Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2013 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BEAV | |
Entity Registrant Name | B/E AEROSPACE INC | |
Entity Central Index Key | 861361 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 104,767,282 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $573.80 | $513.70 |
Accounts receivable - trade, less allowance for doubtful accounts ($10.1 at September 30, 2013 and $12.1 at December 31, 2012) | 504.5 | 401.7 |
Inventories | 1,920 | 1,752.90 |
Deferred income taxes | 21.4 | 42.4 |
Other current assets | 74 | 55.9 |
Total current assets | 3,093.70 | 2,766.60 |
Property and equipment, net of accumulated depreciation ($278.5 at September 30, 2013 and $255.1 at December 31, 2012) | 393.7 | 302.9 |
Goodwill | 1,545.20 | 1,484.20 |
Identifiable intangible assets | 461.5 | 484.5 |
Other assets | 67.5 | 68.2 |
Total assets | 5,561.60 | 5,106.40 |
Current liabilities: | ||
Accounts payable | 364.8 | 286.2 |
Accrued liabilities | 507.5 | 474.2 |
Current maturities of long-term debt | 0.3 | |
Total current liabilities | 872.3 | 760.7 |
Long-term debt | 1,959.60 | 1,960.20 |
Deferred income taxes | 159.7 | 144.1 |
Other non-current liabilities | 77 | 62.5 |
Commitments, contingencies and off-balance sheet arrangements (Note 8) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 1.0 million shares authorized; no shares outstanding | ||
Common stock, $0.01 par value; 200.0 million shares authorized; 105.4 million shares issued as of September 30, 2013 and 105.4 million shares issued as of December 31, 2012 | 1.1 | 1.1 |
Additional paid-in capital | 1,678.70 | 1,652.20 |
Retained earnings | 832.7 | 557.7 |
Accumulated other comprehensive loss | -19.5 | -32.1 |
Total stockholders' equity | 2,493 | 2,178.90 |
Liabilities and Equity, Total | $5,561.60 | $5,106.40 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Accounts receivable - trade, allowance for doubtful accounts | $10.10 | $12.10 |
Property and equipment, accumulated depreciation | $278.50 | $255.10 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1 | 1 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200 | 200 |
Common stock, shares issued | 105.4 | 105.4 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $888.10 | $766.70 | $2,580.60 | $2,282.10 |
Cost of sales | 545.8 | 478.4 | 1,592.40 | 1,417 |
Selling, general and administrative | 120 | 106.2 | 349.5 | 323.3 |
Research, development and engineering | 62.2 | 47.8 | 166.3 | 139.9 |
Operating earnings | 160.1 | 134.3 | 472.4 | 401.9 |
Operating earnings, as percentage of revenues | 18.00% | 17.50% | 18.30% | 17.60% |
Interest expense | 30.5 | 31.8 | 91.6 | 93.4 |
Debt prepayment costs | 82.1 | 82.1 | ||
Earnings before income taxes | 129.6 | 20.4 | 380.8 | 226.4 |
Income taxes | 36.9 | 1.9 | 105.8 | 67.9 |
Net earnings | 92.7 | 18.5 | 275 | 158.5 |
Other comprehensive income: | ||||
Foreign currency translation adjustment and other | 43.6 | 25.4 | 12.6 | 19.8 |
Comprehensive income | $136.30 | $43.90 | $287.60 | $178.30 |
Net earnings per common share: | ||||
Basic | $0.90 | $0.18 | $2.67 | $1.55 |
Diluted | $0.89 | $0.18 | $2.65 | $1.54 |
Weighted average common shares: | ||||
Basic | 103.2 | 102.1 | 103.2 | 102 |
Diluted | 104 | 103.1 | 103.9 | 102.8 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $275 | $158.50 |
Adjustments to reconcile net earnings to net cash flows provided by operating activities, net of effects from acquisitions: | ||
Depreciation and amortization | 65.1 | 54.1 |
Deferred income taxes | 36 | 41.9 |
Non-cash compensation | 17.6 | 18.8 |
Debt prepayment costs | 82.1 | |
Provision for doubtful accounts | 0.8 | 2.9 |
Loss on disposal of property and equipment | 1.4 | 1.5 |
Tax benefits realized from prior exercises of employee stock options and restricted stock | -6.2 | -3 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -91.2 | -81.8 |
Inventories | -163 | -195.1 |
Other current and non-current assets | -17.9 | -28 |
Accounts payable and accrued liabilities | 121.8 | 151 |
Net cash provided by operating activities | 239.4 | 202.9 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -113.7 | -83.3 |
Acquisitions, net of cash acquired | -76 | -651.9 |
Other | 0.1 | 1.8 |
Net cash used in investing activities | -189.6 | -733.4 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from common stock issued | 3.3 | 2.8 |
Purchase of treasury stock | -0.4 | -0.3 |
Tax benefits realized from prior exercises of employee stock options and restricted stock | 6.2 | 3 |
Borrowings on line of credit | 215 | |
Repayments on line of credit | -215 | |
Proceeds from long-term debt | 1,316 | |
Debt prepayment costs | -71.7 | |
Debt origination costs | -30.1 | |
Principal payments on long-term debt, inclusive of original issue premium | -0.3 | -600.4 |
Net cash provided by financing activities | 8.8 | 619.3 |
Effect of foreign exchange rate changes on cash and cash equivalents | 1.5 | 2.9 |
Net increase in cash and cash equivalents | 60.1 | 91.7 |
Cash and cash equivalents, beginning of period | 513.7 | 303.5 |
Cash and cash equivalents, end of period | 573.8 | 395.2 |
Cash paid during period for: | ||
Interest | 60 | 64.5 |
Income taxes | 73.9 | 45.2 |
Supplemental schedule of noncash investing activities: | ||
Accrued property additions | $8.30 | $7.80 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | Note 1. Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. All adjustments which, in the opinion of management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the B/E Aerospace, Inc. (the “Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | Note 2. Recent Accounting Pronouncements |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which is intended to improve the reporting of reclassifications out of accumulated other comprehensive income. The ASU requires an entity to report, either on the face of the income statement or in the notes to the financial statements, the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in the statement of earnings if the amount being reclassified is required to be reclassified in its entirety to net earnings. For other amounts that are not required to be reclassified in their entirety to net earnings in the same reporting period, an entity is required to cross-reference other required disclosures that provide additional detail about those amounts. The adoption of ASU 2013-02, effective January 1, 2013, did not impact the Company’s consolidated financial statements as there were no reclassifications out of accumulated other comprehensive income during the period. |
Business_Combinations
Business Combinations | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations | Note 3. Business Combinations | ||||
During the third quarter of 2013 the Company acquired the assets of Blue Dot Energy Services, LLC (“Blue Dot”), a provider of parts distribution, rental equipment, and on-site services to the oil and gas industry for a net purchase price of $72.5. The acquisition expands the Consumables Management Segment (“CMS”) distribution and logistics business into the oil and gas services industry. The transaction was accounted for as a purchase under FASB ASC 805, Business Combinations (“ASC 805”). The assets purchased and liabilities assumed for this acquisition have been reflected in the accompanying condensed consolidated balance sheet as of September 30, 2013 and the results of operations for this acquisition are included in the accompanying condensed consolidated statement of earnings and comprehensive income from the date of acquisition. | |||||
During 2012, the Company completed two acquisitions for a net aggregate purchase price of approximately $649.7 in cash (“2012 Acquisitions”). The 2012 Acquisitions were accounted for as purchases under ASC 805. The assets purchased and liabilities assumed for the 2012 Acquisitions have been reflected in the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012, and the results of operations for the 2012 Acquisitions are included in the accompanying condensed consolidated statements of earnings and comprehensive income from the respective dates of acquisition. | |||||
On January 30, 2012, the Company acquired 100% of the outstanding stock of UFC Aerospace Corp. (“UFC”), a provider of complex supply chain management and inventory logistics solutions, for a net purchase price of $404.7. | |||||
On July 26, 2012, the Company acquired 100% of Interturbine Aviation Logistics GmbH, Interturbine Logistics Solutions GmbH and Interturbine Technologies GmbH (collectively “Interturbine”), a provider of material management logistical services to global airlines and maintenance, repair and overhaul (“MRO”) providers, for a net purchase price of $245.0. Interturbine’s product range includes chemicals, lubricants, hydraulic fluids, adhesives, coatings and composites. Interturbine also supplies fasteners, cables and wires, electronic components, electrical and electromechanical materials, tools, hot bonding equipment and ground equipment to its primary customer base of airlines and MRO providers globally. | |||||
The Company completed its evaluation and allocation of the purchase price for the UFC acquisition during the period ended December 31, 2012. The Company completed its evaluation and allocation of the purchase price for the Interturbine acquisition during the three months ended March 31, 2013 which resulted in a $4.6 increase in goodwill. The Company has not yet completed its allocation of the purchase price for the Blue Dot acquisition as the valuation of certain assets and liabilities is not yet complete. The preliminary fair value of tangible assets, intangible assets, and assumed liabilities were $40.5, $40.9, and $8.9, respectively, comprising the net purchase price of $72.5. | |||||
The following table summarizes the fair values of assets acquired and liabilities assumed in the UFC and Interturbine acquisitions in accordance with ASC 805, which are recorded based on management’s estimates as follows: | |||||
Accounts receivable-trade | $ | 44.1 | |||
Inventories | 95.6 | ||||
Other current and non-current assets | 16.7 | ||||
Property and equipment | 4.4 | ||||
Goodwill | 462.9 | ||||
Identified intangibles | 114.3 | ||||
Accounts payable | (20.4 | ) | |||
Other current and non-current liabilities | (67.9 | ) | |||
Total purchase price | $ | 649.7 | |||
The majority of the goodwill and other intangible assets related to the UFC and Blue Dot acquisitions is expected to be deductible for tax purposes. None of the goodwill and other intangible assets related to the Interturbine acquisition is expected to be deductible for tax purposes. | |||||
Consolidated unaudited pro forma revenues, net earnings and net earnings per diluted share, giving effect to the UFC and Interturbine acquisitions for the three and nine month periods ended September 30, 2012, as if they had occurred on January 1, 2011, were $776.5, $20.7, and $0.20, and $2,369.2, $165.8 and $1.61, respectively. The Company has begun transferring legacy UFC and Interturbine customers into its consumables management segment systems. As a result, it is not practicable to report stand-alone revenues and operating earnings of the acquired businesses since the respective acquisition dates. Blue Dot pro forma revenues, net earnings, and net earnings per diluted share as well as post acquisition stand-alone revenues and operating earnings are not material to the Company’s financial statements. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories | Note 4. Inventories | ||||||||
Inventories are stated at the lower of cost or market. Cost is determined using FIFO or the weighted average cost method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. In accordance with industry practice, costs in inventory include amounts relating to long-term contracts with long production cycles and inventory items with long procurement cycles, some of which are not expected to be realized within one year. Work-in-process inventories include costs and estimated earnings in excess of billings on uncompleted contracts and excess over average costs on long-term contracts. Finished goods inventories primarily consist of aerospace fasteners. Inventories consist of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Purchased materials and component parts | $ | 240.3 | $ | 186.3 | |||||
Work-in-process | 450.8 | 371.8 | |||||||
Finished goods | 1,228.90 | 1,194.80 | |||||||
$ | 1,920.00 | $ | 1,752.90 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets | Note 5. Goodwill and Intangible Assets | |||||||||||||||
The table below sets forth the intangible assets by major asset class, all of which were acquired through business purchase transactions: | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Useful | Net | |||||||||||||||
Life | Original | Accumulated | Book | |||||||||||||
(Years) | Cost | Amortization | Value | |||||||||||||
Customer contracts and relationships | 30-Aug | $ | 412.1 | $ | 80 | $ | 332.1 | |||||||||
Acquired technologies | Sep-34 | 127 | 53.5 | 73.5 | ||||||||||||
Replacement parts annuity and product approvals | 16-22 | 7.8 | 5.8 | 2 | ||||||||||||
Technical qualifications, plans and drawings | 15-22 | 19.3 | 15.9 | 3.4 | ||||||||||||
Trademarks and patents | 20-Feb | 22.6 | 15 | 7.6 | ||||||||||||
Covenants not to compete | 5-Mar | 3.3 | 1.5 | 1.8 | ||||||||||||
Trade names | Indefinite | 41.1 | - | 41.1 | ||||||||||||
$ | 633.2 | $ | 171.7 | $ | 461.5 | |||||||||||
Amortization expense associated with identifiable intangible assets was approximately $7.5 and $7.4 for the three month periods ended September 30, 2013 and 2012, respectively and $22.6 and $21.2 for the nine month periods ended September 30, 2013 and 2012, respectively. The Company currently expects to recognize amortization expense of approximately $30 in each of the next five fiscal years. The future amortization amounts are estimates. Actual future amortization expense may be different due to future acquisitions, impairments, changes in amortization periods or other factors. The Company expenses costs to renew or extend the term of a recognized intangible asset. Goodwill increased $61.0 during the nine months ended September 30, 2013, primarily as a result of our preliminary estimate of goodwill associated with the Blue Dot acquisition, partially offset by foreign currency translations. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Long-Term Debt | Note 6. Long-Term Debt |
In March 2012, the Company issued $500.0 aggregate principal amount of 5.25% senior notes due 2022 (the “5.25% Notes”), in an offering pursuant to the Securities Act of 1933, as amended. The notes are senior unsecured debt obligations of the Company. In July 2012, the Company issued $800.0 additional 5.25% Notes, at an effective yield of 4.9% as an add-on to the existing 5.25% Notes. During 2012, the Company redeemed $600.0 of its 8.5% senior unsecured notes due 2018 (the “8.5% Notes”). The Company incurred a loss on debt extinguishment of $82.1 related to unamortized debt issue costs and fees and expenses related to the repurchase of its 8.5% Notes. | |
As of September 30, 2013, long-term debt consisted of $1,300.0 aggregate principal amount ($1,314.1 inclusive of original issue premium) of its 5.25% Notes, which had an effective yield of approximately 5.0%, and $650.0 aggregate principal amount ($645.5 net of original issue discount) of 6.875% senior unsecured notes due 2020 (the “6.875% Notes). The Company also has a $950.0 revolving credit facility pursuant to an amended and restated credit agreement dated as of August 3, 2012, (the “Revolving Credit Facility”), none of which was drawn at September 30, 2013. | |
Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to the London interbank offered rate (“LIBOR”) (as defined in the Revolving Credit Facility) plus 200 basis points or Prime (as defined in the Revolving Credit Facility) plus 100 basis points. If drawn, as of September 30, 2013, the rate under the Revolving Credit Facility would have been approximately 2.25%. | |
Letters of credit outstanding under the Revolving Credit Facility aggregated $7.2 at September 30, 2013 ($11.6 at December 31, 2012). | |
The Revolving Credit Facility contains an interest coverage ratio financial covenant (as defined therein) that must be maintained at a level greater than 2.0 to 1 and a total leverage ratio covenant (as defined therein) which limits net debt to a 4.25 to 1 multiple of EBITDA (as defined therein). The Revolving Credit Facility is collateralized by substantially all of the Company’s assets and contains customary affirmative covenants, negative covenants and conditions precedent for borrowings, all of which were met as of September 30, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Measurements | Note 7. Fair Value Measurements |
All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations. | |
Level 1 – quoted prices in active markets for identical assets and liabilities. | |
Level 2 – quoted prices for identical assets and liabilities in markets that are not active, or observable inputs other than quoted prices in active markets for identical assets and liabilities. | |
Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. | |
The carrying amounts of cash and cash equivalents (which the Company classifies as Level 1 assets), accounts receivable – trade and accounts payable represent their respective fair values due to their short- term nature. There was no debt outstanding under the Revolving Credit Facility as of September 30, 2013. The fair value of the Company’s senior notes, based on market prices for publicly-traded debt (which the Company classifies as Level 2 inputs), was $2,013.6 and $2,103.8 as of September 30, 2013 and December 31, 2012, respectively. |
Commitments_Contingencies_and_
Commitments, Contingencies and Off-Balance Sheet Arrangements | 9 Months Ended |
Sep. 30, 2013 | |
Commitments, Contingencies and Off-Balance Sheet Arrangements | Note 8. Commitments, Contingencies and Off-Balance Sheet Arrangements |
Lease Commitments – The Company finances its use of certain facilities and equipment under committed lease arrangements provided by various institutions. Since the terms of these arrangements meet the accounting definition of operating lease arrangements, the aggregate sum of future minimum lease payments is not reflected on the condensed consolidated balance sheets. At September 30, 2013, future minimum lease payments under these arrangements approximated $320.2, the majority of which related to long-term real estate leases. | |
Litigation – The Company is a defendant in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate, are likely to result in a material adverse effect on the Company’s condensed consolidated financial statements. | |
Indemnities, Commitments and Guarantees – During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include non-infringement of patents and intellectual property indemnities to the Company’s customers in connection with the delivery, design, manufacture and sale of its products, indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, and indemnities to other parties to certain acquisition agreements. The duration of these indemnities, commitments and guarantees varies, and in certain cases is indefinite. Many of these indemnities, commitments and guarantees provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities, commitments and guarantees because such liabilities are contingent upon the occurrence of events that are not reasonably determinable. Management believes that any liability for these indemnities, commitments and guarantees would not be material to the accompanying condensed consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees. | |
Product Warranty Costs – Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various relevant factors, including the Company’s stated warranty policies and practices, the historical frequency of claims and the cost to replace or repair its products under warranty. |
Accounting_for_StockBased_Comp
Accounting for Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting for Stock-Based Compensation | Note 9. Accounting for Stock-Based Compensation |
The Company has a Long Term Incentive Plan (“LTIP”) under which the Company’s Compensation Committee has the authority to grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity-based or equity-related awards. | |
Compensation cost generally is recognized on a straight-line basis over the vesting period of the shares. Share-based compensation of $5.5 and $16.6, and $6.0 and $17.9 was recognized during the three and nine month periods ended September 30, 2013 and 2012, respectively, related to the equity grants made pursuant to the LTIP. Unrecognized compensation expense related to equity grants, including the estimated impact of any future forfeitures, was $34.1 at September 30, 2013. | |
The Company has established a qualified Employee Stock Purchase Plan which allows qualified employees (as defined in the Employee Stock Purchase Plan) to purchase shares of the Company’s common stock at a price equal to 85% of the closing price at the end of each semi-annual stock purchase period. Compensation cost for this plan was not material to any of the periods presented. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting | Note 10. Segment Reporting | ||||||||||||||||
The Company is organized based on the products and services it offers. The Company’s reportable segments, which are also its operating segments, are comprised of commercial aircraft, consumables management and business jet. | |||||||||||||||||
The Company has six reporting units, which were determined based on materiality and on the guidelines contained in FASB ASC Topic 350, Subtopic 20, Section 35. Each reporting unit represents either (a) an operating segment (which is also a reportable segment) or (b) a component of an operating segment, which constitutes a business, for which there is discrete financial information available that is regularly reviewed by segment management. | |||||||||||||||||
The Company evaluates segment performance based on segment operating earnings or losses. Each segment regularly reports its results of operations and makes requests for capital expenditures and acquisition funding to the Company’s chief operating decision-making group. This group is comprised of the Chairman and Chief Executive Officer, the President and Chief Operating Officer, and the Senior Vice President and Chief Financial Officer. Each operating segment has separate management teams and infrastructures dedicated to providing a full range of products and services to their commercial, business jet, military, MRO, aircraft leasing, aircraft manufacturing and logistics customers. | |||||||||||||||||
The Company has not included product line information due to the similarity of commercial aircraft segment product offerings and the impracticality of determining such information and the similarity of the product offerings and services for the consumables management segment. | |||||||||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||
SEPTEMBER 30, | SEPTEMBER 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Commercial aircraft | $ | 28.9 | $ | 23.1 | $ | 71.2 | $ | 59.4 | |||||||||
Consumables management | 10.6 | 4.9 | 29.5 | 16.3 | |||||||||||||
Business jet | 6.4 | 1.9 | 13 | 7.6 | |||||||||||||
$ | 45.9 | $ | 29.9 | $ | 113.7 | $ | 83.3 | ||||||||||
Corporate capital expenditures have been allocated to the above segments in a manner consistent with our corporate expense allocations. Prior year amounts have been restated to reflect this revised allocation methodology. | |||||||||||||||||
The following table presents goodwill by reportable segment: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial aircraft | $ | 393.1 | $ | 388.4 | |||||||||||||
Consumables management | 1,062.20 | 1,005.80 | |||||||||||||||
Business jet | 89.9 | 90 | |||||||||||||||
$ | 1,545.20 | $ | 1,484.20 | ||||||||||||||
The following table presents total assets by reportable segment: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial aircraft | $ | 1,930.60 | $ | 1,719.10 | |||||||||||||
Consumables management | 3,173.50 | 3,006.70 | |||||||||||||||
Business jet | 457.5 | 380.6 | |||||||||||||||
$ | 5,561.60 | $ | 5,106.40 | ||||||||||||||
Corporate assets (including cash and cash equivalents) of $656.2 and $599.4 at September 30, 2013 and December 31, 2012, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations. |
Net_Earnings_Per_Common_Share
Net Earnings Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Earnings Per Common Share | Note 11. Net Earnings Per Common Share | ||||||||||||||||
Basic net earnings per common share is computed using the weighted average common shares outstanding during the period. Diluted net earnings per common share is computed by using the weighted average common shares outstanding including the dilutive effect of stock options, shares issued under the Employee Stock Purchase Plan and restricted shares based on an average share price during the period. For the nine month periods ended September 30, 2013 and 2012, approximately 0.1 and 0.3 shares of the Company’s common stock, respectively, were excluded from the determination of diluted earnings per common share because their effect would have been anti-dilutive (none for the three months ended September 30, 2013 and 2012). The computations of basic and diluted earnings per share for the three and nine month periods ended September 30, 2013 and 2012, respectively, are as follows: | |||||||||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||
SEPTEMBER 30, | SEPTEMBER 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings | $ | 92.7 | $ | 18.5 | $ | 275 | $ | 158.5 | |||||||||
Basic weighted average common shares | 103.2 | 102.1 | 103.2 | 102 | |||||||||||||
Effect of dilutive stock options and | |||||||||||||||||
employee stock purchase plan shares | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
Effect of restricted shares issued | 0.7 | 0.9 | 0.6 | 0.7 | |||||||||||||
Diluted weighted average common shares | 104 | 103.1 | 103.9 | 102.8 | |||||||||||||
Basic net earnings per common share | $ | 0.9 | $ | 0.18 | $ | 2.67 | $ | 1.55 | |||||||||
Diluted net earnings per common share | $ | 0.89 | $ | 0.18 | $ | 2.65 | $ | 1.54 |
Accounting_for_Uncertainty_in_
Accounting for Uncertainty in Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Accounting for Uncertainty in Income Taxes | Note 12. Accounting for Uncertainty in Income Taxes |
In accordance with FASB ASC 740, Income Taxes (“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. As of September 30, 2013 and December 31, 2012, the Company had $40.2 and $32.1, respectively, of net unrecognized tax benefits. This liability, if recognized, would affect the Company’s effective tax rate. The Company is currently open to audit by the tax authorities for the six years ended December 31, 2012. There are currently no material income tax audits in progress. | |
The Company classifies interest and penalties related to income tax as income tax expense. The amount included in the Company’s liability for unrecognized tax benefits for interest and penalties was less than $2.0 as of September 30, 2013 and December 31, 2012. | |
Income tax expense in the nine month period of 2013 reflects the recognition of our 2012 R&D credit resulting from the recently enacted tax legislation in January 2013, and which benefited diluted earnings per share for the period by approximately $0.03 per diluted share. Our expected effective tax rate for 2013, which includes the impact of current and prior year research and development tax credits as well as other tax planning initiatives, is approximately 28.0%. |
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Preliminary Estimates of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of assets acquired and liabilities assumed in the UFC and Interturbine acquisitions in accordance with ASC 805, which are recorded based on management’s estimates as follows: | ||||
Accounts receivable-trade | $ | 44.1 | |||
Inventories | 95.6 | ||||
Other current and non-current assets | 16.7 | ||||
Property and equipment | 4.4 | ||||
Goodwill | 462.9 | ||||
Identified intangibles | 114.3 | ||||
Accounts payable | (20.4 | ) | |||
Other current and non-current liabilities | (67.9 | ) | |||
Total purchase price | $ | 649.7 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories | Inventories consist of the following: | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Purchased materials and component parts | $ | 240.3 | $ | 186.3 | |||||
Work-in-process | 450.8 | 371.8 | |||||||
Finished goods | 1,228.90 | 1,194.80 | |||||||
$ | 1,920.00 | $ | 1,752.90 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Intangible Assets by Major Asset Class | The table below sets forth the intangible assets by major asset class, all of which were acquired through business purchase transactions: | |||||||||||||||
30-Sep-13 | ||||||||||||||||
Useful | Net | |||||||||||||||
Life | Original | Accumulated | Book | |||||||||||||
(Years) | Cost | Amortization | Value | |||||||||||||
Customer contracts and relationships | 30-Aug | $ | 412.1 | $ | 80 | $ | 332.1 | |||||||||
Acquired technologies | Sep-34 | 127 | 53.5 | 73.5 | ||||||||||||
Replacement parts annuity and product approvals | 16-22 | 7.8 | 5.8 | 2 | ||||||||||||
Technical qualifications, plans and drawings | 15-22 | 19.3 | 15.9 | 3.4 | ||||||||||||
Trademarks and patents | 20-Feb | 22.6 | 15 | 7.6 | ||||||||||||
Covenants not to compete | 5-Mar | 3.3 | 1.5 | 1.8 | ||||||||||||
Trade names | Indefinite | 41.1 | - | 41.1 | ||||||||||||
$ | 633.2 | $ | 171.7 | $ | 461.5 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Capital Expenditures by Reportable Segment | THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||
SEPTEMBER 30, | SEPTEMBER 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Commercial aircraft | $ | 28.9 | $ | 23.1 | $ | 71.2 | $ | 59.4 | |||||||||
Consumables management | 10.6 | 4.9 | 29.5 | 16.3 | |||||||||||||
Business jet | 6.4 | 1.9 | 13 | 7.6 | |||||||||||||
$ | 45.9 | $ | 29.9 | $ | 113.7 | $ | 83.3 | ||||||||||
Goodwill by Reportable Segment | The following table presents goodwill by reportable segment: | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial aircraft | $ | 393.1 | $ | 388.4 | |||||||||||||
Consumables management | 1,062.20 | 1,005.80 | |||||||||||||||
Business jet | 89.9 | 90 | |||||||||||||||
$ | 1,545.20 | $ | 1,484.20 | ||||||||||||||
Total Assets by Reportable Segment | The following table presents total assets by reportable segment: | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial aircraft | $ | 1,930.60 | $ | 1,719.10 | |||||||||||||
Consumables management | 3,173.50 | 3,006.70 | |||||||||||||||
Business jet | 457.5 | 380.6 | |||||||||||||||
$ | 5,561.60 | $ | 5,106.40 |
Net_Earnings_Per_Common_Share_
Net Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Computations of Basic and Diluted Earnings Per Share | The computations of basic and diluted earnings per share for the three and nine month periods ended September 30, 2013 and 2012, respectively, are as follows: | ||||||||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||
SEPTEMBER 30, | SEPTEMBER 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings | $ | 92.7 | $ | 18.5 | $ | 275 | $ | 158.5 | |||||||||
Basic weighted average common shares | 103.2 | 102.1 | 103.2 | 102 | |||||||||||||
Effect of dilutive stock options and | |||||||||||||||||
employee stock purchase plan shares | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
Effect of restricted shares issued | 0.7 | 0.9 | 0.6 | 0.7 | |||||||||||||
Diluted weighted average common shares | 104 | 103.1 | 103.9 | 102.8 | |||||||||||||
Basic net earnings per common share | $ | 0.9 | $ | 0.18 | $ | 2.67 | $ | 1.55 | |||||||||
Diluted net earnings per common share | $ | 0.89 | $ | 0.18 | $ | 2.65 | $ | 1.54 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 30, 2012 | Mar. 31, 2013 | Jul. 26, 2012 | Sep. 30, 2013 |
Entity | Aerospace Corp. ("UFC") | Interturbine Aviation Logistics GmbH | Interturbine Aviation Logistics GmbH | Blue Dot Energy Services, LLC | |||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price of business acquisition | $649.70 | $404.70 | $245 | $72.50 | |||
Number of businesses acquired | 2 | ||||||
Business acquisition, percentage of outstanding stock acquired | 100.00% | 100.00% | |||||
Goodwill increase | 4.6 | ||||||
Preliminary fair value of tangible assets | 40.5 | ||||||
Preliminary fair value of intangible assets | 40.9 | ||||||
Preliminary fair value of assumed liabilities | 8.9 | ||||||
Net purchase price | 72.5 | ||||||
Unaudited pro forma revenues had business acquisitions occurred at the beginning of the period | 776.5 | 2,369.20 | |||||
Unaudited pro forma net earnings had business acquisitions occurred at the beginning of the period | $20.70 | $165.80 | |||||
Unaudited pro forma diluted net earnings per share had business acquisitions occurred at the beginning of the period | $0.20 | $1.61 |
Preliminary_Estimates_of_Fair_
Preliminary Estimates of Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Aerospace Corp. and Interturbine | ||
Business Combination, Separately Recognized Transactions [Line Items] | |||
Accounts receivable-trade | $44.10 | ||
Inventories | 95.6 | ||
Other current and non-current assets | 16.7 | ||
Property and equipment | 4.4 | ||
Goodwill | 1,545.20 | 1,484.20 | 462.9 |
Identified intangibles | 114.3 | ||
Accounts payable | -20.4 | ||
Other current and non-current liabilities | -67.9 | ||
Total purchase price | $649.70 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ||
Purchased materials and component parts | $240.30 | $186.30 |
Work-in-process | 450.8 | 371.8 |
Finished goods | 1,228.90 | 1,194.80 |
Inventories | $1,920 | $1,752.90 |
Intangible_Assets_by_Major_Ass
Intangible Assets by Major Asset Class (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Customer contracts and relationships | Customer contracts and relationships | Customer contracts and relationships | Acquired technologies | Acquired technologies | Acquired technologies | Replacement parts annuity and product approvals | Replacement parts annuity and product approvals | Replacement parts annuity and product approvals | Technical qualifications, plans and drawings | Technical qualifications, plans and drawings | Technical qualifications, plans and drawings | Trademarks and patents | Trademarks and patents | Trademarks and patents | Covenants not to compete | Covenants not to compete | Covenants not to compete | Trade names | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||||||||||||||||||
Useful life (years) | 8 years | 30 years | 9 years | 34 years | 16 years | 22 years | 15 years | 22 years | 2 years | 20 years | 3 years | 5 years | |||||||||
Intangible assets, original cost | $633.20 | ||||||||||||||||||||
Finite lived intangible assets, original cost | 412.1 | 127 | 7.8 | 19.3 | 22.6 | 3.3 | |||||||||||||||
Accumulated Amortization | 171.7 | 80 | 53.5 | 5.8 | 15.9 | 15 | 1.5 | ||||||||||||||
Finite lived intangible assets, net book value | 332.1 | 73.5 | 2 | 3.4 | 7.6 | 1.8 | |||||||||||||||
Intangible assets, net book value | 461.5 | 484.5 | |||||||||||||||||||
Indefinite lived intangible assets, net book value | $41.10 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Amortization expense on identifiable intangible assets | $7.50 | $7.40 | $22.60 | $21.20 |
Expected amortization expenses in year one | 30 | 30 | ||
Expected amortization expenses in year two | 30 | 30 | ||
Expected amortization expenses in year three | 30 | 30 | ||
Expected amortization expenses in year four | 30 | 30 | ||
Expected amortization expenses in year five | 30 | 30 | ||
Goodwill increase during period | $61 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 13, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
London Interbank Offered Rate (LIBOR) | Prime Rate | Senior Unsecured Notes 5.25 Percent Due 2022 | Senior Unsecured Notes 4.9 percent | Senior Unsecured Notes 8.5 Percent Due 2018 | Senior Unsecured Notes 5.25 Percent | Senior Unsecured Notes 5.0 percent | Senior Unsecured Notes 6.875 Percent Due 2020 | Covenant Requirement | Covenant Requirement | |||||
Minimum | Maximum | |||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior notes, aggregate principal amount | $500 | $800 | $1,300 | $650 | ||||||||||
Debt, interest rate | 5.25% | 4.90% | 8.50% | 5.25% | 5.00% | 6.88% | ||||||||
Debt, due date | 2022 | 2018 | 2020 | |||||||||||
Principal payments on long-term debt | 0.3 | 600.4 | 600 | |||||||||||
Loss on extinguishment of debt | -82.1 | -82.1 | -82.1 | |||||||||||
Senior notes, net of original issue discount or premiums | 1,314.10 | 645.5 | ||||||||||||
Revolving credit facility | 950 | |||||||||||||
Revolving credit facility, interest rate, additional rate | 2.00% | 1.00% | ||||||||||||
Revolving credit facility agreement | Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to the London interbank offered rate ("LIBOR") (as defined in the Revolving Credit Facility) plus 200 basis points or Prime (as defined in the Revolving Credit Facility) plus 100 basis points | |||||||||||||
Revolving credit facility, average interest rate | 2.25% | |||||||||||||
Outstanding letter of credit amount | $7.20 | $11.60 | ||||||||||||
Interest coverage ratio | 200.00% | |||||||||||||
Total leverage ratio | 425.00% |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Fair Value, Inputs, Level 2, Senior Unsecured Notes, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 2 | Senior Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes, fair value | $2,013.60 | $2,103.80 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Line Items] | |
Operating lease, future minimum lease payments | $320.20 |
Accounting_for_StockBased_Comp1
Accounting for Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of discounted closing price for Employee Stock Purchase Plan | 85.00% | |||
Long Term Incentive Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation | $5.50 | $6 | $16.60 | $17.90 |
Unrecognized compensation cost | $34.10 | $34.10 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Segment | ||
Segment Reporting Information [Line Items] | ||
Company reporting units | 6 | |
Total assets | $5,561.60 | $5,106.40 |
Corporate Group | ||
Segment Reporting Information [Line Items] | ||
Total assets | $656.20 | $599.40 |
Capital_Expenditures_by_Report
Capital Expenditures by Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $45.90 | $29.90 | $113.70 | $83.30 |
Commercial Aircraft | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | 28.9 | 23.1 | 71.2 | 59.4 |
Consumables Management | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | 10.6 | 4.9 | 29.5 | 16.3 |
Business Jet | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $6.40 | $1.90 | $13 | $7.60 |
Goodwill_by_Reportable_Segment
Goodwill by Reportable Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Goodwill | $1,545.20 | $1,484.20 |
Commercial Aircraft | ||
Goodwill [Line Items] | ||
Goodwill | 393.1 | 388.4 |
Consumables Management | ||
Goodwill [Line Items] | ||
Goodwill | 1,062.20 | 1,005.80 |
Business Jet | ||
Goodwill [Line Items] | ||
Goodwill | $89.90 | $90 |
Total_Assets_by_Reportable_Seg
Total Assets by Reportable Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $5,561.60 | $5,106.40 |
Commercial Aircraft | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,930.60 | 1,719.10 |
Consumables Management | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,173.50 | 3,006.70 |
Business Jet | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $457.50 | $380.60 |
Net_Earnings_Per_Common_Share_1
Net Earnings Per Common Share - Additional Information (Detail) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share Disclosure [Line Items] | ||
Anti-dilutive securities excluded from determination of diluted earnings per common share | 0.1 | 0.3 |
Computations_of_Basic_and_Dilu
Computations of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share Disclosure [Line Items] | ||||
Net earnings | $92.70 | $18.50 | $275 | $158.50 |
Basic weighted average common shares | 103.2 | 102.1 | 103.2 | 102 |
Effect of dilutive stock options and employee stock purchase plan shares | 0.1 | 0.1 | 0.1 | 0.1 |
Effect of restricted shares issued | 0.7 | 0.9 | 0.6 | 0.7 |
Diluted weighted average common shares | 104 | 103.1 | 103.9 | 102.8 |
Basic net earnings per common share | $0.90 | $0.18 | $2.67 | $1.55 |
Diluted net earnings per common share | $0.89 | $0.18 | $2.65 | $1.54 |
Accounting_for_Uncertainty_in_1
Accounting for Uncertainty in Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Y | ||
Deferred Taxes Classification [Line Items] | ||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | $40.20 | $32.10 |
Number of tax years the company is currently open to audit by tax authorities | 6 | |
Benefit to diluted earnings per share due to recognition of R&D credit | $0.03 | |
Effective income tax rate | 28.00% | |
Maximum | ||
Deferred Taxes Classification [Line Items] | ||
Liability for unrecognized tax benefits for interest and penalties | $2 | $2 |