Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 12, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'BEAV | ' | ' |
Entity Registrant Name | 'B/E AEROSPACE INC | ' | ' |
Entity Central Index Key | '0000861361 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 105,098,010 | ' |
Entity Public Float | ' | ' | $6,648,000,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $637.80 | $513.70 | ||
Accounts receivable | 484.1 | 401.7 | ||
Inventories | 1,943.80 | 1,752.90 | ||
Deferred income taxes | 29.4 | 42.4 | ||
Other current assets | 64.6 | 55.9 | ||
Total current assets | 3,159.70 | 2,766.60 | ||
Property and equipment | 425.7 | 302.9 | ||
Goodwill | 1,571 | 1,484.20 | ||
Identifiable intangible assets | 472.2 | 484.5 | ||
Other assets | 67.6 | 68.2 | ||
Identifiable assets | 5,696.20 | [1] | 5,106.40 | [1] |
Current liabilities: | ' | ' | ||
Accounts payable | 357.9 | 286.2 | ||
Accrued liabilities | 521.2 | 474.2 | ||
Current maturities of long-term debt | ' | 0.3 | ||
Total current liabilities | 879.1 | 760.7 | ||
Long-term debt | 1,959.40 | 1,960.20 | ||
Deferred income taxes | 165 | 144.1 | ||
Other non-current liabilities | 83.5 | 62.5 | ||
Commitments, contingencies and off-balance sheet arrangements (Note 8) | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Preferred stock, $0.01 par value; 1.0 shares authorized; no shares outstanding | ' | ' | ||
Common stock, $0.01 par value; 200.0 shares authorized; 105.7 shared issued as of December 31, 2013 and 105.4 shares issued as of December 31, 2012 | 1.1 | 1.1 | ||
Additional paid-in capital | 1,688.80 | 1,652.20 | ||
Retained earnings | 923.3 | 557.7 | ||
Accumulated other comprehensive loss | -4 | -32.1 | ||
Total stockholders' equity | 2,609.20 | 2,178.90 | ||
Liabilities and Equity, Total | $5,696.20 | $5,106.40 | ||
[1] | Corporate assets (including cash and cash equivalents) of $736.8, $599.4 and $304.6 at December 31, 2013, 2012 and 2011, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
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 | 105.7 | 105.4 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | $3,483.70 | $3,085.30 | $2,499.80 | |||
Cost of sales | 2,154.80 | 1,921.20 | 1,563.50 | |||
Selling, general and administrative | 478.7 | 432.4 | 349.7 | |||
Research, development and engineering | 220.9 | 191.7 | 158.6 | |||
Operating earnings | 629.3 | [1] | 540 | [1] | 428 | [1] |
Interest expense | 122.5 | 124.4 | 105 | |||
Debt prepayment costs | ' | 82.1 | ' | |||
Earnings before income taxes | 506.8 | 333.5 | 323 | |||
Income tax expense | 141.2 | 99.8 | 95.2 | |||
Net earnings | 365.6 | 233.7 | 227.8 | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Foreign currency translation adjustment and other | 28.1 | 37.8 | -13.9 | |||
Comprehensive income | $393.70 | $271.50 | $213.90 | |||
Net earnings per share - basic | $3.54 | $2.29 | $2.25 | |||
Net earnings per share - diluted | $3.52 | $2.27 | $2.24 | |||
Weighted average common shares - basic | 103.2 | 102.2 | 101.1 | |||
Weighted average common shares - diluted | 103.9 | 102.9 | 101.9 | |||
[1] | Operating earnings includes an allocation of corporate IT costs, employee benefits and general and administrative costs based on the proportion of each segment's systems users, number of employees and sales, respectively. |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Millions, except Share data | |||||
Beginning Balance at Dec. 31, 2010 | $1,604 | $1 | $1,562.80 | $96.20 | ($56) |
Beginning Balance (shares) at Dec. 31, 2010 | ' | 103,500,000 | ' | ' | ' |
Sale of stock under employee stock purchase plan (in shares) | 114,000 | 114,000 | ' | ' | ' |
Sale of stock under employee stock purchase plan | 4.5 | ' | 4.5 | ' | ' |
Purchase of treasury stock | -6 | ' | -6 | ' | ' |
Exercise of stock options (in shares) | 26,568 | 100,000 | ' | ' | ' |
Exercise of stock options | 0.1 | ' | 0.1 | ' | ' |
Restricted stock grants (in shares) | ' | 700,000 | ' | ' | ' |
Restricted stock grants | 25.3 | ' | 25.3 | ' | ' |
Tax benefits realized from prior exercises of employee stock options and restricted stock | 30.8 | ' | 30.8 | ' | ' |
Net earnings | 227.8 | ' | ' | 227.8 | ' |
Foreign currency translation adjustment and other | -13.9 | ' | ' | ' | -13.9 |
Ending Balance at Dec. 31, 2011 | 1,872.60 | 1 | 1,617.50 | 324 | -69.9 |
Ending Balance (shares) at Dec. 31, 2011 | ' | 104,400,000 | ' | ' | ' |
Sale of stock under employee stock purchase plan (in shares) | 136,000 | 136,000 | ' | ' | ' |
Sale of stock under employee stock purchase plan | 6.3 | ' | 6.3 | ' | ' |
Purchase of treasury stock | -2.6 | ' | -2.6 | ' | ' |
Exercise of stock options (in shares) | 45,040 | 100,000 | ' | ' | ' |
Exercise of stock options | 0.3 | ' | 0.3 | ' | ' |
Restricted stock grants (in shares) | ' | 800,000 | ' | ' | ' |
Restricted stock grants | 23.8 | 0.1 | 23.7 | ' | ' |
Tax benefits realized from prior exercises of employee stock options and restricted stock | 7 | ' | 7 | ' | ' |
Net earnings | 233.7 | ' | ' | 233.7 | ' |
Foreign currency translation adjustment and other | 37.8 | ' | ' | ' | 37.8 |
Ending Balance at Dec. 31, 2012 | 2,178.90 | 1.1 | 1,652.20 | 557.7 | -32.1 |
Ending Balance (shares) at Dec. 31, 2012 | ' | 105,400,000 | ' | ' | ' |
Sale of stock under employee stock purchase plan (in shares) | 101,000 | 101,000 | ' | ' | ' |
Sale of stock under employee stock purchase plan | 7.3 | ' | 7.3 | ' | ' |
Purchase of treasury stock | -3.3 | ' | -3.3 | ' | ' |
Exercise of stock options (in shares) | 19,525 | ' | ' | ' | ' |
Exercise of stock options | 0.2 | ' | 0.2 | ' | ' |
Restricted stock grants (in shares) | ' | 200,000 | ' | ' | ' |
Restricted stock grants | 23.2 | ' | 23.2 | ' | ' |
Tax benefits realized from prior exercises of employee stock options and restricted stock | 9.2 | ' | 9.2 | ' | ' |
Net earnings | 365.6 | ' | ' | 365.6 | ' |
Foreign currency translation adjustment and other | 28.1 | ' | ' | ' | 28.1 |
Ending Balance at Dec. 31, 2013 | $2,609.20 | $1.10 | $1,688.80 | $923.30 | ($4) |
Ending Balance (shares) at Dec. 31, 2013 | ' | 105,700,000 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | |||
Net earnings | $365.60 | $233.70 | $227.80 | |||
Adjustments to reconcile net earnings to net cash flows provided by operating activities, net of effects from acquisitions: | ' | ' | ' | |||
Depreciation and amortization | 89.6 | [1] | 75 | [1] | 62.1 | [1] |
Deferred income taxes | 32.9 | 37.3 | 58.4 | |||
Non-cash compensation | 24.2 | 24.5 | 26 | |||
Tax benefits realized from prior exercises of employee stock options and restricted stock | -9.2 | -7 | -30.8 | |||
Provision for doubtful accounts | 1.3 | 4.8 | 1.9 | |||
Loss on disposal of property and equipment | 2.4 | 2.4 | 1.1 | |||
Debt prepayment costs | ' | 82.1 | ' | |||
Changes in operating assets and liabilities: | ' | ' | ' | |||
Accounts receivable | -67.2 | -32 | -49.4 | |||
Inventories | -181.8 | -169.7 | -116.3 | |||
Other current and non-current assets | -8.3 | -18.2 | 12.5 | |||
Accounts payable and accrued liabilities | 129.6 | 122.2 | 123.6 | |||
Net cash flows provided by operating activities | 379.1 | 355.1 | 316.9 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |||
Capital expenditures | -154.9 | [1] | -125.4 | [1] | -76 | [1] |
Acquisitions, net of cash acquired | -118.1 | -649.7 | -60.4 | |||
Proceeds from sales of businesses and other | 0.1 | 2.6 | 18.7 | |||
Net cash flows used in investing activities | -272.9 | -772.5 | -117.7 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |||
Proceeds from common stock issued | 6.4 | 5.8 | 4 | |||
Purchase of treasury stock | -3.3 | -2.6 | -6 | |||
Proceeds from long-term debt | ' | 1,316 | ' | |||
Principal payments on long-term debt | -0.3 | -600.5 | -0.5 | |||
Debt prepayment costs | ' | -71.7 | ' | |||
Debt origination costs | ' | -30.3 | ' | |||
Tax benefits realized from prior exercises of employee stock options and restricted stock | 9.2 | 7 | 30.8 | |||
Borrowings on line of credit | ' | 215 | 30 | |||
Repayments on line of credit | ' | -215 | -30 | |||
Net cash flows provided by financing activities | 12 | 623.7 | 28.3 | |||
Effect of foreign exchange rate changes on cash and cash equivalents | 5.9 | 3.9 | -2.7 | |||
Net increase in cash and cash equivalents | 124.1 | 210.2 | 224.8 | |||
Cash and cash equivalents, beginning of year | 513.7 | 303.5 | 78.7 | |||
Cash and cash equivalents, end of year | 637.8 | 513.7 | 303.5 | |||
Cash paid during period for: | ' | ' | ' | |||
Interest | 118.4 | 125.2 | 110.4 | |||
Income taxes | 86.7 | 52.6 | 34.5 | |||
Supplemental schedule of non-cash activities: | ' | ' | ' | |||
Accrued property additions | $8.70 | $10.80 | $3.20 | |||
[1] | Corporate capital expenditures and depreciation and amortization have been allocated to the above segments in a manner consistent with our corporate expense allocations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Organization and Basis of Presentation – B/E Aerospace, Inc. and its wholly owned subsidiaries (the “Company”) designs, manufactures, sells and services commercial aircraft and business jet cabin interior products consisting of a broad range of seating, interior systems, including structures for food and beverage storage and preparation equipment, distributes aerospace fasteners and other consumables and provides logistics related services, including oilfield rental equipment and services. The Company’s principal customers are the operators of commercial and business jet aircraft, aircraft manufacturers and their suppliers. As a result, the Company’s business is directly dependent upon the conditions in the commercial airline, business jet and aircraft manufacturing industries. The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. | |||||||||||||
Consolidation – The accompanying consolidated financial statements include the accounts of B/E Aerospace, Inc. and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
Financial Statement Preparation – The preparation of the consolidated 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. | |||||||||||||
Revenue Recognition – Sales of products are recorded when the earnings process is complete. This generally occurs when the products are shipped to the customer in accordance with the contract or purchase order, risk of loss and title has passed to the customer, collectability is reasonably assured and pricing is fixed and determinable. In instances where title does not pass to the customer upon shipment, the Company recognizes revenue upon delivery or customer acceptance, depending on the terms of the sales contract. | |||||||||||||
Service revenues primarily consist of engineering activities and logistics related services, including revenue from oilfield rental equipment and services, and are recorded when services are performed. | |||||||||||||
Revenues and costs under certain long-term contracts are recognized using contract accounting under the percentage-of-completion method in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605-35, Construction–Type and Production–Type Contracts (“ASC 605-35”), with the majority of the contracts accounted for under the cost-to-cost method. Under the cost-to-cost method, the revenues related to the long-term contracts are recognized based on the ratio of actual costs incurred to total estimated costs to be incurred. The Company uses the units-of-delivery method to account for certain contracts, principally with The Boeing Company and Airbus. Under the units-of delivery method, revenues are recognized based on the contract price of units delivered. | |||||||||||||
The percentage-of-completion method requires the use of estimates of costs to complete long-term contracts. Due to the duration of these contracts as well as the technical nature of the products involved, the estimation of these costs requires management’s judgment in connection with assumptions and projections related to the outcome of future events. Management’s assumptions include future labor performance and rates and projections relative to material and overhead costs, as well as the quantity and timing of product deliveries. The Company reevaluates its contract estimates periodically and reflects changes in estimates in the current period using the cumulative catch-up method. Revenues associated with any contractual claims are recognized when it is probable that the claim will result in additional contract revenue and the amount can be reasonably estimated. For the years ended December 31, 2013, 2012 and 2011, approximately 16%, 15% and 15% of our revenues, respectively, were derived from contracts accounted for using percentage-of-completion accounting. Net costs and estimated earnings in excess of billings on uncompleted contracts were $81.9 and $95.9 at December 31, 2013 and 2012, respectively, and recorded as work in process inventory. Excess over average costs on long-term contracts accounted for using the units-of-delivery method of accounting were $213.4 and $134.4 at December 31, 2013 and 2012, respectively and recorded as work in process inventory. Anticipated losses on contracts are recognized in the period in which the losses become evident and determinable. Advance payments and engineering development costs on certain long-term contracts are deferred and included in revenues and research, development and engineering, respectively, when the products are shipped. | |||||||||||||
Income Taxes – The Company provides deferred income taxes for temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. Deferred income taxes are computed using enacted tax rates that are expected to be in effect when the temporary differences reverse. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some portion or the entire deferred tax asset will not be realized. The Company records uncertain tax positions within income tax expense and classifies interest and penalties related to income taxes as income tax expense. | |||||||||||||
Cash Equivalents – The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Accounts Receivable – The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer's current creditworthiness, as determined by review of their current credit information. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. The allowance for doubtful accounts at December 31, 2013 and 2012 was $10.4 and $12.1, respectively. | |||||||||||||
Inventories – The Company values inventories at the lower of cost or market, using FIFO or weighted average cost method. The Company regularly reviews inventory quantities on hand and records a provision for excess and obsolete inventory based primarily on historical demand, as well as an estimated forecast of product demand and production requirements, and the age of the inventory among other factors. Demand for the Company’s products can fluctuate significantly. In accordance with industry practice, costs in inventory include amounts relating to long-term contracts with long production cycles and to inventory items with long procurement cycles, some of which are not expected to be realized within one year. | |||||||||||||
Property and Equipment– Property and equipment are stated at cost and depreciated generally under the straight-line method over their estimated useful lives of one to fifty years (or the lesser of the term of the lease for leasehold improvements, as appropriate). | |||||||||||||
Debt Issuance Costs – Costs incurred to issue debt are deferred and amortized as interest expense over the term of the related debt. Unamortized debt issue costs are written off at the time of prepayment. | |||||||||||||
Goodwill and Intangible Assets – Under FASB ASC 350, Intangibles – Goodwill and Other (“ASC 350”), goodwill and indefinite-lived intangible assets are reviewed at least annually for impairment. Acquired intangible assets with definite lives are amortized over their individual useful lives. Patents and other intangible assets are amortized using the straight-line method over periods ranging from three to thirty-four years. | |||||||||||||
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. | |||||||||||||
On at least an annual basis, management assesses whether there has been any impairment in the value of goodwill by first comparing the fair value to the net carrying value of reporting units. If the carrying value exceeds its estimated fair value, a second step is performed to compute the amount of the impairment. An impairment loss is recognized if the implied fair value of the asset being tested is less than its carrying value. In this event, the asset is written down accordingly. The fair values of reporting units for goodwill impairment testing are determined using valuation techniques based on estimates, judgments and assumptions management believes are appropriate in the circumstances. The sum of the fair values of the reporting units are evaluated based on market capitalization determined using average share prices within a reasonable period of time near the selected testing date (calendar year-end), plus an estimated control premium plus the fair value of the Company’s debt obligations. | |||||||||||||
Indefinite-lived intangible assets are tested at least annually for impairment. Impairment for intangible assets with indefinite lives exists if the carrying value of the intangible asset exceeds its fair value. The fair values of indefinite-lived intangible assets are determined using valuation techniques based on estimates, judgments and assumptions management believes are appropriate in the circumstances. For the years ended December 31, 2013, 2012 and 2011, the Company’s annual impairment testing yielded no impairments of goodwill or indefinite-lived intangible assets. | |||||||||||||
Long-Lived Assets – The Company assesses potential impairments to its long-lived assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. An impairment loss is recognized when the undiscounted cash flows expected to be generated by an asset (or group of assets) is less than its carrying amount. Any required impairment loss is measured as the amount by which the asset's carrying value exceeds its fair value and is recorded as a reduction in the carrying value of the related asset and a charge to operating results. There were no impairments of long lived assets in 2013, 2012, and 2011. | |||||||||||||
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. Estimated warranty costs are included in the accrued liabilities on the consolidated balance sheet. The following table provides a reconciliation of the activity related to the Company's accrued warranty expense: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 63.2 | $ | 51.5 | $ | 38 | |||||||
Provision for warranty expense | 42.6 | 37.5 | 34.5 | ||||||||||
Settlements of warranty claims | (38.8 | ) | (25.8 | ) | (21.0 | ) | |||||||
Balance at end of period | $ | 67 | $ | 63.2 | $ | 51.5 | |||||||
Accounting for Stock-Based Compensation – The Company accounts for share-based compensation arrangements in accordance with the provisions of FASB ASC 718, Compensation – Stock Compensation (“ASC 718”), whereby share-based compensation cost is measured on the date of grant, based on the fair value of the award, and is recognized over the requisite service period. | |||||||||||||
Compensation cost recognized during the three years ended December 31, 2013 related to grants of restricted stock and restricted stock units. No compensation cost related to stock options was recognized during those periods as no options were granted during the three year period ended December 31, 2013 and all options were vested as of December 31, 2006. | |||||||||||||
The Company has established a qualified Employee Stock Purchase Plan. The Plan allows qualified employees (as defined in the plan) to participate in the purchase of designated shares of the Company's common stock at a price equal to 85% of the closing price for each semi-annual stock purchase period. The fair value of employee purchase rights represents the difference between the closing price of the Company’s shares on the date of purchase and the purchase price of the shares. The value of the rights granted during the years ended December 31, 2013, 2012 and 2011 was $1.1, $0.9 and $0.7, respectively. | |||||||||||||
Treasury Stock – The Company may periodically repurchase shares of its common stock from employees for the satisfaction of their individual payroll tax withholding upon vesting of restricted stock and restricted stock units in connection with the Company’s Long Term Incentive Plan. The Company’s repurchases of common stock are recorded at the average cost of the common stock and are presented as a reduction of additional paid-in-capital. The Company repurchased 41,376, 60,266 and 161,297 shares of its common stock for $3.3, $2.6 and $6.0, respectively, during the years ended December 31, 2013, 2012 and 2011 respectively. | |||||||||||||
Research and Development – Research and development expenditures are expensed as incurred. | |||||||||||||
Foreign Currency Translation – The assets and liabilities of subsidiaries located outside the United States are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Revenue and expense items are translated at the average exchange rates prevailing during the period. Gains and losses resulting from foreign currency transactions are recognized currently in income, and those resulting from translation of financial statements are accumulated as a separate component of stockholders’ equity. The Company's European subsidiaries primarily utilize the British pound or the Euro as their local functional currency. | |||||||||||||
Concentration of Risk – The Company’s products and services are primarily concentrated within the aerospace industry with customers consisting primarily of commercial airlines, a wide variety of business jet customers and commercial aircraft manufacturers. In addition to the overall business risks associated with the Company’s concentration within the airline and aerospace industries, the Company is exposed to a concentration of collection risk on credit extended to commercial airlines and commercial aircraft manufacturers. The Company’s management performs ongoing credit evaluations on the financial condition of all of its customers and maintains allowances for uncollectible accounts receivable based on expected collectability. Credit losses have historically been within management's expectations and the provisions established. | |||||||||||||
Significant customers change from year to year depending on the level of refurbishment activity and/or the level of new aircraft purchases by such customers. During the years ended December 31, 2013 and 2012, the Boeing Company accounted for 11.6% and 11.1%, respectively, of the Company’s consolidated revenues. No other individual customers accounted for more than 10% of the Company’s consolidated revenues during the years ended December 31, 2013 and 2012 and during the year ended December 31, 2011 no single customer accounted for more than 10% of the Company’s consolidated revenues. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In July 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which updated the guidance in ASC Topic 740, Income Taxes. The amendments in ASU 2013-11, effective prospectively for the interim and annual periods beginning on or after December 15, 2013 (early adoption is permitted), generally provide guidance for the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance requires an unrecognized tax benefit to be presented as a decrease in a deferred tax asset where a net operating loss, a similar tax loss, or a tax credit carryforward exists and certain criteria are met. The adoption of ASU 2013-11 will not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued 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 | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
BUSINESS COMBINATIONS | ' | ||||
2. BUSINESS COMBINATIONS | |||||
During 2013, the Company acquired the assets of Blue Dot Energy Services, LLC (“Blue Dot”) and Bulldog Frac Rentals LLC (“Bulldog”) (the “2013 Acquisitions”), providers of parts distribution, rental equipment and on-site services to the oil and gas industry for a net purchase price of $114.6. The acquisitions expand the Consumables Management Segment (“CMS”) distribution and logistics business into the oil and gas services industry. During 2012, the Company completed two acquisitions for a net aggregate purchase price of approximately $649.7 (“2012 Acquisitions”). During 2011, the Company completed four insignificant acquisitions to bolster key technologies for an aggregate purchase price of approximately $60.4 (“2011 Acquisitions”). During 2011, the Company also sold two insignificant businesses for $19.2 which resulted in a $0.1 gain. Each acquisition and disposition was a cash transaction. | |||||
The 2013, 2012 and 2011 Acquisitions were accounted for as purchases under FASB ASC 805, Business Combinations (“ASC 805”). The assets purchased and liabilities assumed for the 2013, 2012 and 2011 Acquisitions have been reflected in the accompanying consolidated balance sheet as of December 31, 2013 and the results of operations for the 2013, 2012 and 2011 Acquisitions and the 2011 dispositions are included in (or excluded from) the accompanying consolidated statements of earnings from the respective dates of acquisition (or disposition). | |||||
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 approximately $404.7. | |||||
The Company completed its evaluation and allocation of the purchase price for the UFC acquisition during the period ended December 31, 2012, which resulted in an adjustment to the allocation of the UFC purchase price to increase goodwill and to increase accrued liabilities by approximately $30.5 related to certain customer contracts which were priced below market and a portion of which were generating losses. These contracts have durations of up to four years. The excess of the purchase price over the fair value of the identifiable assets acquired approximated $347.3 of which $55.1 was allocated to identified intangible assets and $292.2 is included in goodwill. | |||||
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 approximately $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 Interturbine acquisition during the period ended December 31, 2013, which increased goodwill by $4.6 for certain tax liabilities. The excess of the purchase price over the fair value of the identifiable assets acquired approximated $229.9 of which $59.2 was allocated to identified intangible assets and $170.7 is included in goodwill. | |||||
The Company has not yet finalized its allocation of the purchase price for the 2013 Acquisitions as the valuation of certain assets and liabilities is not yet complete. | |||||
The following table summarizes the current estimates of fair values of assets acquired and liabilities assumed in the 2013 Acquisitions in accordance with ASC 805, which are currently recorded based on management’s estimates as follows: | |||||
Accounts receivable-trade | $ | 10.9 | |||
Inventories | 3.9 | ||||
Other current and non-current assets | 0.2 | ||||
Property and equipment | 34.3 | ||||
Goodwill | 58.7 | ||||
Identified intangibles | 17.1 | ||||
Accounts payable | (9.9 | ) | |||
Other current and non-current liabilities | (0.6 | ) | |||
Total purchase price | $ | 114.6 | |||
The majority of the goodwill and other intangible assets related to the UFC and 2013 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 diluted net earnings per share giving effect to the 2012 Acquisitions as if they had occurred on January 1, 2011 were $3,172.4, $241.0, and $2.34, and $2,786.2, $245.4 and $2.41, for the years ended December 31, 2012 and 2011, respectively. Blue Dot and Bulldog 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 | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
INVENTORIES | ' | ||||||||
3. 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: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Purchased materials and component parts | $ | 243.4 | $ | 186.3 | |||||
Work-in-process | 484 | 371.8 | |||||||
Finished goods | 1,216.40 | 1,194.80 | |||||||
$ | 1,943.80 | $ | 1,752.90 |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||||||
4. PROPERTY AND EQUIPMENT | |||||||||||||
Property and equipment consist of the following: | |||||||||||||
Useful Life | December 31, | December 31, | |||||||||||
(Years) | 2013 | 2012 | |||||||||||
Buildings and improvements | 1 - 50 | $ | 123 | $ | 112.8 | ||||||||
Machinery | 1 - 20 | 197.8 | 134.2 | ||||||||||
Tooling | 1 - 15 | 84.3 | 70 | ||||||||||
Computer equipment and software | 1 - 10 | 276.9 | 216.3 | ||||||||||
Furniture and equipment | 1 - 15 | 32.7 | 24.7 | ||||||||||
714.7 | 558 | ||||||||||||
Less accumulated depreciation | (289.0 | ) | (255.1 | ) | |||||||||
$ | 425.7 | $ | 302.9 | ||||||||||
Depreciation expense was $58.9, $45.9 and $37.1 for the years ended December 31, 2013, 2012 and 2011, respectively. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||||||
5. GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||||||
The following sets forth the intangible assets by major asset class, all of which were acquired through business purchase transactions: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||
Useful Life | Original | Accumulated | Book | Original | Accumulated | Book | |||||||||||||||||||||||
(Years) | Cost | Amortization | Value | Cost | Amortization | Value | |||||||||||||||||||||||
Customer contracts and | |||||||||||||||||||||||||||||
relationships | 30-Aug | $ | 424 | $ | 85.7 | $ | 338.3 | $ | 410.8 | $ | 64 | $ | 346.8 | ||||||||||||||||
Acquired technologies | May-34 | 126.6 | 54.4 | 72.2 | 127.7 | 50.6 | 77.1 | ||||||||||||||||||||||
Replacement parts annuity | |||||||||||||||||||||||||||||
and product approvals | 22-Jul | 7.9 | 6 | 1.9 | 28.3 | 25.7 | 2.6 | ||||||||||||||||||||||
Technical qualifications, | |||||||||||||||||||||||||||||
plans and drawings | 22-Oct | 19.3 | 16.2 | 3.1 | 26.9 | 22.7 | 4.2 | ||||||||||||||||||||||
Trademarks and patents | 20-Mar | 23 | 15.4 | 7.6 | 27.1 | 19.4 | 7.7 | ||||||||||||||||||||||
Covenants not to compete | 5-Apr | 5.5 | 1.7 | 3.8 | 3.3 | 0.8 | 2.5 | ||||||||||||||||||||||
Trade names | 15-indefinite | 45.7 | 0.4 | 45.3 | 43.6 | - | 43.6 | ||||||||||||||||||||||
$ | 652 | $ | 179.8 | $ | 472.2 | $ | 667.7 | $ | 183.2 | $ | 484.5 | ||||||||||||||||||
Amortization expense of intangible assets was $30.7, $29.1 and $25.0 for the years ended December 31, 2013, 2012 and 2011, respectively. Indefinite lived intangible assets were $21.5 and $43.6 as of December 31, 2013 and 2012, respectively. Amortization expense associated with identified intangible assets as of December 31, 2013 is expected to be approximately $37 in each of the next five years. The future amortization amounts are estimates and exclude amounts related to LT Energy Services (“LT”) and Wildcat Wireline (“Wildcat”), which were not acquired until 2014. Actual future amortization expense may be different due to future acquisitions, impairments, changes in amortization periods, or other factors. | |||||||||||||||||||||||||||||
In accordance with ASC 350, goodwill is not amortized but is subject to an annual impairment test. As of December 31, 2013, the Company completed step one of the impairment test and fair value analysis for goodwill, and no impairment loss was recorded during the years ended December 31, 2013, 2012 or 2011. The accumulated goodwill impairment loss (incurred in 2008) was $369.3 as of December 31, 2013. | |||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||||||
Aircraft | Management | Jet | Total | ||||||||||||||||||||||||||
Balance as of | |||||||||||||||||||||||||||||
December 31, 2011 | $ | 384.2 | $ | 535.4 | $ | 88.7 | $ | 1,008.30 | |||||||||||||||||||||
Acquisitions | 2.5 | 450.6 | 1.5 | 454.6 | |||||||||||||||||||||||||
Effect of foreign | |||||||||||||||||||||||||||||
currency translation | 1.7 | 19.8 | (0.2 | ) | 21.3 | ||||||||||||||||||||||||
Balance as of | |||||||||||||||||||||||||||||
December 31, 2012 | 388.4 | 1,005.80 | 90 | 1,484.20 | |||||||||||||||||||||||||
Acquisitions | - | 58.7 | - | 58.7 | |||||||||||||||||||||||||
Effect of foreign | |||||||||||||||||||||||||||||
currency translation | 6.2 | 22 | (0.1 | ) | 28.1 | ||||||||||||||||||||||||
Balance as of | |||||||||||||||||||||||||||||
December 31, 2013 | $ | 394.6 | $ | 1,086.50 | $ | 89.9 | $ | 1,571.00 |
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ACCRUED LIABILITIES | ' | ||||||||
6. ACCRUED LIABILITIES | |||||||||
Accrued liabilities consist of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued salaries, vacation and related benefits | $ | 103.2 | $ | 93.8 | |||||
Accrued product warranties | 67 | 63.2 | |||||||
Accrued interest | 28.2 | 28.2 | |||||||
Income taxes payable | 28.7 | 29.5 | |||||||
Deferred revenue | 152.9 | 118.2 | |||||||
Other accrued liabilities | 141.2 | 141.3 | |||||||
$ | 521.2 | $ | 474.2 | ||||||
Deferred revenue includes billings in excess of costs and estimated earnings of $25.5 and $19.0 at December 31, 2013 and 2012, respectively. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
LONG-TERM DEBT | ' | ||||||||
7. LONG-TERM DEBT | |||||||||
Long-term debt consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
5.25% Notes | $ | 1,313.70 | $ | 1,315.00 | |||||
6.875% Notes | 645.7 | 645.2 | |||||||
Other | - | 0.3 | |||||||
1,959.40 | 1,960.50 | ||||||||
Less current portion of long-term debt | - | (0.3 | ) | ||||||
$ | 1,959.40 | $ | 1,960.20 | ||||||
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 during 2012. | |||||||||
As of December 31, 2013, long-term debt consisted of $1,300.0 aggregate principal amount ($1,313.7 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 ($645.7 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, as amended and restated as of August 3, 2012, (the “Revolving Credit Facility”), none of which was drawn at December 31, 2013 and 2012. | |||||||||
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 December 31, 2013, the rate under the Revolving Credit Facility would have been approximately 2.25%. | |||||||||
Letters of credit outstanding under the Revolving Credit Facility aggregated $6.1 at December 31, 2013. | |||||||||
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 December 31, 2013. | |||||||||
Maturities of long-term debt, excluding the $4.3 unamortized original issue discount on the 6.875% Notes and the $13.7 unamortized original issue premium on the 5.25% Notes, are as follows: | |||||||||
Year Ending December 31, | |||||||||
2014 | $ | -- | |||||||
2015 | -- | ||||||||
2016 | -- | ||||||||
2017 | -- | ||||||||
2018 | -- | ||||||||
Thereafter | 1,950.00 | ||||||||
Total | $ | 1,950.00 | |||||||
Interest expense amounted to $123.3, $124.6 and $105.5 for the years ended December 31, 2013, 2012 and 2011, respectively. |
COMMITMENTS_CONTINGENCIES_AND_
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ARRANGEMENTS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ARRANGEMENTS | ' | ||||
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 consolidated balance sheets. At December 31, 2013, future minimum lease payments under these arrangements approximated $322.4, of which $285.0 is related to long-term real estate leases. | |||||
Rent expense for the years ended December 31, 2013, 2012 and 2011 was $50.8, $49.5 and $29.3, respectively. Future payments under operating leases with terms greater than one year as of December 31, 2013 are as follows: | |||||
Year Ending December 31, | |||||
2014 | $ | 42.8 | |||
2015 | 40.3 | ||||
2016 | 38 | ||||
2017 | 33.7 | ||||
2018 | 30.1 | ||||
Thereafter | 137.5 | ||||
Total | $ | 322.4 | |||
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 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 consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees. | |||||
Employment Agreements – The Company has employment and compensation agreements with three key officers of the Company. An agreement for one of the officers provides for the officer to earn a minimum of $1.3 per year through a three-year period ending from any date after which it is measured, adjusted annually for changes in the consumer price index (as defined) or as determined by the Company's Compensation Committee of the Board of Directors, as well as a retirement compensation payment equal to 1.5 times the base salary. | |||||
One other agreement provides for an officer to receive annual minimum compensation of $0.9 per year through a three-year period ending from any date after which it is measured, adjusted as determined by the Company’s Compensation Committee of the Board of Directors, and for the Company to make a retirement compensation payment equal to 7.5% of the officer’s then current year annual salary to a supplemental executive retirement plan (“SERP”) established by the Company. | |||||
One other agreement provides for an officer to receive annual minimum compensation of $0.6 per year through a three-year period ending from any date after which it is measured, adjusted annually for changes in the consumer price index (as defined) or as determined by the Company's Compensation Committee of the Board of Directors, and to receive a retirement compensation payment equal to 50% of the officer’s average three years' annual salary (as defined). | |||||
In addition, the Company has employment agreements with certain other key members of management expiring on various dates through the year 2015. The Company's employment agreements generally provide for certain protections in the event of a change of control. These protections generally include the payment of severance and related benefits under certain circumstances in the event of a change of control, and for the Company to reimburse such officers for the amount of any excise taxes associated with such benefits. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
INCOME TAXES | ' | ||||||||||||
9. INCOME TAXES | |||||||||||||
The components of earnings before incomes taxes were: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings before income taxes | |||||||||||||
United States | $ | 278.8 | $ | 167.7 | $ | 142.1 | |||||||
Foreign | 228 | 165.8 | 180.9 | ||||||||||
Earnings before income taxes | $ | 506.8 | $ | 333.5 | $ | 323 | |||||||
Income tax expense consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 58.9 | $ | 22.3 | $ | 1.8 | |||||||
State | 6.7 | 3 | 2.3 | ||||||||||
Foreign | 41.3 | 24.6 | 28.5 | ||||||||||
106.9 | 49.9 | 32.6 | |||||||||||
Deferred: | |||||||||||||
Federal | 30 | 41.6 | 52.4 | ||||||||||
State | 2.5 | 2.2 | 3.9 | ||||||||||
Foreign | 1.8 | 6.1 | 6.3 | ||||||||||
34.3 | 49.9 | 62.6 | |||||||||||
Total income tax expense | $ | 141.2 | $ | 99.8 | $ | 95.2 | |||||||
The difference between income tax expense and the amount computed by applying the statutory U.S. federal income tax rate (35%) to the pre-tax earnings consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax expense | $ | 177.4 | $ | 116.7 | $ | 113 | |||||||
U.S. state income taxes | 9.7 | 5.9 | 6 | ||||||||||
Foreign tax rate differential | (36.2 | ) | (36.0 | ) | (27.8 | ) | |||||||
Non-deductible charges/losses and other | 4.2 | 14.8 | 8 | ||||||||||
Research and development credit | (13.9 | ) | (1.6 | ) | (4.0 | ) | |||||||
$ | 141.2 | $ | 99.8 | $ | 95.2 | ||||||||
The tax effects of temporary differences and carryforwards that give rise to deferred income tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Inventory reserves | $ | 20.8 | $ | 21.7 | |||||||||
Warranty reserves | 14.1 | 12.5 | |||||||||||
Accrued liabilities | 31 | 37.5 | |||||||||||
Net operating loss carryforward | 24 | 22.4 | |||||||||||
Research and development | |||||||||||||
credit carry forward | 7.3 | 18.8 | |||||||||||
Alternative minimum | |||||||||||||
tax credit carryforward | 5 | 5 | |||||||||||
Other | 10 | 5.6 | |||||||||||
$ | 112.2 | $ | 123.5 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Book to tax revenue differences | (13.4 | ) | (31.7 | ) | |||||||||
Intangible assets | (168.4 | ) | (127.9 | ) | |||||||||
Depreciation | (34.4 | ) | (38.2 | ) | |||||||||
Software development costs | (0.7 | ) | (0.7 | ) | |||||||||
(216.9 | ) | (198.5 | ) | ||||||||||
Net deferred tax liability before valuation | |||||||||||||
allowance | (104.7 | ) | (75.0 | ) | |||||||||
Valuation allowance | (31.1 | ) | (26.5 | ) | |||||||||
Net deferred tax liability | $ | (135.8 | ) | $ | (101.5 | ) | |||||||
The Company maintained a valuation allowance of $31.1 as of December 31, 2013 primarily related to foreign net operating losses. | |||||||||||||
As of December 31, 2013, the Company had state and foreign net operating loss carryforwards of approximately $34.4 and $75.3, respectively. The state net operating loss carryforwards begin to expire in 2014. As of December 31, 2013, the Company had federal and state research and development tax credit carryforwards of $7.3, which expire from 2014 to 2028. | |||||||||||||
The Company has not provided for any residual U.S. income taxes on the approximately $800 of earnings from its foreign subsidiaries because such earnings are intended to be indefinitely reinvested. It is not practicable to determine the amount of U.S. income and foreign withholding tax payable in the event all such foreign earnings are repatriated. | |||||||||||||
In 2013, the Company recognized tax deductions of $21.6 related to stock option exercises and restricted share vestings. Pursuant to ASC 718, these deductions are not deemed realized until they reduce taxes payable. During 2013, the Company recorded a credit to additional paid-in capital of $8.3 as these deductions reduced our current year tax liability. | |||||||||||||
A reconciliation of the beginning and ending amounts of gross uncertain tax positions is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of the period | $ | 34.6 | $ | 21.7 | $ | 21.5 | |||||||
Additions for current year tax positions | 10.8 | 10.6 | 6.1 | ||||||||||
Additions for tax positions of prior years | 2.1 | 2.3 | -- | ||||||||||
Currency fluctuations | -- | -- | (0.1 | ) | |||||||||
Settlements with taxing authorities | -- | -- | (5.8 | ) | |||||||||
Balance, end of the period | $ | 47.5 | $ | 34.6 | $ | 21.7 | |||||||
The difference between the gross uncertain tax position of $47.5 and the liability for unrecognized tax benefits of $45.0 is due to the netting of certain items when calculating the liability for unrecognized tax benefits. This liability, if recognized, would affect the Company’s effective tax rate. It is reasonably possible that the amount of liability for unrecognized tax benefits will change in the next twelve months; however, the Company does not expect the change to have a material impact on the Company’s consolidated financial statements. | |||||||||||||
The Company completed its U.S. federal income tax examination during 2011 for year 2006 with immaterial adjustments, and with minor exceptions, the Company is currently open to audit by the tax authorities for the seven tax years ending December 31, 2013. 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 December 31, 2013 and 2012. |
EMPLOYEE_RETIREMENT_PLANS
EMPLOYEE RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2013 | |
EMPLOYEE RETIREMENT PLANS | ' |
10. EMPLOYEE RETIREMENT PLANS | |
The Company sponsors and contributes to a qualified, defined contribution savings and investment plan, covering substantially all U.S. employees. The B/E Aerospace, Inc. Savings Plan was established pursuant to Section 401(k) of the Internal Revenue Code. Under the terms of this plan, covered employees may contribute up to 100% of their pay, limited to certain statutory maximum contributions for 2013. Participants are vested in matching contributions immediately and the matching percentage is 100% of the first 3% of employee contributions and 50% on the next 2% of employee contributions. Total expense for the plan was $11.3, $10.1 and $8.5 for the years ended December 31, 2013, 2012 and 2011. In addition, the Company contributes to the B/E Aerospace, Inc. Hourly Tax-Sheltered Retirement Plan. This plan was established pursuant to Section 401(k) of the Internal Revenue Code and covers certain U.S. union employees. Total expense for the plan was $0.3 for each of the years ended December 31, 2013, 2012 and 2011. The Company also sponsors and contributes to a SERP for certain other employees. The B/E Aerospace, Inc. Deferred Compensation Plan was established pursuant to Section 409A of the Internal Revenue Code. The SERP is an unfunded plan maintained for the purpose of providing deferred compensation for certain employees. This plan allows certain employees to annually elect to defer a portion of their compensation, on a pre-tax basis, until their retirement. The retirement benefit to be provided is based on the amount of compensation deferred. The Company makes cash matching contributions and earnings on deferrals. Compensation expense under this program was $1.7, $1.6 and $1.1 in 2013, 2012 and 2011, respectively. The Company and its subsidiaries participate in government-sponsored programs in certain foreign countries. The Company funds these plans based on legal requirements, tax considerations, local practices and investment opportunities. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||||||||||
11. STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Earnings Per Share - Basic net earnings per common share is computed using the weighted average of common shares outstanding during the year. Diluted net earnings per common share reflects the potential dilution from assumed conversion of all dilutive securities such as stock options and unvested restricted stock using the treasury stock method. When the effects of the outstanding stock options are anti-dilutive, they are not included in the calculation of diluted earnings per common share. For the years ended December 31, 2013, 2012 and 2011, securities totaling approximately 0.1, 0.3, and 0.5 million shares, respectively, were excluded from the determination of diluted earnings per common share because the effect would have been anti-dilutive. | |||||||||||||||||||||||||
The following table sets forth the computation of basic and diluted net earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Numerator: net earnings | $ | 365.6 | $ | 233.7 | $ | 227.8 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Denominator for basic earnings per share - | |||||||||||||||||||||||||
Weighted average shares (in millions) | 103.2 | 102.2 | 101.1 | ||||||||||||||||||||||
Effect of dilutive securities - | |||||||||||||||||||||||||
Dilutive securities (in millions) | 0.7 | 0.7 | 0.8 | ||||||||||||||||||||||
Denominator for diluted earnings per share - | |||||||||||||||||||||||||
Adjusted weighted average shares (in millions) | 103.9 | 102.9 | 101.9 | ||||||||||||||||||||||
Basic net earnings per share | $ | 3.54 | $ | 2.29 | $ | 2.25 | |||||||||||||||||||
Diluted net earnings per share | $ | 3.52 | $ | 2.27 | $ | 2.24 | |||||||||||||||||||
Long Term Incentive Plan - The Company has a Long Term Incentive Plan under which the Company’s Compensation Committee may grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity based or equity related awards. | |||||||||||||||||||||||||
During 2013, 2012 and 2011, the Company granted restricted stock to certain members of the Company’s Board of Directors and management. Restricted stock grants vest over four years and are granted at the discretion of the Compensation Committee of the Board of Directors. Certain awards also vest upon attainment of performance goals. Compensation cost is recorded on a straight-line basis over the vesting term of the shares based on the grant date value using the closing trading price. Share based compensation of $23.0, $23.4 and $25.1 was recorded during 2013, 2012, and 2011 respectively. Unrecognized compensation cost related to these grants was $53.6, $50.4, and $49.8 at December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||
The following table summarizes shares of restricted stock that were granted, vested, forfeited and outstanding: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||
Weighted | Average | Weighted | Average | ||||||||||||||||||||||
Average | Remaining | Average | Remaining | ||||||||||||||||||||||
Shares | Grant Date | Vesting Period | Shares | Grant Date | Vesting Period | ||||||||||||||||||||
(in thousands) | Fair Value | (in years) | (in thousands) | Fair Value | (in years) | ||||||||||||||||||||
Outstanding, beginning of | |||||||||||||||||||||||||
period | 1,646 | $ | 37.67 | 2.52 | 1,940 | $ | 29.08 | 2.44 | |||||||||||||||||
Shares granted | 342 | 83.84 | -- | 634 | 44.13 | -- | |||||||||||||||||||
Shares vested | (645 | ) | 33.81 | -- | (827 | ) | 23.5 | -- | |||||||||||||||||
Shares forfeited | (95 | ) | 37.32 | -- | (101 | ) | 30.87 | -- | |||||||||||||||||
Outstanding, end of period | 1,248 | 52.67 | 2.37 | 1,646 | 37.67 | 2.52 | |||||||||||||||||||
During the year ended December 31, 2013, the Company granted 12,081 units of restricted stock. During the years ended December 31, 2012 and 2011, the Company did not grant restricted stock units. During the year ended December 31, 2013, no restricted stock units were forfeited. As of December 31, 2013, the weighted average remaining vesting period for the 12,081 outstanding restricted stock units was 3.17 years. | |||||||||||||||||||||||||
No stock options were granted during the three years ended December 31, 2013 and no related stock compensation was recognized as all options were fully vested as of December 31, 2006. Outstanding stock options at December 31, 2013, 2012 and 2011 totaled approximately 31,500, 51,000, and 101,000, all of which were exercisable. During the years ended December 31, 2013, 2012 and 2011, 19,525, 45,040 and 26,568 stock options were exercised with an aggregate intrinsic value of $1.1, $1.7 and $0.9, respectively, determined as of the date of option exercise. The aggregate intrinsic value of outstanding options as of December 31, 2013 was $2.4. |
EMPLOYEE_STOCK_PURCHASE_PLAN
EMPLOYEE STOCK PURCHASE PLAN | 12 Months Ended |
Dec. 31, 2013 | |
EMPLOYEE STOCK PURCHASE PLAN | ' |
12. EMPLOYEE STOCK PURCHASE PLAN | |
The Company has established a qualified Employee Stock Purchase Plan, the terms of which allow for qualified employees (as defined in the Plan) to participate in the purchase of designated shares of the Company's common stock at a price equal to 85% of the closing price on the last business day of each semi-annual stock purchase period. The Company issued approximately 101,000, 136,000 and 114,000 shares of common stock during the years ended December 31, 2013, 2012 and 2011, respectively, pursuant to this plan at a weighted average price per share of $61.96, $39.44, and $33.76, respectively. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||||||||||
13. 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. Each segment regularly reports its results of operations and makes requests for capital expenditures and acquisition funding to the Company’s chief operational 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 and aircraft manufacturing customers. The Company has not included product line information due to the similarity of commercial aircraft segment (“CAS”) product offerings and the impracticality of determining such information for the consumables management segment (“CMS”). | |||||||||||||||||||||||||
The following table presents revenues and other financial information by business segment: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||
Aircraft | Management | Jet | Consolidated | ||||||||||||||||||||||
Revenues | $ | 1,784.70 | $ | 1,280.40 | $ | 418.6 | $ | 3,483.70 | |||||||||||||||||
Operating earnings (1) | 320.3 | 240 | 69 | 629.3 | |||||||||||||||||||||
Total assets(2) | 2,016.50 | 3,212.80 | 466.9 | 5,696.20 | |||||||||||||||||||||
Goodwill | 394.6 | 1,086.50 | 89.9 | 1,571.00 | |||||||||||||||||||||
Capital expenditures(3) | 96.5 | 40.6 | 17.8 | 154.9 | |||||||||||||||||||||
Depreciation and amortization(3) | 50.4 | 29.8 | 9.4 | 89.6 | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||
Aircraft | Management | Jet | Consolidated | ||||||||||||||||||||||
Revenues | $ | 1,551.20 | $ | 1,171.00 | $ | 363.1 | $ | 3,085.30 | |||||||||||||||||
Operating earnings (1) | 271.3 | 216.7 | 52 | 540 | |||||||||||||||||||||
Total assets(2) | 1,719.10 | 3,006.70 | 380.6 | 5,106.40 | |||||||||||||||||||||
Goodwill | 388.4 | 1,005.80 | 90 | 1,484.20 | |||||||||||||||||||||
Capital expenditures(3) | 92.5 | 22.6 | 10.3 | 125.4 | |||||||||||||||||||||
Depreciation and amortization(3) | 42.3 | 25 | 7.7 | 75 | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||
Aircraft | Management | Jet | Consolidated | ||||||||||||||||||||||
Revenues | $ | 1,302.00 | $ | 943.5 | $ | 254.3 | $ | 2,499.80 | |||||||||||||||||
Operating earnings (1) | 216 | 183.1 | 28.9 | 428 | |||||||||||||||||||||
Total assets(2) | 1,387.00 | 2,120.20 | 330.1 | 3,837.30 | |||||||||||||||||||||
Goodwill | 384.2 | 535.4 | 88.7 | 1,008.30 | |||||||||||||||||||||
Capital expenditures(3) | 51.6 | 17.6 | 6.8 | 76 | |||||||||||||||||||||
Depreciation and amortization(3) | 36 | 19.7 | 6.4 | 62.1 | |||||||||||||||||||||
(1) Operating earnings includes an allocation of corporate IT costs, employee benefits and general and administrative costs based on the proportion of each segment’s systems users, number of employees and sales, respectively. | |||||||||||||||||||||||||
(2) Corporate assets (including cash and cash equivalents) of $736.8, $599.4 and $304.6 at December 31, 2013, 2012 and 2011, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations. | |||||||||||||||||||||||||
(3) Corporate capital expenditures and depreciation and amortization have been allocated to the above segments in a manner consistent with our corporate expense allocations. | |||||||||||||||||||||||||
Geographic Information | |||||||||||||||||||||||||
The Company operates principally in three geographic areas, the United States, Europe (primarily the United Kingdom) and emerging markets, such as Asia, Pacific Rim, and the Middle East. There were no significant transfers among geographic areas during these periods. | |||||||||||||||||||||||||
The following table presents revenues and operating earnings based on the originating location for the years ended December 31, 2013, 2012 and 2011. Additionally, it presents all identifiable assets related to the operations in each geographic area as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Domestic | $ | 2,420.90 | $ | 2,230.10 | $ | 1,750.20 | |||||||||||||||||||
Foreign | 1,062.80 | 855.2 | 749.6 | ||||||||||||||||||||||
$ | 3,483.70 | $ | 3,085.30 | $ | 2,499.80 | ||||||||||||||||||||
Operating earnings: | |||||||||||||||||||||||||
Domestic | $ | 367.8 | $ | 334.2 | $ | 246.9 | |||||||||||||||||||
Foreign | 261.5 | 205.8 | 181.1 | ||||||||||||||||||||||
$ | 629.3 | $ | 540 | $ | 428 | ||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Identifiable assets: | 2013 | 2012 | |||||||||||||||||||||||
Domestic | $ | 4,482.70 | $ | 3,817.00 | |||||||||||||||||||||
Foreign | 1,213.50 | 1,289.40 | |||||||||||||||||||||||
$ | 5,696.20 | $ | 5,106.40 | ||||||||||||||||||||||
Revenues by geographic area, based on destination, for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
% of | % of | % of | |||||||||||||||||||||||
Revenues | Revenues | Revenues | Revenues | Revenues | Revenues | ||||||||||||||||||||
U.S. | $ | 1,533.30 | 44 | % | $ | 1,499.50 | 48.6 | % | $ | 1,296.40 | 51.9 | % | |||||||||||||
Europe | 894 | 25.7 | % | 755.9 | 24.5 | % | 606 | 24.2 | % | ||||||||||||||||
Asia, Pacific Rim, | |||||||||||||||||||||||||
Middle East and other | 1,056.40 | 30.3 | % | 829.9 | 26.9 | % | 597.4 | 23.9 | % | ||||||||||||||||
$ | 3,483.70 | 100 | % | $ | 3,085.30 | 100 | % | $ | 2,499.80 | 100 | % | ||||||||||||||
Export revenues from the United States to customers in foreign countries amounted to $1,074.9, $896.4 and $617.7 in the years ended December 31, 2013, 2012 and 2011, respectively. |
FAIR_VALUE_INFORMATION
FAIR VALUE INFORMATION | 12 Months Ended |
Dec. 31, 2013 | |
FAIR VALUE INFORMATION | ' |
14. FAIR VALUE INFORMATION | |
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 December 31, 2013 and 2012. 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 $2,058.5 and $2,103.8 as of December 31, 2013 and December 31, 2012, respectively. | |
The fair value information presented herein is based on pertinent information available to management at December 31, 2013 and 2012, respectively. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since those dates, and current estimates of fair value may differ significantly from the amounts presented herein. |
SELECTED_QUARTERLY_DATA_Unaudi
SELECTED QUARTERLY DATA (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SELECTED QUARTERLY DATA (Unaudited) | ' | ||||||||||||||||
15. SELECTED QUARTERLY DATA (Unaudited) | |||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 842.2 | $ | 850.3 | $ | 888.1 | $ | 903.1 | |||||||||
Gross profit | 319.1 | 326.8 | 342.3 | 340.7 | |||||||||||||
Net earnings | 89.9 | 92.4 | 92.7 | 90.6 | |||||||||||||
Basic net earnings per share (1) | 0.87 | 0.9 | 0.9 | 0.88 | |||||||||||||
Diluted net earnings per share (1) | 0.87 | 0.89 | 0.89 | 0.87 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 747.3 | $ | 768.1 | $ | 766.7 | $ | 803.2 | |||||||||
Gross profit | 283.5 | 293.3 | 288.3 | 299 | |||||||||||||
Net earnings(2) | 68.8 | 71.2 | 18.5 | 75.2 | |||||||||||||
Basic net earnings per share (1) | 0.67 | 0.7 | 0.18 | 0.73 | |||||||||||||
Diluted net earnings per share (1) | 0.67 | 0.69 | 0.18 | 0.73 | |||||||||||||
-1 | Net earnings per share are computed individually for each quarter presented. Therefore, the sum of the quarterly net earnings per share may not necessarily equal the total for the year. | ||||||||||||||||
-2 | Third quarter 2012 net earnings reflect debt prepayment costs of $82.1. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
16. SUBSEQUENT EVENTS | |
In January 2014, the Company acquired LT, an Eagle Ford based provider of rental equipment. In February 2014, the Company acquired Wildcat, a provider of wireline services primarily in the Eagle Ford basin, and also in the Marcellus/Utica basin. The purchase price (all cash) of LT and Wildcat was approximately $255. |
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Balance | |||||||||||||||||||||
At | Balance | ||||||||||||||||||||
Beginning | Write- | At End | |||||||||||||||||||
Of | Offs/ | Of | |||||||||||||||||||
Period | Expenses | Other | Disposals | Period | |||||||||||||||||
Deducted From Assets: | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 12.1 | $ | 1.3 | $ | 0.4 | $ | 3.4 | $ | 10.4 | |||||||||||
Year ended December 31, 2012 | 8.2 | 4.8 | 1 | 1.9 | 12.1 | ||||||||||||||||
Year ended December 31, 2011 | 7.4 | 1.9 | -- | 1.1 | 8.2 | ||||||||||||||||
Reserve for obsolete inventories: | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 63.5 | $ | 11.2 | $ | -- | $ | 10.3 | $ | 64.4 | |||||||||||
Year ended December 31, 2012 | 49.8 | 20.7 | -- | 7 | 63.5 | ||||||||||||||||
Year ended December 31, 2011 | 45.3 | 15.9 | -- | 11.4 | 49.8 | ||||||||||||||||
Deferred tax asset valuation allowance: | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 26.5 | $ | -- | $ | 4.6 | $ | -- | $ | 31.1 | |||||||||||
Year ended December 31, 2012 | 20.1 | -- | 6.4 | -- | 26.5 | ||||||||||||||||
Year ended December 31, 2011 | 14.4 | -- | 5.7 | -- | 20.1 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization and Basis of Presentation | ' | ||||||||||||
Organization and Basis of Presentation – B/E Aerospace, Inc. and its wholly owned subsidiaries (the “Company”) designs, manufactures, sells and services commercial aircraft and business jet cabin interior products consisting of a broad range of seating, interior systems, including structures for food and beverage storage and preparation equipment, distributes aerospace fasteners and other consumables and provides logistics related services, including oilfield rental equipment and services. The Company’s principal customers are the operators of commercial and business jet aircraft, aircraft manufacturers and their suppliers. As a result, the Company’s business is directly dependent upon the conditions in the commercial airline, business jet and aircraft manufacturing industries. The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. | |||||||||||||
Consolidation | ' | ||||||||||||
Consolidation – The accompanying consolidated financial statements include the accounts of B/E Aerospace, Inc. and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
Financial Statement Preparation | ' | ||||||||||||
Financial Statement Preparation – The preparation of the consolidated 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. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition – Sales of products are recorded when the earnings process is complete. This generally occurs when the products are shipped to the customer in accordance with the contract or purchase order, risk of loss and title has passed to the customer, collectability is reasonably assured and pricing is fixed and determinable. In instances where title does not pass to the customer upon shipment, the Company recognizes revenue upon delivery or customer acceptance, depending on the terms of the sales contract. | |||||||||||||
Service revenues primarily consist of engineering activities and logistics related services, including revenue from oilfield rental equipment and services, and are recorded when services are performed. | |||||||||||||
Revenues and costs under certain long-term contracts are recognized using contract accounting under the percentage-of-completion method in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605-35, Construction–Type and Production–Type Contracts (“ASC 605-35”), with the majority of the contracts accounted for under the cost-to-cost method. Under the cost-to-cost method, the revenues related to the long-term contracts are recognized based on the ratio of actual costs incurred to total estimated costs to be incurred. The Company uses the units-of-delivery method to account for certain contracts, principally with The Boeing Company and Airbus. Under the units-of delivery method, revenues are recognized based on the contract price of units delivered. | |||||||||||||
The percentage-of-completion method requires the use of estimates of costs to complete long-term contracts. Due to the duration of these contracts as well as the technical nature of the products involved, the estimation of these costs requires management’s judgment in connection with assumptions and projections related to the outcome of future events. Management’s assumptions include future labor performance and rates and projections relative to material and overhead costs, as well as the quantity and timing of product deliveries. The Company reevaluates its contract estimates periodically and reflects changes in estimates in the current period using the cumulative catch-up method. Revenues associated with any contractual claims are recognized when it is probable that the claim will result in additional contract revenue and the amount can be reasonably estimated. For the years ended December 31, 2013, 2012 and 2011, approximately 16%, 15% and 15% of our revenues, respectively, were derived from contracts accounted for using percentage-of-completion accounting. Net costs and estimated earnings in excess of billings on uncompleted contracts were $81.9 and $95.9 at December 31, 2013 and 2012, respectively, and recorded as work in process inventory. Excess over average costs on long-term contracts accounted for using the units-of-delivery method of accounting were $213.4 and $134.4 at December 31, 2013 and 2012, respectively and recorded as work in process inventory. Anticipated losses on contracts are recognized in the period in which the losses become evident and determinable. Advance payments and engineering development costs on certain long-term contracts are deferred and included in revenues and research, development and engineering, respectively, when the products are shipped. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes – The Company provides deferred income taxes for temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. Deferred income taxes are computed using enacted tax rates that are expected to be in effect when the temporary differences reverse. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some portion or the entire deferred tax asset will not be realized. The Company records uncertain tax positions within income tax expense and classifies interest and penalties related to income taxes as income tax expense. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents – The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable – The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer's current creditworthiness, as determined by review of their current credit information. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. The allowance for doubtful accounts at December 31, 2013 and 2012 was $10.4 and $12.1, respectively. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories – The Company values inventories at the lower of cost or market, using FIFO or weighted average cost method. The Company regularly reviews inventory quantities on hand and records a provision for excess and obsolete inventory based primarily on historical demand, as well as an estimated forecast of product demand and production requirements, and the age of the inventory among other factors. Demand for the Company’s products can fluctuate significantly. In accordance with industry practice, costs in inventory include amounts relating to long-term contracts with long production cycles and to inventory items with long procurement cycles, some of which are not expected to be realized within one year. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment– Property and equipment are stated at cost and depreciated generally under the straight-line method over their estimated useful lives of one to fifty years (or the lesser of the term of the lease for leasehold improvements, as appropriate). | |||||||||||||
Debt Issuance Costs | ' | ||||||||||||
Debt Issuance Costs – Costs incurred to issue debt are deferred and amortized as interest expense over the term of the related debt. Unamortized debt issue costs are written off at the time of prepayment. | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets – Under FASB ASC 350, Intangibles – Goodwill and Other (“ASC 350”), goodwill and indefinite-lived intangible assets are reviewed at least annually for impairment. Acquired intangible assets with definite lives are amortized over their individual useful lives. Patents and other intangible assets are amortized using the straight-line method over periods ranging from three to thirty-four years. | |||||||||||||
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. | |||||||||||||
On at least an annual basis, management assesses whether there has been any impairment in the value of goodwill by first comparing the fair value to the net carrying value of reporting units. If the carrying value exceeds its estimated fair value, a second step is performed to compute the amount of the impairment. An impairment loss is recognized if the implied fair value of the asset being tested is less than its carrying value. In this event, the asset is written down accordingly. The fair values of reporting units for goodwill impairment testing are determined using valuation techniques based on estimates, judgments and assumptions management believes are appropriate in the circumstances. The sum of the fair values of the reporting units are evaluated based on market capitalization determined using average share prices within a reasonable period of time near the selected testing date (calendar year-end), plus an estimated control premium plus the fair value of the Company’s debt obligations. | |||||||||||||
Indefinite-lived intangible assets are tested at least annually for impairment. Impairment for intangible assets with indefinite lives exists if the carrying value of the intangible asset exceeds its fair value. The fair values of indefinite-lived intangible assets are determined using valuation techniques based on estimates, judgments and assumptions management believes are appropriate in the circumstances. For the years ended December 31, 2013, 2012 and 2011, the Company’s annual impairment testing yielded no impairments of goodwill or indefinite-lived intangible assets. | |||||||||||||
Long-Lived Assets | ' | ||||||||||||
Long-Lived Assets – The Company assesses potential impairments to its long-lived assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. An impairment loss is recognized when the undiscounted cash flows expected to be generated by an asset (or group of assets) is less than its carrying amount. Any required impairment loss is measured as the amount by which the asset's carrying value exceeds its fair value and is recorded as a reduction in the carrying value of the related asset and a charge to operating results. There were no impairments of long lived assets in 2013, 2012, and 2011. | |||||||||||||
Product Warranty Costs | ' | ||||||||||||
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. Estimated warranty costs are included in the accrued liabilities on the consolidated balance sheet. The following table provides a reconciliation of the activity related to the Company's accrued warranty expense: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 63.2 | $ | 51.5 | $ | 38 | |||||||
Provision for warranty expense | 42.6 | 37.5 | 34.5 | ||||||||||
Settlements of warranty claims | (38.8 | ) | (25.8 | ) | (21.0 | ) | |||||||
Balance at end of period | $ | 67 | $ | 63.2 | $ | 51.5 | |||||||
Accounting for Stock-Based Compensation | ' | ||||||||||||
Accounting for Stock-Based Compensation – The Company accounts for share-based compensation arrangements in accordance with the provisions of FASB ASC 718, Compensation – Stock Compensation (“ASC 718”), whereby share-based compensation cost is measured on the date of grant, based on the fair value of the award, and is recognized over the requisite service period. | |||||||||||||
Compensation cost recognized during the three years ended December 31, 2013 related to grants of restricted stock and restricted stock units. No compensation cost related to stock options was recognized during those periods as no options were granted during the three year period ended December 31, 2013 and all options were vested as of December 31, 2006. | |||||||||||||
The Company has established a qualified Employee Stock Purchase Plan. The Plan allows qualified employees (as defined in the plan) to participate in the purchase of designated shares of the Company's common stock at a price equal to 85% of the closing price for each semi-annual stock purchase period. The fair value of employee purchase rights represents the difference between the closing price of the Company’s shares on the date of purchase and the purchase price of the shares. The value of the rights granted during the years ended December 31, 2013, 2012 and 2011 was $1.1, $0.9 and $0.7, respectively. | |||||||||||||
Treasury Stock | ' | ||||||||||||
Treasury Stock – The Company may periodically repurchase shares of its common stock from employees for the satisfaction of their individual payroll tax withholding upon vesting of restricted stock and restricted stock units in connection with the Company’s Long Term Incentive Plan. The Company’s repurchases of common stock are recorded at the average cost of the common stock and are presented as a reduction of additional paid-in-capital. The Company repurchased 41,376, 60,266 and 161,297 shares of its common stock for $3.3, $2.6 and $6.0, respectively, during the years ended December 31, 2013, 2012 and 2011 respectively | |||||||||||||
Research and Development | ' | ||||||||||||
Research and Development – Research and development expenditures are expensed as incurred. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation – The assets and liabilities of subsidiaries located outside the United States are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Revenue and expense items are translated at the average exchange rates prevailing during the period. Gains and losses resulting from foreign currency transactions are recognized currently in income, and those resulting from translation of financial statements are accumulated as a separate component of stockholders’ equity. The Company's European subsidiaries primarily utilize the British pound or the Euro as their local functional currency. | |||||||||||||
Concentration of Risk | ' | ||||||||||||
Concentration of Risk – The Company’s products and services are primarily concentrated within the aerospace industry with customers consisting primarily of commercial airlines, a wide variety of business jet customers and commercial aircraft manufacturers. In addition to the overall business risks associated with the Company’s concentration within the airline and aerospace industries, the Company is exposed to a concentration of collection risk on credit extended to commercial airlines and commercial aircraft manufacturers. The Company’s management performs ongoing credit evaluations on the financial condition of all of its customers and maintains allowances for uncollectible accounts receivable based on expected collectability. Credit losses have historically been within management's expectations and the provisions established. | |||||||||||||
Significant customers change from year to year depending on the level of refurbishment activity and/or the level of new aircraft purchases by such customers. During the years ended December 31, 2013 and 2012, the Boeing Company accounted for 11.6% and 11.1%, respectively, of the Company’s consolidated revenues. No other individual customers accounted for more than 10% of the Company’s consolidated revenues during the years ended December 31, 2013 and 2012 and during the year ended December 31, 2011 no single customer accounted for more than 10% of the Company’s consolidated revenues. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In July 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which updated the guidance in ASC Topic 740, Income Taxes. The amendments in ASU 2013-11, effective prospectively for the interim and annual periods beginning on or after December 15, 2013 (early adoption is permitted), generally provide guidance for the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance requires an unrecognized tax benefit to be presented as a decrease in a deferred tax asset where a net operating loss, a similar tax loss, or a tax credit carryforward exists and certain criteria are met. The adoption of ASU 2013-11 will not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued 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. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reconciliation of Activity Related to Company's Accrued Warranty Expense | ' | ||||||||||||
The following table provides a reconciliation of the activity related to the Company's accrued warranty expense: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 63.2 | $ | 51.5 | $ | 38 | |||||||
Provision for warranty expense | 42.6 | 37.5 | 34.5 | ||||||||||
Settlements of warranty claims | (38.8 | ) | (25.8 | ) | (21.0 | ) | |||||||
Balance at end of period | $ | 67 | $ | 63.2 | $ | 51.5 |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Preliminary Estimates of Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||
The following table summarizes the current estimates of fair values of assets acquired and liabilities assumed in the 2013 Acquisitions in accordance with ASC 805, which are currently recorded based on management’s estimates as follows: | |||||
Accounts receivable-trade | $ | 10.9 | |||
Inventories | 3.9 | ||||
Other current and non-current assets | 0.2 | ||||
Property and equipment | 34.3 | ||||
Goodwill | 58.7 | ||||
Identified intangibles | 17.1 | ||||
Accounts payable | (9.9 | ) | |||
Other current and non-current liabilities | (0.6 | ) | |||
Total purchase price | $ | 114.6 |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Purchased materials and component parts | $ | 243.4 | $ | 186.3 | |||||
Work-in-process | 484 | 371.8 | |||||||
Finished goods | 1,216.40 | 1,194.80 | |||||||
$ | 1,943.80 | $ | 1,752.90 |
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and equipment consist of the following: | |||||||||||||
Useful Life | December 31, | December 31, | |||||||||||
(Years) | 2013 | 2012 | |||||||||||
Buildings and improvements | 1 - 50 | $ | 123 | $ | 112.8 | ||||||||
Machinery | 1 - 20 | 197.8 | 134.2 | ||||||||||
Tooling | 1 - 15 | 84.3 | 70 | ||||||||||
Computer equipment and software | 1 - 10 | 276.9 | 216.3 | ||||||||||
Furniture and equipment | 1 - 15 | 32.7 | 24.7 | ||||||||||
714.7 | 558 | ||||||||||||
Less accumulated depreciation | (289.0 | ) | (255.1 | ) | |||||||||
$ | 425.7 | $ | 302.9 |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Intangible Assets by Major Asset Class | ' | ||||||||||||||||||||||||||||
The following sets forth the intangible assets by major asset class, all of which were acquired through business purchase transactions: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||
Useful Life | Original | Accumulated | Book | Original | Accumulated | Book | |||||||||||||||||||||||
(Years) | Cost | Amortization | Value | Cost | Amortization | Value | |||||||||||||||||||||||
Customer contracts and | |||||||||||||||||||||||||||||
relationships | 30-Aug | $ | 424 | $ | 85.7 | $ | 338.3 | $ | 410.8 | $ | 64 | $ | 346.8 | ||||||||||||||||
Acquired technologies | May-34 | 126.6 | 54.4 | 72.2 | 127.7 | 50.6 | 77.1 | ||||||||||||||||||||||
Replacement parts annuity | |||||||||||||||||||||||||||||
and product approvals | 22-Jul | 7.9 | 6 | 1.9 | 28.3 | 25.7 | 2.6 | ||||||||||||||||||||||
Technical qualifications, | |||||||||||||||||||||||||||||
plans and drawings | 22-Oct | 19.3 | 16.2 | 3.1 | 26.9 | 22.7 | 4.2 | ||||||||||||||||||||||
Trademarks and patents | 20-Mar | 23 | 15.4 | 7.6 | 27.1 | 19.4 | 7.7 | ||||||||||||||||||||||
Covenants not to compete | 5-Apr | 5.5 | 1.7 | 3.8 | 3.3 | 0.8 | 2.5 | ||||||||||||||||||||||
Trade names | 15-indefinite | 45.7 | 0.4 | 45.3 | 43.6 | - | 43.6 | ||||||||||||||||||||||
$ | 652 | $ | 179.8 | $ | 472.2 | $ | 667.7 | $ | 183.2 | $ | 484.5 | ||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||||||
Aircraft | Management | Jet | Total | ||||||||||||||||||||||||||
Balance as of | |||||||||||||||||||||||||||||
December 31, 2011 | $ | 384.2 | $ | 535.4 | $ | 88.7 | $ | 1,008.30 | |||||||||||||||||||||
Acquisitions | 2.5 | 450.6 | 1.5 | 454.6 | |||||||||||||||||||||||||
Effect of foreign | |||||||||||||||||||||||||||||
currency translation | 1.7 | 19.8 | (0.2 | ) | 21.3 | ||||||||||||||||||||||||
Balance as of | |||||||||||||||||||||||||||||
December 31, 2012 | 388.4 | 1,005.80 | 90 | 1,484.20 | |||||||||||||||||||||||||
Acquisitions | - | 58.7 | - | 58.7 | |||||||||||||||||||||||||
Effect of foreign | |||||||||||||||||||||||||||||
currency translation | 6.2 | 22 | (0.1 | ) | 28.1 | ||||||||||||||||||||||||
Balance as of | |||||||||||||||||||||||||||||
December 31, 2013 | $ | 394.6 | $ | 1,086.50 | $ | 89.9 | $ | 1,571.00 |
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities consist of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued salaries, vacation and related benefits | $ | 103.2 | $ | 93.8 | |||||
Accrued product warranties | 67 | 63.2 | |||||||
Accrued interest | 28.2 | 28.2 | |||||||
Income taxes payable | 28.7 | 29.5 | |||||||
Deferred revenue | 152.9 | 118.2 | |||||||
Other accrued liabilities | 141.2 | 141.3 | |||||||
$ | 521.2 | $ | 474.2 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt | ' | ||||||||
Long-term debt consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
5.25% Notes | $ | 1,313.70 | $ | 1,315.00 | |||||
6.875% Notes | 645.7 | 645.2 | |||||||
Other | - | 0.3 | |||||||
1,959.40 | 1,960.50 | ||||||||
Less current portion of long-term debt | - | (0.3 | ) | ||||||
$ | 1,959.40 | $ | 1,960.20 | ||||||
Maturities of Long-Term Debt | ' | ||||||||
Maturities of long-term debt, excluding the $4.3 unamortized original issue discount on the 6.875% Notes and the $13.7 unamortized original issue premium on the 5.25% Notes, are as follows: | |||||||||
Year Ending December 31, | |||||||||
2014 | $ | -- | |||||||
2015 | -- | ||||||||
2016 | -- | ||||||||
2017 | -- | ||||||||
2018 | -- | ||||||||
Thereafter | 1,950.00 | ||||||||
Total | $ | 1,950.00 |
COMMITMENTS_CONTINGENCIES_AND_1
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ARRANGEMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Future Payments under Operating Leases with Terms Greater Than One Year | ' | ||||
Future payments under operating leases with terms greater than one year as of December 31, 2013 are as follows: | |||||
Year Ending December 31, | |||||
2014 | $ | 42.8 | |||
2015 | 40.3 | ||||
2016 | 38 | ||||
2017 | 33.7 | ||||
2018 | 30.1 | ||||
Thereafter | 137.5 | ||||
Total | $ | 322.4 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Earnings Before Incomes Taxes | ' | ||||||||||||
The components of earnings before incomes taxes were: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings before income taxes | |||||||||||||
United States | $ | 278.8 | $ | 167.7 | $ | 142.1 | |||||||
Foreign | 228 | 165.8 | 180.9 | ||||||||||
Earnings before income taxes | $ | 506.8 | $ | 333.5 | $ | 323 | |||||||
Components of Income Tax Expense | ' | ||||||||||||
Income tax expense consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 58.9 | $ | 22.3 | $ | 1.8 | |||||||
State | 6.7 | 3 | 2.3 | ||||||||||
Foreign | 41.3 | 24.6 | 28.5 | ||||||||||
106.9 | 49.9 | 32.6 | |||||||||||
Deferred: | |||||||||||||
Federal | 30 | 41.6 | 52.4 | ||||||||||
State | 2.5 | 2.2 | 3.9 | ||||||||||
Foreign | 1.8 | 6.1 | 6.3 | ||||||||||
34.3 | 49.9 | 62.6 | |||||||||||
Total income tax expense | $ | 141.2 | $ | 99.8 | $ | 95.2 | |||||||
Difference Between Income Tax Expense and Amount Computed by Applying Statutory United States Federal Income Tax Rate to Pre-Tax Earnings | ' | ||||||||||||
The difference between income tax expense and the amount computed by applying the statutory U.S. federal income tax rate (35%) to the pre-tax earnings consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax expense | $ | 177.4 | $ | 116.7 | $ | 113 | |||||||
U.S. state income taxes | 9.7 | 5.9 | 6 | ||||||||||
Foreign tax rate differential | (36.2 | ) | (36.0 | ) | (27.8 | ) | |||||||
Non-deductible charges/losses and other | 4.2 | 14.8 | 8 | ||||||||||
Research and development credit | (13.9 | ) | (1.6 | ) | (4.0 | ) | |||||||
$ | 141.2 | $ | 99.8 | $ | 95.2 | ||||||||
Tax Effects of Temporary Differences and Carryforwards that Give Rise to Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
The tax effects of temporary differences and carryforwards that give rise to deferred income tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Inventory reserves | $ | 20.8 | $ | 21.7 | |||||||||
Warranty reserves | 14.1 | 12.5 | |||||||||||
Accrued liabilities | 31 | 37.5 | |||||||||||
Net operating loss carryforward | 24 | 22.4 | |||||||||||
Research and development | |||||||||||||
credit carry forward | 7.3 | 18.8 | |||||||||||
Alternative minimum | |||||||||||||
tax credit carryforward | 5 | 5 | |||||||||||
Other | 10 | 5.6 | |||||||||||
$ | 112.2 | $ | 123.5 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Book to tax revenue differences | (13.4 | ) | (31.7 | ) | |||||||||
Intangible assets | (168.4 | ) | (127.9 | ) | |||||||||
Depreciation | (34.4 | ) | (38.2 | ) | |||||||||
Software development costs | (0.7 | ) | (0.7 | ) | |||||||||
(216.9 | ) | (198.5 | ) | ||||||||||
Net deferred tax liability before valuation | |||||||||||||
allowance | (104.7 | ) | (75.0 | ) | |||||||||
Valuation allowance | (31.1 | ) | (26.5 | ) | |||||||||
Net deferred tax liability | $ | (135.8 | ) | $ | (101.5 | ) | |||||||
Reconciliation of Beginning and Ending Amounts of Gross Uncertain Tax Positions | ' | ||||||||||||
A reconciliation of the beginning and ending amounts of gross uncertain tax positions is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of the period | $ | 34.6 | $ | 21.7 | $ | 21.5 | |||||||
Additions for current year tax positions | 10.8 | 10.6 | 6.1 | ||||||||||
Additions for tax positions of prior years | 2.1 | 2.3 | -- | ||||||||||
Currency fluctuations | -- | -- | (0.1 | ) | |||||||||
Settlements with taxing authorities | -- | -- | (5.8 | ) | |||||||||
Balance, end of the period | $ | 47.5 | $ | 34.6 | $ | 21.7 |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Computation of Basic and Diluted Net Earnings Per Share | ' | ||||||||||||||||||||||||
The following table sets forth the computation of basic and diluted net earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Numerator: net earnings | $ | 365.6 | $ | 233.7 | $ | 227.8 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Denominator for basic earnings per share - | |||||||||||||||||||||||||
Weighted average shares (in millions) | 103.2 | 102.2 | 101.1 | ||||||||||||||||||||||
Effect of dilutive securities - | |||||||||||||||||||||||||
Dilutive securities (in millions) | 0.7 | 0.7 | 0.8 | ||||||||||||||||||||||
Denominator for diluted earnings per share - | |||||||||||||||||||||||||
Adjusted weighted average shares (in millions) | 103.9 | 102.9 | 101.9 | ||||||||||||||||||||||
Basic net earnings per share | $ | 3.54 | $ | 2.29 | $ | 2.25 | |||||||||||||||||||
Diluted net earnings per share | $ | 3.52 | $ | 2.27 | $ | 2.24 | |||||||||||||||||||
Restricted Stock Shares Granted, Vested, Forfeited and Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes shares of restricted stock that were granted, vested, forfeited and outstanding: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||
Weighted | Average | Weighted | Average | ||||||||||||||||||||||
Average | Remaining | Average | Remaining | ||||||||||||||||||||||
Shares | Grant Date | Vesting Period | Shares | Grant Date | Vesting Period | ||||||||||||||||||||
(in thousands) | Fair Value | (in years) | (in thousands) | Fair Value | (in years) | ||||||||||||||||||||
Outstanding, beginning of | |||||||||||||||||||||||||
period | 1,646 | $ | 37.67 | 2.52 | 1,940 | $ | 29.08 | 2.44 | |||||||||||||||||
Shares granted | 342 | 83.84 | -- | 634 | 44.13 | -- | |||||||||||||||||||
Shares vested | (645 | ) | 33.81 | -- | (827 | ) | 23.5 | -- | |||||||||||||||||
Shares forfeited | (95 | ) | 37.32 | -- | (101 | ) | 30.87 | -- | |||||||||||||||||
Outstanding, end of period | 1,248 | 52.67 | 2.37 | 1,646 | 37.67 | 2.52 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Revenues and Other Financial Information by Business Segment | ' | ||||||||||||||||||||||||
The following table presents revenues and other financial information by business segment: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||
Aircraft | Management | Jet | Consolidated | ||||||||||||||||||||||
Revenues | $ | 1,784.70 | $ | 1,280.40 | $ | 418.6 | $ | 3,483.70 | |||||||||||||||||
Operating earnings (1) | 320.3 | 240 | 69 | 629.3 | |||||||||||||||||||||
Total assets(2) | 2,016.50 | 3,212.80 | 466.9 | 5,696.20 | |||||||||||||||||||||
Goodwill | 394.6 | 1,086.50 | 89.9 | 1,571.00 | |||||||||||||||||||||
Capital expenditures(3) | 96.5 | 40.6 | 17.8 | 154.9 | |||||||||||||||||||||
Depreciation and amortization(3) | 50.4 | 29.8 | 9.4 | 89.6 | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||
Aircraft | Management | Jet | Consolidated | ||||||||||||||||||||||
Revenues | $ | 1,551.20 | $ | 1,171.00 | $ | 363.1 | $ | 3,085.30 | |||||||||||||||||
Operating earnings (1) | 271.3 | 216.7 | 52 | 540 | |||||||||||||||||||||
Total assets(2) | 1,719.10 | 3,006.70 | 380.6 | 5,106.40 | |||||||||||||||||||||
Goodwill | 388.4 | 1,005.80 | 90 | 1,484.20 | |||||||||||||||||||||
Capital expenditures(3) | 92.5 | 22.6 | 10.3 | 125.4 | |||||||||||||||||||||
Depreciation and amortization(3) | 42.3 | 25 | 7.7 | 75 | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Commercial | Consumables | Business | |||||||||||||||||||||||
Aircraft | Management | Jet | Consolidated | ||||||||||||||||||||||
Revenues | $ | 1,302.00 | $ | 943.5 | $ | 254.3 | $ | 2,499.80 | |||||||||||||||||
Operating earnings (1) | 216 | 183.1 | 28.9 | 428 | |||||||||||||||||||||
Total assets(2) | 1,387.00 | 2,120.20 | 330.1 | 3,837.30 | |||||||||||||||||||||
Goodwill | 384.2 | 535.4 | 88.7 | 1,008.30 | |||||||||||||||||||||
Capital expenditures(3) | 51.6 | 17.6 | 6.8 | 76 | |||||||||||||||||||||
Depreciation and amortization(3) | 36 | 19.7 | 6.4 | 62.1 | |||||||||||||||||||||
(1) Operating earnings includes an allocation of corporate IT costs, employee benefits and general and administrative costs based on the proportion of each segment’s systems users, number of employees and sales, respectively. | |||||||||||||||||||||||||
(2) Corporate assets (including cash and cash equivalents) of $736.8, $599.4 and $304.6 at December 31, 2013, 2012 and 2011, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations. | |||||||||||||||||||||||||
(3) Corporate capital expenditures and depreciation and amortization have been allocated to the above segments in a manner consistent with our corporate expense allocations. | |||||||||||||||||||||||||
Revenues and Operating Earnings Based on Originating Location | ' | ||||||||||||||||||||||||
The following table presents revenues and operating earnings based on the originating location for the years ended December 31, 2013, 2012 and 2011. Additionally, it presents all identifiable assets related to the operations in each geographic area as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Domestic | $ | 2,420.90 | $ | 2,230.10 | $ | 1,750.20 | |||||||||||||||||||
Foreign | 1,062.80 | 855.2 | 749.6 | ||||||||||||||||||||||
$ | 3,483.70 | $ | 3,085.30 | $ | 2,499.80 | ||||||||||||||||||||
Operating earnings: | |||||||||||||||||||||||||
Domestic | $ | 367.8 | $ | 334.2 | $ | 246.9 | |||||||||||||||||||
Foreign | 261.5 | 205.8 | 181.1 | ||||||||||||||||||||||
$ | 629.3 | $ | 540 | $ | 428 | ||||||||||||||||||||
All Identifiable Assets in Each Geographic Area | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Domestic | $ | 2,420.90 | $ | 2,230.10 | $ | 1,750.20 | |||||||||||||||||||
Foreign | 1,062.80 | 855.2 | 749.6 | ||||||||||||||||||||||
$ | 3,483.70 | $ | 3,085.30 | $ | 2,499.80 | ||||||||||||||||||||
Operating earnings: | |||||||||||||||||||||||||
Domestic | $ | 367.8 | $ | 334.2 | $ | 246.9 | |||||||||||||||||||
Foreign | 261.5 | 205.8 | 181.1 | ||||||||||||||||||||||
$ | 629.3 | $ | 540 | $ | 428 | ||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Identifiable assets: | 2013 | 2012 | |||||||||||||||||||||||
Domestic | $ | 4,482.70 | $ | 3,817.00 | |||||||||||||||||||||
Foreign | 1,213.50 | 1,289.40 | |||||||||||||||||||||||
$ | 5,696.20 | $ | 5,106.40 | ||||||||||||||||||||||
Revenues by Geographic Area Based on Destination | ' | ||||||||||||||||||||||||
Revenues by geographic area, based on destination, for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
% of | % of | % of | |||||||||||||||||||||||
Revenues | Revenues | Revenues | Revenues | Revenues | Revenues | ||||||||||||||||||||
U.S. | $ | 1,533.30 | 44 | % | $ | 1,499.50 | 48.6 | % | $ | 1,296.40 | 51.9 | % | |||||||||||||
Europe | 894 | 25.7 | % | 755.9 | 24.5 | % | 606 | 24.2 | % | ||||||||||||||||
Asia, Pacific Rim, | |||||||||||||||||||||||||
Middle East and other | 1,056.40 | 30.3 | % | 829.9 | 26.9 | % | 597.4 | 23.9 | % | ||||||||||||||||
$ | 3,483.70 | 100 | % | $ | 3,085.30 | 100 | % | $ | 2,499.80 | 100 | % |
SELECTED_QUARTERLY_DATA_Unaudi1
SELECTED QUARTERLY DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 842.2 | $ | 850.3 | $ | 888.1 | $ | 903.1 | |||||||||
Gross profit | 319.1 | 326.8 | 342.3 | 340.7 | |||||||||||||
Net earnings | 89.9 | 92.4 | 92.7 | 90.6 | |||||||||||||
Basic net earnings per share (1) | 0.87 | 0.9 | 0.9 | 0.88 | |||||||||||||
Diluted net earnings per share (1) | 0.87 | 0.89 | 0.89 | 0.87 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 747.3 | $ | 768.1 | $ | 766.7 | $ | 803.2 | |||||||||
Gross profit | 283.5 | 293.3 | 288.3 | 299 | |||||||||||||
Net earnings(2) | 68.8 | 71.2 | 18.5 | 75.2 | |||||||||||||
Basic net earnings per share (1) | 0.67 | 0.7 | 0.18 | 0.73 | |||||||||||||
Diluted net earnings per share (1) | 0.67 | 0.69 | 0.18 | 0.73 | |||||||||||||
-1 | Net earnings per share are computed individually for each quarter presented. Therefore, the sum of the quarterly net earnings per share may not necessarily equal the total for the year. | ||||||||||||||||
-2 | Third quarter 2012 net earnings reflect debt prepayment costs of $82.1. |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Entity | |||
Significant Accounting Policies [Line Items] | ' | ' | ' |
Revenues derived from percentage of completion accounting, percentage | 16.00% | 15.00% | 15.00% |
Net costs and estimated earnings in excess of billings on uncompleted contracts | $81.90 | $95.90 | ' |
Excess over average costs on long term contracts | 213.4 | 134.4 | ' |
Allowance for doubtful accounts | 10.4 | 12.1 | ' |
Number of reportable units | 6 | ' | ' |
Percentage of discounted closing price for Employee Stock Purchase Plan | 85.00% | ' | ' |
Employee Stock Purchase Plan, rights granted | 1.1 | 0.9 | 0.7 |
Purchase of treasury stock, share | 41,376 | 60,266 | 161,297 |
Purchase of treasury stock | $3.30 | $2.60 | $6 |
Percentage of revenues | 'No other individual customers accounted for more than 10% of the Company's consolidated revenues | 'No other individual customers accounted for more than 10% of the Company's consolidated revenues | 'No single customer accounted for more than 10% of the Company's consolidated revenues |
Boeing | Sales Revenue, Net | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of net sales | 11.60% | 11.10% | ' |
Minimum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '1 year | ' | ' |
Patent and other intangible assets, amortization period | '3 years | ' | ' |
Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '50 years | ' | ' |
Patent and other intangible assets, amortization period | '34 years | ' | ' |
Reconciliation_of_Activity_Rel
Reconciliation of Activity Related to Company's Accrued Warranty Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accrued Warranty [Line Items] | ' | ' | ' |
Balance at beginning of period | $63.20 | $51.50 | $38 |
Provision for warranty expense | 42.6 | 37.5 | 34.5 |
Settlements of warranty claims | -38.8 | -25.8 | -21 |
Balance at end of period | $67 | $63.20 | $51.50 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 30, 2012 | Dec. 31, 2012 | Jul. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Entity | Entity | Aerospace Corp. ("UFC") | Aerospace Corp. ("UFC") | Interturbine Aviation Logistics GmbH | Interturbine Aviation Logistics GmbH | 2013 Acquisitions | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of business acquisition | $649.70 | $60.40 | ' | $404.70 | ' | $245 | ' | $114.60 |
Number of businesses acquired | 2 | 4 | ' | ' | ' | ' | ' | ' |
Number of business sold | ' | 2 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of business | ' | 19.2 | ' | ' | ' | ' | ' | ' |
Gain from sale of business | ' | 0.1 | ' | ' | ' | ' | ' | ' |
Business acquisition, percentage of outstanding stock acquired | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' |
Business acquisition purchase price allocation, increase in intangible assets and accrued liabilities | 30.5 | ' | ' | ' | ' | ' | ' | ' |
Maximum contract term | '4 years | ' | ' | ' | ' | ' | ' | ' |
Purchase price fair value of identifiable assets acquired | ' | ' | ' | ' | 347.3 | ' | 229.9 | ' |
Identified intangibles | ' | ' | ' | ' | 55.1 | ' | 59.2 | ' |
Goodwill | 1,484.20 | 1,008.30 | 1,571 | ' | 292.2 | ' | 170.7 | ' |
Goodwill increase | ' | ' | ' | ' | ' | ' | 4.6 | ' |
Unaudited pro forma revenues had business acquisitions occurred at the beginning of the period | 3,172.40 | 2,786.20 | ' | ' | ' | ' | ' | ' |
Unaudited pro forma net earnings had business acquisitions occurred at the beginning of the period | $241 | $245.40 | ' | ' | ' | ' | ' | ' |
Unaudited pro forma diluted net earnings per share had business acquisitions occurred at the beginning of the period | $2.34 | $2.41 | ' | ' | ' | ' | ' | ' |
Preliminary_Estimates_of_Fair_
Preliminary Estimates of Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Goodwill | $1,571 | $1,484.20 | $1,008.30 |
Aerospace Corp. and Interturbine | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Accounts receivable-trade | 10.9 | ' | ' |
Inventories | 3.9 | ' | ' |
Other current and non-current assets | 0.2 | ' | ' |
Property and equipment | 34.3 | ' | ' |
Goodwill | 58.7 | ' | ' |
Identified intangibles | 17.1 | ' | ' |
Accounts payable | -9.9 | ' | ' |
Other current and non-current liabilities | -0.6 | ' | ' |
Total purchase price | $114.60 | ' | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Purchased materials and component parts | $243.40 | $186.30 |
Work-in-process | 484 | 371.8 |
Finished goods | 1,216.40 | 1,194.80 |
Inventories | $1,943.80 | $1,752.90 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 714.7 | 558 |
Less accumulated depreciation | -289 | -255.1 |
Property and equipment | 425.7 | 302.9 |
Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '1 year | ' |
Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '50 years | ' |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 123 | 112.8 |
Buildings and improvements | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '1 year | '1 year |
Buildings and improvements | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '50 years | '50 years |
Machinery | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 197.8 | 134.2 |
Machinery | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '1 year | '1 year |
Machinery | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '20 years | '20 years |
Tooling | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 84.3 | 70 |
Tooling | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '1 year | '1 year |
Tooling | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '15 years | '15 years |
Computer Equipment and Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 276.9 | 216.3 |
Computer Equipment and Software | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '1 year | '1 year |
Computer Equipment and Software | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '10 years | '10 years |
Furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 32.7 | 24.7 |
Furniture and equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '1 year | '1 year |
Furniture and equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful lives | '15 years | '15 years |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $58.90 | $45.90 | $37.10 |
Intangible_Assets_by_Major_Ass
Intangible Assets by Major Asset Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Minimum | Maximum | Trade Name | Customer contracts and relationships | Customer contracts and relationships | Customer contracts and relationships | Customer contracts and relationships | Acquired technologies | Acquired technologies | Acquired technologies | Acquired technologies | Replacement parts annuity and product approvals | 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 | Technical qualifications, plans and drawings | Trademarks and patents | Trademarks and patents | Trademarks and patents | Trademarks and patents | Covenants not to compete | Covenants not to compete | Covenants not to compete | Covenants not to compete | Trade names | Trade names | Trade names | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, original cost | $652 | $667.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite lived intangible assets, original cost | ' | ' | ' | ' | ' | 424 | 410.8 | ' | ' | 126.6 | 127.7 | ' | ' | 7.9 | 28.3 | ' | ' | 19.3 | 26.9 | ' | ' | 23 | 27.1 | ' | ' | 5.5 | 3.3 | ' | ' | 45.7 | 43.6 | ' |
Accumulated Amortization | 179.8 | 183.2 | ' | ' | ' | 85.7 | 64 | ' | ' | 54.4 | 50.6 | ' | ' | 6 | 25.7 | ' | ' | 16.2 | 22.7 | ' | ' | 15.4 | 19.4 | ' | ' | 1.7 | 0.8 | ' | ' | 0.4 | ' | ' |
Intangible assets, net book value | 472.2 | 484.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite lived intangible assets, net book value | ' | ' | ' | ' | ' | 338.3 | 346.8 | ' | ' | 72.2 | 77.1 | ' | ' | 1.9 | 2.6 | ' | ' | 3.1 | 4.2 | ' | ' | 7.6 | 7.7 | ' | ' | 3.8 | 2.5 | ' | ' | 45.3 | 43.6 | ' |
Indefinite lived intangible assets, net book value | $21.50 | $43.60 | ' | ' | $43.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life (years) | ' | ' | '3 years | '34 years | ' | ' | ' | '8 years | '30 years | ' | ' | '5 years | '34 years | ' | ' | '7 years | '22 years | ' | ' | '10 years | '22 years | ' | ' | '3 years | '20 years | ' | ' | '4 years | '5 years | ' | ' | '15 years |
Recovered_Sheet2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Amortization expense on identifiable intangible assets | $30.70 | $29.10 | $25 |
Indefinite lived intangible assets | 21.5 | 43.6 | ' |
Expected amortization expenses in year one | 37 | ' | ' |
Expected amortization expenses in year two | 37 | ' | ' |
Expected amortization expenses in year three | 37 | ' | ' |
Expected amortization expenses in year four | 37 | ' | ' |
Expected amortization expenses in year five | 37 | ' | ' |
Accumulated goodwill impairment loss | $369.30 | ' | ' |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $1,484.20 | $1,008.30 |
Acquisitions | 58.7 | 454.6 |
Effect of foreign currency translation | 28.1 | 21.3 |
Ending Balance | 1,571 | 1,484.20 |
Commercial Aircraft | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 388.4 | 384.2 |
Acquisitions | ' | 2.5 |
Effect of foreign currency translation | 6.2 | 1.7 |
Ending Balance | 394.6 | 388.4 |
Consumables Management | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 1,005.80 | 535.4 |
Acquisitions | 58.7 | 450.6 |
Effect of foreign currency translation | 22 | 19.8 |
Ending Balance | 1,086.50 | 1,005.80 |
Business Jet | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 90 | 88.7 |
Acquisitions | ' | 1.5 |
Effect of foreign currency translation | -0.1 | -0.2 |
Ending Balance | $89.90 | $90 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Schedule of Accrued Liabilities [Line Items] | ' | ' | ' | ' |
Accrued salaries, vacation and related benefits | $103.20 | $93.80 | ' | ' |
Accrued product warranties | 67 | 63.2 | 51.5 | 38 |
Accrued interest | 28.2 | 28.2 | ' | ' |
Income taxes payable | 28.7 | 29.5 | ' | ' |
Deferred revenue | 152.9 | 118.2 | ' | ' |
Other accrued liabilities | 141.2 | 141.3 | ' | ' |
Accrued liabilities | $521.20 | $474.20 | ' | ' |
Accrued_Liabilities_Additional
Accrued Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Billings in excess of costs and estimated earnings included in deferred revenue | $25.50 | $19 |
Long_Term_Debt_Detail
Long Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,959.40 | $1,960.50 |
Less current portion of long-term debt | ' | -0.3 |
Long-term debt, net of current maturities | 1,959.40 | 1,960.20 |
Senior Unsecured Notes 5.25 Percent Due 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 1,313.70 | 1,315 |
Senior Unsecured Notes 6.875 Percent Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 645.7 | 645.2 |
Other Long Term Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | ' | $0.30 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 13, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 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 | 600.5 | 0.5 | ' | ' | ' | ' | 600 | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | -82.1 | ' | ' | ' | ' | ' | -82.1 | ' | ' | ' | ' | ' |
Senior notes, net of original issue discount or premiums | 1,950 | ' | ' | ' | ' | ' | ' | ' | 1,313.70 | ' | 645.7 | ' | ' |
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 | 6.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' |
Total leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425.00% |
Long-term debt discount amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.3 | ' | ' |
Long -term debt premium amount | ' | ' | ' | ' | ' | ' | ' | ' | 13.7 | ' | ' | ' | ' |
Interest expense | $123.30 | $124.60 | $105.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities_of_LongTerm_Debt_De
Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | ' |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
Thereafter | 1,950 |
Total | $1,950 |
Recovered_Sheet3
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Operating lease, future minimum lease payments | $322.40 | ' | ' |
Rent expense | 50.8 | 49.5 | 29.3 |
Employment agreements with certain other key members of management, expiration year | '2015 | ' | ' |
Executive Officer One | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Terms of employment and compensation agreement with a key officer | 'An agreement for one of the officers provides for the officer to earn a minimum of $1.3 per year through a three-year period ending from any date after which it is measured, adjusted annually for changes in the consumer price index (as defined) or as determined by the Company's Compensation Committee of the Board of Directors, as well as a retirement compensation payment equal to 1.5 times the base salary. | ' | ' |
Retirement compensation payment factor of base salary | 1.5 | ' | ' |
Executive Officer One | Minimum | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Annual earning of a key officer | 1.3 | ' | ' |
Executive Officer Two | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Terms of employment and compensation agreement with a key officer | 'One other agreement provides for an officer to receive annual minimum compensation of $0.9 per year through a three-year period ending from any date after which it is measured, adjusted as determined by the Company's Compensation Committee of the Board of Directors, and for the Company to make a retirement compensation payment equal to 7.5% of the officer's then current year annual salary to a supplemental executive retirement plan ("SERP") established by the Company. | ' | ' |
Retirement compensation payment, percentage of the three years' annual salary | 7.50% | ' | ' |
Executive Officer Two | Minimum | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Annual earning of a key officer | 0.9 | ' | ' |
Executive Officer Three | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Terms of employment and compensation agreement with a key officer | 'One other agreement provides for an officer to receive annual minimum compensation of $0.6 per year through a three-year period ending from any date after which it is measured, adjusted annually for changes in the consumer price index (as defined) or as determined by the Company's Compensation Committee of the Board of Directors, and to receive a retirement compensation payment equal to 50% of the officer's average three years' annual salary (as defined). | ' | ' |
Retirement compensation payment, percentage of the three years' annual salary | 50.00% | ' | ' |
Executive Officer Three | Minimum | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Annual earning of a key officer | 0.6 | ' | ' |
Real Estate | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Operating lease, future minimum lease payments | $285 | ' | ' |
Future_Payments_under_Operatin
Future Payments under Operating Leases with Terms Greater Than One Year (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Schedule of Operating Leases [Line Items] | ' |
2014 | $42.80 |
2015 | 40.3 |
2016 | 38 |
2017 | 33.7 |
2018 | 30.1 |
Thereafter | 137.5 |
Total | $322.40 |
Components_of_Earnings_Before_
Components of Earnings Before Incomes Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings before income taxes | ' | ' | ' |
United States | $278.80 | $167.70 | $142.10 |
Foreign | 228 | 165.8 | 180.9 |
Earnings before income taxes | $506.80 | $333.50 | $323 |
Components_Income_Tax_Expense_
Components Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $58.90 | $22.30 | $1.80 |
State | 6.7 | 3 | 2.3 |
Foreign | 41.3 | 24.6 | 28.5 |
Current Income Tax Expense (Benefit), Total | 106.9 | 49.9 | 32.6 |
Deferred: | ' | ' | ' |
Federal | 30 | 41.6 | 52.4 |
State | 2.5 | 2.2 | 3.9 |
Foreign | 1.8 | 6.1 | 6.3 |
Total Deferred Income Tax Expense (Benefit), Total | 34.3 | 49.9 | 62.6 |
Total income tax expense | $141.20 | $99.80 | $95.20 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Y | ||||
Income Taxes [Line Items] | ' | ' | ' | ' |
Statutory U.S. federal income tax rate | 35.00% | ' | ' | ' |
Deferred tax assets, valuation allowance | $31.10 | $26.50 | ' | ' |
State net operating loss carryforwards | 34.4 | ' | ' | ' |
Foreign net operating loss carryforwards | 75.3 | ' | ' | ' |
Net operating loss carryforwards, beginning expiration year | '2014 | ' | ' | ' |
Research and development credit carry forward | 7.3 | 18.8 | ' | ' |
Research and development credit carry forward, beginning expiration year | '2014 | ' | ' | ' |
Research and development credit carry forward, ending expiration year | '2028 | ' | ' | ' |
Earnings from foreign subsidiaries that residual U.S. income taxes is not provided | 800 | ' | ' | ' |
Cumulative unrealized tax deductions related to stock option exercises and vested restricted shares | 21.6 | ' | ' | ' |
Realized tax deductions related to stock option exercises and vested restricted shares | 8.3 | ' | ' | ' |
Gross uncertain tax position | 47.5 | 34.6 | 21.7 | 21.5 |
Liability for unrecognized tax benefits that would affect effective tax rate, if recognized | 45 | ' | ' | ' |
Number of tax years the company is currently open to audit by tax authorities | 7 | ' | ' | ' |
Minimum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Liability for unrecognized tax benefits for interest and penalties | $2 | $2 | ' | ' |
Difference_Between_Income_Tax_
Difference Between Income Tax Expense and Amount Computed by Applying Statutory United States Federal Income Tax Rate to Pre-Tax Earnings (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Statutory federal income tax expense | $177.40 | $116.70 | $113 |
U.S. state income taxes | 9.7 | 5.9 | 6 |
Foreign tax rate differential | -36.2 | -36 | -27.8 |
Non-deductible charges/losses and other | 4.2 | 14.8 | 8 |
Research and development credit | -13.9 | -1.6 | -4 |
Total income tax expense | $141.20 | $99.80 | $95.20 |
Tax_Effects_of_Temporary_Diffe
Tax Effects of Temporary Differences and Carryforwards that Give Rise to Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Inventory reserves | $20.80 | $21.70 |
Warranty reserves | 14.1 | 12.5 |
Accrued liabilities | 31 | 37.5 |
Net operating loss carryforward | 24 | 22.4 |
Research and development credit carry forward | 7.3 | 18.8 |
Alternative minimum tax credit carryforward | 5 | 5 |
Other | 10 | 5.6 |
Deferred Tax Assets, Gross, Total | 112.2 | 123.5 |
Deferred tax liabilities: | ' | ' |
Book to tax revenue differences | -13.4 | -31.7 |
Intangible assets | -168.4 | -127.9 |
Depreciation | -34.4 | -38.2 |
Software development costs | -0.7 | -0.7 |
Deferred Tax Liabilities, Net | -216.9 | -198.5 |
Net deferred tax liability before valuation allowance | -104.7 | -75 |
Valuation allowance | -31.1 | -26.5 |
Net deferred tax liability | ($135.80) | ($101.50) |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amounts of Gross Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Line Items] | ' | ' | ' |
Balance, beginning of the period | $34.60 | $21.70 | $21.50 |
Additions for current year tax positions | 10.8 | 10.6 | 6.1 |
Additions for tax positions of prior years | 2.1 | 2.3 | ' |
Currency fluctuations | ' | ' | -0.1 |
Settlements with taxing authorities | ' | ' | -5.8 |
Balance, end of the period | $47.50 | $34.60 | $21.70 |
Employee_Retirement_Plans_Addi
Employee Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Compensation expense | $1.70 | $1.60 | $1.10 |
Savings and Investment Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total expense for plans established pursuant to Section 401(k) | 11.3 | 10.1 | 8.5 |
Hourly Tax-Sheltered Retirement Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total expense for plans established pursuant to Section 401(k) | $0.30 | $0.30 | $0.30 |
Maximum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined contribution savings and investment plan, employees contribution rate | 100.00% | ' | ' |
First 3% of employee contributions | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer matching percentage of employee contributions | 100.00% | ' | ' |
The next 2% of employee contributions | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer matching percentage of employee contributions | 50.00% | ' | ' |
Stockholder_Equity_Additional_
Stockholder Equity - Additional information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Antidilutive securities excluded from determination of diluted earnings per common share | 100,000 | 300,000 | 500,000 |
Share based compensation | $0 | $0 | $0 |
Restricted stock units granted | 342,000 | 634,000 | ' |
Restricted stock units forfeited | 95,000 | 101,000 | ' |
Outstanding restricted stock units | 1,248,000 | 1,646,000 | 1,940,000 |
Outstanding exercisable stock options | 31,500 | 51,000 | 101,000 |
Stock options granted | 0 | 0 | 0 |
Stock options exercised | 19,525 | 45,040 | 26,568 |
Stock options exercised, aggregate intrinsic value | 1.1 | 1.7 | 0.9 |
Stock options outstanding, aggregate intrinsic value | 2.4 | ' | ' |
Restricted Stock | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Share based compensation | 23 | 23.4 | 25.1 |
Unrecognized compensation cost | $53.60 | $50.40 | $49.80 |
Restricted Stock | Maximum | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Restricted stock and restricted stock unit grants, vesting period | '4 years | ' | ' |
Restricted Stock Unit | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Restricted stock units granted | 12,081 | 0 | 0 |
Restricted stock units forfeited | 0 | ' | ' |
Weighted average remaining vesting period | '3 years 2 months 1 day | ' | ' |
Outstanding restricted stock units | 12,081 | ' | ' |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Net earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Numerator: net earnings | $90.60 | $92.70 | $92.40 | $89.90 | $75.20 | [1] | $18.50 | [1] | $71.20 | [1] | $68.80 | [1] | $365.60 | $233.70 | $227.80 | ||||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Denominator for basic earnings per share - Weighted average shares (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | 103.2 | 102.2 | 101.1 | ||||||||
Effect of dilutive securities - Dilutive securities (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 0.7 | 0.8 | ||||||||
Denominator for diluted earnings per share - Adjusted weighted average shares (in millions) | ' | ' | ' | ' | ' | ' | ' | ' | 103.9 | 102.9 | 101.9 | ||||||||
Basic net earnings per share | $0.88 | [2] | $0.90 | [2] | $0.90 | [2] | $0.87 | [2] | $0.73 | [2] | $0.18 | [2] | $0.70 | [2] | $0.67 | [2] | $3.54 | $2.29 | $2.25 |
Diluted net earnings per share | $0.87 | [2] | $0.89 | [2] | $0.89 | [2] | $0.87 | [2] | $0.73 | [2] | $0.18 | [2] | $0.69 | [2] | $0.67 | [2] | $3.52 | $2.27 | $2.24 |
[1] | Third quarter 2012 net earnings reflect debt prepayment costs of $82.1. | ||||||||||||||||||
[2] | Net earnings per share are computed individually for each quarter presented. Therefore, the sum of the quarterly net earnings per share may not necessarily equal the total for the year. |
Restricted_Stock_Shares_Grante
Restricted Stock Shares Granted, Vested, Forfeited and Outstanding (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Shares | ' | ' | ' |
Outstanding, beginning of period | 1,646 | 1,940 | ' |
Shares granted | 342 | 634 | ' |
Shares vested | -645 | -827 | ' |
Shares forfeited | -95 | -101 | ' |
Outstanding, end of period | 1,248 | 1,646 | 1,940 |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Outstanding, beginning of period | $37.67 | $29.08 | ' |
Shares granted | $83.84 | $44.13 | ' |
Shares vested | $33.81 | $23.50 | ' |
Shares forfeited | $37.32 | $30.87 | ' |
Outstanding, end of period | $52.67 | $37.67 | $29.08 |
Weighted Average Remaining Vesting Period | ' | ' | ' |
Weighted Average Remaining Vesting Period | '2 years 4 months 13 days | '2 years 6 months 7 days | '2 years 5 months 9 days |
Employee_Stock_Purchase_Plan_A
Employee Stock Purchase Plan - Additional information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of discounted closing price for Employee Stock Purchase Plan | 85.00% | ' | ' |
Employee Stock Purchase Plan, common stock issued | 101,000 | 136,000 | 114,000 |
Employee Stock Purchase Plan, weighted average price per share | $61.96 | $39.44 | $33.76 |
Revenues_and_other_Financial_I
Revenues and other Financial Information by Business Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | $903.10 | $888.10 | $850.30 | $842.20 | $803.20 | $766.70 | $768.10 | $747.30 | $3,483.70 | $3,085.30 | $2,499.80 | |||||
Operating earnings | ' | ' | ' | ' | ' | ' | ' | ' | 629.3 | [1] | 540 | [1] | 428 | [1] | ||
Total assets | 5,696.20 | [2] | ' | ' | ' | 5,106.40 | [2] | ' | ' | ' | 5,696.20 | [2] | 5,106.40 | [2] | 3,837.30 | [2] |
Goodwill | 1,571 | ' | ' | ' | 1,484.20 | ' | ' | ' | 1,571 | 1,484.20 | 1,008.30 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 154.9 | [3] | 125.4 | [3] | 76 | [3] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 89.6 | [3] | 75 | [3] | 62.1 | [3] | ||
Commercial Aircraft | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,784.70 | 1,551.20 | 1,302 | |||||
Operating earnings | ' | ' | ' | ' | ' | ' | ' | ' | 320.3 | [1] | 271.3 | [1] | 216 | [1] | ||
Total assets | 2,016.50 | [2] | ' | ' | ' | 1,719.10 | [2] | ' | ' | ' | 2,016.50 | [2] | 1,719.10 | [2] | 1,387 | [2] |
Goodwill | 394.6 | ' | ' | ' | 388.4 | ' | ' | ' | 394.6 | 388.4 | 384.2 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 96.5 | [3] | 92.5 | [3] | 51.6 | [3] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 50.4 | [3] | 42.3 | [3] | 36 | [3] | ||
Consumables Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,280.40 | 1,171 | 943.5 | |||||
Operating earnings | ' | ' | ' | ' | ' | ' | ' | ' | 240 | [1] | 216.7 | [1] | 183.1 | [1] | ||
Total assets | 3,212.80 | [2] | ' | ' | ' | 3,006.70 | [2] | ' | ' | ' | 3,212.80 | [2] | 3,006.70 | [2] | 2,120.20 | [2] |
Goodwill | 1,086.50 | ' | ' | ' | 1,005.80 | ' | ' | ' | 1,086.50 | 1,005.80 | 535.4 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 40.6 | [3] | 22.6 | [3] | 17.6 | [3] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 29.8 | [3] | 25 | [3] | 19.7 | [3] | ||
Business Jet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 418.6 | 363.1 | 254.3 | |||||
Operating earnings | ' | ' | ' | ' | ' | ' | ' | ' | 69 | [1] | 52 | [1] | 28.9 | [1] | ||
Total assets | 466.9 | [2] | ' | ' | ' | 380.6 | [2] | ' | ' | ' | 466.9 | [2] | 380.6 | [2] | 330.1 | [2] |
Goodwill | 89.9 | ' | ' | ' | 90 | ' | ' | ' | 89.9 | 90 | 88.7 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 17.8 | [3] | 10.3 | [3] | 6.8 | [3] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $9.40 | [3] | $7.70 | [3] | $6.40 | [3] | ||
[1] | Operating earnings includes an allocation of corporate IT costs, employee benefits and general and administrative costs based on the proportion of each segment's systems users, number of employees and sales, respectively. | |||||||||||||||
[2] | Corporate assets (including cash and cash equivalents) of $736.8, $599.4 and $304.6 at December 31, 2013, 2012 and 2011, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations. | |||||||||||||||
[3] | Corporate capital expenditures and depreciation and amortization have been allocated to the above segments in a manner consistent with our corporate expense allocations. |
Revenues_and_other_Financial_I1
Revenues and other Financial Information by Business Segment (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | $5,696.20 | [1] | $5,106.40 | [1] | $3,837.30 | [1] |
Corporate, Non-Segment | ' | ' | ' | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | $736.80 | $599.40 | $304.60 | |||
[1] | Corporate assets (including cash and cash equivalents) of $736.8, $599.4 and $304.6 at December 31, 2013, 2012 and 2011, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations. |
Revenues_and_Operating_Earning
Revenues and Operating Earnings Based on Originating Location (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $903.10 | $888.10 | $850.30 | $842.20 | $803.20 | $766.70 | $768.10 | $747.30 | $3,483.70 | $3,085.30 | $2,499.80 | |||
Operating earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 629.3 | [1] | 540 | [1] | 428 | [1] |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,420.90 | 2,230.10 | 1,750.20 | |||
Operating earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 367.8 | 334.2 | 246.9 | |||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,062.80 | 855.2 | 749.6 | |||
Operating earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $261.50 | $205.80 | $181.10 | |||
[1] | Operating earnings includes an allocation of corporate IT costs, employee benefits and general and administrative costs based on the proportion of each segment's systems users, number of employees and sales, respectively. |
All_Identifiable_Assets_in_Eac
All Identifiable Assets in Each geographic Area (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Identifiable assets | $5,696.20 | [1] | $5,106.40 | [1] | $3,837.30 | [1] |
Domestic | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Identifiable assets | 4,482.70 | 3,817 | ' | |||
Foreign | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Identifiable assets | $1,213.50 | $1,289.40 | ' | |||
[1] | Corporate assets (including cash and cash equivalents) of $736.8, $599.4 and $304.6 at December 31, 2013, 2012 and 2011, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations. |
Revenues_by_Geographic_Area_Ba
Revenues by Geographic Area Based on Destination (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $903.10 | $888.10 | $850.30 | $842.20 | $803.20 | $766.70 | $768.10 | $747.30 | $3,483.70 | $3,085.30 | $2,499.80 |
% of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,533.30 | 1,499.50 | 1,296.40 |
% of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 44.00% | 48.60% | 51.90% |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 894 | 755.9 | 606 |
% of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 25.70% | 24.50% | 24.20% |
Asia, Pacific Rim, Middle East and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,056.40 | $829.90 | $597.40 |
% of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 30.30% | 26.90% | 23.90% |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (Foreign, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Export revenues from United States to customers in foreign countries | $1,074.90 | $896.40 | $617.70 |
Fair_Value_Information_Additio
Fair Value Information - Additional Information (Detail) (Fair Value, Inputs, Level 2, Senior Unsecured Notes, USD $) | Dec. 31, 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 | $2,058.50 | $2,103.80 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | $903.10 | $888.10 | $850.30 | $842.20 | $803.20 | $766.70 | $768.10 | $747.30 | $3,483.70 | $3,085.30 | $2,499.80 | ||||||||
Gross profit | 340.7 | 342.3 | 326.8 | 319.1 | 299 | 288.3 | 293.3 | 283.5 | ' | ' | ' | ||||||||
Net earnings | $90.60 | $92.70 | $92.40 | $89.90 | $75.20 | [1] | $18.50 | [1] | $71.20 | [1] | $68.80 | [1] | $365.60 | $233.70 | $227.80 | ||||
Basic net earnings per share | $0.88 | [2] | $0.90 | [2] | $0.90 | [2] | $0.87 | [2] | $0.73 | [2] | $0.18 | [2] | $0.70 | [2] | $0.67 | [2] | $3.54 | $2.29 | $2.25 |
Diluted net earnings per share | $0.87 | [2] | $0.89 | [2] | $0.89 | [2] | $0.87 | [2] | $0.73 | [2] | $0.18 | [2] | $0.69 | [2] | $0.67 | [2] | $3.52 | $2.27 | $2.24 |
[1] | Third quarter 2012 net earnings reflect debt prepayment costs of $82.1. | ||||||||||||||||||
[2] | Net earnings per share are computed individually for each quarter presented. Therefore, the sum of the quarterly net earnings per share may not necessarily equal the total for the year. |
Quarterly_Financial_Data_Paren
Quarterly Financial Data (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | ' | ' |
Debt prepayment costs | $82.10 | $71.70 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, LT Energy Services and Wildcat Wireline, USD $) | 2 Months Ended |
In Millions, unless otherwise specified | Feb. 20, 2014 |
Subsequent Event | LT Energy Services and Wildcat Wireline | ' |
Subsequent Event [Line Items] | ' |
Business acquisition cash paid | $255 |
Recovered_Sheet4
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance At Beginning Of Period | $12.10 | $8.20 | $7.40 |
Expenses | 1.3 | 4.8 | 1.9 |
Other | 0.4 | 1 | ' |
Write- Offs/ Disposals | 3.4 | 1.9 | 1.1 |
Balance At End Of Period | 10.4 | 12.1 | 8.2 |
Reserve for Obsolete Inventories | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance At Beginning Of Period | 63.5 | 49.8 | 45.3 |
Expenses | 11.2 | 20.7 | 15.9 |
Write- Offs/ Disposals | 10.3 | 7 | 11.4 |
Balance At End Of Period | 64.4 | 63.5 | 49.8 |
Deferred tax asset valuation allowance | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance At Beginning Of Period | 26.5 | 20.1 | 14.4 |
Other | 4.6 | 6.4 | 5.7 |
Balance At End Of Period | $31.10 | $26.50 | $20.10 |