Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 24, 2014 | Jun. 28, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'APTARGROUP INC | ' | ' |
Entity Central Index Key | '0000896622 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $3,522,594,287 |
Entity Common Stock, Shares Outstanding | ' | 65,529,856 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' |
Net Sales | $2,520,013 | $2,331,036 | $2,337,183 |
Operating Expenses: | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown below) | 1,708,936 | 1,590,365 | 1,568,286 |
Selling, research & development and administrative | 364,747 | 341,634 | 347,629 |
Depreciation and amortization | 149,956 | 137,022 | 134,243 |
Restructuring initiatives | 11,800 | 3,102 | -71 |
Total Operating Expenses | 2,235,439 | 2,072,123 | 2,050,087 |
Operating Income | 284,574 | 258,913 | 287,096 |
Other Income (Expense): | ' | ' | ' |
Interest expense | -20,514 | -18,950 | -17,300 |
Interest income | 3,233 | 2,996 | 5,722 |
Equity in results of affiliates | -883 | -457 | -17 |
Miscellaneous, net | -2,027 | -1,129 | -559 |
Total Other Income (Expense) | -20,191 | -17,540 | -12,154 |
Income before Income Taxes | 264,383 | 241,373 | 274,942 |
Provision for Income Taxes | 92,457 | 78,953 | 91,312 |
Net Income | 171,926 | 162,420 | 183,630 |
Net Loss Attributable to Noncontrolling Interests | 68 | 192 | 53 |
Net Income Attributable to AptarGroup, Inc. | $171,994 | $162,612 | $183,683 |
Net Income Attributable to AptarGroup, Inc. per Common Share: | ' | ' | ' |
Basic (in dollars per share) | $2.60 | $2.45 | $2.76 |
Diluted (in dollars per share) | $2.52 | $2.38 | $2.65 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' |
Net Income | $171,926 | $162,420 | $183,630 |
Other Comprehensive Income/(Loss): | ' | ' | ' |
Foreign currency translation adjustments | 29,879 | 19,507 | -47,411 |
Changes in treasury locks, net of tax | 45 | 209 | 56 |
Net (loss) gain on derivatives, net of tax | ' | -7 | 3 |
Defined benefit pension plan, net of tax | ' | ' | ' |
Actuarial gain / (loss), net of tax | 14,791 | -22,316 | -18,032 |
Amortization of prior service cost included in net income, net of tax | 234 | 239 | 327 |
Amortization of net loss included in net income, net of tax | 4,130 | 2,737 | 1,634 |
Total defined benefit pension plan, net of tax | 19,155 | -19,340 | -16,071 |
Total other comprehensive income/(loss) | 49,079 | 369 | -63,423 |
Comprehensive Income | 221,005 | 162,789 | 120,207 |
Comprehensive Income Attributable to Noncontrolling Interests | 57 | 188 | 28 |
Comprehensive Income Attributable to AptarGroup, Inc. | $221,062 | $162,977 | $120,235 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and equivalents | $309,861 | $229,755 |
Accounts and notes receivable, less allowance for doubtful accounts of $4,416 in 2013 and $6,751 in 2012 | 438,221 | 396,788 |
Inventories | 353,159 | 321,885 |
Prepayments and other | 97,170 | 90,505 |
Total Current Assets | 1,198,411 | 1,038,933 |
Property, Plant and Equipment: | ' | ' |
Buildings and improvements | 377,300 | 364,704 |
Machinery and equipment | 1,982,195 | 1,857,347 |
Property, Plant and Equipment, Gross | 2,359,495 | 2,222,051 |
Less: Accumulated depreciation | -1,518,894 | -1,397,575 |
Property, Plant and Equipment, Net | 840,601 | 824,476 |
Land | 24,061 | 23,757 |
Total Property, Plant and Equipment | 864,662 | 848,233 |
Other Assets: | ' | ' |
Investments in affiliates | 8,243 | 3,693 |
Goodwill | 358,865 | 351,552 |
Intangible assets | 49,951 | 51,960 |
Miscellaneous | 17,630 | 30,041 |
Total Other Assets | 434,689 | 437,246 |
Total Assets | 2,497,762 | 2,324,412 |
Current Liabilities: | ' | ' |
Notes payable | 138,445 | 45,166 |
Current maturities of long-term obligations | 1,325 | 29,488 |
Accounts payable and accrued liabilities | 403,051 | 380,669 |
Total Current Liabilities | 542,821 | 455,323 |
Long-Term Obligations | 354,814 | 352,860 |
Deferred Liabilities and Other: | ' | ' |
Deferred income taxes | 42,072 | 33,451 |
Retirement and deferred compensation plans | 71,883 | 95,872 |
Deferred and other non-current liabilities | 5,864 | 6,408 |
Commitments and contingencies | ' | ' |
Total Deferred Liabilities and Other | 119,819 | 135,731 |
AptarGroup, Inc. stockholders' equity | ' | ' |
Common stock, $.01 par value, 199 million shares authorized, and 85.4 and 84.1 million issued at 2013 and 2012, respectively | 853 | 840 |
Capital in excess of par value | 493,947 | 430,210 |
Retained earnings | 1,619,419 | 1,513,558 |
Accumulated other comprehensive income | 109,751 | 60,683 |
Less: Treasury stock at cost, 20.0 million and 18.2 million shares in 2013 and 2012, respectively | -744,213 | -625,401 |
Total AptarGroup, Inc. Stockholders' Equity | 1,479,757 | 1,379,890 |
Noncontrolling interests in subsidiaries | 551 | 608 |
Total Stockholders' Equity | 1,480,308 | 1,380,498 |
Total Liabilities and Stockholders' Equity | $2,497,762 | $2,324,412 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data in Millions, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts and notes receivable, allowance for doubtful accounts (in dollars) | $4,416 | $6,751 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 199 | 199 |
Common stock, shares issued | 85.4 | 84.1 |
Treasury stock, shares | 20 | 18.2 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $171,926 | $162,420 | $183,630 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' | ' |
Depreciation | 144,923 | 133,845 | 132,048 |
Amortization | 5,033 | 3,177 | 2,195 |
Stock option based compensation | 13,728 | 12,695 | 13,753 |
(Recoveries of)/provisions for bad debts | -385 | -595 | 1,642 |
Deferred income taxes | 6,844 | -9,015 | 2,004 |
Defined benefit plan expense | 19,408 | 14,611 | 10,908 |
Equity in results of affiliates in excess of cash distributions received | 883 | 457 | 17 |
Changes in balance sheet items, excluding effects from foreign currency adjustments and impact of acquisition: | ' | ' | ' |
Accounts and other receivables | -32,806 | 16,689 | -44,997 |
Inventories | -29,918 | -19,712 | -22,332 |
Prepaid and other current assets | -6,394 | 10,124 | -34,252 |
Accounts payable and accrued liabilities | 1,144 | -824 | 5,271 |
Income taxes payable | 16,712 | 2,969 | -9,615 |
Retirement and deferred compensation plan liabilities | -19,441 | -2,073 | -11,240 |
Other changes, net | -6,221 | -10,876 | 32,010 |
Net cash provided by operations | 285,436 | 313,892 | 261,042 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -151,510 | -174,053 | -179,692 |
Disposition of property and equipment | 436 | 2,629 | 1,838 |
Intangible assets | -725 | ' | ' |
Acquisition of business, net of cash acquired | ' | -187,840 | -14,883 |
Investment in unconsolidated affiliate | -5,256 | -279 | -3,145 |
Notes receivable, net | -65 | 84 | 59 |
Net cash used by investing activities | -157,120 | -359,459 | -195,823 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from notes payable | 94,184 | ' | 134,563 |
Repayments of notes payable | ' | -134,034 | ' |
Proceeds from long-term obligations | ' | 125,000 | 10,773 |
Repayments of long-term obligations | -25,326 | -3,042 | -50,490 |
Dividends paid | -66,133 | -58,442 | -53,308 |
Credit facility costs | -498 | -1,518 | ' |
Proceeds from stock option exercises | 43,348 | 44,637 | 26,078 |
Purchase of treasury stock | -118,813 | -79,793 | -102,595 |
Excess tax benefit from exercise of stock options | 6,104 | 7,809 | 6,433 |
Net cash used by financing activities | -67,134 | -99,383 | -28,546 |
Effect of Exchange Rate Changes on Cash | 18,924 | -2,911 | -35,484 |
Net increase/(decrease) in Cash and Equivalents | 80,106 | -147,861 | 1,189 |
Cash and Equivalents at Beginning of Period | 229,755 | 377,616 | 376,427 |
Cash and Equivalents at End of Period | 309,861 | 229,755 | 377,616 |
Supplemental Cash Flow Disclosure: | ' | ' | ' |
Interest paid | 20,679 | 17,464 | 17,120 |
Income taxes paid | $47,445 | $64,523 | $79,367 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Common Stock Par Value | Treasury Stock | Capital in Excess of Par Value | Non-Controlling Interest |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $1,279,774 | $1,279,013 | $123,766 | $817 | ($443,019) | $318,346 | $851 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 183,630 | 183,683 | ' | ' | ' | ' | -53 |
Foreign currency translation adjustments | -47,411 | ' | -47,436 | ' | ' | ' | 25 |
Changes in unrecognized pension gains/losses and related amortization, net of tax | -16,071 | ' | -16,071 | ' | ' | ' | ' |
Changes in treasury locks, net of tax | 56 | ' | 56 | ' | ' | ' | ' |
Net (loss) gain on derivatives, net of tax | 3 | ' | 3 | ' | ' | ' | ' |
Stock option exercises & restricted stock vestings | 46,521 | ' | ' | 10 | 2 | 46,509 | ' |
Cash dividends declared on common stock | -53,308 | -53,308 | ' | ' | ' | ' | ' |
Non-controlling interests distribution | -27 | ' | ' | ' | ' | ' | -27 |
Treasury stock purchased | -102,595 | ' | ' | ' | -102,595 | ' | ' |
Balance at Dec. 31, 2011 | 1,290,572 | 1,409,388 | 60,318 | 827 | -545,612 | 364,855 | 796 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 162,420 | 162,612 | ' | ' | ' | ' | -192 |
Foreign currency translation adjustments | 19,507 | ' | 19,503 | ' | ' | ' | 4 |
Changes in unrecognized pension gains/losses and related amortization, net of tax | -19,340 | ' | -19,340 | ' | ' | ' | ' |
Changes in treasury locks, net of tax | 209 | ' | 209 | ' | ' | ' | ' |
Net (loss) gain on derivatives, net of tax | -7 | ' | -7 | ' | ' | ' | ' |
Stock option exercises & restricted stock vestings | 65,372 | ' | ' | 13 | 4 | 65,355 | ' |
Cash dividends declared on common stock | -58,442 | -58,442 | ' | ' | ' | ' | ' |
Treasury stock purchased | -79,793 | ' | ' | ' | -79,793 | ' | ' |
Balance at Dec. 31, 2012 | 1,380,498 | 1,513,558 | 60,683 | 840 | -625,401 | 430,210 | 608 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 171,926 | 171,994 | ' | ' | ' | ' | -68 |
Foreign currency translation adjustments | 29,879 | ' | 29,868 | ' | ' | ' | 11 |
Changes in unrecognized pension gains/losses and related amortization, net of tax | 19,155 | ' | 19,155 | ' | ' | ' | ' |
Changes in treasury locks, net of tax | 45 | ' | 45 | ' | ' | ' | ' |
Stock option exercises & restricted stock vestings | 63,751 | ' | ' | 13 | 1 | 63,737 | ' |
Cash dividends declared on common stock | -66,133 | -66,133 | ' | ' | ' | ' | ' |
Treasury stock purchased | -118,813 | ' | ' | ' | -118,813 | ' | ' |
Balance at Dec. 31, 2013 | $1,480,308 | $1,619,419 | $109,751 | $853 | ($744,213) | $493,947 | $551 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NATURE OF BUSINESS | |
We create dispensing solutions that enhance the convenience, safety and security of consumers around the globe and allow our customers to differentiate their products in the market. The Company focuses on providing value-added packaging delivery systems to a variety of global consumer product marketers in the beauty, personal care, home care, prescription drug, consumer health care, injectables, food and beverage industries. The Company has manufacturing facilities located throughout the world including North America, Europe, Asia and Latin America. | |
BASIS OF PRESENTATION | |
The accompanying consolidated financial statements include the accounts of AptarGroup, Inc. and its subsidiaries. The terms "AptarGroup" or "Company" as used herein refer to AptarGroup, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current period presentation. | |
AptarGroup's organizational structure consists of three market-focused lines of business which are Beauty + Home, Pharma and Food + Beverage. This is a strategic structure which allows us to be more closely aligned with our customers and the markets in which they operate. | |
On November 1, 2012, the Company initiated our European restructuring plan (see Note 19 Restructuring Initiatives for further details). During 2013, the Company recognized approximately $14.6 million of expense related to the plan, of which $2.7 million was accelerated depreciation. For presentation purposes, the accelerated depreciation related to this plan is reported in Depreciation and Amortization within the Consolidated Statements of Income. | |
ACCOUNTING ESTIMATES | |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). This process requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
CASH MANAGEMENT | |
The Company considers all investments which are readily convertible to known amounts of cash with an original maturity of three months or less when purchased to be cash equivalents. | |
INVENTORIES | |
Inventories are stated at lower of cost or market. Costs included in inventories are raw materials, direct labor and manufacturing overhead. The costs of certain domestic and foreign inventories are determined by using the last-in, first-out ("LIFO") method, while the remaining inventories are valued using the first-in, first-out ("FIFO") method. | |
INVESTMENTS IN AFFILIATED COMPANIES | |
The Company accounts for its investments in 20% to 50% owned affiliated companies using the equity method. There were no dividends received from affiliated companies in 2013, 2012 and 2011. | |
PROPERTY AND DEPRECIATION | |
Properties are stated at cost. Depreciation is determined on a straight-line basis over the estimated useful lives for financial reporting purposes and accelerated methods for income tax reporting. Generally, the estimated useful lives are 25 to 40 years for buildings and improvements, 3 to 10 years for machinery and equipment, and 3 to 7 years for software. | |
FINITE-LIVED INTANGIBLE ASSETS | |
Finite-lived intangibles, consisting of patents, non-compete agreements and license agreements acquired in purchase transactions, are capitalized and amortized over their useful lives which range from 3 to 20 years. | |
GOODWILL | |
Management believes the excess purchase price over the fair value of the net assets acquired ("Goodwill") in purchase transactions has continuing value. Goodwill is not amortized and must be tested annually, or more frequently as circumstances dictate, for impairment. The annual goodwill impairment test may first consider qualitative factors to determine whether it is more likely than not (i.e. greater than 50 percent chance) that the fair value of a reporting unit is less than its book value. This is sometimes referred to as the "step zero" approach and is an optional step in the annual goodwill impairment analysis. Management has performed this qualitative assessment as of December 31, 2013 for all four of our reporting units. Based on our review of macroeconomic, industry, and market events and circumstances as well as the overall financial performance of the reporting units, we determined it was more likely than not that the fair value of goodwill attributed to all four of our reporting units was greater than its carrying amount. Therefore, no impairment of goodwill has been recorded. | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Long-lived assets, such as property, plant and equipment and finite-lived intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset (if any) are less than the carrying value of the asset. During 2013, we recognized a $1.5 million adjustment for accelerated depreciation on certain corporate assets to reduce the carrying amount to the fair value. | |
DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES | |
Derivative financial instruments are recorded in the consolidated balance sheets at fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded in each period in earnings or accumulated other comprehensive income, depending on whether a derivative is designated and effective as part of a hedge transaction. | |
RESEARCH & DEVELOPMENT EXPENSES | |
Research and development costs, net of any customer funded research and development or government research and development credits, are expensed as incurred. These costs amounted to $71.8 million, $65.4 million and $67.0 million in 2013, 2012 and 2011, respectively. | |
INCOME TAXES | |
The Company computes taxes on income in accordance with the tax rules and regulations of the many taxing authorities where the income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pretax income for financial accounting purposes. To the extent that these differences create timing differences between the tax basis of an asset or liability and its reported amount in the financial statements, an appropriate provision for deferred income taxes is made. | |
In its determination of which foreign earnings are permanently reinvested in foreign operations, the Company considers numerous factors, including the financial requirements of the U.S. parent company and those of its foreign subsidiaries, the U.S. funding needs for dividend payments and stock repurchases, and the tax consequences of remitting earnings to the U.S. From this analysis, current year repatriation decisions are made in an attempt to provide a proper mix of debt and shareholder capital both within the U.S. and for non-U.S. operations. The Company's policy is to permanently reinvest its accumulated foreign earnings and only will make a distribution out of current year earnings to meet the cash needs at the parent company. As such, the Company does not provide taxes on earnings that are deemed to be permanently reinvested. | |
The Company provides a liability for the amount of tax benefits realized from uncertain tax positions. This liability is provided whenever the Company determines that a tax benefit will not meet a more likely than not threshold for recognition. See Note 5 for more information. | |
TRANSLATION OF FOREIGN CURRENCIES | |
The functional currencies of all the Company's foreign operations are the local currencies. Assets and liabilities are translated into U.S. dollars at the rates of exchange on the balance sheet date. Sales and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are accumulated in a separate section of Stockholders' Equity. Realized and unrealized foreign currency transaction gains and losses are reflected in income, as a component of miscellaneous income and expense, and represented a loss of $6.3 million in 2013, a loss of $1.6 million in 2012, and a gain of $1.5 million in 2011. | |
STOCK BASED COMPENSATION | |
Accounting standards require the application of the non-substantive vesting approach which means that an award is fully vested when the employee's retention of the award is no longer contingent on providing subsequent service. Under this approach, compensation costs are recognized over the requisite service period of the award instead of ratably over the vesting period stated in the grant. As such, costs are recognized immediately if the employee is retirement eligible on the date of grant or over the period from the date of grant until retirement eligibility if retirement eligibility is reached before the end of the vesting period stated in the grant. See Note 15 for more information. | |
REVENUE RECOGNITION | |
Product Sales. The Company's policy is to recognize revenue from product sales when price is fixed and determinable, when the title and risk of loss has transferred to the customer, when the Company has no remaining obligations regarding the transaction and when collection is reasonably assured. The majority of the Company's products shipped from the U.S. transfers title and risk of loss when the goods leave the Company's shipping location. The majority of the Company's products shipped from non-U.S. operations transfer title and risk of loss when the goods reach their destination. Tooling revenue is also recognized when the title and risk of loss transfers to the customer. | |
Services and Other. The Company occasionally invoices customers for certain services. The Company also receives revenue from other sources such as license or royalty agreements. Revenue is recognized when services are rendered or rights to use assets can be reliably measured and when collection is reasonably assured. Service and other revenue is not material to the Company's results of operations for any of the years presented. | |
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2013, The FASB issued authoritative guidance requiring new asset and liability offsetting disclosures for derivatives, repurchase agreements and security lending transactions to the extent that they are offset in the financial statements or are subject to an enforceable master netting arrangement or similar agreement. We do not have any repurchase agreements and do not participate in securities lending transactions. Our derivative instruments are not offset in the financial statements. Accordingly, the adoption of this standard had no impact on the Consolidated Financial Statements other than disclosure. Additional information can be found in Note 10 of the Notes to the Consolidated Financial Statements. | |
In February 2013, The FASB issued authoritative guidance that amends the presentation of accumulated other comprehensive income and clarifies how to report the effect of significant reclassifications out of accumulated other comprehensive income. The guidance requires footnote disclosures regarding the changes in accumulated other comprehensive income by component and the line items affected in the statements of earnings. The adoption of this standard had no impact on the Consolidated Financial Statements other than disclosure. Additional information can be found in Note 9 of the Notes to the Consolidated Financial Statements. | |
Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. | |
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INVENTORIES | ' | ||||||
INVENTORIES | ' | ||||||
NOTE 2 INVENTORIES | |||||||
At December 31, 2013 and 2012, approximately 20% and 19%, respectively, of the total inventories are accounted for by the LIFO method. Inventories, by component, consisted of: | |||||||
2013 | 2012 | ||||||
Raw materials | $ | 114,501 | $ | 125,889 | |||
Work in process | 108,924 | 75,261 | |||||
Finished goods | 137,591 | 127,393 | |||||
Total | 361,016 | 328,543 | |||||
Less LIFO reserve | -7,857 | -6,658 | |||||
Total | $ | 353,159 | $ | 321,885 | |||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||
NOTE 3 GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||
The changes in the carrying amount of goodwill for the year ended December 31, 2013 are as follows by reporting segment: | ||||||||||||||||||||||
Beauty + | Pharma | Food + | Corporate | Total | ||||||||||||||||||
Home | Beverage | & Other | ||||||||||||||||||||
Goodwill | $ | 179,095 | $ | 37,009 | $ | 17,585 | $ | 1,615 | $ | 235,304 | ||||||||||||
Accumulated impairment losses | — | — | — | (1,615 | ) | (1,615 | ) | |||||||||||||||
Balance as of December 31, 2011 | $ | 179,095 | $ | 37,009 | $ | 17,585 | $ | — | $ | 233,689 | ||||||||||||
Acquisition (See note 17) | — | 111,031 | — | — | 111,031 | |||||||||||||||||
Foreign currency exchange effects | 795 | 5,938 | 99 | — | 6,832 | |||||||||||||||||
Goodwill | $ | 179,890 | $ | 153,978 | $ | 17,684 | $ | 1,615 | $ | 353,167 | ||||||||||||
Accumulated impairment losses | — | — | — | (1,615 | ) | (1,615 | ) | |||||||||||||||
Balance as of December 31, 2012 | $ | 179,890 | $ | 153,978 | $ | 17,684 | $ | — | $ | 351,552 | ||||||||||||
Foreign currency exchange effects | 1,112 | 5,971 | 230 | — | 7,313 | |||||||||||||||||
Goodwill | $ | 181,002 | $ | 159,949 | $ | 17,914 | $ | 1,615 | $ | 360,480 | ||||||||||||
Accumulated impairment losses | — | — | — | (1,615 | ) | (1,615 | ) | |||||||||||||||
Balance as of December 31, 2013 | $ | 181,002 | $ | 159,949 | $ | 17,914 | $ | — | $ | 358,865 | ||||||||||||
The Company has also completed the annual impairment analysis of its reporting units as of December 31, 2013 using a qualitative analysis of goodwill commonly referred to as the "step zero" approach. Based on our review of macroeconomic, industry, and market events and circumstances as well as the overall financial performance of the reporting units, we determined it was more likely than not that the fair value of goodwill attributed to all four of our reporting units was greater than its carrying amount. Therefore, no impairment of goodwill has been recorded. | ||||||||||||||||||||||
The table below shows a summary of intangible assets for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Weighted Average | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||
Amortization Period | Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||
(Years) | Amount | Amount | ||||||||||||||||||||
Amortization intangible assets: | ||||||||||||||||||||||
Patents | 7 | $ | 20,165 | $ | (19,732 | ) | $ | 433 | $ | 19,570 | $ | (18,894 | ) | $ | 676 | |||||||
Acquired Technology | 15 | 40,546 | (4,055 | ) | 36,491 | 38,928 | (1,298 | ) | 37,630 | |||||||||||||
License agreements and other | 5 | 35,259 | (22,232 | ) | 13,027 | 35,780 | (22,126 | ) | 13,654 | |||||||||||||
Total intangible assets | 10 | $ | 95,970 | $ | (46,019 | ) | $ | 49,951 | $ | 94,278 | $ | (42,318 | ) | $ | 51,960 | |||||||
Aggregate amortization expense for the intangible assets above for the years ended December 31, 2013, 2012 and 2011 was $5,033, $3,177, and $2,195, respectively. | ||||||||||||||||||||||
Estimated amortization expense for the years ending December 31 is as follows: | ||||||||||||||||||||||
2014 | $ | 5,330 | ||||||||||||||||||||
2015 | 5,149 | |||||||||||||||||||||
2016 | 4,217 | |||||||||||||||||||||
2017 | 3,445 | |||||||||||||||||||||
2018 and thereafter | 31,810 | |||||||||||||||||||||
Future amortization expense may fluctuate depending on changes in foreign currency rates. The estimates for amortization expense noted above are based upon foreign exchange rates as of December 31, 2013. | ||||||||||||||||||||||
ACCOUNTS_PAYABLE_AND_ACCRUED_L
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ' | ||||||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ' | ||||||
NOTE 4 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |||||||
At December 31, 2013 and 2012, accounts payable and accrued liabilities consisted of the following: | |||||||
2013 | 2012 | ||||||
Accounts payable, principally trade | $ | 150,122 | $ | 136,941 | |||
Accrued employee compensation costs | 126,845 | 120,694 | |||||
Customer deposits and other unearned income | 37,084 | 42,148 | |||||
Other accrued liabilities | 89,000 | 80,886 | |||||
Total | $ | 403,051 | $ | 380,669 | |||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
NOTE 5 INCOME TAXES | ||||||||||||
Income before income taxes consists of: | ||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
United States | $ | 28,968 | $ | 58,250 | $ | 54,161 | ||||||
International | 235,415 | 183,123 | 220,781 | |||||||||
Total | $ | 264,383 | $ | 241,373 | $ | 274,942 | ||||||
| | | | | | | | | | | ||
The provision (benefit) for income taxes is comprised of: | ||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
U.S. Federal | $ | 7,174 | $ | 17,027 | $ | 21,974 | ||||||
State/Local | (631 | ) | 491 | 1,008 | ||||||||
International | 79,070 | 70,450 | 66,326 | |||||||||
$ | 85,613 | $ | 87,968 | $ | 89,308 | |||||||
Deferred: | ||||||||||||
U.S. Federal/State | $ | 9,575 | $ | 8,757 | $ | 2,976 | ||||||
International | (2,731 | ) | (17,772 | ) | (972 | ) | ||||||
$ | 6,844 | $ | (9,015 | ) | $ | 2,004 | ||||||
Total | $ | 92,457 | $ | 78,953 | $ | 91,312 | ||||||
| | | | | | | | | | | ||
The difference between the actual income tax provision and the tax provision computed by applying the statutory federal income tax rate of 35.0% in 2013, 2012 and 2011 to income before income taxes is as follows: | ||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
Income tax at statutory rate | $ | 92,534 | $ | 84,481 | $ | 96,230 | ||||||
State income taxes (benefits), net of federal benefit (tax) | (610 | ) | 717 | 1,074 | ||||||||
Provision for distribution of current foreign earnings | 11,388 | 9,552 | 10,325 | |||||||||
Rate differential on earnings of foreign operations | (10,167 | ) | (14,865 | ) | (14,497 | ) | ||||||
Other items, net | (688 | ) | (932 | ) | (1,820 | ) | ||||||
Actual income tax provision | $ | 92,457 | $ | 78,953 | $ | 91,312 | ||||||
| | | | | | | | | | | ||
Effective income tax rate | 35 | % | 32.7 | % | 33.2 | % | ||||||
The tax provision for 2013 reflects an increase of $6.7 million due to tax law changes in France. These changes were enacted on December 31, 2013 but retroactive to January 1, 2013. An additional $2.3 million of tax was incurred as a result of new French distribution taxes effective for distributions after August 17, 2012. The increases were partially offset by a benefit of $3.6 million from the expected use of net operating losses in Brazil and a benefit of $1.4 million from a tax law change in Italy. | ||||||||||||
The tax provision for 2012 reflects the benefit of $0.7 million in Brazil related to claims filed under a program to encourage equity funding of Brazilian entities and deferred tax benefits of $1.8 million, due in part to the merger of some of the company's Indian operations. These benefits were partially offset by $0.7 million of additional expense created by tax law changes enacted in 2012 in France. | ||||||||||||
The tax provision for 2011 reflects the benefit of $0.7 million in Brazil related to claims filed under a program to encourage equity funding of Brazilian entities. An income tax surcharge enacted in France in December 2011 resulted in additional tax expense of $1.2 million in 2011. | ||||||||||||
Significant deferred tax assets and liabilities as of December 31, 2013 and 2012 are comprised of the following temporary differences: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Pension liabilities | $ | 21,106 | $ | 36,376 | ||||||||
Stock options | 10,785 | 15,700 | ||||||||||
Net operating loss carryforwards | 6,675 | 7,084 | ||||||||||
U.S. state tax credits | 6,192 | 3,441 | ||||||||||
Vacation | 6,109 | 5,325 | ||||||||||
Workers compensation | 4,180 | 4,511 | ||||||||||
Inventory | 3,866 | 4,567 | ||||||||||
Accruals | 2,084 | 2,502 | ||||||||||
Other | 9,759 | 8,213 | ||||||||||
Total gross deferred tax assets | 70,756 | 87,719 | ||||||||||
Less valuation allowance | (4,840 | ) | (7,033 | ) | ||||||||
Net deferred tax assets | 65,916 | 80,686 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Depreciation, amortization and leases | 61,316 | 58,587 | ||||||||||
Acquisition related intangibles | 20,100 | 19,346 | ||||||||||
Total gross deferred tax liabilities | 81,416 | 77,933 | ||||||||||
Net deferred tax assets | $ | (15,500 | ) | $ | 2,753 | |||||||
| | | | | | | | |||||
There is no expiration date on $5.3 million of the tax-effected net operating loss carryforwards and $1.4 million (tax effected) will expire in the years 2014 to 2028. The U.S. state tax credit carryforwards of $6.2 million (tax effected) will expire in the years 2014 to 2028. The total amount of both net operating losses and state tax credit carryforwards that will expire in 2014 is $0.1 million. This amount is not expected to be used. | ||||||||||||
The Company evaluates the deferred tax assets and records a valuation allowance when it is believed it is more likely than not that the benefit will not be realized. The Company has established a valuation allowance of $1.4 million of the $6.7 million of tax effected net operating loss carry forwards. These losses are in start-up jurisdictions or locations that have not produced an operating profit to date. A valuation allowance of $2.9 million has been established against the $6.2 million of U.S. state tax credit carry forwards. A valuation allowance of $0.5 million has been established related to other future tax deductions in non-U.S. jurisdictions, the benefit of which management believes will not be realized. | ||||||||||||
The Company repatriated a portion of non-U.S. subsidiary earnings in 2013, 2012, and 2011 in the amounts of $79 million, $79 million, and $82 million, respectively. All of these amounts were received from our European operations except for $1.3 million from Canada in 2012. All repatriations from Europe were from current year earnings and not from funds previously considered permanently reinvested. The $1.3 million of Canadian funds were distributed as the result of the completion of our 2009 restructuring activities within Canada. The tax effects related to these repatriations were recorded in the period the repatriation decision was made. | ||||||||||||
As of December 31, 2013, the Company had $1.1 billion of undistributed earnings from non-U.S. subsidiaries which have been designated as permanently reinvested. The Company has not made a provision for U.S. or additional foreign taxes on this amount as it is not practical to estimate the amount of additional tax that might be payable on these undistributed non-U.S. earnings. These earnings will continue to be reinvested indefinitely and could become subject to additional tax if they were remitted as dividends or lent to a U.S. affiliate, or if the Company should sell its stock in the subsidiaries. | ||||||||||||
The Company has not provided for taxes on certain tax-deferred income of a foreign operation. The income arose predominately from government grants. Taxes of approximately $2.4 million would become payable in the event the terms of the grant are not fulfilled. | ||||||||||||
INCOME TAX UNCERTAINTIES | ||||||||||||
The Company provides a liability for the amount of tax benefits realized from uncertain tax positions. A reconciliation of the beginning and ending amount of income tax uncertainties is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 8,464 | $ | 9,071 | $ | 10,893 | ||||||
Increases based on tax positions for the current year | 110 | 245 | 150 | |||||||||
Increases based on tax positions of prior years | 381 | 107 | 128 | |||||||||
Decreases based on tax positions of prior years | (92 | ) | (257 | ) | (1,090 | ) | ||||||
Settlements | (515 | ) | (21 | ) | (457 | ) | ||||||
Lapse of statute of limitations | (360 | ) | (681 | ) | (553 | ) | ||||||
Balance at December 31 | $ | 7,988 | $ | 8,464 | $ | 9,071 | ||||||
| | | | | | | | | | | ||
The amount of income tax uncertainties that, if recognized, would impact the effective tax rate is $7.8 million. The Company estimates that it is reasonably possible that the liability for uncertain tax positions will decrease no more than $5 million in the next twelve months from the resolution of various uncertain positions as a result of the completion of tax audits, litigation and the expiration of the statute of limitations in various jurisdictions. | ||||||||||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income taxes. As of December 31, 2013, 2012 and 2011, the Company had approximately $0.9 million, $1.3 million and $1.4 million, respectively, accrued for the payment of interest and penalties, of which approximately ($0.4) million, ($0.1) million and ($0.2) million was recognized in income tax expense in the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
The Company or its subsidiaries file income tax returns in the U.S. Federal jurisdiction and various state and foreign jurisdictions. The major tax jurisdictions the Company files in, with the years still subject to income tax examinations, are listed below: | ||||||||||||
Major Tax | Tax Years | |||||||||||
Jurisdiction | Subject to | |||||||||||
Examination | ||||||||||||
United States — Federal | 2009 – 2013 | |||||||||||
United States — State | 2004 – 2013 | |||||||||||
France | 2011 – 2013 | |||||||||||
Germany | 2011 – 2013 | |||||||||||
Italy | 2009 – 2013 | |||||||||||
Switzerland | 2004 – 2013 |
DEBT
DEBT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
DEBT | ' | |||||||
DEBT | ' | |||||||
NOTE 6 DEBT | ||||||||
Average borrowings under unsecured lines of credit were $61.4 million and $110.3 million for 2013 and 2012, respectively, and the average annual interest rate on short-term notes payable, which is included in the notes payable caption under current liabilities of the balance sheet was approximately 3.1% for 2013 and 2.1% for 2012. There are no compensating balance requirements associated with short-term borrowings. | ||||||||
On January 31, 2012, we entered into a revolving credit facility that provides for unsecured financing of up to $300 million. Each borrowing under this credit facility will bear interest at rates based on LIBOR, prime rates or other similar rates, in each case plus an applicable margin. A facility fee on the total amount of the facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the new credit facility and the facility fee percentage may change from time to time depending on changes in AptarGroup's consolidated leverage ratio. On January 31, 2013, we amended the revolving credit facility to, among other things, add a swingline loan sub-facility and extend the maturity date for the revolving credit facility by one year, to January 31, 2018. On January 31, 2014, we amended the revolving credit facility to, among other things, increase the amount of permitted receivables transactions from $100 to $150 million, reduce the cost of committed funds by 12.5 basis points and uncommitted funds by 2.5 basis points, and extend the maturity date of the revolving credit facility by one year, to January 31, 2019. The outstanding balance under the credit facility was $110 million at December 31, 2013 and is reported as notes payable in the current liabilities section of the Consolidated Balance Sheet. We incurred approximately $1.0 million in interest and fees related to this credit facility during 2013. The revolving credit and the senior unsecured debt agreements contain covenants, with which the Company is in compliance, that include certain financial tests. | ||||||||
At December 31, the Company's long-term obligations consisted of the following: | ||||||||
2013 | 2012 | |||||||
Notes payable 0.61% – 25.5%, due in monthly and annual installments through 2027 | $ | 3,230 | $ | 4,410 | ||||
Senior unsecured notes 5.4%, due in 2013 | — | 25,000 | ||||||
Senior unsecured notes 2.3%, due in 2015 | 16,000 | 16,000 | ||||||
Senior unsecured notes 6.0%, due in 2016 | 50,000 | 50,000 | ||||||
Senior unsecured notes 6.0%, due in 2018 | 75,000 | 75,000 | ||||||
Senior unsecured notes 3.8%, due in 2020 | 84,000 | 84,000 | ||||||
Senior unsecured notes 3.2%, due in 2022 | 75,000 | 75,000 | ||||||
Senior unsecured notes 3.4%, due in 2024 | 50,000 | 50,000 | ||||||
Capital lease obligations | 2,909 | 2,938 | ||||||
356,139 | 382,348 | |||||||
Current maturities of long-term obligations | (1,325 | ) | (29,488 | ) | ||||
Total long-term obligations | $ | 354,814 | $ | 352,860 | ||||
| | | | | | | | |
Aggregate long-term maturities, excluding capital lease obligations, which is discussed in Note 7, due annually for the five years beginning in 2014 are $801, $16,055, $50,056, $56, $75,119 and $211,143 thereafter. | ||||||||
LEASE_COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
LEASE COMMITMENTS | ' | |||||||
LEASE COMMITMENTS | ' | |||||||
NOTE 7 LEASE COMMITMENTS | ||||||||
The Company leases certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and capital leases expiring at various dates through the year 2027. Most of the operating leases contain renewal options and certain leases include options to purchase during or at the end of the lease term. | ||||||||
Amortization expense related to capital leases is included in depreciation expense. Rent expense under operating leases (including taxes, insurance and maintenance when included in the rent) amounted to $30,720, $26,911 and $27,558 in 2013, 2012 and 2011, respectively. | ||||||||
Assets recorded under capital leases consist of: | ||||||||
2013 | 2012 | |||||||
Buildings | $ | 15,162 | $ | 14,557 | ||||
Accumulated depreciation | (11,705 | ) | (10,825 | ) | ||||
$ | 3,457 | $ | 3,732 | |||||
| | | | | | | | |
Future minimum payments, by year and in the aggregate, under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2013: | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 690 | $ | 16,421 | ||||
2015 | 887 | 12,552 | ||||||
2016 | 855 | 9,109 | ||||||
2017 | 782 | 7,514 | ||||||
2018 | 631 | 4,391 | ||||||
Subsequent to 2018 | — | 5,834 | ||||||
Total minimum lease payments | 3,845 | $ | 55,821 | |||||
| | | | | | | | |
Amounts representing interest | (936 | ) | ||||||
Present value of future minimum lease payments | 2,909 | |||||||
Lease amount due in one year | (524 | ) | ||||||
Total | $ | 2,385 | ||||||
| | | | | | | |
RETIREMENT_AND_DEFERRED_COMPEN
RETIREMENT AND DEFERRED COMPENSATION PLANS | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
RETIREMENT AND DEFERRED COMPENSATION PLANS | ' | |||||||||||||||||||||||||
RETIREMENT AND DEFERRED COMPENSATION PLANS | ' | |||||||||||||||||||||||||
NOTE 8 RETIREMENT AND DEFERRED COMPENSATION PLANS | ||||||||||||||||||||||||||
The Company has various noncontributory retirement plans covering certain of its domestic and foreign employees. Benefits under the Company's retirement plans are based on participants' years of service and annual compensation as defined by each plan. Annual cash contributions to fund pension costs accrued under the Company's domestic plans are generally at least equal to the minimum funding amounts required by the Employee Retirement Income Security Act of 1974, as amended (ERISA). Certain pension commitments under its foreign plans are also funded according to local requirements or at the Company's discretion. | ||||||||||||||||||||||||||
The following table presents the changes in the benefit obligations and plan assets for the most recent two years for the Company's domestic and foreign plans. | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 136,321 | $ | 111,947 | $ | 80,610 | $ | 48,754 | ||||||||||||||||||
Service cost | 8,539 | 7,217 | 3,901 | 2,244 | ||||||||||||||||||||||
Interest cost | 4,992 | 4,913 | 2,676 | 2,658 | ||||||||||||||||||||||
Business acquired | — | — | — | 9,148 | ||||||||||||||||||||||
Curtailment/Settlement | — | — | (1,342 | ) | — | |||||||||||||||||||||
Actuarial (gain) loss | (14,260 | ) | 18,743 | (1,752 | ) | 17,905 | ||||||||||||||||||||
Benefits paid | (6,144 | ) | (6,499 | ) | (2,952 | ) | (2,075 | ) | ||||||||||||||||||
Foreign currency translation adjustment | — | — | 3,519 | 1,976 | ||||||||||||||||||||||
Benefit obligation at end of year | $ | 129,448 | $ | 136,321 | $ | 84,660 | $ | 80,610 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 84,587 | $ | 68,537 | $ | 47,876 | $ | 39,835 | ||||||||||||||||||
Actual return on plan assets | 12,063 | 8,342 | 1,742 | 1,547 | ||||||||||||||||||||||
Employer contribution | 10,061 | 14,207 | 5,419 | 7,381 | ||||||||||||||||||||||
Business acquired | — | — | — | 389 | ||||||||||||||||||||||
Benefits paid | (6,144 | ) | (6,499 | ) | (2,952 | ) | (2,075 | ) | ||||||||||||||||||
Foreign currency translation adjustment | — | — | 1,990 | 799 | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 100,567 | $ | 84,587 | $ | 54,075 | $ | 47,876 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Funded status at end of year | $ | (28,881 | ) | $ | (51,734 | ) | $ | (30,585 | ) | $ | (32,734 | ) | ||||||||||||||
The following table presents the funded status amounts recognized in the Company's Consolidated Balance Sheets as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Current liabilities | $ | (809 | ) | $ | (369 | ) | $ | — | $ | (1,187 | ) | |||||||||||||||
Non-current liabilities | (28,072 | ) | (51,365 | ) | (30,585 | ) | (31,547 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
$ | (28,881 | ) | $ | (51,734 | ) | $ | (30,585 | ) | $ | (32,734 | ) | |||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Net actuarial loss | $ | 32,930 | $ | 58,580 | $ | 24,844 | $ | 29,265 | ||||||||||||||||||
Net prior service cost | — | 3 | 3,784 | 4,157 | ||||||||||||||||||||||
Tax effects | (12,349 | ) | (21,969 | ) | (9,116 | ) | (10,788 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
$ | 20,581 | $ | 36,614 | $ | 19,512 | $ | 22,634 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Changes in benefit obligations and plan assets recognized in other comprehensive income in 2013 are as follows: | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
Current year actuarial gain | $ | 20,548 | $ | 3,005 | ||||||||||||||||||||||
Amortization of net loss | 5,103 | 1,416 | ||||||||||||||||||||||||
Amortization of prior service cost | 3 | 373 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
$ | 25,654 | $ | 4,794 | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
The following table presents the amounts in accumulated other comprehensive loss as of December 31, 2013 expected to be recognized as components of periodic benefit cost in 2014. | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
Amortization of net loss | $ | 2,787 | $ | 1,255 | ||||||||||||||||||||||
Amortization of prior service cost | — | 324 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
$ | 2,787 | $ | 1,579 | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||
Domestic Plans | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 8,539 | $ | 7,217 | $ | 5,436 | ||||||||||||||||||||
Interest cost | 4,992 | 4,913 | 4,504 | |||||||||||||||||||||||
Expected return on plan assets | (5,775 | ) | (5,604 | ) | (4,790 | ) | ||||||||||||||||||||
Amortization of net loss | 5,103 | 3,854 | 1,652 | |||||||||||||||||||||||
Amortization of prior service cost | 3 | 4 | 4 | |||||||||||||||||||||||
Net periodic benefit cost | $ | 12,862 | $ | 10,384 | $ | 6,806 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Curtailment | — | — | — | |||||||||||||||||||||||
Total Net periodic benefit cost | $ | 12,862 | $ | 10,384 | $ | 6,806 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 3,901 | $ | 2,244 | $ | 2,018 | ||||||||||||||||||||
Interest cost | 2,676 | 2,658 | 2,518 | |||||||||||||||||||||||
Expected return on plan assets | (1,821 | ) | (1,538 | ) | (1,753 | ) | ||||||||||||||||||||
Amortization of net loss | 1,416 | 475 | 836 | |||||||||||||||||||||||
Amortization of prior service cost | 373 | 361 | 455 | |||||||||||||||||||||||
Net periodic benefit cost | $ | 6,545 | $ | 4,200 | $ | 4,074 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Curtailment | 1 | — | — | |||||||||||||||||||||||
Total Net periodic benefit cost | $ | 6,546 | $ | 4,200 | $ | 4,074 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
The accumulated benefit obligation ("ABO") for the Company's domestic defined benefit pension plans was $114.6 million and $118.8 million at December 31, 2013 and 2012, respectively. The accumulated benefit obligation for the Company's foreign defined benefit pension plans was $67.0 million and $63.6 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
The following table provides the projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 129,448 | $ | 136,321 | $ | 77,475 | $ | 77,663 | ||||||||||||||||||
Accumulated benefit obligation | 114,592 | 118,804 | 60,707 | 60,703 | ||||||||||||||||||||||
Fair value of plan assets | 100,567 | 84,587 | 47,753 | 44,930 | ||||||||||||||||||||||
The following table provides the PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 129,448 | $ | 136,321 | $ | 81,158 | $ | 77,663 | ||||||||||||||||||
Accumulated benefit obligation | 114,592 | 118,804 | 63,527 | 60,703 | ||||||||||||||||||||||
Fair value of plan assets | 100,567 | 84,587 | 50,573 | 44,930 | ||||||||||||||||||||||
Assumptions: | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||||
Discount rate | 4.75% | 3.80% | N/A | 3.24% | 3.19% | N/A | ||||||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | N/A | 3.00% | 3.00% | N/A | ||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | ||||||||||||||||||||||||||
Discount rate | 3.80% | 4.40% | 5.40% | 3.19% | 5.10% | 5.15% | ||||||||||||||||||||
Expected long-term return on plan assets | 7.00% | 7.00% | 7.00% | 3.79% | 3.83% | 4.40% | ||||||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | 3.00% | 3.00% | 3.00% | ||||||||||||||||||||
The Company develops the expected long-term rate of return assumptions based on historical experience and by evaluating input from the plans' asset managers, including the managers' review of asset class return expectations and benchmarks, economic indicators and long-term inflation assumptions. | ||||||||||||||||||||||||||
In order to determine the 2014 net periodic benefit cost, the Company expects to use the December 31, 2013 discount rates, December 31, 2013 rates of compensation increase assumptions and the same assumed long-term returns on domestic and foreign plan assets used for the 2013 net periodic benefit cost. | ||||||||||||||||||||||||||
The Company's domestic and foreign pension plan weighted-average asset allocations at December 31, 2013 and 2012 by asset category are as follows: | ||||||||||||||||||||||||||
Plan Assets: | ||||||||||||||||||||||||||
Domestic Plans Assets | Foreign Plans Assets | |||||||||||||||||||||||||
at December 31, | at December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Equity securities | 59% | 60% | 5% | 1% | ||||||||||||||||||||||
Fixed income securities | 24% | 30% | 16% | 6% | ||||||||||||||||||||||
Infrastructure | 8% | 10% | — | — | ||||||||||||||||||||||
Money market | 9% | — | 1% | 12% | ||||||||||||||||||||||
Investment Funds | — | — | 78% | 81% | ||||||||||||||||||||||
Total | 100% | 100% | 100% | 100% | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
The Company's investment strategy for its domestic and foreign pension plans is to maximize the long-term rate of return on plan assets within an acceptable level of risk. The investment policy strives to have assets sufficiently diversified so that adverse or unexpected results from one security type will not have an unduly detrimental impact on the entire portfolio and accordingly, establishes a target allocation for each asset category within the portfolio. The domestic plan asset allocation is reviewed on a quarterly basis and the foreign plan asset allocation is reviewed annually. Rebalancing occurs as needed to comply with the investment strategy. The domestic plan target allocation for 2014 is 60% equity securities and 40% fixed income securities and infrastructure. The foreign plan target allocation for 2014 is 96% investment funds, and 4% money market. | ||||||||||||||||||||||||||
Authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||||||||||||||||
• | ||||||||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||||||||
• | ||||||||||||||||||||||||||
Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | ||||||||||||||||||||||||||
• | ||||||||||||||||||||||||||
Level 3: Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. | ||||||||||||||||||||||||||
Domestic Fair Value Measurement | Foreign Fair Value Measurement | |||||||||||||||||||||||||
at December 31, 2013 | at December 31, 2013 | |||||||||||||||||||||||||
(In Thousands $) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Cash and Short Term Securities (a) | $ | 9,070 | $ | 9,070 | $ | — | $ | — | $ | 757 | $ | 757 | $ | — | $ | — | ||||||||||
USD | — | 9,070 | — | — | — | — | — | — | ||||||||||||||||||
EUR | — | — | — | — | — | 757 | — | — | ||||||||||||||||||
Equity Securities (a) | $ | 49,261 | $ | 49,261 | — | — | $ | 2,547 | $ | 2,547 | — | — | ||||||||||||||
US Large Cap Equities | — | 20,159 | — | — | — | — | — | — | ||||||||||||||||||
US Small Cap Equities | — | 14,521 | — | — | — | — | — | — | ||||||||||||||||||
International Equities | — | 14,581 | — | — | — | 2,547 | — | — | ||||||||||||||||||
Core Fixed Income (a) | $ | 23,918 | $ | 23,918 | — | — | 1,950 | 1,950 | — | — | ||||||||||||||||
Corporate debts securities | — | — | — | — | $ | 6,560 | $ | 6,560 | — | — | ||||||||||||||||
Euro Corporate Bonds (a) | — | — | — | — | — | 6,560 | — | — | ||||||||||||||||||
Hedge Fund (c) | $ | 9,731 | — | — | $ | 9,731 | — | — | — | — | ||||||||||||||||
Investment Funds | — | — | — | — | $ | 42,261 | $ | 15,501 | $ | 26,760 | — | |||||||||||||||
Mutual Funds in Equities (a) | — | — | — | — | — | 3,628 | — | — | ||||||||||||||||||
Mutual Funds in Bonds (a) | — | — | — | — | — | 10,040 | — | — | ||||||||||||||||||
Mutual Funds Diversified (a &b) | — | — | — | — | — | 1,833 | 26,760 | — | ||||||||||||||||||
Infrastructure (c) | $ | 8,587 | — | — | $ | 8,587 | — | — | — | — | ||||||||||||||||
Total Investments | $ | 100,567 | $ | 82,249 | $ | — | $ | 18,318 | $ | 54,075 | $ | 27,315 | $ | 26,760 | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Domestic Fair Value Measurement | Foreign Fair Value Measurement | |||||||||||||||||||||||||
at December 31, 2012 | at December 31, 2012 | |||||||||||||||||||||||||
(In Thousands $) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Cash and Short Term Securities (a) | $ | 887 | $ | 887 | $ | — | $ | — | $ | 5,560 | $ | 5,560 | $ | — | $ | — | ||||||||||
USD | — | 887 | — | — | — | — | — | — | ||||||||||||||||||
EUR | — | — | — | — | — | 5,560 | — | — | ||||||||||||||||||
Equity Securities (a) | $ | 42,523 | $ | 42,523 | — | — | $ | 655 | $ | 655 | — | — | ||||||||||||||
US Large Cap Equities | — | 17,142 | — | — | — | — | — | — | ||||||||||||||||||
US Small Cap Equities | — | 12,523 | — | — | — | — | — | — | ||||||||||||||||||
International Equities | — | 12,858 | — | — | — | 655 | — | — | ||||||||||||||||||
Core Fixed Income (a) | $ | 24,587 | $ | 24,587 | — | — | $ | 728 | 728 | — | — | |||||||||||||||
Corporate debts securities | — | — | — | — | $ | 2,084 | $ | 2,084 | — | — | ||||||||||||||||
Euro Corporate Bonds (a) | — | — | — | — | — | 2,084 | — | — | ||||||||||||||||||
Hedge Fund (c) | $ | 8,575 | — | — | $ | 8,575 | — | — | — | — | ||||||||||||||||
Investment Funds | — | — | — | — | $ | 38,849 | $ | 17,622 | $ | 21,227 | — | |||||||||||||||
Mutual Funds in Equities (a) | — | — | — | — | — | 5,873 | — | — | ||||||||||||||||||
Mutual Funds in Bonds (a) | — | — | — | — | — | 2,458 | — | — | ||||||||||||||||||
Mutual Funds Diversified (a &b) | — | — | — | — | — | 9,291 | 21,227 | — | ||||||||||||||||||
Infrastructure (c) | $ | 8,015 | — | — | $ | 8,015 | — | — | — | — | ||||||||||||||||
Total Investments | $ | 84,587 | $ | 67,997 | $ | — | $ | 16,590 | $ | 47,876 | $ | 26,649 | $ | 21,227 | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) | ||||||||||||||||||||||||||
Based on third party quotation from financial institution. | ||||||||||||||||||||||||||
(b) | ||||||||||||||||||||||||||
Based on observable market transactions. | ||||||||||||||||||||||||||
(c) | ||||||||||||||||||||||||||
Based on a quarterly statement prepared by the fund manager that reflects contributions, distributions and realized/unrealized gains and losses. | ||||||||||||||||||||||||||
The following table sets forth a summary of changes in fair value of the pension plan investments classified as Level 3 for the year ended December 31, 2013. | ||||||||||||||||||||||||||
Infrastructure Fund | Hedge Fund | |||||||||||||||||||||||||
Balance, 12/31/11 | $ | 5,670 | $ | 7,497 | ||||||||||||||||||||||
Purchases, sales and settlements, net | 1,800 | 1,000 | ||||||||||||||||||||||||
Return on assets held | 696 | 78 | ||||||||||||||||||||||||
Admin fees and other | (151 | ) | — | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Balance, 12/31/12 | $ | 8,015 | $ | 8,575 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Return on assets held | 725 | 1,156 | ||||||||||||||||||||||||
Admin fees and other | (153 | ) | — | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Balance, 12/31/13 | $ | 8,587 | $ | 9,731 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
CONTRIBUTIONS | ||||||||||||||||||||||||||
Annual cash contributions to fund pension costs accrued under the Company's domestic plans are generally at least equal to the minimum funding amounts required by ERISA. The Company contributed $10.1 million to its domestic defined benefit plans in 2013 and although the Company has no minimum funding requirement, we plan to contribute approximately $10.0 million in 2014. Contributions to fund pension costs accrued under the Company's foreign plans are made in accordance with local laws or at the Company's discretion. The Company contributed approximately $5.4 million to its foreign defined benefit plan in 2013 and expects to contribute approximately $5.6 million in 2014. | ||||||||||||||||||||||||||
ESTIMATED FUTURE BENEFIT PAYMENTS | ||||||||||||||||||||||||||
As of December 31, 2013, the Company expects the plans to make the following estimated benefit payments relating to its defined benefit plans over the next ten years: | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2014 | $ | 7,579 | $ | 2,529 | ||||||||||||||||||||||
2015 | 7,351 | 2,133 | ||||||||||||||||||||||||
2016 | 7,744 | 2,678 | ||||||||||||||||||||||||
2017 | 10,174 | 3,146 | ||||||||||||||||||||||||
2018 | 9,569 | 3,825 | ||||||||||||||||||||||||
2019 – 2023 | 55,864 | 24,731 | ||||||||||||||||||||||||
OTHER PLANS | ||||||||||||||||||||||||||
The Company has a non-qualified supplemental pension plan for domestic employees which provides for pension amounts that would have been payable from the Company's principal domestic pension plan if it were not for limitations imposed by income tax regulations. The liability for this plan, which is not funded, was $6.5 million and $6.4 million at December 31, 2013 and 2012, respectively. This amount is included in the liability for domestic plans shown above. | ||||||||||||||||||||||||||
The Company has a defined contribution 401(k) employee savings plan available to substantially all domestic employees. Company matching contributions are made in cash up to a maximum of 3% of the participating employee's salary subject to income tax regulations. For each of the years ended December 31, 2013, 2012 and 2011, total contributions made by the Company to these plans were approximately $2.6 million, $2.6 million and $2.4 million, respectively. | ||||||||||||||||||||||||||
The Company has several foreign defined contribution plans, which require the Company to contribute a percentage of the participating employee's salary according to local regulations. For each of the years ended December 31, 2013, 2012 and 2011, total contributions made by the Company to these plans were approximately $2.1 million, $1.8 million and $1.9 million, respectively. | ||||||||||||||||||||||||||
The Company has no additional postretirement or postemployment benefit plans. | ||||||||||||||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ' | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ' | |||||||||||||
NOTE 9 ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component: | ||||||||||||||
Foreign | Defined Benefit | Other | Total | |||||||||||
Currency | Pension Plans | |||||||||||||
Balance — December 31, 2010 | $ | 148,030 | $ | (23,837 | ) | $ | (427 | ) | $ | 123,766 | ||||
Other comprehensive loss before reclassifications | (47,436 | ) | (18,032 | ) | — | (65,468 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | 1,961 | 59 | 2,020 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive (loss)/income | (47,436 | ) | (16,071 | ) | 59 | (63,448 | ) | |||||||
| | | | | | | | | | | | | | |
Balance — December 31, 2011 | $ | 100,594 | $ | (39,908 | ) | $ | (368 | ) | $ | 60,318 | ||||
Other comprehensive gain/(loss) before reclassifications | 19,503 | (22,316 | ) | — | (2,813 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2,976 | 202 | 3,178 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive income/(loss) | 19,503 | (19,340 | ) | 202 | 365 | |||||||||
| | | | | | | | | | | | | | |
Balance — December 31, 2012 | $ | 120,097 | $ | (59,248 | ) | $ | (166 | ) | $ | 60,683 | ||||
Other comprehensive gain before reclassifications | 29,868 | 14,791 | — | 44,659 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 4,364 | 45 | 4,409 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive income | 29,868 | 19,155 | 45 | 49,068 | ||||||||||
| | | | | | | | | | | | | | |
Balance — December 31, 2013 | $ | 149,965 | $ | (40,093 | ) | $ | (121 | ) | $ | 109,751 | ||||
| | | | | | | | | | | | | | |
Reclassifications Out of Accumulated Other Comprehensive Income: | ||||||||||||||
Amount Reclassified from | ||||||||||||||
Accumulated Other | Affected Line in the Statement | |||||||||||||
Details about Accumulated Other Comprehensive Income Components | Comprehensive Income | Where Net Income is Presented | ||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Amortization of net loss | $ | 6,519 | $ | 4,329 | $ | 2,488 | (a) | |||||||
Amortization of prior service cost | 376 | 365 | 459 | (a) | ||||||||||
| | | | | | | | | | | | |||
6,895 | 4,694 | 2,947 | Total before tax | |||||||||||
(2,531 | ) | (1,718 | ) | (986 | ) | Tax benefit | ||||||||
| | | | | | | | | | | | |||
$ | 4,364 | $ | 2,976 | $ | 1,961 | Net of tax | ||||||||
| | | | | | | | | | | | |||
Other | ||||||||||||||
Changes in treasury locks | 69 | 90 | 87 | Interest Expense | ||||||||||
Net (loss) / gain on derivatives | — | (10 | ) | 5 | Interest Income | |||||||||
| | | | | | | | | | | | |||
69 | 80 | 92 | Total before tax | |||||||||||
(24 | ) | 122 | (33 | ) | Tax benefit | |||||||||
| | | | | | | | | | | | |||
$ | 45 | $ | 202 | $ | 59 | Net of tax | ||||||||
| | | | | | | | | | | | |||
Total reclassifications for the period | $ | 4,409 | $ | 3,178 | $ | 2,020 | ||||||||
| | | | | | | | | | | | |||
(a) | ||||||||||||||
These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 8—Retirement and Deferred Compensation Plans for additional details). | ||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||||
NOTE 10 DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||||||
The Company maintains a foreign exchange risk management policy designed to establish a framework to protect the value of the Company's non-functional denominated transactions from adverse changes in exchange rates. Sales of the Company's products can be denominated in a currency different from the currency in which the related costs to produce the product are denominated. Changes in exchange rates on such inter-country sales or intercompany loans can impact the Company's results of operations. The Company's policy is not to engage in speculative foreign currency hedging activities, but to minimize its net foreign currency transaction exposure defined as firm commitments and transactions recorded and denominated in currencies other than the functional currency. The Company may use foreign currency forward exchange contracts, options and cross currency swaps to hedge these risks. | ||||||||||||||||||||
For derivative instruments designated as hedges, the Company formally documents the nature and relationships between the hedging instruments and the hedged items, as well as the risk management objectives, strategies for undertaking the various hedge transactions, and the method of assessing hedge effectiveness. Additionally, in order to designate any derivative instrument as a hedge of an anticipated transaction, the significant characteristics and expected terms of any anticipated transaction must be specifically identified, and it must be probable that the anticipated transaction will occur. | ||||||||||||||||||||
FAIR VALUE HEDGES | ||||||||||||||||||||
The Company maintained an interest rate swap to convert a portion of its fixed-rate debt into variable-rate debt until May 31, 2011. Under the interest rate swap contract, the Company exchanged, at specified intervals, the difference between fixed-rate and floating-rate amounts, which was calculated based on an agreed upon notional amount. On May 31, 2011, this interest rate swap contract matured and was not renewed. No gain or loss was recorded in the income statement in 2011 as any hedge ineffectiveness for the period was immaterial. | ||||||||||||||||||||
CASH FLOW HEDGES | ||||||||||||||||||||
The Company had one foreign currency cash flow hedge until March 15, 2012. A French subsidiary of AptarGroup, AptarGroup Holding SAS, had hedged the risk of variability in Euro equivalent associated with the cash flows of an intercompany loan granted in Brazilian Real. The forward contracts utilized were designated as a hedge of the changes in the cash flows relating to the changes in foreign currency rates relating to the loan and related forecasted interest. On March 15, 2012, the loan and foreign currency forward contracts were repaid. | ||||||||||||||||||||
During the year ended December 31, 2012, the Company did not recognize any net gain (loss) as any hedge ineffectiveness for the period was immaterial, and the Company did not recognize any net gain (loss) related to the portion of the hedging instrument excluded from the assessment of hedge effectiveness. | ||||||||||||||||||||
HEDGE OF NET INVESTMENTS IN FOREIGN OPERATIONS | ||||||||||||||||||||
A significant number of the Company's operations are located outside of the United States. Because of this, movements in exchange rates may have a significant impact on the translation of the financial condition and results of operations of the Company's foreign entities. A weakening U.S. dollar relative to foreign currencies has an additive translation effect on the Company's financial condition and results of operations. Conversely, a strengthening U.S. dollar has a dilutive effect. The Company in some cases maintains debt in these subsidiaries to offset the net asset exposure. The Company does not otherwise actively manage this risk using derivative financial instruments. In the event the Company plans on a full or partial liquidation of any of its foreign subsidiaries where the Company's net investment is likely to be monetized, the Company will consider hedging the currency exposure associated with such a transaction. | ||||||||||||||||||||
OTHER | ||||||||||||||||||||
As of December 31, 2013, the Company has recorded the fair value of foreign currency forward exchange contracts of $3.0 million in prepayments and other, $1.0 million in miscellaneous other assets, $0.5 million in accounts payable and accrued liabilities and $0.1 million in deferred and other non-current liabilities in the balance sheet. All forward exchange contracts outstanding as of December 31, 2013 had an aggregate contract amount of $133 million. | ||||||||||||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012 | ||||||||||||||||||||
Derivative Contracts Not Designated as | Balance Sheet Location | December 31, | December 31, | |||||||||||||||||
Hedging Instruments | 2013 | 2012 | ||||||||||||||||||
Derivative Assets | ||||||||||||||||||||
Foreign Exchange Contracts | Prepayments and other | $ | 3,003 | $ | 332 | |||||||||||||||
Foreign Exchange Contracts | Miscellaneous Other Assets | 985 | 982 | |||||||||||||||||
| | | | | | | | | | |||||||||||
$ | 3,988 | $ | 1,314 | |||||||||||||||||
| | | | | | | | | | |||||||||||
Derivative Liabilities | ||||||||||||||||||||
Foreign Exchange Contracts | Accounts payable and accrued liabilities | $ | 522 | $ | 2,097 | |||||||||||||||
Foreign Exchange Contracts | Deferred and other non-current liabilities | 110 | 164 | |||||||||||||||||
| | | | | | | | | | |||||||||||
$ | 632 | $ | 2,261 | |||||||||||||||||
| | | | | | | | | | |||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | ||||||||||||||||||||
for the Fiscal Years Ended December 31, 2013 and December 31, 2012 | ||||||||||||||||||||
Derivatives Not Designated | Location of Gain (Loss) Recognized | Amount of Gain (Loss) | ||||||||||||||||||
as Hedging Instruments | in Income on Derivative | Recognized in Income | ||||||||||||||||||
on Derivative | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Foreign Exchange Contracts | Other Income (Expense) | $ | 3,307 | $ | (457 | ) | ||||||||||||||
Miscellaneous, net | ||||||||||||||||||||
| | | | | | | | | | |||||||||||
$ | 3,307 | $ | (457 | ) | ||||||||||||||||
| | | | | | | | | | |||||||||||
Gross Amounts not Offset | ||||||||||||||||||||
in the Statement of | ||||||||||||||||||||
Gross Amounts | Net Amounts | Financial Position | ||||||||||||||||||
Offset in the | Presented in | |||||||||||||||||||
Financial Position | the Statement of | |||||||||||||||||||
Gross | Financial Position | Financial | Cash Collateral | Net | ||||||||||||||||
Amount | Instruments | Received | Amount | |||||||||||||||||
Description | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Derivative Assets | $ | 3,988 | — | $ | 3,988 | — | — | $ | 3,988 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 3,988 | — | $ | 3,988 | — | — | $ | 3,988 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Derivative Liabilities | $ | 632 | — | $ | 632 | — | — | $ | 632 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | $ | 632 | — | $ | 632 | — | — | $ | 632 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
2012 | ||||||||||||||||||||
Derivative Assets | $ | 1,314 | — | $ | 1,314 | — | — | $ | 1,314 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 1,314 | — | $ | 1,314 | — | — | $ | 1,314 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Derivative Liabilities | $ | 2,261 | — | $ | 2,261 | — | — | $ | 2,261 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | $ | 2,261 | — | $ | 2,261 | — | — | $ | 2,261 | |||||||||||
| | | | | | | | | | | | | | | | | | | |
FAIR_VALUE
FAIR VALUE | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE | ' | |||||||||||||
FAIR VALUE | ' | |||||||||||||
NOTE 11 FAIR VALUE | ||||||||||||||
Authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||||
• | ||||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | ||||||||||||||
• | ||||||||||||||
Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | ||||||||||||||
• | ||||||||||||||
Level 3: Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. | ||||||||||||||
As of December 31, 2013, the fair values of our financial assets and liabilities were categorized as follows: | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets | ||||||||||||||
Forward exchange contracts (1) | $ | 3,988 | $ | — | $ | 3,988 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 3,988 | $ | — | $ | 3,988 | $ | — | ||||||
| | | | | | | | | | | | | | |
Liabilities | ||||||||||||||
Forward exchange contracts (1) | $ | 632 | $ | — | $ | 632 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total liabilities at fair value | $ | 632 | $ | — | $ | 632 | $ | — | ||||||
| | | | | | | | | | | | | | |
As of December 31, 2012, the fair values of our financial assets and liabilities were categorized as follows: | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets | ||||||||||||||
Forward exchange contracts (1) | $ | 1,314 | $ | — | $ | 1,314 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 1,314 | $ | — | $ | 1,314 | $ | — | ||||||
| | | | | | | | | | | | | | |
Liabilities | ||||||||||||||
Forward exchange contracts (1) | $ | 2,261 | $ | — | $ | 2,261 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total liabilities at fair value | $ | 2,261 | $ | — | $ | 2,261 | $ | — | ||||||
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Market approach valuation technique based on observable market transactions of spot and forward rates. | ||||||||||||||
The carrying amounts of the Company's other current financial instruments such as cash and equivalents, notes payable and current maturities of long-term obligations approximate fair value due to the short-term maturity of the instrument. The Company considers its long-term obligations a Level 2 liability and utilizes the market approach valuation technique based on interest rates that are currently available to the Company for issuance of debt with similar terms and maturities. The estimated fair value of the Company's long-term obligations was $363 million as of December 31, 2013 and $382 million as of December 31, 2012. | ||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 12 COMMITMENTS AND CONTINGENCIES | |
The Company, in the normal course of business, is subject to a number of lawsuits and claims both actual and potential in nature including the proceeding noted below. While management believes the resolution of these claims and lawsuits will not have a material adverse effect on the Company's financial position or results of operations or cash flows, claims and legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur that could include amounts in excess of any accruals which management has established. Were such unfavorable final outcomes to occur, it is possible that they could have a material adverse effect on our financial positions, results of operations and cash flows. | |
In 2010, a competitor filed a lawsuit against certain AptarGroup, Inc. subsidiaries alleging that certain processes performed by a supplier of a specific type of diptube utilized by the AptarGroup, Inc. subsidiaries in the manufacture of a specific type of pump infringes patents owned by the counterparty. This lawsuit sought an injunction barring the manufacture, use, sale and importation of this specific pump for use in fragrance containers. In April 2012, the Company's United States subsidiary was found to have infringed on patents owned by the counterparty within the United States. The ruling does not apply to the manufacture or sales of pumps in countries outside the United States and no damages were assessed. The Company pursued the issue in the Appellate Court, where certain rulings were confirmed and others were returned to the district court, where a trial date was set for March 2014. On February 13, 2014, the parties agreed to a license agreement, effectively ending the lawsuit and its related costs. | |
Under its Certificate of Incorporation, the Company has agreed to indemnify its officers and directors for certain events or occurrences while the officer or director is, or was serving, at its request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a directors and officers liability insurance policy that covers a portion of its exposure. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no liabilities recorded for these agreements as of December 31, 2013. | |
STOCK_REPURCHASE_PROGRAM
STOCK REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2013 | |
STOCK REPURCHASE PROGRAM | ' |
STOCK REPURCHASE PROGRAM | ' |
NOTE 13 STOCK REPURCHASE PROGRAM | |
The Company repurchased approximately 2.0 million and 1.6 million shares of its outstanding common stock in 2013 and 2012, respectively, at a total cost of $118.8 million and $79.8 million in 2013 and 2012, respectively. Shares repurchased are returned to Treasury Stock. The Company has a remaining authorization at December 31, 2013 to repurchase 4.0 million additional shares. The timing of and total amount expended for the share repurchase program will depend upon market conditions. | |
CAPITAL_STOCK
CAPITAL STOCK | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
CAPITAL STOCK | ' | |||||||||||||
CAPITAL STOCK | ' | |||||||||||||
NOTE 14 CAPITAL STOCK | ||||||||||||||
We have 199 million authorized shares of common stock. The number of shares of common stock and treasury stock and the share activity were as follows: | ||||||||||||||
Common Shares | Treasury Shares | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Balance at the beginning of the year | 84,086,341 | 82,773,322 | 18,158,002 | 16,921,022 | ||||||||||
Employee option exercises | 1,217,583 | 1,234,163 | (179,169 | ) | (379,453 | ) | ||||||||
Director option exercises | 48,333 | 69,833 | — | — | ||||||||||
Restricted stock vestings | 12,046 | 9,023 | — | — | ||||||||||
Common stock repurchases | — | — | 2,001,000 | 1,616,433 | ||||||||||
| | | | | | | | | | | | | | |
Balance at the end of the year | 85,364,303 | 84,086,341 | 19,979,833 | 18,158,002 | ||||||||||
| | | | | | | | | | | | | | |
The cash dividends paid on the common stock for the years ended December 31, 2013, 2012, and 2011 aggregated $66.1 million, $58.4 million and $53.3 million, respectively. | ||||||||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||
NOTE 15 STOCK-BASED COMPENSATION | ||||||||||||||
The Company issues stock options and restricted stock units to employees under Stock Awards Plans approved by shareholders. Stock options are issued to non-employee directors for their services as directors under Director Stock Option Plans approved by shareholders. Options are awarded with the exercise price equal to the market price on the date of grant and generally become exercisable over three years and expire 10 years after grant. Restricted stock units generally vest over three years. | ||||||||||||||
Compensation expense recorded attributable to stock options for the year ended December 31, 2013 was approximately $13.7 million ($9.2 million after tax). The income tax benefit related to this compensation expense was approximately $4.5 million. Approximately $12.1 million of the compensation expense was recorded in selling, research & development and administrative expenses and the balance was recorded in cost of sales. Compensation expense recorded attributable to stock options for the year ended December 31, 2012 was approximately $12.7 million ($8.5 million after tax). The income tax benefit related to this compensation expense was approximately $4.2 million. Approximately $11.3 million of the compensation expense was recorded in selling, research & development and administrative expenses and the balance was recorded in cost of sales. Compensation expense recorded attributable to stock options for the year ended December 31, 2011 was approximately $13.7 million ($9.6 million after tax). The income tax benefit related to this compensation expense was approximately $4.1 million. Approximately $12.5 million of the compensation expense was recorded in selling, research & development and administrative expenses and the balance was recorded in cost of sales. | ||||||||||||||
The Company uses historical data to estimate expected life and volatility. The weighted-average fair value of stock options granted under the Stock Awards Plans was $10.16, $10.35 and $11.36 per share in 2013, 2012 and 2011, respectively. These values were estimated on the respective dates of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||
Stock Awards Plans: | 2013 | 2012 | 2011 | |||||||||||
Years ended December 31, | ||||||||||||||
Dividend Yield | 1.80% | 1.80% | 1.70% | |||||||||||
Expected Stock Price Volatility | 22.70% | 22.90% | 23.30% | |||||||||||
Risk-free Interest Rate | 1.30% | 1.30% | 2.70% | |||||||||||
Expected Life of Option (years) | 6.9 | 6.9 | 6.9 | |||||||||||
The fair value of stock options granted under the Director Stock Option Plan was $10.89, $10.59 and $12.00 per share in 2013, 2012 and 2011, respectively. These values were estimated on the respective date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||
Director Stock Option Plans: | 2013 | 2012 | 2011 | |||||||||||
Years ended December 31, | ||||||||||||||
Dividend Yield | 1.90% | 1.70% | 1.60% | |||||||||||
Expected Stock Price Volatility | 23.00% | 22.50% | 22.90% | |||||||||||
Risk-free Interest Rate | 1.30% | 1.30% | 2.50% | |||||||||||
Expected Life of Option (years) | 6.9 | 6.9 | 6.9 | |||||||||||
A summary of option activity under the Company's stock option plans as of December 31, 2013, and changes during the period then ended is presented below: | ||||||||||||||
Stock Awards Plans | Director Stock Option Plans | |||||||||||||
Shares | Weighted Average | Shares | Weighted Average | |||||||||||
Exercise Price | Exercise Price | |||||||||||||
Outstanding, January 1, 2013 | 7,879,197 | $ | 37.27 | 276,667 | $ | 45.48 | ||||||||
Granted | 1,385,300 | 51.83 | 85,500 | 56.49 | ||||||||||
Exercised | (1,396,752 | ) | 28.99 | (48,333 | ) | 43.11 | ||||||||
Forfeited or expired | (51,813 | ) | 47.09 | — | — | |||||||||
Outstanding at December 31, 2013 | 7,815,932 | $ | 41.26 | 313,834 | $ | 48.85 | ||||||||
| | | | | | | | | | | | | | |
Exercisable at December 31, 2013 | 5,243,131 | $ | 36.36 | 146,001 | $ | 42.05 | ||||||||
| | | | | | | | | | | | | | |
Weighted-Average Remaining Contractual Term (Years): | ||||||||||||||
Outstanding at December 31, 2013 | 6.1 | 7.5 | ||||||||||||
Exercisable at December 31, 2013 | 4.9 | 6.2 | ||||||||||||
Aggregate Intrinsic Value: | ||||||||||||||
Outstanding at December 31, 2013 | $ | 207,490 | $ | 5,951 | ||||||||||
Exercisable at December 31, 2013 | $ | 164,895 | $ | 3,761 | ||||||||||
Intrinsic Value of Options Exercised During the Years Ended: | ||||||||||||||
December 31, 2013 | $ | 37,822 | $ | 732 | ||||||||||
December 31, 2012 | $ | 42,226 | $ | 1,674 | ||||||||||
December 31, 2011 | $ | 32,782 | $ | 970 | ||||||||||
The fair value of shares vested during the years ended December 31, 2013, 2012 and 2011 was $13.0 million, $12.1 million and $11.1 million, respectively. Cash received from option exercises was approximately $43.3 million and the actual tax benefit realized for the tax deduction from option exercises was approximately $9.4 million in the year ended December 31, 2013. As of December 31, 2013, the remaining valuation of stock option awards to be expensed in future periods was $9.8 million and the related weighted-average period over which it is expected to be recognized is 1.4 years. | ||||||||||||||
The fair value of restricted stock grants is the market price of the underlying shares on the grant date. A summary of restricted stock unit activity as of December 31, 2013, and changes during the period then ended is presented below: | ||||||||||||||
Shares | Weighted-Average | |||||||||||||
Grant-Date Fair Value | ||||||||||||||
Nonvested at January 1, 2013 | 25,862 | $ | 48.76 | |||||||||||
Granted | 12,448 | 54.92 | ||||||||||||
Vested | (12,629 | ) | 45.2 | |||||||||||
Nonvested at December 31, 2013 | 25,681 | $ | 53.49 | |||||||||||
| | | | | | | | |||||||
Compensation expense recorded attributable to restricted stock unit grants for the years ended December 31, 2013, 2012 and 2011 was approximately $664 thousand, $501 thousand and $267 thousand, respectively. The fair value of units vested during the years ended December 31, 2013, 2012 and 2011 was $571 thousand, $316 thousand and $346 thousand, respectively. The intrinsic value of units vested during the years ended December 31, 2013, 2012 and 2011 was $661 thousand, $448 thousand and $492 thousand, respectively. As of December 31, 2013, there was $521 thousand of total unrecognized compensation cost relating to restricted stock unit awards which is expected to be recognized over a weighted average period of 1.4 years. | ||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
EARNINGS PER SHARE | ' | |||||||||
EARNINGS PER SHARE | ' | |||||||||
NOTE 16 EARNINGS PER SHARE | ||||||||||
The reconciliation of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||
Income | Shares | Per Share | ||||||||
(Numerator) | (Denominator) | Amount | ||||||||
For the Year Ended December 31, 2013 | ||||||||||
Basic EPS | ||||||||||
Income available to common stockholders | $ | 171,994 | 66,090 | $ | 2.6 | |||||
Effect of Dilutive Securities | ||||||||||
Stock options | 2,106 | |||||||||
Restricted stock | — | 12 | ||||||||
Diluted EPS | ||||||||||
Income available to common stockholders | $ | 171,994 | 68,208 | $ | 2.52 | |||||
| | | | | | | | | | |
For the Year Ended December 31, 2012 | ||||||||||
Basic EPS | ||||||||||
Income available to common stockholders | $ | 162,612 | 66,392 | $ | 2.45 | |||||
Effect of Dilutive Securities | ||||||||||
Stock options | 1,990 | |||||||||
Restricted stock | — | 13 | ||||||||
Diluted EPS | ||||||||||
Income available to common stockholders | $ | 162,612 | 68,395 | $ | 2.38 | |||||
| | | | | | | | | | |
For the Year Ended December 31, 2011 | ||||||||||
Basic EPS | ||||||||||
Income available to common stockholders | $ | 183,683 | 66,553 | $ | 2.76 | |||||
Effect of Dilutive Securities | ||||||||||
Stock options | 2,714 | |||||||||
Restricted stock | — | 7 | ||||||||
Diluted EPS | ||||||||||
Income available to common stockholders | $ | 183,683 | 69,274 | $ | 2.65 | |||||
| | | | | | | | | |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SEGMENT INFORMATION | ' | ||||||||||
SEGMENT INFORMATION | ' | ||||||||||
NOTE 17 SEGMENT INFORMATION | |||||||||||
The Company operates in the packaging components industry, which includes the development, manufacture and sale of consumer product dispensing solutions. The Company is organized into three reporting segments. Operations that sell dispensing solutions primarily to the personal care, beauty and home care markets form the Beauty + Home segment. Operations that sell dispensing solutions to the prescription drug, consumer health care and injectables markets form the Pharma segment. Operations that sell dispensing solutions primarily to the food and beverage markets form the Food + Beverage segment. | |||||||||||
The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies. The Company evaluates performance of its business segments and allocates resources based upon segment income. Segment income is defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and income taxes. | |||||||||||
Financial information regarding the Company's reportable segments is shown below: | |||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||
Total Sales: | |||||||||||
Beauty + Home | $ | 1,501,611 | $ | 1,468,599 | $ | 1,531,479 | |||||
Pharma | 709,058 | 588,853 | 554,708 | ||||||||
Food + Beverage | 323,469 | 288,995 | 269,968 | ||||||||
Corporate & Other | — | — | 7 | ||||||||
Total Sales | $ | 2,534,138 | $ | 2,346,447 | $ | 2,356,162 | |||||
Less: Intersegment Sales: | |||||||||||
Beauty + Home | $ | 13,466 | $ | 14,659 | $ | 15,174 | |||||
Pharma | 284 | 160 | 778 | ||||||||
Food + Beverage | 375 | 592 | 3,020 | ||||||||
Corporate & Other | — | — | 7 | ||||||||
Total Intersegment Sales | $ | 14,125 | $ | 15,411 | $ | 18,979 | |||||
Net Sales: | |||||||||||
Beauty + Home | $ | 1,488,145 | $ | 1,453,940 | $ | 1,516,305 | |||||
Pharma | 708,774 | 588,693 | 553,930 | ||||||||
Food + Beverage | 323,094 | 288,403 | 266,948 | ||||||||
Corporate & Other | — | — | — | ||||||||
Net Sales | $ | 2,520,013 | $ | 2,331,036 | $ | 2,337,183 | |||||
Segment Income (1): | |||||||||||
Beauty + Home | $ | 109,272 | $ | 123,527 | $ | 130,818 | |||||
Pharma | 189,689 | 141,912 | 164,390 | ||||||||
Food + Beverage | 35,186 | 30,415 | 27,801 | ||||||||
Restructuring Initiatives and Related Depreciation | (14,525 | ) | (4,678 | ) | 71 | ||||||
Corporate & Other | (37,958 | ) | (33,849 | ) | (36,560 | ) | |||||
Income before interest and taxes | $ | 281,664 | $ | 257,327 | $ | 286,520 | |||||
Interest expense, net | (17,281 | ) | (15,954 | ) | (11,578 | ) | |||||
Income before income taxes | $ | 264,383 | $ | 241,373 | $ | 274,942 | |||||
| | | | | | | | | | | |
Depreciation and Amortization (1): | |||||||||||
Beauty + Home | $ | 83,328 | $ | 82,828 | $ | 90,038 | |||||
Pharma | 39,812 | 33,122 | 28,084 | ||||||||
Food + Beverage | 18,871 | 15,605 | 13,413 | ||||||||
Restructuring Initiatives | 2,725 | 1,576 | — | ||||||||
Corporate & Other | 5,220 | 3,891 | 2,708 | ||||||||
Depreciation and Amortization | $ | 149,956 | $ | 137,022 | $ | 134,243 | |||||
Capital Expenditures: | |||||||||||
Beauty + Home | $ | 81,247 | $ | 97,010 | $ | 101,913 | |||||
Pharma | 32,643 | 24,953 | 26,911 | ||||||||
Food + Beverage | 19,339 | 32,282 | 47,135 | ||||||||
Corporate & Other | 18,281 | 19,808 | 3,733 | ||||||||
Capital Expenditures | $ | 151,510 | $ | 174,053 | $ | 179,692 | |||||
Total Assets: | |||||||||||
Beauty + Home | $ | 1,318,933 | $ | 1,240,101 | $ | 1,232,009 | |||||
Pharma | 676,420 | 659,132 | 404,939 | ||||||||
Food + Beverage | 253,774 | 233,553 | 199,170 | ||||||||
Corporate & Other | 248,635 | 191,626 | 323,177 | ||||||||
Total Assets | $ | 2,497,762 | $ | 2,324,412 | $ | 2,159,295 | |||||
-1 | |||||||||||
The Company evaluates performance of its business units and allocates resources based upon segment income. Segment income is defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and income taxes. Restructuring Initiatives and related Depreciation includes the following income/(expense) items for the twelve months ended December 31, 2013, 2012 and 2011 as follows: | |||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||
European Restructuring Plan | |||||||||||
Depreciation | $ | 2,725 | $ | 1,576 | $ | — | |||||
Employee Severance and Other Costs | 11,844 | 3,314 | — | ||||||||
Prior Year Initiatives | (44 | ) | (212 | ) | (71 | ) | |||||
| | | | | | | | | | | |
Total Restructuring Initiatives and Related Depreciation Expense | $ | 14,525 | $ | 4,678 | $ | (71 | ) | ||||
| | | | | | | | | | | |
Restructuring Initiatives and Related Depreciation Expense by Segment | |||||||||||
Beauty + Home | $ | 14,548 | $ | 4,787 | $ | (70 | ) | ||||
Pharma | — | — | — | ||||||||
Food + Beverage | (23 | ) | (109 | ) | (1 | ) | |||||
| | | | | | | | | | | |
Total Restructuring Initiatives and Related Depreciation Expense | $ | 14,525 | $ | 4,678 | $ | (71 | ) | ||||
| | | | | | | | | | | |
GEOGRAPHIC INFORMATION | |||||||||||
The following are net sales and long-lived asset information by geographic area and product information for the years ended December 31, 2013, 2012 and 2011: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales to Unaffiliated Customers (1): | |||||||||||
United States | $ | 634,418 | $ | 650,637 | $ | 636,060 | |||||
Europe: | |||||||||||
France | 810,528 | 650,226 | 630,172 | ||||||||
Germany | 339,858 | 311,205 | 308,847 | ||||||||
Italy | 136,617 | 144,163 | 168,885 | ||||||||
Other Europe | 165,038 | 163,695 | 232,132 | ||||||||
Total Europe | 1,452,041 | 1,269,289 | 1,340,036 | ||||||||
Other Foreign Countries | 433,554 | 411,110 | 361,087 | ||||||||
Total | $ | 2,520,013 | $ | 2,331,036 | $ | 2,337,183 | |||||
| | | | | | | | | | | |
Plant, Property & Equipment: | |||||||||||
United States | $ | 226,917 | $ | 191,697 | $ | 174,029 | |||||
Europe: | |||||||||||
France | 263,913 | 251,015 | 199,975 | ||||||||
Germany | 156,970 | 137,203 | 136,136 | ||||||||
Italy | 57,729 | 65,743 | 68,684 | ||||||||
Other Europe | 72,297 | 72,404 | 64,921 | ||||||||
Total Europe | 550,909 | 526,365 | 469,716 | ||||||||
Other Foreign Countries | 86,836 | 130,171 | 110,970 | ||||||||
Total | $ | 864,662 | $ | 848,233 | $ | 754,715 | |||||
| | | | | | | | | | | |
Product Net Sales Information: | |||||||||||
Pumps | $ | 1,093,514 | $ | 1,044,226 | $ | 1,114,276 | |||||
Closures | 594,135 | 605,493 | 615,243 | ||||||||
Valves | 327,635 | 327,251 | 316,900 | ||||||||
Injectables (2) | 142,116 | 56,465 | — | ||||||||
Other | 362,613 | 297,601 | 290,764 | ||||||||
Total | $ | 2,520,013 | $ | 2,331,036 | $ | 2,337,183 | |||||
| | | | | | | | | | | |
-1 | |||||||||||
Sales are attributed to countries based upon where the sales invoice to unaffiliated customers is generated. | |||||||||||
-2 | |||||||||||
Injectables represent six month sales in 2012 from the date of acquisition. | |||||||||||
No single customer represents 10% or more of the Company's net sales in 2013, 2012 or 2011. | |||||||||||
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
ACQUISITIONS | ' | ||||||||||
ACQUISITIONS | ' | ||||||||||
NOTE 18 ACQUISITIONS | |||||||||||
On July 3, 2012, the Company completed its acquisition of Rumpler—Technologies S.A., together with its direct and indirect subsidiaries ("Stelmi"). Stelmi is a producer of elastomer primary packaging components for injectable drug delivery and operates two manufacturing plants located in the Normandy region of France and also has a research and development facility located near Paris. The Company acquired all of the shares of Stelmi. The purchase price paid for Stelmi (net of cash acquired) was approximately $188 million and was funded by cash on hand. | |||||||||||
Stelmi contributed net sales of $143.1 million and pretax income of $24.7 million for the year ended December 31, 2013. Stelmi contributed net sales of $56.8 million and pretax income of $1.5 million (including $6.6 million of fair value and other acquisition adjustments) for the year ended December 31, 2012. The results of the acquired business for the period from the acquisition date are included in the accompanying consolidated financial statements and are reported in the Pharma reporting segment. | |||||||||||
For the year ended December 31, 2012, we recognized $5.9 million in transaction costs related to the acquisition of Stelmi. These costs are reflected in the selling, research & development and administrative section of the Consolidated Statements of Income. | |||||||||||
The following table summarizes the assets acquired and liabilities assumed at estimated fair value. | |||||||||||
July 3, 2012 | |||||||||||
Assets | |||||||||||
Cash and equivalents | $ | 68,335 | |||||||||
Accounts receivable | 23,540 | ||||||||||
Inventories | 16,826 | ||||||||||
Prepaid and other | 3,256 | ||||||||||
Property, plant and equipment | 42,073 | ||||||||||
Goodwill | 111,031 | ||||||||||
Intangible assets | 47,134 | ||||||||||
Other miscellaneous assets | 6,092 | ||||||||||
Liabilities | |||||||||||
Current maturities of long-term obligations | 675 | ||||||||||
Accounts payable and accrued liabilities | 26,064 | ||||||||||
Long-term obligations | 885 | ||||||||||
Deferred income taxes | 22,440 | ||||||||||
Retirement and deferred compensation plans | 12,049 | ||||||||||
Net assets acquired | $ | 256,174 | |||||||||
The following table is a summary of the fair value estimates of the acquired identifiable intangible assets and weighted-average useful lives as of the acquisition date: | |||||||||||
Weighted-Average | Estimated | ||||||||||
Useful Life | Fair Value | ||||||||||
(in years) | of Asset | ||||||||||
Customer relationships | 15 | $ | 7,438 | ||||||||
Technology | 15 | 37,191 | |||||||||
Trademark | 4 | 2,505 | |||||||||
Total | $ | 47,134 | |||||||||
Goodwill in the amount of $111.0 million was recorded for the acquisition of Stelmi and is included in the Pharma segment. Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill largely consists of leveraging the Company's commercial presence in selling the Stelmi line of products in markets where Stelmi didn't previously operate and the ability of Stelmi to maintain its competitive advantage from a technical viewpoint. Goodwill will not be amortized, but will be tested for impairment at least annually. We do not expect any of the goodwill will be deductible for tax purposes. | |||||||||||
The unaudited pro forma results presented below include the effects of the Stelmi acquisition as if it had occurred as of January 1, 2011. The unaudited pro forma results reflect certain adjustments related to the acquisition, such as the amortization associated with estimates for the acquired intangible assets and fair value adjustments for inventory. The 2012 supplemental pro forma earnings were adjusted to exclude $4.2 million (after tax) of transaction costs, including consulting, legal, and advisory fees. The 2012 supplemental pro forma earnings were adjusted to exclude $2.5 million (after tax) of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. The 2011 supplemental pro forma earnings were adjusted to include these adjustments. | |||||||||||
The pro forma results do not include any synergies or other expected benefits of the acquisition. Accordingly, the unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been completed on the dates indicated. | |||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||
Net Sales | $ | 2,520 | $ | 2,395 | $ | 2,453 | |||||
Net Income Attributable to AptarGroup Inc. | 172 | 174 | 188 | ||||||||
Net Income per common share — basic | 2.6 | 2.62 | 2.82 | ||||||||
Net Income per common share — diluted | 2.52 | 2.54 | 2.71 | ||||||||
In December 2013, AptarGroup acquired a 20% minority investment in Bapco Closures Holding Limited (Bapco) for approximately $5.2 million. In addition to this equity stake, the Company secured an exclusive global license related to innovative closures sealing technology that provides package integrity and tamper evidence. This investment is being accounted for under the equity method of accounting from the date of acquisition. | |||||||||||
In November 2011, the Company acquired a 20% minority investment in Oval Medical Technologies Limited (Oval Medical) for approximately $3.2 million. In February 2012, the Company acquired an additional 2% minority investment for approximately $0.3 million. Oval Medical has broad expertise in the design and development of injectable drug delivery devices. This investment represents an opportunity for the Pharma segment to enter a new category and broaden our product portfolio and customer reach. This investment is being accounted for under the equity method of accounting from the date of acquisition. | |||||||||||
In October 2011, the Company acquired TKH Plastics Pvt Ltd ("TKH"), a leading provider of injection molded dispensing closures in India for approximately $17 million in cash and approximately $1 million in assumed debt. The acquisition will allow the Company to expand its geographical presence in India. After allocating a portion of the purchase price to fixed and intangible assets, goodwill of approximately $10.9 million was recorded on the transaction. The results of operations subsequent to the acquisition are included in the reported income statement. TKH is included in the Beauty + Home reporting segment. | |||||||||||
The Bapco, Oval Medical and TKH acquisitions described above did not have a material impact on the results of operations in 2013, 2012 or 2011 and therefore pro forma information is not presented. | |||||||||||
RESTRUCTURING_INITIATIVES
RESTRUCTURING INITIATIVES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
RESTRUCTURING INITIATIVES | ' | ||||||||||||||||
RESTRUCTURING INITIATIVES | ' | ||||||||||||||||
NOTE 19 RESTRUCTURING INITIATIVES | |||||||||||||||||
On November 1, 2012, the Company announced a plan to optimize certain capacity in Europe. Due to increased production efficiencies and to better position the Company for future growth in Europe, AptarGroup is transferring and consolidating production capacity involving twelve facilities. Two facilities have closed impacting approximately 170 employees. The locations involved in the plan are facilities serving the beauty, personal care, food, beverage, and consumer health care markets. As of December 31, 2013, the plan is substantially complete. The cumulative expense incurred is $19.5 million. As of December 31, 2013 we have recorded the following activity associated with our plan: | |||||||||||||||||
Beginning | Net Charges for | Cash Paid | FX Impact | Ending | |||||||||||||
Reserve at | the Year | Reserve at | |||||||||||||||
12/31/12 | Ended 12/31/13 | 12/31/13 | |||||||||||||||
Employee severance | $ | 3,158 | $ | 7,319 | $ | (8,037 | ) | $ | 81 | $ | 2,521 | ||||||
Other costs | — | 4,525 | (2,848 | ) | 58 | 1,735 | |||||||||||
Totals | $ | 3,158 | $ | 11,844 | $ | (10,885 | ) | $ | 139 | $ | 4,256 | ||||||
| | | | | | | | | | | | | | | | | |
In addition to the above charges, $2.7 million of accelerated depreciation was incurred in 2013. This amount is included within depreciation and amortization in the Consolidated Statements of Income. | |||||||||||||||||
QUARTERLY_DATA_UNAUDITED
QUARTERLY DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
QUARTERLY DATA (UNAUDITED) | ' | ||||||||||||||||
QUARTERLY DATA (UNAUDITED) | ' | ||||||||||||||||
NOTE 20 QUARTERLY DATA (UNAUDITED) | |||||||||||||||||
Quarterly results of operations and per share information for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||
Quarter | |||||||||||||||||
Total | |||||||||||||||||
First | Second | Third | Fourth | for Year | |||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Net sales | $ | 617,633 | $ | 641,441 | $ | 623,644 | $ | 637,295 | $ | 2,520,013 | |||||||
Gross profit (1) | 164,213 | 172,721 | 163,677 | 165,543 | 666,154 | ||||||||||||
Net Income | 39,978 | 49,880 | 45,232 | 36,836 | 171,926 | ||||||||||||
Net Income Attributable to AptarGroup, Inc. | 40,029 | 49,802 | 45,264 | 36,899 | 171,994 | ||||||||||||
Per Common Share — 2013: | |||||||||||||||||
Net Income Attributable to AptarGroup, Inc. | |||||||||||||||||
Basic | $ | 0.61 | $ | 0.75 | $ | 0.68 | $ | 0.56 | $ | 2.6 | |||||||
Diluted | 0.59 | 0.73 | 0.67 | 0.54 | 2.52 | ||||||||||||
Dividends declared | 0.25 | 0.25 | 0.25 | 0.25 | 1 | ||||||||||||
Stock price high (2) | 57.47 | 57.76 | 60.75 | 67.86 | 67.86 | ||||||||||||
Stock price low (2) | 48.14 | 54.13 | 55.36 | 59.19 | 48.14 | ||||||||||||
Average number of shares outstanding: | |||||||||||||||||
Basic | 66,155 | 66,420 | 66,092 | 65,700 | 66,090 | ||||||||||||
Diluted | 68,296 | 68,106 | 67,986 | 67,853 | 68,208 | ||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||
Net sales | $ | 592,498 | $ | 577,503 | $ | 589,598 | $ | 571,437 | $ | 2,331,036 | |||||||
Gross profit (1) | 159,223 | 154,998 | 148,214 | 144,391 | 606,826 | ||||||||||||
Net Income | 43,813 | 41,652 | 42,101 | 34,854 | 162,420 | ||||||||||||
Net Income Attributable to AptarGroup, Inc. | 43,809 | 41,686 | 42,127 | 34,990 | 162,612 | ||||||||||||
Per Common Share — 2012: | |||||||||||||||||
Net Income Attributable to AptarGroup, Inc. | |||||||||||||||||
Basic | $ | 0.66 | $ | 0.63 | $ | 0.63 | $ | 0.53 | $ | 2.45 | |||||||
Diluted | 0.64 | 0.61 | 0.62 | 0.52 | 2.38 | ||||||||||||
Dividends declared | 0.22 | 0.22 | 0.22 | 0.22 | 0.88 | ||||||||||||
Stock price high (2) | 55 | 55.49 | 53.19 | 53.36 | 55.49 | ||||||||||||
Stock price low (2) | 51.01 | 49.36 | 47.56 | 45.19 | 45.19 | ||||||||||||
Average number of shares outstanding: | |||||||||||||||||
Basic | 66,196 | 66,580 | 66,541 | 66,249 | 66,392 | ||||||||||||
Diluted | 68,785 | 68,758 | 68,353 | 67,846 | 68,395 | ||||||||||||
-1 | |||||||||||||||||
Gross profit is defined as net sales less cost of sales and depreciation. | |||||||||||||||||
-2 | |||||||||||||||||
The stock price high and low amounts are based upon intra-day New York Stock Exchange composite price history. | |||||||||||||||||
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011 | |||||||||||||
Dollars in thousands | |||||||||||||
Balance at | Charged to | Deductions | Balance | ||||||||||
Beginning | Costs and | from | at End of | ||||||||||
Of Period | Expenses | Reserve (a) | Period | ||||||||||
2013 | |||||||||||||
Allowance for doubtful accounts | $ | 6,751 | $ | -381 | $ | -1,954 | $ | 4,416 | |||||
Deferred tax valuation allowance | 7,033 | 2,708 | -4,901 | 4,840 | |||||||||
2012 | |||||||||||||
Allowance for doubtful accounts | $ | 8,257 | $ | -595 | $ | -911 | $ | 6,751 | |||||
Deferred tax valuation allowance | 6,326 | 1,362 | -655 | 7,033 | |||||||||
2011 | |||||||||||||
Allowance for doubtful accounts | $ | 8,560 | $ | 1,642 | $ | -1,945 | $ | 8,257 | |||||
Deferred tax valuation allowance | 5,619 | 1,020 | -313 | 6,326 | |||||||||
(a) | |||||||||||||
Write-off accounts considered uncollectible, net of recoveries and foreign currency impact adjustments. | |||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The accompanying consolidated financial statements include the accounts of AptarGroup, Inc. and its subsidiaries. The terms "AptarGroup" or "Company" as used herein refer to AptarGroup, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current period presentation. | |
AptarGroup's organizational structure consists of three market-focused lines of business which are Beauty + Home, Pharma and Food + Beverage. This is a strategic structure which allows us to be more closely aligned with our customers and the markets in which they operate. | |
On November 1, 2012, the Company initiated our European restructuring plan (see Note 19 Restructuring Initiatives for further details). During 2013, the Company recognized approximately $14.6 million of expense related to the plan, of which $2.7 million was accelerated depreciation. For presentation purposes, the accelerated depreciation related to this plan is reported in Depreciation and Amortization within the Consolidated Statements of Income. | |
ACCOUNTING ESTIMATES | ' |
ACCOUNTING ESTIMATES | |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). This process requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
CASH MANAGEMENT | ' |
CASH MANAGEMENT | |
The Company considers all investments which are readily convertible to known amounts of cash with an original maturity of three months or less when purchased to be cash equivalents. | |
INVENTORIES | ' |
INVENTORIES | |
Inventories are stated at lower of cost or market. Costs included in inventories are raw materials, direct labor and manufacturing overhead. The costs of certain domestic and foreign inventories are determined by using the last-in, first-out ("LIFO") method, while the remaining inventories are valued using the first-in, first-out ("FIFO") method. | |
INVESTMENTS IN AFFILIATED COMPANIES | ' |
INVESTMENTS IN AFFILIATED COMPANIES | |
The Company accounts for its investments in 20% to 50% owned affiliated companies using the equity method. There were no dividends received from affiliated companies in 2013, 2012 and 2011. | |
PROPERTY AND DEPRECIATION | ' |
PROPERTY AND DEPRECIATION | |
Properties are stated at cost. Depreciation is determined on a straight-line basis over the estimated useful lives for financial reporting purposes and accelerated methods for income tax reporting. Generally, the estimated useful lives are 25 to 40 years for buildings and improvements, 3 to 10 years for machinery and equipment, and 3 to 7 years for software. | |
FINITE-LIVED INTANGIBLE ASSETS | ' |
FINITE-LIVED INTANGIBLE ASSETS | |
Finite-lived intangibles, consisting of patents, non-compete agreements and license agreements acquired in purchase transactions, are capitalized and amortized over their useful lives which range from 3 to 20 years. | |
GOODWILL | ' |
GOODWILL | |
Management believes the excess purchase price over the fair value of the net assets acquired ("Goodwill") in purchase transactions has continuing value. Goodwill is not amortized and must be tested annually, or more frequently as circumstances dictate, for impairment. The annual goodwill impairment test may first consider qualitative factors to determine whether it is more likely than not (i.e. greater than 50 percent chance) that the fair value of a reporting unit is less than its book value. This is sometimes referred to as the "step zero" approach and is an optional step in the annual goodwill impairment analysis. Management has performed this qualitative assessment as of December 31, 2013 for all four of our reporting units. Based on our review of macroeconomic, industry, and market events and circumstances as well as the overall financial performance of the reporting units, we determined it was more likely than not that the fair value of goodwill attributed to all four of our reporting units was greater than its carrying amount. Therefore, no impairment of goodwill has been recorded. | |
IMPAIRMENT OF LONG-LIVED ASSETS | ' |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Long-lived assets, such as property, plant and equipment and finite-lived intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset (if any) are less than the carrying value of the asset. During 2013, we recognized a $1.5 million adjustment for accelerated depreciation on certain corporate assets to reduce the carrying amount to the fair value. | |
DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES | ' |
DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES | |
Derivative financial instruments are recorded in the consolidated balance sheets at fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded in each period in earnings or accumulated other comprehensive income, depending on whether a derivative is designated and effective as part of a hedge transaction. | |
RESEARCH & DEVELOPMENT EXPENSES | ' |
RESEARCH & DEVELOPMENT EXPENSES | |
Research and development costs, net of any customer funded research and development or government research and development credits, are expensed as incurred. These costs amounted to $71.8 million, $65.4 million and $67.0 million in 2013, 2012 and 2011, respectively. | |
INCOME TAXES | ' |
INCOME TAXES | |
The Company computes taxes on income in accordance with the tax rules and regulations of the many taxing authorities where the income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pretax income for financial accounting purposes. To the extent that these differences create timing differences between the tax basis of an asset or liability and its reported amount in the financial statements, an appropriate provision for deferred income taxes is made. | |
In its determination of which foreign earnings are permanently reinvested in foreign operations, the Company considers numerous factors, including the financial requirements of the U.S. parent company and those of its foreign subsidiaries, the U.S. funding needs for dividend payments and stock repurchases, and the tax consequences of remitting earnings to the U.S. From this analysis, current year repatriation decisions are made in an attempt to provide a proper mix of debt and shareholder capital both within the U.S. and for non-U.S. operations. The Company's policy is to permanently reinvest its accumulated foreign earnings and only will make a distribution out of current year earnings to meet the cash needs at the parent company. As such, the Company does not provide taxes on earnings that are deemed to be permanently reinvested. | |
The Company provides a liability for the amount of tax benefits realized from uncertain tax positions. This liability is provided whenever the Company determines that a tax benefit will not meet a more likely than not threshold for recognition. See Note 5 for more information. | |
TRANSLATION OF FOREIGN CURRENCIES | ' |
TRANSLATION OF FOREIGN CURRENCIES | |
The functional currencies of all the Company's foreign operations are the local currencies. Assets and liabilities are translated into U.S. dollars at the rates of exchange on the balance sheet date. Sales and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are accumulated in a separate section of Stockholders' Equity. Realized and unrealized foreign currency transaction gains and losses are reflected in income, as a component of miscellaneous income and expense, and represented a loss of $6.3 million in 2013, a loss of $1.6 million in 2012, and a gain of $1.5 million in 2011. | |
STOCK BASED COMPENSATION | ' |
STOCK BASED COMPENSATION | |
Accounting standards require the application of the non-substantive vesting approach which means that an award is fully vested when the employee's retention of the award is no longer contingent on providing subsequent service. Under this approach, compensation costs are recognized over the requisite service period of the award instead of ratably over the vesting period stated in the grant. As such, costs are recognized immediately if the employee is retirement eligible on the date of grant or over the period from the date of grant until retirement eligibility if retirement eligibility is reached before the end of the vesting period stated in the grant. See Note 15 for more information. | |
REVENUE RECOGNITION | ' |
REVENUE RECOGNITION | |
Product Sales. The Company's policy is to recognize revenue from product sales when price is fixed and determinable, when the title and risk of loss has transferred to the customer, when the Company has no remaining obligations regarding the transaction and when collection is reasonably assured. The majority of the Company's products shipped from the U.S. transfers title and risk of loss when the goods leave the Company's shipping location. The majority of the Company's products shipped from non-U.S. operations transfer title and risk of loss when the goods reach their destination. Tooling revenue is also recognized when the title and risk of loss transfers to the customer. | |
Services and Other. The Company occasionally invoices customers for certain services. The Company also receives revenue from other sources such as license or royalty agreements. Revenue is recognized when services are rendered or rights to use assets can be reliably measured and when collection is reasonably assured. Service and other revenue is not material to the Company's results of operations for any of the years presented. | |
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS | ' |
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2013, The FASB issued authoritative guidance requiring new asset and liability offsetting disclosures for derivatives, repurchase agreements and security lending transactions to the extent that they are offset in the financial statements or are subject to an enforceable master netting arrangement or similar agreement. We do not have any repurchase agreements and do not participate in securities lending transactions. Our derivative instruments are not offset in the financial statements. Accordingly, the adoption of this standard had no impact on the Consolidated Financial Statements other than disclosure. Additional information can be found in Note 10 of the Notes to the Consolidated Financial Statements. | |
In February 2013, The FASB issued authoritative guidance that amends the presentation of accumulated other comprehensive income and clarifies how to report the effect of significant reclassifications out of accumulated other comprehensive income. The guidance requires footnote disclosures regarding the changes in accumulated other comprehensive income by component and the line items affected in the statements of earnings. The adoption of this standard had no impact on the Consolidated Financial Statements other than disclosure. Additional information can be found in Note 9 of the Notes to the Consolidated Financial Statements. | |
Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. | |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INVENTORIES | ' | ||||||
Schedule of inventories, by component | ' | ||||||
2013 | 2012 | ||||||
Raw materials | $ | 114,501 | $ | 125,889 | |||
Work in process | 108,924 | 75,261 | |||||
Finished goods | 137,591 | 127,393 | |||||
Total | 361,016 | 328,543 | |||||
Less LIFO reserve | -7,857 | -6,658 | |||||
Total | $ | 353,159 | $ | 321,885 | |||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||
Schedule of changes in the carrying amount of goodwill | ' | |||||||||||||||||||||
Beauty + | Pharma | Food + | Corporate | Total | ||||||||||||||||||
Home | Beverage | & Other | ||||||||||||||||||||
Goodwill | $ | 179,095 | $ | 37,009 | $ | 17,585 | $ | 1,615 | $ | 235,304 | ||||||||||||
Accumulated impairment losses | — | — | — | (1,615 | ) | (1,615 | ) | |||||||||||||||
Balance as of December 31, 2011 | $ | 179,095 | $ | 37,009 | $ | 17,585 | $ | — | $ | 233,689 | ||||||||||||
Acquisition (See note 17) | — | 111,031 | — | — | 111,031 | |||||||||||||||||
Foreign currency exchange effects | 795 | 5,938 | 99 | — | 6,832 | |||||||||||||||||
Goodwill | $ | 179,890 | $ | 153,978 | $ | 17,684 | $ | 1,615 | $ | 353,167 | ||||||||||||
Accumulated impairment losses | — | — | — | (1,615 | ) | (1,615 | ) | |||||||||||||||
Balance as of December 31, 2012 | $ | 179,890 | $ | 153,978 | $ | 17,684 | $ | — | $ | 351,552 | ||||||||||||
Foreign currency exchange effects | 1,112 | 5,971 | 230 | — | 7,313 | |||||||||||||||||
Goodwill | $ | 181,002 | $ | 159,949 | $ | 17,914 | $ | 1,615 | $ | 360,480 | ||||||||||||
Accumulated impairment losses | — | — | — | (1,615 | ) | (1,615 | ) | |||||||||||||||
Balance as of December 31, 2013 | $ | 181,002 | $ | 159,949 | $ | 17,914 | $ | — | $ | 358,865 | ||||||||||||
Summary of amortized intangible assets | ' | |||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Weighted Average | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||
Amortization Period | Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||
(Years) | Amount | Amount | ||||||||||||||||||||
Amortization intangible assets: | ||||||||||||||||||||||
Patents | 7 | $ | 20,165 | $ | (19,732 | ) | $ | 433 | $ | 19,570 | $ | (18,894 | ) | $ | 676 | |||||||
Acquired Technology | 15 | 40,546 | (4,055 | ) | 36,491 | 38,928 | (1,298 | ) | 37,630 | |||||||||||||
License agreements and other | 5 | 35,259 | (22,232 | ) | 13,027 | 35,780 | (22,126 | ) | 13,654 | |||||||||||||
Total intangible assets | 10 | $ | 95,970 | $ | (46,019 | ) | $ | 49,951 | $ | 94,278 | $ | (42,318 | ) | $ | 51,960 | |||||||
Schedule of future estimated amortization expense | ' | |||||||||||||||||||||
2014 | $ | 5,330 | ||||||||||||||||||||
2015 | 5,149 | |||||||||||||||||||||
2016 | 4,217 | |||||||||||||||||||||
2017 | 3,445 | |||||||||||||||||||||
2018 and thereafter | 31,810 |
ACCOUNTS_PAYABLE_AND_ACCRUED_L1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ' | ||||||
Components of accounts payable and accrued liabilities | ' | ||||||
2013 | 2012 | ||||||
Accounts payable, principally trade | $ | 150,122 | $ | 136,941 | |||
Accrued employee compensation costs | 126,845 | 120,694 | |||||
Customer deposits and other unearned income | 37,084 | 42,148 | |||||
Other accrued liabilities | 89,000 | 80,886 | |||||
Total | $ | 403,051 | $ | 380,669 | |||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
INCOME TAXES | ' | |||||||||||
Schedule of income before income taxes | ' | |||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
United States | $ | 28,968 | $ | 58,250 | $ | 54,161 | ||||||
International | 235,415 | 183,123 | 220,781 | |||||||||
Total | $ | 264,383 | $ | 241,373 | $ | 274,942 | ||||||
| | | | | | | | | | | ||
Components of provision (benefit) for income taxes | ' | |||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
U.S. Federal | $ | 7,174 | $ | 17,027 | $ | 21,974 | ||||||
State/Local | (631 | ) | 491 | 1,008 | ||||||||
International | 79,070 | 70,450 | 66,326 | |||||||||
$ | 85,613 | $ | 87,968 | $ | 89,308 | |||||||
Deferred: | ||||||||||||
U.S. Federal/State | $ | 9,575 | $ | 8,757 | $ | 2,976 | ||||||
International | (2,731 | ) | (17,772 | ) | (972 | ) | ||||||
$ | 6,844 | $ | (9,015 | ) | $ | 2,004 | ||||||
Total | $ | 92,457 | $ | 78,953 | $ | 91,312 | ||||||
| | | | | | | | | | | ||
Schedule of reconciliation of actual income tax provision and the tax provision computed by applying statutory federal income tax rate | ' | |||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
Income tax at statutory rate | $ | 92,534 | $ | 84,481 | $ | 96,230 | ||||||
State income taxes (benefits), net of federal benefit (tax) | (610 | ) | 717 | 1,074 | ||||||||
Provision for distribution of current foreign earnings | 11,388 | 9,552 | 10,325 | |||||||||
Rate differential on earnings of foreign operations | (10,167 | ) | (14,865 | ) | (14,497 | ) | ||||||
Other items, net | (688 | ) | (932 | ) | (1,820 | ) | ||||||
Actual income tax provision | $ | 92,457 | $ | 78,953 | $ | 91,312 | ||||||
| | | | | | | | | | | ||
Effective income tax rate | 35 | % | 32.7 | % | 33.2 | % | ||||||
Components of significant deferred tax assets and liabilities | ' | |||||||||||
2013 | 2012 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Pension liabilities | $ | 21,106 | $ | 36,376 | ||||||||
Stock options | 10,785 | 15,700 | ||||||||||
Net operating loss carryforwards | 6,675 | 7,084 | ||||||||||
U.S. state tax credits | 6,192 | 3,441 | ||||||||||
Vacation | 6,109 | 5,325 | ||||||||||
Workers compensation | 4,180 | 4,511 | ||||||||||
Inventory | 3,866 | 4,567 | ||||||||||
Accruals | 2,084 | 2,502 | ||||||||||
Other | 9,759 | 8,213 | ||||||||||
Total gross deferred tax assets | 70,756 | 87,719 | ||||||||||
Less valuation allowance | (4,840 | ) | (7,033 | ) | ||||||||
Net deferred tax assets | 65,916 | 80,686 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Depreciation, amortization and leases | 61,316 | 58,587 | ||||||||||
Acquisition related intangibles | 20,100 | 19,346 | ||||||||||
Total gross deferred tax liabilities | 81,416 | 77,933 | ||||||||||
Net deferred tax assets | $ | (15,500 | ) | $ | 2,753 | |||||||
| | | | | | | | |||||
Schedule of reconciliation of the beginning and ending amount of income tax uncertainties | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 8,464 | $ | 9,071 | $ | 10,893 | ||||||
Increases based on tax positions for the current year | 110 | 245 | 150 | |||||||||
Increases based on tax positions of prior years | 381 | 107 | 128 | |||||||||
Decreases based on tax positions of prior years | (92 | ) | (257 | ) | (1,090 | ) | ||||||
Settlements | (515 | ) | (21 | ) | (457 | ) | ||||||
Lapse of statute of limitations | (360 | ) | (681 | ) | (553 | ) | ||||||
Balance at December 31 | $ | 7,988 | $ | 8,464 | $ | 9,071 | ||||||
| | | | | | | | | | | ||
Summary of major tax jurisdictions the Company files in, with the years still subject to income tax examinations | ' | |||||||||||
Major Tax | Tax Years | |||||||||||
Jurisdiction | Subject to | |||||||||||
Examination | ||||||||||||
United States — Federal | 2009 – 2013 | |||||||||||
United States — State | 2004 – 2013 | |||||||||||
France | 2011 – 2013 | |||||||||||
Germany | 2011 – 2013 | |||||||||||
Italy | 2009 – 2013 | |||||||||||
Switzerland | 2004 – 2013 |
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
DEBT | ' | |||||||
Schedule of long-term obligations | ' | |||||||
2013 | 2012 | |||||||
Notes payable 0.61% – 25.5%, due in monthly and annual installments through 2027 | $ | 3,230 | $ | 4,410 | ||||
Senior unsecured notes 5.4%, due in 2013 | — | 25,000 | ||||||
Senior unsecured notes 2.3%, due in 2015 | 16,000 | 16,000 | ||||||
Senior unsecured notes 6.0%, due in 2016 | 50,000 | 50,000 | ||||||
Senior unsecured notes 6.0%, due in 2018 | 75,000 | 75,000 | ||||||
Senior unsecured notes 3.8%, due in 2020 | 84,000 | 84,000 | ||||||
Senior unsecured notes 3.2%, due in 2022 | 75,000 | 75,000 | ||||||
Senior unsecured notes 3.4%, due in 2024 | 50,000 | 50,000 | ||||||
Capital lease obligations | 2,909 | 2,938 | ||||||
356,139 | 382,348 | |||||||
Current maturities of long-term obligations | (1,325 | ) | (29,488 | ) | ||||
Total long-term obligations | $ | 354,814 | $ | 352,860 | ||||
| | | | | | | |
LEASE_COMMITMENTS_Tables
LEASE COMMITMENTS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
LEASE COMMITMENTS | ' | |||||||
Components of assets recorded under capital leases | ' | |||||||
2013 | 2012 | |||||||
Buildings | $ | 15,162 | $ | 14,557 | ||||
Accumulated depreciation | (11,705 | ) | (10,825 | ) | ||||
$ | 3,457 | $ | 3,732 | |||||
| | | | | | | | |
Schedule of future minimum payments, by year and in the aggregate, under the capital leases and non cancelable operating leases | ' | |||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 690 | $ | 16,421 | ||||
2015 | 887 | 12,552 | ||||||
2016 | 855 | 9,109 | ||||||
2017 | 782 | 7,514 | ||||||
2018 | 631 | 4,391 | ||||||
Subsequent to 2018 | — | 5,834 | ||||||
Total minimum lease payments | 3,845 | $ | 55,821 | |||||
| | | | | | | | |
Amounts representing interest | (936 | ) | ||||||
Present value of future minimum lease payments | 2,909 | |||||||
Lease amount due in one year | (524 | ) | ||||||
Total | $ | 2,385 | ||||||
| | | | | | | |
RETIREMENT_AND_DEFERRED_COMPEN1
RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
RETIREMENT AND DEFERRED COMPENSATION PLANS | ' | |||||||||||||||||||||||||
Change in the projected benefit obligation, plan assets at fair value and funded status | ' | |||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 136,321 | $ | 111,947 | $ | 80,610 | $ | 48,754 | ||||||||||||||||||
Service cost | 8,539 | 7,217 | 3,901 | 2,244 | ||||||||||||||||||||||
Interest cost | 4,992 | 4,913 | 2,676 | 2,658 | ||||||||||||||||||||||
Business acquired | — | — | — | 9,148 | ||||||||||||||||||||||
Curtailment/Settlement | — | — | (1,342 | ) | — | |||||||||||||||||||||
Actuarial (gain) loss | (14,260 | ) | 18,743 | (1,752 | ) | 17,905 | ||||||||||||||||||||
Benefits paid | (6,144 | ) | (6,499 | ) | (2,952 | ) | (2,075 | ) | ||||||||||||||||||
Foreign currency translation adjustment | — | — | 3,519 | 1,976 | ||||||||||||||||||||||
Benefit obligation at end of year | $ | 129,448 | $ | 136,321 | $ | 84,660 | $ | 80,610 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 84,587 | $ | 68,537 | $ | 47,876 | $ | 39,835 | ||||||||||||||||||
Actual return on plan assets | 12,063 | 8,342 | 1,742 | 1,547 | ||||||||||||||||||||||
Employer contribution | 10,061 | 14,207 | 5,419 | 7,381 | ||||||||||||||||||||||
Business acquired | — | — | — | 389 | ||||||||||||||||||||||
Benefits paid | (6,144 | ) | (6,499 | ) | (2,952 | ) | (2,075 | ) | ||||||||||||||||||
Foreign currency translation adjustment | — | — | 1,990 | 799 | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 100,567 | $ | 84,587 | $ | 54,075 | $ | 47,876 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Funded status at end of year | $ | (28,881 | ) | $ | (51,734 | ) | $ | (30,585 | ) | $ | (32,734 | ) | ||||||||||||||
Schedule of funded status amounts recognized in the Consolidated Balance Sheet | ' | |||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Current liabilities | $ | (809 | ) | $ | (369 | ) | $ | — | $ | (1,187 | ) | |||||||||||||||
Non-current liabilities | (28,072 | ) | (51,365 | ) | (30,585 | ) | (31,547 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
$ | (28,881 | ) | $ | (51,734 | ) | $ | (30,585 | ) | $ | (32,734 | ) | |||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss | ' | |||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Net actuarial loss | $ | 32,930 | $ | 58,580 | $ | 24,844 | $ | 29,265 | ||||||||||||||||||
Net prior service cost | — | 3 | 3,784 | 4,157 | ||||||||||||||||||||||
Tax effects | (12,349 | ) | (21,969 | ) | (9,116 | ) | (10,788 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
$ | 20,581 | $ | 36,614 | $ | 19,512 | $ | 22,634 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income | ' | |||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
Current year actuarial gain | $ | 20,548 | $ | 3,005 | ||||||||||||||||||||||
Amortization of net loss | 5,103 | 1,416 | ||||||||||||||||||||||||
Amortization of prior service cost | 3 | 373 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
$ | 25,654 | $ | 4,794 | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Schedule of amounts in accumulated other comprehensive loss expected to be recognized as components of periodic benefit cost in 2014 | ' | |||||||||||||||||||||||||
The following table presents the amounts in accumulated other comprehensive loss as of December 31, 2013 expected to be recognized as components of periodic benefit cost in 2014. | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
Amortization of net loss | $ | 2,787 | $ | 1,255 | ||||||||||||||||||||||
Amortization of prior service cost | — | 324 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
$ | 2,787 | $ | 1,579 | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||
Domestic Plans | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 8,539 | $ | 7,217 | $ | 5,436 | ||||||||||||||||||||
Interest cost | 4,992 | 4,913 | 4,504 | |||||||||||||||||||||||
Expected return on plan assets | (5,775 | ) | (5,604 | ) | (4,790 | ) | ||||||||||||||||||||
Amortization of net loss | 5,103 | 3,854 | 1,652 | |||||||||||||||||||||||
Amortization of prior service cost | 3 | 4 | 4 | |||||||||||||||||||||||
Net periodic benefit cost | $ | 12,862 | $ | 10,384 | $ | 6,806 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Curtailment | — | — | — | |||||||||||||||||||||||
Total Net periodic benefit cost | $ | 12,862 | $ | 10,384 | $ | 6,806 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 3,901 | $ | 2,244 | $ | 2,018 | ||||||||||||||||||||
Interest cost | 2,676 | 2,658 | 2,518 | |||||||||||||||||||||||
Expected return on plan assets | (1,821 | ) | (1,538 | ) | (1,753 | ) | ||||||||||||||||||||
Amortization of net loss | 1,416 | 475 | 836 | |||||||||||||||||||||||
Amortization of prior service cost | 373 | 361 | 455 | |||||||||||||||||||||||
Net periodic benefit cost | $ | 6,545 | $ | 4,200 | $ | 4,074 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Curtailment | 1 | — | — | |||||||||||||||||||||||
Total Net periodic benefit cost | $ | 6,546 | $ | 4,200 | $ | 4,074 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets | ' | |||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 129,448 | $ | 136,321 | $ | 77,475 | $ | 77,663 | ||||||||||||||||||
Accumulated benefit obligation | 114,592 | 118,804 | 60,707 | 60,703 | ||||||||||||||||||||||
Fair value of plan assets | 100,567 | 84,587 | 47,753 | 44,930 | ||||||||||||||||||||||
Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets | ' | |||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 129,448 | $ | 136,321 | $ | 81,158 | $ | 77,663 | ||||||||||||||||||
Accumulated benefit obligation | 114,592 | 118,804 | 63,527 | 60,703 | ||||||||||||||||||||||
Fair value of plan assets | 100,567 | 84,587 | 50,573 | 44,930 | ||||||||||||||||||||||
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost | ' | |||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||||
Discount rate | 4.75% | 3.80% | N/A | 3.24% | 3.19% | N/A | ||||||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | N/A | 3.00% | 3.00% | N/A | ||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | ||||||||||||||||||||||||||
Discount rate | 3.80% | 4.40% | 5.40% | 3.19% | 5.10% | 5.15% | ||||||||||||||||||||
Expected long-term return on plan assets | 7.00% | 7.00% | 7.00% | 3.79% | 3.83% | 4.40% | ||||||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | 3.00% | 3.00% | 3.00% | ||||||||||||||||||||
Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category | ' | |||||||||||||||||||||||||
Domestic Plans Assets | Foreign Plans Assets | |||||||||||||||||||||||||
at December 31, | at December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Equity securities | 59% | 60% | 5% | 1% | ||||||||||||||||||||||
Fixed income securities | 24% | 30% | 16% | 6% | ||||||||||||||||||||||
Infrastructure | 8% | 10% | — | — | ||||||||||||||||||||||
Money market | 9% | — | 1% | 12% | ||||||||||||||||||||||
Investment Funds | — | — | 78% | 81% | ||||||||||||||||||||||
Total | 100% | 100% | 100% | 100% | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Summary of fair value of pension plan assets | ' | |||||||||||||||||||||||||
Domestic Fair Value Measurement | Foreign Fair Value Measurement | |||||||||||||||||||||||||
at December 31, 2013 | at December 31, 2013 | |||||||||||||||||||||||||
(In Thousands $) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Cash and Short Term Securities (a) | $ | 9,070 | $ | 9,070 | $ | — | $ | — | $ | 757 | $ | 757 | $ | — | $ | — | ||||||||||
USD | — | 9,070 | — | — | — | — | — | — | ||||||||||||||||||
EUR | — | — | — | — | — | 757 | — | — | ||||||||||||||||||
Equity Securities (a) | $ | 49,261 | $ | 49,261 | — | — | $ | 2,547 | $ | 2,547 | — | — | ||||||||||||||
US Large Cap Equities | — | 20,159 | — | — | — | — | — | — | ||||||||||||||||||
US Small Cap Equities | — | 14,521 | — | — | — | — | — | — | ||||||||||||||||||
International Equities | — | 14,581 | — | — | — | 2,547 | — | — | ||||||||||||||||||
Core Fixed Income (a) | $ | 23,918 | $ | 23,918 | — | — | 1,950 | 1,950 | — | — | ||||||||||||||||
Corporate debts securities | — | — | — | — | $ | 6,560 | $ | 6,560 | — | — | ||||||||||||||||
Euro Corporate Bonds (a) | — | — | — | — | — | 6,560 | — | — | ||||||||||||||||||
Hedge Fund (c) | $ | 9,731 | — | — | $ | 9,731 | — | — | — | — | ||||||||||||||||
Investment Funds | — | — | — | — | $ | 42,261 | $ | 15,501 | $ | 26,760 | — | |||||||||||||||
Mutual Funds in Equities (a) | — | — | — | — | — | 3,628 | — | — | ||||||||||||||||||
Mutual Funds in Bonds (a) | — | — | — | — | — | 10,040 | — | — | ||||||||||||||||||
Mutual Funds Diversified (a &b) | — | — | — | — | — | 1,833 | 26,760 | — | ||||||||||||||||||
Infrastructure (c) | $ | 8,587 | — | — | $ | 8,587 | — | — | — | — | ||||||||||||||||
Total Investments | $ | 100,567 | $ | 82,249 | $ | — | $ | 18,318 | $ | 54,075 | $ | 27,315 | $ | 26,760 | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Domestic Fair Value Measurement | Foreign Fair Value Measurement | |||||||||||||||||||||||||
at December 31, 2012 | at December 31, 2012 | |||||||||||||||||||||||||
(In Thousands $) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Cash and Short Term Securities (a) | $ | 887 | $ | 887 | $ | — | $ | — | $ | 5,560 | $ | 5,560 | $ | — | $ | — | ||||||||||
USD | — | 887 | — | — | — | — | — | — | ||||||||||||||||||
EUR | — | — | — | — | — | 5,560 | — | — | ||||||||||||||||||
Equity Securities (a) | $ | 42,523 | $ | 42,523 | — | — | $ | 655 | $ | 655 | — | — | ||||||||||||||
US Large Cap Equities | — | 17,142 | — | — | — | — | — | — | ||||||||||||||||||
US Small Cap Equities | — | 12,523 | — | — | — | — | — | — | ||||||||||||||||||
International Equities | — | 12,858 | — | — | — | 655 | — | — | ||||||||||||||||||
Core Fixed Income (a) | $ | 24,587 | $ | 24,587 | — | — | $ | 728 | 728 | — | — | |||||||||||||||
Corporate debts securities | — | — | — | — | $ | 2,084 | $ | 2,084 | — | — | ||||||||||||||||
Euro Corporate Bonds (a) | — | — | — | — | — | 2,084 | — | — | ||||||||||||||||||
Hedge Fund (c) | $ | 8,575 | — | — | $ | 8,575 | — | — | — | — | ||||||||||||||||
Investment Funds | — | — | — | — | $ | 38,849 | $ | 17,622 | $ | 21,227 | — | |||||||||||||||
Mutual Funds in Equities (a) | — | — | — | — | — | 5,873 | — | — | ||||||||||||||||||
Mutual Funds in Bonds (a) | — | — | — | — | — | 2,458 | — | — | ||||||||||||||||||
Mutual Funds Diversified (a &b) | — | — | — | — | — | 9,291 | 21,227 | — | ||||||||||||||||||
Infrastructure (c) | $ | 8,015 | — | — | $ | 8,015 | — | — | — | — | ||||||||||||||||
Total Investments | $ | 84,587 | $ | 67,997 | $ | — | $ | 16,590 | $ | 47,876 | $ | 26,649 | $ | 21,227 | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) | ||||||||||||||||||||||||||
Based on third party quotation from financial institution. | ||||||||||||||||||||||||||
(b) | ||||||||||||||||||||||||||
Based on observable market transactions. | ||||||||||||||||||||||||||
(c) | ||||||||||||||||||||||||||
Based on a quarterly statement prepared by the fund manager that reflects contributions, distributions and realized/unrealized gains and losses. | ||||||||||||||||||||||||||
Summary of changes in fair value of pension plan investments classified as Level 3 | ' | |||||||||||||||||||||||||
Infrastructure Fund | Hedge Fund | |||||||||||||||||||||||||
Balance, 12/31/11 | $ | 5,670 | $ | 7,497 | ||||||||||||||||||||||
Purchases, sales and settlements, net | 1,800 | 1,000 | ||||||||||||||||||||||||
Return on assets held | 696 | 78 | ||||||||||||||||||||||||
Admin fees and other | (151 | ) | — | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Balance, 12/31/12 | $ | 8,015 | $ | 8,575 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Return on assets held | 725 | 1,156 | ||||||||||||||||||||||||
Admin fees and other | (153 | ) | — | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Balance, 12/31/13 | $ | 8,587 | $ | 9,731 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Schedule of estimated benefit payments relating to defined benefit plans over the next ten years | ' | |||||||||||||||||||||||||
As of December 31, 2013, the Company expects the plans to make the following estimated benefit payments relating to its defined benefit plans over the next ten years: | ||||||||||||||||||||||||||
Domestic Plans | Foreign Plans | |||||||||||||||||||||||||
2014 | $ | 7,579 | $ | 2,529 | ||||||||||||||||||||||
2015 | 7,351 | 2,133 | ||||||||||||||||||||||||
2016 | 7,744 | 2,678 | ||||||||||||||||||||||||
2017 | 10,174 | 3,146 | ||||||||||||||||||||||||
2018 | 9,569 | 3,825 | ||||||||||||||||||||||||
2019 – 2023 | 55,864 | 24,731 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ' | |||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | ' | |||||||||||||
Foreign | Defined Benefit | Other | Total | |||||||||||
Currency | Pension Plans | |||||||||||||
Balance — December 31, 2010 | $ | 148,030 | $ | (23,837 | ) | $ | (427 | ) | $ | 123,766 | ||||
Other comprehensive loss before reclassifications | (47,436 | ) | (18,032 | ) | — | (65,468 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | 1,961 | 59 | 2,020 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive (loss)/income | (47,436 | ) | (16,071 | ) | 59 | (63,448 | ) | |||||||
| | | | | | | | | | | | | | |
Balance — December 31, 2011 | $ | 100,594 | $ | (39,908 | ) | $ | (368 | ) | $ | 60,318 | ||||
Other comprehensive gain/(loss) before reclassifications | 19,503 | (22,316 | ) | — | (2,813 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2,976 | 202 | 3,178 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive income/(loss) | 19,503 | (19,340 | ) | 202 | 365 | |||||||||
| | | | | | | | | | | | | | |
Balance — December 31, 2012 | $ | 120,097 | $ | (59,248 | ) | $ | (166 | ) | $ | 60,683 | ||||
Other comprehensive gain before reclassifications | 29,868 | 14,791 | — | 44,659 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 4,364 | 45 | 4,409 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive income | 29,868 | 19,155 | 45 | 49,068 | ||||||||||
| | | | | | | | | | | | | | |
Balance — December 31, 2013 | $ | 149,965 | $ | (40,093 | ) | $ | (121 | ) | $ | 109,751 | ||||
| | | | | | | | | | | | | | |
Reclassifications Out of Accumulated Other Comprehensive Income | ' | |||||||||||||
Amount Reclassified from | ||||||||||||||
Accumulated Other | Affected Line in the Statement | |||||||||||||
Details about Accumulated Other Comprehensive Income Components | Comprehensive Income | Where Net Income is Presented | ||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Amortization of net loss | $ | 6,519 | $ | 4,329 | $ | 2,488 | (a) | |||||||
Amortization of prior service cost | 376 | 365 | 459 | (a) | ||||||||||
| | | | | | | | | | | | |||
6,895 | 4,694 | 2,947 | Total before tax | |||||||||||
(2,531 | ) | (1,718 | ) | (986 | ) | Tax benefit | ||||||||
| | | | | | | | | | | | |||
$ | 4,364 | $ | 2,976 | $ | 1,961 | Net of tax | ||||||||
| | | | | | | | | | | | |||
Other | ||||||||||||||
Changes in treasury locks | 69 | 90 | 87 | Interest Expense | ||||||||||
Net (loss) / gain on derivatives | — | (10 | ) | 5 | Interest Income | |||||||||
| | | | | | | | | | | | |||
69 | 80 | 92 | Total before tax | |||||||||||
(24 | ) | 122 | (33 | ) | Tax benefit | |||||||||
| | | | | | | | | | | | |||
$ | 45 | $ | 202 | $ | 59 | Net of tax | ||||||||
| | | | | | | | | | | | |||
Total reclassifications for the period | $ | 4,409 | $ | 3,178 | $ | 2,020 | ||||||||
| | | | | | | | | | | | |||
(a) | ||||||||||||||
These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 8—Retirement and Deferred Compensation Plans for additional details). | ||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||||
Schedule of Fair Value of Derivative Instruments in the Consolidated Balance Sheets | ' | |||||||||||||||||||
Derivative Contracts Not Designated as | Balance Sheet Location | December 31, | December 31, | |||||||||||||||||
Hedging Instruments | 2013 | 2012 | ||||||||||||||||||
Derivative Assets | ||||||||||||||||||||
Foreign Exchange Contracts | Prepayments and other | $ | 3,003 | $ | 332 | |||||||||||||||
Foreign Exchange Contracts | Miscellaneous Other Assets | 985 | 982 | |||||||||||||||||
| | | | | | | | | | |||||||||||
$ | 3,988 | $ | 1,314 | |||||||||||||||||
| | | | | | | | | | |||||||||||
Derivative Liabilities | ||||||||||||||||||||
Foreign Exchange Contracts | Accounts payable and accrued liabilities | $ | 522 | $ | 2,097 | |||||||||||||||
Foreign Exchange Contracts | Deferred and other non-current liabilities | 110 | 164 | |||||||||||||||||
| | | | | | | | | | |||||||||||
$ | 632 | $ | 2,261 | |||||||||||||||||
| | | | | | | | | | |||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Income | ' | |||||||||||||||||||
Derivatives Not Designated | Location of Gain (Loss) Recognized | Amount of Gain (Loss) | ||||||||||||||||||
as Hedging Instruments | in Income on Derivative | Recognized in Income | ||||||||||||||||||
on Derivative | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Foreign Exchange Contracts | Other Income (Expense) | $ | 3,307 | $ | (457 | ) | ||||||||||||||
Miscellaneous, net | ||||||||||||||||||||
| | | | | | | | | | |||||||||||
$ | 3,307 | $ | (457 | ) | ||||||||||||||||
| | | | | | | | | | |||||||||||
Schedule of offsetting derivative assets and liabilities | ' | |||||||||||||||||||
Gross Amounts not Offset | ||||||||||||||||||||
in the Statement of | ||||||||||||||||||||
Gross Amounts | Net Amounts | Financial Position | ||||||||||||||||||
Offset in the | Presented in | |||||||||||||||||||
Financial Position | the Statement of | |||||||||||||||||||
Gross | Financial Position | Financial | Cash Collateral | Net | ||||||||||||||||
Amount | Instruments | Received | Amount | |||||||||||||||||
Description | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Derivative Assets | $ | 3,988 | — | $ | 3,988 | — | — | $ | 3,988 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 3,988 | — | $ | 3,988 | — | — | $ | 3,988 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Derivative Liabilities | $ | 632 | — | $ | 632 | — | — | $ | 632 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | $ | 632 | — | $ | 632 | — | — | $ | 632 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
2012 | ||||||||||||||||||||
Derivative Assets | $ | 1,314 | — | $ | 1,314 | — | — | $ | 1,314 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 1,314 | — | $ | 1,314 | — | — | $ | 1,314 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Derivative Liabilities | $ | 2,261 | — | $ | 2,261 | — | — | $ | 2,261 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | $ | 2,261 | — | $ | 2,261 | — | — | $ | 2,261 | |||||||||||
| | | | | | | | | | | | | | | | | | | |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE | ' | |||||||||||||
Schedule of fair values of financial assets and liabilities | ' | |||||||||||||
As of December 31, 2013, the fair values of our financial assets and liabilities were categorized as follows: | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets | ||||||||||||||
Forward exchange contracts (1) | $ | 3,988 | $ | — | $ | 3,988 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 3,988 | $ | — | $ | 3,988 | $ | — | ||||||
| | | | | | | | | | | | | | |
Liabilities | ||||||||||||||
Forward exchange contracts (1) | $ | 632 | $ | — | $ | 632 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total liabilities at fair value | $ | 632 | $ | — | $ | 632 | $ | — | ||||||
| | | | | | | | | | | | | | |
As of December 31, 2012, the fair values of our financial assets and liabilities were categorized as follows: | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets | ||||||||||||||
Forward exchange contracts (1) | $ | 1,314 | $ | — | $ | 1,314 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 1,314 | $ | — | $ | 1,314 | $ | — | ||||||
| | | | | | | | | | | | | | |
Liabilities | ||||||||||||||
Forward exchange contracts (1) | $ | 2,261 | $ | — | $ | 2,261 | $ | — | ||||||
| | | | | | | | | | | | | | |
Total liabilities at fair value | $ | 2,261 | $ | — | $ | 2,261 | $ | — | ||||||
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Market approach valuation technique based on observable market transactions of spot and forward rates. | ||||||||||||||
CAPITAL_STOCK_Tables
CAPITAL STOCK (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
CAPITAL STOCK | ' | |||||||||||||
Schedule of number of shares of common stock and treasury stock and the share activity | ' | |||||||||||||
Common Shares | Treasury Shares | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Balance at the beginning of the year | 84,086,341 | 82,773,322 | 18,158,002 | 16,921,022 | ||||||||||
Employee option exercises | 1,217,583 | 1,234,163 | (179,169 | ) | (379,453 | ) | ||||||||
Director option exercises | 48,333 | 69,833 | — | — | ||||||||||
Restricted stock vestings | 12,046 | 9,023 | — | — | ||||||||||
Common stock repurchases | — | — | 2,001,000 | 1,616,433 | ||||||||||
| | | | | | | | | | | | | | |
Balance at the end of the year | 85,364,303 | 84,086,341 | 19,979,833 | 18,158,002 | ||||||||||
| | | | | | | | | | | | | |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||
Weighted-average assumptions used to estimate fair value of stock options granted | ' | |||||||||||||
Stock Awards Plans: | 2013 | 2012 | 2011 | |||||||||||
Years ended December 31, | ||||||||||||||
Dividend Yield | 1.80% | 1.80% | 1.70% | |||||||||||
Expected Stock Price Volatility | 22.70% | 22.90% | 23.30% | |||||||||||
Risk-free Interest Rate | 1.30% | 1.30% | 2.70% | |||||||||||
Expected Life of Option (years) | 6.9 | 6.9 | 6.9 | |||||||||||
Director Stock Option Plans: | 2013 | 2012 | 2011 | |||||||||||
Years ended December 31, | ||||||||||||||
Dividend Yield | 1.90% | 1.70% | 1.60% | |||||||||||
Expected Stock Price Volatility | 23.00% | 22.50% | 22.90% | |||||||||||
Risk-free Interest Rate | 1.30% | 1.30% | 2.50% | |||||||||||
Expected Life of Option (years) | 6.9 | 6.9 | 6.9 | |||||||||||
Summary of option activity | ' | |||||||||||||
Stock Awards Plans | Director Stock Option Plans | |||||||||||||
Shares | Weighted Average | Shares | Weighted Average | |||||||||||
Exercise Price | Exercise Price | |||||||||||||
Outstanding, January 1, 2013 | 7,879,197 | $ | 37.27 | 276,667 | $ | 45.48 | ||||||||
Granted | 1,385,300 | 51.83 | 85,500 | 56.49 | ||||||||||
Exercised | (1,396,752 | ) | 28.99 | (48,333 | ) | 43.11 | ||||||||
Forfeited or expired | (51,813 | ) | 47.09 | — | — | |||||||||
Outstanding at December 31, 2013 | 7,815,932 | $ | 41.26 | 313,834 | $ | 48.85 | ||||||||
| | | | | | | | | | | | | | |
Exercisable at December 31, 2013 | 5,243,131 | $ | 36.36 | 146,001 | $ | 42.05 | ||||||||
| | | | | | | | | | | | | | |
Weighted-Average Remaining Contractual Term (Years): | ||||||||||||||
Outstanding at December 31, 2013 | 6.1 | 7.5 | ||||||||||||
Exercisable at December 31, 2013 | 4.9 | 6.2 | ||||||||||||
Aggregate Intrinsic Value: | ||||||||||||||
Outstanding at December 31, 2013 | $ | 207,490 | $ | 5,951 | ||||||||||
Exercisable at December 31, 2013 | $ | 164,895 | $ | 3,761 | ||||||||||
Intrinsic Value of Options Exercised During the Years Ended: | ||||||||||||||
December 31, 2013 | $ | 37,822 | $ | 732 | ||||||||||
December 31, 2012 | $ | 42,226 | $ | 1,674 | ||||||||||
December 31, 2011 | $ | 32,782 | $ | 970 | ||||||||||
Summary of restricted stock unit activity | ' | |||||||||||||
Shares | Weighted-Average | |||||||||||||
Grant-Date Fair Value | ||||||||||||||
Nonvested at January 1, 2013 | 25,862 | $ | 48.76 | |||||||||||
Granted | 12,448 | 54.92 | ||||||||||||
Vested | (12,629 | ) | 45.2 | |||||||||||
Nonvested at December 31, 2013 | 25,681 | $ | 53.49 | |||||||||||
| | | | | | | |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
EARNINGS PER SHARE | ' | |||||||||
Schedule of reconciliation of basic and diluted earnings per share | ' | |||||||||
Income | Shares | Per Share | ||||||||
(Numerator) | (Denominator) | Amount | ||||||||
For the Year Ended December 31, 2013 | ||||||||||
Basic EPS | ||||||||||
Income available to common stockholders | $ | 171,994 | 66,090 | $ | 2.6 | |||||
Effect of Dilutive Securities | ||||||||||
Stock options | 2,106 | |||||||||
Restricted stock | — | 12 | ||||||||
Diluted EPS | ||||||||||
Income available to common stockholders | $ | 171,994 | 68,208 | $ | 2.52 | |||||
| | | | | | | | | | |
For the Year Ended December 31, 2012 | ||||||||||
Basic EPS | ||||||||||
Income available to common stockholders | $ | 162,612 | 66,392 | $ | 2.45 | |||||
Effect of Dilutive Securities | ||||||||||
Stock options | 1,990 | |||||||||
Restricted stock | — | 13 | ||||||||
Diluted EPS | ||||||||||
Income available to common stockholders | $ | 162,612 | 68,395 | $ | 2.38 | |||||
| | | | | | | | | | |
For the Year Ended December 31, 2011 | ||||||||||
Basic EPS | ||||||||||
Income available to common stockholders | $ | 183,683 | 66,553 | $ | 2.76 | |||||
Effect of Dilutive Securities | ||||||||||
Stock options | 2,714 | |||||||||
Restricted stock | — | 7 | ||||||||
Diluted EPS | ||||||||||
Income available to common stockholders | $ | 183,683 | 69,274 | $ | 2.65 | |||||
| | | | | | | | | |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SEGMENT INFORMATION | ' | ||||||||||
Financial information regarding the Company's reportable segments | ' | ||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||
Total Sales: | |||||||||||
Beauty + Home | $ | 1,501,611 | $ | 1,468,599 | $ | 1,531,479 | |||||
Pharma | 709,058 | 588,853 | 554,708 | ||||||||
Food + Beverage | 323,469 | 288,995 | 269,968 | ||||||||
Corporate & Other | — | — | 7 | ||||||||
Total Sales | $ | 2,534,138 | $ | 2,346,447 | $ | 2,356,162 | |||||
Less: Intersegment Sales: | |||||||||||
Beauty + Home | $ | 13,466 | $ | 14,659 | $ | 15,174 | |||||
Pharma | 284 | 160 | 778 | ||||||||
Food + Beverage | 375 | 592 | 3,020 | ||||||||
Corporate & Other | — | — | 7 | ||||||||
Total Intersegment Sales | $ | 14,125 | $ | 15,411 | $ | 18,979 | |||||
Net Sales: | |||||||||||
Beauty + Home | $ | 1,488,145 | $ | 1,453,940 | $ | 1,516,305 | |||||
Pharma | 708,774 | 588,693 | 553,930 | ||||||||
Food + Beverage | 323,094 | 288,403 | 266,948 | ||||||||
Corporate & Other | — | — | — | ||||||||
Net Sales | $ | 2,520,013 | $ | 2,331,036 | $ | 2,337,183 | |||||
Segment Income (1): | |||||||||||
Beauty + Home | $ | 109,272 | $ | 123,527 | $ | 130,818 | |||||
Pharma | 189,689 | 141,912 | 164,390 | ||||||||
Food + Beverage | 35,186 | 30,415 | 27,801 | ||||||||
Restructuring Initiatives and Related Depreciation | (14,525 | ) | (4,678 | ) | 71 | ||||||
Corporate & Other | (37,958 | ) | (33,849 | ) | (36,560 | ) | |||||
Income before interest and taxes | $ | 281,664 | $ | 257,327 | $ | 286,520 | |||||
Interest expense, net | (17,281 | ) | (15,954 | ) | (11,578 | ) | |||||
Income before income taxes | $ | 264,383 | $ | 241,373 | $ | 274,942 | |||||
| | | | | | | | | | | |
Depreciation and Amortization (1): | |||||||||||
Beauty + Home | $ | 83,328 | $ | 82,828 | $ | 90,038 | |||||
Pharma | 39,812 | 33,122 | 28,084 | ||||||||
Food + Beverage | 18,871 | 15,605 | 13,413 | ||||||||
Restructuring Initiatives | 2,725 | 1,576 | — | ||||||||
Corporate & Other | 5,220 | 3,891 | 2,708 | ||||||||
Depreciation and Amortization | $ | 149,956 | $ | 137,022 | $ | 134,243 | |||||
Capital Expenditures: | |||||||||||
Beauty + Home | $ | 81,247 | $ | 97,010 | $ | 101,913 | |||||
Pharma | 32,643 | 24,953 | 26,911 | ||||||||
Food + Beverage | 19,339 | 32,282 | 47,135 | ||||||||
Corporate & Other | 18,281 | 19,808 | 3,733 | ||||||||
Capital Expenditures | $ | 151,510 | $ | 174,053 | $ | 179,692 | |||||
Total Assets: | |||||||||||
Beauty + Home | $ | 1,318,933 | $ | 1,240,101 | $ | 1,232,009 | |||||
Pharma | 676,420 | 659,132 | 404,939 | ||||||||
Food + Beverage | 253,774 | 233,553 | 199,170 | ||||||||
Corporate & Other | 248,635 | 191,626 | 323,177 | ||||||||
Total Assets | $ | 2,497,762 | $ | 2,324,412 | $ | 2,159,295 | |||||
-1 | |||||||||||
The Company evaluates performance of its business units and allocates resources based upon segment income. Segment income is defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and income taxes. Restructuring Initiatives and related Depreciation includes the following income/(expense) items for the twelve months ended December 31, 2013, 2012 and 2011 as follows: | |||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||
European Restructuring Plan | |||||||||||
Depreciation | $ | 2,725 | $ | 1,576 | $ | — | |||||
Employee Severance and Other Costs | 11,844 | 3,314 | — | ||||||||
Prior Year Initiatives | (44 | ) | (212 | ) | (71 | ) | |||||
| | | | | | | | | | | |
Total Restructuring Initiatives and Related Depreciation Expense | $ | 14,525 | $ | 4,678 | $ | (71 | ) | ||||
| | | | | | | | | | | |
Restructuring Initiatives and Related Depreciation Expense by Segment | |||||||||||
Beauty + Home | $ | 14,548 | $ | 4,787 | $ | (70 | ) | ||||
Pharma | — | — | — | ||||||||
Food + Beverage | (23 | ) | (109 | ) | (1 | ) | |||||
| | | | | | | | | | | |
Total Restructuring Initiatives and Related Depreciation Expense | $ | 14,525 | $ | 4,678 | $ | (71 | ) | ||||
| | | | | | | | | | | |
Restructuring Initiatives and Related Depreciation Expense | ' | ||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||
European Restructuring Plan | |||||||||||
Depreciation | $ | 2,725 | $ | 1,576 | $ | — | |||||
Employee Severance and Other Costs | 11,844 | 3,314 | — | ||||||||
Prior Year Initiatives | (44 | ) | (212 | ) | (71 | ) | |||||
| | | | | | | | | | | |
Total Restructuring Initiatives and Related Depreciation Expense | $ | 14,525 | $ | 4,678 | $ | (71 | ) | ||||
| | | | | | | | | | | |
Restructuring Initiatives and Related Depreciation Expense by Segment | |||||||||||
Beauty + Home | $ | 14,548 | $ | 4,787 | $ | (70 | ) | ||||
Pharma | — | — | — | ||||||||
Food + Beverage | (23 | ) | (109 | ) | (1 | ) | |||||
| | | | | | | | | | | |
Total Restructuring Initiatives and Related Depreciation Expense | $ | 14,525 | $ | 4,678 | $ | (71 | ) | ||||
| | | | | | | | | | | |
Schedule of net sales and long-lived asset information by geographic area and product information | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Net Sales to Unaffiliated Customers (1): | |||||||||||
United States | $ | 634,418 | $ | 650,637 | $ | 636,060 | |||||
Europe: | |||||||||||
France | 810,528 | 650,226 | 630,172 | ||||||||
Germany | 339,858 | 311,205 | 308,847 | ||||||||
Italy | 136,617 | 144,163 | 168,885 | ||||||||
Other Europe | 165,038 | 163,695 | 232,132 | ||||||||
Total Europe | 1,452,041 | 1,269,289 | 1,340,036 | ||||||||
Other Foreign Countries | 433,554 | 411,110 | 361,087 | ||||||||
Total | $ | 2,520,013 | $ | 2,331,036 | $ | 2,337,183 | |||||
| | | | | | | | | | | |
Plant, Property & Equipment: | |||||||||||
United States | $ | 226,917 | $ | 191,697 | $ | 174,029 | |||||
Europe: | |||||||||||
France | 263,913 | 251,015 | 199,975 | ||||||||
Germany | 156,970 | 137,203 | 136,136 | ||||||||
Italy | 57,729 | 65,743 | 68,684 | ||||||||
Other Europe | 72,297 | 72,404 | 64,921 | ||||||||
Total Europe | 550,909 | 526,365 | 469,716 | ||||||||
Other Foreign Countries | 86,836 | 130,171 | 110,970 | ||||||||
Total | $ | 864,662 | $ | 848,233 | $ | 754,715 | |||||
| | | | | | | | | | | |
Product Net Sales Information: | |||||||||||
Pumps | $ | 1,093,514 | $ | 1,044,226 | $ | 1,114,276 | |||||
Closures | 594,135 | 605,493 | 615,243 | ||||||||
Valves | 327,635 | 327,251 | 316,900 | ||||||||
Injectables (2) | 142,116 | 56,465 | — | ||||||||
Other | 362,613 | 297,601 | 290,764 | ||||||||
Total | $ | 2,520,013 | $ | 2,331,036 | $ | 2,337,183 | |||||
| | | | | | | | | | | |
-1 | |||||||||||
Sales are attributed to countries based upon where the sales invoice to unaffiliated customers is generated. | |||||||||||
-2 | |||||||||||
Injectables represent six month sales in 2012 from the date of acquisition. | |||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
ACQUISITIONS | ' | ||||||||||
Summary of assets acquired and liabilities assumed at estimated fair value | ' | ||||||||||
July 3, 2012 | |||||||||||
Assets | |||||||||||
Cash and equivalents | $ | 68,335 | |||||||||
Accounts receivable | 23,540 | ||||||||||
Inventories | 16,826 | ||||||||||
Prepaid and other | 3,256 | ||||||||||
Property, plant and equipment | 42,073 | ||||||||||
Goodwill | 111,031 | ||||||||||
Intangible assets | 47,134 | ||||||||||
Other miscellaneous assets | 6,092 | ||||||||||
Liabilities | |||||||||||
Current maturities of long-term obligations | 675 | ||||||||||
Accounts payable and accrued liabilities | 26,064 | ||||||||||
Long-term obligations | 885 | ||||||||||
Deferred income taxes | 22,440 | ||||||||||
Retirement and deferred compensation plans | 12,049 | ||||||||||
Net assets acquired | $ | 256,174 | |||||||||
Summary of the fair value estimates of the acquired identifiable intangible assets and weighted-average useful lives as of the acquisition date | ' | ||||||||||
Weighted-Average | Estimated | ||||||||||
Useful Life | Fair Value | ||||||||||
(in years) | of Asset | ||||||||||
Customer relationships | 15 | $ | 7,438 | ||||||||
Technology | 15 | 37,191 | |||||||||
Trademark | 4 | 2,505 | |||||||||
Total | $ | 47,134 | |||||||||
Schedule of unaudited pro forma financial information | ' | ||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||
Net Sales | $ | 2,520 | $ | 2,395 | $ | 2,453 | |||||
Net Income Attributable to AptarGroup Inc. | 172 | 174 | 188 | ||||||||
Net Income per common share — basic | 2.6 | 2.62 | 2.82 | ||||||||
Net Income per common share — diluted | 2.52 | 2.54 | 2.71 | ||||||||
RESTRUCTURING_INITIATIVES_Tabl
RESTRUCTURING INITIATIVES (Tables) (European restructuring plan) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
European restructuring plan | ' | ||||||||||||||||
Restructuring initiatives | ' | ||||||||||||||||
Activity associated with the entity's restructuring initiatives | ' | ||||||||||||||||
Beginning | Net Charges for | Cash Paid | FX Impact | Ending | |||||||||||||
Reserve at | the Year | Reserve at | |||||||||||||||
12/31/12 | Ended 12/31/13 | 12/31/13 | |||||||||||||||
Employee severance | $ | 3,158 | $ | 7,319 | $ | (8,037 | ) | $ | 81 | $ | 2,521 | ||||||
Other costs | — | 4,525 | (2,848 | ) | 58 | 1,735 | |||||||||||
Totals | $ | 3,158 | $ | 11,844 | $ | (10,885 | ) | $ | 139 | $ | 4,256 | ||||||
| | | | | | | | | | | | | | | | |
QUARTERLY_DATA_UNAUDITED_Table
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
QUARTERLY DATA (UNAUDITED) | ' | ||||||||||||||||
Schedule of quarterly results of operations and per share information | ' | ||||||||||||||||
Quarter | |||||||||||||||||
Total | |||||||||||||||||
First | Second | Third | Fourth | for Year | |||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Net sales | $ | 617,633 | $ | 641,441 | $ | 623,644 | $ | 637,295 | $ | 2,520,013 | |||||||
Gross profit (1) | 164,213 | 172,721 | 163,677 | 165,543 | 666,154 | ||||||||||||
Net Income | 39,978 | 49,880 | 45,232 | 36,836 | 171,926 | ||||||||||||
Net Income Attributable to AptarGroup, Inc. | 40,029 | 49,802 | 45,264 | 36,899 | 171,994 | ||||||||||||
Per Common Share — 2013: | |||||||||||||||||
Net Income Attributable to AptarGroup, Inc. | |||||||||||||||||
Basic | $ | 0.61 | $ | 0.75 | $ | 0.68 | $ | 0.56 | $ | 2.6 | |||||||
Diluted | 0.59 | 0.73 | 0.67 | 0.54 | 2.52 | ||||||||||||
Dividends declared | 0.25 | 0.25 | 0.25 | 0.25 | 1 | ||||||||||||
Stock price high (2) | 57.47 | 57.76 | 60.75 | 67.86 | 67.86 | ||||||||||||
Stock price low (2) | 48.14 | 54.13 | 55.36 | 59.19 | 48.14 | ||||||||||||
Average number of shares outstanding: | |||||||||||||||||
Basic | 66,155 | 66,420 | 66,092 | 65,700 | 66,090 | ||||||||||||
Diluted | 68,296 | 68,106 | 67,986 | 67,853 | 68,208 | ||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||
Net sales | $ | 592,498 | $ | 577,503 | $ | 589,598 | $ | 571,437 | $ | 2,331,036 | |||||||
Gross profit (1) | 159,223 | 154,998 | 148,214 | 144,391 | 606,826 | ||||||||||||
Net Income | 43,813 | 41,652 | 42,101 | 34,854 | 162,420 | ||||||||||||
Net Income Attributable to AptarGroup, Inc. | 43,809 | 41,686 | 42,127 | 34,990 | 162,612 | ||||||||||||
Per Common Share — 2012: | |||||||||||||||||
Net Income Attributable to AptarGroup, Inc. | |||||||||||||||||
Basic | $ | 0.66 | $ | 0.63 | $ | 0.63 | $ | 0.53 | $ | 2.45 | |||||||
Diluted | 0.64 | 0.61 | 0.62 | 0.52 | 2.38 | ||||||||||||
Dividends declared | 0.22 | 0.22 | 0.22 | 0.22 | 0.88 | ||||||||||||
Stock price high (2) | 55 | 55.49 | 53.19 | 53.36 | 55.49 | ||||||||||||
Stock price low (2) | 51.01 | 49.36 | 47.56 | 45.19 | 45.19 | ||||||||||||
Average number of shares outstanding: | |||||||||||||||||
Basic | 66,196 | 66,580 | 66,541 | 66,249 | 66,392 | ||||||||||||
Diluted | 68,785 | 68,758 | 68,353 | 67,846 | 68,395 | ||||||||||||
-1 | |||||||||||||||||
Gross profit is defined as net sales less cost of sales and depreciation. | |||||||||||||||||
-2 | |||||||||||||||||
The stock price high and low amounts are based upon intra-day New York Stock Exchange composite price history. | |||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ' |
Number of reportable segments | 3 | ' | ' |
BASIS OF PRESENTATION | ' | ' | ' |
Expense recognized related to the plan | $14,525,000 | $4,678,000 | ($71,000) |
INVESTMENTS IN AFFILIATED COMPANIES | ' | ' | ' |
Dividends received from affiliates | 0 | 0 | 0 |
European restructuring plan | ' | ' | ' |
BASIS OF PRESENTATION | ' | ' | ' |
Expense recognized related to the plan | 14,600,000 | ' | ' |
Accelerated depreciation | $2,725,000 | $1,576,000 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings and improvements | Minimum | ' |
PROPERTY AND DEPRECIATION | ' |
Estimated useful lives | '25 years |
Buildings and improvements | Maximum | ' |
PROPERTY AND DEPRECIATION | ' |
Estimated useful lives | '40 years |
Machinery and equipment | Minimum | ' |
PROPERTY AND DEPRECIATION | ' |
Estimated useful lives | '3 years |
Machinery and equipment | Maximum | ' |
PROPERTY AND DEPRECIATION | ' |
Estimated useful lives | '10 years |
Software | Minimum | ' |
PROPERTY AND DEPRECIATION | ' |
Estimated useful lives | '3 years |
Software | Maximum | ' |
PROPERTY AND DEPRECIATION | ' |
Estimated useful lives | '7 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
Goodwill | ' | ' | ' |
Number of reportable units | 4 | ' | ' |
Impairment of goodwill | $0 | ' | ' |
IMPAIRMENT OF LONG-LIVED ASSETS | ' | ' | ' |
Adjustment for accelerated depreciation | 1.5 | ' | ' |
RESEARCH & DEVELOPMENT EXPENSES | ' | ' | ' |
Research and development expenses incurred net of customer funded research and development or government research and development credits | 71.8 | 65.4 | 67 |
TRANSLATION OF FOREIGN CURRENCIES | ' | ' | ' |
Realized and unrealized foreign currency transaction gain (loss) | ($6.30) | ($1.60) | $1.50 |
Patents, non-compete agreements and license agreements | Minimum | ' | ' | ' |
FINITE-LIVED INTANGIBLE ASSETS | ' | ' | ' |
Useful life | '3 years | ' | ' |
Patents, non-compete agreements and license agreements | Maximum | ' | ' | ' |
FINITE-LIVED INTANGIBLE ASSETS | ' | ' | ' |
Useful life | '20 years | ' | ' |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
INVENTORIES | ' | ' |
Inventories accounted for by using the LIFO method (as a percent) | 20.00% | 19.00% |
Inventories, by component | ' | ' |
Raw materials | $114,501 | $125,889 |
Work in process | 108,924 | 75,261 |
Finished goods | 137,591 | 127,393 |
Total | 361,016 | 328,543 |
Less LIFO reserve | -7,857 | -6,658 |
Total | $353,159 | $321,885 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
Changes in the carrying amount of goodwill | ' | ' | ' |
Goodwill | $360,480,000 | $353,167,000 | $235,304,000 |
Accumulated impairment losses | -1,615,000 | -1,615,000 | -1,615,000 |
Goodwill, balance at the beginning of the period | 351,552,000 | 233,689,000 | ' |
Acquisition | ' | 111,031,000 | ' |
Foreign currency exchange effects | 7,313,000 | 6,832,000 | ' |
Goodwill, balance at the end of the period | 358,865,000 | 351,552,000 | ' |
Number of reportable units | 4 | ' | ' |
Impairment of goodwill | 0 | ' | ' |
Operating segment | Beauty + Home | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Goodwill | 181,002,000 | 179,890,000 | 179,095,000 |
Goodwill, balance at the beginning of the period | 179,890,000 | 179,095,000 | ' |
Foreign currency exchange effects | 1,112,000 | 795,000 | ' |
Goodwill, balance at the end of the period | 181,002,000 | 179,890,000 | ' |
Operating segment | Pharma | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Goodwill | 159,949,000 | 153,978,000 | 37,009,000 |
Goodwill, balance at the beginning of the period | 153,978,000 | 37,009,000 | ' |
Acquisition | ' | 111,031,000 | ' |
Foreign currency exchange effects | 5,971,000 | 5,938,000 | ' |
Goodwill, balance at the end of the period | 159,949,000 | 153,978,000 | ' |
Operating segment | Food + Beverage | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Goodwill | 17,914,000 | 17,684,000 | 17,585,000 |
Goodwill, balance at the beginning of the period | 17,684,000 | 17,585,000 | ' |
Foreign currency exchange effects | 230,000 | 99,000 | ' |
Goodwill, balance at the end of the period | 17,914,000 | 17,684,000 | ' |
Corporate Non-Segment | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Goodwill | 1,615,000 | 1,615,000 | 1,615,000 |
Accumulated impairment losses | ($1,615,000) | ($1,615,000) | ($1,615,000) |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortized intangible assets: | ' | ' | ' |
Gross Carrying Amount | $95,970 | $94,278 | ' |
Accumulated Amortization | -46,019 | -42,318 | ' |
Net Value | 49,951 | 51,960 | ' |
Aggregate amortization expense | 5,033 | 3,177 | 2,195 |
Future estimated amortization expense | ' | ' | ' |
2014 | 5,330 | ' | ' |
2015 | 5,149 | ' | ' |
2016 | 4,217 | ' | ' |
2017 | 3,445 | ' | ' |
2018 and thereafter | 31,810 | ' | ' |
Weighted Average | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortization Period | '10 years | ' | ' |
Patents | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Gross Carrying Amount | 20,165 | 19,570 | ' |
Accumulated Amortization | -19,732 | -18,894 | ' |
Net Value | 433 | 676 | ' |
Patents | Weighted Average | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortization Period | '7 years | ' | ' |
Acquired Technology | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Gross Carrying Amount | 40,546 | 38,928 | ' |
Accumulated Amortization | -4,055 | -1,298 | ' |
Net Value | 36,491 | 37,630 | ' |
Acquired Technology | Weighted Average | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortization Period | '15 years | ' | ' |
License agreements and other | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Gross Carrying Amount | 35,259 | 35,780 | ' |
Accumulated Amortization | -22,232 | -22,126 | ' |
Net Value | $13,027 | $13,654 | ' |
License agreements and other | Weighted Average | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortization Period | '5 years | ' | ' |
ACCOUNTS_PAYABLE_AND_ACCRUED_L2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ' | ' |
Accounts payable, principally trade | $150,122 | $136,941 |
Accrued employee compensation costs | 126,845 | 120,694 |
Customer deposits and other unearned income | 37,084 | 42,148 |
Other accrued liabilities | 89,000 | 80,886 |
Total | $403,051 | $380,669 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income before income taxes: | ' | ' | ' |
United States | $28,968,000 | $58,250,000 | $54,161,000 |
International | 235,415,000 | 183,123,000 | 220,781,000 |
Income before Income Taxes | 264,383,000 | 241,373,000 | 274,942,000 |
Current: | ' | ' | ' |
U.S. Federal | 7,174,000 | 17,027,000 | 21,974,000 |
State/Local | -631,000 | 491,000 | 1,008,000 |
International | 79,070,000 | 70,450,000 | 66,326,000 |
Total Current | 85,613,000 | 87,968,000 | 89,308,000 |
Deferred: | ' | ' | ' |
U.S. Federal/State | 9,575,000 | 8,757,000 | 2,976,000 |
International | -2,731,000 | -17,772,000 | -972,000 |
Total Deferred | 6,844,000 | -9,015,000 | 2,004,000 |
Total | 92,457,000 | 78,953,000 | 91,312,000 |
Statutory federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
Reconciliation of actual income tax provision and tax provision computed by applying statutory federal income tax rate | ' | ' | ' |
Income tax at statutory rate | 92,534,000 | 84,481,000 | 96,230,000 |
State income taxes (benefits), net of federal benefit (tax) | -610,000 | 717,000 | 1,074,000 |
Provision for distribution of current foreign earnings | 11,388,000 | 9,552,000 | 10,325,000 |
Rate differential on earnings of foreign operations | -10,167,000 | -14,865,000 | -14,497,000 |
Other items, net | -688,000 | -932,000 | -1,820,000 |
Provision for Income Taxes | 92,457,000 | 78,953,000 | 91,312,000 |
Effective income tax rate (as a percent) | 35.00% | 32.70% | 33.20% |
Increase in tax provision due to tax law changes in France | 6,700,000 | 700,000 | ' |
Additional French distribution taxes effective for repatriation of foreign earnings | 2,300,000 | ' | ' |
Benefit from the expected use of net operating losses in Brazil | 3,600,000 | ' | ' |
Benefit from a tax law change in Italy | 1,400,000 | ' | ' |
Tax benefits related to Brazilian capital incentive | ' | 700,000 | 700,000 |
Deferred tax benefits pertaining to merger of entity's Indian operations | ' | 1,800,000 | ' |
Additional tax expense due to income tax surcharge enacted in France | ' | ' | 1,200,000 |
Deferred Tax Assets: | ' | ' | ' |
Pension liabilities | 21,106,000 | 36,376,000 | ' |
Stock options | 10,785,000 | 15,700,000 | ' |
Net operating loss carryforwards | 6,675,000 | 7,084,000 | ' |
U.S. state tax credits | 6,192,000 | 3,441,000 | ' |
Vacation | 6,109,000 | 5,325,000 | ' |
Workers compensation | 4,180,000 | 4,511,000 | ' |
Inventory | 3,866,000 | 4,567,000 | ' |
Accruals | 2,084,000 | 2,502,000 | ' |
Other | 9,759,000 | 8,213,000 | ' |
Total gross deferred tax assets | 70,756,000 | 87,719,000 | ' |
Less valuation allowance | -4,840,000 | -7,033,000 | ' |
Net deferred tax assets | 65,916,000 | 80,686,000 | ' |
Deferred Tax Liabilities: | ' | ' | ' |
Depreciation, amortization and leases | 61,316,000 | 58,587,000 | ' |
Acquisition related intangibles | 20,100,000 | 19,346,000 | ' |
Total gross deferred tax liabilities | 81,416,000 | 77,933,000 | ' |
Net deferred tax assets | -15,500,000 | 2,753,000 | ' |
Tax-effected net operating loss carryforwards not subject to expiration | 5,300,000 | ' | ' |
Tax-effected net operating loss subject to expiration | 1,400,000 | ' | ' |
Amount of net operating losses and state tax credit carryforwards subject to expiration in the next fiscal year | $100,000 | ' | ' |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Valuation Allowance | ' | ' | ' |
Valuation allowance | $4,840,000 | $7,033,000 | ' |
Other income tax disclosures | ' | ' | ' |
Repatriation of foreign earnings | 79,000,000 | 79,000,000 | 82,000,000 |
Undistributed earnings attributable to foreign subsidiaries considered to be permanently reinvested | 1,100,000,000 | ' | ' |
Foreign taxes payable in the event of non-fulfillment of terms of government grants | 2,400,000 | ' | ' |
Reconciliation of the beginning and ending amount of income tax uncertainties | ' | ' | ' |
Balance at the beginning of period | 8,464,000 | 9,071,000 | 10,893,000 |
Increases based on tax positions for the current year | 110,000 | 245,000 | 150,000 |
Increases based on tax positions of prior years | 381,000 | 107,000 | 128,000 |
Decreases based on tax positions of prior years | -92,000 | -257,000 | -1,090,000 |
Settlements | -515,000 | -21,000 | -457,000 |
Lapse of statute of limitations | -360,000 | -681,000 | -553,000 |
Balance at the end of period | 7,988,000 | 8,464,000 | 9,071,000 |
Amount of income tax uncertainties that, if recognized, would impact the effective tax rate | 7,800,000 | ' | ' |
Decrease in liability for uncertain tax positions, high end of range | 5,000,000 | ' | ' |
Number of months liability for uncertain tax positions will decrease | '12 months | ' | ' |
Unrecognized tax benefits, amount accrued for the payment of interest and penalties | 900,000 | 1,300,000 | 1,400,000 |
Unrecognized tax benefits, amount recognized in income tax expense | -400,000 | -100,000 | -200,000 |
Canada | ' | ' | ' |
Other income tax disclosures | ' | ' | ' |
Repatriation of foreign earnings | ' | 1,300,000 | ' |
Deferred tax assets related to non-U.S. jurisdictions | ' | ' | ' |
Valuation Allowance | ' | ' | ' |
Valuation allowance | 500,000 | ' | ' |
Deferred tax assets related to tax credit carryforwards, U.S. state | ' | ' | ' |
Valuation Allowance | ' | ' | ' |
Valuation allowance | 2,900,000 | ' | ' |
Deferred tax assets for specified locations | ' | ' | ' |
Valuation Allowance | ' | ' | ' |
Valuation allowance | $1,400,000 | ' | ' |
DEBT_Details
DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Unsecured lines of credit | Unsecured lines of credit | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Notes payable 0.61% - 25.5%, due in monthly and annual installments through 2027 | Notes payable 0.61% - 25.5%, due in monthly and annual installments through 2027 | Senior unsecured notes 5.4%, due in 2013 | Senior unsecured notes 2.3%, due in 2015 | Senior unsecured notes 2.3%, due in 2015 | Senior unsecured notes 6.0% due in 2016 | Senior unsecured notes 6.0% due in 2016 | Senior unsecured notes 6.0%, due in 2018 | Senior unsecured notes 6.0%, due in 2018 | Senior unsecured notes 3.8%, due in 2020 | Senior unsecured notes 3.8%, due in 2020 | Senior unsecured notes 3.2%, due in 2022 | Senior unsecured notes 3.2%, due in 2022 | Senior unsecured notes 3.4%, due in 2024 | Senior unsecured notes 3.4%, due in 2024 | Capital lease obligations | Capital lease obligations | |||
Subsequent event | |||||||||||||||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average borrowings | ' | ' | $61,400,000 | $110,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average annual interest rate on short-term notes payable (as a percent) | 3.10% | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit, maximum borrowing facility | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension of maturity date | ' | ' | ' | ' | '1 year | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of permitted receivables transactions prior to amendment | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of permitted receivables transactions | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in cost of committed funds | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in cost of uncommitted funds | ' | ' | ' | ' | ' | ' | ' | 0.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding under line of credit | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest and fees | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term obligations including current maturities | 356,139,000 | 382,348,000 | ' | ' | ' | ' | ' | ' | 3,230,000 | 4,410,000 | 25,000,000 | 16,000,000 | 16,000,000 | 50,000,000 | 50,000,000 | 75,000,000 | 75,000,000 | 84,000,000 | 84,000,000 | 75,000,000 | 75,000,000 | 50,000,000 | 50,000,000 | 2,909,000 | 2,938,000 |
Current maturities of long-term obligations | -1,325,000 | -29,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term obligations | 354,814,000 | 352,860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes payable, low end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.61% | 0.61% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes payable, high end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 25.50% | 25.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior unsecured notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.40% | 2.30% | 2.30% | 6.00% | 6.00% | 6.00% | 6.00% | 3.80% | 3.80% | 3.20% | 3.20% | 3.40% | 3.40% | ' | ' |
Aggregate long-term maturities, excluding capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 801,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 16,055,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 50,056,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 75,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | $211,143,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LEASE_COMMITMENTS_Details
LEASE COMMITMENTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
LEASE COMMITMENTS | ' | ' | ' |
Rent expense under operating leases | $30,720 | $26,911 | $27,558 |
Assets recorded under capital leases | ' | ' | ' |
Buildings | 15,162 | 14,557 | ' |
Accumulated depreciation | -11,705 | -10,825 | ' |
Assets recorded under capital leases, Net | 3,457 | 3,732 | ' |
Future minimum payments under capital leases, by year and in the aggregate | ' | ' | ' |
2014 | 690 | ' | ' |
2015 | 887 | ' | ' |
2016 | 855 | ' | ' |
2017 | 782 | ' | ' |
2018 | 631 | ' | ' |
Total minimum lease payments | 3,845 | ' | ' |
Amounts representing interest | -936 | ' | ' |
Present value of future minimum lease payments | 2,909 | ' | ' |
Lease amount due in one year | -524 | ' | ' |
Total | 2,385 | ' | ' |
Future minimum payments under noncancelable operating leases, by year and in the aggregate | ' | ' | ' |
2014 | 16,421 | ' | ' |
2015 | 12,552 | ' | ' |
2016 | 9,109 | ' | ' |
2017 | 7,514 | ' | ' |
2018 | 4,391 | ' | ' |
Subsequent to 2018 | 5,834 | ' | ' |
Total minimum lease payments | $55,821 | ' | ' |
RETIREMENT_AND_DEFERRED_COMPEN2
RETIREMENT AND DEFERRED COMPENSATION PLANS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Level 3 | Infrastructure | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | $8,587,000 | $8,015,000 | $5,670,000 |
Plan Assets: | ' | ' | ' |
Total Investments | 8,587,000 | 8,015,000 | 5,670,000 |
Level 3 | Hedge Fund | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 9,731,000 | 8,575,000 | 7,497,000 |
Plan Assets: | ' | ' | ' |
Total Investments | 9,731,000 | 8,575,000 | 7,497,000 |
Domestic Plans | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 136,321,000 | 111,947,000 | ' |
Service cost | 8,539,000 | 7,217,000 | 5,436,000 |
Interest cost | 4,992,000 | 4,913,000 | 4,504,000 |
Actuarial (gain) loss | -14,260,000 | 18,743,000 | ' |
Benefits paid | -6,144,000 | -6,499,000 | ' |
Benefit obligation at end of year | 129,448,000 | 136,321,000 | 111,947,000 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 84,587,000 | 68,537,000 | ' |
Actual return on plan assets | 12,063,000 | 8,342,000 | ' |
Employer contribution | 10,061,000 | 14,207,000 | ' |
Benefits paid | -6,144,000 | -6,499,000 | ' |
Fair value of plan assets at end of year | 100,567,000 | 84,587,000 | 68,537,000 |
Funded status at end of year | -28,881,000 | -51,734,000 | ' |
Funded status amounts recognized in Consolidated Balance Sheet | ' | ' | ' |
Current liabilities | -809,000 | -369,000 | ' |
Non-current liabilities | -28,072,000 | -51,365,000 | ' |
Funded status amount | -28,881,000 | -51,734,000 | ' |
Amounts recognized in accumulated other comprehensive loss | ' | ' | ' |
Net actuarial loss | 32,930,000 | 58,580,000 | ' |
Net prior service cost | ' | 3,000 | ' |
Tax effects | -12,349,000 | -21,969,000 | ' |
Net amount recognized | 20,581,000 | 36,614,000 | ' |
Changes in benefit obligations and plan assets recognized in other comprehensive income | ' | ' | ' |
Current year actuarial gain | 20,548,000 | ' | ' |
Amortization of net loss | 5,103,000 | ' | ' |
Amortization of prior service cost | 3,000 | ' | ' |
Net amount recognized | 25,654,000 | ' | ' |
Amounts in accumulated other comprehensive loss expected to be recognized as components of periodic benefit cost in 2014 | ' | ' | ' |
Amortization of net loss | 2,787,000 | ' | ' |
Amount expected to be recognized in next fiscal year | 2,787,000 | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | 8,539,000 | 7,217,000 | 5,436,000 |
Interest cost | 4,992,000 | 4,913,000 | 4,504,000 |
Expected return on plan assets | -5,775,000 | -5,604,000 | -4,790,000 |
Amortization of net loss | 5,103,000 | 3,854,000 | 1,652,000 |
Amortization of prior service cost | 3,000 | 4,000 | 4,000 |
Net periodic benefit cost | 12,862,000 | 10,384,000 | 6,806,000 |
Total net periodic benefit cost | 12,862,000 | 10,384,000 | 6,806,000 |
Accumulated benefit obligation | 114,600,000 | 118,800,000 | ' |
Projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets | ' | ' | ' |
Projected benefit obligation | 129,448,000 | 136,321,000 | ' |
Accumulated benefit obligation | 114,592,000 | 118,804,000 | ' |
Fair value of plan assets | 100,567,000 | 84,587,000 | ' |
PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets | ' | ' | ' |
Projected benefit obligation | 129,448,000 | 136,321,000 | ' |
Accumulated benefit obligation | 114,592,000 | 118,804,000 | ' |
Fair value of plan assets | 100,567,000 | 84,587,000 | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 4.75% | 3.80% | ' |
Rate of compensation increase (as a percent) | 4.00% | 4.00% | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate (as a percent) | 3.80% | 4.40% | 5.40% |
Expected long-term return on plan assets (as a percent) | 7.00% | 7.00% | 7.00% |
Rate of compensation increase (as a percent) | 4.00% | 4.00% | 4.00% |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 100.00% | 100.00% | ' |
Total Investments | 100,567,000 | 84,587,000 | 68,537,000 |
Expected contribution in next fiscal year | 10,000,000 | ' | ' |
Estimated benefit payments relating to defined benefit plans over the next ten years | ' | ' | ' |
2014 | 7,579,000 | ' | ' |
2015 | 7,351,000 | ' | ' |
2016 | 7,744,000 | ' | ' |
2017 | 10,174,000 | ' | ' |
2018 | 9,569,000 | ' | ' |
2019 - 2023 | 55,864,000 | ' | ' |
Domestic Plans | Cash and Short Term Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 9,070,000 | 887,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 9,070,000 | 887,000 | ' |
Domestic Plans | Equity Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 42,523,000 | ' | ' |
Fair value of plan assets at end of year | 49,261,000 | ' | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 59.00% | 60.00% | ' |
Target allocation (as a percent) | 60.00% | ' | ' |
Total Investments | 49,261,000 | ' | ' |
Domestic Plans | Fixed Income Securities | ' | ' | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 24.00% | 30.00% | ' |
Domestic Plans | Infrastructure | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 8,587,000 | 8,015,000 | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 8.00% | 10.00% | ' |
Total Investments | 8,587,000 | 8,015,000 | ' |
Domestic Plans | Money market | ' | ' | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 9.00% | ' | ' |
Domestic Plans | Fixed income securities and infrastructure | ' | ' | ' |
Plan Assets: | ' | ' | ' |
Target allocation (as a percent) | 40.00% | ' | ' |
Domestic Plans | Core Fixed Income | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 23,918,000 | 24,587,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 23,918,000 | 24,587,000 | ' |
Domestic Plans | Hedge Fund | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 9,731,000 | 8,575,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 9,731,000 | 8,575,000 | ' |
Domestic Plans | Level 1 | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 82,249,000 | 67,997,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 82,249,000 | 67,997,000 | ' |
Domestic Plans | Level 1 | Cash and Short Term Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 9,070,000 | 887,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 9,070,000 | 887,000 | ' |
Domestic Plans | Level 1 | Cash and Short Term Securities | USD | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 9,070,000 | 887,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 9,070,000 | 887,000 | ' |
Domestic Plans | Level 1 | Equity Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 49,261,000 | 42,523,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 49,261,000 | 42,523,000 | ' |
Domestic Plans | Level 1 | US Large Cap Equities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 20,159,000 | 17,142,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 20,159,000 | 17,142,000 | ' |
Domestic Plans | Level 1 | US Small Cap Equities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 14,521,000 | 12,523,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 14,521,000 | 12,523,000 | ' |
Domestic Plans | Level 1 | International Equities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 14,581,000 | 12,858,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 14,581,000 | 12,858,000 | ' |
Domestic Plans | Level 1 | Core Fixed Income | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 23,918,000 | 24,587,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 23,918,000 | 24,587,000 | ' |
Domestic Plans | Level 3 | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 18,318,000 | 16,590,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 18,318,000 | 16,590,000 | ' |
Domestic Plans | Level 3 | Infrastructure | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 8,587,000 | 8,015,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 8,587,000 | 8,015,000 | ' |
Domestic Plans | Level 3 | Hedge Fund | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 9,731,000 | 8,575,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 9,731,000 | 8,575,000 | ' |
Foreign Plans | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 80,610,000 | 48,754,000 | ' |
Service cost | 3,901,000 | 2,244,000 | 2,018,000 |
Interest cost | 2,676,000 | 2,658,000 | 2,518,000 |
Business acquired | ' | 9,148,000 | ' |
Curtailment/Settlement | -1,342,000 | ' | ' |
Actuarial (gain) loss | -1,752,000 | 17,905,000 | ' |
Benefits paid | -2,952,000 | -2,075,000 | ' |
Foreign currency translation adjustment | 3,519,000 | 1,976,000 | ' |
Benefit obligation at end of year | 84,660,000 | 80,610,000 | 48,754,000 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 47,876,000 | 39,835,000 | ' |
Actual return on plan assets | 1,742,000 | 1,547,000 | ' |
Employer contribution | 5,419,000 | 7,381,000 | ' |
Business acquired | ' | 389,000 | ' |
Benefits paid | -2,952,000 | -2,075,000 | ' |
Foreign currency translation adjustment | 1,990,000 | 799,000 | ' |
Fair value of plan assets at end of year | 54,075,000 | 47,876,000 | 39,835,000 |
Funded status at end of year | -30,585,000 | -32,734,000 | ' |
Funded status amounts recognized in Consolidated Balance Sheet | ' | ' | ' |
Current liabilities | ' | -1,187,000 | ' |
Non-current liabilities | -30,585,000 | -31,547,000 | ' |
Funded status amount | -30,585,000 | -32,734,000 | ' |
Amounts recognized in accumulated other comprehensive loss | ' | ' | ' |
Net actuarial loss | 24,844,000 | 29,265,000 | ' |
Net prior service cost | 3,784,000 | 4,157,000 | ' |
Tax effects | -9,116,000 | -10,788,000 | ' |
Net amount recognized | 19,512,000 | 22,634,000 | ' |
Changes in benefit obligations and plan assets recognized in other comprehensive income | ' | ' | ' |
Current year actuarial gain | 3,005,000 | ' | ' |
Amortization of net loss | 1,416,000 | ' | ' |
Amortization of prior service cost | 373,000 | ' | ' |
Net amount recognized | 4,794,000 | ' | ' |
Amounts in accumulated other comprehensive loss expected to be recognized as components of periodic benefit cost in 2014 | ' | ' | ' |
Amortization of net loss | 1,255,000 | ' | ' |
Amortization of prior service cost | 324,000 | ' | ' |
Amount expected to be recognized in next fiscal year | 1,579,000 | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | 3,901,000 | 2,244,000 | 2,018,000 |
Interest cost | 2,676,000 | 2,658,000 | 2,518,000 |
Expected return on plan assets | -1,821,000 | -1,538,000 | -1,753,000 |
Amortization of net loss | 1,416,000 | 475,000 | 836,000 |
Amortization of prior service cost | 373,000 | 361,000 | 455,000 |
Net periodic benefit cost | 6,545,000 | 4,200,000 | 4,074,000 |
Curtailment | 1,000 | ' | ' |
Total net periodic benefit cost | 6,546,000 | 4,200,000 | 4,074,000 |
Accumulated benefit obligation | 67,000,000 | 63,600,000 | ' |
Projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets | ' | ' | ' |
Projected benefit obligation | 77,475,000 | 77,663,000 | ' |
Accumulated benefit obligation | 60,707,000 | 60,703,000 | ' |
Fair value of plan assets | 47,753,000 | 44,930,000 | ' |
PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets | ' | ' | ' |
Projected benefit obligation | 81,158,000 | 77,663,000 | ' |
Accumulated benefit obligation | 63,527,000 | 60,703,000 | ' |
Fair value of plan assets | 50,573,000 | 44,930,000 | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 3.24% | 3.19% | ' |
Rate of compensation increase (as a percent) | 3.00% | 3.00% | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate (as a percent) | 3.19% | 5.10% | 5.15% |
Expected long-term return on plan assets (as a percent) | 3.79% | 3.83% | 4.40% |
Rate of compensation increase (as a percent) | 3.00% | 3.00% | 3.00% |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 100.00% | 100.00% | ' |
Total Investments | 54,075,000 | 47,876,000 | 39,835,000 |
Expected contribution in next fiscal year | 5,600,000 | ' | ' |
Estimated benefit payments relating to defined benefit plans over the next ten years | ' | ' | ' |
2014 | 2,529,000 | ' | ' |
2015 | 2,133,000 | ' | ' |
2016 | 2,678,000 | ' | ' |
2017 | 3,146,000 | ' | ' |
2018 | 3,825,000 | ' | ' |
2019 - 2023 | 24,731,000 | ' | ' |
Foreign Plans | Cash and Short Term Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 757,000 | 5,560,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 757,000 | 5,560,000 | ' |
Foreign Plans | Equity Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 2,547,000 | 655,000 | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 5.00% | 1.00% | ' |
Total Investments | 2,547,000 | 655,000 | ' |
Foreign Plans | Fixed Income Securities | ' | ' | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 16.00% | 6.00% | ' |
Foreign Plans | Money market | ' | ' | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 1.00% | 12.00% | ' |
Target allocation (as a percent) | 4.00% | ' | ' |
Foreign Plans | Investment Funds | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 38,849,000 | ' | ' |
Fair value of plan assets at end of year | 42,261,000 | ' | ' |
Plan Assets: | ' | ' | ' |
Weighted-average asset allocations (as a percent) | 78.00% | 81.00% | ' |
Target allocation (as a percent) | 96.00% | ' | ' |
Total Investments | 42,261,000 | ' | ' |
Foreign Plans | Core Fixed Income | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 1,950,000 | 728,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 1,950,000 | 728,000 | ' |
Foreign Plans | Corporate debts securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 6,560,000 | 2,084,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 6,560,000 | 2,084,000 | ' |
Foreign Plans | Level 1 | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 27,315,000 | 26,649,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 27,315,000 | 26,649,000 | ' |
Foreign Plans | Level 1 | Cash and Short Term Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 757,000 | 5,560,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 757,000 | 5,560,000 | ' |
Foreign Plans | Level 1 | Cash and Short Term Securities | EUR | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 757,000 | 5,560,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 757,000 | 5,560,000 | ' |
Foreign Plans | Level 1 | Equity Securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 2,547,000 | 655,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 2,547,000 | 655,000 | ' |
Foreign Plans | Level 1 | Investment Funds | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 15,501,000 | 17,622,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 15,501,000 | 17,622,000 | ' |
Foreign Plans | Level 1 | International Equities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 2,547,000 | 655,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 2,547,000 | 655,000 | ' |
Foreign Plans | Level 1 | Core Fixed Income | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 1,950,000 | 728,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 1,950,000 | 728,000 | ' |
Foreign Plans | Level 1 | Corporate debts securities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 6,560,000 | 2,084,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 6,560,000 | 2,084,000 | ' |
Foreign Plans | Level 1 | Euro Corporate Bonds | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 6,560,000 | 2,084,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 6,560,000 | 2,084,000 | ' |
Foreign Plans | Level 1 | Mutual Funds in Equities | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 3,628,000 | 5,873,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 3,628,000 | 5,873,000 | ' |
Foreign Plans | Level 1 | Mutual Funds in Bonds | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 10,040,000 | 2,458,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 10,040,000 | 2,458,000 | ' |
Foreign Plans | Level 1 | Mutual Funds Diversified | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 1,833,000 | 9,291,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 1,833,000 | 9,291,000 | ' |
Foreign Plans | Level 2 | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 26,760,000 | 21,227,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 26,760,000 | 21,227,000 | ' |
Foreign Plans | Level 2 | Investment Funds | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 26,760,000 | 21,227,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 26,760,000 | 21,227,000 | ' |
Foreign Plans | Level 2 | Mutual Funds Diversified | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 26,760,000 | 21,227,000 | ' |
Plan Assets: | ' | ' | ' |
Total Investments | 26,760,000 | 21,227,000 | ' |
Non-qualified supplemental pension plan | ' | ' | ' |
Non-qualified supplemental pension plan information | ' | ' | ' |
Non funded liability | $6,500,000 | $6,400,000 | ' |
RETIREMENT_AND_DEFERRED_COMPEN3
RETIREMENT AND DEFERRED COMPENSATION PLANS (Details 2) (Level 3, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Infrastructure | ' | ' |
Summary of changes in fair value of pension plan investments classified as Level 3 | ' | ' |
Fair value of plan assets at beginning of year | $8,015 | $5,670 |
Purchases, sales and settlements, net | ' | 1,800 |
Return on assets held | 725 | 696 |
Admin fees and other | -153 | -151 |
Fair value of plan assets at end of year | 8,587 | 8,015 |
Hedge Fund | ' | ' |
Summary of changes in fair value of pension plan investments classified as Level 3 | ' | ' |
Fair value of plan assets at beginning of year | 8,575 | 7,497 |
Purchases, sales and settlements, net | ' | 1,000 |
Return on assets held | 1,156 | 78 |
Fair value of plan assets at end of year | $9,731 | $8,575 |
RETIREMENT_AND_DEFERRED_COMPEN4
RETIREMENT AND DEFERRED COMPENSATION PLANS (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined contribution plan - Domestic Plans | ' | ' | ' |
Defined contribution plans | ' | ' | ' |
Total contributions by Company | $2.60 | $2.60 | $2.40 |
Defined contribution plan - Domestic Plans | Maximum | ' | ' | ' |
Defined contribution plans | ' | ' | ' |
Employer matching contribution as a percentage of salary | 3.00% | ' | ' |
Defined contribution plan - Foreign Plans | ' | ' | ' |
Defined contribution plans | ' | ' | ' |
Total contributions by Company | $2.10 | $1.80 | $1.90 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated other comprehensive income activity | ' | ' | ' |
Balance at the beginning of the period | $60,683 | $60,318 | $123,766 |
Other comprehensive gain/(loss) before reclassifications | 44,659 | -2,813 | -65,468 |
Amounts reclassified from accumulated other comprehensive income | 4,409 | 3,178 | 2,020 |
Net current-period other comprehensive income/(loss) | 49,068 | 365 | -63,448 |
Balance at the end of the period | 109,751 | 60,683 | 60,318 |
Foreign Currency | ' | ' | ' |
Accumulated other comprehensive income activity | ' | ' | ' |
Balance at the beginning of the period | 120,097 | 100,594 | 148,030 |
Other comprehensive gain/(loss) before reclassifications | 29,868 | 19,503 | -47,436 |
Net current-period other comprehensive income/(loss) | 29,868 | 19,503 | -47,436 |
Balance at the end of the period | 149,965 | 120,097 | 100,594 |
Defined Benefit Pension Plans | ' | ' | ' |
Accumulated other comprehensive income activity | ' | ' | ' |
Balance at the beginning of the period | -59,248 | -39,908 | -23,837 |
Other comprehensive gain/(loss) before reclassifications | 14,791 | -22,316 | -18,032 |
Amounts reclassified from accumulated other comprehensive income | 4,364 | 2,976 | 1,961 |
Net current-period other comprehensive income/(loss) | 19,155 | -19,340 | -16,071 |
Balance at the end of the period | -40,093 | -59,248 | -39,908 |
Other | ' | ' | ' |
Accumulated other comprehensive income activity | ' | ' | ' |
Balance at the beginning of the period | -166 | -368 | -427 |
Amounts reclassified from accumulated other comprehensive income | 45 | 202 | 59 |
Net current-period other comprehensive income/(loss) | 45 | 202 | 59 |
Balance at the end of the period | ($121) | ($166) | ($368) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in treasury locks | ' | ' | ' | ' | ' | ' | ' | ' | $20,514 | $18,950 | $17,300 |
Net (loss) / gain on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -3,233 | -2,996 | -5,722 |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | -264,383 | -241,373 | -274,942 |
Tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 92,457 | 78,953 | 91,312 |
Total reclassifications for the period | -36,899 | -45,264 | -49,802 | -40,029 | -34,990 | -42,127 | -41,686 | -43,809 | -171,994 | -162,612 | -183,683 |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total reclassifications for the period | ' | ' | ' | ' | ' | ' | ' | ' | 4,409 | 3,178 | 2,020 |
Defined Benefit Pension Plans | Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of net loss | ' | ' | ' | ' | ' | ' | ' | ' | 6,519 | 4,329 | 2,488 |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 376 | 365 | 459 |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 6,895 | 4,694 | 2,947 |
Tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -2,531 | -1,718 | -986 |
Total reclassifications for the period | ' | ' | ' | ' | ' | ' | ' | ' | 4,364 | 2,976 | 1,961 |
Other | Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 69 | 80 | 92 |
Tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -24 | 122 | -33 |
Total reclassifications for the period | ' | ' | ' | ' | ' | ' | ' | ' | 45 | 202 | 59 |
Other | Treasury locks | Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in treasury locks | ' | ' | ' | ' | ' | ' | ' | ' | 69 | 90 | 87 |
Other | Foreign exchange contract | Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) / gain on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($10) | $5 |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2012 |
item | |||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ' | ' |
Number of foreign currency cash flow hedge held | ' | ' | 1 |
Aggregate amount of forward exchange contracts, outstanding | $133,000,000 | ' | ' |
Fair Value of Derivative Instruments | ' | ' | ' |
Derivative Assets | 3,988,000 | 1,314,000 | ' |
Derivative Liabilities | 632,000 | 2,261,000 | ' |
Derivative Contracts Not Designated as Hedging Instruments | ' | ' | ' |
Fair Value of Derivative Instruments | ' | ' | ' |
Derivative Assets | 3,988,000 | 1,314,000 | ' |
Derivative Liabilities | 632,000 | 2,261,000 | ' |
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Prepaid and other | ' | ' | ' |
Fair Value of Derivative Instruments | ' | ' | ' |
Derivative Assets | 3,003,000 | 332,000 | ' |
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Miscellaneous Other Assets | ' | ' | ' |
Fair Value of Derivative Instruments | ' | ' | ' |
Derivative Assets | 985,000 | 982,000 | ' |
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts payable and accrued liabilities | ' | ' | ' |
Fair Value of Derivative Instruments | ' | ' | ' |
Derivative Liabilities | 522,000 | 2,097,000 | ' |
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Deferred and other non-current liabilities | ' | ' | ' |
Fair Value of Derivative Instruments | ' | ' | ' |
Derivative Liabilities | $110,000 | $164,000 | ' |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative instruments, gain or (loss) | ' | ' |
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments | $3,307 | ($457) |
Foreign Exchange Contracts | ' | ' |
Derivative instruments, gain or (loss) | ' | ' |
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments | $3,307 | ($457) |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Assets | ' | ' |
Gross Amount | $3,988 | $1,314 |
Net Amounts Presented in the Statement of Financial Position | 3,988 | 1,314 |
Net Amount | 3,988 | 1,314 |
Derivative Liabilities | ' | ' |
Gross Amount | 632 | 2,261 |
Net Amounts Presented in the Statement of Financial Position | 632 | 2,261 |
Net Amount | $632 | $2,261 |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Liabilities | ' | ' |
Fair value of long-term obligations | $363,000,000 | $382,000,000 |
Assets and liabilities measured at fair value on recurring basis | Total | ' | ' |
Assets | ' | ' |
Forward exchange contracts, assets | 3,988,000 | 1,314,000 |
Total assets at fair value | 3,988,000 | 1,314,000 |
Liabilities | ' | ' |
Forward exchange contracts, liabilities | 632,000 | 2,261,000 |
Total liabilities at fair value | 632,000 | 2,261,000 |
Assets and liabilities measured at fair value on recurring basis | Level 2 | ' | ' |
Assets | ' | ' |
Forward exchange contracts, assets | 3,988,000 | 1,314,000 |
Total assets at fair value | 3,988,000 | 1,314,000 |
Liabilities | ' | ' |
Forward exchange contracts, liabilities | 632,000 | 2,261,000 |
Total liabilities at fair value | $632,000 | $2,261,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Infringement of patent | ' |
Commitments and contingencies | ' |
Amount of damage assessed on infringement of patents owned by the counterparty within the United States | $0 |
Indemnification agreements | ' |
Commitments and contingencies | ' |
Liabilities recorded under indemnification agreements | $0 |
STOCK_REPURCHASE_PROGRAM_Detai
STOCK REPURCHASE PROGRAM (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
STOCK REPURCHASE PROGRAM | ' | ' | ' |
Number of shares repurchased | 2 | 1.6 | ' |
Aggregate amount of share repurchases (in dollars) | $118,813 | $79,793 | $102,595 |
Remaining authorization to repurchase additional shares | 4 | ' | ' |
CAPITAL_STOCK_Details
CAPITAL STOCK (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CAPITAL STOCK | ' | ' | ' |
Authorized common stock (in shares) | 199,000,000 | 199,000,000 | ' |
Common stock and treasury stock and the share activity | ' | ' | ' |
Balance at the beginning of the year (in shares) | 84,100,000 | ' | ' |
Common stock repurchases (in shares) | 2,000,000 | 1,600,000 | ' |
Balance at the end of the year (in shares) | 85,400,000 | 84,100,000 | ' |
Cash dividends paid on the common stock (in dollars) | $66,133 | $58,442 | $53,308 |
Common Stock Par Value | ' | ' | ' |
Common stock and treasury stock and the share activity | ' | ' | ' |
Balance at the beginning of the year (in shares) | 84,086,341 | 82,773,322 | ' |
Restricted stock vestings (in shares) | 12,046 | 9,023 | ' |
Balance at the end of the year (in shares) | 85,364,303 | 84,086,341 | ' |
Common Stock Par Value | Stock Awards Plans | ' | ' | ' |
Common stock and treasury stock and the share activity | ' | ' | ' |
Stock option exercises (in shares) | 1,217,583 | 1,234,163 | ' |
Common Stock Par Value | Director Stock Option Plans | ' | ' | ' |
Common stock and treasury stock and the share activity | ' | ' | ' |
Stock option exercises (in shares) | 48,333 | 69,833 | ' |
Treasury Stock | ' | ' | ' |
Common stock and treasury stock and the share activity | ' | ' | ' |
Balance at the beginning of the year (in shares) | 18,158,002 | 16,921,022 | ' |
Common stock repurchases (in shares) | 2,001,000 | 1,616,433 | ' |
Balance at the end of the year (in shares) | 19,979,833 | 18,158,002 | ' |
Treasury Stock | Stock Awards Plans | ' | ' | ' |
Common stock and treasury stock and the share activity | ' | ' | ' |
Stock option exercises (in shares) | -179,169 | -379,453 | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
STOCK-BASED COMPENSATION | ' | ' | ' |
Proceeds from stock option exercises | $43,348,000 | $44,637,000 | $26,078,000 |
Stock options | ' | ' | ' |
STOCK-BASED COMPENSATION | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Expiration period | '10 years | ' | ' |
Compensation expense | 13,700,000 | 12,700,000 | 13,700,000 |
Compensation expense, net of tax | 9,200,000 | 8,500,000 | 9,600,000 |
Income tax benefit related to compensation expense | 4,500,000 | 4,200,000 | 4,100,000 |
Weighted-average fair value of stock options granted (in dollars per share) | $10.16 | $10.35 | $11.36 |
Fair value of shares vested | 13,000,000 | 12,100,000 | 11,100,000 |
Proceeds from stock option exercises | 43,300,000 | ' | ' |
Actual tax benefit realized for the tax deduction from option exercises | 9,400,000 | ' | ' |
Unrecognized compensation cost expected to be recognized in future periods | 9,800,000 | ' | ' |
Weighted-average period over which compensation cost is expected to be recognized | '1 year 4 months 24 days | ' | ' |
Stock options | Selling, research & development and administrative expenses | ' | ' | ' |
STOCK-BASED COMPENSATION | ' | ' | ' |
Compensation expense | 12,100,000 | 11,300,000 | 12,500,000 |
Stock Awards Plans | Stock options | ' | ' | ' |
Assumptions used to estimate fair value of stock options granted | ' | ' | ' |
Dividend Yield (as a percent) | 1.80% | 1.80% | 1.70% |
Expected Stock Price Volatility (as a percent) | 22.70% | 22.90% | 23.30% |
Risk-free Interest Rate (as a percent) | 1.30% | 1.30% | 2.70% |
Expected Life of Option | '6 years 10 months 24 days | '6 years 10 months 24 days | '6 years 10 months 24 days |
Stock options activity | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 7,879,197 | ' | ' |
Granted (in shares) | 1,385,300 | ' | ' |
Exercised (in shares) | -1,396,752 | ' | ' |
Forfeited or expired (in shares) | -51,813 | ' | ' |
Outstanding at the end of the period (in shares) | 7,815,932 | 7,879,197 | ' |
Exercisable at the end of the period (in shares) | 5,243,131 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $37.27 | ' | ' |
Granted (in dollars per share) | $51.83 | ' | ' |
Exercised (in dollars per share) | $28.99 | ' | ' |
Forfeited or expired (in dollars per share) | $47.09 | ' | ' |
Outstanding at the end of the period (in dollars per share) | $41.26 | $37.27 | ' |
Exercisable at the end of the period (in dollars per share) | $36.36 | ' | ' |
Weighted-Average Remaining Contractual Term (Years): | ' | ' | ' |
Outstanding at the end of the period | '6 years 1 month 6 days | ' | ' |
Exercisable at the end of the period | '4 years 10 months 24 days | ' | ' |
Aggregate Intrinsic Value: | ' | ' | ' |
Outstanding at the end of the period | 207,490,000 | ' | ' |
Exercisable at the end of the period | 164,895,000 | ' | ' |
Intrinsic Value of Options Exercised | 37,822,000 | 42,226,000 | 32,782,000 |
Stock Awards Plans | Restricted stock units | ' | ' | ' |
STOCK-BASED COMPENSATION | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Compensation expense | 664,000 | 501,000 | 267,000 |
Unrecognized compensation cost expected to be recognized in future periods | 521,000 | ' | ' |
Weighted-average period over which compensation cost is expected to be recognized | '1 year 4 months 24 days | ' | ' |
Restricted stock unit activity | ' | ' | ' |
Balance at the beginning of the period (in shares) | 25,862,000 | ' | ' |
Granted (in shares) | 12,448,000 | ' | ' |
Vested (in shares) | -12,629,000 | ' | ' |
Balance at the end of the period (in shares) | 25,681,000 | 25,862,000 | ' |
Weighted-Average Grant-Date Fair Value | ' | ' | ' |
Nonvested at the beginning of the period (in dollars per share) | $48.76 | ' | ' |
Granted (in dollars per share) | $54.92 | ' | ' |
Vested (in dollars per share) | $45.20 | ' | ' |
Nonvested at the end of the period (in dollars per share) | $53.49 | $48.76 | ' |
Fair value of units vested | 571,000 | 316,000 | 346,000 |
Intrinsic value of units vested | 661,000 | 448,000 | 492,000 |
Director Stock Option Plans | Stock options | ' | ' | ' |
STOCK-BASED COMPENSATION | ' | ' | ' |
Weighted-average fair value of stock options granted (in dollars per share) | $10.89 | $10.59 | $12 |
Assumptions used to estimate fair value of stock options granted | ' | ' | ' |
Dividend Yield (as a percent) | 1.90% | 1.70% | 1.60% |
Expected Stock Price Volatility (as a percent) | 23.00% | 22.50% | 22.90% |
Risk-free Interest Rate (as a percent) | 1.30% | 1.30% | 2.50% |
Expected Life of Option | '6 years 10 months 24 days | '6 years 10 months 24 days | '6 years 10 months 24 days |
Stock options activity | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 276,667 | ' | ' |
Granted (in shares) | 85,500 | ' | ' |
Exercised (in shares) | -48,333 | ' | ' |
Outstanding at the end of the period (in shares) | 313,834 | 276,667 | ' |
Exercisable at the end of the period (in shares) | 146,001 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $45.48 | ' | ' |
Granted (in dollars per share) | $56.49 | ' | ' |
Exercised (in dollars per share) | $43.11 | ' | ' |
Outstanding at the end of the period (in dollars per share) | $48.85 | $45.48 | ' |
Exercisable at the end of the period (in dollars per share) | $42.05 | ' | ' |
Weighted-Average Remaining Contractual Term (Years): | ' | ' | ' |
Outstanding at the end of the period | '7 years 6 months | ' | ' |
Exercisable at the end of the period | '6 years 2 months 12 days | ' | ' |
Aggregate Intrinsic Value: | ' | ' | ' |
Outstanding at the end of the period | 5,951,000 | ' | ' |
Exercisable at the end of the period | 3,761,000 | ' | ' |
Intrinsic Value of Options Exercised | $732,000 | $1,674,000 | $970,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common shareholders (in dollars) | $36,899 | $45,264 | $49,802 | $40,029 | $34,990 | $42,127 | $41,686 | $43,809 | $171,994 | $162,612 | $183,683 |
Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders - Basic (in shares) | 65,700 | 66,092 | 66,420 | 66,155 | 66,249 | 66,541 | 66,580 | 66,196 | 66,090 | 66,392 | 66,553 |
Income available to common stockholders - Diluted (in shares) | 67,853 | 67,986 | 68,106 | 68,296 | 67,846 | 68,353 | 68,758 | 68,785 | 68,208 | 68,395 | 69,274 |
Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders - Basic (in dollars per share) | $0.56 | $0.68 | $0.75 | $0.61 | $0.53 | $0.63 | $0.63 | $0.66 | $2.60 | $2.45 | $2.76 |
Income available to common stockholders - Diluted (in dollars per share) | $0.54 | $0.67 | $0.73 | $0.59 | $0.52 | $0.62 | $0.61 | $0.64 | $2.52 | $2.38 | $2.65 |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Dilutive Securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,106 | 1,990 | 2,714 |
Restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Dilutive Securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 13 | 7 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||
SEGMENT INFORMATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $637,295 | $623,644 | $641,441 | $617,633 | $571,437 | $589,598 | $577,503 | $592,498 | $2,520,013 | $2,331,036 | $2,337,183 |
Income before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 281,664 | 257,327 | 286,520 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -17,281 | -15,954 | -11,578 |
Income before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 264,383 | 241,373 | 274,942 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 149,956 | 137,022 | 134,243 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 151,510 | 174,053 | 179,692 |
Total Assets | 2,497,762 | ' | ' | ' | 2,324,412 | ' | ' | ' | 2,497,762 | 2,324,412 | 2,159,295 |
Restructuring Initiatives and Related Depreciation Expense by Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Severance and Other Costs | ' | ' | ' | ' | ' | ' | ' | ' | 11,800 | 3,102 | -71 |
Total Restructuring Initiatives and Related Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,525 | 4,678 | -71 |
Restructuring Initiatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | -14,525 | -4,678 | 71 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,725 | 1,576 | ' |
European Restructuring Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Initiatives and Related Depreciation Expense by Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 2,725 | 1,576 | ' |
Employee Severance and Other Costs | ' | ' | ' | ' | ' | ' | ' | ' | 11,844 | 3,314 | ' |
Total Restructuring Initiatives and Related Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,600 | ' | ' |
Prior Year Initiatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Initiatives and Related Depreciation Expense by Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Severance and Other Costs | ' | ' | ' | ' | ' | ' | ' | ' | -44 | -212 | -71 |
Beauty + Home | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,488,145 | 1,453,940 | 1,516,305 |
Income before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 109,272 | 123,527 | 130,818 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 83,328 | 82,828 | 90,038 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 81,247 | 97,010 | 101,913 |
Total Assets | 1,318,933 | ' | ' | ' | 1,240,101 | ' | ' | ' | 1,318,933 | 1,240,101 | 1,232,009 |
Beauty + Home | Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Initiatives and Related Depreciation Expense by Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Restructuring Initiatives and Related Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,548 | 4,787 | -70 |
Pharma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 708,774 | 588,693 | 553,930 |
Income before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 189,689 | 141,912 | 164,390 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 39,812 | 33,122 | 28,084 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 32,643 | 24,953 | 26,911 |
Total Assets | 676,420 | ' | ' | ' | 659,132 | ' | ' | ' | 676,420 | 659,132 | 404,939 |
Food + Beverage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 323,094 | 288,403 | 266,948 |
Income before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 35,186 | 30,415 | 27,801 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18,871 | 15,605 | 13,413 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 19,339 | 32,282 | 47,135 |
Total Assets | 253,774 | ' | ' | ' | 233,553 | ' | ' | ' | 253,774 | 233,553 | 199,170 |
Food + Beverage | Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Initiatives and Related Depreciation Expense by Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Restructuring Initiatives and Related Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -23 | -109 | -1 |
Corporate & Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | -37,958 | -33,849 | -36,560 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,220 | 3,891 | 2,708 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 18,281 | 19,808 | 3,733 |
Total Assets | 248,635 | ' | ' | ' | 191,626 | ' | ' | ' | 248,635 | 191,626 | 323,177 |
Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,534,138 | 2,346,447 | 2,356,162 |
Operating segment | Beauty + Home | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,501,611 | 1,468,599 | 1,531,479 |
Operating segment | Pharma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 709,058 | 588,853 | 554,708 |
Operating segment | Food + Beverage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 323,469 | 288,995 | 269,968 |
Intersegment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 14,125 | 15,411 | 18,979 |
Intersegment | Beauty + Home | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 13,466 | 14,659 | 15,174 |
Intersegment | Pharma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 284 | 160 | 778 |
Intersegment | Food + Beverage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 375 | 592 | 3,020 |
Intersegment | Corporate & Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 |
Corporate Non-Segment | Corporate & Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information regarding the Company's reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7 |
SEGMENT_INFORMATION_Details_2
SEGMENT INFORMATION (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $637,295 | $623,644 | $641,441 | $617,633 | $571,437 | $589,598 | $577,503 | $592,498 | $2,520,013 | $2,331,036 | $2,337,183 |
Plant, Property & Equipment | 864,662 | ' | ' | ' | 848,233 | ' | ' | ' | 864,662 | 848,233 | 754,715 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 634,418 | 650,637 | 636,060 |
Plant, Property & Equipment | 226,917 | ' | ' | ' | 191,697 | ' | ' | ' | 226,917 | 191,697 | 174,029 |
Total Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,452,041 | 1,269,289 | 1,340,036 |
Plant, Property & Equipment | 550,909 | ' | ' | ' | 526,365 | ' | ' | ' | 550,909 | 526,365 | 469,716 |
France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 810,528 | 650,226 | 630,172 |
Plant, Property & Equipment | 263,913 | ' | ' | ' | 251,015 | ' | ' | ' | 263,913 | 251,015 | 199,975 |
Germany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 339,858 | 311,205 | 308,847 |
Plant, Property & Equipment | 156,970 | ' | ' | ' | 137,203 | ' | ' | ' | 156,970 | 137,203 | 136,136 |
Italy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 136,617 | 144,163 | 168,885 |
Plant, Property & Equipment | 57,729 | ' | ' | ' | 65,743 | ' | ' | ' | 57,729 | 65,743 | 68,684 |
Other Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 165,038 | 163,695 | 232,132 |
Plant, Property & Equipment | 72,297 | ' | ' | ' | 72,404 | ' | ' | ' | 72,297 | 72,404 | 64,921 |
Other Foreign Countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 433,554 | 411,110 | 361,087 |
Plant, Property & Equipment | $86,836 | ' | ' | ' | $130,171 | ' | ' | ' | $86,836 | $130,171 | $110,970 |
SEGMENT_INFORMATION_Details_3
SEGMENT INFORMATION (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales by product information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $637,295 | $623,644 | $641,441 | $617,633 | $571,437 | $589,598 | $577,503 | $592,498 | $2,520,013 | $2,331,036 | $2,337,183 |
Pumps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales by product information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,093,514 | 1,044,226 | 1,114,276 |
Closures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales by product information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 594,135 | 605,493 | 615,243 |
Valves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales by product information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 327,635 | 327,251 | 316,900 |
Injectables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales by product information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 142,116 | 56,465 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales by product information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $362,613 | $297,601 | $290,764 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Feb. 29, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | |
Stelmi Group | Stelmi Group | Stelmi Group | T.K.H. Plastics Private Limited | Oval Medical Technologies Limited (Oval Medical) | Oval Medical Technologies Limited (Oval Medical) | Bapco | ||||
item | ||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest acquired | ' | ' | ' | ' | ' | ' | ' | 2.00% | 20.00% | 20.00% |
Payment to acquire business | $187,840,000 | $14,883,000 | ' | ' | ' | ' | $17,000,000 | $300,000 | $3,200,000 | $5,200,000 |
Assumed debt | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Number of manufacturing plants acquired | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Cost of acquired entity | ' | ' | ' | 188,000,000 | ' | ' | ' | ' | ' | ' |
Sales of acquiree during the reporting period | ' | ' | ' | ' | 143,100,000 | 56,800,000 | ' | ' | ' | ' |
Pretax income of acquiree during the reporting period | ' | ' | ' | ' | 24,700,000 | 1,500,000 | ' | ' | ' | ' |
Fair value and other acquisition adjustments | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' |
Acquisition costs | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents | ' | ' | ' | 68,335,000 | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 23,540,000 | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | 16,826,000 | ' | ' | ' | ' | ' | ' |
Prepaid and other | ' | ' | ' | 3,256,000 | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | 42,073,000 | ' | ' | ' | ' | ' | ' |
Goodwill | 351,552,000 | 233,689,000 | 358,865,000 | 111,031,000 | ' | ' | 10,900,000 | ' | ' | ' |
Intangible assets | ' | ' | ' | 47,134,000 | ' | ' | ' | ' | ' | ' |
Other miscellaneous assets | ' | ' | ' | 6,092,000 | ' | ' | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities of long-term obligations | ' | ' | ' | 675,000 | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | 26,064,000 | ' | ' | ' | ' | ' | ' |
Long-term obligations | ' | ' | ' | 885,000 | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | 22,440,000 | ' | ' | ' | ' | ' | ' |
Retirement and deferred compensation plans | ' | ' | ' | 12,049,000 | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | $256,174,000 | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Details_2
ACQUISITIONS (Details 2) (Stelmi Group, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jul. 03, 2012 |
Acquired finite-lived intangible assets | ' |
Estimated Fair Value of Asset | $47,134 |
Customer relationships | ' |
Acquired finite-lived intangible assets | ' |
Weighted-average useful life | '15 years |
Estimated Fair Value of Asset | 7,438 |
Technology | ' |
Acquired finite-lived intangible assets | ' |
Weighted-average useful life | '15 years |
Estimated Fair Value of Asset | 37,191 |
Trademark | ' |
Acquired finite-lived intangible assets | ' |
Weighted-average useful life | '4 years |
Estimated Fair Value of Asset | $2,505 |
ACQUISITIONS_Details_3
ACQUISITIONS (Details 3) (Stelmi Group, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stelmi Group | ' | ' | ' |
Acquisitions | ' | ' | ' |
Nonrecurring expense related to the fair value adjustment to acquisition-date inventory excluded from (included in) supplemental pro forma earnings (after tax) | ' | $2,500,000 | ' |
Transaction costs excluded from (included in) supplemental pro forma earnings (after tax) | ' | 4,200,000 | ' |
Unaudited pro forma financial information | ' | ' | ' |
Net Sales | 2,520,000 | 2,395,000 | 2,453,000 |
Net Income Attributable to AptarGroup, Inc. | $172,000 | $174,000 | $188,000 |
Net Income per common share - basic | $2.60 | $2.62 | $2.82 |
Net Income per common share - diluted | $2.52 | $2.54 | $2.71 |
RESTRUCTURING_INITIATIVES_Deta
RESTRUCTURING INITIATIVES (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
European Restructuring Plan | European Restructuring Plan | European Restructuring Plan | Employee severance | Other costs | ||||
item | European Restructuring Plan | European Restructuring Plan | ||||||
Restructuring initiatives | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities involved in restructuring plan | ' | ' | ' | 12 | ' | ' | ' | ' |
Number of facilities closed | ' | ' | ' | 2 | ' | ' | ' | ' |
Number of employees impacted by closure of facilities | ' | ' | ' | 170 | ' | ' | ' | ' |
Cumulative expense incurred to date | ' | ' | ' | ' | $19,500,000 | ' | ' | ' |
Restructuring reserve | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, balance at the beginning of the period | ' | ' | ' | ' | 3,158,000 | ' | 3,158,000 | ' |
Net Charges | 11,800,000 | 3,102,000 | -71,000 | ' | 11,844,000 | 3,314,000 | 7,319,000 | 4,525,000 |
Cash Paid | ' | ' | ' | ' | -10,885,000 | ' | -8,037,000 | -2,848,000 |
FX Impact | ' | ' | ' | ' | 139,000 | ' | 81,000 | 58,000 |
Restructuring reserve, balance at the end of the period | ' | ' | ' | ' | 4,256,000 | 3,158,000 | 2,521,000 | 1,735,000 |
Accelerated depreciation | ' | ' | ' | ' | $2,725,000 | $1,576,000 | ' | ' |
QUARTERLY_DATA_UNAUDITED_Detai
QUARTERLY DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
QUARTERLY DATA (UNAUDITED) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $637,295 | $623,644 | $641,441 | $617,633 | $571,437 | $589,598 | $577,503 | $592,498 | $2,520,013 | $2,331,036 | $2,337,183 |
Gross profit | 165,543 | 163,677 | 172,721 | 164,213 | 144,391 | 148,214 | 154,998 | 159,223 | 666,154 | 606,826 | ' |
Net Income | 36,836 | 45,232 | 49,880 | 39,978 | 34,854 | 42,101 | 41,652 | 43,813 | 171,926 | 162,420 | 183,630 |
Net Income Attributable to AptarGroup, Inc. | $36,899 | $45,264 | $49,802 | $40,029 | $34,990 | $42,127 | $41,686 | $43,809 | $171,994 | $162,612 | $183,683 |
Net Income Attributable to AptarGroup, Inc. Per Common Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.56 | $0.68 | $0.75 | $0.61 | $0.53 | $0.63 | $0.63 | $0.66 | $2.60 | $2.45 | $2.76 |
Diluted (in dollars per share) | $0.54 | $0.67 | $0.73 | $0.59 | $0.52 | $0.62 | $0.61 | $0.64 | $2.52 | $2.38 | $2.65 |
Dividends declared (in dollars per share) | $0.25 | $0.25 | $0.25 | $0.25 | $0.22 | $0.22 | $0.22 | $0.22 | $1 | $0.88 | ' |
Stock price high (in dollars per share) | $67.86 | $60.75 | $57.76 | $57.47 | $53.36 | $53.19 | $55.49 | $55 | $67.86 | $55.49 | ' |
Stock price low (in dollars per share) | $59.19 | $55.36 | $54.13 | $48.14 | $45.19 | $47.56 | $49.36 | $51.01 | $48.14 | $45.19 | ' |
Average number of shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 65,700 | 66,092 | 66,420 | 66,155 | 66,249 | 66,541 | 66,580 | 66,196 | 66,090 | 66,392 | 66,553 |
Diluted (in shares) | 67,853 | 67,986 | 68,106 | 68,296 | 67,846 | 68,353 | 68,758 | 68,785 | 68,208 | 68,395 | 69,274 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts | ' | ' | ' |
VALUATION AND QUALIFYING ACCOUNTS | ' | ' | ' |
Balance at the Beginning of the Period | $6,751 | $8,257 | $8,560 |
Charged to Costs and Expenses | -381 | -595 | 1,642 |
Deductions from Reserve | -1,954 | -911 | -1,945 |
Balance at the End of the Period | 4,416 | 6,751 | 8,257 |
Deferred tax valuation allowance | ' | ' | ' |
VALUATION AND QUALIFYING ACCOUNTS | ' | ' | ' |
Balance at the Beginning of the Period | 7,033 | 6,326 | 5,619 |
Charged to Costs and Expenses | 2,708 | 1,362 | 1,020 |
Deductions from Reserve | -4,901 | -655 | -313 |
Balance at the End of the Period | $4,840 | $7,033 | $6,326 |