Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | SIGMA ALDRICH CORP |
Entity Central Index Key | 90185 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 119,665,716 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Sales | $664 | $639 | $2,020 | $1,968 |
Cost of products and services sold | 330 | 315 | 1,001 | 949 |
Gross profit | 334 | 324 | 1,019 | 1,019 |
Selling, general and administrative expenses | 150 | 147 | 458 | 458 |
Research and development expenses | 16 | 17 | 49 | 53 |
Restructuring and other charges | 10 | 4 | 22 | 13 |
Operating income | 158 | 156 | 490 | 495 |
Interest, net | 1 | 1 | 3 | 3 |
Income before income taxes | 157 | 155 | 487 | 492 |
Provision for income taxes | 38 | 43 | 127 | 148 |
Net income | $119 | $112 | $360 | $344 |
Net income per share - Basic (in dollars per share) | $0.99 | $0.93 | $3 | $2.84 |
Net income per share - Diluted (in dollars per share) | $0.98 | $0.92 | $2.98 | $2.82 |
Weighted average number of shares outstanding - Basic (in shares) | 120 | 121 | 120 | 121 |
Weighted average number of shares outstanding - Diluted (in shares) | 121 | 122 | 121 | 122 |
Dividends per share (in dollars per share) | $0.22 | $0.20 | $0.65 | $0.60 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $119 | $112 | $360 | $344 |
Other comprehensive income/(loss), net of tax: | ||||
Foreign currency translation gain/(loss), net | 60 | 31 | -12 | 9 |
Pension and post retirement, net | 1 | 1 | 3 | 4 |
Unrealized gain/(loss) on securities, net | -1 | 1 | -3 | 4 |
Unrealized gain/(loss) on forward exchange contracts, net | -11 | 0 | -1 | 0 |
Total other comprehensive income/(loss) | 49 | 33 | -13 | 17 |
Comprehensive income | $168 | $145 | $347 | $361 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $688 | $724 |
Accounts receivable | 390 | 356 |
Inventories | 715 | 722 |
Deferred taxes | 30 | 32 |
Other | 82 | 95 |
Total current assets | 1,905 | 1,929 |
Property, plant and equipment: | ||
Property, plant and equipment | 2,073 | 2,011 |
Less - accumulated depreciation | -1,267 | -1,182 |
Property, plant and equipment, net | 806 | 829 |
Goodwill | 687 | 691 |
Intangibles, net | 261 | 282 |
Other | 120 | 89 |
Total assets | 3,779 | 3,820 |
Current liabilities: | ||
Notes payable | 114 | 383 |
Accounts payable | 165 | 160 |
Payroll | 66 | 55 |
Income taxes | 30 | 26 |
Other | 87 | 77 |
Total current liabilities | 462 | 701 |
Long-term debt | 300 | 300 |
Pension and post-retirement benefits | 133 | 135 |
Deferred taxes | 59 | 64 |
Other | 77 | 74 |
Total liabilities | 1,031 | 1,274 |
Stockholders' equity: | ||
Common stock, $1.00 par value; 300 million shares authorized; 202 million shares issued at September 30, 2013 and December 31, 2012; 120 million shares outstanding at September 30, 2013 and December 31, 2012 | 202 | 202 |
Capital in excess of par value | 315 | 276 |
Common stock in treasury, at cost, 82 million shares at September 30, 2013 and December 31, 2012 | -2,377 | -2,271 |
Retained earnings | 4,552 | 4,270 |
Accumulated other comprehensive income | 56 | 69 |
Total stockholders' equity | 2,748 | 2,546 |
Total liabilities and stockholders' equity | $3,779 | $3,820 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $1 | $1 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 202,000,000 | 202,000,000 |
Common Stock, shares outstanding | 120,000,000 | 120,000,000 |
Common Stock in treasury, shares | 82,000,000 | 82,000,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income | $360 | $344 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 103 | 101 |
Deferred income taxes | -2 | 23 |
Stock-based compensation expense | 18 | 13 |
Restructuring | 8 | 1 |
Other | -13 | -6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -39 | -38 |
Inventories | -2 | -43 |
Accounts payable | 6 | -6 |
Income taxes | 5 | -17 |
Other, net | 42 | 7 |
Net cash provided by operating activities | 486 | 379 |
Cash flows from investing activities: | ||
Capital expenditures | -75 | -89 |
Purchases of investments | -96 | -77 |
Proceeds from sales of investments | 74 | 81 |
Acquisitions of businesses, net of cash acquired | 0 | -389 |
Proceeds from sale of net assets | 9 | 0 |
Other, net | 0 | -6 |
Net cash used in investing activities | -88 | -480 |
Cash flows from financing activities: | ||
Net issuance/(repayment) of short-term debt | -269 | 152 |
Dividends | -78 | -73 |
Share repurchases | -115 | -99 |
Proceeds from exercise of stock options | 25 | 31 |
Excess tax benefits from stock-based payments | 6 | 10 |
Net cash provided by/(used in) financing activities | -431 | 21 |
Effect of foreign currency exchange rate changes on cash | -3 | 4 |
Net change in cash and cash equivalents | -36 | -76 |
Cash and cash equivalents at January 1 | 724 | 665 |
Cash and cash equivalents at September 30 | 688 | 589 |
Supplemental disclosures of cash flow information: | ||
Income taxes paid | 116 | 130 |
Interest paid, net of capitalized interest | $4 | $4 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation |
Sigma-Aldrich Corporation, headquartered in St. Louis, Missouri, is a leading Life Science and High Technology company whose biochemical and organic chemical products, kits and services are used in scientific research, including genomic and proteomic research, biotechnology, pharmaceutical development, the diagnosis of disease and as key components in pharmaceutical, diagnostics and high technology manufacturing. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information, the SEC's instructions to Form 10-Q and Article 10 of Regulation S-X and, accordingly, do not include all information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the notes to the Company's consolidated financial statements included in Part II, Item 8 of the Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included in these consolidated financial statements. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2013 | |
Reclassifications [Abstract] | |
Reclassifications | Reclassifications |
Certain reclassifications of prior year amounts have been made to conform to the current year presentation. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" that requires entities to disclose either on the face of or in the notes to the financial statements the effects of reclassifications out of AOCI. For items reclassified out of AOCI and into net income in their entirety, entities must disclose the effect of the reclassification on each affected net income item. For items that are not reclassified in their entirety into net income, entities must provide a cross reference to other required disclosures. This ASU does not change the items currently reported in other comprehensive income and is effective for annual reporting periods beginning after December 15, 2012 and interim periods within those years. The adoption of these provisions did not have a material impact on the consolidated financial statements of the Company. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
There were no material changes in the unrecognized tax benefits of the Company during the three and nine months ended September 30, 2013. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
The principal categories of inventories are: | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Finished goods | $ | 579 | $ | 585 | ||||
Work in process | 34 | 36 | ||||||
Raw materials | 102 | 101 | ||||||
Total | $ | 715 | $ | 722 | ||||
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Intangible Assets | Intangible Assets | |||||||||||||||
The Company’s amortizable and unamortizable intangible assets at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||
Cost | Accumulated Amortization | |||||||||||||||
September 30, | December 31, 2012 | September 30, | December 31, 2012 | |||||||||||||
2013 | 2013 | |||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Patents | $ | 15 | $ | 14 | $ | 9 | $ | 8 | ||||||||
Licenses | 48 | 47 | 20 | 17 | ||||||||||||
Customer relationships | 252 | 255 | 73 | 61 | ||||||||||||
Technical knowledge | 48 | 48 | 18 | 15 | ||||||||||||
Other | 29 | 29 | 23 | 22 | ||||||||||||
Total amortizable intangible assets | $ | 392 | $ | 393 | $ | 143 | $ | 123 | ||||||||
Unamortizable intangible assets: | ||||||||||||||||
Goodwill | $ | 713 | $ | 717 | $ | 26 | $ | 26 | ||||||||
Trademarks and trade names | 20 | 20 | 8 | 8 | ||||||||||||
Total unamortizable intangible assets | $ | 733 | $ | 737 | $ | 34 | $ | 34 | ||||||||
The Company recorded amortization expense of $6 and $8 for the three months ended September 30, 2013 and 2012, respectively, related to amortizable intangible assets. For the nine months ended September 30, 2013 and 2012, the Company recorded amortization expense of $20 and $24, respectively, related to amortizable intangible assets. Amortizable intangible assets are amortized over their estimated useful lives, which range from one to twenty years, using the straight-line method. The Company expects to record annual amortization expense for all existing intangible assets in a range from approximately $21 to $27 from 2013 through 2017. | ||||||||||||||||
The change in net goodwill for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||
Balance at December 31, 2012 | $ | 691 | ||||||||||||||
Acquisitions and Divestitures | (2 | ) | ||||||||||||||
Impact of foreign currency exchange rates | (2 | ) | ||||||||||||||
Balance at September 30, 2013 | $ | 687 | ||||||||||||||
Acquisition and divestiture activity during the nine months ended September 30, 2013 is related to the finalization of purchase accounting for certain acquisitions as well as the writeoff of goodwill associated with the sale of the net assets of SAGE Labs in April 2013. |
Debt
Debt | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt | Debt | |||||||||||||
Notes payable and long-term debt consist of the following: | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Outstanding | Weighted | Outstanding | Weighted | |||||||||||
Average | Average | |||||||||||||
Rate | Rate | |||||||||||||
Notes payable | ||||||||||||||
Commercial paper (1) | $ | 114 | 0.1 | % | $ | 381 | 0.2 | % | ||||||
$200 European revolving credit facility, | — | — | — | — | ||||||||||
due March 13, 2014 (2) | ||||||||||||||
Sigma-Aldrich Korea Limited credit facility, | — | — | — | — | ||||||||||
due June 30, 2014 (3) | ||||||||||||||
Sigma-Aldrich Japan GK credit facilities (4) | — | — | — | — | ||||||||||
Other short-term credit facilities (5) | — | — | 2 | 1.5 | % | |||||||||
Total notes payable | $ | 114 | 0.1 | % | $ | 383 | 0.2 | % | ||||||
Long-term debt | ||||||||||||||
Senior notes, due November 1, 2020 (6) | $ | 300 | 3.4 | % | $ | 300 | 3.4 | % | ||||||
Total long-term debt | $ | 300 | 3.4 | % | $ | 300 | 3.4 | % | ||||||
-1 | The Company has a $600 five-year revolving credit facility that will mature on May 9, 2017 with a syndicate of banks in the U.S. supporting the Company's commercial paper program. At September 30, 2013 and December 31, 2012, the Company did not have any borrowings outstanding under the facility. However, the amount available under the facility is reduced by the amount of commercial paper outstanding. The facility contains financial covenants that require the maintenance of a ratio of consolidated debt to total capitalization of no more than 65.0 percent and an aggregate amount of subsidiary debt plus consolidated secured debt of no more than 25.0 percent of total net worth. The Company’s total consolidated debt as a percentage of total capitalization and aggregate amount of subsidiary debt plus consolidated secured debt as a percentage of total net worth, as defined in the underlying credit agreement, was 13.7 percent and 0.0 percent, respectively, at September 30, 2013. | |||||||||||||
-2 | This facility contains financial covenants that require the maintenance of consolidated net worth of at least $750, a ratio of consolidated debt to total capitalization of no more than 55.0 percent and an aggregate amount of subsidiary debt plus consolidated secured debt of no more than 25.0 percent of total net worth. The Company’s consolidated net worth, consolidated debt as a percentage of total capitalization and aggregate amount of subsidiary debt plus consolidated secured debt as a percentage of total net worth, as defined in the underlying credit agreement, were $2,618, 13.7 percent and 0.0 percent, respectively, at September 30, 2013. | |||||||||||||
-3 | There were no outstanding borrowings under this facility, which had a total commitment of 20 billion Korean Won ($19), at September 30, 2013. | |||||||||||||
-4 | Sigma-Aldrich Japan GK has two credit facilities having a total commitment of 2 billion Japanese Yen ($20), with one facility due April 30, 2014 and the other representing a line of credit with no expiration. There were no borrowings under the facilities at September 30, 2013. | |||||||||||||
-5 | There were no borrowings under these facilities, which have total commitments in U.S. Dollar equivalents of $3, at September 30, 2013. | |||||||||||||
-6 | The Company has $300 of 3.375 percent Senior Notes due November 1, 2020. Interest on the notes is payable May 1 and November 1 of each year. The notes may be redeemed, in whole or in part at the Company’s option, (i) at any time at specific redemption prices plus accrued interest or (ii) three months prior to the maturity date at a redemption price equal to 100 percent of the principal amount plus accrued interest. | |||||||||||||
The Company has provided guarantees to certain subsidiaries for any outstanding borrowings from the European revolving credit facility and the short-term credit facilities of the wholly-owned Korean and Japanese subsidiaries. At September 30, 2013, there were no existing events of default that would require the Company to honor these guarantees. | ||||||||||||||
Total interest expense incurred on short-term and long-term debt, net of amounts capitalized, was $2 for both the three months ended September 30, 2013 and 2012. Total interest expense incurred on short-term and long-term debt, net of amounts capitalized, was $7 and $6 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||
The fair value of long-term debt was approximately $290 and $315 at September 30, 2013 and December 31, 2012, respectively. The fair value of long-term debt was based upon a discounted cash flow analysis that used the aggregate cash flows from principal and interest payments over the life of the debt and current market interest rates. |
Financial_Derivatives_and_Risk
Financial Derivatives and Risk Management | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Financial Derivatives and Risk Management | Financial Derivatives and Risk Management | |||||||
The Company transacts business in many parts of the world and is subject to risks associated with changing foreign currency exchange rates. Accordingly, the Company uses both derivative instruments designated as cash flow hedges as well as derivative instruments that are not designated as hedging instruments to mitigate this risk. These derivative instruments are comprised of foreign currency forward exchange contracts and classified within Level 2 of the fair value hierarchy for which fair value is determined by using foreign currency market spot rates and forward points observable at commonly quoted intervals. The Company does not enter into foreign currency contracts for speculative trading purposes. | ||||||||
Cash Flow Hedges | ||||||||
A significant portion of the Company's cost of products and services sold is denominated in the U.S. Dollar, while over 60 percent of the Company's net sales are denominated in other currencies. Intercompany inventory purchases, which are sourced primarily from subsidiaries with U.S. Dollar functional currencies, are sold to customers by international subsidiaries in other local currencies. In the third quarter of 2012, the Company implemented a program to use foreign currency forward exchange contracts to mitigate the foreign currency risk associated with these forecasted intercompany inventory purchases. | ||||||||
These derivatives have been designated as cash flow hedges, which qualify for hedge accounting treatment, whereby changes in fair value of the derivative are deferred in AOCI within stockholders' equity until the underlying hedged items are recognized in net income. Accordingly, the Company records cash flow hedge gains or losses within cost of products and services sold when the related inventory is sold to a customer. To the extent any portion of the hedge contract is determined to be ineffective, the increase or decrease in value of the contract prior to maturity will be recognized in income immediately. The cash flow impact from these derivatives is classified in the operating activities section of the Company's consolidated statements of cash flows, which is the same category as the underlying items being hedged. Gains or losses related to the ineffective portion of these hedging instruments were not material for the three and nine months ended September 30, 2013. At September 30, 2013 and December 31, 2012, the Company had a notional principal amount of $305 and $234, respectively, in foreign currency forward exchange contracts outstanding. | ||||||||
The following table summarizes the fair values of the foreign currency forward exchange contracts designated as cash flow hedges at September 30, 2013 and December 31, 2012: | ||||||||
Item | Reporting Location | September 30, 2013 | December 31, 2012 | |||||
Forward exchange contracts asset derivative | Other current assets | $4 | $6 | |||||
Forward exchange contracts liability derivative | Other current liabilities | 5 | 3 | |||||
Gain recognized in AOCI, net | AOCI | 2 | 3 | |||||
The following tables summarize the effect of the foreign currency forward exchange contracts designated as cash flow hedges on the Company's consolidated statements of comprehensive income during the three and nine months ended September 30, 2013 and September 30, 2012, net of immaterial tax effects. | ||||||||
Item | Reporting Location | Three Months Ended | Three Months Ended | |||||
30-Sep-13 | 30-Sep-12 | |||||||
Loss recognized in OCI, net | OCI | ($11) | — | |||||
Gain reclassified from AOCI into net income | Costs of products and services sold | 3 | — | |||||
Item | Reporting Location | Nine Months Ended | Nine Months Ended | |||||
30-Sep-13 | 30-Sep-12 | |||||||
Loss recognized in OCI, net | OCI | ($1) | — | |||||
Gain reclassified from AOCI into net income | Costs of products and services sold | 5 | — | |||||
As of September 30, 2013, the majority of these contracts are in established currencies including the Euro, Japanese Yen and British Pound. During the next 12 months, we expect that approximately $2 of unrealized gains included in AOCI, based on their valuation as of September 30, 2013, will be reclassified into income. The Company generally does not hedge its exposure to the exchange rate variability of future cash flows beyond the next ensuing twenty-four months. | ||||||||
Derivatives Not Designated As Hedging Instruments | ||||||||
The Company also uses foreign currency forward exchange contracts, which are not designated as hedging instruments, to hedge the value of certain intercompany receivables and payables denominated in foreign currencies. The Company's objective is to minimize the impact of foreign currency exchange rate changes during the period of time between the original transaction date and its cash settlement. Gains and losses on these contracts are recorded in SG&A, based on the difference in the contract rate and the spot rate at the end of each month for all contracts still in force, and are typically offset either partially or completely by transaction gains and losses. The duration of the contracts typically does not exceed six months. As of September 30, 2013, the majority of these contracts are in established currencies including the Euro, British Pound and Japanese Yen. The impact of these contracts was not material to the consolidated financial statements as of and for the periods ended September 30, 2013 and December 31, 2012. The notional amount of open foreign currency forward exchange contracts at September 30, 2013 and December 31, 2012 was $171 and $116, respectively. |
Company_Operations_By_Business
Company Operations By Business Unit | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Company Operations By Business Unit | Company Operations by Business Unit | |||||||||||||||
Effective January 1, 2013, the Company's business unit structure was realigned into three market-focused business units that are defined by the customers and markets they serve: Research, Applied and SAFC Commercial. The business unit structure is the Company's approach to serving customers and reporting sales rather than any internal division used to allocate resources. Sales for the Company's business units are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Research | $ | 341 | $ | 335 | $ | 1,055 | $ | 1,055 | ||||||||
Applied | 154 | 148 | 473 | 452 | ||||||||||||
SAFC Commercial | 169 | 156 | 492 | 461 | ||||||||||||
Total | $ | 664 | $ | 639 | $ | 2,020 | $ | 1,968 | ||||||||
During 2012, the Company operated with the business units of Research and SAFC. | ||||||||||||||||
The Company's Chief Operating Decision Maker is the CEO. The CEO and the Board review profit and loss information on a consolidated basis to assess performance and make overall operating decisions. The Company's business units are closely interrelated in their activities and share services such as order entry, billing, technical services, the e-commerce infrastructure, purchasing and inventory control. The business units also share production and distribution facilities. Additionally, these business units are supported by centralized functional areas such as finance, human resources, quality, safety and compliance and information technology. Further, the Company's CEO, CFO and business unit Presidents participate in compensation programs in which all or a significant portion of their incentive compensation is based upon consolidated Company results for sales growth (and for the business unit Presidents, the sales growth in the business unit for which they are responsible), consolidated Company operating income, consolidated Company free cash flow and business unit/individual objectives funded by the achievement of consolidated Company EPS goals. Based on these factors, the Company has concluded that it operates in one segment. | ||||||||||||||||
Sales are attributed to countries based upon the location from which the product was shipped or services were performed. Geographic financial information is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Sales to unaffiliated customers: | ||||||||||||||||
United States | $ | 259 | $ | 248 | $ | 775 | $ | 746 | ||||||||
Other countries | 405 | 391 | 1,245 | 1,222 | ||||||||||||
Total | $ | 664 | $ | 639 | $ | 2,020 | $ | 1,968 | ||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Long-lived assets: | ||||||||||||||||
United States | $ | 527 | $ | 549 | ||||||||||||
Other countries | 350 | 351 | ||||||||||||||
Total | $ | 877 | $ | 900 | ||||||||||||
Pension_And_PostRetirement_Ben
Pension And Post-Retirement Benefits | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||
Pension And Post-Retirement Benefits | Pension and Post-retirement Benefits | |||||||||||||||||||||||
The components of net periodic benefit cost for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Pension Plans | Post-Retirement | |||||||||||||||||||||||
United States | International | Medical Benefit Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | 3 | $ | 2 | $ | 2 | $ | — | $ | — | ||||||||||||
Interest cost | 2 | 1 | 2 | 2 | — | 1 | ||||||||||||||||||
Expected return on plan assets | (3 | ) | (3 | ) | (2 | ) | (2 | ) | — | — | ||||||||||||||
Amortization | — | 2 | 1 | 1 | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | (1 | ) | $ | 3 | $ | 3 | $ | 3 | $ | — | $ | 1 | |||||||||||
The components of net periodic benefit cost for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Pension Plans | Post-Retirement | |||||||||||||||||||||||
United States | International | Medical Benefit Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | 7 | $ | 7 | $ | 6 | $ | 1 | $ | 1 | ||||||||||||
Interest cost | 5 | 5 | 7 | 7 | 1 | 2 | ||||||||||||||||||
Expected return on plan assets | (9 | ) | (8 | ) | (8 | ) | (7 | ) | — | — | ||||||||||||||
Amortization | 1 | 4 | 3 | 3 | (1 | ) | (1 | ) | ||||||||||||||||
Net periodic benefit cost | $ | (3 | ) | $ | 8 | $ | 9 | $ | 9 | $ | 1 | $ | 2 | |||||||||||
Pension and post-retirement benefits liabilities consisted of the following as of the dates noted: | ||||||||||||||||||||||||
September 30, | December 31, 2012 | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Retiree medical liability | $ | 49 | $ | 47 | ||||||||||||||||||||
Pension liability | 87 | 91 | ||||||||||||||||||||||
Subtotal | 136 | 138 | ||||||||||||||||||||||
Less: current portion (included in other current liabilities) | (3 | ) | (3 | ) | ||||||||||||||||||||
Pension and post-retirement benefits liabilities | $ | 133 | $ | 135 | ||||||||||||||||||||
Effective December 31, 2012, the pension plan has been frozen and future retirement service benefits are no longer accrued under this program. Effective January 1, 2013, the affected employees became eligible for additional contributions under the Company's 401(k) retirement savings plan. As a result of the freeze, participants under the plan are no longer accruing service based benefits and are being treated as inactive for accounting purposes. The Company will amortize accumulated unrecognized losses over the remaining estimated life of participants of approximately 38 years as of September 30, 2013. | ||||||||||||||||||||||||
The Company does not anticipate that it will be required to make a cash contribution to its U.S. pension plan in 2013. The Company contributed $5 to its international pension plans in the nine months ended September 30, 2013. In total, the Company expects to contribute approximately $8 to its defined benefit pension plans in 2013. | ||||||||||||||||||||||||
The Company's 401(k) retirement savings plan provides retirement benefits to eligible U.S. employees in addition to those provided by the pension plan. The plan permits participants to voluntarily defer a portion of their compensation, subject to | ||||||||||||||||||||||||
Internal Revenue Code limitations. The Company also contributes a fixed amount of the employee's salary deferral. The cost for this plan was $5 and $3, respectively, for the three months ended September 30, 2013 and 2012 and $17 and $8, for the nine months ended September 30, 2013 and 2012. |
Other_Assets_And_Liabilities
Other Assets And Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets And Liabilities [Abstract] | ||||||||
Other Assets And Liabilities | Other Assets and Liabilities | |||||||
Other current assets | ||||||||
Other current assets are summarized as follows: | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Other receivables | $ | 32 | $ | 36 | ||||
Prepaid expenses | 21 | 29 | ||||||
Certificates of deposit | 27 | 27 | ||||||
Other current assets | 2 | 3 | ||||||
Total other current assets | $ | 82 | $ | 95 | ||||
Other assets | ||||||||
Other assets are summarized as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Other investments | $ | 12 | $ | 16 | ||||
Cash value of life insurance policies | 34 | 29 | ||||||
Deferred taxes | 15 | 17 | ||||||
Long term certificates of deposit | 32 | — | ||||||
Other non-current assets | 27 | 27 | ||||||
Total other assets | $ | 120 | $ | 89 | ||||
Other current liabilities | ||||||||
Other current liabilities are summarized as follows: | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Legal and professional | $ | 5 | $ | 6 | ||||
Pension and post-retirement | 3 | 3 | ||||||
Freight | 9 | 7 | ||||||
Other accrued expenses | 70 | 61 | ||||||
Total other current liabilities | $ | 87 | $ | 77 | ||||
Other liabilities | ||||||||
Other liabilities are summarized as follows: | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Deferred compensation | $ | 30 | $ | 31 | ||||
Non-current income taxes | 35 | 33 | ||||||
Other non-current liabilities | 12 | 10 | ||||||
Total other non-current liabilities | $ | 77 | $ | 74 | ||||
Restructuring_and_Other_Charge
Restructuring and Other Charges | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Other Charges [Abstract] | ||||||||||||||||
Restructuring and Other Charges | Restructuring and Other Charges | |||||||||||||||
Restructuring and other charges are summarized as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Restructuring costs | $ | 10 | $ | 4 | $ | 10 | $ | 8 | ||||||||
Licensing dispute settlement | — | — | 7 | — | ||||||||||||
Costs related to mergers and acquisitions | — | — | 5 | 5 | ||||||||||||
Total restructuring and other charges | $ | 10 | $ | 4 | $ | 22 | $ | 13 | ||||||||
In the third quarter of 2013, the Company committed to a restructuring plan to exit a manufacturing site in Europe. This exit activity impacts approximately 90 employees and is intended to further reduce the Company's fixed cost structure. Total restructuring costs are expected to be $12, comprised of $9 to reduce the value of the assets impacted by these restructuring activities and $3 of employee termination costs. Once fully implemented, the Company expects annual pre-tax savings associated with these activities in a range from $3 to $4. During the three and nine months ended September 30, 2013, $10 of these restructuring costs were recorded. | ||||||||||||||||
In the second quarter of 2012, the Company committed to a restructuring plan to exit various sales office locations in Europe. These exit activities impacted approximately 30 employees and were intended to further reduce the Company's fixed cost structure by streamlining the sales force in Europe. The total cost of this restructuring action was approximately $4 and was recorded in the second quarter of 2012. | ||||||||||||||||
Other costs of $7 were incurred during the second quarter of 2013 for the settlement of a licensing dispute associated with certain products. | ||||||||||||||||
Third party costs of $5 associated with merger and acquisition activity were incurred during the second quarter of 2013. Third party costs of $5 were incurred during the first quarter of 2012 related to the January 2012 acquisition of BioReliance and the March 2012 acquisition of Research Organics. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings per Share | |||||||||||
Basic EPS is calculated using the weighted average number of shares outstanding during each period. The diluted EPS calculation includes the impact of dilutive equity compensation awards. | ||||||||||||
EPS calculations have been made using the following share information (in millions): | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average shares | ||||||||||||
Basic shares | 120 | 121 | 120 | 121 | ||||||||
Effect of dilutive securities | 1 | 1 | 1 | 1 | ||||||||
Diluted shares | 121 | 122 | 121 | 122 | ||||||||
Potential common shares totaling 1 million were excluded from the calculation of diluted weighted average shares for the three and nine months ended September 30, 2013, and for the nine months ended September 30, 2012, because their effects were antidilutive. There were no common shares excluded from the calculation of weighted average shares for the three months ended September 30, 2012. |
Share_Repurchases
Share Repurchases | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Repurchase Agreements [Abstract] | |
Share Repurchases | Share Repurchases |
At September 30, 2013 and December 31, 2012, the Company had repurchased a total of 101 and 99 million shares, respectively, of an authorized repurchase of 110 million shares. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Disclosure | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | ||||||||||||||||||||
The following table shows the components of AOCI for the three months ended September 30, 2013 | |||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Unrealized Gain (Loss) on Cash Flow Hedges, Net | Total | |||||||||||||||||
Beginning balance | $ | 69 | $ | (76 | ) | $ | 1 | $ | 13 | $ | 7 | ||||||||||
Other comprehensive income (loss) before reclassification | 60 | — | 1 | (8 | ) | 53 | |||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (1 | ) | 2 | 3 | 4 | |||||||||||||||
Net current-period other comprehensive income (loss) | 60 | 1 | (1 | ) | (11 | ) | 49 | ||||||||||||||
Ending balance | $ | 129 | $ | (75 | ) | $ | — | $ | 2 | $ | 56 | ||||||||||
The following table shows the components of AOCI for the nine months ended September 30, 2013. | |||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Unrealized Gain (Loss) on Cash Flow Hedges, Net | Total | |||||||||||||||||
Beginning balance | $ | 141 | $ | (78 | ) | $ | 3 | $ | 3 | $ | 69 | ||||||||||
Other comprehensive income (loss) before reclassification | (12 | ) | — | 3 | 4 | (5 | ) | ||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (3 | ) | 6 | 5 | 8 | |||||||||||||||
Net current-period other comprehensive income (loss) | (12 | ) | 3 | (3 | ) | (1 | ) | (13 | ) | ||||||||||||
Ending balance | $ | 129 | $ | (75 | ) | $ | — | $ | 2 | $ | 56 | ||||||||||
The following table shows the components of AOCI for the three months ended September 30, 2012. | |||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Total | ||||||||||||||||||
Beginning balance | $ | 97 | $ | (85 | ) | $ | 2 | $ | 14 | ||||||||||||
Other comprehensive income (loss) before reclassification | 31 | — | 1 | 32 | |||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (1 | ) | — | (1 | ) | |||||||||||||||
Net current-period other comprehensive income (loss) | 31 | 1 | 1 | 33 | |||||||||||||||||
Ending balance | $ | 128 | $ | (84 | ) | $ | 3 | $ | 47 | ||||||||||||
The following table shows the components of AOCI for the nine months ended September 30, 2012. | |||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Total | ||||||||||||||||||
Beginning balance | $ | 119 | $ | (88 | ) | $ | (1 | ) | $ | 30 | |||||||||||
Other comprehensive income (loss) before reclassification | 9 | — | 4 | 13 | |||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (4 | ) | — | (4 | ) | |||||||||||||||
Net current-period other comprehensive income (loss) | 9 | 4 | 4 | 17 | |||||||||||||||||
Ending balance | $ | 128 | $ | (84 | ) | $ | 3 | $ | 47 | ||||||||||||
During the three months ended September 30, 2013, amounts reclassified from AOCI include gains of $1 into SG&A and gains of $3 into cost of products and services sold. During the nine months ended September 30, 2013, amounts reclassified from AOCI include gains of $3 into SG&A and gains of $5 into cost of products and services sold. During the three months ended September 30, 2012, amounts reclassified from AOCI include losses of $1 into SG&A. During the nine months ended September 30, 2012, amounts reclassified from AOCI include losses of $4 into SG&A. These adjustments are net of immaterial tax effects. |
Contingent_Liabilities_And_Com
Contingent Liabilities And Commitments | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities And Commitments | Contingent Liabilities and Commitments |
The Company is involved in legal proceedings generally incidental to its business, as described below: | |
The Company is a defendant in several lawsuits and claims related to the normal conduct of its business, including lawsuits and claims related to product liability and personal injury matters. The Company's operations and a number of its products are highly regulated by various governmental agencies around the world. Failure to meet the standards and licensing requirements of these agencies can lead to penalties which can include fines and/or operating restrictions. The Company accrues for potential liabilities when it is probable that future costs (including legal fees and expenses) will be incurred and such costs can be reasonably estimated. The Company has self-insured retention limits and has obtained insurance to provide coverage above the self-insured limits for claims made against it, including product liability and personal injury claims, subject to certain limitations and exclusions. Reserves have been provided to cover expected payments for these self-insured amounts at September 30, 2013. | |
At September 30, 2013, there were no contingent liabilities that management believes are reasonably likely to have a material adverse effect on the Company's consolidated financial condition, results of operations, cash flows or liquidity and there were no material commitments outside of the normal course of business. Material commitments in the normal course of business include notes payable, long-term debt, lease commitments and pension and other post-retirement benefit obligations which are disclosed in Note 6 – Notes Payable, Note 7 – Long-Term Debt, Note 9 – Lease Commitments and Note 15 – Pension and Post-retirement Benefit Plans, respectively, to the Company's consolidated financial statements included in Part II, Item 8 of the Annual Report, as updated in Note 7 – Debt and Note 10 – Pension and Post-retirement Benefits to the Company's consolidated financial statements included in Part I, Item 1 of this Report. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Principal Categories Of Inventories | The principal categories of inventories are: | |||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Finished goods | $ | 579 | $ | 585 | ||||
Work in process | 34 | 36 | ||||||
Raw materials | 102 | 101 | ||||||
Total | $ | 715 | $ | 722 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Intangible Assets and Goodwill | The Company’s amortizable and unamortizable intangible assets at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||
Cost | Accumulated Amortization | |||||||||||||||
September 30, | December 31, 2012 | September 30, | December 31, 2012 | |||||||||||||
2013 | 2013 | |||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Patents | $ | 15 | $ | 14 | $ | 9 | $ | 8 | ||||||||
Licenses | 48 | 47 | 20 | 17 | ||||||||||||
Customer relationships | 252 | 255 | 73 | 61 | ||||||||||||
Technical knowledge | 48 | 48 | 18 | 15 | ||||||||||||
Other | 29 | 29 | 23 | 22 | ||||||||||||
Total amortizable intangible assets | $ | 392 | $ | 393 | $ | 143 | $ | 123 | ||||||||
Unamortizable intangible assets: | ||||||||||||||||
Goodwill | $ | 713 | $ | 717 | $ | 26 | $ | 26 | ||||||||
Trademarks and trade names | 20 | 20 | 8 | 8 | ||||||||||||
Total unamortizable intangible assets | $ | 733 | $ | 737 | $ | 34 | $ | 34 | ||||||||
Change In Net Goodwill | The change in net goodwill for the nine months ended September 30, 2013 is as follows: | |||||||||||||||
Balance at December 31, 2012 | $ | 691 | ||||||||||||||
Acquisitions and Divestitures | (2 | ) | ||||||||||||||
Impact of foreign currency exchange rates | (2 | ) | ||||||||||||||
Balance at September 30, 2013 | $ | 687 | ||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Schedule Of Notes Payable And Long-Term Debt | Notes payable and long-term debt consist of the following: | |||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Outstanding | Weighted | Outstanding | Weighted | |||||||||||
Average | Average | |||||||||||||
Rate | Rate | |||||||||||||
Notes payable | ||||||||||||||
Commercial paper (1) | $ | 114 | 0.1 | % | $ | 381 | 0.2 | % | ||||||
$200 European revolving credit facility, | — | — | — | — | ||||||||||
due March 13, 2014 (2) | ||||||||||||||
Sigma-Aldrich Korea Limited credit facility, | — | — | — | — | ||||||||||
due June 30, 2014 (3) | ||||||||||||||
Sigma-Aldrich Japan GK credit facilities (4) | — | — | — | — | ||||||||||
Other short-term credit facilities (5) | — | — | 2 | 1.5 | % | |||||||||
Total notes payable | $ | 114 | 0.1 | % | $ | 383 | 0.2 | % | ||||||
Long-term debt | ||||||||||||||
Senior notes, due November 1, 2020 (6) | $ | 300 | 3.4 | % | $ | 300 | 3.4 | % | ||||||
Total long-term debt | $ | 300 | 3.4 | % | $ | 300 | 3.4 | % | ||||||
-1 | The Company has a $600 five-year revolving credit facility that will mature on May 9, 2017 with a syndicate of banks in the U.S. supporting the Company's commercial paper program. At September 30, 2013 and December 31, 2012, the Company did not have any borrowings outstanding under the facility. However, the amount available under the facility is reduced by the amount of commercial paper outstanding. The facility contains financial covenants that require the maintenance of a ratio of consolidated debt to total capitalization of no more than 65.0 percent and an aggregate amount of subsidiary debt plus consolidated secured debt of no more than 25.0 percent of total net worth. The Company’s total consolidated debt as a percentage of total capitalization and aggregate amount of subsidiary debt plus consolidated secured debt as a percentage of total net worth, as defined in the underlying credit agreement, was 13.7 percent and 0.0 percent, respectively, at September 30, 2013. | |||||||||||||
-2 | This facility contains financial covenants that require the maintenance of consolidated net worth of at least $750, a ratio of consolidated debt to total capitalization of no more than 55.0 percent and an aggregate amount of subsidiary debt plus consolidated secured debt of no more than 25.0 percent of total net worth. The Company’s consolidated net worth, consolidated debt as a percentage of total capitalization and aggregate amount of subsidiary debt plus consolidated secured debt as a percentage of total net worth, as defined in the underlying credit agreement, were $2,618, 13.7 percent and 0.0 percent, respectively, at September 30, 2013. | |||||||||||||
-3 | There were no outstanding borrowings under this facility, which had a total commitment of 20 billion Korean Won ($19), at September 30, 2013. | |||||||||||||
-4 | Sigma-Aldrich Japan GK has two credit facilities having a total commitment of 2 billion Japanese Yen ($20), with one facility due April 30, 2014 and the other representing a line of credit with no expiration. There were no borrowings under the facilities at September 30, 2013. | |||||||||||||
-5 | There were no borrowings under these facilities, which have total commitments in U.S. Dollar equivalents of $3, at September 30, 2013. | |||||||||||||
-6 | The Company has $300 of 3.375 percent Senior Notes due November 1, 2020. Interest on the notes is payable May 1 and November 1 of each year. The notes may be redeemed, in whole or in part at the Company’s option, (i) at any time at specific redemption prices plus accrued interest or (ii) three months prior to the maturity date at a redemption price equal to 100 percent of the principal amount plus accrued interest. |
Financial_Derivatives_and_Risk1
Financial Derivatives and Risk Management (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair values of the foreign currency forward exchange contracts designated as cash flow hedges at September 30, 2013 and December 31, 2012: | |||||||
Item | Reporting Location | September 30, 2013 | December 31, 2012 | |||||
Forward exchange contracts asset derivative | Other current assets | $4 | $6 | |||||
Forward exchange contracts liability derivative | Other current liabilities | 5 | 3 | |||||
Gain recognized in AOCI, net | AOCI | 2 | 3 | |||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables summarize the effect of the foreign currency forward exchange contracts designated as cash flow hedges on the Company's consolidated statements of comprehensive income during the three and nine months ended September 30, 2013 and September 30, 2012, net of immaterial tax effects. | |||||||
Item | Reporting Location | Three Months Ended | Three Months Ended | |||||
30-Sep-13 | 30-Sep-12 | |||||||
Loss recognized in OCI, net | OCI | ($11) | — | |||||
Gain reclassified from AOCI into net income | Costs of products and services sold | 3 | — | |||||
Item | Reporting Location | Nine Months Ended | Nine Months Ended | |||||
30-Sep-13 | 30-Sep-12 | |||||||
Loss recognized in OCI, net | OCI | ($1) | — | |||||
Gain reclassified from AOCI into net income | Costs of products and services sold | 5 | — | |||||
Company_Operations_By_Business1
Company Operations By Business Unit (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Net Sales For The Company's Business Units | Sales for the Company's business units are as follows: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Research | $ | 341 | $ | 335 | $ | 1,055 | $ | 1,055 | ||||||||
Applied | 154 | 148 | 473 | 452 | ||||||||||||
SAFC Commercial | 169 | 156 | 492 | 461 | ||||||||||||
Total | $ | 664 | $ | 639 | $ | 2,020 | $ | 1,968 | ||||||||
Geographic Financial Information - Net Sales To Unaffiliated Customers | Sales are attributed to countries based upon the location from which the product was shipped or services were performed. Geographic financial information is as follows: | |||||||||||||||
Three Months Ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Sales to unaffiliated customers: | ||||||||||||||||
United States | $ | 259 | $ | 248 | $ | 775 | $ | 746 | ||||||||
Other countries | 405 | 391 | 1,245 | 1,222 | ||||||||||||
Total | $ | 664 | $ | 639 | $ | 2,020 | $ | 1,968 | ||||||||
Geographic Financial Information - Long-Lived Assets | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Long-lived assets: | ||||||||||||||||
United States | $ | 527 | $ | 549 | ||||||||||||
Other countries | 350 | 351 | ||||||||||||||
Total | $ | 877 | $ | 900 | ||||||||||||
Pension_And_PostRetirement_Ben1
Pension And Post-Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||
Components Of The Net Periodic Benefit Costs | The components of net periodic benefit cost for the three months ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||||||||
Pension Plans | Post-Retirement | |||||||||||||||||||||||
United States | International | Medical Benefit Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | 3 | $ | 2 | $ | 2 | $ | — | $ | — | ||||||||||||
Interest cost | 2 | 1 | 2 | 2 | — | 1 | ||||||||||||||||||
Expected return on plan assets | (3 | ) | (3 | ) | (2 | ) | (2 | ) | — | — | ||||||||||||||
Amortization | — | 2 | 1 | 1 | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | (1 | ) | $ | 3 | $ | 3 | $ | 3 | $ | — | $ | 1 | |||||||||||
The components of net periodic benefit cost for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Pension Plans | Post-Retirement | |||||||||||||||||||||||
United States | International | Medical Benefit Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | 7 | $ | 7 | $ | 6 | $ | 1 | $ | 1 | ||||||||||||
Interest cost | 5 | 5 | 7 | 7 | 1 | 2 | ||||||||||||||||||
Expected return on plan assets | (9 | ) | (8 | ) | (8 | ) | (7 | ) | — | — | ||||||||||||||
Amortization | 1 | 4 | 3 | 3 | (1 | ) | (1 | ) | ||||||||||||||||
Net periodic benefit cost | $ | (3 | ) | $ | 8 | $ | 9 | $ | 9 | $ | 1 | $ | 2 | |||||||||||
Pension And Post-Retirement Benefits And Liabilities | Pension and post-retirement benefits liabilities consisted of the following as of the dates noted: | |||||||||||||||||||||||
September 30, | December 31, 2012 | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Retiree medical liability | $ | 49 | $ | 47 | ||||||||||||||||||||
Pension liability | 87 | 91 | ||||||||||||||||||||||
Subtotal | 136 | 138 | ||||||||||||||||||||||
Less: current portion (included in other current liabilities) | (3 | ) | (3 | ) | ||||||||||||||||||||
Pension and post-retirement benefits liabilities | $ | 133 | $ | 135 | ||||||||||||||||||||
Other_Assets_And_Liabilities_T
Other Assets And Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets And Liabilities [Abstract] | ||||||||
Other Current Assets | Other current assets are summarized as follows: | |||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Other receivables | $ | 32 | $ | 36 | ||||
Prepaid expenses | 21 | 29 | ||||||
Certificates of deposit | 27 | 27 | ||||||
Other current assets | 2 | 3 | ||||||
Total other current assets | $ | 82 | $ | 95 | ||||
Other Assets | Other assets are summarized as follows: | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Other investments | $ | 12 | $ | 16 | ||||
Cash value of life insurance policies | 34 | 29 | ||||||
Deferred taxes | 15 | 17 | ||||||
Long term certificates of deposit | 32 | — | ||||||
Other non-current assets | 27 | 27 | ||||||
Total other assets | $ | 120 | $ | 89 | ||||
Other Current Liabilities | Other current liabilities are summarized as follows: | |||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Legal and professional | $ | 5 | $ | 6 | ||||
Pension and post-retirement | 3 | 3 | ||||||
Freight | 9 | 7 | ||||||
Other accrued expenses | 70 | 61 | ||||||
Total other current liabilities | $ | 87 | $ | 77 | ||||
Other Liabilities | Other liabilities are summarized as follows: | |||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Deferred compensation | $ | 30 | $ | 31 | ||||
Non-current income taxes | 35 | 33 | ||||||
Other non-current liabilities | 12 | 10 | ||||||
Total other non-current liabilities | $ | 77 | $ | 74 | ||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges Restructuring and Other Charges (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Other Charges [Abstract] | ||||||||||||||||
Schedule of Summary of Restructuring and Other Charges | Restructuring and other charges are summarized as follows: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Restructuring costs | $ | 10 | $ | 4 | $ | 10 | $ | 8 | ||||||||
Licensing dispute settlement | — | — | 7 | — | ||||||||||||
Costs related to mergers and acquisitions | — | — | 5 | 5 | ||||||||||||
Total restructuring and other charges | $ | 10 | $ | 4 | $ | 22 | $ | 13 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Shares Used In Calculation Of Earnings Per Share | EPS calculations have been made using the following share information (in millions): | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average shares | ||||||||||||
Basic shares | 120 | 121 | 120 | 121 | ||||||||
Effect of dilutive securities | 1 | 1 | 1 | 1 | ||||||||
Diluted shares | 121 | 122 | 121 | 122 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Disclosure (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | The following table shows the components of AOCI for the three months ended September 30, 2013 | ||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Unrealized Gain (Loss) on Cash Flow Hedges, Net | Total | |||||||||||||||||
Beginning balance | $ | 69 | $ | (76 | ) | $ | 1 | $ | 13 | $ | 7 | ||||||||||
Other comprehensive income (loss) before reclassification | 60 | — | 1 | (8 | ) | 53 | |||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (1 | ) | 2 | 3 | 4 | |||||||||||||||
Net current-period other comprehensive income (loss) | 60 | 1 | (1 | ) | (11 | ) | 49 | ||||||||||||||
Ending balance | $ | 129 | $ | (75 | ) | $ | — | $ | 2 | $ | 56 | ||||||||||
The following table shows the components of AOCI for the nine months ended September 30, 2013. | |||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Unrealized Gain (Loss) on Cash Flow Hedges, Net | Total | |||||||||||||||||
Beginning balance | $ | 141 | $ | (78 | ) | $ | 3 | $ | 3 | $ | 69 | ||||||||||
Other comprehensive income (loss) before reclassification | (12 | ) | — | 3 | 4 | (5 | ) | ||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (3 | ) | 6 | 5 | 8 | |||||||||||||||
Net current-period other comprehensive income (loss) | (12 | ) | 3 | (3 | ) | (1 | ) | (13 | ) | ||||||||||||
Ending balance | $ | 129 | $ | (75 | ) | $ | — | $ | 2 | $ | 56 | ||||||||||
The following table shows the components of AOCI for the three months ended September 30, 2012. | |||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Total | ||||||||||||||||||
Beginning balance | $ | 97 | $ | (85 | ) | $ | 2 | $ | 14 | ||||||||||||
Other comprehensive income (loss) before reclassification | 31 | — | 1 | 32 | |||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (1 | ) | — | (1 | ) | |||||||||||||||
Net current-period other comprehensive income (loss) | 31 | 1 | 1 | 33 | |||||||||||||||||
Ending balance | $ | 128 | $ | (84 | ) | $ | 3 | $ | 47 | ||||||||||||
The following table shows the components of AOCI for the nine months ended September 30, 2012. | |||||||||||||||||||||
Foreign Currency Translation Adjustment Income (Loss), Net | Pension and Post-Retirement Benefit Plans Income (Loss), Net | Unrealized Gain (Loss) on Securities, Net | Total | ||||||||||||||||||
Beginning balance | $ | 119 | $ | (88 | ) | $ | (1 | ) | $ | 30 | |||||||||||
Other comprehensive income (loss) before reclassification | 9 | — | 4 | 13 | |||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income to net income | — | (4 | ) | — | (4 | ) | |||||||||||||||
Net current-period other comprehensive income (loss) | 9 | 4 | 4 | 17 | |||||||||||||||||
Ending balance | $ | 128 | $ | (84 | ) | $ | 3 | $ | 47 | ||||||||||||
Inventories_Principal_Categori
Inventories (Principal Categories Of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $579 | $585 |
Work in process | 34 | 36 |
Raw materials | 102 | 101 |
Total | $715 | $722 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $6 | $8 | $20 | $24 |
Finite-lived intangible assets, future amortization expense, four year estimate, minimum | 21 | |||
Finite-lived intangible assets, future amortization expense, four year estimate, maximum | $27 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 1 year | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 20 years |
Intangible_Assets_Amortizable_
Intangible Assets (Amortizable And Unamortizable Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Amortizable intangible assets: | ||
Total amortizable intangible assets, Cost | $392 | $393 |
Total amortizable intangible assets, Accumulated Amortization | 143 | 123 |
Indefinite-Lived Intangible Assets (Including Goodwill) [Abstract] | ||
Goodwill, Gross | 713 | 717 |
Goodwill, Accumulated Amortization | 26 | 26 |
Total unamortizable intangible assets, Cost | 733 | 737 |
Total unamortizable intangible assets, Accumulated Amortization | 34 | 34 |
Trademarks and Trade Names [Member] | ||
Indefinite-Lived Intangible Assets (Including Goodwill) [Abstract] | ||
Trademarks and trade names, Cost | 20 | 20 |
Trademark Indefinite-lived Intangible Assets, Accumulated Amortization | 8 | 8 |
Patents [Member] | ||
Amortizable intangible assets: | ||
Total amortizable intangible assets, Cost | 15 | 14 |
Total amortizable intangible assets, Accumulated Amortization | 9 | 8 |
Licenses [Member] | ||
Amortizable intangible assets: | ||
Total amortizable intangible assets, Cost | 48 | 47 |
Total amortizable intangible assets, Accumulated Amortization | 20 | 17 |
Customer Relationships [Member] | ||
Amortizable intangible assets: | ||
Total amortizable intangible assets, Cost | 252 | 255 |
Total amortizable intangible assets, Accumulated Amortization | 73 | 61 |
Technical Knowledge [Member] | ||
Amortizable intangible assets: | ||
Total amortizable intangible assets, Cost | 48 | 48 |
Total amortizable intangible assets, Accumulated Amortization | 18 | 15 |
Other [Member] | ||
Amortizable intangible assets: | ||
Total amortizable intangible assets, Cost | 29 | 29 |
Total amortizable intangible assets, Accumulated Amortization | $23 | $22 |
Intangible_Assets_Change_In_Ne
Intangible Assets (Change In Net Goodwill) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | |
Balance at December 31, 2012 | $691 |
Acquisitions and Divestitures | -2 |
Impact of foreign currency exchange rates | -2 |
Balance at September 30, 2013 | $687 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||||
Interest expense, debt | $2 | $2 | $7 | $6 | |
Long-term debt, fair value | $290 | $290 | $315 |
Debt_Schedule_Of_Notes_Payable
Debt (Schedule Of Notes Payable And Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Notes payable | ||||
Weighted Average Rate | 0.10% | 0.20% | ||
Long-term debt | ||||
Weighted Average Rate | 3.40% | 3.40% | ||
Commercial Paper [Member] | ||||
Notes payable | ||||
Outstanding | 114 | [1] | 381 | [1] |
Weighted Average Rate | 0.10% | [1] | 0.20% | [1] |
$200.0 European Revolving Credit Facility, Due March 13, 2014 [Member] | ||||
Notes payable | ||||
Outstanding | 0 | [2] | 0 | [2] |
Weighted Average Rate | 0.00% | [2] | 0.00% | [2] |
Sigma-Aldrich Korea Limited Credit Facility, Due June 30, 2014 [Member] | ||||
Notes payable | ||||
Outstanding | 0 | [3] | 0 | [3] |
Weighted Average Rate | 0.00% | [3] | 0.00% | [3] |
Sigma-Aldrich Japan Credit Facility [Member] | ||||
Notes payable | ||||
Outstanding | 0 | [4] | 0 | [4] |
Weighted Average Rate | 0.00% | [4] | 0.00% | [4] |
Other Short-Term Credit Facilities [Member] | ||||
Notes payable | ||||
Outstanding | 0 | [5] | 2 | [5] |
Weighted Average Rate | 0.00% | [5] | 1.50% | [5] |
Senior Notes, Due November 1, 2020 [Member] | ||||
Long-term debt | ||||
Weighted Average Rate | 3.40% | [6] | 3.40% | [6] |
Total Notes Payable [Member] | ||||
Notes payable | ||||
Outstanding | 114 | 383 | ||
Long-Term Debt [Member] | Senior Notes, Due November 1, 2020 [Member] | ||||
Long-term debt | ||||
Outstanding | 300 | [6] | 300 | [6] |
Total Long-Term Debt [Member] | ||||
Long-term debt | ||||
Outstanding | 300 | 300 | ||
[1] | The Company has a $600 five-year revolving credit facility that will mature on May 9, 2017 with a syndicate of banks in the U.S. supporting the Company's commercial paper program. At SeptemberB 30, 2013 and DecemberB 31, 2012, the Company did not have any borrowings outstanding under the facility. However, the amount available under the facility is reduced by the amount of commercial paper outstanding. The facility contains financial covenants that require the maintenance of a ratio of consolidated debt to total capitalization of no more than 65.0 percent and an aggregate amount of subsidiary debt plus consolidated secured debt of no more than 25.0 percent of total net worth. The Companybs total consolidated debt as a percentage of total capitalization and aggregate amount of subsidiary debt plus consolidated secured debt as a percentage of total net worth, as defined in the underlying credit agreement, was 13.7 percent and 0.0 percent, respectively, at SeptemberB 30, 2013. | |||
[2] | This facility contains financial covenants that require the maintenance of consolidated net worth of at least $750, a ratio of consolidated debt to total capitalization of no more than 55.0 percent and an aggregate amount of subsidiary debt plus consolidated secured debt of no more than 25.0 percent of total net worth. The Companybs consolidated net worth, consolidated debt as a percentage of total capitalization and aggregate amount of subsidiary debt plus consolidated secured debt as a percentage of total net worth, as defined in the underlying credit agreement, were $2,618, 13.7 percent and 0.0 percent, respectively, at SeptemberB 30, 2013. | |||
[3] | There were no outstanding borrowings under this facility, which had a total commitment of 20 billion Korean Won ($19), at SeptemberB 30, 2013. | |||
[4] | Sigma-Aldrich Japan GK has two credit facilities having a total commitment of 2 billion Japanese Yen ($20), with one facility due April 30, 2014 and the other representing a line of credit with no expiration. There were no borrowings under the facilities at SeptemberB 30, 2013. | |||
[5] | There were no borrowings under these facilities, which have total commitments in U.S.B Dollar equivalents of $3, at SeptemberB 30, 2013. | |||
[6] | The Company has $300 of 3.375 percent Senior Notes due November 1, 2020. Interest on the notes is payable MayB 1 and NovemberB 1 of each year. The notes may be redeemed, in whole or in part at the Companybs option, (i) at any time at specific redemption prices plus accrued interest or (ii) three months prior to the maturity date at a redemption price equal to 100 percent of the principal amount plus accrued interest. |
Debt_Schedule_Of_Notes_Payable1
Debt (Schedule Of Notes Payable And Long-Term Debt - Additional Information) (Details) | 9 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Five-Year Revolving Credit Facility Maturing May 9, 2017 [Member] | $200.0 European Revolving Credit Facility, Due March 13, 2014 [Member] | Sigma-Aldrich Korea Limited Credit Facility, Due June 30, 2014 [Member] | Sigma-Aldrich Korea Limited Credit Facility, Due June 30, 2014 [Member] | Sigma-Aldrich Japan Credit Facility [Member] | Sigma-Aldrich Japan Credit Facility [Member] | Other Short-Term Credit Facilities [Member] | Senior Notes, Due November 1, 2020 [Member] | |
USD ($) | USD ($) | USD ($) | KRW | USD ($) | JPY (¥) | USD ($) | USD ($) | |
Debt Instrument [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $600,000,000 | $19,000,000 | 20,000,000,000 | $20,000,000 | ¥ 2,000,000,000 | $3,000,000 | $300,000,000 | |
Line of credit facility, term | 5 years | |||||||
Debt instrument, maturity date | 9-May-17 | 13-Mar-14 | 30-Jun-14 | 30-Jun-14 | 30-Apr-14 | 30-Apr-14 | 1-Nov-20 | |
Debt instrument covenant ratio of consolidated debt to total capitalization, maximum | 65.00% | 55.00% | ||||||
Debt Instrument, covenant, ratio of consolidated debt to total net worth | 25.00% | |||||||
Consolidated debt as percentage of total capitalization | 13.70% | 13.70% | ||||||
Debt Instrument, covenant ratio, consolidated debt plus subsidiary debt as a percentage of total net worth | 0.00% | |||||||
Debt instrument covenant consolidated net worth, minimum | 750,000,000 | |||||||
Debt Instrument, covenant, ratio of consolidated debt plus subsidiary debt to net worth | 25.00% | |||||||
Consolidated net worth | 2,618,000,000 | |||||||
Subsidiary debt plus consolidated secured debt, as a percent of total net worth | 0.00% | |||||||
Stated interest rate | 3.38% | |||||||
Duration debt can be redeemed at 100 percent plus accrued interest | 3 months | |||||||
Debt redemption price, percentage | 100.00% | |||||||
Debt instrument face amount | $200,000,000 |
Financial_Derivatives_and_Risk2
Financial Derivatives and Risk Management (Fair Value of Derivatives) - Balance Sheet (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Gain recognized in AOCI, net | $2 | $13 | $3 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain recognized in AOCI, net | 2 | 3 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward exchange contracts asset derivative | 4 | 6 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward exchange contracts liability derivative | $5 | $3 |
Financial_Derivatives_and_Risk3
Financial Derivatives and Risk Management (Schedule Of Gain Loss) - Income Statement (Details) (Foreign Exchange Forward [Member], Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss recognized in OCI, net | ($11) | $0 | ($1) | $0 |
Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain reclassified from AOCI into net income | $3 | $0 | $5 | $0 |
Financial_Derivatives_and_Risk4
Financial Derivatives and Risk Management (General Cash Flow Hedge Information) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Minimum [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||||
Percent of net revenue denominated in Non-US currencies | 60.00% | ||||
Notional amount of foreign currency cash flow hedging derivatives | $305 | $234 | |||
Cash flow hedge gain (loss) to be reclassified within twelve months | 2 | ||||
Maximum length of time hedged in cash flow hedge | 24 months | ||||
Maximum length of time hedged in foreign currency cash flow hedge | 6 months | ||||
Notional amount of foreign currency derivatives | $171 | $116 |
Company_Operations_By_Business2
Company Operations By Business Unit (Net Sales For The Company's Business Units) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
segment | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 1 | |||
Sales | $664 | $639 | $2,020 | $1,968 |
Research Business Unit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 341 | 335 | 1,055 | 1,055 |
Applied Business Unit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 154 | 148 | 473 | 452 |
SAFC Commercial Business Unit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | $169 | $156 | $492 | $461 |
Company_Operations_By_Business3
Company Operations By Business Unit (Geographic Financial Information - Net Sales To Unaffiliated Customers) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Net sales to unaffiliated customers | $664 | $639 | $2,020 | $1,968 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales to unaffiliated customers | 259 | 248 | 775 | 746 |
Other Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales to unaffiliated customers | $405 | $391 | $1,245 | $1,222 |
Company_Operations_By_Business4
Company Operations By Business Unit (Geographic Financial Information - Long-Lived Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $877 | $900 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 527 | 549 |
Other Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $350 | $351 |
Pension_And_PostRetirement_Ben2
Pension And Post-Retirement Benefits (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated life of plan participants | 38 years | |||
International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions to pension plans | $5 | |||
United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cost of 401(k) retirement savings plan | 5 | 3 | 17 | 8 |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions to pension plans | $8 |
Pension_And_PostRetirement_Ben3
Pension And Post-Retirement Benefits (Components Of The Net Periodic Benefit Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $0 | $3 | $0 | $7 |
Interest cost | 2 | 1 | 5 | 5 |
Expected return on plan assets | -3 | -3 | -9 | -8 |
Amortization | 0 | 2 | 1 | 4 |
Net periodic benefit cost | -1 | 3 | -3 | 8 |
International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 2 | 7 | 6 |
Interest cost | 2 | 2 | 7 | 7 |
Expected return on plan assets | -2 | -2 | -8 | -7 |
Amortization | 1 | 1 | 3 | 3 |
Net periodic benefit cost | 3 | 3 | 9 | 9 |
Post-Retirement Medical Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 1 | 1 |
Interest cost | 0 | 1 | 1 | 2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | -1 | -1 |
Net periodic benefit cost | $0 | $1 | $1 | $2 |
Pension_And_PostRetirement_Ben4
Pension And Post-Retirement Benefits (Pension And Post-Retirement Benefits And Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Retiree medical liability | $49 | $47 |
Pension liability | 87 | 91 |
Subtotal | 136 | 138 |
Less: current portion (included in other current liabilities) | -3 | -3 |
Pension and post-retirement benefits liabilities | $133 | $135 |
Other_Assets_And_Liabilities_O
Other Assets And Liabilities (Other Current Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Assets And Liabilities [Abstract] | ||
Other receivables | $32 | $36 |
Prepaid expenses | 21 | 29 |
Certificates of deposit | 27 | 27 |
Other current assets | 2 | 3 |
Total other current assets | $82 | $95 |
Other_Assets_And_Liabilities_O1
Other Assets And Liabilities (Other Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Assets And Liabilities [Abstract] | ||
Other investments | $12 | $16 |
Cash value of life insurance policies | 34 | 29 |
Deferred taxes | 15 | 17 |
Long term certificates of deposit | 32 | 0 |
Other non-current assets | 27 | 27 |
Total other assets | $120 | $89 |
Other_Assets_And_Liabilities_O2
Other Assets And Liabilities (Other Current Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Assets And Liabilities [Abstract] | ||
Legal and professional | $5 | $6 |
Pension and post-retirement | 3 | 3 |
Freight | 9 | 7 |
Other accrued expenses | 70 | 61 |
Total other current liabilities | $87 | $77 |
Other_Assets_And_Liabilities_O3
Other Assets And Liabilities (Other Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Assets And Liabilities [Abstract] | ||
Deferred compensation | $30 | $31 |
Non-current income taxes | 35 | 33 |
Other non-current liabilities | 12 | 10 |
Total other non-current liabilities | $77 | $74 |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Summary of Restructuring and Other Charges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring and Other Charges [Abstract] | ||||||
Restructuring costs | $10 | $4 | $4 | $10 | $8 | |
Licensing dispute settlement | 0 | 7 | 0 | 7 | 0 | |
Costs related to mergers and acquisitions | 0 | 5 | 0 | 5 | 5 | |
Total restructuring and other charges | $10 | $4 | $22 | $13 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges (Restructuring Activities) Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
employee | employee | BioReliance and Research Organics | Minimum [Member] | Maximum [Member] | Reduction of Value of Assets Impacted by Restructuring [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Number of employees impacted by the restructuring | 90 | 30 | |||||||||
Total restructuring costs expected | $12 | $9 | $3 | ||||||||
Expected annual savings from restructuring activity | 3 | 4 | |||||||||
Restructuring costs | 10 | 4 | 4 | 10 | 8 | ||||||
Restructuring costs recorded during period | 10 | ||||||||||
Licensing dispute settlement | 0 | 7 | 0 | 7 | 0 | ||||||
Costs related to mergers and acquisitions | $0 | $5 | $0 | $5 | $5 | $5 |
Earnings_Per_Share_Shares_Used
Earnings Per Share (Shares Used In Calculation Of Earnings Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted average shares | ||||
Basic shares | 120,000,000 | 121,000,000 | 120,000,000 | 121,000,000 |
Effect of dilutive securities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Diluted shares | 121,000,000 | 122,000,000 | 121,000,000 | 122,000,000 |
Number of potential common shares from the calculation of weighted average shares considered to be antidilutive | 1,000,000 | 0 | 1,000,000 | 1,000,000 |
Share_Repurchases_Details
Share Repurchases (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Disclosure of Repurchase Agreements [Abstract] | ||
Shares repurchased | 101,000,000 | 99,000,000 |
Authorized shares repurchase | 110,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Disclosure (Changes in Accumulated Other Comprehensive Income by Component)(Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Roll Forward] | ||||
Beginning balance | $69 | $97 | $141 | $119 |
Other comprehensive income (loss) before reclassification | 60 | 31 | -12 | 9 |
Less: Amounts reclassified from accumulated other comprehensive income to net income | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | 60 | 31 | -12 | 9 |
Ending balance | 129 | 128 | 129 | 128 |
Pension and Post-Retirement Benefit Plans Income (Loss), Net | ||||
Beginning balance | -76 | -85 | -78 | -88 |
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 |
Less: Amounts reclassified from accumulated other comprehensive income to net income | -1 | -1 | -3 | -4 |
Net current-period other comprehensive income (loss) | 1 | 1 | 3 | 4 |
Ending balance | -75 | -84 | -75 | -84 |
Unrealized Gain (Loss) on Securities, Net | ||||
Beginning balance | 1 | 2 | 3 | -1 |
Other comprehensive income (loss) before reclassification | 1 | 1 | 3 | 4 |
Less: Amounts reclassified from accumulated other comprehensive income to net income | 2 | 0 | 6 | 0 |
Net current-period other comprehensive income (loss) | -1 | 1 | -3 | 4 |
Ending balance | 0 | 3 | 0 | 3 |
Unrealized Gain (Loss) on Cash Flow Hedges, Net | ||||
Beginning balance | 13 | 3 | ||
Other comprehensive income (loss) before reclassification | -8 | 4 | ||
Less: Amounts reclassified from accumulated other comprehensive income to net income | 3 | 5 | ||
Net current-period other comprehensive income (loss) | -11 | -1 | ||
Ending balance | 2 | 2 | ||
Total | ||||
Beginning balance | 7 | 14 | 69 | 30 |
Other comprehensive income (loss) before reclassification | 53 | 32 | -5 | 13 |
Less: Amounts reclassified from accumulated other comprehensive income to net income | 4 | -1 | 8 | -4 |
Net current-period other comprehensive income (loss) | 49 | 33 | -13 | 17 |
Ending balance | $56 | $47 | $56 | $47 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Disclosure (Reclassifications from Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amount Recorded as SG&A [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Amount reclassified from accumulated other comprehensive income | $1 | $1 | $3 | $4 |
Amount Recorded as Cost of Products and Services Sold [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Amount reclassified from accumulated other comprehensive income | $3 | $5 |