Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'IEX | ' |
Entity Registrant Name | 'IDEX CORP /DE/ | ' |
Entity Central Index Key | '0000832101 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 80,071,953 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $485,335 | $439,629 |
Receivables, less allowance for doubtful accounts of $7,114 at June 30, 2014 and $5,841 at December 31, 2013 | 272,151 | 253,226 |
Inventories — net | 254,182 | 230,967 |
Other current assets | 69,858 | 67,131 |
Total current assets | 1,081,526 | 990,953 |
Property, plant and equipment — net | 223,395 | 213,488 |
Goodwill | 1,363,753 | 1,349,456 |
Intangible assets — net | 300,275 | 311,227 |
Other noncurrent assets | 22,048 | 22,453 |
Total assets | 2,990,997 | 2,887,577 |
Current liabilities | ' | ' |
Trade accounts payable | 146,827 | 133,312 |
Accrued expenses | 142,493 | 150,751 |
Notes payable and current portion of long-term borrowings | 111,539 | 1,871 |
Dividends payable | 22,516 | 18,675 |
Total current liabilities | 423,375 | 304,609 |
Long-term borrowings | 705,326 | 772,005 |
Deferred income taxes | 147,408 | 144,908 |
Other noncurrent liabilities | 90,001 | 93,066 |
Total liabilities | 1,366,110 | 1,314,588 |
Commitments and contingencies | ' | ' |
Preferred stock: | ' | ' |
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None | 0 | 0 |
Common stock: | ' | ' |
Authorized: 150,000,000 shares, $.01 per share par value; Issued: 89,479,859 shares at June 30, 2014 and 89,154,190 shares at December 31, 2013 | 895 | 892 |
Additional paid-in capital | 629,485 | 607,766 |
Retained earnings | 1,395,031 | 1,293,740 |
Treasury stock at cost: 9,150,564 shares at June 30, 2014 and 7,958,510 shares at December 31, 2013 | -414,645 | -326,104 |
Accumulated other comprehensive income (loss) | 14,121 | -3,305 |
Total shareholders’ equity | 1,624,887 | 1,572,989 |
Total liabilities and shareholders’ equity | $2,990,997 | $2,887,577 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts | $7,114 | $5,841 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock , par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, issued (in shares) | 89,479,859 | 89,154,190 |
Treasury stock, shares (in shares) | 9,150,564 | 7,958,510 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $546,693 | $518,445 | $1,090,689 | $1,012,893 |
Cost of sales | 305,561 | 295,596 | 605,137 | 578,047 |
Gross profit | 241,132 | 222,849 | 485,552 | 434,846 |
Selling, general and administrative expenses | 129,044 | 123,290 | 259,629 | 240,575 |
Operating income | 112,088 | 99,559 | 225,923 | 194,271 |
Other income (expense) — net | -137 | -573 | 707 | 706 |
Interest expense | 10,405 | 10,597 | 20,862 | 21,154 |
Income before income taxes | 101,546 | 88,389 | 205,768 | 173,823 |
Provision for income taxes | 29,769 | 25,828 | 59,443 | 49,962 |
Net income | $71,777 | $62,561 | $146,325 | $123,861 |
Basic earnings per common share (in dollars per share) | $0.89 | $0.76 | $1.81 | $1.50 |
Diluted earnings per common share (in dollars per share) | $0.88 | $0.76 | $1.79 | $1.49 |
Share data: | ' | ' | ' | ' |
Basic weighted average common shares outstanding (in shares) | 80,106 | 81,829 | 80,317 | 82,013 |
Diluted weighted average common shares outstanding (in shares) | 81,149 | 82,734 | 81,362 | 82,943 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $71,777 | $62,561 | $146,325 | $123,861 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Reclassification adjustments for derivatives, net of tax | 1,155 | 1,187 | 2,312 | 2,377 |
Pension and other postretirement adjustments, net of tax | 517 | 938 | 956 | 2,211 |
Cumulative translation adjustment | 13,874 | 4,144 | 14,158 | -23,109 |
Other comprehensive income (loss) | 15,546 | 6,269 | 17,426 | -18,521 |
Comprehensive income | $87,323 | $68,830 | $163,751 | $105,340 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock and Additional Paid-In Capital | Retained Earnings | Cumulative Translation Adjustment | Retirement Benefits Adjustment | Cumulative Unrealized Gain (Loss) on Derivatives | Treasury Stock |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2013 | $1,572,989 | $608,658 | $1,293,740 | $52,211 | ($23,857) | ($31,659) | ($326,104) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 146,325 | ' | 146,325 | ' | ' | ' | ' |
Cumulative translation adjustment | 14,158 | ' | ' | 14,158 | ' | ' | ' |
Pension and other postretirement adjustments (net of tax of $521) | 956 | ' | ' | ' | 956 | ' | ' |
Amortization of forward starting swaps (net of tax of $1,325) | 2,312 | ' | ' | ' | ' | 2,312 | ' |
Issuance of 355,224 shares of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans (net of tax of $2,269) | 12,523 | 12,523 | ' | ' | ' | ' | ' |
Repurchase of 1,153,384 shares of common stock | -85,705 | ' | ' | ' | ' | ' | -85,705 |
Shares surrendered for tax withholding | -2,836 | ' | ' | ' | ' | ' | -2,836 |
Share-based compensation | 9,199 | 9,199 | ' | ' | ' | ' | ' |
Cash dividends declared - $.56 per common share | -45,034 | ' | -45,034 | ' | ' | ' | ' |
Balance at Jun. 30, 2014 | $1,624,887 | $630,380 | $1,395,031 | $66,369 | ($22,901) | ($29,347) | ($414,645) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Statement of Stockholders' Equity [Abstract] | ' |
Pension and other postretirement adjustments, tax | $521 |
Amortization of forward starting swaps, tax | 1,325 |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans (in shares) | 355,224 |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans , tax | $2,269 |
Repurchase of common stock (in shares) | 1,153,384 |
Cash dividend declared, per common share outstanding | $0.56 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $146,325 | $123,861 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 16,741 | 17,847 |
Amortization of intangible assets | 21,932 | 22,069 |
Amortization of debt issuance expenses | 859 | 849 |
Share-based compensation expense | 11,963 | 9,489 |
Deferred income taxes | -471 | -64 |
Excess tax benefit from share based compensation | -3,680 | -4,771 |
Non-cash interest expense associated with forward starting swaps | 3,637 | 3,740 |
Changes in: | ' | ' |
Receivables | -16,218 | -13,156 |
Inventories | -15,584 | 5,380 |
Other current assets | -3,352 | 4,743 |
Trade accounts payable | 13,291 | 11,480 |
Accrued expenses | -5,852 | 83 |
Other — net | -3,411 | -36 |
Net cash flows provided by operating activities | 166,180 | 181,514 |
Cash flows from investing activities | ' | ' |
Cash purchases of property, plant and equipment | -23,299 | -15,822 |
Acquisition of businesses, net of cash acquired | -25,995 | -36,849 |
Other — net | -29 | -130 |
Net cash flows used in investing activities | -49,323 | -52,801 |
Cash flows from financing activities | ' | ' |
Borrowings under revolving facilities for acquisitions | 25,995 | 34,648 |
Borrowings under revolving facilities | 54,019 | 28,425 |
Payments under revolving facilities | -36,181 | -31,824 |
Dividends paid | -41,193 | -35,421 |
Proceeds from stock option exercises | 8,831 | 22,983 |
Excess tax benefit from stock-based compensation | 3,680 | 4,771 |
Purchase of common stock | -83,060 | -84,479 |
Unvested shares surrendered for tax withholding | -2,836 | -1,772 |
Other | 0 | -3,181 |
Net cash flows used in financing activities | -70,745 | -65,850 |
Effect of exchange rate changes on cash and cash equivalents | -406 | -7,238 |
Net increase in cash | 45,706 | 55,625 |
Cash and cash equivalents at beginning of year | 439,629 | 318,864 |
Cash and cash equivalents at end of period | 485,335 | 374,489 |
Cash paid for: | ' | ' |
Interest | 16,354 | 16,557 |
Income taxes | $61,801 | $25,445 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies | ' |
Basis of Presentation and Significant Accounting Policies | |
The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with the accounting principles generally accepted in the United States of America applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the entire year. | |
The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 which introduces a new five-step revenue recognition model. Under ASU 2014-09 an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. |
Acquisitions
Acquisitions | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Acquisitions | ' | |||||
Acquisitions | ||||||
All of the Company’s acquisitions have been accounted for under Accounting Standards Codification (“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. | ||||||
2014 Acquisitions | ||||||
On April 28, 2014, the Company acquired the stock of Aegis Flow Technologies ("Aegis"), a leader in the design, manufacture and sale of specialty chemical processing valves for use in the chemical, petro-chemical, chlor-alkali, pharmaceutical, semiconductor and pulp/paper industries. Located in Geismar, Louisiana, Aegis has annual revenue of approximately $15.0 million and will operate in our Chemical, Food & Process platform within our Fluid & Metering Technologies segment. Aegis was acquired for cash consideration of approximately $26 million. The entire purchase price was funded with borrowings under the Company's revolving credit facility. Goodwill and intangible assets recognized as part of this transaction were $8.8 million and $8.8 million, respectively. The $8.8 million of goodwill is deductible for tax purposes. | ||||||
The purchase price for Aegis 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 becomes 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: | ||||||
Accounts receivable | $ | 1,069 | ||||
Inventory | 6,106 | |||||
Other current assets, net of cash acquired | 873 | |||||
Property, plant and equipment | 3,027 | |||||
Goodwill | 8,805 | |||||
Intangible assets | 8,770 | |||||
Total assets acquired | 28,650 | |||||
Total liabilities assumed | (2,700 | ) | ||||
Net assets acquired | $ | 25,950 | ||||
Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. | ||||||
The acquired intangible assets and weighted average amortization periods are as follows: | ||||||
Total | Weighted Average Life | |||||
Trade names | $ | 3,304 | 15 | |||
Customer relationships | 4,393 | 14 | ||||
Unpatented technology | 1,073 | 8 | ||||
Acquired intangible assets | $ | 8,770 | ||||
The Company incurred $0.9 million of acquisition-related transaction costs in the six months ended June 30, 2014. 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 $0.5 million of non-cash acquisition fair value inventory charges in the six months ended June 30, 2014. These charges were recorded in cost of sales. | ||||||
2013 Acquisitions | ||||||
On March 18, 2013, the Company acquired the assets 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, along with Precision Polymer Engineering (“PPE”), operates within the Health & Science Technologies segment as part of the Sealing Solutions 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 Company’s revolving credit 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. |
Business_Segments
Business Segments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
The Company has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. | ||||||||||||||||
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 water and wastewater 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, 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, semiconductor, 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. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
Fluid & Metering Technologies | ||||||||||||||||
External customers | $ | 225,866 | $ | 225,214 | $ | 448,873 | $ | 436,621 | ||||||||
Intersegment sales | 234 | 274 | 588 | 622 | ||||||||||||
Total group sales | 226,100 | 225,488 | 449,461 | 437,243 | ||||||||||||
Health & Science Technologies | ||||||||||||||||
External customers | 184,849 | 179,111 | 368,741 | 350,785 | ||||||||||||
Intersegment sales | 823 | 1,756 | 3,306 | 2,950 | ||||||||||||
Total group sales | 185,672 | 180,867 | 372,047 | 353,735 | ||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||
External customers | 135,978 | 114,120 | 273,075 | 225,487 | ||||||||||||
Intersegment sales | 204 | 116 | 391 | 262 | ||||||||||||
Total group sales | 136,182 | 114,236 | 273,466 | 225,749 | ||||||||||||
Intersegment elimination | (1,261 | ) | (2,146 | ) | (4,285 | ) | (3,834 | ) | ||||||||
Total net sales | $ | 546,693 | $ | 518,445 | $ | 1,090,689 | $ | 1,012,893 | ||||||||
Operating income | ||||||||||||||||
Fluid & Metering Technologies | $ | 55,623 | $ | 56,115 | $ | 112,030 | $ | 104,194 | ||||||||
Health & Science Technologies | 36,137 | 34,522 | 72,366 | 66,789 | ||||||||||||
Fire & Safety/Diversified Products | 35,985 | 23,676 | 75,633 | 51,908 | ||||||||||||
Corporate office and other | (15,657 | ) | (14,754 | ) | (34,106 | ) | (28,620 | ) | ||||||||
Total operating income | 112,088 | 99,559 | 225,923 | 194,271 | ||||||||||||
Interest expense | 10,405 | 10,597 | 20,862 | 21,154 | ||||||||||||
Other income (expense) - net | (137 | ) | (573 | ) | 707 | 706 | ||||||||||
Income before income taxes | $ | 101,546 | $ | 88,389 | $ | 205,768 | $ | 173,823 | ||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets | ||||||||||||||||
Fluid & Metering Technologies | $ | 1,041,890 | $ | 1,025,352 | ||||||||||||
Health & Science Technologies | 1,152,486 | 1,113,546 | ||||||||||||||
Fire & Safety/Diversified Products | 525,659 | 484,139 | ||||||||||||||
Corporate office | 270,962 | 264,540 | ||||||||||||||
Total assets | $ | 2,990,997 | $ | 2,887,577 | ||||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Common Share | ' | |||||||||||
Earnings Per Common Share | ||||||||||||
Earnings per common share (“EPS”) are computed by dividing net income by the weighted average number of shares of common stock (basic) plus common stock equivalents outstanding (diluted) during the period. 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 “Earnings Per Share” provides 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 are computed using the more dilutive of the treasury stock method and the two-class method prescribed by ASC 260. For the purposes of calculating diluted EPS, net income attributable to common shareholders was reduced by $0.2 million and $0 for the three months ended June 30, 2014 and 2013, respectively; and $0.7 million and $0.5 million for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||
Basic weighted average shares reconciles to diluted weighted average shares as follows: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic weighted average common shares outstanding | 80,106 | 81,829 | 80,317 | 82,013 | ||||||||
Dilutive effect of stock options, unvested shares, performance share units and DCUs | 1,043 | 905 | 1,045 | 930 | ||||||||
Diluted weighted average common shares outstanding | 81,149 | 82,734 | 81,362 | 82,943 | ||||||||
Options to purchase approximately 0.5 million and 0.6 million shares of common stock for both the three and six months ended June 30, 2014 and 2013, respectively, were not included in the computation of diluted EPS because the effect of their inclusion would be antidilutive. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The components of inventories as of June 30, 2014 and December 31, 2013 were: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials and component parts | $ | 145,467 | $ | 133,470 | ||||
Work in process | 43,058 | 41,895 | ||||||
Finished goods | 65,657 | 55,602 | ||||||
Total | $ | 254,182 | $ | 230,967 | ||||
Inventories are stated at the lower of cost or market. Cost, which includes material, labor, and factory overhead, is determined on a FIFO basis. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the six months ended June 30, 2014, by reportable business segment, were as follows: | ||||||||||||||||||||||||||
Fluid & | Health & | Fire & Safety/ | Total | |||||||||||||||||||||||
Metering | Science | Diversified | ||||||||||||||||||||||||
Technologies | Technologies | Products | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 528,044 | $ | 571,675 | $ | 249,737 | $ | 1,349,456 | ||||||||||||||||||
Foreign currency translation | (557 | ) | 6,808 | (759 | ) | 5,492 | ||||||||||||||||||||
Acquisitions | 8,805 | — | — | 8,805 | ||||||||||||||||||||||
Balance at June 30, 2014 | $ | 536,292 | $ | 578,483 | $ | 248,978 | $ | 1,363,753 | ||||||||||||||||||
ASC 350 “Goodwill and Other Intangible Assets” 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. Annually on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. The Company did not consider there to be any triggering event that would require an interim impairment assessment, therefore none of the goodwill or other acquired intangible assets with indefinite lives were tested for impairment during the six months ended June 30, 2014. Based on the results of our annual impairment test at October 31, 2013, all reporting units had a fair value that was significantly in excess of carrying value, except for our IDEX Optics and Photonics ("IOP") reporting unit, which had a fair value approximately 10% greater than the carrying value. The IOP reporting unit was written down to its fair value in 2012 as a result of our annual goodwill impairment testing and, thus, the fair value continues to be near the carrying value. | ||||||||||||||||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
At June 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Average | Carrying | Amortization | ||||||||||||||||||||||
Amount | Life | Amount | ||||||||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||||||||
Patents | $ | 10,016 | $ | (4,888 | ) | $ | 5,128 | 11 | $ | 10,673 | $ | (5,179 | ) | $ | 5,494 | |||||||||||
Trade names | 108,215 | (31,696 | ) | 76,519 | 16 | 104,582 | (28,310 | ) | 76,272 | |||||||||||||||||
Customer relationships | 248,676 | (135,162 | ) | 113,514 | 10 | 242,674 | (121,092 | ) | 121,582 | |||||||||||||||||
Non-compete agreements | 3,073 | (2,705 | ) | 368 | 3 | 3,769 | (3,272 | ) | 497 | |||||||||||||||||
Unpatented technology | 77,565 | (37,297 | ) | 40,268 | 11 | 75,528 | (32,905 | ) | 42,623 | |||||||||||||||||
Other | 7,032 | (4,654 | ) | 2,378 | 10 | 6,958 | (4,299 | ) | 2,659 | |||||||||||||||||
Total amortized intangible assets | 454,577 | (216,402 | ) | 238,175 | 444,184 | (195,057 | ) | 249,127 | ||||||||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||||||||
Banjo trade name | 62,100 | — | 62,100 | 62,100 | — | 62,100 | ||||||||||||||||||||
Total intangible assets | $ | 516,677 | $ | (216,402 | ) | $ | 300,275 | $ | 506,284 | $ | (195,057 | ) | $ | 311,227 | ||||||||||||
The unamortized Banjo trade name is 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. |
Accrued_Expenses
Accrued Expenses | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ||||||||
The components of accrued expenses as of June 30, 2014 and December 31, 2013 were: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Payroll and related items | $ | 58,543 | $ | 63,297 | ||||
Management incentive compensation | 14,373 | 20,949 | ||||||
Income taxes payable | 10,909 | 11,746 | ||||||
Insurance | 9,747 | 7,741 | ||||||
Warranty | 5,035 | 4,888 | ||||||
Deferred revenue | 11,773 | 9,455 | ||||||
Liability for uncertain tax positions | 950 | 1,201 | ||||||
Accrued interest | 1,366 | 1,354 | ||||||
Other | 29,797 | 30,120 | ||||||
Total accrued expenses | $ | 142,493 | $ | 150,751 | ||||
Other_Noncurrent_Liabilities
Other Noncurrent Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Noncurrent Liabilities | ' | |||||||
Other Noncurrent Liabilities | ||||||||
The components of other noncurrent liabilities as of June 30, 2014 and December 31, 2013 were: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Pension and retiree medical obligations | $ | 66,672 | $ | 67,777 | ||||
Liability for uncertain tax positions | 3,045 | 4,624 | ||||||
Deferred revenue | 4,763 | 5,578 | ||||||
Other | 15,521 | 15,087 | ||||||
Total other noncurrent liabilities | $ | 90,001 | $ | 93,066 | ||||
Borrowings
Borrowings | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings | ' | |||||||
Borrowings | ||||||||
Borrowings at June 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving Facility | $ | 55,000 | $ | 10,000 | ||||
2.58% Senior Euro Notes, due June 2015 | 110,525 | 111,505 | ||||||
4.5% Senior Notes, due December 2020 | 298,901 | 298,828 | ||||||
4.2% Senior Notes, due December 2021 | 349,311 | 349,272 | ||||||
Other borrowings | 3,128 | 4,271 | ||||||
Total borrowings | 816,865 | 773,876 | ||||||
Less current portion | 111,539 | 1,871 | ||||||
Total long-term borrowings | $ | 705,326 | $ | 772,005 | ||||
The Company maintains a $700.0 million revolving credit facility (the "Revolving Facility") 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, and up to $25.0 million is available to the Company for swing line loans, available on a same-day basis. | ||||||||
Proceeds from the Revolving Facility are available for working capital, acquisitions and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries. | ||||||||
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 June 30, 2014, 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. | ||||||||
At June 30, 2014, $55.0 million was outstanding under the Revolving Facility, with $7.8 million of outstanding letters of credit, resulting in net available borrowing capacity under the Revolving Facility at June 30, 2014 of approximately $637.2 million. | ||||||||
At June 30, 2014, the Company included the outstanding balance of the 2.58% Senior Euro Notes, $110.5 million, within Current liabilities on the Consolidated Balance Sheet as the maturity date is June 9, 2015. | ||||||||
Other borrowings of $3.1 million at June 30, 2014 consisted primarily of debt at international locations maintained for working capital purposes. Interest is payable on the outstanding debt balances 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 June 30, 2014, 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. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments | ' |
Derivative Instruments | |
The Company enters into cash flow hedges from time to time 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. See Note 12 for the amount of loss reclassified into income for interest rate contracts for June 2014 and 2013. 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. As of June 30, 2014, the Company did not have any interest rate contracts outstanding. | |
In 2010 and 2011, the Company entered into two separate forward starting interest rate contracts in anticipation of the issuance of the 4.2% Senior Notes and the 4.5% Senior Notes. The Company cash settled these two interest rate contracts in 2010 and 2011 for a total of $68.9 million, which is being amortized into interest expense over the 10 year term of the debt instruments. Approximately $7.1 million of the pre-tax amount included in accumulated other comprehensive income (loss) in shareholders’ equity at June 30, 2014 will be recognized to net income over the next 12 months as the underlying hedged transactions are realized. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 at fair value on a recurring basis in the balance sheet at June 30, 2014 and December 31, 2013: | ||||||||||||||||
Basis of Fair Value Measurements | ||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 2014 | ||||||||||||||||
Money market investment | $ | 22,577 | $ | 22,577 | $ | — | $ | — | ||||||||
Available for sale securities | 3,985 | 3,985 | — | — | ||||||||||||
Basis of Fair Value Measurements | ||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2013 | ||||||||||||||||
Money market investment | $ | 27,871 | $ | 27,871 | $ | — | $ | — | ||||||||
Available for sale securities | 3,255 | 3,255 | — | — | ||||||||||||
There were no transfers of assets or liabilities between Level 1 and Level 2 during the quarter ended June 30, 2014 or the year ended December 31, 2013. | ||||||||||||||||
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 June 30, 2014, the fair value of the outstanding indebtedness under 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 $847.4 million compared to the carrying value of $813.7 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. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
The components of other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Cumulative translation adjustment | $ | 13,874 | $ | — | $ | 13,874 | $ | 4,144 | $ | — | $ | 4,144 | ||||||||||||
Pension and other postretirement adjustments | 798 | (281 | ) | 517 | 1,521 | (583 | ) | 938 | ||||||||||||||||
Reclassification adjustments for derivatives | 1,817 | (662 | ) | 1,155 | 1,867 | (680 | ) | 1,187 | ||||||||||||||||
Total other comprehensive income (loss) | $ | 16,489 | $ | (943 | ) | $ | 15,546 | $ | 7,532 | $ | (1,263 | ) | $ | 6,269 | ||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Cumulative translation adjustment | $ | 14,158 | $ | — | $ | 14,158 | $ | (23,109 | ) | $ | — | $ | (23,109 | ) | ||||||||||
Pension and other postretirement adjustments | 1,477 | (521 | ) | 956 | 3,456 | (1,245 | ) | 2,211 | ||||||||||||||||
Reclassification adjustments for derivatives | 3,637 | (1,325 | ) | 2,312 | 3,740 | (1,363 | ) | 2,377 | ||||||||||||||||
Total other comprehensive income (loss) | $ | 19,272 | $ | (1,846 | ) | $ | 17,426 | $ | (15,913 | ) | $ | (2,608 | ) | $ | (18,521 | ) | ||||||||
The following table summarizes the amounts reclassified from accumulated other comprehensive income to net income during the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Income Statement Caption | ||||||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of service cost | $ | 798 | $ | 1,521 | $ | 1,477 | $ | 3,456 | Selling, general and administrative expense | |||||||||||||||
Total before tax | 798 | 1,521 | 1,477 | 3,456 | ||||||||||||||||||||
Provision for income taxes | (281 | ) | (583 | ) | (521 | ) | (1,245 | ) | ||||||||||||||||
Total net of tax | $ | 517 | $ | 938 | $ | 956 | $ | 2,211 | ||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
Reclassification adjustments | $ | 1,817 | $ | 1,867 | $ | 3,637 | $ | 3,740 | Interest expense | |||||||||||||||
Total before tax | 1,817 | 1,867 | 3,637 | 3,740 | ||||||||||||||||||||
Provision for income taxes | (662 | ) | (680 | ) | (1,325 | ) | (1,363 | ) | ||||||||||||||||
Total net of tax | $ | 1,155 | $ | 1,187 | $ | 2,312 | $ | 2,377 | ||||||||||||||||
Common_and_Preferred_Stock
Common and Preferred Stock | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Common and Preferred Stock | ' |
Common and Preferred Stock | |
On November 8, 2013, the Company’s Board of Directors approved a $300.0 million increase in the authorized level for repurchases of common stock. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During the first six months of 2014, the Company purchased a total of 1.2 million shares at a cost of $85.7 million, of which $2.6 million was settled in July 2014. During the first six months of 2013, the Company purchased 1.6 million shares at a cost of $86.7 million, of which $2.2 million was settled in July 2013. As of June 30, 2014, the Company had $282.2 million of remaining board authorization under its share repurchase programs. | |
At June 30, 2014 and December 31, 2013, 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 outstanding at June 30, 2014 or December 31, 2013. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
Share-Based Compensation | ||||||||||||||||
During the six months ended June 30, 2014, the Company granted approximately 0.5 million stock options, 0.2 million unvested shares and 0.1 million performance share units. During the six months ended June 30, 2013, the Company granted approximately 0.6 million stock options, 0.2 million unvested shares and 0.1 million performance share units. | ||||||||||||||||
Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model. | ||||||||||||||||
Three Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average fair value of option grants | $19.34 | $13.28 | ||||||||||||||
Dividend yield | 1.43% | 1.51% | ||||||||||||||
Volatility | 30.43% | 30.76% | ||||||||||||||
Risk-free forward interest rate | 0.10% - 4.17% | 0.14% - 3.94% | ||||||||||||||
Expected life (in years) | 5.87 | 5.84 | ||||||||||||||
Six Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average fair value of option grants | $19.53 | $12.85 | ||||||||||||||
Dividend yield | 1.26% | 1.57% | ||||||||||||||
Volatility | 30.36% | 30.94% | ||||||||||||||
Risk-free forward interest rate | 0.12% - 4.67% | 0.17% - 4.10% | ||||||||||||||
Expected life (in years) | 5.89 | 5.87 | ||||||||||||||
Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. | ||||||||||||||||
Three and Six Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average fair value of performance share units | $94.55 | $50.45 | ||||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||||
Volatility | 26.41% | 28.99% | ||||||||||||||
Risk-free forward interest rate | 0.65% | 0.40% | ||||||||||||||
Expected life (in years) | 2.88 | 2.87 | ||||||||||||||
Total compensation cost for stock options is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold | $ | 133 | $ | 99 | $ | 375 | $ | 291 | ||||||||
Selling, general and administrative expenses | 1,425 | 1,253 | 3,615 | 3,421 | ||||||||||||
Total expense before income taxes | 1,558 | 1,352 | 3,990 | 3,712 | ||||||||||||
Income tax benefit | (496 | ) | (445 | ) | (1,251 | ) | (1,182 | ) | ||||||||
Total expense after income taxes | $ | 1,062 | $ | 907 | $ | 2,739 | $ | 2,530 | ||||||||
Total compensation cost for unvested shares is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold | $ | 693 | $ | 212 | $ | 1,165 | $ | 614 | ||||||||
Selling, general and administrative expenses | 2,578 | 2,098 | 5,324 | 4,758 | ||||||||||||
Total expense before income taxes | 3,271 | 2,310 | 6,489 | 5,372 | ||||||||||||
Income tax benefit | (644 | ) | (609 | ) | (1,331 | ) | (1,319 | ) | ||||||||
Total expense after income taxes | $ | 2,627 | $ | 1,701 | $ | 5,158 | $ | 4,053 | ||||||||
Total compensation cost for performance share units is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold | $ | — | $ | — | $ | — | $ | — | ||||||||
Selling, general and administrative expenses | 823 | 216 | 1,484 | 405 | ||||||||||||
Total expense before income taxes | 823 | 216 | 1,484 | 405 | ||||||||||||
Income tax benefit | (288 | ) | (77 | ) | (474 | ) | (114 | ) | ||||||||
Total expense after income taxes | $ | 535 | $ | 139 | $ | 1,010 | $ | 291 | ||||||||
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. Classification of stock compensation cost within the Consolidated Statements of Operations is consistent with classification of cash compensation for the same employees. | ||||||||||||||||
As of June 30, 2014, there was $12.8 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.5 years, $14.2 million of total unrecognized compensation cost related to unvested shares/units that is expected to be recognized over a weighted-average period of 1.1 years, and $6.8 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.3 years. | ||||||||||||||||
A summary of the Company’s stock option activity as of June 30, 2014, and changes during the six months ended June 30, 2014, is presented in the following table: | ||||||||||||||||
Stock Options | Shares | Weighted | Weighted-Average | Aggregate | ||||||||||||
Average | Remaining | Intrinsic | ||||||||||||||
Price | Contractual Term | Value | ||||||||||||||
Outstanding at January 1, 2014 | 2,516,618 | $ | 39.6 | 6.87 | $ | 86,200,655 | ||||||||||
Granted | 505,950 | 72.75 | ||||||||||||||
Exercised | (254,815 | ) | 34.71 | |||||||||||||
Forfeited/Expired | (85,483 | ) | 49.52 | |||||||||||||
Outstanding at June 30, 2014 | 2,682,270 | $ | 46 | 7.04 | $ | 93,185,771 | ||||||||||
Vested and expected to vest as of June 30, 2014 | 2,521,604 | $ | 45.12 | 6.93 | $ | 89,815,814 | ||||||||||
Exercisable at June 30, 2014 | 1,372,277 | $ | 36.13 | 5.55 | $ | 61,210,657 | ||||||||||
Retirement_Benefits
Retirement Benefits | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retirement Benefits | ' | |||||||||||||||
Retirement Benefits | ||||||||||||||||
The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans and other postretirement plans for its employees. The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 323 | $ | 392 | $ | 326 | $ | 345 | ||||||||
Interest cost | 1,053 | 605 | 1,209 | 533 | ||||||||||||
Expected return on plan assets | (1,408 | ) | (329 | ) | (1,310 | ) | (260 | ) | ||||||||
Net amortization | 674 | 219 | 1,377 | 237 | ||||||||||||
Net periodic benefit cost | $ | 642 | $ | 887 | $ | 1,602 | $ | 855 | ||||||||
Pension Benefits | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 645 | $ | 766 | $ | 763 | $ | 684 | ||||||||
Interest cost | 2,106 | 1,204 | 2,152 | 1,052 | ||||||||||||
Expected return on plan assets | (2,816 | ) | (657 | ) | (2,663 | ) | (516 | ) | ||||||||
Net amortization | 1,374 | 439 | 2,991 | 468 | ||||||||||||
Net periodic benefit cost | $ | 1,309 | $ | 1,752 | $ | 3,243 | $ | 1,688 | ||||||||
Other Postretirement Benefits | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 179 | $ | 242 | $ | 357 | $ | 485 | ||||||||
Interest cost | 233 | 227 | 466 | 454 | ||||||||||||
Net amortization | (119 | ) | 6 | (237 | ) | 11 | ||||||||||
Net periodic benefit cost | $ | 293 | $ | 475 | $ | 586 | $ | 950 | ||||||||
The Company previously disclosed in its financial statements for the year ended December 31, 2013, that it expected to contribute approximately $2.8 million to its defined benefit plans and $0.9 million to its other postretirement benefit plans in 2014. As of June 30, 2014, the Company expects to contribute $4.1 million to its defined benefit plans and $0.9 million to its other postretirement benefit plans in 2014. The Company contributed a total of $2.7 million during the first six months of 2014 and anticipates contributing up to an additional $2.3 million in 2014 to fund these plans. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
Legal Proceedings | |
The Company is party to various legal proceedings arising in the ordinary course of business, none of which are expected to have a material impact on its business, financial condition, results of operations or cash flows. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income. The provision for income taxes increased to $29.8 million in the second quarter of 2014 from $25.8 million in the second quarter of 2013. The effective tax rate increased to 29.3% for the second quarter of 2014 compared to 29.2% in the second quarter of 2013 due to the mix of global pre-tax income among jurisdictions. Additionally, the current quarter tax rate was favorably impacted by the enactment of state income tax laws and the comparable quarter tax rate in the prior year was favorably impacted by settlements with taxing authorities. | |
The provision for income taxes increased to $59.4 million in the first six months of 2014 from $50.0 million in the same period of 2013. The effective tax rate increased to 28.9% for the first six months of 2014 compared to 28.7% in the same period of 2013 due to the mix of global pre-tax income among jurisdictions. Additionally, the effective tax rate for the first six months of 2014 was favorably impacted by the enactment of state income tax laws and settlements with taxing authorities primarily related to purchase price adjustments for prior period acquisitions, while the comparable period tax rate in the prior year was favorably impacted by the enactment of the American Taxpayer Relief Act of 2012 on January 2, 2013, which reinstated the U.S. R&D credit retroactively to January 1, 2012. | |
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign 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 twelve months by a range of zero to $1.0 million. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 which introduces a new five-step revenue recognition model. Under ASU 2014-09 an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||
The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values, is as follows: | ||||||
Accounts receivable | $ | 1,069 | ||||
Inventory | 6,106 | |||||
Other current assets, net of cash acquired | 873 | |||||
Property, plant and equipment | 3,027 | |||||
Goodwill | 8,805 | |||||
Intangible assets | 8,770 | |||||
Total assets acquired | 28,650 | |||||
Total liabilities assumed | (2,700 | ) | ||||
Net assets acquired | $ | 25,950 | ||||
Schedule of Finite-Lived Intangible Assets | ' | |||||
The acquired intangible assets and weighted average amortization periods are as follows: | ||||||
Total | Weighted Average Life | |||||
Trade names | $ | 3,304 | 15 | |||
Customer relationships | 4,393 | 14 | ||||
Unpatented technology | 1,073 | 8 | ||||
Acquired intangible assets | $ | 8,770 | ||||
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Information On Company's Business Segments | ' | |||||||||||||||
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. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
Fluid & Metering Technologies | ||||||||||||||||
External customers | $ | 225,866 | $ | 225,214 | $ | 448,873 | $ | 436,621 | ||||||||
Intersegment sales | 234 | 274 | 588 | 622 | ||||||||||||
Total group sales | 226,100 | 225,488 | 449,461 | 437,243 | ||||||||||||
Health & Science Technologies | ||||||||||||||||
External customers | 184,849 | 179,111 | 368,741 | 350,785 | ||||||||||||
Intersegment sales | 823 | 1,756 | 3,306 | 2,950 | ||||||||||||
Total group sales | 185,672 | 180,867 | 372,047 | 353,735 | ||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||
External customers | 135,978 | 114,120 | 273,075 | 225,487 | ||||||||||||
Intersegment sales | 204 | 116 | 391 | 262 | ||||||||||||
Total group sales | 136,182 | 114,236 | 273,466 | 225,749 | ||||||||||||
Intersegment elimination | (1,261 | ) | (2,146 | ) | (4,285 | ) | (3,834 | ) | ||||||||
Total net sales | $ | 546,693 | $ | 518,445 | $ | 1,090,689 | $ | 1,012,893 | ||||||||
Operating income | ||||||||||||||||
Fluid & Metering Technologies | $ | 55,623 | $ | 56,115 | $ | 112,030 | $ | 104,194 | ||||||||
Health & Science Technologies | 36,137 | 34,522 | 72,366 | 66,789 | ||||||||||||
Fire & Safety/Diversified Products | 35,985 | 23,676 | 75,633 | 51,908 | ||||||||||||
Corporate office and other | (15,657 | ) | (14,754 | ) | (34,106 | ) | (28,620 | ) | ||||||||
Total operating income | 112,088 | 99,559 | 225,923 | 194,271 | ||||||||||||
Interest expense | 10,405 | 10,597 | 20,862 | 21,154 | ||||||||||||
Other income (expense) - net | (137 | ) | (573 | ) | 707 | 706 | ||||||||||
Income before income taxes | $ | 101,546 | $ | 88,389 | $ | 205,768 | $ | 173,823 | ||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets | ||||||||||||||||
Fluid & Metering Technologies | $ | 1,041,890 | $ | 1,025,352 | ||||||||||||
Health & Science Technologies | 1,152,486 | 1,113,546 | ||||||||||||||
Fire & Safety/Diversified Products | 525,659 | 484,139 | ||||||||||||||
Corporate office | 270,962 | 264,540 | ||||||||||||||
Total assets | $ | 2,990,997 | $ | 2,887,577 | ||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares | ' | |||||||||||
Basic weighted average shares reconciles to diluted weighted average shares as follows: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic weighted average common shares outstanding | 80,106 | 81,829 | 80,317 | 82,013 | ||||||||
Dilutive effect of stock options, unvested shares, performance share units and DCUs | 1,043 | 905 | 1,045 | 930 | ||||||||
Diluted weighted average common shares outstanding | 81,149 | 82,734 | 81,362 | 82,943 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components Of Inventories | ' | |||||||
The components of inventories as of June 30, 2014 and December 31, 2013 were: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials and component parts | $ | 145,467 | $ | 133,470 | ||||
Work in process | 43,058 | 41,895 | ||||||
Finished goods | 65,657 | 55,602 | ||||||
Total | $ | 254,182 | $ | 230,967 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the six months ended June 30, 2014, by reportable business segment, were as follows: | ||||||||||||||||||||||||||
Fluid & | Health & | Fire & Safety/ | Total | |||||||||||||||||||||||
Metering | Science | Diversified | ||||||||||||||||||||||||
Technologies | Technologies | Products | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 528,044 | $ | 571,675 | $ | 249,737 | $ | 1,349,456 | ||||||||||||||||||
Foreign currency translation | (557 | ) | 6,808 | (759 | ) | 5,492 | ||||||||||||||||||||
Acquisitions | 8,805 | — | — | 8,805 | ||||||||||||||||||||||
Balance at June 30, 2014 | $ | 536,292 | $ | 578,483 | $ | 248,978 | $ | 1,363,753 | ||||||||||||||||||
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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
At June 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Average | Carrying | Amortization | ||||||||||||||||||||||
Amount | Life | Amount | ||||||||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||||||||
Patents | $ | 10,016 | $ | (4,888 | ) | $ | 5,128 | 11 | $ | 10,673 | $ | (5,179 | ) | $ | 5,494 | |||||||||||
Trade names | 108,215 | (31,696 | ) | 76,519 | 16 | 104,582 | (28,310 | ) | 76,272 | |||||||||||||||||
Customer relationships | 248,676 | (135,162 | ) | 113,514 | 10 | 242,674 | (121,092 | ) | 121,582 | |||||||||||||||||
Non-compete agreements | 3,073 | (2,705 | ) | 368 | 3 | 3,769 | (3,272 | ) | 497 | |||||||||||||||||
Unpatented technology | 77,565 | (37,297 | ) | 40,268 | 11 | 75,528 | (32,905 | ) | 42,623 | |||||||||||||||||
Other | 7,032 | (4,654 | ) | 2,378 | 10 | 6,958 | (4,299 | ) | 2,659 | |||||||||||||||||
Total amortized intangible assets | 454,577 | (216,402 | ) | 238,175 | 444,184 | (195,057 | ) | 249,127 | ||||||||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||||||||
Banjo trade name | 62,100 | — | 62,100 | 62,100 | — | 62,100 | ||||||||||||||||||||
Total intangible assets | $ | 516,677 | $ | (216,402 | ) | $ | 300,275 | $ | 506,284 | $ | (195,057 | ) | $ | 311,227 | ||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Components of Accrued Expenses | ' | |||||||
The components of accrued expenses as of June 30, 2014 and December 31, 2013 were: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Payroll and related items | $ | 58,543 | $ | 63,297 | ||||
Management incentive compensation | 14,373 | 20,949 | ||||||
Income taxes payable | 10,909 | 11,746 | ||||||
Insurance | 9,747 | 7,741 | ||||||
Warranty | 5,035 | 4,888 | ||||||
Deferred revenue | 11,773 | 9,455 | ||||||
Liability for uncertain tax positions | 950 | 1,201 | ||||||
Accrued interest | 1,366 | 1,354 | ||||||
Other | 29,797 | 30,120 | ||||||
Total accrued expenses | $ | 142,493 | $ | 150,751 | ||||
Other_Noncurrent_Liabilities_T
Other Noncurrent Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Other Noncurrent Liabilities | ' | |||||||
The components of other noncurrent liabilities as of June 30, 2014 and December 31, 2013 were: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Pension and retiree medical obligations | $ | 66,672 | $ | 67,777 | ||||
Liability for uncertain tax positions | 3,045 | 4,624 | ||||||
Deferred revenue | 4,763 | 5,578 | ||||||
Other | 15,521 | 15,087 | ||||||
Total other noncurrent liabilities | $ | 90,001 | $ | 93,066 | ||||
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Borrowings | ' | |||||||
Borrowings at June 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving Facility | $ | 55,000 | $ | 10,000 | ||||
2.58% Senior Euro Notes, due June 2015 | 110,525 | 111,505 | ||||||
4.5% Senior Notes, due December 2020 | 298,901 | 298,828 | ||||||
4.2% Senior Notes, due December 2021 | 349,311 | 349,272 | ||||||
Other borrowings | 3,128 | 4,271 | ||||||
Total borrowings | 816,865 | 773,876 | ||||||
Less current portion | 111,539 | 1,871 | ||||||
Total long-term borrowings | $ | 705,326 | $ | 772,005 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 at fair value on a recurring basis in the balance sheet at June 30, 2014 and December 31, 2013: | ||||||||||||||||
Basis of Fair Value Measurements | ||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 2014 | ||||||||||||||||
Money market investment | $ | 22,577 | $ | 22,577 | $ | — | $ | — | ||||||||
Available for sale securities | 3,985 | 3,985 | — | — | ||||||||||||
Basis of Fair Value Measurements | ||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2013 | ||||||||||||||||
Money market investment | $ | 27,871 | $ | 27,871 | $ | — | $ | — | ||||||||
Available for sale securities | 3,255 | 3,255 | — | — | ||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The components of other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Cumulative translation adjustment | $ | 13,874 | $ | — | $ | 13,874 | $ | 4,144 | $ | — | $ | 4,144 | ||||||||||||
Pension and other postretirement adjustments | 798 | (281 | ) | 517 | 1,521 | (583 | ) | 938 | ||||||||||||||||
Reclassification adjustments for derivatives | 1,817 | (662 | ) | 1,155 | 1,867 | (680 | ) | 1,187 | ||||||||||||||||
Total other comprehensive income (loss) | $ | 16,489 | $ | (943 | ) | $ | 15,546 | $ | 7,532 | $ | (1,263 | ) | $ | 6,269 | ||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Cumulative translation adjustment | $ | 14,158 | $ | — | $ | 14,158 | $ | (23,109 | ) | $ | — | $ | (23,109 | ) | ||||||||||
Pension and other postretirement adjustments | 1,477 | (521 | ) | 956 | 3,456 | (1,245 | ) | 2,211 | ||||||||||||||||
Reclassification adjustments for derivatives | 3,637 | (1,325 | ) | 2,312 | 3,740 | (1,363 | ) | 2,377 | ||||||||||||||||
Total other comprehensive income (loss) | $ | 19,272 | $ | (1,846 | ) | $ | 17,426 | $ | (15,913 | ) | $ | (2,608 | ) | $ | (18,521 | ) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The following table summarizes the amounts reclassified from accumulated other comprehensive income to net income during the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Income Statement Caption | ||||||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of service cost | $ | 798 | $ | 1,521 | $ | 1,477 | $ | 3,456 | Selling, general and administrative expense | |||||||||||||||
Total before tax | 798 | 1,521 | 1,477 | 3,456 | ||||||||||||||||||||
Provision for income taxes | (281 | ) | (583 | ) | (521 | ) | (1,245 | ) | ||||||||||||||||
Total net of tax | $ | 517 | $ | 938 | $ | 956 | $ | 2,211 | ||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
Reclassification adjustments | $ | 1,817 | $ | 1,867 | $ | 3,637 | $ | 3,740 | Interest expense | |||||||||||||||
Total before tax | 1,817 | 1,867 | 3,637 | 3,740 | ||||||||||||||||||||
Provision for income taxes | (662 | ) | (680 | ) | (1,325 | ) | (1,363 | ) | ||||||||||||||||
Total net of tax | $ | 1,155 | $ | 1,187 | $ | 2,312 | $ | 2,377 | ||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Schedule of Stock Option Activity | ' | |||||||||||||||
A summary of the Company’s stock option activity as of June 30, 2014, and changes during the six months ended June 30, 2014, is presented in the following table: | ||||||||||||||||
Stock Options | Shares | Weighted | Weighted-Average | Aggregate | ||||||||||||
Average | Remaining | Intrinsic | ||||||||||||||
Price | Contractual Term | Value | ||||||||||||||
Outstanding at January 1, 2014 | 2,516,618 | $ | 39.6 | 6.87 | $ | 86,200,655 | ||||||||||
Granted | 505,950 | 72.75 | ||||||||||||||
Exercised | (254,815 | ) | 34.71 | |||||||||||||
Forfeited/Expired | (85,483 | ) | 49.52 | |||||||||||||
Outstanding at June 30, 2014 | 2,682,270 | $ | 46 | 7.04 | $ | 93,185,771 | ||||||||||
Vested and expected to vest as of June 30, 2014 | 2,521,604 | $ | 45.12 | 6.93 | $ | 89,815,814 | ||||||||||
Exercisable at June 30, 2014 | 1,372,277 | $ | 36.13 | 5.55 | $ | 61,210,657 | ||||||||||
Stock Option | ' | |||||||||||||||
Schedule of Weighted Average Option Fair Values and Assumptions | ' | |||||||||||||||
Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model. | ||||||||||||||||
Three Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average fair value of option grants | $19.34 | $13.28 | ||||||||||||||
Dividend yield | 1.43% | 1.51% | ||||||||||||||
Volatility | 30.43% | 30.76% | ||||||||||||||
Risk-free forward interest rate | 0.10% - 4.17% | 0.14% - 3.94% | ||||||||||||||
Expected life (in years) | 5.87 | 5.84 | ||||||||||||||
Six Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average fair value of option grants | $19.53 | $12.85 | ||||||||||||||
Dividend yield | 1.26% | 1.57% | ||||||||||||||
Volatility | 30.36% | 30.94% | ||||||||||||||
Risk-free forward interest rate | 0.12% - 4.67% | 0.17% - 4.10% | ||||||||||||||
Expected life (in years) | 5.89 | 5.87 | ||||||||||||||
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units | ' | |||||||||||||||
Total compensation cost for stock options is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold | $ | 133 | $ | 99 | $ | 375 | $ | 291 | ||||||||
Selling, general and administrative expenses | 1,425 | 1,253 | 3,615 | 3,421 | ||||||||||||
Total expense before income taxes | 1,558 | 1,352 | 3,990 | 3,712 | ||||||||||||
Income tax benefit | (496 | ) | (445 | ) | (1,251 | ) | (1,182 | ) | ||||||||
Total expense after income taxes | $ | 1,062 | $ | 907 | $ | 2,739 | $ | 2,530 | ||||||||
Performance Shares | ' | |||||||||||||||
Schedule of Weighted Average Option Fair Values and Assumptions | ' | |||||||||||||||
Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. | ||||||||||||||||
Three and Six Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average fair value of performance share units | $94.55 | $50.45 | ||||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||||
Volatility | 26.41% | 28.99% | ||||||||||||||
Risk-free forward interest rate | 0.65% | 0.40% | ||||||||||||||
Expected life (in years) | 2.88 | 2.87 | ||||||||||||||
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units | ' | |||||||||||||||
Total compensation cost for performance share units is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold | $ | — | $ | — | $ | — | $ | — | ||||||||
Selling, general and administrative expenses | 823 | 216 | 1,484 | 405 | ||||||||||||
Total expense before income taxes | 823 | 216 | 1,484 | 405 | ||||||||||||
Income tax benefit | (288 | ) | (77 | ) | (474 | ) | (114 | ) | ||||||||
Total expense after income taxes | $ | 535 | $ | 139 | $ | 1,010 | $ | 291 | ||||||||
Unvested Shares | ' | |||||||||||||||
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units | ' | |||||||||||||||
Total compensation cost for unvested shares is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold | $ | 693 | $ | 212 | $ | 1,165 | $ | 614 | ||||||||
Selling, general and administrative expenses | 2,578 | 2,098 | 5,324 | 4,758 | ||||||||||||
Total expense before income taxes | 3,271 | 2,310 | 6,489 | 5,372 | ||||||||||||
Income tax benefit | (644 | ) | (609 | ) | (1,331 | ) | (1,319 | ) | ||||||||
Total expense after income taxes | $ | 2,627 | $ | 1,701 | $ | 5,158 | $ | 4,053 | ||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Pension Plans | ' | |||||||||||||||
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | ' | |||||||||||||||
The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 323 | $ | 392 | $ | 326 | $ | 345 | ||||||||
Interest cost | 1,053 | 605 | 1,209 | 533 | ||||||||||||
Expected return on plan assets | (1,408 | ) | (329 | ) | (1,310 | ) | (260 | ) | ||||||||
Net amortization | 674 | 219 | 1,377 | 237 | ||||||||||||
Net periodic benefit cost | $ | 642 | $ | 887 | $ | 1,602 | $ | 855 | ||||||||
Pension Benefits | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 645 | $ | 766 | $ | 763 | $ | 684 | ||||||||
Interest cost | 2,106 | 1,204 | 2,152 | 1,052 | ||||||||||||
Expected return on plan assets | (2,816 | ) | (657 | ) | (2,663 | ) | (516 | ) | ||||||||
Net amortization | 1,374 | 439 | 2,991 | 468 | ||||||||||||
Net periodic benefit cost | $ | 1,309 | $ | 1,752 | $ | 3,243 | $ | 1,688 | ||||||||
Other Postretirement Benefit Plans | ' | |||||||||||||||
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | ' | |||||||||||||||
Other Postretirement Benefits | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 179 | $ | 242 | $ | 357 | $ | 485 | ||||||||
Interest cost | 233 | 227 | 466 | 454 | ||||||||||||
Net amortization | (119 | ) | 6 | (237 | ) | 11 | ||||||||||
Net periodic benefit cost | $ | 293 | $ | 475 | $ | 586 | $ | 950 | ||||||||
Acquisitions_Additional_Inform
Acquisitions (Additional Information) (Detail) | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 28, 2014 | Jun. 30, 2014 | Apr. 28, 2014 | Mar. 18, 2013 | Mar. 18, 2013 |
USD ($) | USD ($) | Aegis Flow Technologies [Member] | Aegis Flow Technologies [Member] | Aegis Flow Technologies [Member] | FTL Seals Technology, Ltd | FTL Seals Technology, Ltd | |
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Annual revenue of entity acquired | ' | ' | $15,000,000 | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | 26,000,000 | ' | ' | 34,500,000 | 23,100,000 |
Goodwill | 1,363,753,000 | 1,349,456,000 | ' | ' | 8,805,000 | 18,000,000 | ' |
Intangible assets | ' | ' | ' | ' | 8,800,000 | 13,000,000 | ' |
Goodwill expected tax deductible amount | ' | ' | ' | ' | 8,800,000 | ' | ' |
Acquisition-related transaction costs | ' | ' | ' | 900,000 | ' | ' | ' |
Fair value of inventory charges associated with acquisitions | ' | ' | ' | 500,000 | ' | ' | ' |
Goodwill not deductible for tax purposes | ' | ' | ' | ' | ' | $18,000,000 | ' |
Acquisitions_Allocation_of_Acq
Acquisitions (Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 28, 2014 |
In Thousands, unless otherwise specified | Aegis Flow Technologies [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Accounts receivable | ' | ' | $1,069 |
Inventory | ' | ' | 6,106 |
Other current assets, net of cash acquired | ' | ' | 873 |
Property, plant and equipment | ' | ' | 3,027 |
Goodwill | 1,363,753 | 1,349,456 | 8,805 |
Intangible assets | ' | ' | 8,770 |
Total assets acquired | ' | ' | 28,650 |
Total liabilities assumed | ' | ' | -2,700 |
Net assets acquired | ' | ' | $25,950 |
Acquisitions_Acquired_Intangib
Acquisitions (Acquired Intangible Assets and Weighted Average Amortization Periods) (Details) (Aegis Flow Technologies [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Apr. 28, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired intangible assets, Total | $8,770 |
Trade names | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired intangible assets, Total | 3,304 |
Acquired intangible assets, Weighted Average Life | '15 years |
Customer relationships | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired intangible assets, Total | 4,393 |
Acquired intangible assets, Weighted Average Life | '14 years |
Unpatented technology | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired intangible assets, Total | $1,073 |
Acquired intangible assets, Weighted Average Life | '8 years |
Business_Segments_Additional_I
Business Segments (Additional Information) (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable business segments | 3 |
Business_Segments_Schedule_of_
Business Segments (Schedule of Information on Company's Business Segments) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $546,693 | $518,445 | $1,090,689 | $1,012,893 | ' |
Operating income | 112,088 | 99,559 | 225,923 | 194,271 | ' |
Interest expense | 10,405 | 10,597 | 20,862 | 21,154 | ' |
Other income (expense) - net | -137 | -573 | 707 | 706 | ' |
Income before income taxes | 101,546 | 88,389 | 205,768 | 173,823 | ' |
Total assets | 2,990,997 | ' | 2,990,997 | ' | 2,887,577 |
Intersegment elimination | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | -1,261 | -2,146 | -4,285 | -3,834 | ' |
Corporate office and other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating income | -15,657 | -14,754 | -34,106 | -28,620 | ' |
Total assets | 270,962 | ' | 270,962 | ' | 264,540 |
Fluid & Metering Technologies | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 226,100 | 225,488 | 449,461 | 437,243 | ' |
Operating income | 55,623 | 56,115 | 112,030 | 104,194 | ' |
Total assets | 1,041,890 | ' | 1,041,890 | ' | 1,025,352 |
Fluid & Metering Technologies | External customers | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 225,866 | 225,214 | 448,873 | 436,621 | ' |
Fluid & Metering Technologies | Intersegment elimination | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 234 | 274 | 588 | 622 | ' |
Health & Science Technologies | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 185,672 | 180,867 | 372,047 | 353,735 | ' |
Operating income | 36,137 | 34,522 | 72,366 | 66,789 | ' |
Total assets | 1,152,486 | ' | 1,152,486 | ' | 1,113,546 |
Health & Science Technologies | External customers | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 184,849 | 179,111 | 368,741 | 350,785 | ' |
Health & Science Technologies | Intersegment elimination | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 823 | 1,756 | 3,306 | 2,950 | ' |
Fire & Safety/Diversified Products | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 136,182 | 114,236 | 273,466 | 225,749 | ' |
Operating income | 35,985 | 23,676 | 75,633 | 51,908 | ' |
Total assets | 525,659 | ' | 525,659 | ' | 484,139 |
Fire & Safety/Diversified Products | External customers | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | 135,978 | 114,120 | 273,075 | 225,487 | ' |
Fire & Safety/Diversified Products | Intersegment elimination | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment sales | $204 | $116 | $391 | $262 | ' |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share (Additional Information) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Decrease in income attributable to common shareholders | ($200,000) | $0 | $700,000 | $500,000 |
Option to purchase common stock shares not included in the computation of diluted EPS (in shares) | 0.5 | ' | 0.6 | ' |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share (Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding) (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Basic weighted average common shares outstanding (in shares) | 80,106 | 81,829 | 80,317 | 82,013 |
Dilutive effect of stock options, unvested shares, and DCUs (in shares) | 1,043 | 905 | 1,045 | 930 |
Diluted weighted average common shares outstanding (in shares) | 81,149 | 82,734 | 81,362 | 82,943 |
Inventories_Components_of_Inve
Inventories (Components of Inventories) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and component parts | $145,467 | $133,470 |
Work in process | 43,058 | 41,895 |
Finished goods | 65,657 | 55,602 |
Total | $254,182 | $230,967 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | $1,349,456 | ' |
Foreign currency translation | 5,492 | ' |
Acquisitions | 8,805 | ' |
Ending Balance | 1,363,753 | 1,349,456 |
IPO reporting units, fair value, percent grader than carrying value | ' | 10.00% |
Fluid & Metering Technologies | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | 528,044 | ' |
Foreign currency translation | -557 | ' |
Acquisitions | 8,805 | ' |
Ending Balance | 536,292 | ' |
Health & Science Technologies | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | 571,675 | ' |
Foreign currency translation | 6,808 | ' |
Acquisitions | 0 | ' |
Ending Balance | 578,483 | ' |
Fire & Safety/Diversified Products | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | 249,737 | ' |
Foreign currency translation | -759 | ' |
Acquisitions | 0 | ' |
Ending Balance | $248,978 | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset) (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | $454,577 | $444,184 |
Intangible assets - Gross Carrying Amount | 516,677 | 506,284 |
Amortized intangible assets - Accumulated Amortization | -216,402 | -195,057 |
Amortized intangible assets - Net | 238,175 | 249,127 |
Intangible assets - Net | 300,275 | 311,227 |
Patents | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 10,016 | 10,673 |
Amortized intangible assets - Accumulated Amortization | -4,888 | -5,179 |
Amortized intangible assets - Net | 5,128 | 5,494 |
Amortized intangible assets - Weighted Average Life | '11 years | ' |
Trade names | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 108,215 | 104,582 |
Amortized intangible assets - Accumulated Amortization | -31,696 | -28,310 |
Amortized intangible assets - Net | 76,519 | 76,272 |
Amortized intangible assets - Weighted Average Life | '16 years | ' |
Customer relationships | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 248,676 | 242,674 |
Amortized intangible assets - Accumulated Amortization | -135,162 | -121,092 |
Amortized intangible assets - Net | 113,514 | 121,582 |
Amortized intangible assets - Weighted Average Life | '10 years | ' |
Non-compete agreements | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 3,073 | 3,769 |
Amortized intangible assets - Accumulated Amortization | -2,705 | -3,272 |
Amortized intangible assets - Net | 368 | 497 |
Amortized intangible assets - Weighted Average Life | '3 years | ' |
Unpatented technology | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 77,565 | 75,528 |
Amortized intangible assets - Accumulated Amortization | -37,297 | -32,905 |
Amortized intangible assets - Net | 40,268 | 42,623 |
Amortized intangible assets - Weighted Average Life | '11 years | ' |
Other | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets - Gross Carrying Amount | 7,032 | 6,958 |
Amortized intangible assets - Accumulated Amortization | -4,654 | -4,299 |
Amortized intangible assets - Net | 2,378 | 2,659 |
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 |
Accrued_Expenses_Components_of
Accrued Expenses (Components of Accrued Expenses) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Payroll and related items | $58,543 | $63,297 |
Management incentive compensation | 14,373 | 20,949 |
Income taxes payable | 10,909 | 11,746 |
Insurance | 9,747 | 7,741 |
Warranty | 5,035 | 4,888 |
Deferred revenue | 11,773 | 9,455 |
Liability for uncertain tax positions | 950 | 1,201 |
Accrued interest | 1,366 | 1,354 |
Other | 29,797 | 30,120 |
Total accrued expenses | $142,493 | $150,751 |
Other_Noncurrent_Liabilities_C
Other Noncurrent Liabilities (Components of Noncurrent Liabilities) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Pension and retiree medical obligations | $66,672 | $67,777 |
Liability for uncertain tax positions | 3,045 | 4,624 |
Deferred revenue | 4,763 | 5,578 |
Other | 15,521 | 15,087 |
Total other noncurrent liabilities | $90,001 | $93,066 |
Borrowings_Schedule_of_Borrowi
Borrowings (Schedule of Borrowings) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | $816,865 | $773,876 |
Less current portion | 111,539 | 1,871 |
Total long-term borrowings | 705,326 | 772,005 |
2.58% Senior Euro Notes, due June 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | 110,525 | 111,505 |
4.5% Senior Notes, due December 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | 298,901 | 298,828 |
4.2% Senior Notes, due December 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | 349,311 | 349,272 |
Revolving Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving Facility | 55,000 | 10,000 |
Other borrowings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | $3,128 | $4,271 |
Borrowings_Schedule_of_Borrowi1
Borrowings (Schedule of Borrowings) (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 09, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 06, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | |
4.2% Senior Notes, due December 2021 | 4.2% Senior Notes, due December 2021 | 4.2% Senior Notes, due December 2021 | 4.5% Senior Notes, due December 2020 | 4.5% Senior Notes, due December 2020 | 4.5% Senior Notes, due December 2020 | 2.58% Senior Euro Notes, due June 2015 | 2.58% Senior Euro Notes, due June 2015 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | 4.20% | ' | 4.20% | 4.50% | ' | 4.50% | 2.58% | ' |
Senior Notes, maturity date | '2021-12 | '2021-12 | ' | '2020-12 | '2020-12 | ' | '2015-06 | '2015-06 |
Borrowings_Additional_Informat
Borrowings (Additional Information) (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 09, 2010 | Dec. 06, 2010 | Dec. 09, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
covenant | 2.58% Senior Euro Notes, due June 2015 | 2.58% Senior Euro Notes, due June 2015 | 4.5% Senior Notes, due December 2020 | 4.2% Senior Notes, due December 2021 | Minimum | Minimum | Maximum | Letters Of Credit | Swing line Loans | Revolving Facility | Revolving Facility | Revolving Facility | Revolving Facility | Other borrowings | Other borrowings | ||
Other borrowings | 2.58% Senior Euro Notes, due June 2015 | Other borrowings | Minimum | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving facility principal amount | $700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | $25,000,000 | ' | ' | ' | ' | ' | ' |
Revolving facility expiration date | 27-Jun-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.05% | ' | 0.88% | 1.70% | ' | ' |
Annual credit facility fee basis point rate spread over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' |
Current borrowings under revolving facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | 10,000,000 | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' |
Revolving Facility, amount available to borrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 637,200,000 | ' | ' | ' | ' | ' |
Notes payable and current portion of long-term borrowings | 111,539,000 | 1,871,000 | 110,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,128,000 | $4,271,000 |
Stated interest rate | ' | ' | ' | 2.58% | 4.50% | 4.20% | 0.30% | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of financial covenants | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | ' | ' |
Derivative_Instruments_Additio
Derivative Instruments (Additional Information) (Detail) (USD $) | 6 Months Ended | 24 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2011 | Dec. 06, 2010 | Dec. 09, 2011 | Dec. 31, 2011 | |
Interest Rate Exchange Agreement Expiring 2010 and 2011 [Member] | 4.5% Senior Notes, due December 2020 | 4.2% Senior Notes, due December 2021 | Interest Rate Contract [Member] | |||
instrument | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Number of instruments held | ' | ' | ' | ' | ' | 2 |
Interest rate on senior notes | ' | ' | ' | 4.50% | 4.20% | ' |
Amortization of interest expense | $859,000 | $849,000 | $68,900,000 | ' | ' | ' |
Term of amortized interest expense, years | ' | ' | '10 years | ' | ' | ' |
Amount to be recognized from hedged transactions within 12 months, approximate | $7,100,000 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investment | $22,577 | $27,871 |
Available for sale securities | 3,985 | 3,255 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investment | 22,577 | 27,871 |
Available for sale securities | 3,985 | 3,255 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investment | 0 | 0 |
Available for sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Money market investment | 0 | 0 |
Available for sale securities | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements (Additional Information) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 06, 2010 | Jun. 30, 2014 | Dec. 09, 2011 |
In Millions, unless otherwise specified | 2.58% Senior Euro Notes, due June 2015 | 4.5% Senior Notes, due December 2020 | 4.5% Senior Notes, due December 2020 | 4.2% Senior Notes, due December 2021 | 4.2% Senior Notes, due December 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | 2.58% | 4.50% | 4.50% | 4.20% | 4.20% |
Fair value of our revolving facility and senior debt | $847.40 | ' | ' | ' | ' | ' |
Carrying value of our revolving facility and senior debt | $813.70 | ' | ' | ' | ' | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Cumulative translation adjustment, Pre-tax | $13,874 | $4,144 | $14,158 | ($23,109) |
Cumulative translation adjustment, Tax | 0 | 0 | 0 | 0 |
Cumulative translation adjustment, Net of Tax | 13,874 | 4,144 | 14,158 | -23,109 |
Pension and Other Postretirement Adjustments | ' | ' | ' | ' |
Pension and other postretirement adjustments, Pre-tax | 798 | 1,521 | 1,477 | 3,456 |
Pension and other postretirement adjustments, Tax | -281 | -583 | -521 | -1,245 |
Pension and other postretirement adjustments, Net of Tax | 517 | 938 | 956 | 2,211 |
Reclassification adjustments for derivatives, Pre-tax | 1,817 | 1,867 | 3,637 | 3,740 |
Reclassification adjustments for derivatives, Tax | -662 | -680 | -1,325 | -1,363 |
Reclassification adjustments for derivatives, Net of tax | 1,155 | 1,187 | 2,312 | 2,377 |
Total other comprehensive income (loss), Pre-tax | 16,489 | 7,532 | 19,272 | -15,913 |
Total other comprehensive income (loss), Tax | -943 | -1,263 | -1,846 | -2,608 |
Other comprehensive income (loss) | $15,546 | $6,269 | $17,426 | ($18,521) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | $129,044 | $123,290 | $259,629 | $240,575 |
Interest expense | 10,405 | 10,597 | 20,862 | 21,154 |
Provision for income taxes | -29,769 | -25,828 | -59,443 | -49,962 |
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 | 798 | 1,521 | 1,477 | 3,456 |
Total before tax | 798 | 1,521 | 1,477 | 3,456 |
Provision for income taxes | -281 | -583 | -521 | -1,245 |
Total net of tax | 517 | 938 | 956 | 2,211 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest expense | 1,817 | 1,867 | 3,637 | 3,740 |
Total before tax | 1,817 | 1,867 | 3,637 | 3,740 |
Provision for income taxes | -662 | -680 | -1,325 | -1,363 |
Total net of tax | $1,155 | $1,187 | $2,312 | $2,377 |
Common_and_Preferred_Stock_Add
Common and Preferred Stock (Additional Information) (Detail) (USD $) | 0 Months Ended | 6 Months Ended | 1 Months Ended | |||
Nov. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | |
April Settlement | April Settlement | |||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' |
Increase in share repurchase authorized amount | $300,000,000 | ' | ' | ' | ' | ' |
Purchase of common stock (in shares) | ' | 1,153,384 | 1,600,000 | ' | ' | ' |
Repurchase of common stock, including subsequent settlements | ' | 85,700,000 | 86,700,000 | ' | ' | ' |
Purchase of common stock | ' | 83,060,000 | 84,479,000 | ' | 2,600,000 | 2,200,000 |
Remaining authorized repurchase amount | ' | $282,200,000 | ' | ' | ' | ' |
Common stock, authorized (in shares) | ' | 150,000,000 | ' | 150,000,000 | ' | ' |
Common stock, par value (in dollars per share) | ' | $0.01 | ' | $0.01 | ' | ' |
Preferred stock, authorized (in shares) | ' | 5,000,000 | ' | 5,000,000 | ' | ' |
Preferred stock, par value (in dollars per share) | ' | $0.01 | ' | $0.01 | ' | ' |
Preferred stock, issued (in shares) | ' | 0 | ' | 0 | ' | ' |
Share_Based_Compensation_Addit
Share Based Compensation (Additional Information) (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Stock Option | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options granted (in shares) | 0.5 | 0.6 |
Total unrecognized compensation cost | $12.80 | ' |
Weighted-average period of total unrecognized compensation cost, in years | '1 year 6 months | ' |
Unvested Shares | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares granted (in shares) | 0.2 | 0.2 |
Total unrecognized compensation cost | 14.2 | ' |
Weighted-average period of total unrecognized compensation cost, in years | '1 year 1 month 6 days | ' |
Performance Shares | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares granted (in shares) | 0.1 | 0.1 |
Total unrecognized compensation cost | $6.80 | ' |
Weighted-average period of total unrecognized compensation cost, in years | '1 year 3 months 18 days | ' |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule of Weighted Average Option, Performance Share Fair Values and Assumptions) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Option | ' | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' | ' |
Weighted average fair value of option grants (in dollars per share) | $19.34 | $13.28 | $19.53 | $12.85 |
Dividend yield | 1.43% | 1.51% | 1.26% | 1.57% |
Volatility | 30.43% | 30.76% | 30.36% | 30.94% |
Expected life (in years) | '5 years 10 months 13 days | '5 years 10 months 2 days | '5 years 10 months 21 days | '5 years 10 months 13 days |
Performance Shares | ' | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' | ' |
Weighted average fair value of option grants (in dollars per share) | $94.55 | $50.45 | ' | ' |
Dividend yield | 0.00% | 0.00% | ' | ' |
Volatility | 26.41% | 28.99% | ' | ' |
Risk-free forward interest rate | 0.65% | 0.40% | ' | ' |
Expected life (in years) | '2 years 10 months 17 days | '2 years 10 months 13 days | ' | ' |
Minimum | Stock Option | ' | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' | ' |
Risk-free forward interest rate | 0.10% | 0.14% | 0.12% | 0.17% |
Maximum | Stock Option | ' | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' | ' |
Risk-free forward interest rate | 4.17% | 3.94% | 4.67% | 4.10% |
ShareBased_Compensation_Schedu1
Share-Based Compensation (Schedule of Compensation Cost for Stock Options, Unvested Shares and Performance Share Units) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | ' | ' | $11,963 | $9,489 |
Stock Option | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 1,558 | 1,352 | 3,990 | 3,712 |
Income tax benefit | -496 | -445 | -1,251 | -1,182 |
Total expense after income taxes | 1,062 | 907 | 2,739 | 2,530 |
Stock Option | Cost Of Goods Sold | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 133 | 99 | 375 | 291 |
Stock Option | Selling, General And Administrative Expenses | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 1,425 | 1,253 | 3,615 | 3,421 |
Unvested Shares | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 3,271 | 2,310 | 6,489 | 5,372 |
Income tax benefit | -644 | -609 | -1,331 | -1,319 |
Total expense after income taxes | 2,627 | 1,701 | 5,158 | 4,053 |
Unvested Shares | Cost Of Goods Sold | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 693 | 212 | 1,165 | 614 |
Unvested Shares | Selling, General And Administrative Expenses | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 2,578 | 2,098 | 5,324 | 4,758 |
Performance Shares | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 823 | 216 | 1,484 | 405 |
Income tax benefit | -288 | -77 | -474 | -114 |
Total expense after income taxes | 535 | 139 | 1,010 | 291 |
Performance Shares | Cost Of Goods Sold | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | 0 | 0 | 0 | 0 |
Performance Shares | Selling, General And Administrative Expenses | ' | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' |
Total expense before income taxes | $823 | $216 | $1,484 | $405 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Options Activity) (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Shares | ' | ' |
Beginning balance (in shares) | 2,516,618 | ' |
Granted (in shares) | 505,950 | ' |
Exercised (in shares) | -254,815 | ' |
Forfeited/Expired (in shares) | -85,483 | ' |
Ending balance (in shares) | 2,682,270 | 2,516,618 |
Vested and expected to vest (in shares) | 2,521,604 | ' |
Exercisable (in shares) | 1,372,277 | ' |
Weighted Average Price | ' | ' |
Beginning Balance, Weighted Average Price (in dollars per share) | $39.60 | ' |
Granted, Weighted Average Price (in dollars per share) | $72.75 | ' |
Exercised, Weighted Average Price (in dollars per share) | $34.71 | ' |
Forfeited/Expired, Weighted Average Price (in dollars per share) | $49.52 | ' |
Ending Balance, Weighted Average Price (in dollars per share) | $46 | $39.60 |
Vested and expected to vest , Weighted Average Price (in dollars per share) | $45.12 | ' |
Exercisable at June 30, 2014, Weighted Average Price (in dollars per share) | $36.13 | ' |
Weighted-Average Remaining Contractual Term | ' | ' |
Weighted-Average Remaining Contractual Term, Ending | '7 years 14 days | '6 years 10 months 13 days |
Weighted-Average Remaining Contractual Term, Vested and expected to vest | '6 years 11 months 5 days | ' |
Weighted-Average Remaining Contractual Term, Exercisable | '5 years 6 months 18 days | ' |
Aggregate Intrinsic Value | ' | ' |
Stock options outstanding, Beginning aggregate intrinsic value | $86,200,655 | ' |
Stock options outstanding, Ending aggregate intrinsic value | 93,185,771 | 86,200,655 |
Stock options, vested and expected to vest aggregate intrinsic value | 89,815,814 | ' |
Stock options, exercisable aggregate intrinsic value | $61,210,657 | ' |
Retirement_Benefits_Components
Retirement Benefits (Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
U.S. | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $323 | $326 | $645 | $763 |
Interest cost | 1,053 | 1,209 | 2,106 | 2,152 |
Expected return on plan assets | -1,408 | -1,310 | -2,816 | -2,663 |
Net amortization | 674 | 1,377 | 1,374 | 2,991 |
Net periodic benefit cost | 642 | 1,602 | 1,309 | 3,243 |
Non-U.S. | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 392 | 345 | 766 | 684 |
Interest cost | 605 | 533 | 1,204 | 1,052 |
Expected return on plan assets | -329 | -260 | -657 | -516 |
Net amortization | 219 | 237 | 439 | 468 |
Net periodic benefit cost | 887 | 855 | 1,752 | 1,688 |
Other Postretirement Benefit Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 179 | 242 | 357 | 485 |
Interest cost | 233 | 227 | 466 | 454 |
Net amortization | -119 | 6 | -237 | 11 |
Net periodic benefit cost | $293 | $475 | $586 | $950 |
Retirement_Benefits_Additional
Retirement Benefits (Additional Information) (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Expected contributions in current fiscal year | $4.10 | ' |
Anticipated contribution for current fiscal year | 2.3 | ' |
Contributions by employer | 2.7 | ' |
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 |
Expected contributions in current fiscal year | $0.90 | ' |
Income_Taxes_Additional_Inform
Income Taxes (Additional Information) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for income taxes | $29,769,000 | $25,828,000 | $59,443,000 | $49,962,000 |
Effective tax rate | 29.30% | 29.20% | 28.90% | 28.70% |
Reasonably possible change in unrecognized tax benefits over next 12 months, lower range | 0 | ' | 0 | ' |
Reasonably possible change in unrecognized tax benefits over next 12 months, upper range | $1,000,000 | ' | $1,000,000 | ' |