 2.5 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -2.3 | -2.4 |
Derivative, Net Liability Position, Aggregate Fair Value | 9.9 | 0.1 |
Hedging Obligations [Member] | ||
Derivative [Line Items] | ||
Long-term Derivatives Fair Value, Net | 0.5 | |
Hedging Obligations [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | -0.2 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |
Long-term Derivatives Fair Value, Net | 0.1 | |
Long-term derivative liabilities, gross | 10.5 | |
Hedging Obligations [Member] | Derivative Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |
Long-term Derivatives Fair Value, Net | 10.5 | |
Long-term derivative liabilities, gross | $0.10 | $0.70 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Instruments) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $3.90 | $13.10 |
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swaps [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Currency Swap [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1.6 | 8.4 |
Prepaid Expenses and Other Current Assets [Member] | Currency Swap [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Prepaid Expenses and Other Current Assets [Member] | Derivative Commodity Contracts [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 4 |
Prepaid Expenses and Other Current Assets [Member] | Derivative Commodity Contracts [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2.3 | 0.7 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.7 |
Other Noncurrent Assets [Member] | Interest Rate Swaps [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Other Noncurrent Assets [Member] | Currency Swap [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.7 |
Other Noncurrent Assets [Member] | Currency Swap [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Other Noncurrent Assets [Member] | Derivative Commodity Contracts [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Other Noncurrent Assets [Member] | Derivative Commodity Contracts [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Hedging Obligations Current [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 29.7 | 11.3 |
Hedging Obligations Current [Member] | Interest Rate Swaps [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 5.7 |
Hedging Obligations Current [Member] | Currency Swap [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 15.9 | 3 |
Hedging Obligations Current [Member] | Currency Swap [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1.6 | |
Hedging Obligations Current [Member] | Derivative Commodity Contracts [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 9.8 | 1.7 |
Hedging Obligations Current [Member] | Derivative Commodity Contracts [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2.4 | 0.8 |
Hedging Obligations [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 22.5 | 16.8 |
Hedging Obligations [Member] | Interest Rate Swaps [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 11.9 | 16.1 |
Hedging Obligations [Member] | Currency Swap [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 10.3 | 0.7 |
Hedging Obligations [Member] | Currency Swap [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0.2 | |
Hedging Obligations [Member] | Derivative Commodity Contracts [Member] | Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0.1 | 0 |
Hedging Obligations [Member] | Derivative Commodity Contracts [Member] | Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $0 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Notional Amounts Of Forward Contracts) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $100 | $250 |
Commodity Forward Contracts [Member] | Copper [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 137.4 | 114.5 |
Commodity Forward Contracts [Member] | Aluminum [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $5.20 | $9.70 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule Of Cash Flow Hedging Instruments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $6.10 | $9 | $16.80 |
Derivative, Notional Amount | 100 | 250 | |
Net current deferred gains (losses) expected to be realized | -19.2 | ||
Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -44.5 | -1.8 | 26.7 |
Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Commodity Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -18.8 | -11.3 | 8.5 |
Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Currency Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -25.2 | 8.8 | 23.9 |
Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -0.5 | 0.7 | -5.7 |
Sales Revenue, Net [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.9 | -1.6 | |
Sales Revenue, Net [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Commodity Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Sales Revenue, Net [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Currency Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.9 | -1.6 | |
Sales Revenue, Net [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.5 | -0.8 | -13.1 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Commodity Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -7.1 | -8.3 | -9.7 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Currency Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 7.6 | 7.5 | -3.4 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Not Designated As Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1.3 | 0.4 | 0.1 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Not Designated As Hedging Instruments [Member] | Commodity Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | -0.1 | 0.1 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Not Designated As Hedging Instruments [Member] | Currency Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1.3 | 0.5 | 0 |
Interest Expense [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -10.3 | -12.8 | -12.4 |
Interest Expense [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Commodity Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Interest Expense [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Currency Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Interest Expense [Member] | Cash Flow Hedging [Member] | Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -10.3 | -12.8 | -12.4 |
Mexican Peso | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 324.1 | 203 | |
Chinese Renminbi | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 206.1 | 142.3 | |
Indian Rupee | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 51.7 | 36.8 | |
Euro | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 17.8 | 11.4 | |
Canadian Dollar | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 8.6 | 0 | |
Australian Dollar | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4.3 | 1.5 | |
Thai Baht | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $3.50 | $4.10 |
Fair_Value_Schedule_Of_Financi
Fair Value (Schedule Of Financial Assets And Liabilities At Fair Value) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value adjustment | ($1.10) | ($12.30) |
Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1.6 | 8.4 |
Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 2.3 | 4.7 |
Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 9.5 | 7.6 |
Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Assets Held in Rabbi Trust [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 5.2 | 5.1 |
Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0.7 |
Other Accrued Expenses [Member] | Fair Value, Inputs, Level 3 [Member] | Deferred Contingent Purchase Price [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 8.3 |
Hedging Obligations Current [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 5.7 |
Hedging Obligations Current [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 17.5 | 3.1 |
Hedging Obligations Current [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 12.2 | 2.5 |
Hedging Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 11.9 | 16.1 |
Hedging Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 10.5 | 0.7 |
Hedging Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0.1 | 0 |
Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Deferred Contingent Purchase Price [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 1.4 |
Commercial and Industrial Systems [Domain] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value adjustment | ($12.30) |
Fair_Value_Summary_Of_Changes_
Fair Value (Summary Of Changes In Fair Market Value Of Company's Level 3 Liabilities) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Fair Value Disclosures [Abstract] | ||
Beginning Balance | $9.70 | $21.10 |
Expense | 0 | 1.1 |
Fair value adjustment | -1.1 | -12.3 |
Payments | 8.6 | 0.2 |
Ending balance | $0 | $9.70 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Related Party Transaction [Line Items] | |||
Fees and Commissions, Other | $5.30 | $0 | $0 |
Elco Group B.V. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount payable to an entity related to acquisition | 22.3 | ||
Acquisition to be paid in semi-annual payments | $10.50 |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | $3.90 | $3.10 |
Restructuring Charges | 13.2 | 6.2 |
Payments for Restructuring | 11 | 5.4 |
Restructuring Reserve | 6.1 | 3.9 |
Restructuring and Related Cost, Expected Cost | 7.9 | |
Cost of Sales [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 12.9 | 5.4 |
Operating Expense [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 0.3 | 0.8 |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 6.5 | 2.2 |
Restructuring and Related Cost, Expected Cost | 3.1 | |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 2.5 | 2.1 |
Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 4.2 | 1.9 |
Restructuring and Related Cost, Expected Cost | $4.80 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 30, 2015 | |
Goodwill | $1,004,000,000 | $1,081,900,000 | $1,004,000,000 | $1,081,900,000 | $1,151,000,000 | |||||||
New Credit Facility | 500,000,000 | 500,000,000 | ||||||||||
Sales Revenue, Goods, Net | 775,600,000 | 829,800,000 | 850,400,000 | 801,200,000 | 727,200,000 | 768,200,000 | 822,000,000 | 778,200,000 | 3,257,100,000 | 3,095,700,000 | 3,166,900,000 | |
Business Acquisition, Pro Forma Revenue | 3,291,200,000 | 3,240,400,000 | 3,328,800,000 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 28,800,000 | 123,800,000 | 202,400,000 | |||||||||
Basic | ($2,610,000) | $1,060,000 | $1,240,000 | $970,000 | ($740,000) | $1,170,000 | $1,140,000 | $1,100,000 | $0.69 | $2.66 | $4.68 | |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.64 | $2.75 | $0 | |||||||||
Earnings Per Share, Diluted | ($2,610,000) | $1,050,000 | $1,240,000 | $960,000 | ($740,000) | $1,160,000 | $1,130,000 | $1,090,000 | $0.69 | $2.64 | $4.64 | |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.64 | $2.73 | $0 | |||||||||
PTS Member [Domain] | ||||||||||||
Sales Revenue, Goods, Net | 607,300,000 | |||||||||||
Business Acquisition, Pro Forma Revenue | 3,864,400,000 | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 47,000,000 | |||||||||||
Basic | $0.69 | |||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $1.04 | |||||||||||
Earnings Per Share, Diluted | $0.69 | |||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $1.04 | |||||||||||
PTS Member [Domain] | Subsequent Event [Member] | ||||||||||||
Cash and Equivalents | 1,400,000,000 | |||||||||||
Current Assets | 3,200,000,000 | |||||||||||
Receivables | 71,300,000,000 | |||||||||||
Inventory | 102,800,000,000 | |||||||||||
Property, Plant, and Equipment | 1,384,000,000,000 | |||||||||||
Assets | 1,561,300,000,000 | |||||||||||
Current Liabilities, Other | 76,600,000,000 | |||||||||||
Noncurrent Liabilities, Other | 82,700,000,000 | |||||||||||
Net assets acquired | 1,402,000,000,000 | |||||||||||
Line of Credit [Member] | Term Facility [Member] | Subsequent Event [Member] | ||||||||||||
Debt Instrument, Term | 5 years | |||||||||||
New Credit Facility | $1,250,000,000 |
Schedule_II_Regal_Beloit_Corpo1
Schedule II Regal Beloit Corporation Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Allowance For Receivables [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Year | $11.50 | $10.20 | $13.60 |
Charged to Expenses | 19.5 | 2.7 | -1.3 |
Deductions | -19.2 | -1.9 | -2.5 |
Adjustments | -0.2 | 0.5 | 0.4 |
Balance End of Year | 11.6 | 11.5 | 10.2 |
Allowance For Product Warranty Reserves [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Year | 19.3 | 20.9 | 24.2 |
Charged to Expenses | 19.6 | 16.5 | 30 |
Deductions | -20.2 | -19.4 | -33.4 |
Adjustments | 0.6 | 1.3 | 0.1 |
Balance End of Year | $19.30 | $19.30 | $20.90 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $775.60 | $829.80 | $850.40 | $801.20 | $727.20 | $768.20 | $822 | $778.20 | $3,257.10 | $3,095.70 | $3,166.90 |
Gross Profit | 188.1 | 203.8 | 211 | 194.4 | 178 | 196.5 | 209.2 | 199.5 | 797.3 | 783.2 | 771 |
Income (Loss) From Operations | -110.6 | 74.7 | 87.7 | 69.7 | -27.8 | 78.8 | 81.1 | 75.9 | 121.5 | 208 | 312.8 |
Net Income (Loss) | -115.8 | 48.8 | 58.1 | 45 | -32.8 | 54.5 | 53.6 | 50.7 | 36.1 | 126 | 200.3 |
Net Income (Loss) Attributable to Parent | -116.5 | 47.5 | 56.2 | 43.8 | -33.2 | 52.6 | 51.1 | 49.5 | 31 | 120 | 195.6 |
Basic earnings per share as reported | ($2,610,000) | $1,060,000 | $1,240,000 | $970,000 | ($740,000) | $1,170,000 | $1,140,000 | $1,100,000 | $0.69 | $2.66 | $4.68 |
Earnings Per Share, Diluted | ($2,610,000) | $1,050,000 | $1,240,000 | $960,000 | ($740,000) | $1,160,000 | $1,130,000 | $1,090,000 | $0.69 | $2.64 | $4.64 |
Basic | 44.7 | 44.9 | 45.2 | 45.1 | 45.1 | 45.1 | 45 | 45 | 45 | 45 | 41.8 |
Assuming Dilution | 44.7 | 45.2 | 45.5 | 45.4 | 45.1 | 45.4 | 45.3 | 45.3 | 45.3 | 45.4 | 42.1 |
Commercial and Industrial Systems [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 451.2 | 472.3 | 479 | 453.5 | 431.1 | 437.4 | 447.9 | 430.1 | 1,934.30 | 1,820.20 | 1,833.20 |
Gross Profit | 468.2 | 461.8 | 451.3 | ||||||||
Income (Loss) From Operations | -84.2 | 33.6 | 47 | 37.2 | -36.7 | 41.8 | 34.1 | 42.6 | 33.6 | 81.8 | 169.4 |
Climate Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 256.2 | 290 | 303.5 | 285.1 | 235.9 | 272.3 | 307.3 | 283.1 | |||
Income (Loss) From Operations | 7.1 | 33.1 | 33.1 | 26.3 | 14.4 | 30.1 | 39.4 | 25.4 | |||
Power Transmission Solutions [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 68.2 | 67.5 | 67.9 | 62.6 | 60.2 | 58.5 | 66.8 | 65 | 271.3 | 255.5 | 274.9 |
Gross Profit | 70.3 | 68.5 | 74.9 | ||||||||
Income (Loss) From Operations | ($33.50) | $8 | $7.60 | $6.20 | ($5.50) | $6.90 | $7.60 | $7.90 | ($11.70) | $16.90 | $39.70 |
Uncategorized_Items
Uncategorized Items | |
[us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest] | 400,000 |