Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 10, 2014 | Jun. 28, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'IEX | ' | ' |
Entity Registrant Name | 'IDEX CORP /DE/ | ' | ' |
Entity Central Index Key | '0000832101 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 80,889,147 | ' |
Entity Public Float | ' | ' | $4,383,366,044 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $439,629 | $318,864 |
Receivables - net | 253,226 | 256,095 |
Inventories | 230,967 | 234,950 |
Other current assets | 67,131 | 71,956 |
Total current assets | 990,953 | 881,865 |
Property, plant and equipment - net | 213,488 | 219,161 |
Goodwill | 1,349,456 | 1,321,727 |
Intangible assets - net | 311,227 | 341,372 |
Other noncurrent assets | 22,453 | 21,265 |
Total assets | 2,887,577 | 2,785,390 |
Current liabilities | ' | ' |
Trade accounts payable | 133,312 | 117,341 |
Accrued expenses | 150,751 | 150,176 |
Short-term borrowings | 1,871 | 7,335 |
Dividends payable | 18,675 | 16,575 |
Total current liabilities | 304,609 | 291,427 |
Long-term borrowings | 772,005 | 779,241 |
Deferred income taxes | 144,908 | 121,349 |
Other noncurrent liabilities | 93,066 | 128,375 |
Total liabilities | 1,314,588 | 1,320,392 |
Commitments and contingencies (Note 8) | ' | ' |
Preferred stock: | ' | ' |
Authorized: 5,000,000 shares, $.01 per share par value; Issued: none | ' | ' |
Common stock: | ' | ' |
Authorized: 150,000,000 shares, $.01 per share par value; Issued: 89,154,190 shares at December 31, 2013 and 87,732,405 shares at December 31, 2012 | 892 | 877 |
Additional paid-in capital | 607,766 | 550,682 |
Retained earnings | 1,293,740 | 1,113,541 |
Treasury stock at cost: 7,958,510 shares at December 31, 2013 and 5,005,518 shares at December 31, 2012 | -326,104 | -156,699 |
Accumulated other comprehensive loss | -3,305 | -43,403 |
Total shareholders' equity | 1,572,989 | 1,464,998 |
Total liabilities and shareholders' equity | $2,887,577 | $2,785,390 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 89,154,190 | 87,732,405 |
Treasury stock, shares | 7,958,510 | 5,005,518 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Net sales | $2,024,130 | $1,954,258 | $1,838,451 | |||
Cost of sales | 1,150,766 | 1,150,558 | 1,099,778 | |||
Gross profit | 873,364 | 803,700 | 738,673 | |||
Selling, general and administrative expenses | 477,851 | 444,490 | 421,703 | |||
Asset impairments | 0 | 198,519 | 0 | |||
Restructuring expenses | 0 | 32,473 | 12,314 | |||
Operating income | 395,513 | [1] | 128,218 | [1] | 304,656 | [1] |
Other income (expense) - net | -178 | 236 | -1,443 | |||
Interest expense | 42,206 | 42,250 | 29,332 | |||
Income before income taxes | 353,129 | 86,204 | 273,881 | |||
Provision for income taxes | 97,914 | 48,574 | 80,024 | |||
Net income | $255,215 | $37,630 | $193,857 | |||
Earnings per common share: | ' | ' | ' | |||
Basic earnings per common share | $3.11 | $0.45 | $2.34 | |||
Diluted earnings per common share | $3.09 | $0.45 | $2.32 | |||
Share data: | ' | ' | ' | |||
Basic weighted average common shares outstanding | 81,517 | 82,689 | 82,145 | |||
Diluted weighted average common shares outstanding | 82,489 | 83,641 | 83,543 | |||
[1] | (1)Segment operating income excludes net unallocated corporate operating expenses. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $255,215 | $37,630 | $193,857 |
Other comprehensive income (loss) | ' | ' | ' |
Gains (losses) and reclassification adjustments for derivatives, net of tax | 4,738 | 4,780 | -20,254 |
Pension and other postretirement adjustments, net of tax | 21,788 | -7,159 | -8,398 |
Cumulative translation adjustment | 13,572 | 14,445 | -14,108 |
Comprehensive income | $295,313 | $49,696 | $151,097 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock Including Additional Paid in Capital | Retained Earnings | Cumulative Foreign Currency Translation Adjustments | Retirement Benefits Adjustments | Cumulative Unrealized Gain (Loss) on Derivatives | Treasury Stock |
In Thousands | |||||||
Balance at Dec. 31, 2010 | $1,375,660 | $442,117 | $1,005,040 | $38,302 | ($30,088) | ($20,923) | ($58,788) |
Net income | 193,857 | ' | 193,857 | ' | ' | ' | ' |
Cumulative translation adjustment | -14,108 | ' | ' | -14,108 | ' | ' | ' |
Net change in retirement obligations, net of tax | -8,398 | ' | ' | ' | -8,398 | ' | ' |
Net change on derivatives designated as cash flow hedges, net of tax | -20,254 | ' | ' | ' | ' | -20,254 | ' |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans, net of tax | 37,621 | 37,621 | ' | ' | ' | ' | ' |
Share-based compensation | 11,250 | 11,250 | ' | ' | ' | ' | ' |
Unvested shares surrendered for tax withholding | -6,008 | ' | ' | ' | ' | ' | -6,008 |
Cash dividends declared | -56,485 | ' | -56,485 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 1,513,135 | 490,988 | 1,142,412 | 24,194 | -38,486 | -41,177 | -64,796 |
Net income | 37,630 | ' | 37,630 | ' | ' | ' | ' |
Cumulative translation adjustment | 14,445 | ' | ' | 14,445 | ' | ' | ' |
Net change in retirement obligations, net of tax | -7,159 | ' | ' | ' | -7,159 | ' | ' |
Net change on derivatives designated as cash flow hedges, net of tax | 4,780 | ' | ' | ' | ' | 4,780 | ' |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans, net of tax | 49,721 | 49,721 | ' | ' | ' | ' | ' |
Repurchase of 2,182,946 shares of common stock | -89,563 | ' | ' | ' | ' | ' | -89,563 |
Share-based compensation | 10,850 | 10,850 | ' | ' | ' | ' | ' |
Unvested shares surrendered for tax withholding | -2,340 | ' | ' | ' | ' | ' | -2,340 |
Cash dividends declared | -66,501 | ' | -66,501 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,464,998 | 551,559 | 1,113,541 | 38,639 | -45,645 | -36,397 | -156,699 |
Net income | 255,215 | ' | 255,215 | ' | ' | ' | ' |
Cumulative translation adjustment | 13,572 | ' | ' | 13,572 | ' | ' | ' |
Net change in retirement obligations, net of tax | 21,788 | ' | ' | ' | 21,788 | ' | ' |
Net change on derivatives designated as cash flow hedges, net of tax | 4,738 | ' | ' | ' | ' | 4,738 | ' |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans, net of tax | 43,749 | 43,749 | ' | ' | ' | ' | ' |
Repurchase of 2,182,946 shares of common stock | -167,503 | ' | ' | ' | ' | ' | -167,503 |
Share-based compensation | 13,350 | 13,350 | ' | ' | ' | ' | ' |
Unvested shares surrendered for tax withholding | -1,902 | ' | ' | ' | ' | ' | -1,902 |
Cash dividends declared | -75,016 | ' | -75,016 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $1,572,989 | $608,658 | $1,293,740 | $52,211 | ($23,857) | ($31,659) | ($326,104) |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Tax benefit (expense) on change in retirement obligations, tax | $1,385 | $1,647 | $4,222 |
Tax benefit from change on derivatives designated as cash flow hedges, tax | 2,692 | 2,791 | 12,500 |
Repurchase of common stock, shares | 2,916,280 | 2,182,946 | ' |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans, shares | 1,471,568 | 1,826,977 | 1,596,145 |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans, tax | $4,514 | $4,865 | $4,150 |
Cash dividends declared, per common share outstanding | $0.89 | $0.80 | $0.68 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $255,215 | $37,630 | $193,857 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain on sale of fixed assets | -96 | 0 | -2,831 |
Asset impairments | 2,747 | 198,519 | 0 |
Depreciation and amortization | 35,007 | 36,827 | 36,882 |
Amortization of intangible assets | 44,327 | 41,485 | 35,504 |
Amortization of debt issuance expenses | 1,703 | 1,685 | 1,263 |
Share-based compensation expense | 16,993 | 13,102 | 12,076 |
Deferred income taxes | -3,156 | -37,229 | -3,576 |
Excess tax benefit from share-based compensation | -8,560 | -4,474 | -5,298 |
Non-cash interest expense associated with forward starting swaps | 7,430 | 7,637 | 3,570 |
Forward starting interest rate contract settlement | 0 | 0 | -38,707 |
Changes in (net of the effect from acquisitions): | ' | ' | ' |
Receivables | 6,195 | 12,747 | -16,488 |
Inventories | 9,088 | 23,799 | -607 |
Other current assets | 6,562 | -12,127 | 877 |
Trade accounts payable | 15,460 | -1,376 | -8,645 |
Accrued expenses | 11,790 | 9,944 | 7,411 |
Other - net | 817 | -1,989 | 1,953 |
Net cash flows provided by operating activities | 401,522 | 326,180 | 217,241 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property, plant and equipment | -31,536 | -35,807 | -35,175 |
Acquisition of businesses, net of cash acquired | -36,849 | -68,930 | -443,634 |
Proceeds from fixed asset disposals | 567 | 0 | 12,651 |
Other - net | -344 | -529 | -3,379 |
Net cash flows used in investing activities | -68,162 | -105,266 | -469,537 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under revolving facilities and credit facilities for acquisitions | 34,648 | 35,000 | 365,000 |
Borrowings under revolving facilities | 38,453 | 94,479 | 471,222 |
Proceeds from issuance of Senior Notes | 0 | 0 | 349,125 |
Payments under revolving facilities, credit facilities and term loan | -89,478 | -158,825 | -906,115 |
Debt issuance costs | 0 | 0 | -5,451 |
Dividends paid | -72,905 | -64,087 | -54,613 |
Cash received from options exercised | 35,306 | 45,771 | 33,064 |
Excess tax benefit from share-based compensation | 8,560 | 4,474 | 5,298 |
Purchase of common stock | -167,503 | -89,563 | 0 |
Unvested shares surrendered for tax withholding | -1,902 | -2,340 | -6,008 |
Other | -4,224 | -1,394 | 1,890 |
Net cash flows (used in) provided by financing activities | -219,045 | -136,485 | 253,412 |
Effect of exchange rate changes on cash and cash equivalents | 6,450 | 4,176 | -5,993 |
Net increase (decrease) in cash | 120,765 | 88,605 | -4,877 |
Cash and cash equivalents at beginning of year | 318,864 | 230,259 | 235,136 |
Cash and cash equivalents at end of period | 439,629 | 318,864 | 230,259 |
Cash paid for: | ' | ' | ' |
Interest | 33,432 | 32,639 | 27,749 |
Income taxes | 73,657 | 87,603 | 66,087 |
Significant non-cash activities: | ' | ' | ' |
Contingent consideration for acquisition | 0 | 8,370 | 3,000 |
Debt acquired with acquisition of business | $0 | $4,680 | $1,400 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (4.2% Senior Notes) | Dec. 31, 2013 | Dec. 31, 2011 |
4.2% Senior Notes | ' | ' |
Stated interest rate | 4.20% | 4.20% |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies | ' | ||||||||
Significant Accounting Policies | |||||||||
Business | |||||||||
IDEX is an applied solutions company specializing in fluid and metering technologies, health and science technologies, and fire, safety and other diversified products built to its customers’ specifications. IDEX's products are sold in niche markets to a wide range of industries throughout the world. The Company’s products include industrial pumps, compressors, flow meters, injectors and valves, and related controls for use in a wide variety of process applications; precision fluidics solutions, including pumps, valves, degassing equipment, corrective tubing, fittings, and complex manifolds, precision photonic solutions, optical filters and specialty medical equipment and devices used in life science applications; precision-engineered equipment for dispensing, metering and mixing paints; refinishing equipment; and engineered products for industrial and commercial markets, including fire and rescue, transportation equipment, oil and gas, electronics, and communications. These activities are grouped into three reportable segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. | |||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for doubtful accounts, inventory valuation, recoverability of long-lived assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions. | |||||||||
Revenue Recognition | |||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability of the sales price is reasonably assured. For product sales, delivery does not occur until the products have been shipped and risk of loss has been transferred to the customer. Revenue from services is recognized when the services are provided or ratably over the contract term. Some arrangements with customers may include multiple deliverables, including the combination of products and services. In such cases the Company has identified these as separate elements in accordance with ASC 605-25 and recognizes revenue consistent with the policy for each separate element based on the relative selling price method. Revenues from certain long-term contracts are recognized on the percentage-of-completion method. Percentage-of-completion is measured principally by the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion. Provisions for estimated losses on uncompleted long-term contracts are made in the period in which such losses are determined. Due to uncertainties inherent in the estimation process, it is reasonably possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised in the near-term. Such revisions to costs and income are recognized in the period in which the revisions are determined. | |||||||||
The Company records allowances for discounts, product returns and customer incentives at the time of sale as a reduction of revenue as such allowances can be reliably estimated based on historical experience and known trends. The Company also offers product warranties and accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, warranty costs incurred and any other related information known to the Company. | |||||||||
Shipping and Handling Costs | |||||||||
Shipping and handling costs are included in cost of sales and are recognized as a period expense during the period in which they are incurred. | |||||||||
Advertising Costs | |||||||||
Advertising costs of $14.6 million, $15.3 million and $13.4 million for 2013, 2012 and 2011, respectively, are expensed as incurred within Selling, general and administrative expenses. | |||||||||
Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid instruments purchased with an original maturity of 90 days or less to be cash and cash equivalents. | |||||||||
Allowance for Doubtful Accounts | |||||||||
The Company maintains allowances for doubtful accounts for estimated losses as a result of customer’s inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivables that may not be collected in the future and records the appropriate provision. | |||||||||
Inventories | |||||||||
The Company states inventories at the lower of cost or market. Cost, which includes material, labor, and factory overhead, is determined on a FIFO basis. We make adjustments to reduce the cost of inventory to its net realizable value, if required, at the business unit level for estimated excess, obsolescence or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes. | |||||||||
Impairment of Long-Lived Assets | |||||||||
Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable, as measured by comparing their net book value to the projected undiscounted future cash flows generated by their use. Impaired assets are recorded at their estimated fair value based on a discounted cash flow analysis. | |||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||
In accordance with ASC 350, the Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually on October 31, or upon the occurrence of events or changes in circumstances that indicate that the carrying value of the goodwill or intangible assets may not be recoverable. The Company evaluates the recoverability of these assets based on the estimated fair value of each of the fifteen reporting units and the indefinite-lived intangible asset. See Note 4 for a further discussion on goodwill and intangible assets. | |||||||||
Borrowing Expenses | |||||||||
Expenses incurred in securing and issuing debt are capitalized and included in Other noncurrent assets. These assets are amortized over the life of the related borrowing and the related amortization is included in Interest expense in the Consolidated Statements of Operations. | |||||||||
Earnings per Common Share | |||||||||
Earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of shares of common stock (basic) plus common stock equivalents (diluted) outstanding during the year. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, unvested shares, performance share units, and shares issuable in connection with certain deferred compensation agreements ("DCUs"). | |||||||||
ASC 260 concludes that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding unvested shares are participating securities. Accordingly, earnings per common share were computed using the two-class method prescribed by ASC 260. Net income attributable to common shareholders was reduced by $1.2 million, $0.1 million and $1.2 million in 2013, 2012 and 2011, respectively. | |||||||||
Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
(In thousands) | |||||||||
Basic weighted average common shares outstanding | 81,517 | 82,689 | 82,145 | ||||||
Dilutive effect of stock options, unvested shares, performance share units and DCUs | 972 | 952 | 1,398 | ||||||
Diluted weighted average common shares outstanding | 82,489 | 83,641 | 83,543 | ||||||
Options to purchase approximately zero, 1.2 million and 0.7 million shares of common stock in 2013, 2012 and 2011, respectively, were not included in the computation of diluted EPS because the effect of their inclusion would have been antidilutive. | |||||||||
Share-Based Compensation | |||||||||
The Company accounts for share-based payments in accordance with ASC 718. Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. See Note 13 for further discussion on share-based compensation. | |||||||||
Depreciation and Amortization | |||||||||
Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: | |||||||||
Land improvements | 8 to 12 years | ||||||||
Buildings and improvements | 8 to 30 years | ||||||||
Machinery, equipment and other | 3 to 12 years | ||||||||
Office and transportation equipment | 3 to 10 years | ||||||||
Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: | |||||||||
Patents | 5 to 17 years | ||||||||
Trade names | 10 to 20 years | ||||||||
Customer relationships | 4.5 to 20 years | ||||||||
Non-compete agreements | 2.5 to 3 years | ||||||||
Unpatented technology and other | 4.5 to 20 years | ||||||||
Research and Development Expenditures | |||||||||
Costs associated with research and development are expensed in the period incurred and are included in Cost of sales within the Consolidated Statements of Operations. Research and development expenses, which include costs associated with developing new products and major improvements to existing products, were $33.0 million, $36.4 million and $36.0 million in 2013, 2012 and 2011, respectively. | |||||||||
Foreign Currency Translation | |||||||||
The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Income statement amounts have been translated using the average exchange rate for the year. The gains and losses resulting from changes in exchange rates from year to year have been reported in Accumulated other comprehensive loss in the Consolidated Balance Sheets. The effect of transaction gains and losses is reported within Other income (expense)-net in the Consolidated Statements of Operations. | |||||||||
Income Taxes | |||||||||
Income tax expense includes United States, state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. | |||||||||
Concentration of Credit Risk | |||||||||
The Company is not dependent on a single customer, the largest of which accounted for less than 2% of net sales for all years presented. | |||||||||
Recently Issued Accounting Pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance is effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective January 1, 2013 and its adoption did not impact the consolidated financial position, results of operations or cash flows of the Company. See Note 14 for a further discussion on other comprehensive income (loss). |
Restructuring
Restructuring | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring | ' | |||||||||||
Restructuring | ||||||||||||
During 2012 and 2011 the Company recorded restructuring costs as a part of the 2011 restructuring initiatives that support the implementation of key strategic efforts designed to facilitate long-term sustainable growth through cost reduction actions, primarily consisting of employee reductions and facility rationalization. The costs incurred related to these initiatives are included in Restructuring expenses in the Consolidated Statements of Operations while the related accruals are included in Accrued expenses in the Consolidated Balance Sheets. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consist of asset disposals or impairments, the termination of a defined benefit plan, legal costs and relocation charges. | ||||||||||||
2011 Initiatives | ||||||||||||
During 2012 and 2011 the Company recorded pre-tax restructuring expenses totaling $32.5 million and $12.3 million, respectively, related to our 2011 restructuring initiative for exit costs and employee severance related to employee reductions across various functional areas as well as facility rationalization. The 2011 restructuring initiatives included severance benefits for 491 employees in 2012 and 292 employees in 2011. The 2011 initiative was completed by the end of 2012 and no further restructuring is currently planned. Severance payments were fully paid in 2013 using cash from operations. | ||||||||||||
Pre-tax restructuring expenses by segment, for 2012, were as follows: | ||||||||||||
Severance | Exit Costs | Total | ||||||||||
Costs | ||||||||||||
(In thousands) | ||||||||||||
Fluid & Metering Technologies | $ | 6,226 | $ | 36 | $ | 6,262 | ||||||
Health & Science Technologies | 11,223 | 3,521 | 14,744 | |||||||||
Fire & Safety/Diversified Products | 3,226 | 5,114 | 8,340 | |||||||||
Corporate/Other | 2,844 | 283 | 3,127 | |||||||||
Total restructuring costs | $ | 23,519 | $ | 8,954 | $ | 32,473 | ||||||
Pre-tax restructuring expenses by segment, for 2011, were as follows: | ||||||||||||
Severance | Exit Costs | Total | ||||||||||
Costs | ||||||||||||
(In thousands) | ||||||||||||
Fluid & Metering Technologies | $ | 2,800 | $ | 61 | $ | 2,861 | ||||||
Health & Science Technologies | 2,007 | 123 | 2,130 | |||||||||
Fire & Safety/Diversified Products | 4,430 | 797 | 5,227 | |||||||||
Corporate/Other | 2,096 | — | 2,096 | |||||||||
Total restructuring costs | $ | 11,333 | $ | 981 | $ | 12,314 | ||||||
Restructuring accruals of $10.9 million at December 31, 2012 are reflected in Accrued expenses in our Consolidated Balance Sheets as follows: | ||||||||||||
2011 | ||||||||||||
Initiative | ||||||||||||
(In thousands) | ||||||||||||
Balance at January 1, 2012 | $ | 5,875 | ||||||||||
Restructuring expenses | 32,473 | |||||||||||
Payments, utilization and other | (27,461 | ) | ||||||||||
Balance at December 31, 2012 | 10,887 | |||||||||||
Restructuring expenses | — | |||||||||||
Payments, utilization and other | (10,887 | ) | ||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Additional Financial Information Disclosure [Abstract] | ' | |||||||||||
Balance Sheet Components | ' | |||||||||||
Balance Sheet Components | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
RECEIVABLES | ||||||||||||
Customers | $ | 255,992 | $ | 257,114 | ||||||||
Other | 3,075 | 4,577 | ||||||||||
Total | 259,067 | 261,691 | ||||||||||
Less allowance for doubtful accounts | 5,841 | 5,596 | ||||||||||
Total receivables — net | $ | 253,226 | $ | 256,095 | ||||||||
INVENTORIES | ||||||||||||
Raw materials and components parts | $ | 133,470 | $ | 139,229 | ||||||||
Work in process | 41,895 | 33,025 | ||||||||||
Finished goods | 55,602 | 62,696 | ||||||||||
Total | $ | 230,967 | $ | 234,950 | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
Land and improvements | $ | 32,723 | $ | 31,787 | ||||||||
Buildings and improvements | 150,316 | 141,952 | ||||||||||
Machinery, equipment and other | 300,858 | 288,542 | ||||||||||
Office and transportation equipment | 95,923 | 95,920 | ||||||||||
Construction in progress | 9,201 | 12,040 | ||||||||||
Total | 589,021 | 570,241 | ||||||||||
Less accumulated depreciation and amortization | 375,533 | 351,080 | ||||||||||
Total property, plant and equipment — net | $ | 213,488 | $ | 219,161 | ||||||||
ACCRUED EXPENSES | ||||||||||||
Payroll and related items | $ | 63,297 | $ | 55,618 | ||||||||
Management incentive compensation | 20,949 | 15,974 | ||||||||||
Income taxes payable | 11,746 | 10,284 | ||||||||||
Insurance | 7,741 | 8,974 | ||||||||||
Warranty | 4,888 | 4,875 | ||||||||||
Deferred revenue | 9,455 | 9,682 | ||||||||||
Restructuring | — | 10,887 | ||||||||||
Liability for uncertain tax positions | 1,201 | 2,679 | ||||||||||
Accrued interest | 1,354 | 1,713 | ||||||||||
Contingent consideration for acquisition | — | 3,528 | ||||||||||
Other | 30,120 | 25,962 | ||||||||||
Total accrued expenses | $ | 150,751 | $ | 150,176 | ||||||||
OTHER NONCURRENT LIABILITIES | ||||||||||||
Pension and retiree medical obligations | $ | 67,777 | $ | 96,853 | ||||||||
Liability for uncertain tax positions | 4,624 | 4,989 | ||||||||||
Deferred revenue | 5,578 | 6,534 | ||||||||||
Contingent consideration for acquisition | — | 5,515 | ||||||||||
Other | 15,087 | 14,484 | ||||||||||
Total other noncurrent liabilities | $ | 93,066 | $ | 128,375 | ||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
VALUATION AND QUALIFYING ACCOUNTS(1) | ||||||||||||
Beginning balance January 1 | $ | 5,596 | $ | 5,860 | $ | 5,322 | ||||||
Charged to costs and expenses, net of recoveries | 2,288 | 653 | 1,044 | |||||||||
Utilization | (1,921 | ) | (1,151 | ) | (917 | ) | ||||||
Currency translation and other | (122 | ) | 234 | 411 | ||||||||
Ending balance December 31 | $ | 5,841 | $ | 5,596 | $ | 5,860 | ||||||
-1 | Includes provision for doubtful accounts, sales returns and sales discounts granted to customers. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for 2013 and 2012, by business segment, were as follows: | ||||||||||||||||||||||||||
Fluid & | Health & | Fire & Safety/ | Total | |||||||||||||||||||||||
Metering | Science | Diversified | ||||||||||||||||||||||||
Technologies | Technologies | Products | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Goodwill | $ | 541,640 | $ | 648,906 | $ | 270,910 | $ | 1,461,456 | ||||||||||||||||||
Accumulated impairment losses | — | — | (30,090 | ) | (30,090 | ) | ||||||||||||||||||||
Balance at January 1, 2012 | 541,640 | 648,906 | 240,820 | 1,431,366 | ||||||||||||||||||||||
Acquisition adjustments | — | 1,424 | — | 1,424 | ||||||||||||||||||||||
Acquisitions (Note 12) | — | 50,387 | — | 50,387 | ||||||||||||||||||||||
Foreign currency translation | 3,406 | 2,307 | 3,378 | 9,091 | ||||||||||||||||||||||
Goodwill impairment | (20,721 | ) | (149,820 | ) | — | (170,541 | ) | |||||||||||||||||||
Balance at December 31, 2012 | 524,325 | 553,204 | 244,198 | 1,321,727 | ||||||||||||||||||||||
Acquisitions (Note 12) | — | 17,994 | — | 17,994 | ||||||||||||||||||||||
Foreign currency translation | 3,719 | 477 | 5,539 | 9,735 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 528,044 | $ | 571,675 | $ | 249,737 | $ | 1,349,456 | ||||||||||||||||||
ASC 350 requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. Goodwill represents the purchase price in excess of the net amount assigned to assets acquired and liabilities assumed. | ||||||||||||||||||||||||||
Goodwill and other acquired intangible assets with indefinite lives were tested for impairment as of October 31, 2013, the Company's annual impairment date. In assessing the fair value of the reporting units, the Company considers both the market approach and income approach. Under the market approach, the fair value of the reporting unit is based on comparing the reporting unit to comparable publicly traded companies. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, other operating costs and discount rates. Weighting was equally attributed to both the market and income approaches (50% each) in arriving at the fair value of the reporting units. | ||||||||||||||||||||||||||
In 2013, there were no triggering events or changes in circumstances that would have required a review other than as of our annual test date. Based on the results of our measurement at October 31, 2013, all reporting units had a fair value that was significantly in excess of carrying value, except for our IOP reporting unit, which had a fair value greater than 10% above carrying value. The IOP reporting unit was written down to its fair value in 2012 as result of our goodwill impairment and thus the fair value continues to be near the carrying value. In 2012, as a result of our annual impairment test for the IOP reporting unit and as a result of the reorganization of certain FMT reporting units, the Company determined that the fair value of the IOP and WST reporting units was less than the carrying value of the net assets of the reporting units, and thus the Company performed step two of the goodwill impairment test. In step two of the goodwill impairment test, the Company determined the implied fair value of the goodwill and compared it to the carrying value, which resulted in a $149.8 million goodwill impairment charge at the IOP reporting unit and a $20.7 million goodwill impairment charge at the WST reporting unit. | ||||||||||||||||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2013 and 2012: | ||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Average | Carrying | Amortization | ||||||||||||||||||||||
Amount | Life | Amount | ||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||
Patents | $ | 10,673 | $ | (5,179 | ) | $ | 5,494 | 11 | $ | 10,650 | $ | (4,273 | ) | $ | 6,377 | |||||||||||
Trade names | 104,582 | (28,310 | ) | 76,272 | 16 | 103,113 | (21,603 | ) | 81,510 | |||||||||||||||||
Customer relationships | 242,674 | (121,092 | ) | 121,582 | 10 | 230,196 | (93,273 | ) | 136,923 | |||||||||||||||||
Non-compete agreements | 3,769 | (3,272 | ) | 497 | 3 | 3,505 | (2,827 | ) | 678 | |||||||||||||||||
Unpatented technology | 75,528 | (32,905 | ) | 42,623 | 11 | 74,758 | (24,211 | ) | 50,547 | |||||||||||||||||
Other | 6,958 | (4,299 | ) | 2,659 | 10 | 6,841 | (3,604 | ) | 3,237 | |||||||||||||||||
Total amortizable intangible assets | 444,184 | (195,057 | ) | 249,127 | 429,063 | (149,791 | ) | 279,272 | ||||||||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||||||||
Banjo trade name | 62,100 | — | 62,100 | 62,100 | — | 62,100 | ||||||||||||||||||||
Total intangible assets | $ | 506,284 | $ | (195,057 | ) | $ | 311,227 | $ | 491,163 | $ | (149,791 | ) | $ | 341,372 | ||||||||||||
The unamortized Banjo trade name was determined to be an indefinite lived intangible asset which is tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company uses the relief-from-royalty method, a form of the income approach. The relief-from-royalty method is dependent of a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. | ||||||||||||||||||||||||||
In 2013, there were no triggering events or changes in circumstances that would have required a review other than as of our annual test date and the Company concluded that the fair value of the Banjo trade name was in excess of the carrying value as of October 31, 2013. | ||||||||||||||||||||||||||
In 2012, as a result of our annual impairment test, the Company concluded that the fair value of the CVI Melles Griot trade names within the IOP reporting unit was less than the carrying value, resulting in a $21.0 million impairment charge. The Company also determined that the CVI Melles Griot trade names no longer had an indefinite life and reclassified the remaining $26.0 million to definite lived assets that will be amortized over a remaining useful life of 15 years. | ||||||||||||||||||||||||||
A long-lived asset impairment exists when the carrying amount of the asset exceeds its fair value. Assessments of possible impairments of long-lived assets are made when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable through future operations. The amount and timing of impairment charges for these assets require the estimation of future cash flows and the fair value of the related assets. In 2013, the Company concluded that certain long lived assets had a fair value that was less than the carrying value of the assets, resulting in $2.7 million of impairment charges. In 2012, the Company concluded that certain long lived assets within the WST reporting unit had a fair value that was less than the carrying value of the assets, resulting in a $7.0 million impairment charge. | ||||||||||||||||||||||||||
Amortization of intangible assets was $44.3 million, $41.5 million and $35.5 million in 2013, 2012 and 2011, respectively. Based on intangible asset balances as of December 31, 2013, amortization expense is expected to approximate $43.3 million in 2014, $41.1 million in 2015, $39.1 million in 2016, $30.0 million in 2017 and $18.3 million in 2018. |
Borrowings
Borrowings | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings | ' | |||||||
Borrowings | ||||||||
Borrowings at December 31, 2013 and 2012 consisted of the following: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Revolving Facility | $ | 10,000 | $ | 21,000 | ||||
4.2% Senior Notes, due December 2021 | 349,272 | 349,197 | ||||||
4.5% Senior Notes, due December 2020 | 298,828 | 298,689 | ||||||
2.58% Senior Euro Notes, due June 2015 | 111,505 | 107,042 | ||||||
Other borrowings | 4,271 | 10,648 | ||||||
Total borrowings | 773,876 | 786,576 | ||||||
Less current portion | 1,871 | 7,335 | ||||||
Total long-term borrowings | $ | 772,005 | $ | 779,241 | ||||
On June 27, 2011, the Company and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”), as borrowers with Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit, and other lenders party thereto which provided for a new revolving credit facility (the “Revolving Facility”). The Revolving Facility replaced the Company’s previous $600.0 million credit facility, which expired in December 2011. | ||||||||
The Revolving Facility is in an aggregate principal amount of $700.0 million with a maturity date of June 27, 2016. Up to $75.0 million of the Revolving Facility is available for the issuance of letters of credit. Additionally, up to $25.0 million of the Revolving Facility is available to the Company for swing line loans, available on a same-day basis. | ||||||||
Proceeds of the Revolving Facility are available for working capital and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries. The Company may request increases in the lending commitments under the Credit Agreement, but the aggregate lending commitments may not exceed $950.0 million. The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement. Under the Credit Agreement, Fast & Fluid Management Europe B.V., (“FME”) and IDEX UK Ltd. (“IDEX UK”) were approved by the lenders as designated borrowers. At December 31, 2012, FME and IDEX UK had no borrowings under the Revolving Facility. | ||||||||
Borrowings under the Revolving Facility bear interest, at either an alternate base rate or an adjusted LIBOR rate plus, in each case, an applicable margin. Such applicable margin is based on the Company’s senior, unsecured, long-term debt rating and can range from .875% to 1.70%. Based on the Company’s credit rating at December 31, 2013, the applicable margin was 1.05%. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of LIBOR rate loans, on the maturity date of the borrowing, or quarterly from the effective date for borrowings exceeding three months. An annual Revolving Facility fee, also based on the Company’s credit rating, is currently 20 basis points and is payable quarterly. | ||||||||
The Credit Agreement contains affirmative and negative covenants that the Company believes are usual and customary for senior unsecured credit agreements, including a financial covenant requiring a maximum leverage ratio of a 3.25 to 1.0, which is the ratio of the Company’s consolidated total debt to its consolidated EBITDA, each as defined in the Credit Agreement. | ||||||||
The Credit Agreement also contains customary events of default (subject to grace periods, as appropriate) including among others: nonpayment of principal, interest or fees; breach of the representations or warranties in any material respect; breach of the financial, affirmative or negative covenants; payment default on, or acceleration of, other material indebtedness; bankruptcy or insolvency; material judgments entered against the Company or any of its subsidiaries; certain specified events under the Employee Retirement Income Security Act of 1974, as amended; certain changes in control of the Company; and the invalidity or unenforceability of the Credit Agreement or other documents associated with the Credit Agreement. | ||||||||
At December 31, 2013, $10.0 million was outstanding under the Revolving Facility, with $8.7 million of outstanding letters of credit, resulting in net available borrowing capacity under the Revolving Facility at December 31, 2013 of approximately $681.3 million. | ||||||||
On June 9, 2010, the Company completed a private placement of €81.0 million ($96.8 million) aggregate principal amount of 2.58% Series 2010 Senior Euro Notes due June 9, 2015 (“2.58% Senior Euro Notes”) pursuant to a Master Note Purchase Agreement, dated June 9, 2010 (the “Purchase Agreement”). The Purchase Agreement provides for the issuance of additional series of notes in the future, provided that the aggregate principal amount outstanding under the agreement at any time does not exceed $750.0 million. The 2.58% Senior Euro Notes bear interest at a rate of 2.58% per annum, which is payable semi-annually in arrears on each June 9th and December 9th and will mature on June 9, 2015. The 2.58% Senior Euro Notes are unsecured obligations of the Company and rank pari passu in right of payment with all of the Company’s other senior debt. The Company may at any time prepay all or any portion of the 2.58% Senior Euro Notes; provided that any such portion is greater than 5% of the aggregate principal amount of Notes then outstanding under the Purchase Agreement. In the event of a prepayment, the Company would be required to pay an amount equal to par plus accrued interest plus a make-whole premium. The Purchase Agreement contains certain covenants that restrict the Company’s ability to, among other things, transfer or sell assets, create liens and engage in certain mergers or consolidations. In addition, the Company must comply with a leverage ratio and interest coverage ratio as set forth in the Purchase Agreement. The Purchase Agreement provides for customary events of default. In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding 2.58% Senior Euro Notes will become due and payable immediately without further action or notice. In the case of payment events of defaults, any holder of the 2.58% Senior Euro Notes affected thereby may declare all the 2.58% Senior Euro Notes held by it due and payable immediately. In the case of any other event of default, a majority of the holders of the 2.58% Senior Euro Notes may declare all the 2.58% Senior Euro Notes to be due and payable immediately. | ||||||||
On December 6, 2010, the Company completed a public offering of $300.0 million 4.5% senior notes due December 15, 2020 (“4.5% Senior Notes”). The net proceeds from the offering of $295.7 million, after deducting a $1.6 million issuance discount, a $1.9 million underwriting commission and $0.8 million offering expenses, were used to repay $250.0 million of outstanding bank indebtedness, with the balance used for general corporate purposes. The 4.5% Senior Notes bear interest at a rate of 4.5% per annum, which is payable semi-annually in arrears on each June 15th and December 15th. The Company may redeem all or a portion of the 4.5% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture governing the 4.5% Senior Notes. The Company may issue additional debt from time to time pursuant to the Indenture. The Indenture and 4.5% Senior Notes contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company’s assets. The terms of the 4.5% Senior Notes also require the Company to make an offer to repurchase the 4.5% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any. | ||||||||
On December 9, 2011, the Company completed a public offering of $350.0 million 4.2% senior notes due December 15, 2021 (“4.2% Senior Notes”). The net proceeds from the offering of $346.2 million, after deducting a $0.9 million issuance discount, a $2.3 million underwriting commission and $0.6 million offering expenses, were used to repay $306.0 million of outstanding bank indebtedness, with the balance used for general corporate purposes. The 4.2% Senior Notes bear interest at a rate of 4.2% per annum, which is payable semi-annually in arrears on each June 15th and December 15th. The Company may redeem all or a portion of the 4.2% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture governing the 4.2% Senior Notes. The Company may issue additional debt from time to time pursuant to the Indenture. The Indenture and 4.2% Senior Notes contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company’s assets. The terms of the 4.2% Senior Notes also require the Company to make an offer to repurchase the 4.2% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any. | ||||||||
Other borrowings of $4.3 million at December 31, 2013 were comprised of capital leases, debt at international locations maintained for working capital purposes and international debt as a result of acquisitions. Interest is payable on the outstanding debt balances at the international locations at rates ranging from 0.3% to 1.5% per annum. | ||||||||
There are two key financial covenants that the Company is required to maintain in connection with the Revolving Facility and 2.58% Senior Euro Notes. The most restrictive financial covenants under these debt instruments require a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.25 to 1. At December 31, 2013, the Company was in compliance with both of these financial covenants. There are no financial covenants relating to the 4.5% Senior Notes or 4.2% Senior Notes; however, both are subject to cross-default provisions. | ||||||||
Total borrowings at December 31, 2013 have scheduled maturities as follows (in thousands): | ||||||||
2014 | $ | 1,871 | ||||||
2015 | 112,085 | |||||||
2016 | 10,530 | |||||||
2017 | 1,190 | |||||||
2018 | 100 | |||||||
Thereafter | 648,100 | |||||||
Total borrowings | $ | 773,876 | ||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||
The Company enters into cash flow hedges to reduce the exposure to variability in certain expected future cash flows. The type of cash flow hedges the Company enters into includes foreign currency contracts and interest rate exchange agreements that effectively convert a portion of floating-rate debt to fixed-rate debt and are designed to reduce the impact of interest rate changes on future interest expense. | ||||||||||||||||||||||||||
The effective portion of gains or losses on interest rate exchange agreements is reported in accumulated other comprehensive income (loss) in shareholders’ equity and reclassified into net income in the same period or periods in which the hedged transaction affects net income. The remaining gain or loss in excess of the cumulative change in the present value of future cash flows or the hedged item, if any, is recognized into net income during the period of change. | ||||||||||||||||||||||||||
Fair values relating to derivative financial instruments reflect the estimated amounts that the Company would receive or pay to sell or buy the contracts based on quoted market prices of comparable contracts at each balance sheet date. | ||||||||||||||||||||||||||
On April 15, 2010, the Company entered into a forward starting interest rate contract with a notional amount of $300.0 million with a settlement date in December 2010. This contract was entered into in anticipation of the issuance of the 4.5% Senior Notes and was designed to lock in the market interest rate as of April 15, 2010. In December 2010, the Company settled and paid this interest rate contract for $31.0 million. The $31.0 million is being amortized into interest expense over the 10 year term of the 4.5% Senior Notes, which results in an effective interest rate of 5.8%. | ||||||||||||||||||||||||||
On July 12, 2011, the Company entered into a forward starting interest rate contract with a notional amount of $350.0 million and a settlement date of September 30, 2011. This contract was entered into in anticipation of the issuance of the 4.2% Senior Notes and was designed to lock in the market interest rate as of July 12, 2011. On September 29, 2011, the Company settled this interest rate contract for $34.7 million with a payment made on October 3, 2011. Simultaneously, the Company entered into a separate interest rate contract with a notional amount of $350.0 million and a settlement date of February 28, 2012. The contract was entered into in anticipation of the expected issuance of the 4.2% Senior Notes and was designed to maintain the market rate as of July 12, 2011. In December 2011, the Company settled and paid the September interest rate contract for $4.0 million, resulting in a total settlement of $38.7 million. Of the $38.7 million, $0.8 million was recognized as other expense in 2011 and the balance of $37.9 million is being amortized into interest expense over the 10 year term of the 4.2% Senior Notes, which results in an effective interest rate of 5.3%. | ||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company did not have any interest rate or foreign exchange contracts outstanding. | ||||||||||||||||||||||||||
The following table summarizes the gain (loss) recognized and the amounts and location of income (expense) and gain (loss) reclassified into income for interest rate contracts and foreign currency contracts for the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||
Loss Recognized in | Income (Expense) | Income | ||||||||||||||||||||||||
Other Comprehensive Income | and Gain (Loss) | Statement | ||||||||||||||||||||||||
Reclassified into Income | Caption | |||||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Interest rate agreements | $ | — | $ | — | $ | — | $ | (7,430 | ) | $ | (7,637 | ) | $ | (3,570 | ) | Interest expense | ||||||||||
Approximately $7.2 million of the pre-tax amount included in accumulated other comprehensive loss in shareholders’ equity at December 31, 2013 will be recognized to net income over the next 12 months as the underlying hedged transactions are realized. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
ASC 820 “Fair Value Measurements and Disclosures” defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | ||||||||||||||||
• | Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||
• | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | |||||||||||||||
The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheet at December 31, 2013 and 2012: | ||||||||||||||||
Basis of Fair Value Measurements | ||||||||||||||||
Balance at December 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Money market investments | $ | 27,871 | $ | 27,871 | $ | — | $ | — | ||||||||
Available for sale securities | 3,255 | 3,255 | — | — | ||||||||||||
Balance at December 31, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Money market investments | $ | 11,165 | $ | 11,165 | $ | — | $ | — | ||||||||
Available for sale securities | 2,862 | 2,862 | — | — | ||||||||||||
Contingent consideration | (9,043 | ) | — | — | (9,043 | ) | ||||||||||
There were no transfers of assets or liabilities between Level 1 and Level 2 in 2013 or 2012. | ||||||||||||||||
In determining the initial fair value of the contingent consideration potentially due on the acquisition of Matcon, the Company used probability weighted estimates adjusted for the time value of money. At December 31, 2012, the Matcon contingent consideration liability was valued at $9.0 million, of which $8.4 million was recorded as part of the purchase price as of the opening balance sheet date and the remaining $0.6 was recognized in Selling, general and administrative expenses in the fourth quarter of 2012. At December 31, 2012, $3.5 million of the contingent consideration was included in Accrued expenses and $5.5 million of contingent consideration was recorded in Other noncurrent liabilities in the Consolidated Balance Sheet. In April 2013, the Company paid $3.8 million on the contingent consideration arrangement based on Matcon's 2012 operating results. In November 2013, the Company paid $1.1 million of the contingent consideration arrangement based on a settlement agreement with the sellers and the remaining $4.1 million was recognized as a benefit within Selling, general and administrative expenses. | ||||||||||||||||
The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates their fair values because of the short term nature of these instruments. At December 31, 2013, the fair value of our Revolving Facility, 2.58% Senior Euro Notes, 4.5% Senior Notes and 4.2% Senior Notes, based on quoted market prices and current market rates for debt with similar credit risk and maturity, was approximately $772.9 million compared to the carrying value of $769.6 million. This fair value measurement is classified as Level 2 within the fair value hierarchy since it is determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to ours. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
Commitments and Contingencies | ||||||||||||
The Company leases certain office facilities, warehouses and data processing equipment under operating leases. Rental expense totaled $18.9 million, $18.4 million and $19.0 million in 2013, 2012 and 2011, respectively. | ||||||||||||
The aggregate future minimum lease payments for operating and capital leases as of December 31, 2013 were as follows: | ||||||||||||
Operating | Capital | |||||||||||
(In thousands) | ||||||||||||
2014 | $ | 15,426 | $ | 564 | ||||||||
2015 | 11,811 | 604 | ||||||||||
2016 | 7,742 | 548 | ||||||||||
2017 | 5,177 | 1,192 | ||||||||||
2018 | 3,964 | 100 | ||||||||||
2019 and thereafter | 5,945 | — | ||||||||||
$ | 50,065 | $ | 3,008 | |||||||||
Warranty costs are provided for at the time of sale. The warranty provision is based on historical costs and adjusted for specific known claims. A rollforward of the warranty reserve is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Beginning balance January 1st | $ | 4,875 | $ | 4,417 | $ | 3,831 | ||||||
Provision for warranties | 3,845 | 5,398 | 4,648 | |||||||||
Claim settlements | (3,865 | ) | (5,214 | ) | (4,443 | ) | ||||||
Other adjustments, including acquisitions and currency translation | 33 | 274 | 381 | |||||||||
Ending balance December 31st | $ | 4,888 | $ | 4,875 | $ | 4,417 | ||||||
The Company is party to various legal proceedings arising in the ordinary course of business, none of which is expected to have a material effect on its business, financial condition, results of operations or cash flow. |
Common_and_Preferred_Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Common and Preferred Stock | ' |
Common and Preferred Stock | |
On November 8, 2013, the Company’s Board of Directors approved an increase in the authorized level for repurchases of common stock by $300.0 million. Repurchases under the program will be funded with future cash flow generation. During 2013, the Company purchased a total of 2.9 million shares at a cost of $167.5 million compared to 2.2 million shares purchased at a cost of $89.6 million in 2012. As of December 31, 2013 there was $368 million remaining under authorized repurchases. | |
At December 31, 2013 and 2012, the Company had 150 million shares of authorized common stock, with a par value of $.01 per share and 5 million shares of authorized preferred stock with a par value of $.01 per share. No preferred stock was issued as of December 31, 2013 and 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Pretax income for 2013, 2012 and 2011 was taxed in the following jurisdictions: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Domestic | $ | 233,530 | $ | 65,738 | $ | 192,857 | ||||||
Foreign | 119,599 | 20,466 | 81,024 | |||||||||
Total | $ | 353,129 | $ | 86,204 | $ | 273,881 | ||||||
The provision (benefit) for income taxes for 2013, 2012 and 2011, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Current | ||||||||||||
U.S. | $ | 59,707 | $ | 59,811 | $ | 48,823 | ||||||
State and local | 8,123 | 5,764 | 3,434 | |||||||||
Foreign | 33,240 | 20,228 | 31,343 | |||||||||
Total current | 101,070 | 85,803 | 83,600 | |||||||||
Deferred | ||||||||||||
U.S. | 1,500 | (31,246 | ) | 4,792 | ||||||||
State and local | (55 | ) | (2,377 | ) | (1,103 | ) | ||||||
Foreign | (4,601 | ) | (3,606 | ) | (7,265 | ) | ||||||
Total deferred | (3,156 | ) | (37,229 | ) | (3,576 | ) | ||||||
Total provision for income taxes | $ | 97,914 | $ | 48,574 | $ | 80,024 | ||||||
Deferred tax assets (liabilities) at December 31, 2013 and 2012 were: | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Employee and retiree benefit plans | $ | 27,361 | $ | 38,401 | ||||||||
Depreciation and amortization | (175,894 | ) | (170,630 | ) | ||||||||
Inventories | 9,627 | 10,851 | ||||||||||
Allowances and accruals | 9,632 | 7,629 | ||||||||||
Interest rate exchange agreement | 18,165 | 20,856 | ||||||||||
Other | 4,636 | 7,059 | ||||||||||
Total | $ | (106,473 | ) | $ | (85,834 | ) | ||||||
The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012 were: | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax asset — other current assets | $ | 34,151 | $ | 32,293 | ||||||||
Deferred tax asset — other noncurrent assets | 4,284 | 3,222 | ||||||||||
Total deferred tax assets | 38,435 | 35,515 | ||||||||||
Deferred tax liability — accrued expenses | — | — | ||||||||||
Noncurrent deferred tax liability — deferred income taxes | (144,908 | ) | (121,349 | ) | ||||||||
Total deferred tax liabilities | (144,908 | ) | (121,349 | ) | ||||||||
Net deferred tax liabilities | $ | (106,473 | ) | $ | (85,834 | ) | ||||||
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2013, 2012 and 2011 are shown in the following table: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Pretax income | $ | 353,129 | $ | 86,204 | $ | 273,881 | ||||||
Provision for income taxes: | ||||||||||||
Computed amount at statutory rate of 35% | $ | 123,595 | $ | 30,171 | $ | 95,858 | ||||||
State and local income tax (net of federal tax benefit) | 4,382 | 2,406 | 1,515 | |||||||||
Taxes on non-U.S. earnings-net of foreign tax credits | (9,683 | ) | 1,189 | (4,522 | ) | |||||||
Effect of flow-through entities | (7,267 | ) | (7,846 | ) | (6,922 | ) | ||||||
Asset impairments | — | 28,524 | — | |||||||||
U.S. business tax credits | (1,516 | ) | — | (917 | ) | |||||||
Domestic activities production deduction | (6,217 | ) | (5,267 | ) | (4,589 | ) | ||||||
Other | (5,380 | ) | (603 | ) | (399 | ) | ||||||
Total provision for income taxes | $ | 97,914 | $ | 48,574 | $ | 80,024 | ||||||
The Company has $597 million and $468 million of undistributed earnings of non-U.S. subsidiaries as of December 31, 2013 and 2012 , respectively. No deferred U.S. income taxes have been provided on these earnings as they are considered to be reinvested for an indefinite period of time or will be repatriated when it is tax effective to do so. If these amounts were distributed to the U.S., in the form of dividends or otherwise, we would be subject to additional U.S. income taxes, which could be material. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because of the complexities with the hypothetical calculation, and the amount of liability, if any, is dependent on circumstances if and when remittance occurs. During the year ended December 31, 2013, the Company repatriated $11.7 million of foreign earnings resulting in $0.9 million of incremental income tax expense. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2013, 2012 and 2011 are shown in the following table: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Beginning balance January 1st | $ | 6,506 | $ | 5,548 | $ | 6,440 | ||||||
Gross increases for tax positions of prior years | 1,357 | 3,017 | 1,828 | |||||||||
Gross decreases for tax positions of prior years | (99 | ) | (98 | ) | (1,595 | ) | ||||||
Settlements | (1,219 | ) | — | (338 | ) | |||||||
Lapse of statute of limitations | (1,421 | ) | (1,961 | ) | (787 | ) | ||||||
Ending balance December 31st | $ | 5,124 | $ | 6,506 | $ | 5,548 | ||||||
We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2013, 2012 and 2011, we had approximately $0.5 million, $0.7 million and $0.5 million, respectively, of accrued interest related to uncertain tax positions. As of December 31, 2013, 2012 and 2011, we had approximately $0.2 million, $0.5 million and $0.2 million, respectively, of accrued penalties related to uncertain tax positions. | ||||||||||||
The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $4.5 million, $5.8 million and $5.0 million as of December 31, 2013, 2012 and 2011, respectively. The tax years 2007-2012 remain open to examination by major taxing jurisdictions. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change within the next 12 months by a range of zero to $1.2 million. | ||||||||||||
The Company had net operating loss and credit carry forwards for U.S. federal purposes at December 31, 2013 and 2012 of $9.4 and $13.9 million, respectively. For non-U.S. purposes, the Company had net operating loss carry forwards at December 31, 2013 and 2012 of $7.0 and $7.8 million, respectively. The federal net operating loss carry forwards are available for use against the Company’s consolidated federal taxable income and expire between 2018 and 2031. The entire balance of the non-U.S. net operating losses is available to be carried forward, with $2.7 million of these losses beginning to expire during the years 2018 through 2021. The remaining $4.3 million of such losses can be carried forward indefinitely. | ||||||||||||
At December 31, 2013 and 2012, the Company had a foreign capital loss carry forward of approximately $1.0 million and $1.0 million, respectively. The foreign capital loss can be carried forward indefinitely. At both December 31, 2013 and 2012, the Company has a valuation allowance against the deferred tax asset attributable to the foreign capital loss of $0.2 million. At December 31, 2013 and 2012, the Company had state net operating loss and credit carry forwards of approximately $22.4 million and $38.8 million, respectively. If unutilized, the state net operating loss will expire between 2020 and 2033. At December 31, 2013 and 2012, the Company recorded a valuation allowance against the deferred tax asset attributable to the state net operating loss of $0.7 million and $1.5 million, respectively. |
Business_Segments_and_Geograph
Business Segments and Geographic Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business Segments and Geographic Information | ' | |||||||||||
Business Segments and Geographic Information | ||||||||||||
IDEX has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. Reporting units in the Fluid & Metering Technologies segment consist of: Banjo; Energy; CFP; DDPT and WST. Reporting units in the Health & Science Technologies segment consist of: Scientific Fluidics; IOP; Sealing Solutions; Gast; Micropump and MPT. Reporting units in the Fire & Safety/Diversified Products segment consist of: Fire Suppression; Rescue; Band-It; and Dispensing Equipment. | ||||||||||||
The Fluid & Metering Technologies segment designs, produces and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural and energy industries. The Health & Science Technologies segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems used in beverage, food processing, pharmaceutical and cosmetics, pneumatic components and sealing solutions, including very high precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery, high performance molded and extruded, biocompatible medical devices and implantables, air compressors used in medical, dental and industrial applications, optical components and coatings for applications in the fields of scientific research, defense, biotechnology, aerospace, telecommunications and electronics manufacturing, laboratory and commercial equipment used in the production of micro and nano scale materials, precision photonic solutions used in life sciences, research and defense markets, and precision gear and peristaltic pump technologies that meet exacting original equipment manufacturer specifications. The Fire & Safety/Diversified Products segment produces firefighting pumps and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications, and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world. | ||||||||||||
Information on the Company’s business segments is presented below, based on the nature of products and services offered. The Company evaluates performance based on several factors, of which operating income is the primary financial measure. Intersegment sales are accounted for at fair value as if the sales were to third parties. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
NET SALES | ||||||||||||
Fluid & Metering Technologies | ||||||||||||
External customers | $ | 870,720 | $ | 829,320 | $ | 830,821 | ||||||
Intersegment sales | 1,094 | 3,968 | 466 | |||||||||
Total segment sales | 871,814 | 833,288 | 831,287 | |||||||||
Health & Science Technologies | ||||||||||||
External customers | 708,940 | 689,574 | 606,247 | |||||||||
Intersegment sales | 5,710 | 5,661 | 1,653 | |||||||||
Total segment sales | 714,650 | 695,235 | 607,900 | |||||||||
Fire & Safety/Diversified Products | ||||||||||||
External customers | 444,470 | 435,364 | 401,383 | |||||||||
Intersegment sales | 579 | 1,689 | 1,042 | |||||||||
Total segment sales | 445,049 | 437,053 | 402,425 | |||||||||
Intersegment eliminations | (7,383 | ) | (11,318 | ) | (3,161 | ) | ||||||
Total net sales | $ | 2,024,130 | $ | 1,954,258 | $ | 1,838,451 | ||||||
OPERATING INCOME (LOSS)(1) | ||||||||||||
Fluid & Metering Technologies(2) | $ | 211,256 | $ | 146,650 | $ | 164,818 | ||||||
Health & Science Technologies(2) | 136,707 | (62,835 | ) | 106,037 | ||||||||
Fire & Safety/Diversified Products | 102,730 | 96,120 | 85,901 | |||||||||
Corporate office | (55,180 | ) | (51,717 | ) | (52,100 | ) | ||||||
Total operating income | 395,513 | 128,218 | 304,656 | |||||||||
Interest expense | 42,206 | 42,250 | 29,332 | |||||||||
Other income (expense) - net | (178 | ) | 236 | (1,443 | ) | |||||||
Income before taxes | $ | 353,129 | $ | 86,204 | $ | 273,881 | ||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
ASSETS | ||||||||||||
Fluid & Metering Technologies | $ | 1,025,352 | $ | 1,023,143 | $ | 1,072,023 | ||||||
Health & Science Technologies | 1,113,546 | 1,102,868 | 1,178,653 | |||||||||
Fire & Safety/Diversified Products | 484,139 | 488,886 | 442,400 | |||||||||
Corporate office | 264,540 | 170,493 | 143,031 | |||||||||
Total assets | $ | 2,887,577 | $ | 2,785,390 | $ | 2,836,107 | ||||||
DEPRECIATION AND AMORTIZATION(3) | ||||||||||||
Fluid & Metering Technologies | $ | 27,633 | $ | 29,637 | $ | 32,368 | ||||||
Health & Science Technologies | 43,496 | 39,981 | 30,055 | |||||||||
Fire & Safety/Diversified Products | 6,852 | 7,107 | 8,516 | |||||||||
Corporate office and other | 1,353 | 1,587 | 1,447 | |||||||||
Total depreciation and amortization | $ | 79,334 | $ | 78,312 | $ | 72,386 | ||||||
CAPITAL EXPENDITURES | ||||||||||||
Fluid & Metering Technologies | $ | 11,581 | $ | 13,535 | $ | 12,543 | ||||||
Health & Science Technologies | 12,280 | 13,140 | 12,938 | |||||||||
Fire & Safety/Diversified Products | 5,040 | 6,654 | 5,644 | |||||||||
Corporate office and other | 2,635 | 2,191 | 3,423 | |||||||||
Total capital expenditures | $ | 31,536 | $ | 35,520 | $ | 34,548 | ||||||
-1 | Segment operating income excludes net unallocated corporate operating expenses. | |||||||||||
-2 | Segment operating income includes asset impairment charges in 2012 of $27.7 million within the Fluid & Metering Technologies segment and $170.8 million within the Health & Science Technologies segment. | |||||||||||
-3 | Excludes amortization of debt issuance expenses. | |||||||||||
Information about the Company’s operations in different geographical regions for the years ended December 31, 2013, 2012 and 2011 is shown below. Net sales were attributed to geographic areas based on location of the customer, and no country outside the U.S. was greater than 10% of total revenues. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
NET SALES | ||||||||||||
U.S. | $ | 983,791 | $ | 963,137 | $ | 857,990 | ||||||
Europe | 521,491 | 479,744 | 492,125 | |||||||||
Asia | 306,466 | 305,185 | 278,900 | |||||||||
Other countries | 212,382 | 206,192 | 209,436 | |||||||||
Total net sales | $ | 2,024,130 | $ | 1,954,258 | $ | 1,838,451 | ||||||
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
U.S. | $ | 124,880 | $ | 127,425 | $ | 124,102 | ||||||
Europe | 63,018 | 64,137 | 63,433 | |||||||||
Asia | 24,590 | 26,320 | 24,570 | |||||||||
Other countries | 1,000 | 1,279 | 1,612 | |||||||||
Total long-lived assets — net | $ | 213,488 | $ | 219,161 | $ | 213,717 | ||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
Acquisitions | ||||||||||||||||
All of the Company’s acquisitions have been accounted for under ASC 805, Business Combinations. Accordingly, the accounts of the acquired companies, after adjustments to reflect fair values assigned to assets and liabilities, have been included in the consolidated financial statements from their respective dates of acquisition. | ||||||||||||||||
2013 Acquisitions | ||||||||||||||||
On March 18, 2013, the Company acquired the stock of FTL Seals Technology, Ltd (“FTL”). FTL specializes in the design and application of high integrity rotary seals, specialty bearings, and other custom products for the oil & gas, mining, power generation, and marine markets. Located in Leeds, England, FTL has annual revenues of approximately $22.5 million (£15.0 million). FTL, along with Precision Polymer Engineering (“PPE”), operates within the Health & Science Technologies segment as part of the Sealing Solutions group (formerly the Containment group) and will expand the range of PPE’s technology expertise and markets served. FTL was acquired for an aggregate purchase price of $34.5 million (£23.1 million) in cash. The entire purchase price was funded with borrowings under the Revolving Facility. Goodwill and intangible assets recognized as part of this transaction were $18.0 million and $13.0 million, respectively. The $18.0 million of goodwill is not deductible for tax purposes. | ||||||||||||||||
The purchase price for FTL has been allocated to the assets acquired and liabilities assumed based on estimated fair values at the date of the acquisition. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. The Company is continuing to evaluate the initial purchase price allocations, as of the acquisition date, which will be adjusted as additional information relative to the fair values of the assets and liabilities of the business become known. Accordingly, management has used its best estimate in the initial purchase price allocation as of the date of these financial statements. | ||||||||||||||||
The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values, is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Accounts receivable | $ | 3,454 | ||||||||||||||
Inventory | 4,524 | |||||||||||||||
Other current assets, net of cash acquired | 131 | |||||||||||||||
Property, plant and equipment | 1,357 | |||||||||||||||
Goodwill | 17,994 | |||||||||||||||
Intangible assets | 13,016 | |||||||||||||||
Total assets acquired | 40,476 | |||||||||||||||
Total liabilities assumed | (5,939 | ) | ||||||||||||||
Net assets acquired | $ | 34,537 | ||||||||||||||
Acquired intangible assets consist of trade names, non-compete agreements, customer relationships and unpatented technology. The goodwill recorded for the acquisitions reflects the strategic fit and revenue and earnings growth potential of these businesses. | ||||||||||||||||
The acquired intangible assets and weighted average amortization periods are as follows: | ||||||||||||||||
(In thousands, except weighted average life) | Total | Weighted | ||||||||||||||
Average | ||||||||||||||||
Life | ||||||||||||||||
Trade names | $ | 1,005 | 15 | |||||||||||||
Non-compete agreements | 224 | 3 | ||||||||||||||
Customer relationships | 10,950 | 9 | ||||||||||||||
Unpatented technology | 837 | 8 | ||||||||||||||
2013 acquired intangible assets | $ | 13,016 | ||||||||||||||
The Company incurred $1.4 million of acquisition-related transaction costs in 2013. These costs were recorded in selling, general and administrative expense and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. The Company incurred $1.8 million of non-cash acquisition fair value inventory charges in 2013. These charges were recorded in cost of sales. | ||||||||||||||||
2012 Acquisitions | ||||||||||||||||
On April 11, 2012, the Company acquired the stock of PPC. PPC specializes in optical components and coatings for applications in the fields of scientific research, aerospace, telecommunications and electronics manufacturing. Located in Boulder, Colorado, PPC operates within the Health & Science Technologies segment as a part of the IOP platform. The Company acquired PPC for an aggregate purchase price of $20.6 million in cash, which was funded from operations. Goodwill and intangible assets recognized as part of this transaction were $13.9 million and $5.1 million, respectively. The $13.9 million of goodwill is not deductible for tax purposes. | ||||||||||||||||
On April 30, 2012, the Company acquired the stock of ERC. ERC is a leader in the manufacture of gas liquid separations and detection solutions for the life science, analytical instrumentation and clinical chemistry markets. ERC’s pioneering products include in-line membrane vacuum degassing solutions, refractive index detectors and ozone generation systems. ERC’s original equipment degassing solutions are considered the “standard” for many of the world’s leading instrument producers. Located in Kawaguchi, Japan, ERC operates within the Health & Science Technologies segment as part of the Scientific Fluidics platform. The Company acquired ERC for an aggregate purchase price of $18.0 million (¥1.47 billion), consisting of $13.3 million in cash and assumption of approximately $4.7 million of debt. The cash payment was financed with borrowings under the Revolving Facility. Goodwill and intangible assets recognized as part of this transaction were $8.5 million and $5.6 million, respectively. The $8.5 million of goodwill is not deductible for tax purposes. | ||||||||||||||||
On July 20, 2012, the Company acquired the stock of Matcon. Matcon is a global leader in material processing solutions for high value powders used in the manufacture of pharmaceuticals, food, plastics, and fine chemicals. Matcon’s innovative products include the original cone valve powder discharge system and filling, mixing and packaging systems, all of which support their customers’ automation and process requirements. Matcon’s products are critical to their customers’ need to maintain clean, reliable and repeatable formulations of prepackaged foods and pharmaceuticals while helping them achieve lean and agile manufacturing. Located in Evesham, Worcestershire, England, Matcon operates within the Health & Science Technologies segment in the MPT platform. The Company acquired Matcon for an aggregate purchase price of $45.8 million (£29.1 million), consisting of $35.0 million in cash, $2.4 million of working capital adjustments paid in the second quarter of 2013, and contingent consideration valued at $8.4 million as of the opening balance sheet date. The contingent consideration amount is based on 2012 and 2013 earnings before interest, income taxes, depreciation and amortization for Matcon. In 2013, the Company paid $4.9 million for full settlement of the contingent consideration arrangement. Approximately $15.0 million of the purchase price cash payment was financed with borrowings under the Revolving Facility. Goodwill and intangible assets recognized as part of this transaction were $28.0 million and $14.1 million, respectively. The $28.0 million of goodwill is not deductible for tax purposes. | ||||||||||||||||
The purchase price for PPC, ERC and Matcon were allocated to the assets acquired and liabilities assumed based on estimated fair values at the date of the acquisition. | ||||||||||||||||
The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values, is as follows: | ||||||||||||||||
(In thousands) | ERC | PPC | Matcon | Total | ||||||||||||
Accounts receivable | $ | 5,766 | $ | 877 | $ | 7,768 | $ | 14,411 | ||||||||
Inventory | 4,224 | 932 | 604 | 5,760 | ||||||||||||
Other current assets, net of cash acquired | 981 | 252 | 1,880 | 3,113 | ||||||||||||
Property, plant and equipment | 2,738 | 1,936 | 5,695 | 10,369 | ||||||||||||
Goodwill | 8,499 | 13,941 | 27,947 | 50,387 | ||||||||||||
Intangible assets | 5,642 | 5,104 | 14,081 | 24,827 | ||||||||||||
Other assets | 1,509 | 13 | 53 | 1,575 | ||||||||||||
Total assets acquired | 29,359 | 23,055 | 58,028 | 110,442 | ||||||||||||
Total liabilities assumed | (16,074 | ) | (2,465 | ) | (12,215 | ) | (30,754 | ) | ||||||||
Net assets acquired | $ | 13,285 | $ | 20,590 | $ | 45,813 | $ | 79,688 | ||||||||
Acquired intangible assets consist of trade names, non-compete agreements, customer relationships and unpatented technology. The goodwill recorded for the acquisitions reflects the strategic fit and revenue and earnings growth potential of these businesses. | ||||||||||||||||
The acquired intangible assets and weighted average amortization periods are as follows: | ||||||||||||||||
(In thousands, except weighted average life) | Total | Weighted | ||||||||||||||
Average | ||||||||||||||||
Life | ||||||||||||||||
Trade names | $ | 8,973 | 15 | |||||||||||||
Non-compete agreements | 470 | 3 | ||||||||||||||
Customer relationships | 11,343 | 6 | ||||||||||||||
Unpatented technology | 4,041 | 8 | ||||||||||||||
2012 acquired intangible assets | $ | 24,827 | ||||||||||||||
The Company incurred $2.7 million of acquisition-related transaction costs in 2012. These costs were recorded in selling, general and administrative expense and were related to completed transactions, pending transactions and potential transactions, including certain transactions that ultimately were not completed. During 2012, the Company recorded $0.9 million of fair value inventory charges associated with these acquisitions, which were recorded in cost of sales. | ||||||||||||||||
2011 Acquisitions | ||||||||||||||||
On January 31, 2011, the Company acquired the membership interests of AT Films. AT Films specializes in optical components and coatings for applications in the fields of scientific research, defense, aerospace, telecommunications and electronics manufacturing. AT Films’ core competence is the design and manufacture of filters, splitters, reflectors and mirrors with the precise physical properties required to support their customers’ most challenging and cutting-edge optical applications. Headquartered in Boulder, Colorado, AT Films operates within the Health & Science Technologies segment as a part of the IOP platform. The Company acquired AT Films for an aggregate purchase price of $34.5 million, consisting of $31.8 million in cash and contingent consideration valued at approximately $2.7 million as of the opening balance sheet date. Goodwill and intangible assets recognized as part of this transaction were $18.2 million and $11.4 million, respectively. The $18.2 million of goodwill is deductible for tax purposes. | ||||||||||||||||
On March 11, 2011, the Company completed the acquisition of Microfluidics. Microfluidics is a global leader in the design and manufacture of laboratory and commercial equipment used in the production of micro and nano scale materials for the pharmaceutical and chemical markets. Microfluidics is the exclusive producer of the Microfluidizer family of high shear fluid processors for uniform particle size reduction, robust cell disruption and nanoparticle creation. Microfluidics operates within the Health & Science Technologies segment as a part of the MPT platform. The Company acquired Microfluidics for an aggregate purchase price of $18.5 million in cash. Goodwill and intangible assets recognized as part of this transaction were $5.9 million and $9.7 million, respectively. The $5.9 million of goodwill is not deductible for tax purposes. | ||||||||||||||||
On June 10, 2011, the Company completed the acquisition of CVI Melles Griot (“CVI MG”). CVI MG is a global leader in the design and manufacture of precision photonic solutions used in the life sciences, research, semiconductor, security and defense markets. CVI MG’s innovative products are focused on the generation, control and productive use of light for a variety of key science and industrial applications. Products include specialty lasers and light sources, electro-optical components, specialty shutters and components. In addition, CVI MG produces critical components for life science research, electronics manufacturing, military and other industrial applications including lenses, mirrors, filters and polarizers. These components are utilized in a number of important applications such as spectroscopy, cytometry (cell counting), guidance systems for target designation, remote sensing, menology and optical lithography. CVI MG operates within the Health and Science Technologies segment as part of the IOP platform. The Company acquired CVI MG for an aggregate purchase price of $394.7 million, consisting of $393.3 million in cash and the assumption of approximately $1.4 million of debt. Approximately $365.0 million of the cash payment was financed with borrowings under the Revolving Facility. CVI MG is headquartered in Albuquerque, New Mexico, with manufacturing sites located on three continents. Goodwill and intangible assets recognized as part of this transaction were $208.5 million and $115.8 million, respectively. Approximately $117.7 million of goodwill is deductible for tax purposes. | ||||||||||||||||
The purchase price for CVI MG, AT Films and Microfluidics was allocated to the assets acquired and liabilities assumed based on estimated fair values at the date of the acquisition. | ||||||||||||||||
The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values, is as follows: | ||||||||||||||||
(In thousands) | AT Films | Microfluidics | CVI MG | Total | ||||||||||||
Accounts receivable | $ | 947 | $ | 1,760 | $ | 23,978 | $ | 26,685 | ||||||||
Inventory | 852 | 2,226 | 52,868 | 55,946 | ||||||||||||
Other current assets, net of cash acquired | 73 | 816 | 7,562 | 8,451 | ||||||||||||
Property, plant and equipment | 5,019 | 567 | 31,049 | 36,635 | ||||||||||||
Goodwill | 18,220 | 5,853 | 208,540 | 232,613 | ||||||||||||
Intangible assets | 11,435 | 9,717 | 115,777 | 136,929 | ||||||||||||
Other assets | 2,731 | 548 | 2,112 | 5,391 | ||||||||||||
Total assets acquired | 39,277 | 21,487 | 441,886 | 502,650 | ||||||||||||
Total liabilities assumed | (4,766 | ) | (2,951 | ) | (48,572 | ) | (56,289 | ) | ||||||||
Net assets acquired | $ | 34,511 | $ | 18,536 | $ | 393,314 | $ | 446,361 | ||||||||
Of the $136.9 million of acquired intangible assets, $47.0 million was assigned to the CVI Melles Griot trade name and was originally not subject to amortization, however, effective October 31, 2012, the Company began to amortize this asset over 15 years. The remaining $89.9 million of acquired intangible assets consist of patents, trade names, customer relationships, non-compete and unpatented technology. The goodwill recorded for the acquisitions reflects the strategic fit and revenue and earnings growth potential of these businesses. | ||||||||||||||||
The acquired intangible assets and weighted average amortization periods are as follows: | ||||||||||||||||
(In thousands, except weighted average life) | Total | Weighted | ||||||||||||||
Average | ||||||||||||||||
Life | ||||||||||||||||
Patents | $ | 3,017 | 10 | |||||||||||||
Trade names | 4,168 | 15 | ||||||||||||||
Customer relationships | 53,895 | 7 | ||||||||||||||
Non-compete agreements | 793 | 2 | ||||||||||||||
Unpatented technology | 28,048 | 6 | ||||||||||||||
2011 acquired intangible assets | $ | 89,921 | ||||||||||||||
The Company incurred $5.8 million of acquisition-related transaction costs in 2011. These costs were recorded in selling, general and administrative expense and were related to completed transactions, pending transactions and potential transactions, including certain transactions that ultimately were not completed. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
The Company maintains two share-based compensation plans for executives, non-employee directors, and certain key employees that authorize the granting of stock options, unvested shares, unvested share units, and other types of awards consistent with the purpose of the plans. The number of shares authorized for issuance under the Company’s plans as of December 31, 2013 totals 10.6 million, of which 2.7 million shares were available for future issuance. Stock options granted under these plans are generally non-qualified, and are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. The majority of the options issued to employees become exercisable in four equal installments, beginning one year from the date of grant, and generally expire 10 years from the date of grant. Stock options granted to non-employee directors cliff vest after one year. Unvested share and unvested share unit awards generally cliff vest after three years for employees and non-employee directors. The Company issued 0.2 million, 0.2 million and 0.3 million of unvested shares as compensation to key employees in 2013, 2012 and 2011, respectively. | |||||||||||||
All unvested shares carry dividend and voting rights, and the sale of the shares is restricted prior to the date of vesting. | |||||||||||||
Beginning in 2013, the Company granted performance share units to selected key employees that may be earned based on IDEX total shareholder return over the three-year period following the date of grant. Performance share units (referred to as “TSR awards”) are expected to be made annually and are paid out at the end of a three-year period based on the Company’s performance. Performance is measured by determining the percentile rank of the total shareholder return of IDEX common stock in relation to the total shareholder return of the S&P Midcap 400 Industrial Group for the three-year period following the date of grant. The payment of awards following the three-year award period will be based on performance achieved in accordance with the scale set forth in the plan agreement and may range from 0 percent to 200 percent of the initial grant. A target payout of 100 percent is earned if total shareholder return is equal to the 50th percentile of the S&P Midcap 400 Industrial Group. Performance share units earn dividend equivalents for the award period, which will be paid to participants with the award payout at the end of the period based on the actual number of performance share units that are earned. Payments made at the end of the award period will be in the form of stock for performance share units and will be in cash for dividend equivalents. During the year ended December 31, 2013, the Company granted approximately 0.1 million performance share units. | |||||||||||||
The Company expenses the fair value of awards made under its share-based plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. | |||||||||||||
Weighted average option fair values and assumptions for the period specified are disclosed in the following table: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average fair value of grants | $12.97 | $11.40 | $12.30 | ||||||||||
Dividend yield | 1.57% | 1.59% | 1.46% | ||||||||||
Volatility | 30.92% | 32.00% | 32.72% | ||||||||||
Risk-free interest rate | 0.17% - 4.12% | 0.17% - 3.96% | 0.28% - 5.61% | ||||||||||
Expected life (in years) | 5.86 | 5.98 | 6.14 | ||||||||||
The assumptions are as follows: | |||||||||||||
• | The Company estimated volatility using its historical share price performance over the contractual term of the option. | ||||||||||||
• | The Company uses historical data to estimate the expected life of the option. The expected life assumption for the years ended December 31, 2013, 2012 and 2011 is an output of the Binomial lattice option-pricing model, which incorporates vesting provisions, rate of voluntary exercise and rate of post-vesting termination over the contractual life of the option to define expected employee behavior. | ||||||||||||
• | The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option. For the years ended December 31, 2013, 2012 and 2011, we present the range of risk-free one-year forward rates, derived from the U.S. treasury yield curve, utilized in the Binomial lattice option-pricing model. | ||||||||||||
• | The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the option. | ||||||||||||
The Company’s policy is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award. Additionally, the Company’s general policy is to issue new shares of common stock to satisfy stock option exercises or grants of unvested shares. | |||||||||||||
Weighted average performance share unit fair values and assumptions for the period specified are disclosed in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | |||||||||||||
Weighted average fair value of grants | $59.58 | ||||||||||||
Dividend yield | —% | ||||||||||||
Volatility | 28.99% | ||||||||||||
Risk-free interest rate | 0.40% | ||||||||||||
Expected life (in years) | 2.87 | ||||||||||||
The assumptions are as follows: | |||||||||||||
• | The Company estimated volatility using its historical share price performance over the remaining performance period as of the grant date. | ||||||||||||
• | Since Monte Carlo valuation is an open form model that uses an expected life commensurate with the performance period, the expected life of the performance share units was assumed to be the period from the grant date to the end of the performance period. | ||||||||||||
• | The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term commensurate with the remaining performance period. | ||||||||||||
• | Total Shareholder Return is determined assuming that dividends are reinvested in the issuing entity over the performance period, which is mathematically equivalent to utilizing a 0% dividend yield. | ||||||||||||
Total compensation cost for stock options is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Cost of goods sold | $ | 479 | $ | 650 | $ | 805 | |||||||
Selling, general and administrative expenses | 5,789 | 5,642 | 6,153 | ||||||||||
Total expense before income taxes | 6,268 | 6,292 | 6,958 | ||||||||||
Income tax benefit | (2,016 | ) | (1,988 | ) | (2,208 | ) | |||||||
Total expense after income taxes | $ | 4,252 | $ | 4,304 | $ | 4,750 | |||||||
Total compensation cost for unvested shares is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011(1) | |||||||||||
(In thousands) | |||||||||||||
Cost of goods sold | $ | 1,380 | $ | 991 | $ | 684 | |||||||
Selling, general and administrative expenses | 8,471 | 5,819 | 4,434 | ||||||||||
Total expense before income taxes | 9,851 | 6,810 | 5,118 | ||||||||||
Income tax benefit | (2,296 | ) | (1,682 | ) | (1,827 | ) | |||||||
Total expense after income taxes | $ | 7,555 | $ | 5,128 | $ | 3,291 | |||||||
-1 | Reflects the forfeiture of unvested shares related to the Company’s transition to a new CEO in August 2011. | ||||||||||||
Total compensation cost for performance share units is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | |||||||||||||
(In thousands) | |||||||||||||
Cost of goods sold | $ | — | |||||||||||
Selling, general and administrative expenses | 873 | ||||||||||||
Total expense before income taxes | 873 | ||||||||||||
Income tax benefit | (280 | ) | |||||||||||
Total expense after income taxes | $ | 593 | |||||||||||
Recognition of compensation cost was consistent with recognition of cash compensation for the same employees. | |||||||||||||
As of December 31, 2013, there was $9.1 million, $12.3 million and $1.8 million of total unrecognized compensation cost related to stock options, time based shares and performance shares, respectively, that is expected to be recognized over a weighted-average period of 1.3 years, 1.0 year and 1.1 years, respectively. | |||||||||||||
A summary of the Company’s stock option activity as of December 31, 2013, and changes during the year ended December 31, 2013 is presented in the following table: | |||||||||||||
Stock Options | Shares | Weighted | Weighted-Average | Aggregate | |||||||||
Average | Remaining | Intrinsic | |||||||||||
Price | Contractual Term | Value | |||||||||||
Outstanding at January 1, 2013 | 3,223,742 | $ | 33.16 | 6.37 | $ | 43,106,153 | |||||||
Granted | 651,022 | 50.7 | |||||||||||
Exercised | (1,245,817 | ) | 28.41 | ||||||||||
Forfeited/Expired | (112,329 | ) | 43.23 | ||||||||||
Outstanding at December 31, 2013 | 2,516,618 | $ | 39.6 | 6.87 | $ | 86,200,655 | |||||||
Vested and expected to vest at December 31, 2013 | 2,400,548 | $ | 39.23 | 6.78 | $ | 83,095,331 | |||||||
Exercisable at December 31, 2013 | 1,086,636 | $ | 32.47 | 5.05 | $ | 44,963,329 | |||||||
The intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s common stock as of the end of the period, and the grant price. The total intrinsic value of options exercised in 2013, 2012 and 2011, was $34.3 million, $23.5 million and $21.9 million, respectively. In 2013, 2012 and 2011, cash received from options exercised was $35.3 million, $45.8 million and $33.1 million, respectively, while the actual tax benefit realized for the tax deductions from stock options exercised totaled $12.5 million, $8.6 million and $8.0 million, respectively. | |||||||||||||
A summary of the Company’s unvested share activity as of December 31, 2013, and changes during the year ending December 31, 2013 is presented in the following table: | |||||||||||||
Unvested Shares | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Nonvested at January 1, 2013 | 589,986 | $ | 40.27 | ||||||||||
Granted | 232,418 | 56.2 | |||||||||||
Vested | (154,795 | ) | 38.5 | ||||||||||
Forfeited | (48,930 | ) | 53.58 | ||||||||||
Nonvested at December 31, 2013 | 618,679 | $ | 40.27 | ||||||||||
Unvested share grants accrue dividends and their fair value is equal to the market price of the Company’s stock at the date of the grant. | |||||||||||||
A summary of the Company's performance share unit activity as of December 31, 2013, and changes during the year ending December 31, 2013 is presented in the following table: | |||||||||||||
Performance Share Units | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Nonvested at January 1, 2013 | — | $ | — | ||||||||||
Granted | 54,065 | 59.58 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (860 | ) | 59.58 | ||||||||||
Nonvested at December 31, 2013 | 53,205 | $ | 59.58 | ||||||||||
The Company also maintains a cash-settled share based compensation plan for certain employees. Total expense related to this plan was $3.6 million, $2.3 million and $0.8 million in 2013, 2012 and 2011 respectively. At December 31, 2013 and 2012, the Company has $2.0 million and $2.0 million, respectively, included in Accrued expenses in the Consolidated Balance Sheets and $1.0 million included in Other non-current liabilities at December 31, 2013. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
The components of other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cumulative translation adjustment | $ | 13,572 | $ | — | $ | 13,572 | $ | 14,445 | $ | — | $ | 14,445 | ||||||||||||
Pension and other postretirement adjustments | ||||||||||||||||||||||||
Net gain (loss) arising during the year | 26,274 | (9,859 | ) | 16,415 | (16,607 | ) | 3,107 | (13,500 | ) | |||||||||||||||
Amortization/settlement recognition of net loss (gain) | 8,599 | (3,226 | ) | 5,373 | 7,801 | (1,460 | ) | 6,341 | ||||||||||||||||
Pension and other postretirement adjustments, net | 34,873 | (13,085 | ) | 21,788 | (8,806 | ) | 1,647 | (7,159 | ) | |||||||||||||||
Reclassification adjustments for derivatives | 7,430 | (2,692 | ) | 4,738 | 7,571 | (2,791 | ) | 4,780 | ||||||||||||||||
Total other comprehensive income (loss) | $ | 55,875 | $ | (15,777 | ) | $ | 40,098 | $ | 13,210 | $ | (1,144 | ) | $ | 12,066 | ||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Pre-tax | Tax | Net of tax | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cumulative translation adjustment | $ | (14,108 | ) | $ | — | $ | (14,108 | ) | ||||||||||||||||
Pension and other postretirement adjustments | ||||||||||||||||||||||||
Net gain (loss) arising during the year | (18,066 | ) | 6,038 | (12,028 | ) | |||||||||||||||||||
Amortization or settlement recognition of net loss (gain) | 5,446 | (1,816 | ) | 3,630 | ||||||||||||||||||||
Pension and other postretirement adjustments, net | (12,620 | ) | 4,222 | (8,398 | ) | |||||||||||||||||||
Reclassification adjustments for derivatives | (32,754 | ) | 12,500 | (20,254 | ) | |||||||||||||||||||
Total other comprehensive income (loss) | $ | (59,482 | ) | $ | 16,722 | $ | (42,760 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income (loss) are summarized as follows: | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | Income Statement Caption | |||||||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of service cost | $ | 8,599 | $ | 7,801 | $ | 5,446 | Selling, general and administrative expense | |||||||||||||||||
Total before tax | 8,599 | 7,801 | 5,446 | |||||||||||||||||||||
Provision for income taxes | (3,226 | ) | (1,460 | ) | (1,816 | ) | ||||||||||||||||||
Total net of tax | $ | 5,373 | $ | 6,341 | $ | 3,630 | ||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
Reclassification adjustments | $ | 7,430 | $ | 7,571 | $ | (32,754 | ) | Interest expense | ||||||||||||||||
Total before tax | 7,430 | 7,571 | (32,754 | ) | ||||||||||||||||||||
Provision for income taxes | (2,692 | ) | (2,791 | ) | 12,500 | |||||||||||||||||||
Total net of tax | $ | 4,738 | $ | 4,780 | $ | (20,254 | ) | |||||||||||||||||
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
The Company sponsors several qualified and nonqualified pension plans and other postretirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit pension plans and post retirement medical plans. The Company employs the measurement date provisions of ASC 715, “Compensation-Retirement Benefits”, which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end. | ||||||||||||||||||||||||
The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2013, and a statement of the funded status at December 31 for both years. | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
CHANGE IN BENEFIT OBLIGATION | ||||||||||||||||||||||||
Obligation at January 1 | $ | 111,188 | $ | 56,555 | $ | 101,511 | $ | 47,763 | $ | 25,587 | $ | 21,073 | ||||||||||||
Service cost | 1,526 | 1,388 | 1,756 | 1,300 | 968 | 763 | ||||||||||||||||||
Interest cost | 3,766 | 2,146 | 4,247 | 2,206 | 906 | 922 | ||||||||||||||||||
Plan amendments | — | — | 59 | 410 | — | 159 | ||||||||||||||||||
Benefits paid | (2,479 | ) | (1,957 | ) | (4,097 | ) | (3,536 | ) | (801 | ) | (704 | ) | ||||||||||||
Actuarial loss (gain) | (11,885 | ) | 581 | 13,202 | 6,700 | (5,139 | ) | 3,313 | ||||||||||||||||
Currency translation | — | 1,758 | — | 1,712 | (167 | ) | 61 | |||||||||||||||||
Curtailments/settlements | (9,277 | ) | — | (5,490 | ) | — | — | — | ||||||||||||||||
Acquisition | — | — | — | — | — | — | ||||||||||||||||||
Obligation at December 31 | $ | 92,839 | $ | 60,471 | $ | 111,188 | $ | 56,555 | $ | 21,354 | $ | 25,587 | ||||||||||||
CHANGE IN PLAN ASSETS | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 74,578 | $ | 19,660 | $ | 59,619 | $ | 16,914 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | 14,303 | 2,341 | 6,177 | 1,944 | — | — | ||||||||||||||||||
Employer contributions(1) | 4,832 | 1,840 | 17,287 | 3,514 | 801 | 704 | ||||||||||||||||||
Benefits paid | (2,479 | ) | (1,957 | ) | (4,097 | ) | (3,536 | ) | (801 | ) | (704 | ) | ||||||||||||
Currency translation | — | 447 | — | 810 | — | — | ||||||||||||||||||
Settlements | (9,277 | ) | 3 | (4,408 | ) | — | — | — | ||||||||||||||||
Other | — | — | — | 14 | — | — | ||||||||||||||||||
Fair value of plan assets at December 31 | $ | 81,957 | $ | 22,334 | $ | 74,578 | $ | 19,660 | $ | — | $ | — | ||||||||||||
Funded status at December 31 | $ | (10,882 | ) | $ | (38,138 | ) | $ | (36,610 | ) | $ | (36,894 | ) | $ | (21,354 | ) | $ | (25,587 | ) | ||||||
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
Current liabilities | $ | (656 | ) | $ | (995 | ) | $ | (588 | ) | $ | (743 | ) | $ | (946 | ) | $ | (907 | ) | ||||||
Other noncurrent liabilities | (10,226 | ) | (37,143 | ) | (36,022 | ) | (36,151 | ) | (20,408 | ) | (24,680 | ) | ||||||||||||
Net liability at December 31 | $ | (10,882 | ) | $ | (38,138 | ) | $ | (36,610 | ) | $ | (36,894 | ) | $ | (21,354 | ) | $ | (25,587 | ) | ||||||
-1 | Includes $10.0 million discretionary contribution to U.S. plan in 2012. | |||||||||||||||||||||||
The accumulated benefit obligation (ABO) for all defined benefit pension plans was $143.5 million and $160.7 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
U.S. Plans | Non-U.S. | |||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | 4.61 | % | 3.56 | % | 4.03 | % | 3.91 | % | ||||||||||||||||
Rate of compensation increase | 4 | % | 3.94 | % | 3.14 | % | 2.99 | % | ||||||||||||||||
The pretax amounts recognized in Accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 170 | $ | 312 | $ | 275 | $ | 330 | $ | (1,951 | ) | $ | (2,325 | ) | ||||||||||
Net loss | 22,854 | 14,262 | 51,240 | 15,496 | (225 | ) | 5,279 | |||||||||||||||||
Total | $ | 23,024 | $ | 14,574 | $ | 51,515 | $ | 15,826 | $ | (2,176 | ) | $ | 2,954 | |||||||||||
The amounts in Accumulated other comprehensive income (loss) as of December 31, 2013, that are expected to be recognized as components of net periodic benefit cost during 2014 are as follows: | ||||||||||||||||||||||||
U.S. Pension | Non-U.S. | Other | Total | |||||||||||||||||||||
Benefit Plans | Pension Benefit | Benefit Plans | ||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 84 | $ | 26 | $ | (371 | ) | $ | (261 | ) | ||||||||||||||
Net loss | 2,306 | 851 | (105 | ) | 3,052 | |||||||||||||||||||
Total | $ | 2,390 | $ | 877 | $ | (476 | ) | $ | 2,791 | |||||||||||||||
The following tables provide the components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2013, 2012 and 2011: | ||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Service cost | $ | 1,526 | $ | 1,388 | $ | 1,756 | $ | 1,300 | $ | 1,759 | $ | 1,078 | ||||||||||||
Interest cost | 3,766 | 2,146 | 4,247 | 2,206 | 4,506 | 2,320 | ||||||||||||||||||
Expected return on plan assets | (5,318 | ) | (1,055 | ) | (4,687 | ) | (1,035 | ) | (4,755 | ) | (1,117 | ) | ||||||||||||
Net amortization | 7,621 | 955 | 5,376 | 589 | 4,855 | 442 | ||||||||||||||||||
Net periodic benefit cost | $ | 7,595 | $ | 3,434 | $ | 6,692 | $ | 3,060 | $ | 6,365 | $ | 2,723 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Service cost | $ | 968 | $ | 763 | $ | 691 | ||||||||||||||||||
Interest cost | 906 | 922 | 1,035 | |||||||||||||||||||||
Net amortization | 24 | 11 | (156 | ) | ||||||||||||||||||||
Net periodic benefit cost | $ | 1,898 | $ | 1,696 | $ | 1,570 | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 3.56 | % | 4.45 | % | 5.2 | % | 3.91 | % | 4.68 | % | 5.35 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 8 | % | 8.25 | % | 5.53 | % | 5.9 | % | 6.17 | % | ||||||||||||
Rate of compensation increase | 3.94 | % | 3.9 | % | 3.9 | % | 2.99 | % | 2.96 | % | 3.37 | % | ||||||||||||
The following table provides the pretax change recognized in Accumulated other comprehensive income (loss) in 2013: | ||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
U.S. | Non-U.S. | Other | ||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net loss in current year | $ | 20,869 | $ | 708 | $ | 5,140 | ||||||||||||||||||
Prior service cost | — | — | — | |||||||||||||||||||||
Amortization of prior service cost (credit) | 104 | 25 | (373 | ) | ||||||||||||||||||||
Amortization of net loss | 7,518 | 929 | 396 | |||||||||||||||||||||
Exchange rate effect on amounts in OCI | — | (410 | ) | (33 | ) | |||||||||||||||||||
Total | $ | 28,491 | $ | 1,252 | $ | 5,130 | ||||||||||||||||||
The discount rates for our plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows. | ||||||||||||||||||||||||
In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions. | ||||||||||||||||||||||||
Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants. | ||||||||||||||||||||||||
Costs of defined contribution plans were $8.4 million, $7.9 million and $7.8 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
The Company, through its subsidiaries, participates in certain multiemployer pension plans covering approximately 393 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $1.1 million, $1.0 million, and $1.0 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
For measurement purposes, a 7.27% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2013. The rate was assumed to decrease gradually each year to a rate of 4.49% for 2027, and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1% increase in the assumed health care cost trend rates would increase the service and interest cost components of the net periodic benefit cost by $0.2 million and the health care component of the accumulated postretirement benefit obligation by $1.4 million. A 1% decrease in the assumed health care cost trend rate would decrease the service and interest cost components of the net periodic benefit cost by $0.2 million and the health care component of the accumulated postretirement benefit obligation by $1.2 million. | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The Company’s pension plan weighted average asset allocations at December 31, 2013 and 2012, by asset category, were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Equity securities | 66 | % | 68 | % | ||||||||||||||||||||
Fixed income securities | 34 | % | 32 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The following tables summarize the basis used to measure the defined benefit plans’ assets at fair value at December 31, 2013 and 2012: | ||||||||||||||||||||||||
Basis of Fair Value Measurement | ||||||||||||||||||||||||
Outstanding | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Balances | ||||||||||||||||||||||||
As of December 31, 2013 | (In thousands) | |||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
U.S. Large Cap | $ | 31,831 | $ | 31,831 | $ | — | $ | — | ||||||||||||||||
U.S. Small / Mid Cap | 8,783 | 8,783 | — | — | ||||||||||||||||||||
International | 25,591 | 25,591 | — | — | ||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||
U.S. Intermediate | 18,715 | 18,715 | — | — | ||||||||||||||||||||
U.S. Short Duration | 8,954 | 8,954 | — | — | ||||||||||||||||||||
U.S. High Yield | 1,581 | 1,581 | — | — | ||||||||||||||||||||
International | 5,812 | 5,812 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Insurance Contracts | 331 | — | 331 | — | ||||||||||||||||||||
Cash and Equivalents | 2,693 | 2,693 | — | — | ||||||||||||||||||||
$ | 104,291 | $ | 103,960 | $ | 331 | $ | — | |||||||||||||||||
Basis of Fair Value Measurement | ||||||||||||||||||||||||
Outstanding | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Balances | ||||||||||||||||||||||||
As of December 31, 2012 | (In thousands) | |||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
U.S. Large Cap | $ | 32,496 | $ | 32,496 | $ | — | $ | — | ||||||||||||||||
U.S. Small / Mid Cap | 7,770 | 7,770 | — | — | ||||||||||||||||||||
International | 20,869 | 13,082 | 7,787 | — | ||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||
U.S. Intermediate | 25,069 | 25,069 | — | — | ||||||||||||||||||||
U.S. Short Duration | — | — | — | — | ||||||||||||||||||||
U.S. High Yield | — | — | — | — | ||||||||||||||||||||
International | 5,489 | 5,489 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Insurance Contracts | 326 | 326 | — | — | ||||||||||||||||||||
Cash and Equivalents | 2,219 | 2,219 | — | — | ||||||||||||||||||||
$ | 94,238 | $ | 86,451 | $ | 7,787 | $ | — | |||||||||||||||||
Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors. | ||||||||||||||||||||||||
Investment Policies and Strategies | ||||||||||||||||||||||||
The investment objectives of the Company’s plan assets are to earn the highest possible rate of return consistent with the tolerance for risk as determined periodically by the Company in its role as a fiduciary. The general guidelines of asset allocation of fund assets are that “equities” will represent from 50% to 60% of the market value of total fund assets with a target of 50% by June 30, 2015, and “fixed income” obligations, including cash, will represent from 40% to 50% with a target of 50% by June 30, 2015. The term “equities” includes common stock, convertible bonds and convertible stock. The term “fixed income” includes preferred stock and/or contractual payments with a specific maturity date. The Company strives to maintain asset allocations within the designated ranges by conducting periodic reviews of fund allocations and plan liquidity needs, and rebalancing the portfolio accordingly. The total fund performance is monitored and results measured using a 3- to 5-year moving average against long-term absolute and relative return objectives to meet actuarially determined forecasted benefit obligations. No restrictions are placed on the selection of individual investments by the qualified investment fund managers. The performance of the investment fund managers is reviewed on a regular basis, using appointed professional independent advisors. As of December 31, 2013 and 2012, there were no shares of the Company’s stock held in plan assets. | ||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||
The Company expects to contribute approximately $2.8 million to its defined benefit plans and $0.9 million to its other postretirement benefit plans in 2014. The Company also expects to contribute approximately $8.4 million to its defined contribution plan and $7.3 million to its 401(k) savings plan in 2014. | ||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||
The future estimated benefit payments for the next five years and the five years thereafter are as follows: 2014 — $9.1 million; 2015 — $8.5 million; 2016 — $9.0 million; 2017 — $9.4 million; 2018 — $9.9 million; 2019 to 2023 — $53.0 million |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
The following table summarizes the unaudited quarterly results of operations for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
2013 Quarters | 2012 Quarters | |||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth(1) | |||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Net sales | $ | 494,448 | $ | 518,445 | $ | 490,617 | $ | 520,620 | $ | 489,417 | $ | 494,144 | $ | 479,859 | $ | 490,838 | ||||||||||||||||
Gross profit | 211,997 | 222,849 | 211,509 | 227,009 | 202,889 | 203,113 | 194,840 | 202,858 | ||||||||||||||||||||||||
Operating income (loss) | 94,712 | 99,559 | 97,369 | 103,873 | 84,569 | 88,650 | 80,588 | (125,589 | ) | |||||||||||||||||||||||
Net income (loss) | 61,300 | 62,561 | 63,799 | 67,555 | 52,171 | 54,351 | 50,127 | (119,019 | ) | |||||||||||||||||||||||
Basic EPS | $ | 0.74 | $ | 0.76 | $ | 0.78 | $ | 0.83 | $ | 0.63 | $ | 0.65 | $ | 0.6 | $ | (1.45 | ) | |||||||||||||||
Diluted EPS | $ | 0.74 | $ | 0.76 | $ | 0.78 | $ | 0.82 | $ | 0.62 | $ | 0.65 | $ | 0.6 | $ | (1.45 | ) | |||||||||||||||
Basic weighted average shares outstanding | 82,197 | 81,829 | 81,259 | 80,782 | 82,804 | 83,180 | 82,482 | 82,296 | ||||||||||||||||||||||||
Diluted weighted average shares outstanding | 83,152 | 82,734 | 82,218 | 81,854 | 83,902 | 84,090 | 83,370 | 82,296 | ||||||||||||||||||||||||
-1 | Fourth quarter 2012 includes a $198.5 million asset impairment charge. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Business | ' | ||||||||
Business | |||||||||
IDEX is an applied solutions company specializing in fluid and metering technologies, health and science technologies, and fire, safety and other diversified products built to its customers’ specifications. IDEX's products are sold in niche markets to a wide range of industries throughout the world. The Company’s products include industrial pumps, compressors, flow meters, injectors and valves, and related controls for use in a wide variety of process applications; precision fluidics solutions, including pumps, valves, degassing equipment, corrective tubing, fittings, and complex manifolds, precision photonic solutions, optical filters and specialty medical equipment and devices used in life science applications; precision-engineered equipment for dispensing, metering and mixing paints; refinishing equipment; and engineered products for industrial and commercial markets, including fire and rescue, transportation equipment, oil and gas, electronics, and communications. These activities are grouped into three reportable segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. | |||||||||
Principles of Consolidation | ' | ||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for doubtful accounts, inventory valuation, recoverability of long-lived assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability of the sales price is reasonably assured. For product sales, delivery does not occur until the products have been shipped and risk of loss has been transferred to the customer. Revenue from services is recognized when the services are provided or ratably over the contract term. Some arrangements with customers may include multiple deliverables, including the combination of products and services. In such cases the Company has identified these as separate elements in accordance with ASC 605-25 and recognizes revenue consistent with the policy for each separate element based on the relative selling price method. Revenues from certain long-term contracts are recognized on the percentage-of-completion method. Percentage-of-completion is measured principally by the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion. Provisions for estimated losses on uncompleted long-term contracts are made in the period in which such losses are determined. Due to uncertainties inherent in the estimation process, it is reasonably possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised in the near-term. Such revisions to costs and income are recognized in the period in which the revisions are determined. | |||||||||
The Company records allowances for discounts, product returns and customer incentives at the time of sale as a reduction of revenue as such allowances can be reliably estimated based on historical experience and known trends. The Company also offers product warranties and accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, warranty costs incurred and any other related information known to the Company. | |||||||||
Shipping and Handling Costs | ' | ||||||||
Shipping and Handling Costs | |||||||||
Shipping and handling costs are included in cost of sales and are recognized as a period expense during the period in which they are incurred. | |||||||||
Advertising Costs | ' | ||||||||
Advertising Costs | |||||||||
Advertising costs of $14.6 million, $15.3 million and $13.4 million for 2013, 2012 and 2011, respectively, are expensed as incurred within Selling, general and administrative expenses. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid instruments purchased with an original maturity of 90 days or less to be cash and cash equivalents. | |||||||||
Allowance for Doubtful Accounts | ' | ||||||||
Allowance for Doubtful Accounts | |||||||||
The Company maintains allowances for doubtful accounts for estimated losses as a result of customer’s inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivables that may not be collected in the future and records the appropriate provision. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
The Company states inventories at the lower of cost or market. Cost, which includes material, labor, and factory overhead, is determined on a FIFO basis. We make adjustments to reduce the cost of inventory to its net realizable value, if required, at the business unit level for estimated excess, obsolescence or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes. | |||||||||
Impairment of Long-Lived Assets | ' | ||||||||
Impairment of Long-Lived Assets | |||||||||
Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable, as measured by comparing their net book value to the projected undiscounted future cash flows generated by their use. Impaired assets are recorded at their estimated fair value based on a discounted cash flow analysis. | |||||||||
Goodwill and Indefinite-Lived Intangible Assets | ' | ||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||
In accordance with ASC 350, the Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually on October 31, or upon the occurrence of events or changes in circumstances that indicate that the carrying value of the goodwill or intangible assets may not be recoverable. The Company evaluates the recoverability of these assets based on the estimated fair value of each of the fifteen reporting units and the indefinite-lived intangible asset. See Note 4 for a further discussion on goodwill and intangible assets. | |||||||||
Borrowing Expenses | ' | ||||||||
Borrowing Expenses | |||||||||
Expenses incurred in securing and issuing debt are capitalized and included in Other noncurrent assets. These assets are amortized over the life of the related borrowing and the related amortization is included in Interest expense in the Consolidated Statements of Operations. | |||||||||
Earnings per Common Share | ' | ||||||||
Earnings per Common Share | |||||||||
Earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of shares of common stock (basic) plus common stock equivalents (diluted) outstanding during the year. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, unvested shares, performance share units, and shares issuable in connection with certain deferred compensation agreements ("DCUs"). | |||||||||
ASC 260 concludes that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding unvested shares are participating securities. Accordingly, earnings per common share were computed using the two-class method prescribed by ASC 260. Net income attributable to common shareholders was reduced by $1.2 million, $0.1 million and $1.2 million in 2013, 2012 and 2011, respectively. | |||||||||
Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
(In thousands) | |||||||||
Basic weighted average common shares outstanding | 81,517 | 82,689 | 82,145 | ||||||
Dilutive effect of stock options, unvested shares, performance share units and DCUs | 972 | 952 | 1,398 | ||||||
Diluted weighted average common shares outstanding | 82,489 | 83,641 | 83,543 | ||||||
Options to purchase approximately zero, 1.2 million and 0.7 million shares of common stock in 2013, 2012 and 2011, respectively, were not included in the computation of diluted EPS because the effect of their inclusion would have been antidilutive. | |||||||||
Share-Based Compensation | ' | ||||||||
Share-Based Compensation | |||||||||
The Company accounts for share-based payments in accordance with ASC 718. Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. See Note 13 for further discussion on share-based compensation. | |||||||||
Depreciation and Amortization | ' | ||||||||
Depreciation and Amortization | |||||||||
Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: | |||||||||
Land improvements | 8 to 12 years | ||||||||
Buildings and improvements | 8 to 30 years | ||||||||
Machinery, equipment and other | 3 to 12 years | ||||||||
Office and transportation equipment | 3 to 10 years | ||||||||
Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: | |||||||||
Patents | 5 to 17 years | ||||||||
Trade names | 10 to 20 years | ||||||||
Customer relationships | 4.5 to 20 years | ||||||||
Non-compete agreements | 2.5 to 3 years | ||||||||
Unpatented technology and other | 4.5 to 20 years | ||||||||
Research and Development Expenditures | ' | ||||||||
Research and Development Expenditures | |||||||||
Costs associated with research and development are expensed in the period incurred and are included in Cost of sales within the Consolidated Statements of Operations. Research and development expenses, which include costs associated with developing new products and major improvements to existing products, were $33.0 million, $36.4 million and $36.0 million in 2013, 2012 and 2011, respectively. | |||||||||
Foreign Currency Translation | ' | ||||||||
Foreign Currency Translation | |||||||||
The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Income statement amounts have been translated using the average exchange rate for the year. The gains and losses resulting from changes in exchange rates from year to year have been reported in Accumulated other comprehensive loss in the Consolidated Balance Sheets. The effect of transaction gains and losses is reported within Other income (expense)-net in the Consolidated Statements of Operations. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Income tax expense includes United States, state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. | |||||||||
Concentration of Credit Risk | ' | ||||||||
Concentration of Credit Risk | |||||||||
The Company is not dependent on a single customer, the largest of which accounted for less than 2% of net sales for all years presented. | |||||||||
Recently Adopted Accounting Pronouncements | ' | ||||||||
Recently Issued Accounting Pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance is effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective January 1, 2013 and its adoption did not impact the consolidated financial position, results of operations or cash flows of the Company. See Note 14 for a further discussion on other comprehensive income (loss). |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule Of Basic Weighted Average Shares Reconciles To Diluted Weighted Average Shares | ' | ||||||||
Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
(In thousands) | |||||||||
Basic weighted average common shares outstanding | 81,517 | 82,689 | 82,145 | ||||||
Dilutive effect of stock options, unvested shares, performance share units and DCUs | 972 | 952 | 1,398 | ||||||
Diluted weighted average common shares outstanding | 82,489 | 83,641 | 83,543 | ||||||
Property And Equipment At Cost, Depreciation And Amortization Estimated Useful Lives | ' | ||||||||
Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: | |||||||||
Land improvements | 8 to 12 years | ||||||||
Buildings and improvements | 8 to 30 years | ||||||||
Machinery, equipment and other | 3 to 12 years | ||||||||
Office and transportation equipment | 3 to 10 years | ||||||||
Schedule of Identifiable Intangible Assets, Useful Lives | ' | ||||||||
Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: | |||||||||
Patents | 5 to 17 years | ||||||||
Trade names | 10 to 20 years | ||||||||
Customer relationships | 4.5 to 20 years | ||||||||
Non-compete agreements | 2.5 to 3 years | ||||||||
Unpatented technology and other | 4.5 to 20 years |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Pre-Tax Restructuring Expenses By Segment | ' | |||||||||||
Pre-tax restructuring expenses by segment, for 2012, were as follows: | ||||||||||||
Severance | Exit Costs | Total | ||||||||||
Costs | ||||||||||||
(In thousands) | ||||||||||||
Fluid & Metering Technologies | $ | 6,226 | $ | 36 | $ | 6,262 | ||||||
Health & Science Technologies | 11,223 | 3,521 | 14,744 | |||||||||
Fire & Safety/Diversified Products | 3,226 | 5,114 | 8,340 | |||||||||
Corporate/Other | 2,844 | 283 | 3,127 | |||||||||
Total restructuring costs | $ | 23,519 | $ | 8,954 | $ | 32,473 | ||||||
Pre-tax restructuring expenses by segment, for 2011, were as follows: | ||||||||||||
Severance | Exit Costs | Total | ||||||||||
Costs | ||||||||||||
(In thousands) | ||||||||||||
Fluid & Metering Technologies | $ | 2,800 | $ | 61 | $ | 2,861 | ||||||
Health & Science Technologies | 2,007 | 123 | 2,130 | |||||||||
Fire & Safety/Diversified Products | 4,430 | 797 | 5,227 | |||||||||
Corporate/Other | 2,096 | — | 2,096 | |||||||||
Total restructuring costs | $ | 11,333 | $ | 981 | $ | 12,314 | ||||||
Schedule of Restructuring Accruals Expenses | ' | |||||||||||
Restructuring accruals of $10.9 million at December 31, 2012 are reflected in Accrued expenses in our Consolidated Balance Sheets as follows: | ||||||||||||
2011 | ||||||||||||
Initiative | ||||||||||||
(In thousands) | ||||||||||||
Balance at January 1, 2012 | $ | 5,875 | ||||||||||
Restructuring expenses | 32,473 | |||||||||||
Payments, utilization and other | (27,461 | ) | ||||||||||
Balance at December 31, 2012 | 10,887 | |||||||||||
Restructuring expenses | — | |||||||||||
Payments, utilization and other | (10,887 | ) | ||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Additional Financial Information Disclosure [Abstract] | ' | |||||||||||
Balance Sheet Components | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
RECEIVABLES | ||||||||||||
Customers | $ | 255,992 | $ | 257,114 | ||||||||
Other | 3,075 | 4,577 | ||||||||||
Total | 259,067 | 261,691 | ||||||||||
Less allowance for doubtful accounts | 5,841 | 5,596 | ||||||||||
Total receivables — net | $ | 253,226 | $ | 256,095 | ||||||||
INVENTORIES | ||||||||||||
Raw materials and components parts | $ | 133,470 | $ | 139,229 | ||||||||
Work in process | 41,895 | 33,025 | ||||||||||
Finished goods | 55,602 | 62,696 | ||||||||||
Total | $ | 230,967 | $ | 234,950 | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
Land and improvements | $ | 32,723 | $ | 31,787 | ||||||||
Buildings and improvements | 150,316 | 141,952 | ||||||||||
Machinery, equipment and other | 300,858 | 288,542 | ||||||||||
Office and transportation equipment | 95,923 | 95,920 | ||||||||||
Construction in progress | 9,201 | 12,040 | ||||||||||
Total | 589,021 | 570,241 | ||||||||||
Less accumulated depreciation and amortization | 375,533 | 351,080 | ||||||||||
Total property, plant and equipment — net | $ | 213,488 | $ | 219,161 | ||||||||
ACCRUED EXPENSES | ||||||||||||
Payroll and related items | $ | 63,297 | $ | 55,618 | ||||||||
Management incentive compensation | 20,949 | 15,974 | ||||||||||
Income taxes payable | 11,746 | 10,284 | ||||||||||
Insurance | 7,741 | 8,974 | ||||||||||
Warranty | 4,888 | 4,875 | ||||||||||
Deferred revenue | 9,455 | 9,682 | ||||||||||
Restructuring | — | 10,887 | ||||||||||
Liability for uncertain tax positions | 1,201 | 2,679 | ||||||||||
Accrued interest | 1,354 | 1,713 | ||||||||||
Contingent consideration for acquisition | — | 3,528 | ||||||||||
Other | 30,120 | 25,962 | ||||||||||
Total accrued expenses | $ | 150,751 | $ | 150,176 | ||||||||
OTHER NONCURRENT LIABILITIES | ||||||||||||
Pension and retiree medical obligations | $ | 67,777 | $ | 96,853 | ||||||||
Liability for uncertain tax positions | 4,624 | 4,989 | ||||||||||
Deferred revenue | 5,578 | 6,534 | ||||||||||
Contingent consideration for acquisition | — | 5,515 | ||||||||||
Other | 15,087 | 14,484 | ||||||||||
Total other noncurrent liabilities | $ | 93,066 | $ | 128,375 | ||||||||
Valuation and Qualifying Accounts | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
VALUATION AND QUALIFYING ACCOUNTS(1) | ||||||||||||
Beginning balance January 1 | $ | 5,596 | $ | 5,860 | $ | 5,322 | ||||||
Charged to costs and expenses, net of recoveries | 2,288 | 653 | 1,044 | |||||||||
Utilization | (1,921 | ) | (1,151 | ) | (917 | ) | ||||||
Currency translation and other | (122 | ) | 234 | 411 | ||||||||
Ending balance December 31 | $ | 5,841 | $ | 5,596 | $ | 5,860 | ||||||
-1 | Includes provision for doubtful accounts, sales returns and sales discounts granted to customers. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Changes in the Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill for 2013 and 2012, by business segment, were as follows: | ||||||||||||||||||||||||||
Fluid & | Health & | Fire & Safety/ | Total | |||||||||||||||||||||||
Metering | Science | Diversified | ||||||||||||||||||||||||
Technologies | Technologies | Products | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Goodwill | $ | 541,640 | $ | 648,906 | $ | 270,910 | $ | 1,461,456 | ||||||||||||||||||
Accumulated impairment losses | — | — | (30,090 | ) | (30,090 | ) | ||||||||||||||||||||
Balance at January 1, 2012 | 541,640 | 648,906 | 240,820 | 1,431,366 | ||||||||||||||||||||||
Acquisition adjustments | — | 1,424 | — | 1,424 | ||||||||||||||||||||||
Acquisitions (Note 12) | — | 50,387 | — | 50,387 | ||||||||||||||||||||||
Foreign currency translation | 3,406 | 2,307 | 3,378 | 9,091 | ||||||||||||||||||||||
Goodwill impairment | (20,721 | ) | (149,820 | ) | — | (170,541 | ) | |||||||||||||||||||
Balance at December 31, 2012 | 524,325 | 553,204 | 244,198 | 1,321,727 | ||||||||||||||||||||||
Acquisitions (Note 12) | — | 17,994 | — | 17,994 | ||||||||||||||||||||||
Foreign currency translation | 3,719 | 477 | 5,539 | 9,735 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 528,044 | $ | 571,675 | $ | 249,737 | $ | 1,349,456 | ||||||||||||||||||
Schedule of Gross Carrying Value and Accumulated Amortization For Each Major Class of Intangible Asset | ' | |||||||||||||||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2013 and 2012: | ||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Average | Carrying | Amortization | ||||||||||||||||||||||
Amount | Life | Amount | ||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||
Patents | $ | 10,673 | $ | (5,179 | ) | $ | 5,494 | 11 | $ | 10,650 | $ | (4,273 | ) | $ | 6,377 | |||||||||||
Trade names | 104,582 | (28,310 | ) | 76,272 | 16 | 103,113 | (21,603 | ) | 81,510 | |||||||||||||||||
Customer relationships | 242,674 | (121,092 | ) | 121,582 | 10 | 230,196 | (93,273 | ) | 136,923 | |||||||||||||||||
Non-compete agreements | 3,769 | (3,272 | ) | 497 | 3 | 3,505 | (2,827 | ) | 678 | |||||||||||||||||
Unpatented technology | 75,528 | (32,905 | ) | 42,623 | 11 | 74,758 | (24,211 | ) | 50,547 | |||||||||||||||||
Other | 6,958 | (4,299 | ) | 2,659 | 10 | 6,841 | (3,604 | ) | 3,237 | |||||||||||||||||
Total amortizable intangible assets | 444,184 | (195,057 | ) | 249,127 | 429,063 | (149,791 | ) | 279,272 | ||||||||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||||||||
Banjo trade name | 62,100 | — | 62,100 | 62,100 | — | 62,100 | ||||||||||||||||||||
Total intangible assets | $ | 506,284 | $ | (195,057 | ) | $ | 311,227 | $ | 491,163 | $ | (149,791 | ) | $ | 341,372 | ||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Borrowings | ' | |||||||
Borrowings at December 31, 2013 and 2012 consisted of the following: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Revolving Facility | $ | 10,000 | $ | 21,000 | ||||
4.2% Senior Notes, due December 2021 | 349,272 | 349,197 | ||||||
4.5% Senior Notes, due December 2020 | 298,828 | 298,689 | ||||||
2.58% Senior Euro Notes, due June 2015 | 111,505 | 107,042 | ||||||
Other borrowings | 4,271 | 10,648 | ||||||
Total borrowings | 773,876 | 786,576 | ||||||
Less current portion | 1,871 | 7,335 | ||||||
Total long-term borrowings | $ | 772,005 | $ | 779,241 | ||||
Schedule of Maturities of Borrowings | ' | |||||||
Total borrowings at December 31, 2013 have scheduled maturities as follows (in thousands): | ||||||||
2014 | $ | 1,871 | ||||||
2015 | 112,085 | |||||||
2016 | 10,530 | |||||||
2017 | 1,190 | |||||||
2018 | 100 | |||||||
Thereafter | 648,100 | |||||||
Total borrowings | $ | 773,876 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Summary of Gain (Loss) Recognized and Amounts and Location of Income (Expense) and Gain (Loss) Reclassified Into Income For Interest Rate Contracts and Foreign Currency Contracts | ' | |||||||||||||||||||||||||
The following table summarizes the gain (loss) recognized and the amounts and location of income (expense) and gain (loss) reclassified into income for interest rate contracts and foreign currency contracts for the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||
Loss Recognized in | Income (Expense) | Income | ||||||||||||||||||||||||
Other Comprehensive Income | and Gain (Loss) | Statement | ||||||||||||||||||||||||
Reclassified into Income | Caption | |||||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Interest rate agreements | $ | — | $ | — | $ | — | $ | (7,430 | ) | $ | (7,637 | ) | $ | (3,570 | ) | Interest expense | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Company's Financial Assets and (Liabilities) at Fair Value on Recurring Basis | ' | |||||||||||||||
The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheet at December 31, 2013 and 2012: | ||||||||||||||||
Basis of Fair Value Measurements | ||||||||||||||||
Balance at December 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Money market investments | $ | 27,871 | $ | 27,871 | $ | — | $ | — | ||||||||
Available for sale securities | 3,255 | 3,255 | — | — | ||||||||||||
Balance at December 31, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Money market investments | $ | 11,165 | $ | 11,165 | $ | — | $ | — | ||||||||
Available for sale securities | 2,862 | 2,862 | — | — | ||||||||||||
Contingent consideration | (9,043 | ) | — | — | (9,043 | ) | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Future Minimum Lease Payments For Operating and Capital Leases | ' | |||||||||||
The aggregate future minimum lease payments for operating and capital leases as of December 31, 2013 were as follows: | ||||||||||||
Operating | Capital | |||||||||||
(In thousands) | ||||||||||||
2014 | $ | 15,426 | $ | 564 | ||||||||
2015 | 11,811 | 604 | ||||||||||
2016 | 7,742 | 548 | ||||||||||
2017 | 5,177 | 1,192 | ||||||||||
2018 | 3,964 | 100 | ||||||||||
2019 and thereafter | 5,945 | — | ||||||||||
$ | 50,065 | $ | 3,008 | |||||||||
Roll Forward of the Warranty Reserve | ' | |||||||||||
A rollforward of the warranty reserve is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Beginning balance January 1st | $ | 4,875 | $ | 4,417 | $ | 3,831 | ||||||
Provision for warranties | 3,845 | 5,398 | 4,648 | |||||||||
Claim settlements | (3,865 | ) | (5,214 | ) | (4,443 | ) | ||||||
Other adjustments, including acquisitions and currency translation | 33 | 274 | 381 | |||||||||
Ending balance December 31st | $ | 4,888 | $ | 4,875 | $ | 4,417 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income Before Income Tax | ' | |||||||||||
Pretax income for 2013, 2012 and 2011 was taxed in the following jurisdictions: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Domestic | $ | 233,530 | $ | 65,738 | $ | 192,857 | ||||||
Foreign | 119,599 | 20,466 | 81,024 | |||||||||
Total | $ | 353,129 | $ | 86,204 | $ | 273,881 | ||||||
Schedule of Components of Income Tax | ' | |||||||||||
The provision (benefit) for income taxes for 2013, 2012 and 2011, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Current | ||||||||||||
U.S. | $ | 59,707 | $ | 59,811 | $ | 48,823 | ||||||
State and local | 8,123 | 5,764 | 3,434 | |||||||||
Foreign | 33,240 | 20,228 | 31,343 | |||||||||
Total current | 101,070 | 85,803 | 83,600 | |||||||||
Deferred | ||||||||||||
U.S. | 1,500 | (31,246 | ) | 4,792 | ||||||||
State and local | (55 | ) | (2,377 | ) | (1,103 | ) | ||||||
Foreign | (4,601 | ) | (3,606 | ) | (7,265 | ) | ||||||
Total deferred | (3,156 | ) | (37,229 | ) | (3,576 | ) | ||||||
Total provision for income taxes | $ | 97,914 | $ | 48,574 | $ | 80,024 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Deferred tax assets (liabilities) at December 31, 2013 and 2012 were: | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Employee and retiree benefit plans | $ | 27,361 | $ | 38,401 | ||||||||
Depreciation and amortization | (175,894 | ) | (170,630 | ) | ||||||||
Inventories | 9,627 | 10,851 | ||||||||||
Allowances and accruals | 9,632 | 7,629 | ||||||||||
Interest rate exchange agreement | 18,165 | 20,856 | ||||||||||
Other | 4,636 | 7,059 | ||||||||||
Total | $ | (106,473 | ) | $ | (85,834 | ) | ||||||
Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets | ' | |||||||||||
The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012 were: | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax asset — other current assets | $ | 34,151 | $ | 32,293 | ||||||||
Deferred tax asset — other noncurrent assets | 4,284 | 3,222 | ||||||||||
Total deferred tax assets | 38,435 | 35,515 | ||||||||||
Deferred tax liability — accrued expenses | — | — | ||||||||||
Noncurrent deferred tax liability — deferred income taxes | (144,908 | ) | (121,349 | ) | ||||||||
Total deferred tax liabilities | (144,908 | ) | (121,349 | ) | ||||||||
Net deferred tax liabilities | $ | (106,473 | ) | $ | (85,834 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2013, 2012 and 2011 are shown in the following table: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Pretax income | $ | 353,129 | $ | 86,204 | $ | 273,881 | ||||||
Provision for income taxes: | ||||||||||||
Computed amount at statutory rate of 35% | $ | 123,595 | $ | 30,171 | $ | 95,858 | ||||||
State and local income tax (net of federal tax benefit) | 4,382 | 2,406 | 1,515 | |||||||||
Taxes on non-U.S. earnings-net of foreign tax credits | (9,683 | ) | 1,189 | (4,522 | ) | |||||||
Effect of flow-through entities | (7,267 | ) | (7,846 | ) | (6,922 | ) | ||||||
Asset impairments | — | 28,524 | — | |||||||||
U.S. business tax credits | (1,516 | ) | — | (917 | ) | |||||||
Domestic activities production deduction | (6,217 | ) | (5,267 | ) | (4,589 | ) | ||||||
Other | (5,380 | ) | (603 | ) | (399 | ) | ||||||
Total provision for income taxes | $ | 97,914 | $ | 48,574 | $ | 80,024 | ||||||
Schedule of Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2013, 2012 and 2011 are shown in the following table: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Beginning balance January 1st | $ | 6,506 | $ | 5,548 | $ | 6,440 | ||||||
Gross increases for tax positions of prior years | 1,357 | 3,017 | 1,828 | |||||||||
Gross decreases for tax positions of prior years | (99 | ) | (98 | ) | (1,595 | ) | ||||||
Settlements | (1,219 | ) | — | (338 | ) | |||||||
Lapse of statute of limitations | (1,421 | ) | (1,961 | ) | (787 | ) | ||||||
Ending balance December 31st | $ | 5,124 | $ | 6,506 | $ | 5,548 | ||||||
Business_Segments_and_Geograph1
Business Segments and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Information On Company's Business Segments | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
NET SALES | ||||||||||||
Fluid & Metering Technologies | ||||||||||||
External customers | $ | 870,720 | $ | 829,320 | $ | 830,821 | ||||||
Intersegment sales | 1,094 | 3,968 | 466 | |||||||||
Total segment sales | 871,814 | 833,288 | 831,287 | |||||||||
Health & Science Technologies | ||||||||||||
External customers | 708,940 | 689,574 | 606,247 | |||||||||
Intersegment sales | 5,710 | 5,661 | 1,653 | |||||||||
Total segment sales | 714,650 | 695,235 | 607,900 | |||||||||
Fire & Safety/Diversified Products | ||||||||||||
External customers | 444,470 | 435,364 | 401,383 | |||||||||
Intersegment sales | 579 | 1,689 | 1,042 | |||||||||
Total segment sales | 445,049 | 437,053 | 402,425 | |||||||||
Intersegment eliminations | (7,383 | ) | (11,318 | ) | (3,161 | ) | ||||||
Total net sales | $ | 2,024,130 | $ | 1,954,258 | $ | 1,838,451 | ||||||
OPERATING INCOME (LOSS)(1) | ||||||||||||
Fluid & Metering Technologies(2) | $ | 211,256 | $ | 146,650 | $ | 164,818 | ||||||
Health & Science Technologies(2) | 136,707 | (62,835 | ) | 106,037 | ||||||||
Fire & Safety/Diversified Products | 102,730 | 96,120 | 85,901 | |||||||||
Corporate office | (55,180 | ) | (51,717 | ) | (52,100 | ) | ||||||
Total operating income | 395,513 | 128,218 | 304,656 | |||||||||
Interest expense | 42,206 | 42,250 | 29,332 | |||||||||
Other income (expense) - net | (178 | ) | 236 | (1,443 | ) | |||||||
Income before taxes | $ | 353,129 | $ | 86,204 | $ | 273,881 | ||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
ASSETS | ||||||||||||
Fluid & Metering Technologies | $ | 1,025,352 | $ | 1,023,143 | $ | 1,072,023 | ||||||
Health & Science Technologies | 1,113,546 | 1,102,868 | 1,178,653 | |||||||||
Fire & Safety/Diversified Products | 484,139 | 488,886 | 442,400 | |||||||||
Corporate office | 264,540 | 170,493 | 143,031 | |||||||||
Total assets | $ | 2,887,577 | $ | 2,785,390 | $ | 2,836,107 | ||||||
DEPRECIATION AND AMORTIZATION(3) | ||||||||||||
Fluid & Metering Technologies | $ | 27,633 | $ | 29,637 | $ | 32,368 | ||||||
Health & Science Technologies | 43,496 | 39,981 | 30,055 | |||||||||
Fire & Safety/Diversified Products | 6,852 | 7,107 | 8,516 | |||||||||
Corporate office and other | 1,353 | 1,587 | 1,447 | |||||||||
Total depreciation and amortization | $ | 79,334 | $ | 78,312 | $ | 72,386 | ||||||
CAPITAL EXPENDITURES | ||||||||||||
Fluid & Metering Technologies | $ | 11,581 | $ | 13,535 | $ | 12,543 | ||||||
Health & Science Technologies | 12,280 | 13,140 | 12,938 | |||||||||
Fire & Safety/Diversified Products | 5,040 | 6,654 | 5,644 | |||||||||
Corporate office and other | 2,635 | 2,191 | 3,423 | |||||||||
Total capital expenditures | $ | 31,536 | $ | 35,520 | $ | 34,548 | ||||||
-1 | Segment operating income excludes net unallocated corporate operating expenses. | |||||||||||
-2 | Segment operating income includes asset impairment charges in 2012 of $27.7 million within the Fluid & Metering Technologies segment and $170.8 million within the Health & Science Technologies segment. | |||||||||||
-3 | Excludes amortization of debt issuance expenses. | |||||||||||
Schedule of Sales From External Customers and Long-Lived Assets | ' | |||||||||||
Information about the Company’s operations in different geographical regions for the years ended December 31, 2013, 2012 and 2011 is shown below. Net sales were attributed to geographic areas based on location of the customer, and no country outside the U.S. was greater than 10% of total revenues. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
NET SALES | ||||||||||||
U.S. | $ | 983,791 | $ | 963,137 | $ | 857,990 | ||||||
Europe | 521,491 | 479,744 | 492,125 | |||||||||
Asia | 306,466 | 305,185 | 278,900 | |||||||||
Other countries | 212,382 | 206,192 | 209,436 | |||||||||
Total net sales | $ | 2,024,130 | $ | 1,954,258 | $ | 1,838,451 | ||||||
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
U.S. | $ | 124,880 | $ | 127,425 | $ | 124,102 | ||||||
Europe | 63,018 | 64,137 | 63,433 | |||||||||
Asia | 24,590 | 26,320 | 24,570 | |||||||||
Other countries | 1,000 | 1,279 | 1,612 | |||||||||
Total long-lived assets — net | $ | 213,488 | $ | 219,161 | $ | 213,717 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Allocation of Acquisition Costs To Assets Acquired and Liabilities Assumed | ' | |||||||||||||||
The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values, is as follows: | ||||||||||||||||
(In thousands) | ERC | PPC | Matcon | Total | ||||||||||||
Accounts receivable | $ | 5,766 | $ | 877 | $ | 7,768 | $ | 14,411 | ||||||||
Inventory | 4,224 | 932 | 604 | 5,760 | ||||||||||||
Other current assets, net of cash acquired | 981 | 252 | 1,880 | 3,113 | ||||||||||||
Property, plant and equipment | 2,738 | 1,936 | 5,695 | 10,369 | ||||||||||||
Goodwill | 8,499 | 13,941 | 27,947 | 50,387 | ||||||||||||
Intangible assets | 5,642 | 5,104 | 14,081 | 24,827 | ||||||||||||
Other assets | 1,509 | 13 | 53 | 1,575 | ||||||||||||
Total assets acquired | 29,359 | 23,055 | 58,028 | 110,442 | ||||||||||||
Total liabilities assumed | (16,074 | ) | (2,465 | ) | (12,215 | ) | (30,754 | ) | ||||||||
Net assets acquired | $ | 13,285 | $ | 20,590 | $ | 45,813 | $ | 79,688 | ||||||||
The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values, is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Accounts receivable | $ | 3,454 | ||||||||||||||
Inventory | 4,524 | |||||||||||||||
Other current assets, net of cash acquired | 131 | |||||||||||||||
Property, plant and equipment | 1,357 | |||||||||||||||
Goodwill | 17,994 | |||||||||||||||
Intangible assets | 13,016 | |||||||||||||||
Total assets acquired | 40,476 | |||||||||||||||
Total liabilities assumed | (5,939 | ) | ||||||||||||||
Net assets acquired | $ | 34,537 | ||||||||||||||
(In thousands) | AT Films | Microfluidics | CVI MG | Total | ||||||||||||
Accounts receivable | $ | 947 | $ | 1,760 | $ | 23,978 | $ | 26,685 | ||||||||
Inventory | 852 | 2,226 | 52,868 | 55,946 | ||||||||||||
Other current assets, net of cash acquired | 73 | 816 | 7,562 | 8,451 | ||||||||||||
Property, plant and equipment | 5,019 | 567 | 31,049 | 36,635 | ||||||||||||
Goodwill | 18,220 | 5,853 | 208,540 | 232,613 | ||||||||||||
Intangible assets | 11,435 | 9,717 | 115,777 | 136,929 | ||||||||||||
Other assets | 2,731 | 548 | 2,112 | 5,391 | ||||||||||||
Total assets acquired | 39,277 | 21,487 | 441,886 | 502,650 | ||||||||||||
Total liabilities assumed | (4,766 | ) | (2,951 | ) | (48,572 | ) | (56,289 | ) | ||||||||
Net assets acquired | $ | 34,511 | $ | 18,536 | $ | 393,314 | $ | 446,361 | ||||||||
Acquired Intangible Assets and Weighted Average Amortization Periods | ' | |||||||||||||||
The acquired intangible assets and weighted average amortization periods are as follows: | ||||||||||||||||
(In thousands, except weighted average life) | Total | Weighted | ||||||||||||||
Average | ||||||||||||||||
Life | ||||||||||||||||
Trade names | $ | 1,005 | 15 | |||||||||||||
Non-compete agreements | 224 | 3 | ||||||||||||||
Customer relationships | 10,950 | 9 | ||||||||||||||
Unpatented technology | 837 | 8 | ||||||||||||||
2013 acquired intangible assets | $ | 13,016 | ||||||||||||||
(In thousands, except weighted average life) | Total | Weighted | ||||||||||||||
Average | ||||||||||||||||
Life | ||||||||||||||||
Patents | $ | 3,017 | 10 | |||||||||||||
Trade names | 4,168 | 15 | ||||||||||||||
Customer relationships | 53,895 | 7 | ||||||||||||||
Non-compete agreements | 793 | 2 | ||||||||||||||
Unpatented technology | 28,048 | 6 | ||||||||||||||
2011 acquired intangible assets | $ | 89,921 | ||||||||||||||
The acquired intangible assets and weighted average amortization periods are as follows: | ||||||||||||||||
(In thousands, except weighted average life) | Total | Weighted | ||||||||||||||
Average | ||||||||||||||||
Life | ||||||||||||||||
Trade names | $ | 8,973 | 15 | |||||||||||||
Non-compete agreements | 470 | 3 | ||||||||||||||
Customer relationships | 11,343 | 6 | ||||||||||||||
Unpatented technology | 4,041 | 8 | ||||||||||||||
2012 acquired intangible assets | $ | 24,827 | ||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Weighted Average Option Fair Values and Assumptions | ' | ||||||||||||
Weighted average option fair values and assumptions for the period specified are disclosed in the following table: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average fair value of grants | $12.97 | $11.40 | $12.30 | ||||||||||
Dividend yield | 1.57% | 1.59% | 1.46% | ||||||||||
Volatility | 30.92% | 32.00% | 32.72% | ||||||||||
Risk-free interest rate | 0.17% - 4.12% | 0.17% - 3.96% | 0.28% - 5.61% | ||||||||||
Expected life (in years) | 5.86 | 5.98 | 6.14 | ||||||||||
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions | ' | ||||||||||||
Weighted average performance share unit fair values and assumptions for the period specified are disclosed in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | |||||||||||||
Weighted average fair value of grants | $59.58 | ||||||||||||
Dividend yield | —% | ||||||||||||
Volatility | 28.99% | ||||||||||||
Risk-free interest rate | 0.40% | ||||||||||||
Expected life (in years) | 2.87 | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||
Total compensation cost for performance share units is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | |||||||||||||
(In thousands) | |||||||||||||
Cost of goods sold | $ | — | |||||||||||
Selling, general and administrative expenses | 873 | ||||||||||||
Total expense before income taxes | 873 | ||||||||||||
Income tax benefit | (280 | ) | |||||||||||
Total expense after income taxes | $ | 593 | |||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||
A summary of the Company’s stock option activity as of December 31, 2013, and changes during the year ended December 31, 2013 is presented in the following table: | |||||||||||||
Stock Options | Shares | Weighted | Weighted-Average | Aggregate | |||||||||
Average | Remaining | Intrinsic | |||||||||||
Price | Contractual Term | Value | |||||||||||
Outstanding at January 1, 2013 | 3,223,742 | $ | 33.16 | 6.37 | $ | 43,106,153 | |||||||
Granted | 651,022 | 50.7 | |||||||||||
Exercised | (1,245,817 | ) | 28.41 | ||||||||||
Forfeited/Expired | (112,329 | ) | 43.23 | ||||||||||
Outstanding at December 31, 2013 | 2,516,618 | $ | 39.6 | 6.87 | $ | 86,200,655 | |||||||
Vested and expected to vest at December 31, 2013 | 2,400,548 | $ | 39.23 | 6.78 | $ | 83,095,331 | |||||||
Exercisable at December 31, 2013 | 1,086,636 | $ | 32.47 | 5.05 | $ | 44,963,329 | |||||||
Schedule of Unvested Share Activity | ' | ||||||||||||
A summary of the Company’s unvested share activity as of December 31, 2013, and changes during the year ending December 31, 2013 is presented in the following table: | |||||||||||||
Unvested Shares | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Nonvested at January 1, 2013 | 589,986 | $ | 40.27 | ||||||||||
Granted | 232,418 | 56.2 | |||||||||||
Vested | (154,795 | ) | 38.5 | ||||||||||
Forfeited | (48,930 | ) | 53.58 | ||||||||||
Nonvested at December 31, 2013 | 618,679 | $ | 40.27 | ||||||||||
Schedule of Performance Share Units Activity | ' | ||||||||||||
A summary of the Company's performance share unit activity as of December 31, 2013, and changes during the year ending December 31, 2013 is presented in the following table: | |||||||||||||
Performance Share Units | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Nonvested at January 1, 2013 | — | $ | — | ||||||||||
Granted | 54,065 | 59.58 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (860 | ) | 59.58 | ||||||||||
Nonvested at December 31, 2013 | 53,205 | $ | 59.58 | ||||||||||
Stock Option | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Compensation Cost for Stock Options and Unvested Shares | ' | ||||||||||||
Total compensation cost for stock options is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Cost of goods sold | $ | 479 | $ | 650 | $ | 805 | |||||||
Selling, general and administrative expenses | 5,789 | 5,642 | 6,153 | ||||||||||
Total expense before income taxes | 6,268 | 6,292 | 6,958 | ||||||||||
Income tax benefit | (2,016 | ) | (1,988 | ) | (2,208 | ) | |||||||
Total expense after income taxes | $ | 4,252 | $ | 4,304 | $ | 4,750 | |||||||
Unvested Shares | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Compensation Cost for Stock Options and Unvested Shares | ' | ||||||||||||
Total compensation cost for unvested shares is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011(1) | |||||||||||
(In thousands) | |||||||||||||
Cost of goods sold | $ | 1,380 | $ | 991 | $ | 684 | |||||||
Selling, general and administrative expenses | 8,471 | 5,819 | 4,434 | ||||||||||
Total expense before income taxes | 9,851 | 6,810 | 5,118 | ||||||||||
Income tax benefit | (2,296 | ) | (1,682 | ) | (1,827 | ) | |||||||
Total expense after income taxes | $ | 7,555 | $ | 5,128 | $ | 3,291 | |||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The components of other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cumulative translation adjustment | $ | 13,572 | $ | — | $ | 13,572 | $ | 14,445 | $ | — | $ | 14,445 | ||||||||||||
Pension and other postretirement adjustments | ||||||||||||||||||||||||
Net gain (loss) arising during the year | 26,274 | (9,859 | ) | 16,415 | (16,607 | ) | 3,107 | (13,500 | ) | |||||||||||||||
Amortization/settlement recognition of net loss (gain) | 8,599 | (3,226 | ) | 5,373 | 7,801 | (1,460 | ) | 6,341 | ||||||||||||||||
Pension and other postretirement adjustments, net | 34,873 | (13,085 | ) | 21,788 | (8,806 | ) | 1,647 | (7,159 | ) | |||||||||||||||
Reclassification adjustments for derivatives | 7,430 | (2,692 | ) | 4,738 | 7,571 | (2,791 | ) | 4,780 | ||||||||||||||||
Total other comprehensive income (loss) | $ | 55,875 | $ | (15,777 | ) | $ | 40,098 | $ | 13,210 | $ | (1,144 | ) | $ | 12,066 | ||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Pre-tax | Tax | Net of tax | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cumulative translation adjustment | $ | (14,108 | ) | $ | — | $ | (14,108 | ) | ||||||||||||||||
Pension and other postretirement adjustments | ||||||||||||||||||||||||
Net gain (loss) arising during the year | (18,066 | ) | 6,038 | (12,028 | ) | |||||||||||||||||||
Amortization or settlement recognition of net loss (gain) | 5,446 | (1,816 | ) | 3,630 | ||||||||||||||||||||
Pension and other postretirement adjustments, net | (12,620 | ) | 4,222 | (8,398 | ) | |||||||||||||||||||
Reclassification adjustments for derivatives | (32,754 | ) | 12,500 | (20,254 | ) | |||||||||||||||||||
Total other comprehensive income (loss) | $ | (59,482 | ) | $ | 16,722 | $ | (42,760 | ) | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income (loss) are summarized as follows: | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | Income Statement Caption | |||||||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of service cost | $ | 8,599 | $ | 7,801 | $ | 5,446 | Selling, general and administrative expense | |||||||||||||||||
Total before tax | 8,599 | 7,801 | 5,446 | |||||||||||||||||||||
Provision for income taxes | (3,226 | ) | (1,460 | ) | (1,816 | ) | ||||||||||||||||||
Total net of tax | $ | 5,373 | $ | 6,341 | $ | 3,630 | ||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
Reclassification adjustments | $ | 7,430 | $ | 7,571 | $ | (32,754 | ) | Interest expense | ||||||||||||||||
Total before tax | 7,430 | 7,571 | (32,754 | ) | ||||||||||||||||||||
Provision for income taxes | (2,692 | ) | (2,791 | ) | 12,500 | |||||||||||||||||||
Total net of tax | $ | 4,738 | $ | 4,780 | $ | (20,254 | ) | |||||||||||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets | ' | |||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
CHANGE IN BENEFIT OBLIGATION | ||||||||||||||||||||||||
Obligation at January 1 | $ | 111,188 | $ | 56,555 | $ | 101,511 | $ | 47,763 | $ | 25,587 | $ | 21,073 | ||||||||||||
Service cost | 1,526 | 1,388 | 1,756 | 1,300 | 968 | 763 | ||||||||||||||||||
Interest cost | 3,766 | 2,146 | 4,247 | 2,206 | 906 | 922 | ||||||||||||||||||
Plan amendments | — | — | 59 | 410 | — | 159 | ||||||||||||||||||
Benefits paid | (2,479 | ) | (1,957 | ) | (4,097 | ) | (3,536 | ) | (801 | ) | (704 | ) | ||||||||||||
Actuarial loss (gain) | (11,885 | ) | 581 | 13,202 | 6,700 | (5,139 | ) | 3,313 | ||||||||||||||||
Currency translation | — | 1,758 | — | 1,712 | (167 | ) | 61 | |||||||||||||||||
Curtailments/settlements | (9,277 | ) | — | (5,490 | ) | — | — | — | ||||||||||||||||
Acquisition | — | — | — | — | — | — | ||||||||||||||||||
Obligation at December 31 | $ | 92,839 | $ | 60,471 | $ | 111,188 | $ | 56,555 | $ | 21,354 | $ | 25,587 | ||||||||||||
CHANGE IN PLAN ASSETS | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 74,578 | $ | 19,660 | $ | 59,619 | $ | 16,914 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | 14,303 | 2,341 | 6,177 | 1,944 | — | — | ||||||||||||||||||
Employer contributions(1) | 4,832 | 1,840 | 17,287 | 3,514 | 801 | 704 | ||||||||||||||||||
Benefits paid | (2,479 | ) | (1,957 | ) | (4,097 | ) | (3,536 | ) | (801 | ) | (704 | ) | ||||||||||||
Currency translation | — | 447 | — | 810 | — | — | ||||||||||||||||||
Settlements | (9,277 | ) | 3 | (4,408 | ) | — | — | — | ||||||||||||||||
Other | — | — | — | 14 | — | — | ||||||||||||||||||
Fair value of plan assets at December 31 | $ | 81,957 | $ | 22,334 | $ | 74,578 | $ | 19,660 | $ | — | $ | — | ||||||||||||
Funded status at December 31 | $ | (10,882 | ) | $ | (38,138 | ) | $ | (36,610 | ) | $ | (36,894 | ) | $ | (21,354 | ) | $ | (25,587 | ) | ||||||
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
Current liabilities | $ | (656 | ) | $ | (995 | ) | $ | (588 | ) | $ | (743 | ) | $ | (946 | ) | $ | (907 | ) | ||||||
Other noncurrent liabilities | (10,226 | ) | (37,143 | ) | (36,022 | ) | (36,151 | ) | (20,408 | ) | (24,680 | ) | ||||||||||||
Net liability at December 31 | $ | (10,882 | ) | $ | (38,138 | ) | $ | (36,610 | ) | $ | (36,894 | ) | $ | (21,354 | ) | $ | (25,587 | ) | ||||||
-1 | Includes $10.0 million discretionary contribution to U.S. plan in 2012. | |||||||||||||||||||||||
Weighted Average Assumptions Used in Measurement of Benefit Obligation | ' | |||||||||||||||||||||||
The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
U.S. Plans | Non-U.S. | |||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | 4.61 | % | 3.56 | % | 4.03 | % | 3.91 | % | ||||||||||||||||
Rate of compensation increase | 4 | % | 3.94 | % | 3.14 | % | 2.99 | % | ||||||||||||||||
Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The pretax amounts recognized in Accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 170 | $ | 312 | $ | 275 | $ | 330 | $ | (1,951 | ) | $ | (2,325 | ) | ||||||||||
Net loss | 22,854 | 14,262 | 51,240 | 15,496 | (225 | ) | 5,279 | |||||||||||||||||
Total | $ | 23,024 | $ | 14,574 | $ | 51,515 | $ | 15,826 | $ | (2,176 | ) | $ | 2,954 | |||||||||||
Amounts in Accumulated Other Comprehensive Income (Loss) Expected to Be Recognized as Components of Net Periodic Benefit Cost During 2012 | ' | |||||||||||||||||||||||
The amounts in Accumulated other comprehensive income (loss) as of December 31, 2013, that are expected to be recognized as components of net periodic benefit cost during 2014 are as follows: | ||||||||||||||||||||||||
U.S. Pension | Non-U.S. | Other | Total | |||||||||||||||||||||
Benefit Plans | Pension Benefit | Benefit Plans | ||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 84 | $ | 26 | $ | (371 | ) | $ | (261 | ) | ||||||||||||||
Net loss | 2,306 | 851 | (105 | ) | 3,052 | |||||||||||||||||||
Total | $ | 2,390 | $ | 877 | $ | (476 | ) | $ | 2,791 | |||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost of Plans | ' | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 3.56 | % | 4.45 | % | 5.2 | % | 3.91 | % | 4.68 | % | 5.35 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 8 | % | 8.25 | % | 5.53 | % | 5.9 | % | 6.17 | % | ||||||||||||
Rate of compensation increase | 3.94 | % | 3.9 | % | 3.9 | % | 2.99 | % | 2.96 | % | 3.37 | % | ||||||||||||
Pension Plan Weighted Average Asset Allocations | ' | |||||||||||||||||||||||
The Company’s pension plan weighted average asset allocations at December 31, 2013 and 2012, by asset category, were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Equity securities | 66 | % | 68 | % | ||||||||||||||||||||
Fixed income securities | 34 | % | 32 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value | ' | |||||||||||||||||||||||
The following tables summarize the basis used to measure the defined benefit plans’ assets at fair value at December 31, 2013 and 2012: | ||||||||||||||||||||||||
Basis of Fair Value Measurement | ||||||||||||||||||||||||
Outstanding | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Balances | ||||||||||||||||||||||||
As of December 31, 2013 | (In thousands) | |||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
U.S. Large Cap | $ | 31,831 | $ | 31,831 | $ | — | $ | — | ||||||||||||||||
U.S. Small / Mid Cap | 8,783 | 8,783 | — | — | ||||||||||||||||||||
International | 25,591 | 25,591 | — | — | ||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||
U.S. Intermediate | 18,715 | 18,715 | — | — | ||||||||||||||||||||
U.S. Short Duration | 8,954 | 8,954 | — | — | ||||||||||||||||||||
U.S. High Yield | 1,581 | 1,581 | — | — | ||||||||||||||||||||
International | 5,812 | 5,812 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Insurance Contracts | 331 | — | 331 | — | ||||||||||||||||||||
Cash and Equivalents | 2,693 | 2,693 | — | — | ||||||||||||||||||||
$ | 104,291 | $ | 103,960 | $ | 331 | $ | — | |||||||||||||||||
Basis of Fair Value Measurement | ||||||||||||||||||||||||
Outstanding | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Balances | ||||||||||||||||||||||||
As of December 31, 2012 | (In thousands) | |||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
U.S. Large Cap | $ | 32,496 | $ | 32,496 | $ | — | $ | — | ||||||||||||||||
U.S. Small / Mid Cap | 7,770 | 7,770 | — | — | ||||||||||||||||||||
International | 20,869 | 13,082 | 7,787 | — | ||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||
U.S. Intermediate | 25,069 | 25,069 | — | — | ||||||||||||||||||||
U.S. Short Duration | — | — | — | — | ||||||||||||||||||||
U.S. High Yield | — | — | — | — | ||||||||||||||||||||
International | 5,489 | 5,489 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Insurance Contracts | 326 | 326 | — | — | ||||||||||||||||||||
Cash and Equivalents | 2,219 | 2,219 | — | — | ||||||||||||||||||||
$ | 94,238 | $ | 86,451 | $ | 7,787 | $ | — | |||||||||||||||||
Net Periodic Benefit Cost | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following table provides the pretax change recognized in Accumulated other comprehensive income (loss) in 2013: | ||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
U.S. | Non-U.S. | Other | ||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net loss in current year | $ | 20,869 | $ | 708 | $ | 5,140 | ||||||||||||||||||
Prior service cost | — | — | — | |||||||||||||||||||||
Amortization of prior service cost (credit) | 104 | 25 | (373 | ) | ||||||||||||||||||||
Amortization of net loss | 7,518 | 929 | 396 | |||||||||||||||||||||
Exchange rate effect on amounts in OCI | — | (410 | ) | (33 | ) | |||||||||||||||||||
Total | $ | 28,491 | $ | 1,252 | $ | 5,130 | ||||||||||||||||||
Pension Plans | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | ' | |||||||||||||||||||||||
The following tables provide the components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2013, 2012 and 2011: | ||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Service cost | $ | 1,526 | $ | 1,388 | $ | 1,756 | $ | 1,300 | $ | 1,759 | $ | 1,078 | ||||||||||||
Interest cost | 3,766 | 2,146 | 4,247 | 2,206 | 4,506 | 2,320 | ||||||||||||||||||
Expected return on plan assets | (5,318 | ) | (1,055 | ) | (4,687 | ) | (1,035 | ) | (4,755 | ) | (1,117 | ) | ||||||||||||
Net amortization | 7,621 | 955 | 5,376 | 589 | 4,855 | 442 | ||||||||||||||||||
Net periodic benefit cost | $ | 7,595 | $ | 3,434 | $ | 6,692 | $ | 3,060 | $ | 6,365 | $ | 2,723 | ||||||||||||
Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | ' | |||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Service cost | $ | 968 | $ | 763 | $ | 691 | ||||||||||||||||||
Interest cost | 906 | 922 | 1,035 | |||||||||||||||||||||
Net amortization | 24 | 11 | (156 | ) | ||||||||||||||||||||
Net periodic benefit cost | $ | 1,898 | $ | 1,696 | $ | 1,570 | ||||||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Summarized Quarterly Results of Operations | ' | |||||||||||||||||||||||||||||||
The following table summarizes the unaudited quarterly results of operations for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
2013 Quarters | 2012 Quarters | |||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth(1) | |||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Net sales | $ | 494,448 | $ | 518,445 | $ | 490,617 | $ | 520,620 | $ | 489,417 | $ | 494,144 | $ | 479,859 | $ | 490,838 | ||||||||||||||||
Gross profit | 211,997 | 222,849 | 211,509 | 227,009 | 202,889 | 203,113 | 194,840 | 202,858 | ||||||||||||||||||||||||
Operating income (loss) | 94,712 | 99,559 | 97,369 | 103,873 | 84,569 | 88,650 | 80,588 | (125,589 | ) | |||||||||||||||||||||||
Net income (loss) | 61,300 | 62,561 | 63,799 | 67,555 | 52,171 | 54,351 | 50,127 | (119,019 | ) | |||||||||||||||||||||||
Basic EPS | $ | 0.74 | $ | 0.76 | $ | 0.78 | $ | 0.83 | $ | 0.63 | $ | 0.65 | $ | 0.6 | $ | (1.45 | ) | |||||||||||||||
Diluted EPS | $ | 0.74 | $ | 0.76 | $ | 0.78 | $ | 0.82 | $ | 0.62 | $ | 0.65 | $ | 0.6 | $ | (1.45 | ) | |||||||||||||||
Basic weighted average shares outstanding | 82,197 | 81,829 | 81,259 | 80,782 | 82,804 | 83,180 | 82,482 | 82,296 | ||||||||||||||||||||||||
Diluted weighted average shares outstanding | 83,152 | 82,734 | 82,218 | 81,854 | 83,902 | 84,090 | 83,370 | 82,296 | ||||||||||||||||||||||||
-1 | Fourth quarter 2012 includes a $198.5 million asset impairment charge. |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||
Accounting Policies [Abstract] | ' | ' | ' |
Number of reportable segments | 3 | ' | ' |
Advertising costs | $14.60 | $15.30 | $13.40 |
Highly liquid debt instruments, maturity period | '90B days or less | ' | ' |
(Increase) decrease in income attributable to common shareholders | 1.2 | 0.1 | 1.2 |
Option to purchase common stock shares not included in the computation of diluted EPS | 0 | 1.2 | 0.7 |
Research and development expense | $33 | $36.40 | $36 |
Percentage of concentration risk | 2.00% | ' | ' |
Schedule_of_Basic_Weighted_Ave
Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average common shares outstanding | 80,782 | 81,259 | 81,829 | 82,197 | 82,296 | 82,482 | 83,180 | 82,804 | 81,517 | 82,689 | 82,145 |
Dilutive effect of stock options, unvested shares, performance share units and DCUs | ' | ' | ' | ' | ' | ' | ' | ' | 972 | 952 | 1,398 |
Diluted weighted average common shares outstanding | 81,854 | 82,218 | 82,734 | 83,152 | 82,296 | 83,370 | 84,090 | 83,902 | 82,489 | 83,641 | 83,543 |
Property_And_Equipment_at_Cost
Property And Equipment at Cost Depreciation and Amortization Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Land improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '8 years |
Land improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '12 years |
Buildings and improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '8 years |
Buildings and improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '30 years |
Machinery, equipment and other | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Machinery, equipment and other | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '12 years |
Office and transportation equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Office and transportation equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '10 years |
Intangible_Asset_Depreciation_
Intangible Asset Depreciation and Amortization Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Patents | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '11 years |
Patents | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '5 years |
Patents | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '17 years |
Trade Names | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '16 years |
Trade Names | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '10 years |
Trade Names | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '20 years |
Customer Relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '10 years |
Customer Relationships | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '4 years 6 months |
Customer Relationships | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '20 years |
Non-Compete Agreements | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '3 years |
Non-Compete Agreements | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '2 years 6 months |
Non-Compete Agreements | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '3 years |
Unpatented technology and other | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '11 years |
Unpatented technology and other | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '4 years 6 months |
Unpatented technology and other | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful life | '20 years |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Pre-tax restructuring expenses related to restructuring initiative | $0 | $32,473 | $12,314 |
2011 restructuring initiative | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Pre-tax restructuring expenses related to restructuring initiative | 0 | 32,473 | 12,314 |
Number of employees | 491 | 292 | ' |
Restructuring liabilities | $0 | $10,887 | $5,875 |
Schedule_of_PreTax_Restructuri
Schedule of Pre-Tax Restructuring Expenses by Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total | $0 | $32,473 | $12,314 |
Fluid & Metering Technologies | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance Costs | ' | 6,226 | 2,800 |
Exit Costs | ' | 36 | 61 |
Total | ' | 6,262 | 2,861 |
Health & Science Technologies | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance Costs | ' | 11,223 | 2,007 |
Exit Costs | ' | 3,521 | 123 |
Total | ' | 14,744 | 2,130 |
Fire & Safety/Diversified Products | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance Costs | ' | 3,226 | 4,430 |
Exit Costs | ' | 5,114 | 797 |
Total | ' | 8,340 | 5,227 |
Corporate Office/Other | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance Costs | ' | 2,844 | 2,096 |
Exit Costs | ' | 283 | 0 |
Total | ' | 3,127 | 2,096 |
Total Restructuring Costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance Costs | ' | 23,519 | 11,333 |
Exit Costs | ' | 8,954 | 981 |
Total | ' | $32,473 | $12,314 |
Schedule_of_Restructuring_Accr
Schedule of Restructuring Accruals Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring expenses | $0 | $32,473 | $12,314 |
2011 restructuring initiative | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 10,887 | 5,875 | ' |
Restructuring expenses | 0 | 32,473 | 12,314 |
Payments, utilization and other | -10,887 | -27,461 | ' |
Ending balance | $0 | $10,887 | $5,875 |
Balance_Sheet_Components_Detai
Balance Sheet Components (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Additional Financial Information Disclosure [Abstract] | ' | ' |
Customers | $255,992 | $257,114 |
Other | 3,075 | 4,577 |
Total | 259,067 | 261,691 |
Less allowance for doubtful accounts | 5,841 | 5,596 |
Total receivables - net | 253,226 | 256,095 |
Raw materials and components parts | 133,470 | 139,229 |
Work in process | 41,895 | 33,025 |
Finished goods | 55,602 | 62,696 |
Total | 230,967 | 234,950 |
Land and improvements | 32,723 | 31,787 |
Buildings and improvements | 150,316 | 141,952 |
Machinery, equipment and other | 300,858 | 288,542 |
Office and transportation equipment | 95,923 | 95,920 |
Construction in progress | 9,201 | 12,040 |
Total | 589,021 | 570,241 |
Less accumulated depreciation and amortization | 375,533 | 351,080 |
Total property, plant and equipment - net | 213,488 | 219,161 |
Payroll and related items | 63,297 | 55,618 |
Management incentive compensation | 20,949 | 15,974 |
Income taxes payable | 11,746 | 10,284 |
Deferred income taxes | 0 | 0 |
Insurance | 7,741 | 8,974 |
Warranty | 4,888 | 4,875 |
Deferred revenue | 9,455 | 9,682 |
Restructuring | 0 | 10,887 |
Liability for uncertain tax positions | 1,201 | 2,679 |
Accrued interest | 1,354 | 1,713 |
Contingent consideration for acquisition | 0 | 3,528 |
Other | 30,120 | 25,962 |
Total accrued expenses | 150,751 | 150,176 |
Pension and retiree medical obligations | 67,777 | 96,853 |
Liability for uncertain tax positions | 4,624 | 4,989 |
Deferred revenue | 5,578 | 6,534 |
Contingent consideration for acquisition | 0 | 5,515 |
Other | 15,087 | 14,484 |
Total other noncurrent liabilities | $93,066 | $128,375 |
Balance_Sheet_Components_Valua
Balance Sheet Components Valuation And Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Beginning balance January 1 | $5,596 | [1] | $5,860 | [1] | $5,322 | [1] |
Charged to costs and expenses, net of recoveries | 2,288 | [1] | 653 | [1] | 1,044 | [1] |
Utilization | -1,921 | [1] | -1,151 | [1] | -917 | [1] |
Currency translation and other | -122 | [1] | 234 | [1] | 411 | [1] |
Ending balance December 31 | $5,841 | [1] | $5,596 | [1] | $5,860 | [1] |
[1] | (1)Includes provision for doubtful accounts, sales returns and sales discounts granted to customers. |
Schedule_of_Changes_in_Carryin
Schedule of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Goodwill, gross | ' | $1,461,456 |
Accumulated impairment losses | ' | -30,090 |
Beginning Balance | 1,321,727 | 1,431,366 |
Acquisition adjustments | ' | 1,424 |
Acquisitions (Note 12) | 17,994 | 50,387 |
Foreign currency translation | 9,735 | 9,091 |
Goodwill impairment | ' | -170,541 |
Ending Balance | 1,349,456 | 1,321,727 |
Fluid & Metering Technologies | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Goodwill, gross | ' | 541,640 |
Accumulated impairment losses | ' | 0 |
Beginning Balance | 524,325 | 541,640 |
Acquisition adjustments | ' | 0 |
Acquisitions (Note 12) | 0 | 0 |
Foreign currency translation | 3,719 | 3,406 |
Goodwill impairment | -20,700 | -20,721 |
Ending Balance | 528,044 | 524,325 |
Health & Science Technologies | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Goodwill, gross | ' | 648,906 |
Accumulated impairment losses | ' | 0 |
Beginning Balance | 553,204 | 648,906 |
Acquisition adjustments | ' | 1,424 |
Acquisitions (Note 12) | 17,994 | 50,387 |
Foreign currency translation | 477 | 2,307 |
Goodwill impairment | -149,800 | -149,820 |
Ending Balance | 571,675 | 553,204 |
Fire & Safety/Diversified Products | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Goodwill, gross | ' | 270,910 |
Accumulated impairment losses | ' | -30,090 |
Beginning Balance | 244,198 | 240,820 |
Acquisition adjustments | ' | 0 |
Acquisitions (Note 12) | 0 | 0 |
Foreign currency translation | 5,539 | 3,378 |
Goodwill impairment | ' | 0 |
Ending Balance | $249,737 | $244,198 |
Schedule_of_Gross_Carrying_Val
Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | $444,184 | $429,063 |
Intangible assets - Gross Carrying Amount | 506,284 | 491,163 |
Amortized intangible assets - Accumulated Amortization | -195,057 | -149,791 |
Amortized intangible assets - Net | 249,127 | 279,272 |
Intangible assets - Net | 311,227 | 341,372 |
Patents | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 10,673 | 10,650 |
Amortized intangible assets - Accumulated Amortization | -5,179 | -4,273 |
Amortized intangible assets - Net | 5,494 | 6,377 |
Amortized intangible assets - Weighted Average Life | '11 years | ' |
Trade Names | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 104,582 | 103,113 |
Amortized intangible assets - Accumulated Amortization | -28,310 | -21,603 |
Amortized intangible assets - Net | 76,272 | 81,510 |
Amortized intangible assets - Weighted Average Life | '16 years | ' |
Customer Relationships | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 242,674 | 230,196 |
Amortized intangible assets - Accumulated Amortization | -121,092 | -93,273 |
Amortized intangible assets - Net | 121,582 | 136,923 |
Amortized intangible assets - Weighted Average Life | '10 years | ' |
Non-Compete Agreements | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 3,769 | 3,505 |
Amortized intangible assets - Accumulated Amortization | -3,272 | -2,827 |
Amortized intangible assets - Net | 497 | 678 |
Amortized intangible assets - Weighted Average Life | '3 years | ' |
Unpatented technology and other | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 75,528 | 74,758 |
Amortized intangible assets - Accumulated Amortization | -32,905 | -24,211 |
Amortized intangible assets - Net | 42,623 | 50,547 |
Amortized intangible assets - Weighted Average Life | '11 years | ' |
Other Amortizable Intangible Assets | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 6,958 | 6,841 |
Amortized intangible assets - Accumulated Amortization | -4,299 | -3,604 |
Amortized intangible assets - Net | 2,659 | 3,237 |
Amortized intangible assets - Weighted Average Life | '10 years | ' |
Banjo Trade Name | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Indefinite lived intangible assets - Gross Carrying Amount | 62,100 | 62,100 |
Indefinite lived intangible assets - Net | $62,100 | $62,100 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
IPO reporting units, fair value, percent grader than carrying value | 10.00% | ' | ' |
Goodwill impairment | ' | ($170,541,000) | ' |
Trade name, impairment charge | 2,700,000 | ' | ' |
Long lived assets impairment charge | 7,000,000 | ' | ' |
Amortization of intangible assets | 44,327,000 | 41,485,000 | 35,504,000 |
Expected amortization expense, 2014 | 43,300,000 | ' | ' |
Expected amortization expense, 2015 | 41,100,000 | ' | ' |
Expected amortization expense, 2016 | 39,100,000 | ' | ' |
Expected amortization expense, 2017 | 30,000,000 | ' | ' |
Expected amortization expense, 2018 | 18,300,000 | ' | ' |
Trade Name | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Trade name, impairment charge | ' | 21,000,000 | ' |
Trade name, fair value | ' | 26,000,000 | ' |
Estimated useful life | ' | '15 years | ' |
Health & Science Technologies | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Goodwill impairment | -149,800,000 | -149,820,000 | ' |
Fluid & Metering Technologies | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Goodwill impairment | ($20,700,000) | ($20,721,000) | ' |
Schedule_of_Borrowings_Detail
Schedule of Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | $773,876 | $786,576 |
Less current portion | 1,871 | 7,335 |
Total long-term borrowings | 772,005 | 779,241 |
Other Borrowings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | 4,271 | 10,648 |
Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving Facility | 10,000 | 21,000 |
4.2% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | 349,272 | 349,197 |
4.5 % Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | 298,828 | 298,689 |
2.58% Senior Euro Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | $111,505 | $107,042 |
Schedule_of_Borrowings_Parenth
Schedule of Borrowings (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
4.2% Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 4.20% | ' | 4.20% |
Senior Notes, maturity date | '2021-12 | '2021-12 | ' |
4.5 % Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 4.50% | ' | ' |
Senior Notes, maturity date | '2020-12 | '2020-12 | ' |
2.58% Senior Euro Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 2.58% | ' | ' |
Senior Notes, maturity date | '2015-06 | '2015-06 | ' |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Jun. 30, 2010 | Jun. 30, 2010 | Jun. 09, 2010 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 06, 2010 | Apr. 15, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 09, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | 2.58% Senior Euro Notes | 2.58% Senior Euro Notes | 2.58% Senior Euro Notes | 2.58% Senior Euro Notes | 4.5 % Senior Notes | 4.5 % Senior Notes | 4.5 % Senior Notes | 4.2% Senior Notes | 4.2% Senior Notes | 4.2% Senior Notes | Other Borrowings | Other Borrowings | Other Borrowings | Other Borrowings | Letters Of Credit | Swing line Loans | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |
USD ($) | EUR (€) | USD ($) | Minimum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Replaced credit facility due to expire | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving facility principal amount | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 25,000,000 | ' | ' | ' | ' |
Revolving facility expiration date | 27-Jun-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate commitments of designated borrowers under the Credit Facility | 950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.05% | ' | 0.88% | 1.70% |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' | ' |
Current borrowings under revolving facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 21,000,000 | ' | ' |
Revolving Facility, amount available to borrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 681,300,000 | ' | ' | ' |
Principal amount of private placement | ' | 96,800,000 | 81,000,000 | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | 2.58% | ' | ' | 4.50% | 4.50% | ' | ' | 4.20% | ' | ' | 0.30% | 1.50% | ' | ' | ' | ' | ' | ' |
Debt instrument maturity period | ' | 9-Jun-15 | 9-Jun-15 | ' | ' | 15-Dec-20 | ' | ' | 15-Dec-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maximum amount outstanding | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment, minimum percentage outstanding | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from debt offering | ' | ' | ' | ' | ' | ' | 295,700,000 | ' | ' | ' | 346,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt offering initial discount | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt offering underwriting commission | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated offering expenses | ' | ' | ' | ' | ' | 800,000 | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent percentage of principal amount plus accrued and unpaid interest | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding repayment of indebtedness | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 306,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,271,000 | $10,648,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Maturities_of_Borr
Schedule of Maturities of Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $1,871 | ' |
2015 | 112,085 | ' |
2016 | 10,530 | ' |
2017 | 1,190 | ' |
2018 | 100 | ' |
Thereafter | 648,100 | ' |
Long-term borrowings | $773,876 | $786,576 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 29, 2011 | Dec. 31, 2010 | Apr. 30, 2010 | Dec. 31, 2011 | Apr. 15, 2010 | Oct. 31, 2011 | Jul. 31, 2011 | Jul. 12, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 06, 2010 | Apr. 15, 2010 | |
Interest Rate Exchange Agreement Expiring 2010 | Interest Rate Exchange Agreement Expiring 2010 | Interest Rate Exchange Agreement Expiring 2010 | Interest Rate Exchange Agreement Expiring 2010 | Interest Rate Exchange Agreement Expiring 2011 | Interest Rate Exchange Agreement Expiring 2011 | Interest Rate Exchange Agreement Expiring 2011 | Interest Rate Exchange Agreements Expiring 2011 And 2012 | Interest Rate Exchange Agreements Expiring 2011 And 2012 | 4.5 % Senior Notes | 4.5 % Senior Notes | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate contract with notional amount | ' | ' | ' | ' | ' | $350,000,000 | ' | ' | ' | $300,000,000 | ' | ' | $350,000,000 | ' | ' | ' | ' |
Interest rate exchange agreement expiration date | ' | 28-Feb-12 | ' | ' | ' | ' | ' | 31-Dec-10 | ' | ' | ' | 30-Sep-11 | ' | ' | ' | ' | ' |
Interest rate on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | 4.50% |
Interest rate contract settlement amount | ' | ' | ' | ' | ' | ' | 31,000,000 | ' | ' | ' | 34,700,000 | ' | ' | ' | ' | ' | ' |
Future amortization interest expense over 10 year periods | ' | ' | 1,703,000 | 1,685,000 | 1,263,000 | ' | 31,000,000 | ' | ' | ' | ' | ' | ' | 37,900,000 | ' | ' | ' |
Term of amortized interest expense, years | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.80% | ' | ' | ' | ' | ' | 5.30% | ' | ' |
Additional interest rate contract settlement | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement amount interest rate contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,700,000 | ' | ' |
Interest rate settlement recognized as other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' |
Amount to be recognized from hedged transactions within 12 months, approximate | ' | ' | $7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Gain_or_Loss_Recogn
Summary of Gain or Loss Recognized and Amounts and Location of Income or Expense and Gain or Loss Reclassified into Income for Interest Rate Contracts and Foreign Currency Contracts (Detail) (Interest rate agreements, Interest Expense, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest rate agreements | Interest Expense | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain(Loss) recognized in Other comprehensive Income | $0 | $0 | $0 |
Income (Expense) and Gain (Loss) Reclassified into Income | ($7,430) | ($7,637) | ($3,570) |
Schedule_of_Company_Financial_
Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investments | $27,871 | $11,165 |
Available for sale securities | 3,255 | 2,862 |
Contingent consideration | ' | -9,043 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investments | 27,871 | 11,165 |
Available for sale securities | 3,255 | 2,862 |
Contingent consideration | ' | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investments | 0 | 0 |
Available for sale securities | 0 | 0 |
Contingent consideration | ' | 0 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investments | 0 | 0 |
Available for sale securities | 0 | 0 |
Contingent consideration | ' | ($9,043) |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2011 | Nov. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 20, 2012 | |
2.58% Senior Euro Notes | Senior Notes | 4.2% Senior Notes | At Films | Matcon | Matcon | Matcon | Matcon | Matcon | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration value as of opening balance sheet date | ' | $9,043,000 | ' | ' | ' | $2,700,000 | ' | ' | $9,000,000 | $4,900,000 | $8,400,000 |
Business acquisition, contingent consideration recognized to SG&A | 1,400,000 | 2,700,000 | ' | ' | ' | ' | 4,100,000 | ' | 600,000 | ' | ' |
Contingent consideration for acquisition recorded in Accrued expenses | 0 | 3,528,000 | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' |
Contingent consideration for acquisition recorded in Noncurrent liabilities | 0 | 5,515,000 | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' |
Change in amount of contingent consideration, liability | ' | ' | ' | ' | ' | ' | 1,100,000 | 3,800,000 | ' | ' | ' |
Stated interest rate | ' | ' | 2.58% | 4.50% | 4.20% | ' | ' | ' | ' | ' | ' |
Fair value of our revolving facility and senior debt | 772,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of our revolving facility and senior debt | $769,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expense | $18.90 | $18.40 | $19 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments For Operating And Capital Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Future minimum lease payments for operating lease for year 2014 | $15,426 |
Future minimum lease payments for operating lease for year 2015 | 11,811 |
Future minimum lease payments for operating lease for year 2016 | 7,742 |
Future minimum lease payments for operating lease for year 2017 | 5,177 |
Future minimum lease payments for operating lease for year 2018 | 3,964 |
Future minimum lease payments for operating lease for year 2019 and thereafter | 5,945 |
Future minimum lease payments for operating lease total | 50,065 |
Future minimum lease payments for capital lease for year 2014 | 564 |
Future minimum lease payments for capital lease for year 2015 | 604 |
Future minimum lease payments for capital lease for year 2016 | 548 |
Future minimum lease payments for capital lease for year 2017 | 1,192 |
Future minimum lease payments for capital lease for year 2018 | 100 |
Future minimum lease payments for capital lease for year 2019 and thereafter | 0 |
Future minimum lease payments for capital lease total | $3,008 |
Roll_Forward_Of_The_Warranty_R
Roll Forward Of The Warranty Reserve (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' |
Beginning balance January 1st | $4,875 | $4,417 | $3,831 |
Provision for warranties | 3,845 | 5,398 | 4,648 |
Claim settlements | -3,865 | -5,214 | -4,443 |
Other adjustments, including acquisitions and currency translation | 33 | 274 | 381 |
Ending balance December 31st | $4,888 | $4,875 | $4,417 |
Common_and_Preferred_Stock_Add
Common and Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Nov. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' | ' |
Increase in share repurchase authorized amount | $300,000,000 | ' | ' | ' |
Purchase of common stock (in shares) | ' | 2,916,280 | 2,182,946 | ' |
Purchase of common stock | ' | 167,503,000 | 89,563,000 | 0 |
Remaining authorized repurchase amount | ' | $368,000,000 | ' | ' |
Common stock, shares authorized | ' | 150,000,000 | 150,000,000 | ' |
Common stock, par value | ' | $0.01 | $0.01 | ' |
Preferred stock, shares authorized | ' | 5,000,000 | 5,000,000 | ' |
Preferred stock, par value | ' | $0.01 | $0.01 | ' |
Preferred stock, shares issued | ' | 0 | 0 | ' |
Schedule_Of_Income_Before_Inco
Schedule Of Income Before Income Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $233,530 | $65,738 | $192,857 |
Foreign | 119,599 | 20,466 | 81,024 |
Income before income taxes | $353,129 | $86,204 | $273,881 |
Provision_Benefit_for_Income_T
Provision Benefit for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current, U.S. | $59,707 | $59,811 | $48,823 |
Current, State and local | 8,123 | 5,764 | 3,434 |
Current, Foreign | 33,240 | 20,228 | 31,343 |
Total current | 101,070 | 85,803 | 83,600 |
Deferred, U.S. | 1,500 | -31,246 | 4,792 |
Deferred, State and local | -55 | -2,377 | -1,103 |
Deferred, Foreign | -4,601 | -3,606 | -7,265 |
Total deferred | -3,156 | -37,229 | -3,576 |
Total provision for income taxes | $97,914 | $48,574 | $80,024 |
Deferred_Tax_Assets_Liabilitie
Deferred Tax Assets Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Employee and retiree benefit plans | $27,361 | $38,401 |
Depreciation and amortization | -175,894 | -170,630 |
Inventories | 9,627 | 10,851 |
Allowances and accruals | 9,632 | 7,629 |
Interest rate exchange agreement | 18,165 | 20,856 |
Other | 4,636 | 7,059 |
Net deferred tax liabilities | ($106,473) | ($85,834) |
Deferred_Tax_Assets_and_Liabil
Deferred Tax Assets and Liabilities Recognized in Company's Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax asset - other current assets | $34,151 | $32,293 |
Deferred tax asset - other noncurrent assets | 4,284 | 3,222 |
Total deferred tax assets | 38,435 | 35,515 |
Deferred tax liability - accrued expenses | 0 | 0 |
Noncurrent deferred tax liability - deferred income taxes | -144,908 | -121,349 |
Total deferred tax liabilities | -144,908 | -121,349 |
Net deferred tax liabilities | ($106,473) | ($85,834) |
Computed_Amount_and_Difference
Computed Amount and Differences in Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Pretax income | $353,129 | $86,204 | $273,881 |
Computed amount at statutory rate of 35% | 123,595 | 30,171 | 95,858 |
State and local income tax (net of federal tax benefit) | 4,382 | 2,406 | 1,515 |
Taxes on non-U.S. earnings-net of foreign tax credits | -9,683 | 1,189 | -4,522 |
Effect of flow-through entities | -7,267 | -7,846 | -6,922 |
Asset impairments | 0 | 28,524 | 0 |
U.S. business tax credits | -1,516 | 0 | -917 |
Domestic activities production deduction | -6,217 | -5,267 | -4,589 |
Other | -5,380 | -603 | -399 |
Total provision for income taxes | $97,914 | $48,574 | $80,024 |
Computed_Amount_and_Difference1
Computed Amount and Differences in Provision for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning Balance | $6,506 | $5,548 | $6,440 |
Gross increases for tax positions of prior years | 1,357 | 3,017 | 1,828 |
Gross decreases for tax positions of prior years | -99 | -98 | -1,595 |
Settlements | -1,219 | 0 | -338 |
Lapse of statute of limitations | -1,421 | -1,961 | -787 |
Ending Balance | $5,124 | $6,506 | $5,548 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Undistributed earnings of non-U.S. subsidiaries | $597,000,000 | $468,000,000 | ' |
Foreign earnings repatriated | 11,700,000 | ' | ' |
Incremental income tax expense | 900,000 | ' | ' |
Accrued interest related to uncertain tax positions | 500,000 | 700,000 | 500,000 |
Accrued penalties related to uncertain tax positions | 200,000 | 500,000 | 200,000 |
Unrecognized tax benefits that would affect our effective tax rate | 4,500,000 | 5,800,000 | 5,000,000 |
Unrecognized tax benefits possible change, estimated range, lower bound | 0 | ' | ' |
Unrecognized tax benefits possible change, estimated range, upper bound | 1,200,000 | ' | ' |
Loss carry forwards for U.S. federal | 9,400,000 | 13,900,000 | ' |
Loss carry forwards for non-U.S. | 7,000,000 | 7,800,000 | ' |
Loss carry forwards, subject to expiration amount | 2,700,000 | ' | ' |
Loss carry forwards, not subject to expiration amount | 4,300,000 | ' | ' |
Foreign capital loss carry forward | 1,000,000 | 1,000,000 | ' |
Deferred tax assets, capital loss carry forwards | 200,000 | 200,000 | ' |
Operating loss and credit carry forwards | 22,400,000 | 38,800,000 | ' |
Operating loss carry forwards, valuation allowance | $700,000 | $1,500,000 | ' |
Federal | Minimum | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating loss carry forwards, expiration dates | 31-Dec-18 | ' | ' |
Federal | Maximum | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating loss carry forwards, expiration dates | 31-Dec-31 | ' | ' |
State and Local Jurisdiction | Minimum | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating loss carry forwards, expiration dates | 31-Dec-20 | ' | ' |
State and Local Jurisdiction | Maximum | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating loss carry forwards, expiration dates | 31-Dec-33 | ' | ' |
Business_Segments_and_Geograph2
Business Segments and Geographic Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable business segments | 3 |
Schedule_of_Information_on_Com
Schedule of Information on Company's Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | $2,024,130 | $1,954,258 | $1,838,451 | |||
Net sales | 520,620 | 490,617 | 518,445 | 494,448 | 490,838 | 479,859 | 494,144 | 489,417 | 2,024,130 | 1,954,258 | 1,838,451 | |||
Operating income (loss) | 103,873 | 97,369 | 99,559 | 94,712 | -125,589 | 80,588 | 88,650 | 84,569 | 395,513 | [1] | 128,218 | [1] | 304,656 | [1] |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,206 | 42,250 | 29,332 | |||
Other income (expense)-net | ' | ' | ' | ' | ' | ' | ' | ' | -178 | 236 | -1,443 | |||
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 353,129 | 86,204 | 273,881 | |||
Total assets | 2,887,577 | ' | ' | ' | 2,785,390 | ' | ' | ' | 2,887,577 | 2,785,390 | 2,836,107 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 79,334 | [2] | 78,312 | [2] | 72,386 | [2] |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 31,536 | 35,520 | 34,548 | |||
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -7,383 | -11,318 | -3,161 | |||
Corporate Office | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -55,180 | [1] | -51,717 | [1] | -52,100 | [1] |
Total assets | 264,540 | ' | ' | ' | 170,493 | ' | ' | ' | 264,540 | 170,493 | 143,031 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,353 | [2] | 1,587 | [2] | 1,447 | [2] |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,635 | 2,191 | 3,423 | |||
Fluid & Metering Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 871,814 | 833,288 | 831,287 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 211,256 | [1] | 146,650 | [1] | 164,818 | [1] |
Total assets | 1,025,352 | ' | ' | ' | 1,023,143 | ' | ' | ' | 1,025,352 | 1,023,143 | 1,072,023 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27,633 | [2] | 29,637 | [2] | 32,368 | [2] |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 11,581 | 13,535 | 12,543 | |||
Fluid & Metering Technologies | External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 870,720 | 829,320 | 830,821 | |||
Fluid & Metering Technologies | Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,094 | 3,968 | 466 | |||
Health & Science Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 714,650 | 695,235 | 607,900 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 136,707 | [1],[3] | -62,835 | [1],[3] | 106,037 | [1],[3] |
Total assets | 1,113,546 | ' | ' | ' | 1,102,868 | ' | ' | ' | 1,113,546 | 1,102,868 | 1,178,653 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 43,496 | [2] | 39,981 | [2] | 30,055 | [2] |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 12,280 | 13,140 | 12,938 | |||
Health & Science Technologies | External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 708,940 | 689,574 | 606,247 | |||
Health & Science Technologies | Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,710 | 5,661 | 1,653 | |||
Fire & Safety/Diversified Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 445,049 | 437,053 | 402,425 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 102,730 | [1],[3] | 96,120 | [1],[3] | 85,901 | [1],[3] |
Total assets | 484,139 | ' | ' | ' | 488,886 | ' | ' | ' | 484,139 | 488,886 | 442,400 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,852 | [2] | 7,107 | [2] | 8,516 | [2] |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5,040 | 6,654 | 5,644 | |||
Fire & Safety/Diversified Products | External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 444,470 | 435,364 | 401,383 | |||
Fire & Safety/Diversified Products | Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment sales | ' | ' | ' | ' | ' | ' | ' | ' | $579 | $1,689 | $1,042 | |||
[1] | (1)Segment operating income excludes net unallocated corporate operating expenses. | |||||||||||||
[2] | Excludes amortization of debt issuance expenses. | |||||||||||||
[3] | (2)Segment operating income includes asset impairment charges in 2012 of $27.7 million within the FluidB & Metering Technologies segment and $170.8 million within the HealthB & Science Technologies segment. |
Schedule_of_Information_on_Com1
Schedule of Information on Company's Business Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Asset impairment charge | $198,500 | $0 | $198,519 | $0 |
Fluid & Metering Technologies | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Asset impairment charge | ' | 27,700 | ' | ' |
Health & Science Technologies | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Asset impairment charge | ' | $170,800 | ' | ' |
Schedule_of_Sales_from_Externa
Schedule of Sales from External Customers and Long Lived Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total net sales | $2,024,130 | $1,954,258 | $1,838,451 |
Total long-lived assets - net | 213,488 | 219,161 | 213,717 |
U.S. | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total net sales | 983,791 | 963,137 | 857,990 |
Total long-lived assets - net | 124,880 | 127,425 | 124,102 |
Europe | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total net sales | 521,491 | 479,744 | 492,125 |
Total long-lived assets - net | 63,018 | 64,137 | 63,433 |
Asia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total net sales | 306,466 | 305,185 | 278,900 |
Total long-lived assets - net | 24,590 | 26,320 | 24,570 |
Other Countries | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total net sales | 212,382 | 206,192 | 209,436 |
Total long-lived assets - net | $1,000 | $1,279 | $1,612 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 18, 2013 | Mar. 18, 2013 | Apr. 11, 2012 | Dec. 31, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2012 | Jul. 20, 2012 | Jul. 20, 2012 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2011 | Mar. 11, 2011 | Jun. 10, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 17, 2010 | |
USD ($) | USD ($) | USD ($) | Cost of Sales [Member] | Trade Names | FTL | FTL | PPC | PPC | ERC | ERC | ERC | Matcon | Matcon | Matcon | Matcon | Matcon | At Films | Microfluidics | CVI MG | CVI MG | CVI MG | Periflo | |
USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Trade Names | USD ($) | |||||
USD ($) | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual revenue of entity acquired | ' | ' | ' | ' | ' | $22,500,000 | £ 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | 1,470,000,000 | ' | 45,800,000 | 29,100,000 | ' | ' | ' | 34,500,000 | ' | 394,700,000 | ' | ' | ' |
Business combination, cash consideration paid | ' | ' | ' | ' | ' | 34,500,000 | 23,100,000 | 20,600,000 | ' | 13,300,000 | ' | ' | 35,000,000 | ' | ' | ' | ' | 31,800,000 | 18,500,000 | 393,300,000 | ' | ' | ' |
Goodwill | ' | 50,387,000 | 232,613,000 | ' | ' | 17,994,000 | ' | 13,900,000 | 13,941,000 | 8,500,000 | ' | 8,499,000 | 28,000,000 | ' | ' | 27,947,000 | ' | 18,200,000 | 5,900,000 | 208,500,000 | 208,540,000 | ' | ' |
Acquisition cash payment made for funded from operation | ' | ' | ' | ' | ' | ' | ' | 20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill not deductible for tax purpose | ' | ' | ' | ' | ' | 18,000,000 | ' | 13,900,000 | ' | 8,500,000 | ' | ' | 28,000,000 | ' | ' | ' | ' | 18,200,000 | 5,900,000 | ' | ' | ' | ' |
Business combination, working capital adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration value as of opening balance sheet date | ' | 9,043,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | 9,000,000 | 4,900,000 | 2,700,000 | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | 9,043,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | 9,000,000 | 4,900,000 | 2,700,000 | ' | ' | ' | ' | ' |
Business combination, amount financed with borrowings under the revolving facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related transaction costs | 1,400,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of inventory charges associated with acquisitions | 1,800,000 | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill deductible for tax purpose | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,200,000 | ' | 117,700,000 | ' | ' | 2,500,000 |
Purchase price financed with borrowings under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 365,000,000 | ' | ' | ' |
Acquired intangible assets amortization life | ' | ' | ' | ' | '16 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' |
Acquisition related transaction costs | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' |
Intangible assets | ' | 24,827,000 | 136,929,000 | ' | ' | 13,016,000 | ' | 5,100,000 | 5,104,000 | 5,600,000 | ' | 5,642,000 | 14,100,000 | ' | ' | 14,081,000 | ' | 11,400,000 | 9,700,000 | 115,800,000 | 115,777,000 | ' | ' |
Intangible assets, finite-lived | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,000,000 | ' |
Intangible assets, indefinite-lived | ' | ' | $89,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation_of_Acquisition_Cost
Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 18, 2013 | Dec. 31, 2012 | Apr. 30, 2012 | Dec. 31, 2012 | Apr. 11, 2012 | Dec. 31, 2012 | Jul. 20, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 10, 2011 |
In Thousands, unless otherwise specified | FTL | ERC | ERC | PPC | PPC | Matcon | Matcon | Advanced Thin Films, LLC | Microfluidics International Corporation | CVI MG | CVI MG | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | $14,411 | $26,685 | $3,454 | $5,766 | ' | $877 | ' | $7,768 | ' | $947 | $1,760 | $23,978 | ' |
Inventory | 5,760 | 55,946 | 4,524 | 4,224 | ' | 932 | ' | 604 | ' | 852 | 2,226 | 52,868 | ' |
Other current assets, net of cash acquired | 3,113 | 8,451 | 131 | 981 | ' | 252 | ' | 1,880 | ' | 73 | 816 | 7,562 | ' |
Property, plant and equipment | 10,369 | 36,635 | 1,357 | 2,738 | ' | 1,936 | ' | 5,695 | ' | 5,019 | 567 | 31,049 | ' |
Goodwill | 50,387 | 232,613 | 17,994 | 8,499 | 8,500 | 13,941 | 13,900 | 27,947 | 28,000 | 18,220 | 5,853 | 208,540 | 208,500 |
Intangible assets | 24,827 | 136,929 | 13,016 | 5,642 | 5,600 | 5,104 | 5,100 | 14,081 | 14,100 | 11,435 | 9,717 | 115,777 | 115,800 |
Other assets | 1,575 | 5,391 | ' | 1,509 | ' | 13 | ' | 53 | ' | 2,731 | 548 | 2,112 | ' |
Total assets acquired | 110,442 | 502,650 | 40,476 | 29,359 | ' | 23,055 | ' | 58,028 | ' | 39,277 | 21,487 | 441,886 | ' |
Total liabilities assumed | -30,754 | -56,289 | -5,939 | -16,074 | ' | -2,465 | ' | -12,215 | ' | -4,766 | -2,951 | -48,572 | ' |
Net assets acquired | $79,688 | $446,361 | $34,537 | $13,285 | ' | $20,590 | ' | $45,813 | ' | $34,511 | $18,536 | $393,314 | ' |
Acquired_Intangible_Assets_and
Acquired Intangible Assets and Weighted Average Amortization Periods (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, Total | $13,016 | $24,827 | $89,921 |
Trade Names | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, Total | 1,005 | 8,973 | 4,168 |
Weighted Average Life | '15 years | '15 years | '15 years |
Non-Compete Agreements | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, Total | 224 | 470 | 793 |
Weighted Average Life | '3 years | '3 years | '2 years |
Customer Relationships | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, Total | 10,950 | 11,343 | 53,895 |
Weighted Average Life | '9 years | '6 years | '7 years |
Unpatented technology and other | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, Total | 837 | 4,041 | 28,048 |
Weighted Average Life | '8 years | '8 years | '6 years |
Patents | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, Total | ' | ' | $3,017 |
Weighted Average Life | ' | ' | '10 years |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
share-based_compensation_plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of share-based compensation plans | 2 | ' | ' |
Number of shares authorized | 10,600,000 | ' | ' |
Number of shares available for future issuance | 2,700,000 | ' | ' |
Stock option exercisable life | '10 years | ' | ' |
Unvested shares, granted | 200,000 | 200,000 | 300,000 |
Total intrinsic value of options exercised | $34,300,000 | $23,500,000 | $21,900,000 |
Cash received from options exercised | 35,306,000 | 45,771,000 | 33,064,000 |
Tax benefit realized for the tax deductions from stock options exercised | 12,500,000 | 8,600,000 | 8,000,000 |
Share-based compensation expense | 16,993,000 | 13,102,000 | 12,076,000 |
Share based compensation, accrued expenses | 2,000,000 | 2,000,000 | ' |
Share based compensation, other noncurrent liabilities | 1,000,000 | ' | ' |
Award requisite service period | '3 years | ' | ' |
Non-Executive [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | 3,600,000 | 2,300,000 | 800,000 |
Non-Employee Directors Cliff | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of option | '1 year | ' | ' |
Unvested Share And Unvested Share Unit Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of option | '3 years | ' | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unvested shares, granted | 54,065 | ' | ' |
Total unrecognized compensation cost | 1,800,000 | ' | ' |
Weighted-average period of total unrecognized compensation cost, in years | '1 year 1 month 6 days | ' | ' |
Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | 9,100,000 | ' | ' |
Weighted-average period of total unrecognized compensation cost, in years | '1 year 3 months 18 days | ' | ' |
Share-based compensation expense | 6,268,000 | 6,292,000 | 6,958,000 |
Unvested Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unvested shares, granted | 232,418 | ' | ' |
Total unrecognized compensation cost | 12,300,000 | ' | ' |
Weighted-average period of total unrecognized compensation cost, in years | '1 year | ' | ' |
Share-based compensation expense | $9,851,000 | $6,810,000 | $5,118,000 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Target award | 0.00% | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Target award | 200.00% | ' | ' |
Target payout | 100.00% | ' | ' |
Schedule_of_Weighted_Average_O
Schedule of Weighted Average Option Fair Values and Assumptions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Weighted average fair value of grants | $12.97 | $11.40 | $12.30 |
Dividend yield | 1.57% | 1.59% | 1.46% |
Volatility | 30.92% | 32.00% | 32.72% |
Risk-free interest rate, minimum | 0.17% | 0.17% | 0.28% |
Risk-free interest rate, maximum | 4.12% | 3.96% | 5.61% |
Expected life (in years) | '5 years 10 months 10 days | '5 years 11 months 23 days | '6 years 1 month 21 days |
Schedule_of_Weighted_Average_P
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value of grants | $12.97 | $11.40 | $12.30 |
Dividend yield | 1.57% | 1.59% | 1.46% |
Volatility | 30.92% | 32.00% | 32.72% |
Expected life (in years) | '5 years 10 months 10 days | '5 years 11 months 23 days | '6 years 1 month 21 days |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value of grants | $59.58 | ' | ' |
Dividend yield | 0.00% | ' | ' |
Volatility | 28.99% | ' | ' |
Risk-free interest rate | 0.40% | ' | ' |
Expected life (in years) | '2 years 10 months 13 days | ' | ' |
Schedule_of_Compensation_Cost_
Schedule of Compensation Cost for Stock Options and Unvested Shares (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Total expense before income taxes | $16,993 | $13,102 | $12,076 |
Stock Option | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Total expense before income taxes | 6,268 | 6,292 | 6,958 |
Income tax benefit | -2,016 | -1,988 | -2,208 |
Total expense after income taxes | 4,252 | 4,304 | 4,750 |
Stock Option | Cost Of Goods Sold | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Total expense before income taxes | 479 | 650 | 805 |
Stock Option | Selling, General And Administrative Expenses | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Total expense before income taxes | 5,789 | 5,642 | 6,153 |
Unvested Shares | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Total expense before income taxes | 9,851 | 6,810 | 5,118 |
Income tax benefit | -2,296 | -1,682 | -1,827 |
Total expense after income taxes | 7,555 | 5,128 | 3,291 |
Unvested Shares | Cost Of Goods Sold | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Total expense before income taxes | 1,380 | 991 | 684 |
Unvested Shares | Selling, General And Administrative Expenses | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Total expense before income taxes | $8,471 | $5,819 | $4,434 |
Compensation_Cost_for_Performa
Compensation Cost for Performance Share Units (Details) (Performance Shares [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' |
Total expense before income taxes | $873 |
Income tax benefit | -280 |
Total expense after income taxes | 593 |
Cost of Sales [Member] | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' |
Total expense before income taxes | 0 |
Selling, General And Administrative Expenses | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' |
Total expense before income taxes | $873 |
Stock_Options_Activity_Detail
Stock Options Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Shares | ' | ' |
Outstanding at January 1, 2012 | 3,223,742 | ' |
Granted | 651,022 | ' |
Exercised | -1,245,817 | ' |
Forfeited/Expired | -112,329 | ' |
Outstanding at December 31, 2012 | 2,516,618 | 3,223,742 |
Vested and expected to vest at December 31, 2012 | 2,400,548 | ' |
Exercisable at December 31, 2012 | 1,086,636 | ' |
Weighted Average Price | ' | ' |
Stock Options Outstanding, Weighted Average Price, Beginning | $33.16 | ' |
Granted, Weighted Average Price | $50.70 | ' |
Exercised, Weighted Average Price | $28.41 | ' |
Forfeited/Expired, Weighted Average Price | $43.23 | ' |
Stock Options Outstanding, Weighted Average Price, Ending | $39.60 | $33.16 |
Vested and expected to vest at December 31, 2012, Weighted Average Price | $39.23 | ' |
Exercisable at December 31, 2012, Weighted Average Price | $32.47 | ' |
Weighted-Average Remaining Contractual Term | ' | ' |
Weighted-Average Remaining Contractual Term | '6 years 10 months 13 days | '6 years 4 months 13 days |
Vested and expected to vest at December 31, 2012, Weighted-Average Remaining Contractual Term | '6 years 9 months 11 days | ' |
Exercisable, Weighted-Average Remaining Contractual Term | '5 years 0 months 18 days | ' |
Aggregate Intrinsic Value | ' | ' |
Stock options outstanding, Beginning aggregate intrinsic value | $43,106,153 | ' |
Stock options outstanding, Ending aggregate intrinsic value | 86,200,655 | 43,106,153 |
Stock options, vested and expected to vest aggregate intrinsic value | 83,095,331 | ' |
Stock options, exercisable aggregate intrinsic value | $44,963,329 | ' |
Unvested_Share_Activity_Detail
Unvested Share Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares | ' | ' | ' |
Granted, Shares | 200,000 | 200,000 | 300,000 |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Nonvested, Weighted-Average Grant Date Fair Value, Beginning Balance | $40.27 | ' | ' |
Granted, Weighted-Average Grant Date Fair Value | $56.20 | ' | ' |
Vested, Weighted-Average Grant Date Fair Value | $38.50 | ' | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $53.58 | ' | ' |
Nonvested, Weighted-Average Grant Date Fair Value, Ending Balance | $40.27 | $40.27 | ' |
Unvested Shares | ' | ' | ' |
Shares | ' | ' | ' |
Nonvested, Beginning Balance | 589,986 | ' | ' |
Granted, Shares | 232,418 | ' | ' |
Vested, Shares | -154,795 | ' | ' |
Forfeited, Shares | -48,930 | ' | ' |
Nonvested, Ending Balance | 618,679 | ' | ' |
Performance_Share_Unit_Activit
Performance Share Unit Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares | ' | ' | ' |
Granted, Shares | 200,000 | 200,000 | 300,000 |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Nonvested, Weighted-Average Grant Date Fair Value, Beginning Balance | $40.27 | ' | ' |
Granted, Weighted-Average Grant Date Fair Value | $56.20 | ' | ' |
Vested, Weighted-Average Grant Date Fair Value | $38.50 | ' | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $53.58 | ' | ' |
Nonvested, Weighted-Average Grant Date Fair Value, Ending Balance | $40.27 | $40.27 | ' |
Performance Shares [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Nonvested, Beginning Balance | 0 | ' | ' |
Granted, Shares | 54,065 | ' | ' |
Vested, Shares | 0 | ' | ' |
Forfeited, Shares | -860 | ' | ' |
Nonvested, Ending Balance | 53,205 | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Nonvested, Weighted-Average Grant Date Fair Value, Beginning Balance | $0 | ' | ' |
Granted, Weighted-Average Grant Date Fair Value | $59.58 | ' | ' |
Vested, Weighted-Average Grant Date Fair Value | $0 | ' | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $59.58 | ' | ' |
Nonvested, Weighted-Average Grant Date Fair Value, Ending Balance | $59.58 | ' | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Cumulative translation adjustment, Pre-tax | $13,572 | $14,445 | ($14,108) |
Cumulative translation adjustment, Tax | 0 | 0 | 0 |
Cumulative translation adjustment, Net of Tax | 13,572 | 14,445 | -14,108 |
Pension and Other Postretirement Adjustments | ' | ' | ' |
Net gain (loss) arising during the year, Pre-tax | 26,274 | -16,607 | -18,066 |
Net gain (loss) arising during the year, Tax | -9,859 | 3,107 | 6,038 |
Net gain (loss) arising during the year, Net of Tax | 16,415 | -13,500 | -12,028 |
Amortization/settlement recognition of net loss (gain), Pre-tax | 8,599 | 7,801 | 5,446 |
Amortization/settlement recognition of net loss (gain), Tax | -3,226 | -1,460 | -1,816 |
Amortization/settlement recognition of net loss (gain), Net of Tax | 5,373 | 6,341 | 3,630 |
Pension and other postretirement adjustments, Pre-tax | 34,873 | -8,806 | -12,620 |
Pension and other postretirement adjustments, Tax | -13,085 | 1,647 | 4,222 |
Pension and other postretirement adjustments, Net of Tax | 21,788 | -7,159 | -8,398 |
Reclassification adjustments for derivatives, Pre-tax | 7,430 | 7,571 | -32,754 |
Reclassification adjustments for derivatives, Tax | -2,692 | -2,791 | 12,500 |
Reclassification adjustments for derivatives, Net of tax | 4,738 | 4,780 | -20,254 |
Total other comprehensive income (loss), Pre-tax | 55,875 | 13,210 | -59,482 |
Total other comprehensive income (loss), Tax | -15,777 | -1,144 | 16,722 |
Total other comprehensive income (loss), Net of Tax | $40,098 | $12,066 | ($42,760) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | $477,851 | $444,490 | $421,703 |
Interest expense | 42,206 | 42,250 | 29,332 |
Provision for income taxes | -97,914 | -48,574 | -80,024 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Plans [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | 8,599 | 7,801 | 5,446 |
Total before tax | 8,599 | 7,801 | 5,446 |
Provision for income taxes | -3,226 | -1,460 | -1,816 |
Total net of tax | 5,373 | 6,341 | 3,630 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Interest expense | 7,430 | 7,571 | -32,754 |
Total before tax | 7,430 | 7,571 | -32,754 |
Provision for income taxes | -2,692 | -2,791 | 12,500 |
Total net of tax | $4,738 | $4,780 | ($20,254) |
Reconciliation_Of_Changes_In_B
Reconciliation Of Changes In Benefit Obligations And Fair Value Of Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CHANGE IN BENEFIT OBLIGATION | ' | ' | ' |
Obligation at December 31 | ' | $25,587 | ' |
CHANGE IN PLAN ASSETS | ' | ' | ' |
Fair value of plan assets at December 31 | 104,291 | 94,238 | ' |
Other noncurrent liabilities | -67,777 | -96,853 | ' |
Pension Plans | U S Plans | ' | ' | ' |
CHANGE IN BENEFIT OBLIGATION | ' | ' | ' |
Obligation at January 1 | 111,188 | 101,511 | ' |
Service cost | 1,526 | 1,756 | ' |
Interest cost | 3,766 | 4,247 | ' |
Plan amendments | 0 | 59 | ' |
Benefits paid | -2,479 | -4,097 | ' |
Actuarial loss (gain) | -11,885 | 13,202 | ' |
Currency translation | 0 | 0 | ' |
Curtailments/settlements | -9,277 | -5,490 | ' |
Acquisition | 0 | 0 | ' |
Obligation at December 31 | 92,839 | 111,188 | ' |
CHANGE IN PLAN ASSETS | ' | ' | ' |
Fair value of plan assets at January 1 | 74,578 | 59,619 | ' |
Actual return on plan assets | 14,303 | 6,177 | ' |
Employer contributions | 4,832 | 17,287 | ' |
Currency translation | 0 | 0 | ' |
Settlements | -9,277 | -4,408 | ' |
Other | 0 | 0 | ' |
Fair value of plan assets at December 31 | 81,957 | 74,578 | ' |
Funded status at December 31 | -10,882 | -36,610 | ' |
Current liabilities | -656 | -588 | ' |
Other noncurrent liabilities | -10,226 | -36,022 | ' |
Net liability at December 31 | -10,882 | -36,610 | ' |
Pension Plans | U S Plans | Defined Benefit Plan Benefit Obligations | ' | ' | ' |
CHANGE IN BENEFIT OBLIGATION | ' | ' | ' |
Benefits paid | -2,479 | -4,097 | ' |
Pension Plans | Non U S Plans | ' | ' | ' |
CHANGE IN BENEFIT OBLIGATION | ' | ' | ' |
Obligation at January 1 | 56,555 | 47,763 | ' |
Service cost | 1,388 | 1,300 | ' |
Interest cost | 2,146 | 2,206 | ' |
Plan amendments | 0 | 410 | ' |
Benefits paid | -1,957 | -3,536 | ' |
Actuarial loss (gain) | 581 | 6,700 | ' |
Currency translation | 1,758 | 1,712 | ' |
Curtailments/settlements | 0 | 0 | ' |
Acquisition | 0 | 0 | ' |
Obligation at December 31 | 60,471 | 56,555 | ' |
CHANGE IN PLAN ASSETS | ' | ' | ' |
Fair value of plan assets at January 1 | 19,660 | 16,914 | ' |
Actual return on plan assets | 2,341 | 1,944 | ' |
Employer contributions | 1,840 | 3,514 | ' |
Currency translation | 447 | 810 | ' |
Settlements | 3 | 0 | ' |
Other | 0 | 14 | ' |
Fair value of plan assets at December 31 | 22,334 | 19,660 | ' |
Funded status at December 31 | -38,138 | -36,894 | ' |
Current liabilities | -995 | -743 | ' |
Other noncurrent liabilities | -37,143 | -36,151 | ' |
Net liability at December 31 | -38,138 | -36,894 | ' |
Pension Plans | Non U S Plans | Defined Benefit Plan Benefit Obligations | ' | ' | ' |
CHANGE IN BENEFIT OBLIGATION | ' | ' | ' |
Benefits paid | -1,957 | -3,536 | ' |
Other Postretirement Benefit Plans | ' | ' | ' |
CHANGE IN BENEFIT OBLIGATION | ' | ' | ' |
Obligation at January 1 | 25,587 | 21,073 | ' |
Service cost | 968 | 763 | 691 |
Interest cost | 906 | 922 | 1,035 |
Plan amendments | 0 | 159 | ' |
Benefits paid | -801 | -704 | ' |
Actuarial loss (gain) | -5,139 | 3,313 | ' |
Currency translation | -167 | 61 | ' |
Curtailments/settlements | 0 | 0 | ' |
Acquisition | 0 | 0 | ' |
Obligation at December 31 | 21,354 | 25,587 | 21,073 |
CHANGE IN PLAN ASSETS | ' | ' | ' |
Fair value of plan assets at January 1 | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 801 | 704 | ' |
Currency translation | 0 | 0 | ' |
Settlements | 0 | 0 | ' |
Other | 0 | 0 | ' |
Fair value of plan assets at December 31 | 0 | 0 | 0 |
Funded status at December 31 | -21,354 | -25,587 | ' |
Current liabilities | -946 | -907 | ' |
Other noncurrent liabilities | -20,408 | -24,680 | ' |
Net liability at December 31 | -21,354 | -25,587 | ' |
Other Postretirement Benefit Plans | Defined Benefit Plan Benefit Obligations | ' | ' | ' |
CHANGE IN BENEFIT OBLIGATION | ' | ' | ' |
Benefits paid | ($801) | ($704) | ' |
Reconciliation_Of_Changes_In_B1
Reconciliation Of Changes In Benefit Obligations And Fair Value Of Plan Assets (Parenthetical) (Detail) (Pension Plans, U S Plans, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Plans | U S Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Employer contributions, discretionary contribution | $10 |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
employee | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation for all defined benefit pension plans | $143.50 | $160.70 | ' |
Percentage of excess gains and losses over benefit obligation or market value of assets amortized | 10.00% | ' | ' |
Costs of defined contribution plans | 8.4 | 7.9 | 7.8 |
Number of participants covering under multi employer pension plan | 393 | ' | ' |
Costs of bargaining unit-sponsored multi-employer plans and defined contribution plans | 1.1 | 1 | 1 |
Weighted average annual rate of increase in the per capita cost of covered health care benefits assumed | 7.27% | ' | ' |
Assumed decrease of weighted average health care cost trend rate | 4.49% | ' | ' |
Year that reaches assumed decrease of weighted average health care cost trend rate | '2027 | ' | ' |
Increase in service and interest cost components of the net periodic benefit cost, as 1% increase in health care cost trend rates | 0.2 | ' | ' |
Increase in accumulated postretirement benefit obligation, as 1% increase in health care cost trend rates | 1.4 | ' | ' |
Decrease in service and interest cost components of the net periodic benefit cost, as 1% decrease in health care cost trend rates | 0.2 | ' | ' |
Decrease in accumulated postretirement benefit obligation, as 1% decrease in health care cost trend rates | 1.2 | ' | ' |
Minimum fund performance period of plan assets | '3 years | ' | ' |
Maximum fund performance period of plan assets | '5 years | ' | ' |
Future estimated benefit payments for year 2013 | 9.1 | ' | ' |
Future estimated benefit payments for year 2014 | 8.5 | ' | ' |
Future estimated benefit payments for year 2015 | 9 | ' | ' |
Future estimated benefit payments for year 2016 | 9.4 | ' | ' |
Future estimated benefit payments for year 2017 | 9.9 | ' | ' |
Future estimated benefit payments for years 2018 to 2022 | 53 | ' | ' |
Pension Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected contribution for next fiscal year | 2.8 | ' | ' |
Other Postretirement Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected contribution for next fiscal year | 0.9 | ' | ' |
Defined Contribution Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected contribution for next fiscal year | 8.4 | ' | ' |
Defined Contribution Pension Plan 401k | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected contribution for next fiscal year | $7.30 | ' | ' |
Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of fund assets in equities, minimum | 50.00% | ' | ' |
Target allocation of fund assets in equities, maximum | 60.00% | ' | ' |
Target allocation of fund assets in equities | 50.00% | ' | ' |
Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of fund assets in equities, minimum | 40.00% | ' | ' |
Target allocation of fund assets in equities, maximum | 50.00% | ' | ' |
Target allocation of fund assets in equities | 50.00% | ' | ' |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used in the Measurement Of Benefit Obligation (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
U S Plans | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' |
Discount rate | 4.61% | 3.56% |
Rate of compensation increase | 4.00% | 3.94% |
Non U S Plans | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' |
Discount rate | 4.03% | 3.91% |
Rate of compensation increase | 3.14% | 2.99% |
Pretax_Amounts_Recognized_in_A
Pretax Amounts Recognized in Accumulated Other Comprehensive Income Loss (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
U S Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net loss in current year | $20,869 | ' |
Prior service cost | 0 | ' |
Amortization of prior service cost (credit) | 104 | ' |
Amortization of net loss | 7,518 | ' |
Exchange rate effect on amounts in OCI | 0 | ' |
Total | 28,491 | ' |
Non U S Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net loss in current year | 708 | ' |
Prior service cost | 0 | ' |
Amortization of prior service cost (credit) | 25 | ' |
Amortization of net loss | 929 | ' |
Exchange rate effect on amounts in OCI | -410 | ' |
Total | 1,252 | ' |
Pension Plans | U S Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost (credit) | 170 | 275 |
Net loss | 22,854 | 51,240 |
Total | 23,024 | 51,515 |
Pension Plans | Non U S Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost (credit) | 312 | 330 |
Net loss | 14,262 | 15,496 |
Total | 14,574 | 15,826 |
Other Postretirement Benefit Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost (credit) | -1,951 | -2,325 |
Net loss | -225 | 5,279 |
Total | -2,176 | 2,954 |
Net loss in current year | 5,140 | ' |
Prior service cost | 0 | ' |
Amortization of prior service cost (credit) | -373 | ' |
Amortization of net loss | 396 | ' |
Exchange rate effect on amounts in OCI | -33 | ' |
Total | $5,130 | ' |
Amounts_in_Accumulated_Other_C
Amounts in Accumulated Other Comprehensive Income Loss Expected to be Recognized As Components of Net Periodic Benefit Cost During 2012 (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | ($261) |
Net loss | 3,052 |
Total | 2,791 |
Pension Plans | U S Plans | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | 84 |
Net loss | 2,306 |
Total | 2,390 |
Pension Plans | Non U S Plans | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | 26 |
Net loss | 851 |
Total | 877 |
Other Postretirement Benefit Plans | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | -371 |
Net loss | -105 |
Total | ($476) |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | $1,526 | $1,756 | $1,759 |
Interest cost | 3,766 | 4,247 | 4,506 |
Expected return on plan assets | -5,318 | -4,687 | -4,755 |
Net amortization | 7,621 | 5,376 | 4,855 |
Net periodic benefit cost | 7,595 | 6,692 | 6,365 |
Non-U.S. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 1,388 | 1,300 | 1,078 |
Interest cost | 2,146 | 2,206 | 2,320 |
Expected return on plan assets | -1,055 | -1,035 | -1,117 |
Net amortization | 955 | 589 | 442 |
Net periodic benefit cost | 3,434 | 3,060 | 2,723 |
Other Postretirement Benefit Plans | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 968 | 763 | 691 |
Interest cost | 906 | 922 | 1,035 |
Net amortization | 24 | 11 | -156 |
Net periodic benefit cost | $1,898 | $1,696 | $1,570 |
Weighted_Average_Assumptions_U1
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost of Plans (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
U S Plans | ' | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' | ' |
Discount rate | 3.56% | 4.45% | 5.20% |
Expected return on plan assets | 7.50% | 8.00% | 8.25% |
Rate of compensation increase | 3.94% | 3.90% | 3.90% |
Non U S Plans | ' | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' | ' |
Discount rate | 3.91% | 4.68% | 5.35% |
Expected return on plan assets | 5.53% | 5.90% | 6.17% |
Rate of compensation increase | 2.99% | 2.96% | 3.37% |
Pension_Plan_Weighted_Average_
Pension Plan Weighted Average Asset Allocations (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' |
Defined Benefit Plan Securities | 100.00% | 100.00% |
Equity Securities | ' | ' |
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' |
Defined Benefit Plan Securities | 66.00% | 68.00% |
Debt Securities | ' | ' |
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' |
Defined Benefit Plan Securities | 34.00% | 32.00% |
Summary_of_Basis_Used_to_Measu
Summary of Basis Used to Measure Defined Benefit Plans Assets at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | $104,291 | $94,238 |
U.S. Large Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 31,831 | 32,496 |
U.S. Small / Mid Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 8,783 | 7,770 |
International, Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 25,591 | 20,869 |
U.S. Intermediate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 18,715 | 25,069 |
U.S. Short Duration [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 8,954 | 0 |
U.S. High Yield [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 1,581 | 0 |
International, Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 5,812 | 5,489 |
Insurance Contracts [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 331 | 326 |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 2,693 | 2,219 |
Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 103,960 | 86,451 |
Level 1 | U.S. Large Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 31,831 | 32,496 |
Level 1 | U.S. Small / Mid Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 8,783 | 7,770 |
Level 1 | International, Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 25,591 | 13,082 |
Level 1 | U.S. Intermediate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 18,715 | 25,069 |
Level 1 | U.S. Short Duration [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 8,954 | 0 |
Level 1 | U.S. High Yield [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 1,581 | 0 |
Level 1 | International, Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 5,812 | 5,489 |
Level 1 | Insurance Contracts [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 326 |
Level 1 | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 2,693 | 2,219 |
Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 331 | 7,787 |
Level 2 | U.S. Large Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | U.S. Small / Mid Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | International, Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 7,787 |
Level 2 | U.S. Intermediate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | U.S. Short Duration [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | U.S. High Yield [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | International, Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | Insurance Contracts [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 331 | 0 |
Level 2 | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Large Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Small / Mid Cap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | International, Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Intermediate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Short Duration [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. High Yield [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | International, Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Insurance Contracts [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan, fair value of plan assets | $0 | $0 |
Unaudited_Quarterly_Results_of
Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $520,620 | $490,617 | $518,445 | $494,448 | $490,838 | $479,859 | $494,144 | $489,417 | $2,024,130 | $1,954,258 | $1,838,451 | |||
Gross profit | 227,009 | 211,509 | 222,849 | 211,997 | 202,858 | 194,840 | 203,113 | 202,889 | 873,364 | 803,700 | 738,673 | |||
Operating income (loss) | 103,873 | 97,369 | 99,559 | 94,712 | -125,589 | 80,588 | 88,650 | 84,569 | 395,513 | [1] | 128,218 | [1] | 304,656 | [1] |
Net income (loss) | $67,555 | $63,799 | $62,561 | $61,300 | ($119,019) | $50,127 | $54,351 | $52,171 | $255,215 | $37,630 | $193,857 | |||
Basic EPS | $0.83 | $0.78 | $0.76 | $0.74 | ($1.45) | $0.60 | $0.65 | $0.63 | $3.11 | $0.45 | $2.34 | |||
Diluted EPS | $0.82 | $0.78 | $0.76 | $0.74 | ($1.45) | $0.60 | $0.65 | $0.62 | $3.09 | $0.45 | $2.32 | |||
Basic weighted average shares outstanding | 80,782 | 81,259 | 81,829 | 82,197 | 82,296 | 82,482 | 83,180 | 82,804 | 81,517 | 82,689 | 82,145 | |||
Diluted weighted average shares outstanding | 81,854 | 82,218 | 82,734 | 83,152 | 82,296 | 83,370 | 84,090 | 83,902 | 82,489 | 83,641 | 83,543 | |||
[1] | (1)Segment operating income excludes net unallocated corporate operating expenses. |
Unaudited_Quarterly_Results_of1
Unaudited Quarterly Results of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' |
Asset impairment charge | $198,500 | $0 | $198,519 | $0 |