Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 28, 2014 | Jul. 17, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 156,274,908 |
Document Period End Date | 28-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'SWK | ' |
Entity Registrant Name | 'STANLEY BLACK & DECKER, INC. | ' |
Entity Central Index Key | '0000093556 | ' |
Current Fiscal Year End Date | '--01-03 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Net Sales | $2,885.50 | $2,858.20 | $5,525 | $5,333.40 |
Costs and Expenses | ' | ' | ' | ' |
Cost of sales | 1,832.20 | 1,852.50 | 3,511.50 | 3,419.20 |
Selling, general and administrative | 655.7 | 673.8 | 1,299.60 | 1,336.90 |
Provision for doubtful accounts | 7.2 | 3.4 | 11 | 5 |
Other-net | 58.7 | 71.4 | 120.2 | 142.3 |
Restructuring charges | -1.7 | -30.9 | -5.4 | 12 |
Interest expense | 43.3 | 39.6 | 87.6 | 79.5 |
Interest income | -3 | -3.3 | -6.4 | -6.5 |
Costs and Expenses, Total | 2,592.40 | 2,606.50 | 5,018.10 | 4,988.40 |
Earnings from continuing operations before income taxes | 293.1 | 251.7 | 506.9 | 345 |
Income taxes on continuing operations | 73.7 | 54.4 | 120.5 | 63.1 |
Earnings from continuing operations | 219.4 | 197.3 | 386.4 | 281.9 |
Less: Net loss attributable to non-controlling interests | 0.9 | -0.3 | 1.1 | -0.7 |
Net earnings from continuing operations attributable to common shareowners | 218.5 | 197.6 | 385.3 | 282.6 |
Net (loss) earnings from discontinued operations | -2 | -10.5 | -6.9 | -14.4 |
Net Earnings Attributable to Common Shareowners | 216.5 | 187.1 | 378.4 | 268.2 |
Total Comprehensive (Loss) Income Attributable to Common Shareowners | $207.80 | $71.40 | $374.50 | $10.30 |
Basic earnings per share of common stock: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $1.40 | $1.27 | $2.47 | $1.82 |
Discontinued operations (in dollars per share) | ($0.01) | ($0.07) | ($0.04) | ($0.09) |
Total basic earnings per share of common stock | $1.38 | $1.21 | $2.42 | $1.73 |
Diluted earnings per share of common stock: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $1.37 | $1.25 | $2.42 | $1.78 |
Discontinued operations (in dollars per share) | ($0.01) | ($0.07) | ($0.04) | ($0.09) |
Total diluted earnings per share of common stock | $1.36 | $1.18 | $2.37 | $1.69 |
Dividends per shares of common stock | $0.50 | $0.49 | $1 | $0.98 |
Weighted Average Shares Outstanding (in thousands): | ' | ' | ' | ' |
Basic (in shares) | 156,316 | 155,064 | 156,097 | 155,137 |
Diluted (in shares) | 159,666 | 158,351 | 159,354 | 158,483 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $515.70 | $496.20 |
Accounts and notes receivable, net | 1,788.80 | 1,633 |
Inventories, net | 1,721.70 | 1,485.20 |
Assets Held-for-sale, Current | 5 | 10.1 |
Other current assets | 369.4 | 344.2 |
Total Current Assets | 4,400.60 | 3,968.70 |
Property, Plant and Equipment, net | 1,483.70 | 1,485.30 |
Goodwill | 7,636.60 | 7,565.30 |
Intangibles, net | 2,953 | 3,067.60 |
Other Assets | 484.9 | 448.2 |
Total Assets | 16,958.80 | 16,535.10 |
Current Liabilities | ' | ' |
Short-term borrowings | 475.3 | 392.7 |
Current maturities of long-term debt | 8.7 | 9.9 |
Accounts payable | 1,701.20 | 1,575.90 |
Accrued expenses | 1,196.90 | 1,236.20 |
Liabilities of Assets Held-for-sale | 4.9 | 6.3 |
Total Current Liabilities | 3,387 | 3,221 |
Long-Term Debt | 3,849.30 | 3,799.40 |
Deferred Taxes | 1,007.20 | 914.4 |
Post-retirement Benefits | 726.9 | 744.2 |
Other Liabilities | 851.1 | 975.6 |
Commitments and Contingencies (Note R) | 0 | 0 |
Stanley Black & Decker, Inc. Shareowners' Equity | ' | ' |
Preferred stock, without par value: Authorized and unissued 10,000,000 shares | 0 | 0 |
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2013 and 2012 Issued 176,906,265 shares in 2013 and 2012 | 442.3 | 442.3 |
Retained earnings | 3,708.20 | 3,484.90 |
Additional paid in capital | 4,860.80 | 4,878.60 |
Accumulated other comprehensive loss | -502.9 | -499 |
ESOP | -46.2 | -53.2 |
Stockholders' Equity Subtotal, Total | 8,462.20 | 8,253.60 |
Less: cost of common stock in treasury | -1,407.30 | -1,454.40 |
Stanley Black & Decker, Inc. Shareowners' Equity | 7,054.90 | 6,799.20 |
Non-controlling interests | 82.4 | 81.3 |
Total Shareowners' Equity | 7,137.30 | 6,880.50 |
Total Liabilities and Shareowners' Equity | $16,958.80 | $16,535.10 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares unissued | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $2.50 | $2.50 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 176,906,265 | 176,906,265 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
OPERATING ACTIVITIES | ' | ' | ' | ' |
Net Earnings Attributable to Common Shareowners | $216,500,000 | $187,100,000 | $378,400,000 | $268,200,000 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization of property, plant and equipment | 67,000,000 | 57,000,000 | 131,400,000 | 115,500,000 |
Amortization of intangibles | 47,400,000 | 51,100,000 | 93,400,000 | 98,400,000 |
Pretax gain on sale of business | 0 | -14,000,000 | 3,100,000 | -14,000,000 |
Asset Impairment Charges | 0 | 0 | 0 | 16,500,000 |
Changes in working capital | 55,900,000 | 67,600,000 | -274,400,000 | -127,400,000 |
Changes in other assets and liabilities | 50,400,000 | -164,600,000 | -46,700,000 | -320,500,000 |
Cash provided by operating activities | 437,200,000 | 184,200,000 | 285,200,000 | 36,700,000 |
INVESTING ACTIVITIES | ' | ' | ' | ' |
Capital expenditures | -61,400,000 | -80,000,000 | -119,200,000 | -156,600,000 |
Business acquisitions, net of cash acquired | 0 | -56,000,000 | -3,200,000 | -909,900,000 |
Proceeds from sale of assets | 1,000,000 | 94,500,000 | 7,000,000 | 95,500,000 |
Proceeds (payments) on net investment hedge settlements | -29,500,000 | 10,900,000 | -35,800,000 | 1,700,000 |
Payments for (Proceeds from) Other Investing Activities | 6,200,000 | 8,400,000 | 10,600,000 | 11,300,000 |
Cash provided by (used in) investing activities | -96,100,000 | -39,000,000 | -161,800,000 | -980,600,000 |
FINANCING ACTIVITIES | ' | ' | ' | ' |
Payments on long-term debt | -300,000 | -500,000 | -600,000 | -1,100,000 |
Stock purchase contract fees | -4,300,000 | -800,000 | -7,900,000 | -1,600,000 |
Net short-term borrowings | -199,700,000 | -60,100,000 | 82,600,000 | 1,270,400,000 |
Cash dividends on common stock | -78,400,000 | -78,400,000 | -159,100,000 | -157,500,000 |
Payments for Repurchase of Equity | 0 | 0 | 0 | -350,000,000 |
Termination of interest rate swaps | 0 | 0 | -30,300,000 | 0 |
Proceeds from the issuance of common stock | 14,400,000 | 23,200,000 | 27,600,000 | 106,400,000 |
Purchase of common stock for treasury | 0 | -3,700,000 | -19,400,000 | -24,800,000 |
Cash provided by (used in) financing activities | -268,300,000 | -120,300,000 | -107,100,000 | 841,800,000 |
Effect of exchange rate changes on cash and cash equivalents | 10,300,000 | -20,700,000 | 3,200,000 | -52,200,000 |
Change in cash and cash equivalents | 83,100,000 | 4,200,000 | 19,500,000 | -154,300,000 |
Cash and cash equivalents, beginning of period | 432,600,000 | 557,500,000 | 496,200,000 | 716,000,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $515,700,000 | $561,700,000 | $515,700,000 | $561,700,000 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Jun. 28, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereinafter referred to as “generally accepted accounting principles”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations for the interim periods have been included and are of a normal, recurring nature. Operating results for the three and six months ended June 28, 2014 are not necessarily indicative of the results that may be expected for a full fiscal year. For further information, refer to the consolidated financial statements and footnotes included in Stanley Black & Decker, Inc.’s (the “Company”) Form 10-K for the year ended December 28, 2013. | |
During the first quarter of 2014, the Company recast segment results for prior periods to align reporting with the current management of the Company’s operations in the emerging markets to be comparable with the current year presentation. Accordingly, segment net sales and segment profit have been recast between the Construction & Do-It-Yourself (“CDIY”) and Industrial segments. There is no impact to the Consolidated Financial Statements of the Company as a result of this segment realignment. | |
During the third quarter of 2013, the Company classified two small businesses within the Security and Industrial segments as held for sale based on management's intention to sell these businesses. The business within the Industrial segment was sold during the first quarter of 2014 and resulted in an insignificant after-tax loss. The operating results of the business within the Industrial segment, including the loss on sale, have been reported as discontinued operations through the date of the sale and for the three and six months ended June 29, 2013, while the operating results of the business within the Security segment have been reported as discontinued operations for the three and six months ended June 28, 2014 and June 29, 2013. In addition, in December 2012, the Company sold its Hardware & Home Improvement business ("HHI"), including the residential portion of Tong Lung, to Spectrum Brands Holdings, Inc. ("Spectrum") for approximately $1.4 billion in cash. The purchase and sale agreement stipulated that the sale occur in a First and Second Closing. The First Closing, which excluded the residential portion of the Tong Lung business, occurred on December 17, 2012 and resulted in an after-tax gain of $358.9 million. The Second Closing, in which the residential portion of the Tong Lung business was sold for $93.5 million in cash, occurred on April 8, 2013 and resulted in an after-tax gain of $4.7 million. The operating results of the residential portion of Tong Lung have been reported as discontinued operations through the date of the sale. Amounts previously reported have been reclassified to conform to this presentation in accordance with ASC 205, "Presentation of Financial Statements," to allow for meaningful comparison of continuing operations. Net sales for discontinued operations totaled $8.0 million and $16.9 million for the three and six months ended June 28, 2014, respectively, and $13.1 million and $47.4 million for the three and six months ended June 29, 2013, respectively. Assets and liabilities held for sale relating to these discontinued operations totaled $5.0 million and $4.9 million of June 28, 2014, respectively, and $10.1 million and $6.3 million as of December 28, 2013, respectively. | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Certain amounts reported in the previous year have been reclassified to conform to the 2014 presentation. |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended |
Jun. 28, 2014 | |
New Accounting Standards | ' |
New Accounting Standards | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new model provides a five-step analysis in determining when and how revenue is recognized. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for annual reporting periods (and interim reporting periods within those years) beginning after December 15, 2016, and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption of this ASU is not permitted. The Company is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments contained in this update change the criteria for reporting discontinued operations and enhances the reporting requirements for discontinued operations. Under the revised standard, a discontinued operation must represent a strategic shift that has or will have a major effect on an entity's operations and financial results. Examples could include a disposal of a major line of business, a major geographical area, a major equity method investment, or other major parts of an entity. The revised standard will also allow an entity to have certain continuing cash flows or involvement with the component after the disposal. Additionally, the standard requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. This ASU is effective for reporting periods beginning after December 15, 2014 with early adoption permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. The Company is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." The FASB's objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. New recurring disclosures are not required because the ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. This ASU is effective for reporting periods beginning after December 15, 2013 with early adoption permitted. The Company adopted this guidance during the first quarter of 2014. The adoption of this guidance did not have a | |
material impact to the Company's consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This guidance applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. This standard update is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The adoption of this guidance did not have an impact to the Company's consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table reconciles net earnings attributable to common shareowners and the weighted average shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended June 28, 2014 and June 29, 2013: | ||||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator (in millions): | ||||||||||||||||
Net earnings from continuing operations attributable to common shareowners | $ | 218.5 | $ | 197.6 | $ | 385.3 | $ | 282.6 | ||||||||
Net loss from discontinued operations | (2.0 | ) | (10.5 | ) | (6.9 | ) | (14.4 | ) | ||||||||
Net earnings attributable to common shareowners | $ | 216.5 | $ | 187.1 | $ | 378.4 | $ | 268.2 | ||||||||
Less: Earnings attributable to participating restricted stock units (“RSU’s”) | — | (0.1 | ) | — | (0.2 | ) | ||||||||||
Net Earnings — basic | $ | 216.5 | $ | 187 | $ | 378.4 | $ | 268 | ||||||||
Net Earnings — dilutive | $ | 216.5 | $ | 187.1 | $ | 378.4 | $ | 268.2 | ||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator (in thousands): | ||||||||||||||||
Basic earnings per share — weighted average shares | 156,316 | 155,064 | 156,097 | 155,137 | ||||||||||||
Dilutive effect of stock options, awards and convertible preferred units | 3,350 | 3,287 | 3,257 | 3,346 | ||||||||||||
Diluted earnings per share — weighted average shares | 159,666 | 158,351 | 159,354 | 158,483 | ||||||||||||
Earnings per share of common stock: | ||||||||||||||||
Basic earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.4 | $ | 1.27 | $ | 2.47 | $ | 1.82 | ||||||||
Discontinued operations | (0.01 | ) | (0.07 | ) | (0.04 | ) | (0.09 | ) | ||||||||
Total basic earnings per share of common stock | $ | 1.38 | $ | 1.21 | $ | 2.42 | $ | 1.73 | ||||||||
Diluted earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.37 | $ | 1.25 | $ | 2.42 | $ | 1.78 | ||||||||
Discontinued operations | (0.01 | ) | (0.07 | ) | (0.04 | ) | (0.09 | ) | ||||||||
Total dilutive earnings per share of common stock | $ | 1.36 | $ | 1.18 | $ | 2.37 | $ | 1.69 | ||||||||
The following weighted average stock options were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): | ||||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of stock options | 944 | 4 | 949 | 569 | ||||||||||||
As described more fully in Note J, Equity Arrangements, the Company issued Equity Units comprised of $345.0 million of Notes and Equity Purchase Contracts, which obligate the holders to purchase on November 17, 2016, for $100.00, between 1.0122 and 1.2399 shares of the Company’s common stock. The shares related to the Equity Purchase Contracts were anti-dilutive for the three and six months ended June 28, 2014. Upon the November 17, 2016 settlement date, the Company will issue approximately 3.5 to 4.3 million shares of common stock, subject to customary anti-dilution adjustments, and expects to receive additional cash proceeds of $345.0 million. |
Financing_Receivables
Financing Receivables | 3 Months Ended |
Jun. 28, 2014 | |
Financing Receivables | ' |
Financing Receivables | |
Long-term trade financing receivables of $162.0 million and $157.8 million at June 28, 2014 and December 28, 2013, respectively, are reported within Other Assets in the Condensed Consolidated Balance Sheets. Financing receivables and long-term financing receivables are predominately related to certain security equipment leases with commercial businesses. Generally, the Company retains legal title to any equipment leases and bears the right to repossess such equipment in an event of default. All financing receivables are interest bearing and the Company has not classified any financing receivables as held-for-sale. Interest income earned from financing receivables that are not delinquent is recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. | |
The Company has an accounts receivable sale program that expires on December 11, 2014. According to the terms of that program the Company is required to sell certain of its trade accounts receivables at fair value to a wholly owned, consolidated, bankruptcy-remote special purpose subsidiary (“BRS”). The BRS, in turn, must sell such receivables to a third-party financial institution (“Purchaser”) for cash and a deferred purchase price receivable. The Purchaser’s maximum cash investment in the receivables at any time is $100.0 million. The purpose of the program is to provide liquidity to the Company. The Company accounts for these transfers as sales under Accounting Standards Codification ("ASC") 860, Transfers and Servicing. Receivables are derecognized from the Company’s Consolidated Balance Sheet when the BRS sells those receivables to the Purchaser. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities and its right to the deferred purchase price receivable. At June 28, 2014, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold. | |
At June 28, 2014 and December 28, 2013, $100.4 million and $84.8 million, respectively, of net receivables were derecognized. Gross receivables sold amounted to $361.4 million ($331.6 million, net) and $657.5 million ($605.0 million, net) for the three and six months ended June 28, 2014, respectively. These sales resulted in a pre-tax loss of $1.0 million and $1.8 million for the three and six months ended June 28, 2014, respectively. Proceeds from transfers of receivables to the Purchaser totaled $326.1 million and $557.7 million for the three and six months ended June 28, 2014, respectively. Collections of previously sold receivables, including deferred purchase price receivables, and all fees, which are settled one month in arrears, resulted in payments to the Purchaser of $296.4 million and $542.4 million for the three and six months ended June 28, 2014, respectively. Servicing fees amounted to $0.2 million and $0.3 million for the three and six months ended June 28, 2014, respectively. | |
Gross receivables sold amounted to $364.3 million ($308.4 million, net) and $626.3 million ($547.3 million, net) for the three and six months ended June 29, 2013, respectively. These sales resulted in a pre-tax loss of $0.9 million and $1.5 million for the three and six months ended June 29, 2013, respectively. Proceeds from transfers of receivables to the Purchaser totaled $314.9 million and $507.3 million for the three and six months ended June 29, 2013, respectively. Collections of previously sold receivables, including deferred purchase price receivables, and all fees, which are settled one month in arrears, resulted in payments to the Purchaser of $283.6 million and $500.7 million for the three and six months ended June 29, 2013, respectively. Servicing fees amounted to less than $0.1 million and $0.2 million for the three and six months ended June 29, 2013, respectively. | |
The Company’s risk of loss following the sale of the receivables is limited to the deferred purchase price receivable, which was $99.0 million at June 28, 2014 and $37.3 million at December 28, 2013. The deferred purchase price receivable will be repaid in cash as receivables are collected, generally within 30 days, and as such the carrying value of the receivable recorded approximates fair value. Delinquencies and credit losses were $0.2 million and $0.1 million for the three and six months ended June 28, 2014, respectively, and $0.3 million for both the three and six months ended June 29, 2013. Cash inflows related to the deferred purchase price receivable totaled $96.4 million and $177.4 million for the three and six months ended June 28, 2014, respectively, and $94.3 million and $167.9 million for the three and six months ended June 29, 2013, respectively. All cash flows under the program are reported as a component of changes in accounts receivable within operating activities in the Condensed Consolidated Statements of Cash Flows since all the cash from the Purchaser is either: 1) received upon the initial sale of the receivable; or 2) from the ultimate collection of the underlying receivables and the underlying receivables are not subject to significant risks, other than credit risk, given their short-term nature. |
Inventories
Inventories | 3 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ||||||||
The components of Inventories, net at June 28, 2014 and December 28, 2013 are as follows (in millions): | ||||||||
2014 | 2013 | |||||||
Finished products | $ | 1,259.30 | $ | 1,081.50 | ||||
Work in process | 146 | 128.8 | ||||||
Raw materials | 316.4 | 274.9 | ||||||
Total | $ | 1,721.70 | $ | 1,485.20 | ||||
Acquisitions
Acquisitions | 3 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Acquisitions | ' | |||||||
Acquisitions | ||||||||
2013 ACQUISITIONS | ||||||||
INFASTECH | ||||||||
On February 27, 2013, the Company acquired a 100% ownership interest in Infastech for a total purchase price of $826.4 million, net of cash acquired. Infastech designs, manufactures and distributes highly-engineered fastening technologies and applications for a diverse blue-chip customer base in the industrial, electronics, automotive, construction and aerospace end markets. The acquisition of Infastech adds to the Company's strong positioning in specialty engineered fastening, an industry with solid growth prospects, and further expands the Company's global footprint with its strong concentration in fast-growing emerging markets. Infastech is headquartered in Hong Kong and has been consolidated into the Company's Industrial segment. | ||||||||
The Infastech acquisition has been accounted for using the acquisition method of accounting which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The following table summarizes the estimated fair values of major assets acquired and liabilities assumed: | ||||||||
(Millions of Dollars) | ||||||||
Cash and cash equivalents | $ | 82 | ||||||
Accounts and notes receivable, net | 117.3 | |||||||
Inventories, net | 86.7 | |||||||
Prepaid expenses and other current assets | 5.3 | |||||||
Property, plant and equipment | 46 | |||||||
Trade names | 22 | |||||||
Customer relationships | 251 | |||||||
Technology | 28 | |||||||
Other assets | 3.4 | |||||||
Accounts payable | (99.0 | ) | ||||||
Accrued expenses | (52.6 | ) | ||||||
Deferred taxes | (68.6 | ) | ||||||
Other liabilities | (42.8 | ) | ||||||
Total identifiable net assets | $ | 378.7 | ||||||
Goodwill | 529.7 | |||||||
Total consideration transferred | $ | 908.4 | ||||||
The weighted average useful lives assigned to the trade names, customer relationships, and technology were 15 years, 12.7 years and 10 years, respectively. | ||||||||
Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business, assembled workforce, and the going concern nature of Infastech. The purchase accounting for this acquisition is complete. | ||||||||
GQ | ||||||||
On May 28, 2013, the Company purchased a 60% controlling share in Jiangsu Guoqiang Tools Co., Ltd. ("GQ") for a total purchase price of $48.5 million, net of cash acquired. GQ is a manufacturer and seller of power tools, armatures and stators in both domestic and foreign markets. The acquisition of GQ complements the Company's existing power tools product offerings and further diversifies the Company's operations and international presence. GQ is headquartered in Qidong, China and has been consolidated into the Company's CDIY segment. The estimated net liabilities acquired of GQ, including $20.4 million of intangible assets and $3.5 million of cash, totaled approximately $10.8 million and the resulting goodwill was $92.6 million. The total purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values. The purchase accounting for this acquisition is complete. | ||||||||
Four smaller acquisitions were completed during 2013 for a total purchase price of $40.9 million, net of cash acquired, which are being integrated into each of the Company's three segments. | ||||||||
ACTUAL AND PRO-FORMA IMPACT FROM ACQUISITIONS | ||||||||
Actual Impact from Acquisitions | ||||||||
The Company did not complete any acquisitions during the first six months of 2014. As such, there was no impact from new acquisitions on the Company's Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 28, 2014. | ||||||||
Pro-forma Impact from Acquisitions | ||||||||
The following table presents supplemental pro-forma information for the three and six months ended June 29, 2013 as if the Infastech, GQ, and other 2013 acquisitions had occurred on December 31, 2012. This pro-forma information includes acquisition-related charges for the period. The pro-forma consolidated results are not necessarily indicative of what the Company’s consolidated net sales and net earnings would have been had the Company completed these acquisitions on December 31, 2012. In addition, the pro-forma consolidated results do not reflect the actual or expected realization of any cost savings associated with the acquisitions. | ||||||||
Second Quarter | Year-to-Date | |||||||
(Millions of Dollars, except per share amounts) | 2013 | 2013 | ||||||
Net sales | $ | 2,868.40 | $ | 5,447.10 | ||||
Net earnings from continuing operations attributable to common shareowners | 194.2 | 286.5 | ||||||
Diluted earnings per share - continuing operations | 1.23 | 1.81 | ||||||
The 2013 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2013 acquisitions for their respective pre-acquisition periods. The following adjustments were made to account for certain costs which would have been incurred during this pre-acquisition period: | ||||||||
• | Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the purchase price allocation that would have been incurred from December 31, 2012 to June 29, 2013. | |||||||
• | Additional expense for deal costs and inventory step-up adjustments, where applicable, which would have been amortized as the corresponding inventory was sold. | |||||||
• | Because certain acquisitions were funded using existing sources of liquidity, additional interest expense was factored into the 2013 pro-forma period. |
Goodwill
Goodwill | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill | ||||||||||||||||
Changes in the carrying amount of goodwill by segment are as follows: | ||||||||||||||||
(Millions of Dollars) | CDIY | Industrial | Security | Total | ||||||||||||
Balance December 28, 2013 | $ | 2,951.20 | $ | 2,026.00 | $ | 2,588.10 | $ | 7,565.30 | ||||||||
Additions from acquisitions | 23.2 | 49.6 | 1.8 | 74.6 | ||||||||||||
Foreign currency translation and other | 18.8 | (5.3 | ) | (16.8 | ) | (3.3 | ) | |||||||||
Balance June 28, 2014 | $ | 2,993.20 | $ | 2,070.30 | $ | 2,573.10 | $ | 7,636.60 | ||||||||
As discussed previously, the Company recast 2013 segment net sales and profit between the CDIY and Industrial segments to align reporting with the current management of the Company's operations in the emerging markets to be comparable with current year presentation. As a result, the associated goodwill of these segments was adjusted accordingly to reflect the change. There is no impact to the 2013 consolidated financial statements as a result of this segment realignment. |
LongTerm_Debt_and_Financing_Ar
Long-Term Debt and Financing Arrangements | 3 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Long-Term Debt and Financing Arrangements | ' | |||||||||
Long-Term Debt and Financing Arrangements | ||||||||||
Long-term debt and financing arrangements at June 28, 2014 and December 28, 2013 are as follows: | ||||||||||
(Millions of Dollars) | Interest Rate | 2014 | 2013 | |||||||
Notes payable due 2018 (junior subordinated) | 2.25% | $ | 345 | $ | 345 | |||||
Notes payable due 2018 (junior subordinated) | 4.25% | 632.5 | 632.5 | |||||||
Notes payable due 2021 | 3.40% | 395.7 | 382.2 | |||||||
Notes payable due 2022 | 2.90% | 799.4 | 799.4 | |||||||
Notes payable due 2028 | 7.05% | 156.8 | 147.7 | |||||||
Notes payable due 2040 | 5.20% | 342.9 | 317.4 | |||||||
Notes payable due 2052 (junior subordinated) | 5.75% | 750 | 750 | |||||||
Notes payable due 2053 (junior subordinated) | 5.75% | 401.1 | 400 | |||||||
Other, payable in varying amounts through 2021 | 0.00% – 6.62% | 34.6 | 35.1 | |||||||
Total long-term debt, including current maturities | $ | 3,858.00 | $ | 3,809.30 | ||||||
Less: Current maturities of long-term debt | (8.7 | ) | (9.9 | ) | ||||||
Long-term debt | $ | 3,849.30 | $ | 3,799.40 | ||||||
At June 28, 2014, the Company had fixed-to-floating interest rate swaps on its $400.0 million notes payable due 2021. The carrying value of the notes payable due 2021 includes a loss of $17.6 million pertaining to fair value adjustments of the swaps, $13.6 million pertaining to the unamortized gain on previously terminated swaps and $0.3 million of unamortized discount on the notes. | ||||||||||
At June 28, 2014, the Company's carrying value on its $800.0 million notes payable due 2022 includes $0.6 million of unamortized discount on the notes. | ||||||||||
At June 28, 2014, the Company had fixed-to-floating interest rate swaps on its $150.0 million notes payable due 2028. The carrying value of the notes payable due 2028 includes a gain of $14.8 million pertaining to fair value adjustments made in purchase accounting offset by a loss of $8.0 million pertaining to fair value adjustments of the swaps. | ||||||||||
At June 28, 2014, the Company had fixed-to-floating interest rate swaps on a portion of its $400.0 million notes payable due 2040. The carrying value of the notes payable due 2040 includes a loss of $22.6 million pertaining to the fair value adjustments of the swaps, $34.2 million pertaining to the unamortized loss on previously terminated swaps and $0.3 million of unamortized discount on the notes. | ||||||||||
At June 28, 2014, the Company had fixed-to-floating interest rate swaps on its $400.0 million notes payable due 2053. The carrying value of the notes payable due 2053 includes a gain of $1.1 million pertaining to fair value adjustments of the swaps. | ||||||||||
Unamortized gains and fair value adjustments associated with interest rate swaps and the impact of terminated swaps are more fully discussed in Note I, Derivative Financial Instruments. | ||||||||||
In June 2014, the Company’s $500.0 million 364 day committed credit facility (the “Facility”) expired. The Facility was designated to be part of a liquidity back-stop for the Company’s commercial paper program. Following an evaluation of the Company’s liquidity position, the Company elected not to negotiate a new 364 day committed credit facility. The Company’s $2.0 billion commercial paper program is still backed by a $1.5 billion committed credit facility (the "Credit Agreement), executed in June 2013 for a five year term. As of June 28, 2014, the Company has not drawn on the Credit Agreement. | ||||||||||
As of June 28, 2014 and December 28, 2013, the Company had $474.2 million and $368.0 million of borrowings outstanding against the Company’s $2.0 billion commercial paper program, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. As part of the Company’s risk management program, a variety of financial instruments such as interest rate swaps, currency swaps, purchased currency options, foreign exchange contracts and commodity contracts may be used to mitigate interest rate exposure, foreign currency exposure and commodity price exposure. | ||||||||||||||||||||
Financial instruments are not utilized for speculative purposes. If the Company elects to do so and if the instrument meets the criteria specified in ASC 815, Derivatives and Hedging, management designates its derivative instruments as cash flow hedges, fair value hedges or net investment hedges. Generally, commodity price exposures are not hedged with derivative financial instruments and instead are actively managed through customer pricing initiatives, procurement-driven cost reduction initiatives and other productivity improvement projects. | ||||||||||||||||||||
A summary of the fair value of the Company’s derivatives recorded in the Consolidated Balance Sheets at June 28, 2014 and December 28, 2013 follows (in millions): | ||||||||||||||||||||
Balance Sheet | 2014 | 2013 | Balance Sheet | 2014 | 2013 | |||||||||||||||
Classification | Classification | |||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts Cash Flow | LT other assets | $ | — | $ | — | LT other liabilities | $ | 0.7 | $ | — | ||||||||||
Interest Rate Contracts Fair Value | Other current assets | 22.3 | 21.7 | Accrued expenses | 3.4 | 3.3 | ||||||||||||||
LT other assets | — | — | LT other | 57.6 | 139.3 | |||||||||||||||
liabilities | ||||||||||||||||||||
Foreign Exchange Contracts Cash Flow | Other current assets | 3.8 | 3.7 | Accrued expenses | 1.8 | 0.3 | ||||||||||||||
LT other assets | 1.2 | — | LT other liabilities | — | — | |||||||||||||||
Net Investment Hedge | Other current assets | 0.6 | 1.4 | Accrued expenses | 51.8 | 52.6 | ||||||||||||||
$ | 27.9 | $ | 26.8 | $ | 115.3 | $ | 195.5 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 61 | $ | 64.9 | Accrued expenses | $ | 20.9 | $ | 10.4 | ||||||||||
LT other assets | — | — | LT other liabilities | — | 6.4 | |||||||||||||||
$ | 61 | $ | 64.9 | $ | 20.9 | $ | 16.8 | |||||||||||||
The counterparties to all of the above mentioned financial instruments are major international financial institutions. The Company is exposed to credit risk for net exchanges under these agreements, but not for the notional amounts. The credit risk is limited to the asset amounts noted above. The Company limits its exposure and concentration of risk by contracting with diverse financial institutions and does not anticipate non-performance by any of its counterparties. Further, as more fully discussed in Note M, Fair Value Measurements, the Company considers non-performance risk of its counterparties at each reporting period and adjusts the carrying value of these assets accordingly. The risk of default is considered remote. | ||||||||||||||||||||
During the six months ended June 28, 2014 and June 29, 2013, respectively, cash flows related to derivatives, including those that are separately discussed in Fair Value Hedges and Net Investment Hedges below, resulted in net cash paid of $25.4 million and net cash received of $0.4 million respectively. | ||||||||||||||||||||
CASH FLOW HEDGES | ||||||||||||||||||||
As of June 28, 2014 and December 28, 2013 there was a $74.6 million and $77.3 million after-tax mark-to-market loss, respectively, reported for cash flow hedge effectiveness in Accumulated other comprehensive loss. An after-tax loss of $12.6 million is expected to be reclassified to earnings as the hedged transactions occur or as amounts are amortized within the next twelve months. The ultimate amount recognized will vary based on fluctuations of the hedged currencies and interest rates through the maturity dates. | ||||||||||||||||||||
The tables below detail pre-tax amounts reclassified from Accumulated other comprehensive loss into earnings for active derivative financial instruments during the periods in which the underlying hedged transactions affected earnings for the six months ended June 28, 2014 and June 29, 2013 (in millions): | ||||||||||||||||||||
Year-to-date 2014 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Interest Rate Contracts | $ | (0.7 | ) | Interest Expense | $ | — | $ | — | ||||||||||||
Foreign Exchange Contracts | $ | (3.6 | ) | Cost of sales | $ | 0.3 | $ | — | ||||||||||||
Year-to-date 2013 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Foreign Exchange Contracts | $ | 6.3 | Cost of sales | $ | (2.9 | ) | — | |||||||||||||
* Includes ineffective portion and amount excluded from effectiveness testing on derivatives. | ||||||||||||||||||||
For the three and six months ended June 28, 2014, the hedged items’ impact to the Consolidated Statements of Operations and Comprehensive Income was a loss of $0.2 million and $0.3 million, respectively, in Cost of sales, which is offsetting the amount shown above. For the three and six months ended June 29, 2013, the hedged items’ impact to the Consolidated Statements of Operations and Comprehensive Income was a gain of $1.1 million and $2.9 million, respectively. There was no impact related to the interest rate contracts' hedged items for all periods presented. | ||||||||||||||||||||
For the three and six months ended June 28, 2014, an after-tax loss of $2.2 million and $4.5 million respectively, was reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) during the periods in which the underlying hedged transactions affected earnings. For the three and six months ended June 29, 2013, an after-tax loss of $3.1 million and $6.6 million respectively, was reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) during the periods in which the underlying hedged transactions affected earnings. | ||||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
The Company enters into interest rate swap agreements in order to obtain the lowest cost source of funds within a targeted range of variable to fixed-debt proportions. At June 28, 2014, the Company had $200 million of forward starting swaps outstanding fixing the interest rate on the expected refinancing of debt in 2018 as discussed below. At December 28, 2013, there were no forward starting swaps outstanding. | ||||||||||||||||||||
In May 2014, the company executed forward starting interest rate swaps with aggregate notional amounts of $200 million. The objective of the hedges was to offset the expected variability on future payments associated with the interest rate on debt instruments expected to be issued in 2018. Gains or losses on the swaps are recorded in Accumulated other comprehensive loss and will be subsequently reclassified into earnings as the future interest expense is recognized in earnings or as ineffectiveness occurs. | ||||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Contracts: Through its global businesses, the Company enters into transactions and makes investments denominated in multiple currencies that give rise to foreign currency risk. The Company and its subsidiaries regularly purchase inventory from subsidiaries with non-U.S. dollar functional currencies which creates currency-related volatility in the Company’s results of operations. The Company utilizes forward contracts to hedge these forecasted purchases of inventory. Gains and losses reclassified from Accumulated other comprehensive loss for the effective and ineffective portions of the hedge as well as any amounts excluded from effectiveness testing are recorded in Cost of sales. At June 28, 2014, the notional value of forward currency contracts outstanding was $336.6 million, maturing on various dates through 2015. At December 28, 2013, the notional value of forward currency contracts outstanding was $270.1 million, maturing on various dates in 2014. | ||||||||||||||||||||
Purchased Option Contracts: The Company and its subsidiaries have entered into various inter-company transactions whereby the notional values are denominated in currencies other than the functional currencies of the party executing the trade. In order to better match the cash flows of its inter-company obligations with cash flows from operations, the Company enters into purchased option contracts. Gains and losses reclassified from Accumulated other comprehensive income (loss) for the effective and ineffective portions of the hedge as well as any amounts excluded from effectiveness testing are recorded in Cost of sales. At June 28, 2014, the notional value of purchased option contracts was $138.0 million maturing on various dates through 2014. As of December 28, 2013, the notional value of purchased option contracts was $120.0 million, maturing on various dates in 2014. | ||||||||||||||||||||
FAIR VALUE HEDGES | ||||||||||||||||||||
Interest Rate Risk: In an effort to optimize the mix of fixed versus floating rate debt in the Company’s capital structure, the Company enters into interest rate swaps. In February 2014, the Company entered into interest rate swaps on the first 5 years of the Company's $400 million 5.75% notes due 2053. In addition, the Company had existing interest rate swaps with notional values which equaled the Company's $400 million 3.40% notes due in 2021, the Company's $400 million 5.20% notes due 2040 and the Company's $150 million 7.05% notes due 2028. These interest rate swaps effectively converted the Company's fixed rate debt to floating rate debt based on LIBOR, thereby hedging the fluctuation in fair value resulting from changes in interest rates. | ||||||||||||||||||||
In February 2014, the Company terminated $200 million of interest rate swaps hedging the Company's $400 million 5.20% notes due 2040. The terminations resulted in cash payments of $30.3 million and the resulting loss of $34.8 million was deferred and will be amortized to earnings over the remaining life of the notes. | ||||||||||||||||||||
The changes in fair value of the interest rate swaps during the period were recognized in earnings as well as the offsetting changes in fair value of the underlying notes. The notional value of open contracts was $1.2 billion as of June 28, 2014 and $950 million as of December 28, 2013. A summary of the fair value adjustments relating to these swaps is as follows (in millions): | ||||||||||||||||||||
Second Quarter 2014 | Year-to-Date 2014 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps* | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | 18.3 | $ | (18.3 | ) | $ | 84.8 | $ | (84.8 | ) | ||||||||||
Second Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps* | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | (61.4 | ) | $ | 61.4 | $ | (91.8 | ) | $ | 91.8 | ||||||||||
*Includes ineffective portion and amount excluded from effectiveness testing. | ||||||||||||||||||||
In addition to the fair value adjustments in the table above, the net swap accruals for each period and amortization of the gains on terminated swaps are also reported as a reduction of interest expense and totaled $4.8 million and $10.2 million for the three and six months ended June 28, 2014, respectively, and $5.7 million and $11.7 million for the three and six months ended June 29, 2013, respectively. Interest expense on the underlying debt was $14.2 million and $27.4 million for the three and six months ended June 28, 2014, respectively, and $11.1 million and $22.5 million for the three and six months ended June 29, 2013, respectively. | ||||||||||||||||||||
NET INVESTMENT HEDGES | ||||||||||||||||||||
Foreign Exchange Contracts: The Company utilizes net investment hedges to offset the translation adjustment arising from re-measurement of its investment in the assets and liabilities of its foreign subsidiaries. The total after-tax amounts in Accumulated other comprehensive loss were losses of $99.1 million and $76.8 million at June 28, 2014 and December 28, 2013, respectively. As of June 28, 2014, the Company had foreign exchange contracts maturing on various dates through April 2015 with notional values totaling $949.8 million outstanding hedging a portion of its pound sterling denominated net investment. As of December 28, 2013, the Company had foreign exchange contracts maturing on various dates through October 2014 with notional values totaling $979.0 million outstanding hedging a portion of its pound sterling denominated net investment. For the six months ended June 28, 2014 and June 29, 2013, maturing foreign exchange contracts resulted in net cash paid of $35.8 million and net cash receipts of $1.7 million, respectively. Gains and losses on net investment hedges remain in Accumulated other comprehensive income (loss) until disposal of the underlying assets. | ||||||||||||||||||||
The pre-tax gain or loss from fair value changes recorded in Accumulated other comprehensive loss was as follows (in millions): | ||||||||||||||||||||
Second Quarter 2014 | Year-to-Date 2014 | |||||||||||||||||||
Income Statement Classification | ||||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (25.2 | ) | $ | (35.9 | ) | ||||||||||||||
Second Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement Classification | ||||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (5.3 | ) | $ | 53.5 | |||||||||||||||
*The effective and ineffective portion (including the ineffective portion and amount excluded from effectiveness testing) recorded in the Income Statements was zero for all periods presented. | ||||||||||||||||||||
UNDESIGNATED HEDGES | ||||||||||||||||||||
Foreign Exchange Contracts: Currency swaps and foreign exchange forward contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (such as affiliate loans, payables and receivables). The objective of these practices is to minimize the impact of foreign currency fluctuations on operating results. The total notional amount of the contracts outstanding at June 28, 2014 was $2.0 billion of forward contracts and $111.3 million in currency swaps, maturing on various dates through April 2015. The total notional amount of the contracts outstanding at December 28, 2013 was $2.2 billion of forward contracts and $107.7 million in currency swaps, maturing on various dates through 2014. The gain (loss) recorded in income related to derivatives not designated as hedging instruments are as follows (in millions): | ||||||||||||||||||||
Derivatives Not Designated as Hedging | Income Statement | Second Quarter 2014 | Year-to-Date 2014 | |||||||||||||||||
Instruments under ASC 815 | Classification | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 18.3 | $ | 26.3 | |||||||||||||||
Derivatives Not Designated as Hedging | Income Statement | Second Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||
Instruments under ASC 815 | Classification | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 0.4 | $ | (60.2 | ) | ||||||||||||||
Equity_Arrangements
Equity Arrangements | 3 Months Ended |
Jun. 28, 2014 | |
Equity Arrangements | ' |
J. Equity Arrangements | |
In January 2013, the Company elected to prepay the forward share purchase contract on its common stock for $362.7 million, comprised of the $350.0 million purchase price, plus an additional amount related to the forward component of the contract. In August 2013, the Company physically settled the contract, receiving 5,581,400 shares and $18.8 million from the financial institution counterparty representing a purchase price adjustment. The reduction of common shares outstanding was recorded at the inception of the forward share purchase contract and factored into the calculation of weighted average shares outstanding. | |
In November 2013, the Company purchased from certain financial institutions “out-of-the-money” capped call options on 12.2 million shares of its common stock (subject to customary anti-dilution adjustments) for an aggregate premium of $73.5 million, or an average of $6.03 per share. The purpose of the capped call options is to hedge the risk of stock price appreciation between the lower and upper strike prices of the capped call options. In accordance with ASC 815-40 the premium paid was recorded as a reduction of Shareowners’ equity. The contracts for the options provide that they may, at the Company’s election, subject to certain conditions, be cash settled, physically settled, modified-physically settled, or net-share settled (the default settlement method). The capped call options have various expiration dates ranging from July 2015 through December 2015. The average lower strike price is $86.07 and the average upper strike price is $106.56, subject to customary market adjustments. As of June 28, 2014, there was no change to the strikes. The aggregate fair value of the options at June 28, 2014 was $86.1 million. | |
Equity Units and Capped Call Transactions | |
In December 2013, the Company issued Equity Units comprised of $345.0 million of Notes and Equity Purchase Contracts as described more fully in Note H, Long-Term Debt and Financing Arrangements, of the Company’s Form 10-K for the year ended December 28, 2013. There have been no changes to the terms of the Equity Units. The Equity Purchase Contracts obligate the holders to purchase on November 17, 2016, for $100.00, between 1.0122 and 1.2399 shares of the Company’s common stock, which are equivalent to an initial settlement price of $98.80 and $80.65, respectively, per share of common stock. As of June 28, 2014, there was no change to the strikes. Upon the November 17, 2016 settlement date, the Company will issue approximately 3.5 to 4.3 million shares of common stock, subject to customary anti-dilution adjustments, and expects to receive additional cash proceeds of $345.0 million. If a fundamental change occurs, in certain circumstances, the number of shares of common stock deliverable upon settlement of the Equity Purchase Contracts will be increased by the make-whole amount, resulting in the issuance of a maximum of approximately 6.1 million shares of common stock. Holders may elect to settle their Equity Purchase Contracts early in cash prior to November 17, 2016. | |
Contemporaneously with the issuance of the Equity Units described above, the Company paid $9.7 million, or an average of $2.77 per option, to enter into capped call transactions on 3.5 million shares of common stock with a major financial institution. The purpose of the capped call transactions is to offset the potential economic dilution associated with the common shares issuable upon the settlement of the Equity Purchase Contracts. Refer to Note H, Long-Term Debt and Financing Arrangements, of the Company’s Form 10-K for the year ended December 28, 2013. In accordance with ASC 815-40, the $9.7 million premium paid was recorded as a reduction to equity. | |
The capped call transactions cover, subject to customary anti-dilution adjustments, the number of shares equal to the number of shares issuable upon settlement of the Equity Purchase Contracts at the 1.0122 minimum settlement rate. The capped call transactions have a term of approximately three years and initially have a lower strike price of $98.80, which corresponds to the minimum settlement rate of the Equity Purchase Contracts, and an upper strike price of $112.91, which is approximately 40% higher than the closing price of the Company’s common stock on November 25, 2013, and are subject to customary antidilution adjustments. The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Company’s option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. As of June 28, 2014, there was no change to the strikes. The aggregate fair value of the options at June 28, 2014 was $12.5 million. | |
Convertible Preferred Units and Equity Option | |
In November 2010 the Company issued Convertible Preferred Units comprised of $632.5 million of Notes due November 17, 2018 and Purchase Contracts as described more fully in Note H, Long-Term Debt and Financing Arrangements, of the Company’s Form 10-K for the year ended December 28, 2013. There have been no changes to the terms of the Convertible Preferred Units. The Purchase Contracts obligate the holders to purchase, on the earlier of (i) November 17, 2015 (the Purchase Contract Settlement date) or (ii) the triggered early settlement date, 6.3 million shares, for $100 per share, of the Company’s 4.75% Series B Cumulative Convertible Preferred Stock (the “Convertible Preferred Stock”), resulting in cash proceeds to the Company of up to $632.5 million. | |
Following the issuance of Convertible Preferred Stock upon settlement of a holder’s Purchase Contracts, a holder of Convertible Preferred Stock may, at its option, at any time and from time to time, convert some or all of its outstanding shares of Convertible Preferred Stock at a conversion rate of 1.3333 shares of the Company’s common stock per share of Convertible Preferred Stock (subject to customary anti-dilution provisions), which is equivalent to an initial conversion price of approximately $75.00 per share of common stock. Assuming conversion of the 6.3 million shares of Convertible Preferred Stock at the 1.3333 initial conversion rate, a total of 8.4 million shares of the Company’s common stock may be issued upon conversion. As of June 28, 2014, due to the customary anti-dilution provisions, the conversion rate on the Convertible Preferred Stock was 1.3631 (equivalent to a conversion price of approximately $73.36 per common share). In the event that holders elect to settle their Purchase Contracts prior to November 17, 2015, the Company will deliver a number of shares of Convertible Preferred Stock equal to 85% of the Purchase Contracts tendered, together with cash in lieu of fractional shares. Upon a conversion on or after November 17, 2015 the Company may elect to pay or deliver, as the case may be, solely shares of common stock, together with cash in lieu of fractional shares (“physical settlement”), solely cash (“cash settlement”), or a combination of cash and common stock (“combination settlement”). The Company may redeem some or all of the Convertible Preferred Stock on or after December 22, 2015 at a redemption price equal to 100% of the $100 liquidation preference per share plus accrued and unpaid dividends to the redemption date. | |
In November 2010, contemporaneously with the issuance of the Convertible Preferred Units described above, the Company paid $50.3 million, or an average of $5.97 per option, to enter into capped call transactions (equity options) on 8.4 million shares of common stock with certain major financial institutions. The purpose of the capped call transactions is to offset the common shares that may be deliverable upon conversion of shares of Convertible Preferred Stock. With respect to the impact on the Company, the capped call transactions and the Convertible Preferred Stock, when taken together, result in the economic equivalent of having the conversion price on the Convertible Preferred Stock at $95.81 , the upper strike price of the capped call (as of June 28, 2014). Refer to Note H, Long-Term Debt and Financing Arrangements, and Note J, Capital Stock, of the Company’s Form 10-K for the year ended December 28, 2013 for further discussion. In accordance with ASC 815-40 the $50.3 million premium paid was recorded as a reduction to equity. | |
The capped call transactions cover, subject to customary anti-dilution adjustments, the number of shares of common stock equal to the number of shares of common stock underlying the maximum number of shares of Convertible Preferred Stock issuable upon settlement of the Purchase Contracts. Each of the capped call transactions has a term of approximately five years and initially had a lower strike price of $75.00, which corresponded to the initial conversion price of the Convertible Preferred Stock, and an upper strike price of $97.95, which was approximately 60% higher than the closing price of the common stock on November 1, 2010. The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Company’s option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The aggregate fair value of the options at June 28, 2014 was $102.8 million. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||
The table below sets forth the changes to the components of accumulated other comprehensive loss for the six months ended June 28, 2014 and June 29, 2013 (in millions): | |||||||||||||||||||||
Currency translation adjustment and other | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized (losses) gains on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | |||||||||||||||||
Balance - December 28, 2013 | $ | (70.5 | ) | $ | (77.3 | ) | $ | (76.8 | ) | $ | (274.4 | ) | $ | (499.0 | ) | ||||||
Other comprehensive income (loss) before reclassifications | $ | 15.2 | $ | (1.8 | ) | $ | (22.3 | ) | $ | (2.6 | ) | $ | (11.5 | ) | |||||||
Reclassification adjustments to earnings | — | 4.5 | — | 3.1 | 7.6 | ||||||||||||||||
Net other comprehensive income (loss) | $ | 15.2 | $ | 2.7 | $ | (22.3 | ) | $ | 0.5 | $ | (3.9 | ) | |||||||||
Balance - June 28, 2014 | $ | (55.3 | ) | $ | (74.6 | ) | $ | (99.1 | ) | $ | (273.9 | ) | $ | (502.9 | ) | ||||||
Currency translation adjustment and other | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized (losses) gains on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | |||||||||||||||||
Balance - December 29, 2012 | $ | 29.4 | $ | (93.5 | ) | $ | (63.3 | ) | $ | (260.6 | ) | $ | (388.0 | ) | |||||||
Other comprehensive (loss) income before reclassifications | $ | (312.5 | ) | $ | 5.3 | $ | 33.2 | $ | 6.6 | $ | (267.4 | ) | |||||||||
Reclassification adjustments to earnings | — | 6.6 | — | 2.9 | 9.5 | ||||||||||||||||
Net other comprehensive (loss) income | $ | (312.5 | ) | $ | 11.9 | $ | 33.2 | $ | 9.5 | $ | (257.9 | ) | |||||||||
Balance - June 29, 2013 | $ | (283.1 | ) | $ | (81.6 | ) | $ | (30.1 | ) | $ | (251.1 | ) | $ | (645.9 | ) | ||||||
The reclassifications out of accumulated other comprehensive loss for the six months ended June 28, 2014 and June 29, 2013 were as follows (in millions): | |||||||||||||||||||||
Reclassifications from accumulated other comprehensive | 2014 | 2013 | Affected line item in Consolidated Statements of Operations And Comprehensive Income | ||||||||||||||||||
loss to earnings | |||||||||||||||||||||
Realized losses on cash flow hedges | $ | (7.3 | ) | $ | (10.5 | ) | Cost of sales | ||||||||||||||
Tax effect | 2.8 | 3.9 | Income taxes on continuing operations | ||||||||||||||||||
Realized losses on cash flow hedges, net of tax | $ | (4.5 | ) | $ | (6.6 | ) | |||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||||
Actuarial losses | $ | (2.4 | ) | $ | (3.2 | ) | Cost of sales | ||||||||||||||
Actuarial losses | (1.6 | ) | (2.1 | ) | Selling, general and administrative | ||||||||||||||||
Total before taxes | $ | (4.0 | ) | $ | (5.3 | ) | |||||||||||||||
Tax effect | 0.9 | 2.4 | Income taxes on continuing operations | ||||||||||||||||||
Amortization of defined benefit pension items, net of tax | $ | (3.1 | ) | $ | (2.9 | ) |
Net_Periodic_Benefit_Cost_Defi
Net Periodic Benefit Cost - Defined Benefit Plans | 3 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Net Periodic Benefit Cost - Defined Benefit Plans | ' | |||||||||||||||||||||||
Net Periodic Benefit Cost — Defined Benefit Plans | ||||||||||||||||||||||||
Following are the components of net periodic benefit (income) cost for the three and six months ended June 28, 2014 and June 29, 2013 (in millions:) | ||||||||||||||||||||||||
Second Quarter | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Service cost | $ | 2.2 | $ | 2 | $ | 3.4 | $ | 3.5 | $ | 0.3 | $ | 0.2 | ||||||||||||
Interest cost | 14.1 | 13 | 15.2 | 10.9 | 0.6 | 0.6 | ||||||||||||||||||
Expected return on plan assets | (18.0 | ) | (16.4 | ) | (15.5 | ) | (10.4 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.3 | 0.3 | 0.1 | 0.1 | (0.4 | ) | (0.4 | ) | ||||||||||||||||
Amortization of net loss | 0.2 | 1.2 | 1.8 | 1.1 | — | — | ||||||||||||||||||
Curtailment gain | — | — | — | (0.1 | ) | — | — | |||||||||||||||||
Net periodic benefit (income) cost | $ | (1.2 | ) | $ | 0.1 | $ | 5 | $ | 5.1 | $ | 0.5 | $ | 0.4 | |||||||||||
Year-to-Date | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Service cost | $ | 4.4 | $ | 3.9 | $ | 6.7 | $ | 7 | $ | 0.5 | $ | 0.4 | ||||||||||||
Interest cost | 28.2 | 26.3 | 30.1 | 21.9 | 1.3 | 1.2 | ||||||||||||||||||
Expected return on plan assets | (36.0 | ) | (32.5 | ) | (30.7 | ) | (20.9 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.6 | 0.6 | 0.2 | 0.2 | (0.7 | ) | (0.7 | ) | ||||||||||||||||
Amortization of net loss | 0.4 | 2.8 | 3.6 | 2.3 | — | — | ||||||||||||||||||
Curtailment gain | — | — | — | (0.2 | ) | — | — | |||||||||||||||||
Net periodic benefit (income) cost | $ | (2.4 | ) | $ | 1.1 | $ | 9.9 | $ | 10.3 | $ | 1.1 | $ | 0.9 | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
FASB ASC 820, "Fair Value Measurement," defines, establishes a consistent framework for measuring, and expands disclosure requirements about fair value. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: | ||||||||||||||||
Level 1 — Quoted prices for identical instruments in active markets. | ||||||||||||||||
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs and significant value drivers are observable. | ||||||||||||||||
Level 3 — Instruments that are valued using unobservable inputs. | ||||||||||||||||
The Company holds various derivative financial instruments that are employed to manage risks, including foreign currency and interest rate exposures. These financial instruments are carried at fair value and are included within the scope of ASC 820. The Company determines the fair value of derivatives through the use of matrix or model pricing, which utilizes observable inputs such as market interest and currency rates. When determining the fair value of these financial instruments for which Level 1 evidence does not exist, the Company considers various factors including the following: exchange or market price quotations of similar instruments, time value and volatility factors, the Company’s own credit rating and the credit rating of the counter-party. | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels (millions of dollars): | ||||||||||||||||
Total Carrying | Level 1 | Level 2 | ||||||||||||||
Value | ||||||||||||||||
June 28, 2014: | ||||||||||||||||
Money market fund | $ | 6.7 | $ | 6.7 | $ | — | ||||||||||
Derivative assets | $ | 88.9 | $ | — | $ | 88.9 | ||||||||||
Derivative liabilities | $ | 136.2 | $ | — | $ | 136.2 | ||||||||||
December 28, 2013: | ||||||||||||||||
Money market fund | $ | 6.7 | $ | 6.7 | $ | — | ||||||||||
Derivative assets | $ | 91.7 | $ | — | $ | 91.7 | ||||||||||
Derivative liabilities | $ | 212.3 | $ | — | $ | 212.3 | ||||||||||
The Company had no financial assets or liabilities measured using Level 3 inputs, nor any significant non-recurring fair value measurements during 2014 and 2013. | ||||||||||||||||
The following table presents the carrying values and fair values of the Company's financial assets and liabilities, as well as the Company's debt, as of June 28, 2014 and December 28, 2013 (millions of dollars): | ||||||||||||||||
June 28, 2014 | December 28, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Other investments | $ | 14.8 | $ | 15 | $ | 14.8 | $ | 14.7 | ||||||||
Derivative assets | $ | 88.9 | $ | 88.9 | $ | 91.7 | $ | 91.7 | ||||||||
Derivative liabilities | $ | 136.2 | $ | 136.2 | $ | 212.3 | $ | 212.3 | ||||||||
Long-term debt, including current portion | $ | 3,858.00 | $ | 4,261.20 | $ | 3,809.30 | $ | 3,889.40 | ||||||||
The other investments relate to the West Coast Loading Corporation ("WCLC") trust and are considered Level 1 instruments within the fair value hierarchy. The long-term debt instruments are considered Level 2 instruments and are measured using a discounted cash flow analysis based on the Company’s marginal borrowing rates. The differences between the carrying values and fair values of long-term debt are attributable to the stated interest rates differing from the Company's marginal borrowing rates. The fair values of the Company's variable rate short-term borrowings approximate their carrying values at June 28, 2014 and December 28, 2013. The fair values of foreign currency and interest rate swap agreements, comprising the derivative assets and liabilities in the table above, are based on current settlement values. | ||||||||||||||||
As discussed in Note D, Financing Receivables, the Company has a deferred purchase price receivable related to sales of trade receivables. The deferred purchase price receivable will be repaid in cash as receivables are collected, generally within 30 days, and as such the carrying value of the receivable approximates fair value. | ||||||||||||||||
Refer to Note I, Derivative Financial Instruments, for more details regarding derivative financial instruments, Note R, Commitments and Contingencies, for more details regarding the other investments related to the WCLC trust, and Note H, Long-Term Debt and Financing Arrangements, for more information regarding the carrying values of the long-term debt. |
Other_Costs_and_Expenses
Other Costs and Expenses | 3 Months Ended |
Jun. 28, 2014 | |
Other Costs and Expenses | ' |
Other Costs and Expenses | |
Other-net is primarily comprised of intangible asset amortization expense, currency related gains or losses, environmental expense and merger and acquisition-related charges, primarily consisting of transaction costs. During the three and six months ended June 28, 2014, Other-net included $0.2 million and $0.4 million in merger and acquisition-related costs, respectively. During the three and six months ended June 29, 2013, Other-net included $4.0 million and $19.6 million in merger and acquisition-related costs, respectively. |
Restructuring_Charges
Restructuring Charges | 3 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||
Restructuring Charges (Credits) | ||||||||||||||||||||
A summary of the restructuring reserve activity from December 28, 2013 to June 28, 2014 is as follows (in millions): | ||||||||||||||||||||
December 28, | Additions (Reversals), net | Usage | Currency | June 28, | ||||||||||||||||
2013 | 2014 | |||||||||||||||||||
2014 Actions | ||||||||||||||||||||
Severance and related costs | $ | — | $ | 3.4 | $ | (2.9 | ) | $ | (0.4 | ) | $ | 0.1 | ||||||||
Facility closures | — | 0.6 | (0.4 | ) | — | 0.2 | ||||||||||||||
Subtotal 2014 actions | $ | — | $ | 4 | $ | (3.3 | ) | $ | (0.4 | ) | $ | 0.3 | ||||||||
Pre-2014 Actions | ||||||||||||||||||||
Severance and related costs | $ | 172.2 | $ | (9.5 | ) | $ | (50.2 | ) | $ | (0.4 | ) | $ | 112.1 | |||||||
Facility closures | 21.6 | 0.1 | (2.9 | ) | — | 18.8 | ||||||||||||||
Subtotal Pre-2014 actions | $ | 193.8 | $ | (9.4 | ) | $ | (53.1 | ) | $ | (0.4 | ) | $ | 130.9 | |||||||
Total | $ | 193.8 | $ | (5.4 | ) | $ | (56.4 | ) | $ | (0.8 | ) | $ | 131.2 | |||||||
For the six months ended June 28, 2014, the Company recognized a net restructuring credit of $5.4 million. This amount reflects $3.4 million of net severance charges associated with the reduction of approximately 32 employees, which was more than offset by reversals of $9.5 million which represent the elimination of excess severance accruals due to changes in initial estimates relating to prior year actions. The Company also had net facility closure costs of $0.7 million. | ||||||||||||||||||||
For the three months ended June 28, 2014, the Company recognized a net restructuring credit of $1.7 million. This amount reflects $1.2 million of net severance charges associated with the reduction of approximately 8 employees in the second quarter of 2014, which was more than offset by reversals of $2.7 million which represent the elimination of excess severance accruals due to changes in initial estimates relating to prior year actions. The Company also had $0.2 million of net facility closure reserve reductions in the second quarter of 2014. | ||||||||||||||||||||
The majority of the $131.2 million of reserves remaining as of June 28, 2014 is expected to be utilized within the next 12 months. | ||||||||||||||||||||
Segments: The $5.4 million net restructuring credit for the six months ended June 28, 2014 includes: $2.2 million of net reserve reductions pertaining to the CDIY segment; $0.4 million of net charges pertaining to the Industrial segment; $2.5 million of net reserve reductions pertaining to the Security segment; and $1.1 million of net reserve reductions pertaining to Corporate. The $1.7 million net restructuring credit for the three months ended June 28, 2014 includes: $0.9 million of net reserve reductions pertaining to the CDIY segment; $0.3 million of net charges pertaining to the Industrial segment; and $1.1 million of net reserve reductions pertaining to the Security segment. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2014 | |
Income Taxes | ' |
Income Taxes | |
The Company recognized income tax expense of $73.7 million and $120.5 million for the three and six months ended June 28, 2014, respectively, resulting in effective tax rates of 25.1% and 23.8%, respectively. The effective tax rates differ from the U.S. statutory tax rate for the three and six months ended June 28, 2014, primarily due to a portion of the Company’s earnings being realized in lower-taxed foreign jurisdictions, the favorable settlement of several foreign income tax audits and the reversal of valuation allowances for certain foreign net operating losses which have become realizable. | |
The Company recognized income tax expense of $54.4 million and $63.1 million for the three and six months ended June 29, 2013, respectively, resulting in effective tax rates of 21.6% and, 18.3% respectively. The effective tax rates differ from the U.S. statutory tax rate for the three and six months ended June 29, 2013, primarily due to a portion of the Company’s earnings being realized in lower-taxed foreign jurisdictions, the acceleration of certain tax credits, the recurring benefit of various foreign business integration structures and the reversal of certain foreign and U.S. state uncertain tax position reserves, related largely to statute expiration. | |
The Company is subject to the examination of its income tax returns by the Internal Revenue Service and other taxing authorities both domestically and internationally. The final outcome of the future tax consequences of these examinations and legal proceedings, as well as the outcome of competent authority proceedings, changes and interpretation in regulatory tax laws, or expiration of statute of limitations, could impact the Company’s financial statements. Accordingly, the Company has tax reserves recorded for which it is reasonably possible that the amount of the unrecognized tax benefit will increase or decrease which could have a material effect on the financial results for any particular fiscal quarter or year. However, based on the uncertainties associated with litigation and the status of examinations, including the protocols of finalizing audits by the relevant tax authorities which could include formal legal proceedings, it is not possible to estimate the impact of any such change. |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
The Company classifies its business into three reportable segments, which also represent its operating segments: Construction & Do-It-Yourself (“CDIY”), Industrial and Security. | ||||||||||||||||
The CDIY segment is comprised of the Professional Power Tool business, the Consumer Products Group, the Hand Tools & Storage business, and the Fastening & Accessories business. The Professional Power Tool business sells professional grade corded and cordless electric power tools and equipment including drills, impact wrenches and drivers, grinders, saws, routers and sanders. The Consumer Products Group sells corded and cordless electric power tools sold primarily under the Black & Decker brand, lawn and garden products and home products. The Hand Tools & Storage business sells measuring, leveling and layout tools, planes, hammers, demolition tools, knives, saws, chisels, tool boxes, sawhorses, and storage units. The Fastening and Accessories business sells pneumatic tools and fasteners including nail guns, nails, staplers and staples, concrete and masonry anchors, as well as power tool accessories which include drill bits, router bits, abrasives and saw blades. | ||||||||||||||||
The Industrial segment is comprised of the Industrial and Automotive Repair ("IAR"), Engineered Fastening and Infrastructure businesses. The IAR business sells professional hand tools, power tools, and engineered storage solution products. The Engineered Fastening business primarily sells engineered fastening products and systems designed for specific applications. The product lines include stud welding systems, blind rivets and tools, blind inserts and tools, drawn arc weld studs, engineered plastic and mechanical fasteners, self-piercing riveting systems and precision nut running systems, micro fasteners, and high-strength structural fasteners. The Infrastructure business consists of the Oil & Gas and Hydraulics businesses. The product lines include custom pipe handling machinery, joint welding and coating machinery, weld inspection services and hydraulic tools and accessories. | ||||||||||||||||
The Security segment is comprised of the Convergent Security Solutions ("CSS") and the Mechanical Access Solutions ("MAS") businesses. The CSS business designs, supplies and installs electronic security systems and provides electronic security services, including alarm monitoring, video surveillance, fire alarm monitoring, systems integration and system maintenance. Purchasers of these systems typically contract for ongoing security systems monitoring and maintenance at the time of initial equipment installation. The business also includes healthcare solutions, which markets medical cabinets, asset tracking, infant protection, pediatric protection, patient protection, wander management, fall management, and emergency call products. The MAS business sells automatic doors, commercial hardware, locking mechanisms, electronic keyless entry systems, keying systems, tubular and mortise door locksets. | ||||||||||||||||
The Company utilizes segment profit, which is defined as net sales minus cost of sales and SG&A inclusive of the provision for doubtful accounts (aside from corporate overhead expense), and segment profit as a percentage of net sales to assess the profitability of each segment. Segment profit excludes the corporate overhead expense element of SG&A, interest income, interest expense, other-net (inclusive of intangible asset amortization expense), restructuring, and income taxes. Refer to Note O, Restructuring Charges (Credits), for the amount of restructuring charges (credits) by segment. Corporate overhead is comprised of world headquarters facility expense, cost for the executive management team and cost for certain centralized functions that benefit the entire Company but are not directly attributable to the businesses, such as legal and corporate finance functions. Transactions between segments are not material. Segment assets primarily include accounts receivable, inventory, other current assets, property, plant and equipment, intangible assets and other miscellaneous assets. | ||||||||||||||||
As previously discussed, the Company recast 2013 segment net sales and profit between the CDIY and Industrial segments to align reporting with the current management of the Company's operations in the emerging markets to be comparable with the current year presentation. As a result, the related assets and liabilities of these segments were adjusted accordingly to reflect the change. There is no impact to the consolidated financial statements of the Company as a result of this segment realignment. | ||||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
NET SALES | ||||||||||||||||
CDIY | $ | 1,394.60 | $ | 1,392.80 | $ | 2,609.40 | $ | 2,542.00 | ||||||||
Industrial | 889.2 | 861.5 | 1,741.20 | 1,595.40 | ||||||||||||
Security | 601.7 | 603.9 | 1,174.40 | 1,196.00 | ||||||||||||
Total | $ | 2,885.50 | $ | 2,858.20 | $ | 5,525.00 | $ | 5,333.40 | ||||||||
SEGMENT PROFIT | ||||||||||||||||
CDIY | $ | 218.2 | $ | 209.9 | $ | 387.3 | $ | 375.9 | ||||||||
Industrial | 150.3 | 117.6 | 280.6 | 207 | ||||||||||||
Security | 67 | 54.7 | 116.6 | 112.1 | ||||||||||||
Segment profit | 435.5 | 382.2 | 784.5 | 695 | ||||||||||||
Corporate overhead | (45.1 | ) | (53.7 | ) | (81.6 | ) | (122.7 | ) | ||||||||
Other-net | (58.7 | ) | (71.4 | ) | (120.2 | ) | (142.3 | ) | ||||||||
Restructuring credits (charges) | 1.7 | 30.9 | 5.4 | (12.0 | ) | |||||||||||
Interest expense | (43.3 | ) | (39.6 | ) | (87.6 | ) | (79.5 | ) | ||||||||
Interest income | 3 | 3.3 | 6.4 | 6.5 | ||||||||||||
Earnings from continuing operations before income taxes | $ | 293.1 | $ | 251.7 | $ | 506.9 | $ | 345 | ||||||||
During the three and six months ended June 28, 2014, the Company recorded a total of $0.2 million and $1.3 million, respectively, of merger and acquisition-related charges, respectively, which reduced segment gross profit, and an additional $2.4 million and $6.2 million, respectively, in SG&A primarily for integration costs associated with merger and acquisition-related activities. These charges reduced segment profit by $0.2 million in CDIY, $1.2 million in Industrial, and $1.2 million in Security for the three months ended June 28, 2014, and $0.6 million in CDIY, $3.4 million in Industrial, and $3.5 million in Security for the six months ended June 28, 2014. | ||||||||||||||||
During the three and six months ended June 29, 2013, the Company recorded a total of $7.9 million and $21.2 million, respectively, of merger and acquisition-related charges associated with facility closures, which reduced segment gross profit, and an additional $9.8 million and $18.6 million, respectively, in SG&A primarily for integration costs associated with merger and acquisition-related activities. These charges reduced segment profit by $2.8 million in CDIY, $6.1 million in Industrial, and $8.8 million in Security for the three months ended June 29, 2013, and $6.1 million in CDIY, $18.5 million in Industrial, and $15.2 million in Security for the six months ended June 29, 2013. | ||||||||||||||||
Corporate overhead for the three and six months ended June 28, 2014 includes $3.0 million and $5.5 million, respectively, of charges pertaining primarily to merger and acquisition-related employee charges and integration costs. Corporate overhead for the three and six months ended June 29, 2013 includes $14.2 million and $39.7 million, respectively, of charges pertaining primarily to merger and acquisition-related employee charges and integration costs. | ||||||||||||||||
The following table is a summary of total assets by segment as of June 28, 2014 and December 28, 2013: | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
CDIY | $ | 7,550.60 | $ | 7,357.90 | ||||||||||||
Industrial | 5,441.70 | 5,302.00 | ||||||||||||||
Security | 4,448.00 | 4,495.60 | ||||||||||||||
17,440.30 | 17,155.50 | |||||||||||||||
Discontinued Operations | 5 | 10.1 | ||||||||||||||
Corporate assets | (486.5 | ) | (630.5 | ) | ||||||||||||
Consolidated | $ | 16,958.80 | $ | 16,535.10 | ||||||||||||
Corporate assets primarily consist of cash, deferred taxes and property, plant and equipment. Based on the nature of the Company's cash pooling arrangements, at times corporate-related cash accounts will be in a net liability position. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 28, 2014 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is involved in various legal proceedings relating to environmental issues, employment, product liability, workers’ compensation claims and other matters. The Company periodically reviews the status of these proceedings with both inside and outside counsel, as well as an actuary for risk insurance. Management believes that the ultimate disposition of these matters will not have a material adverse effect on operations or financial condition taken as a whole. | |
In connection with the 2010 merger with Black & Decker, the Company assumed certain commitments and contingent liabilities. Black & Decker is a party to litigation and administrative proceedings with respect to claims involving the discharge of hazardous substances into the environment. Some of these assert claims for damages and liability for remedial investigations and clean-up costs with respect to sites that have never been owned or operated by Black & Decker but at which Black & Decker has been identified as a potentially responsible party ("PRP"). Other matters involve current and former manufacturing facilities. | |
The Environmental Protection Agency (“EPA”) has asserted claims in federal court in Rhode Island against certain current and former affiliates of Black & Decker related to environmental contamination found at the Centredale Manor Restoration Project Superfund ("Centredale") site, located in North Providence, Rhode Island. The EPA has discovered a variety of contaminants at the site, including but not limited to, dioxins, polychlorinated biphenyls, and pesticides. The EPA alleges that Black & Decker and certain of its current and former affiliates are liable for site clean-up costs under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as successors to the liability of Metro-Atlantic, Inc., a former operator at the site, and demanded reimbursement of the EPA’s costs related to this site. Black & Decker and certain of its current and former affiliates contest the EPA's allegation that they are responsible for the contamination, and have asserted contribution claims, counterclaims and cross-claims against a number of other PRPs, including the federal government as well as insurance carriers. The EPA released its Record of Decision ("ROD") in September 2012, which identified and described the EPA's selected remedial alternative for the site. Black & Decker and certain of its current and former affiliates are contesting the EPA's selection of the remedial alternative set forth in the ROD, on the grounds that the EPA's actions were arbitrary and capricious and otherwise not in accordance with law, and have proposed other equally-protective, more cost-effective alternatives. On June 10, 2014, the EPA issued an Administrative Order under Sec. 106 of CERCLA, instructing Emhart Industries, Inc. and Black & Decker to perform the remediation of Centredale pursuant to the ROD. Black & Decker and Emhart Industries, Inc. dispute the factual, legal and scientific bases cited by the EPA for such an Order and have provided EPA with numerous good-faith bases for Black & Decker’s and Emhart Industries, Inc.’s declination to comply with the Order at this time. Black & Decker and Emhart Industries, Inc. continue to vigorously litigate the issue of their liability for environmental conditions at the Centredale site. If either or both entities are found liable, the Company's estimated remediation costs related to the Centredale site (including the EPA’s past costs as well as costs of additional investigation, remediation, and related costs such as EPA’s oversight costs, less escrowed funds contributed by primary PRPs who have reached settlement agreements with the EPA), which the Company considers to be probable and reasonably estimable, range from approximately $68.1 million to $139.7 million, with no amount within that range representing a more likely outcome until such time as the litigation is resolved through judgment or compromise. The Company’s reserve for this environmental remediation matter of $68.1 million reflects the fact that the EPA considers Metro-Atlantic, Inc. to be a primary source of contamination at the site. As the specific nature of the environmental remediation activities that may be mandated by the EPA at this site have not yet been finally determined through the on-going litigation, the ultimate remedial costs associated with the site may vary from the amount accrued by the Company at June 28, 2014. | |
In the normal course of business, the Company is involved in various lawsuits and claims. In addition, the Company is a party to a number of proceedings before federal and state regulatory agencies relating to environmental remediation. Also, the Company, along with many other companies, has been named as a PRP in a number of administrative proceedings for the remediation of various waste sites, including 31 active Superfund sites. Current laws potentially impose joint and several liabilities upon each PRP. In assessing its potential liability at these sites, the Company has considered the following: whether responsibility is being disputed, the terms of existing agreements, experience at similar sites, and the Company’s volumetric contribution at these sites. | |
The Company’s policy is to accrue environmental investigatory and remediation costs for identified sites when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the event that no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. The amount of liability recorded is based on an evaluation of currently available facts with respect to each individual site and includes such factors as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. The liabilities recorded do not take into account any claims for recoveries from insurance or third parties. As assessments and remediation progress at individual sites, the amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. As of June 28, 2014 and December 28, 2013 the Company had reserves of $181.6 million and $184.1 million, respectively, for remediation activities associated with Company-owned properties, as well as for Superfund sites, for losses that are probable and estimable. Of the 2014 amount, $14.6 million is classified as current and $167.0 million as long-term which is expected to be paid over the estimated remediation period. As of June 28, 2014, the Company has recorded $23.1 million in other assets related to funding received by the EPA and placed in a trust in accordance with the final settlement with the EPA, embodied in a Consent Decree approved by the United States District Court for the Central District of California on July 3, 2013. Per the Consent Decree, Emhart Industries, Inc. (a dissolved, former indirectly wholly-owned subsidiary of The Black & Decker Corporation) (“Emhart”) has agreed to be responsible for an interim remedy at a site located in Rialto, California and formerly operated by West Coast Loading Corporation (“WCLC”), a defunct company for which Emhart was alleged to be liable as a successor. The remedy will be funded by (i) the amounts received from the EPA as gathered from multiple parties, and, to the extent necessary, (ii) Emhart's affiliate. The interim remedy requires the construction of a water treatment facility and the filtering of ground water at or around the site for a period of approximately 30 years or more. Accordingly, as of June 28, 2014, the Company's cash obligation associated with the aforementioned remediation activities including WCLC is $158.5 million. The range of environmental remediation costs that is reasonably possible is $136.4 million to $270.9 million which is subject to change in the near term. The Company may be liable for environmental remediation of sites it no longer owns. Liabilities have been recorded on those sites in accordance with policy. | |
The Company and 66 other companies comprise the Lower Passaic Cooperating Parties Group (the “CPG”) and are parties to a May, 2007 Administrative Settlement Agreement and Order on Consent (“AOC”) with the U.S. EPA to perform a remedial investigation/feasibility study (“RI/FS”) of the lower seventeen miles of the Lower Passaic River in New Jersey (the “River”). The Company’s potential liability stems from former operations in Newark, New Jersey. As an interim step related to the 2007 AOC, the CPG voluntarily entered into an AOC on June 18, 2012 with the U.S. EPA for remediation actions focused solely at mile 10.9 of the River. The Company’s estimated costs related to the RI/FS and focused remediation action at mile 10.9, based on an interim allocation, are included in environmental reserves as of June 28, 2014 and December 28, 2013. On April 11, 2014, the U.S. EPA issued a Focused Feasibility Study (“FFS”) and proposed plan which addressed various early action remediation alternatives for the River. The proposed plan describes the remedial alternatives considered to address contaminated sediments in the River and identifies the U.S. EPA’s preferred alternative - the removal of sediments bank to bank in the lower 8.3 miles of the River and constructing an engineered cap over the dredged area. The preferred alternative would include the removal and disposal of 4.3 million cubic yards of sediment, would cost approximately $1.7 billion according to U.S. EPA’s estimate, and take 5 years to complete. U.S. EPA will receive public comment on the FFS and proposed plan until August 20, 2014. U.S. EPA’s final decision whether to adopt the proposed plan or a different alternative will be made after U.S. EPA has taken into consideration the public comments. At this time, the Company cannot reasonably estimate its liability related to the remediation efforts, excluding the RI/FS and remediation actions at mile 10.9, as the RI/FS is ongoing, the ultimate remedial approach and associated cost has not yet been determined, and the parties that will participate in funding the remediation and their respective allocations are not yet known. | |
The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity. |
Guarantees
Guarantees | 3 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Guarantees | ' | |||||||||
Guarantees | ||||||||||
The Company’s financial guarantees at June 28, 2014 are as follows: | ||||||||||
(Millions of Dollars) | Term | Maximum | Carrying | |||||||
Potential | Amount of | |||||||||
Payment | Liability | |||||||||
Guarantees on the residual values of leased properties | One to four years | $ | 28.4 | $ | — | |||||
Standby letters of credit | Up to three years | 88.6 | — | |||||||
Commercial customer financing arrangements | Up to six years | 32 | 12.9 | |||||||
Total | $ | 149 | $ | 12.9 | ||||||
The Company has guaranteed a portion of the residual value arising from its synthetic lease program. This lease guarantee is for an amount up to $28.4 million while the fair value of the underlying building is estimated at $32.6 million. The related assets would be available to satisfy the guarantee obligations and therefore it is unlikely the Company will incur any future loss associated with this guarantee. | ||||||||||
The Company has issued $88.6 million in standby letters of credit that guarantee future payments which may be required under certain insurance programs. | ||||||||||
The Company provides various limited and full recourse guarantees to financial institutions that provide financing to Mac Tool distributors for their initial purchase of the inventory and trucks necessary to function as a distributor. In addition, the Company provides limited and full recourse guarantees to financial institutions that extend credit to certain end retail customers of its U.S. Mac Tool distributors. The gross amount guaranteed in these arrangements is $32.0 million and the $12.9 million carrying value of the guarantees issued is recorded in debt and other liabilities as appropriate in the Condensed Consolidated Balance Sheets. | ||||||||||
The Company provides product and service warranties which vary across its businesses. The types of warranties offered generally range from one year to limited lifetime, while certain products carry no warranty. Further, the Company sometimes incurs discretionary costs to service its products in connection with product performance issues. Historical warranty and service claim experience forms the basis for warranty obligations recognized. Adjustments are recorded to the warranty liability as new information becomes available. | ||||||||||
The changes in the carrying amount of product and service warranties for the six months ended June 28, 2014 and June 29, 2013 are as follows: | ||||||||||
(Millions of Dollars) | 2014 | 2013 | ||||||||
Balance beginning of period | $ | 121.8 | $ | 124 | ||||||
Warranties and guarantees issued | 44 | 43.5 | ||||||||
Warranty payments and currency | (48.9 | ) | (47.5 | ) | ||||||
Balance end of period | $ | 116.9 | $ | 120 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Reconciliation of Net Earnings Attributable to Common Shareowners and Weighted-Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share | ' | |||||||||||||||
The following table reconciles net earnings attributable to common shareowners and the weighted average shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended June 28, 2014 and June 29, 2013: | ||||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator (in millions): | ||||||||||||||||
Net earnings from continuing operations attributable to common shareowners | $ | 218.5 | $ | 197.6 | $ | 385.3 | $ | 282.6 | ||||||||
Net loss from discontinued operations | (2.0 | ) | (10.5 | ) | (6.9 | ) | (14.4 | ) | ||||||||
Net earnings attributable to common shareowners | $ | 216.5 | $ | 187.1 | $ | 378.4 | $ | 268.2 | ||||||||
Less: Earnings attributable to participating restricted stock units (“RSU’s”) | — | (0.1 | ) | — | (0.2 | ) | ||||||||||
Net Earnings — basic | $ | 216.5 | $ | 187 | $ | 378.4 | $ | 268 | ||||||||
Net Earnings — dilutive | $ | 216.5 | $ | 187.1 | $ | 378.4 | $ | 268.2 | ||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator (in thousands): | ||||||||||||||||
Basic earnings per share — weighted average shares | 156,316 | 155,064 | 156,097 | 155,137 | ||||||||||||
Dilutive effect of stock options, awards and convertible preferred units | 3,350 | 3,287 | 3,257 | 3,346 | ||||||||||||
Diluted earnings per share — weighted average shares | 159,666 | 158,351 | 159,354 | 158,483 | ||||||||||||
Earnings per share of common stock: | ||||||||||||||||
Basic earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.4 | $ | 1.27 | $ | 2.47 | $ | 1.82 | ||||||||
Discontinued operations | (0.01 | ) | (0.07 | ) | (0.04 | ) | (0.09 | ) | ||||||||
Total basic earnings per share of common stock | $ | 1.38 | $ | 1.21 | $ | 2.42 | $ | 1.73 | ||||||||
Diluted earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.37 | $ | 1.25 | $ | 2.42 | $ | 1.78 | ||||||||
Discontinued operations | (0.01 | ) | (0.07 | ) | (0.04 | ) | (0.09 | ) | ||||||||
Total dilutive earnings per share of common stock | $ | 1.36 | $ | 1.18 | $ | 2.37 | $ | 1.69 | ||||||||
Weighted-Average Stock Options and Warrants Outstanding Not included in Computation of Diluted Shares Outstanding | ' | |||||||||||||||
The following weighted average stock options were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): | ||||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of stock options | 944 | 4 | 949 | 569 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Components of Inventories | ' | |||||||
The components of Inventories, net at June 28, 2014 and December 28, 2013 are as follows (in millions): | ||||||||
2014 | 2013 | |||||||
Finished products | $ | 1,259.30 | $ | 1,081.50 | ||||
Work in process | 146 | 128.8 | ||||||
Raw materials | 316.4 | 274.9 | ||||||
Total | $ | 1,721.70 | $ | 1,485.20 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Estimated Fair Values of Major Assets Acquired and Liabilities Assumed | ' | |||||||
The following table summarizes the estimated fair values of major assets acquired and liabilities assumed: | ||||||||
(Millions of Dollars) | ||||||||
Cash and cash equivalents | $ | 82 | ||||||
Accounts and notes receivable, net | 117.3 | |||||||
Inventories, net | 86.7 | |||||||
Prepaid expenses and other current assets | 5.3 | |||||||
Property, plant and equipment | 46 | |||||||
Trade names | 22 | |||||||
Customer relationships | 251 | |||||||
Technology | 28 | |||||||
Other assets | 3.4 | |||||||
Accounts payable | (99.0 | ) | ||||||
Accrued expenses | (52.6 | ) | ||||||
Deferred taxes | (68.6 | ) | ||||||
Other liabilities | (42.8 | ) | ||||||
Total identifiable net assets | $ | 378.7 | ||||||
Goodwill | 529.7 | |||||||
Total consideration transferred | $ | 908.4 | ||||||
Pro-forma Impact from Acquisitions | ' | |||||||
Second Quarter | Year-to-Date | |||||||
(Millions of Dollars, except per share amounts) | 2013 | 2013 | ||||||
Net sales | $ | 2,868.40 | $ | 5,447.10 | ||||
Net earnings from continuing operations attributable to common shareowners | 194.2 | 286.5 | ||||||
Diluted earnings per share - continuing operations | 1.23 | 1.81 | ||||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Changes in Carrying Amount of Goodwill by Segment | ' | |||||||||||||||
Changes in the carrying amount of goodwill by segment are as follows: | ||||||||||||||||
(Millions of Dollars) | CDIY | Industrial | Security | Total | ||||||||||||
Balance December 28, 2013 | $ | 2,951.20 | $ | 2,026.00 | $ | 2,588.10 | $ | 7,565.30 | ||||||||
Additions from acquisitions | 23.2 | 49.6 | 1.8 | 74.6 | ||||||||||||
Foreign currency translation and other | 18.8 | (5.3 | ) | (16.8 | ) | (3.3 | ) | |||||||||
Balance June 28, 2014 | $ | 2,993.20 | $ | 2,070.30 | $ | 2,573.10 | $ | 7,636.60 | ||||||||
LongTerm_Debt_and_Financing_Ar1
Long-Term Debt and Financing Arrangements (Tables) | 3 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Long-Term Debt and Financing Arrangements | ' | |||||||||
Long-term debt and financing arrangements at June 28, 2014 and December 28, 2013 are as follows: | ||||||||||
(Millions of Dollars) | Interest Rate | 2014 | 2013 | |||||||
Notes payable due 2018 (junior subordinated) | 2.25% | $ | 345 | $ | 345 | |||||
Notes payable due 2018 (junior subordinated) | 4.25% | 632.5 | 632.5 | |||||||
Notes payable due 2021 | 3.40% | 395.7 | 382.2 | |||||||
Notes payable due 2022 | 2.90% | 799.4 | 799.4 | |||||||
Notes payable due 2028 | 7.05% | 156.8 | 147.7 | |||||||
Notes payable due 2040 | 5.20% | 342.9 | 317.4 | |||||||
Notes payable due 2052 (junior subordinated) | 5.75% | 750 | 750 | |||||||
Notes payable due 2053 (junior subordinated) | 5.75% | 401.1 | 400 | |||||||
Other, payable in varying amounts through 2021 | 0.00% – 6.62% | 34.6 | 35.1 | |||||||
Total long-term debt, including current maturities | $ | 3,858.00 | $ | 3,809.30 | ||||||
Less: Current maturities of long-term debt | (8.7 | ) | (9.9 | ) | ||||||
Long-term debt | $ | 3,849.30 | $ | 3,799.40 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Summary of Fair Value of Derivatives | ' | |||||||||||||||||||
A summary of the fair value of the Company’s derivatives recorded in the Consolidated Balance Sheets at June 28, 2014 and December 28, 2013 follows (in millions): | ||||||||||||||||||||
Balance Sheet | 2014 | 2013 | Balance Sheet | 2014 | 2013 | |||||||||||||||
Classification | Classification | |||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts Cash Flow | LT other assets | $ | — | $ | — | LT other liabilities | $ | 0.7 | $ | — | ||||||||||
Interest Rate Contracts Fair Value | Other current assets | 22.3 | 21.7 | Accrued expenses | 3.4 | 3.3 | ||||||||||||||
LT other assets | — | — | LT other | 57.6 | 139.3 | |||||||||||||||
liabilities | ||||||||||||||||||||
Foreign Exchange Contracts Cash Flow | Other current assets | 3.8 | 3.7 | Accrued expenses | 1.8 | 0.3 | ||||||||||||||
LT other assets | 1.2 | — | LT other liabilities | — | — | |||||||||||||||
Net Investment Hedge | Other current assets | 0.6 | 1.4 | Accrued expenses | 51.8 | 52.6 | ||||||||||||||
$ | 27.9 | $ | 26.8 | $ | 115.3 | $ | 195.5 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 61 | $ | 64.9 | Accrued expenses | $ | 20.9 | $ | 10.4 | ||||||||||
LT other assets | — | — | LT other liabilities | — | 6.4 | |||||||||||||||
$ | 61 | $ | 64.9 | $ | 20.9 | $ | 16.8 | |||||||||||||
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments | ' | |||||||||||||||||||
The tables below detail pre-tax amounts reclassified from Accumulated other comprehensive loss into earnings for active derivative financial instruments during the periods in which the underlying hedged transactions affected earnings for the six months ended June 28, 2014 and June 29, 2013 (in millions): | ||||||||||||||||||||
Year-to-date 2014 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Interest Rate Contracts | $ | (0.7 | ) | Interest Expense | $ | — | $ | — | ||||||||||||
Foreign Exchange Contracts | $ | (3.6 | ) | Cost of sales | $ | 0.3 | $ | — | ||||||||||||
Year-to-date 2013 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Foreign Exchange Contracts | $ | 6.3 | Cost of sales | $ | (2.9 | ) | — | |||||||||||||
* Includes ineffective portion and amount excluded from effectiveness testing on derivatives. | ||||||||||||||||||||
Fair Value Adjustments Relating to Swaps | ' | |||||||||||||||||||
A summary of the fair value adjustments relating to these swaps is as follows (in millions): | ||||||||||||||||||||
Second Quarter 2014 | Year-to-Date 2014 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps* | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | 18.3 | $ | (18.3 | ) | $ | 84.8 | $ | (84.8 | ) | ||||||||||
Second Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps* | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | (61.4 | ) | $ | 61.4 | $ | (91.8 | ) | $ | 91.8 | ||||||||||
Details of Foreign Exchange Contracts Pre-Tax Amounts | ' | |||||||||||||||||||
The pre-tax gain or loss from fair value changes recorded in Accumulated other comprehensive loss was as follows (in millions): | ||||||||||||||||||||
Second Quarter 2014 | Year-to-Date 2014 | |||||||||||||||||||
Income Statement Classification | ||||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (25.2 | ) | $ | (35.9 | ) | ||||||||||||||
Second Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement Classification | ||||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (5.3 | ) | $ | 53.5 | |||||||||||||||
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments | ' | |||||||||||||||||||
The gain (loss) recorded in income related to derivatives not designated as hedging instruments are as follows (in millions): | ||||||||||||||||||||
Derivatives Not Designated as Hedging | Income Statement | Second Quarter 2014 | Year-to-Date 2014 | |||||||||||||||||
Instruments under ASC 815 | Classification | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 18.3 | $ | 26.3 | |||||||||||||||
Derivatives Not Designated as Hedging | Income Statement | Second Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||
Instruments under ASC 815 | Classification | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 0.4 | $ | (60.2 | ) | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Jun. 28, 2014 | Jun. 29, 2013 | |||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Changes to the components of accumulated other comprehensive income (loss) | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The table below sets forth the changes to the components of accumulated other comprehensive loss for the six months ended June 28, 2014 and June 29, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment and other | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized (losses) gains on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | ||||||||||||||||||||||||||||||||||||||
Currency translation adjustment and other | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized (losses) gains on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | Balance - December 29, 2012 | $ | 29.4 | $ | (93.5 | ) | $ | (63.3 | ) | $ | (260.6 | ) | $ | (388.0 | ) | |||||||||||||||||||||||
Balance - December 28, 2013 | $ | (70.5 | ) | $ | (77.3 | ) | $ | (76.8 | ) | $ | (274.4 | ) | $ | (499.0 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | $ | 15.2 | $ | (1.8 | ) | $ | (22.3 | ) | $ | (2.6 | ) | $ | (11.5 | ) | Other comprehensive (loss) income before reclassifications | $ | (312.5 | ) | $ | 5.3 | $ | 33.2 | $ | 6.6 | $ | (267.4 | ) | |||||||||||||||
Reclassification adjustments to earnings | — | 4.5 | — | 3.1 | 7.6 | Reclassification adjustments to earnings | — | 6.6 | — | 2.9 | 9.5 | |||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | $ | 15.2 | $ | 2.7 | $ | (22.3 | ) | $ | 0.5 | $ | (3.9 | ) | Net other comprehensive (loss) income | $ | (312.5 | ) | $ | 11.9 | $ | 33.2 | $ | 9.5 | $ | (257.9 | ) | |||||||||||||||||
Balance - June 28, 2014 | $ | (55.3 | ) | $ | (74.6 | ) | $ | (99.1 | ) | $ | (273.9 | ) | $ | (502.9 | ) | Balance - June 29, 2013 | $ | (283.1 | ) | $ | (81.6 | ) | $ | (30.1 | ) | $ | (251.1 | ) | $ | (645.9 | ) | |||||||||||
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The reclassifications out of accumulated other comprehensive loss for the six months ended June 28, 2014 and June 29, 2013 were as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive | 2014 | 2013 | Affected line item in Consolidated Statements of Operations And Comprehensive Income | |||||||||||||||||||||||||||||||||||||||
loss to earnings | ||||||||||||||||||||||||||||||||||||||||||
Realized losses on cash flow hedges | $ | (7.3 | ) | $ | (10.5 | ) | Cost of sales | |||||||||||||||||||||||||||||||||||
Tax effect | 2.8 | 3.9 | Income taxes on continuing operations | |||||||||||||||||||||||||||||||||||||||
Realized losses on cash flow hedges, net of tax | $ | (4.5 | ) | $ | (6.6 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||||||||||||||||||||||||
Actuarial losses | $ | (2.4 | ) | $ | (3.2 | ) | Cost of sales | |||||||||||||||||||||||||||||||||||
Actuarial losses | (1.6 | ) | (2.1 | ) | Selling, general and administrative | |||||||||||||||||||||||||||||||||||||
Total before taxes | $ | (4.0 | ) | $ | (5.3 | ) | ||||||||||||||||||||||||||||||||||||
Tax effect | 0.9 | 2.4 | Income taxes on continuing operations | |||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension items, net of tax | $ | (3.1 | ) | $ | (2.9 | ) |
Net_Periodic_Benefit_Cost_Defi1
Net Periodic Benefit Cost - Defined Benefit Plans (Tables) | 3 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||
Following are the components of net periodic benefit (income) cost for the three and six months ended June 28, 2014 and June 29, 2013 (in millions:) | ||||||||||||||||||||||||
Second Quarter | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Service cost | $ | 2.2 | $ | 2 | $ | 3.4 | $ | 3.5 | $ | 0.3 | $ | 0.2 | ||||||||||||
Interest cost | 14.1 | 13 | 15.2 | 10.9 | 0.6 | 0.6 | ||||||||||||||||||
Expected return on plan assets | (18.0 | ) | (16.4 | ) | (15.5 | ) | (10.4 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.3 | 0.3 | 0.1 | 0.1 | (0.4 | ) | (0.4 | ) | ||||||||||||||||
Amortization of net loss | 0.2 | 1.2 | 1.8 | 1.1 | — | — | ||||||||||||||||||
Curtailment gain | — | — | — | (0.1 | ) | — | — | |||||||||||||||||
Net periodic benefit (income) cost | $ | (1.2 | ) | $ | 0.1 | $ | 5 | $ | 5.1 | $ | 0.5 | $ | 0.4 | |||||||||||
Year-to-Date | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Service cost | $ | 4.4 | $ | 3.9 | $ | 6.7 | $ | 7 | $ | 0.5 | $ | 0.4 | ||||||||||||
Interest cost | 28.2 | 26.3 | 30.1 | 21.9 | 1.3 | 1.2 | ||||||||||||||||||
Expected return on plan assets | (36.0 | ) | (32.5 | ) | (30.7 | ) | (20.9 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.6 | 0.6 | 0.2 | 0.2 | (0.7 | ) | (0.7 | ) | ||||||||||||||||
Amortization of net loss | 0.4 | 2.8 | 3.6 | 2.3 | — | — | ||||||||||||||||||
Curtailment gain | — | — | — | (0.2 | ) | — | — | |||||||||||||||||
Net periodic benefit (income) cost | $ | (2.4 | ) | $ | 1.1 | $ | 9.9 | $ | 10.3 | $ | 1.1 | $ | 0.9 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels (millions of dollars): | ||||||||||||||||
Total Carrying | Level 1 | Level 2 | ||||||||||||||
Value | ||||||||||||||||
June 28, 2014: | ||||||||||||||||
Money market fund | $ | 6.7 | $ | 6.7 | $ | — | ||||||||||
Derivative assets | $ | 88.9 | $ | — | $ | 88.9 | ||||||||||
Derivative liabilities | $ | 136.2 | $ | — | $ | 136.2 | ||||||||||
December 28, 2013: | ||||||||||||||||
Money market fund | $ | 6.7 | $ | 6.7 | $ | — | ||||||||||
Derivative assets | $ | 91.7 | $ | — | $ | 91.7 | ||||||||||
Derivative liabilities | $ | 212.3 | $ | — | $ | 212.3 | ||||||||||
Summary of Financial Instruments Carrying and Fair Values | ' | |||||||||||||||
June 28, 2014 | December 28, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Other investments | $ | 14.8 | $ | 15 | $ | 14.8 | $ | 14.7 | ||||||||
Derivative assets | $ | 88.9 | $ | 88.9 | $ | 91.7 | $ | 91.7 | ||||||||
Derivative liabilities | $ | 136.2 | $ | 136.2 | $ | 212.3 | $ | 212.3 | ||||||||
Long-term debt, including current portion | $ | 3,858.00 | $ | 4,261.20 | $ | 3,809.30 | $ | 3,889.40 | ||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Summary of Restructuring Reserve Activity | ' | |||||||||||||||||||
A summary of the restructuring reserve activity from December 28, 2013 to June 28, 2014 is as follows (in millions): | ||||||||||||||||||||
December 28, | Additions (Reversals), net | Usage | Currency | June 28, | ||||||||||||||||
2013 | 2014 | |||||||||||||||||||
2014 Actions | ||||||||||||||||||||
Severance and related costs | $ | — | $ | 3.4 | $ | (2.9 | ) | $ | (0.4 | ) | $ | 0.1 | ||||||||
Facility closures | — | 0.6 | (0.4 | ) | — | 0.2 | ||||||||||||||
Subtotal 2014 actions | $ | — | $ | 4 | $ | (3.3 | ) | $ | (0.4 | ) | $ | 0.3 | ||||||||
Pre-2014 Actions | ||||||||||||||||||||
Severance and related costs | $ | 172.2 | $ | (9.5 | ) | $ | (50.2 | ) | $ | (0.4 | ) | $ | 112.1 | |||||||
Facility closures | 21.6 | 0.1 | (2.9 | ) | — | 18.8 | ||||||||||||||
Subtotal Pre-2014 actions | $ | 193.8 | $ | (9.4 | ) | $ | (53.1 | ) | $ | (0.4 | ) | $ | 130.9 | |||||||
Total | $ | 193.8 | $ | (5.4 | ) | $ | (56.4 | ) | $ | (0.8 | ) | $ | 131.2 | |||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Business Segments | ' | |||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
NET SALES | ||||||||||||||||
CDIY | $ | 1,394.60 | $ | 1,392.80 | $ | 2,609.40 | $ | 2,542.00 | ||||||||
Industrial | 889.2 | 861.5 | 1,741.20 | 1,595.40 | ||||||||||||
Security | 601.7 | 603.9 | 1,174.40 | 1,196.00 | ||||||||||||
Total | $ | 2,885.50 | $ | 2,858.20 | $ | 5,525.00 | $ | 5,333.40 | ||||||||
SEGMENT PROFIT | ||||||||||||||||
CDIY | $ | 218.2 | $ | 209.9 | $ | 387.3 | $ | 375.9 | ||||||||
Industrial | 150.3 | 117.6 | 280.6 | 207 | ||||||||||||
Security | 67 | 54.7 | 116.6 | 112.1 | ||||||||||||
Segment profit | 435.5 | 382.2 | 784.5 | 695 | ||||||||||||
Corporate overhead | (45.1 | ) | (53.7 | ) | (81.6 | ) | (122.7 | ) | ||||||||
Other-net | (58.7 | ) | (71.4 | ) | (120.2 | ) | (142.3 | ) | ||||||||
Restructuring credits (charges) | 1.7 | 30.9 | 5.4 | (12.0 | ) | |||||||||||
Interest expense | (43.3 | ) | (39.6 | ) | (87.6 | ) | (79.5 | ) | ||||||||
Interest income | 3 | 3.3 | 6.4 | 6.5 | ||||||||||||
Earnings from continuing operations before income taxes | $ | 293.1 | $ | 251.7 | $ | 506.9 | $ | 345 | ||||||||
Summary of Total Assets by Segment | ' | |||||||||||||||
he following table is a summary of total assets by segment as of June 28, 2014 and December 28, 2013: | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
CDIY | $ | 7,550.60 | $ | 7,357.90 | ||||||||||||
Industrial | 5,441.70 | 5,302.00 | ||||||||||||||
Security | 4,448.00 | 4,495.60 | ||||||||||||||
17,440.30 | 17,155.50 | |||||||||||||||
Discontinued Operations | 5 | 10.1 | ||||||||||||||
Corporate assets | (486.5 | ) | (630.5 | ) | ||||||||||||
Consolidated | $ | 16,958.80 | $ | 16,535.10 | ||||||||||||
Guarantees_Tables
Guarantees (Tables) | 3 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Financial Guarantees | ' | |||||||||
The Company’s financial guarantees at June 28, 2014 are as follows: | ||||||||||
(Millions of Dollars) | Term | Maximum | Carrying | |||||||
Potential | Amount of | |||||||||
Payment | Liability | |||||||||
Guarantees on the residual values of leased properties | One to four years | $ | 28.4 | $ | — | |||||
Standby letters of credit | Up to three years | 88.6 | — | |||||||
Commercial customer financing arrangements | Up to six years | 32 | 12.9 | |||||||
Total | $ | 149 | $ | 12.9 | ||||||
Changes in Carrying Amount of Product and Service Warranties | ' | |||||||||
The changes in the carrying amount of product and service warranties for the six months ended June 28, 2014 and June 29, 2013 are as follows: | ||||||||||
(Millions of Dollars) | 2014 | 2013 | ||||||||
Balance beginning of period | $ | 121.8 | $ | 124 | ||||||
Warranties and guarantees issued | 44 | 43.5 | ||||||||
Warranty payments and currency | (48.9 | ) | (47.5 | ) | ||||||
Balance end of period | $ | 116.9 | $ | 120 | ||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 29, 2012 | Apr. 08, 2013 |
Other Businesses [Member] | Other Businesses [Member] | Other Businesses [Member] | Other Businesses [Member] | Other Businesses [Member] | Hardware and Home Improvement [Member] | Second Closing [Member] | ||||||
Entity | Tong Lung [Member] [Member] | |||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Entities Classified As Held for Sale | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Liabilities of Assets Held-for-sale | $4.90 | ' | $4.90 | ' | $6.30 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | 93.5 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 14 | -3.1 | 14 | ' | ' | ' | ' | ' | ' | 358.9 | 4.7 |
Assets Held-for-sale, Current | 5 | ' | 5 | ' | 10.1 | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $2,885.50 | $2,858.20 | $5,525 | $5,333.40 | ' | ' | $8 | $13.10 | $16.90 | $47.40 | ' | ' |
Reconciliation_of_Net_Earnings
Reconciliation of Net Earnings Attributable to Common Shareowners and Weighted-Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Numerator | ' | ' | ' | ' |
Net earnings from continuing operations attributable to common shareowners | $218.50 | $197.60 | $385.30 | $282.60 |
Net earnings from discontinued operations | -2 | -10.5 | -6.9 | -14.4 |
Net Earnings Attributable to Common Shareowners | -216.5 | -187.1 | -378.4 | -268.2 |
Less earnings attributable to participating restricted stock units ("RSU's") | 0 | 0.1 | 0 | 0.2 |
Net Earnings - basic | 216.5 | 187 | 378.4 | 268 |
Net Earnings - dilutive | $216.50 | $187.10 | $378.40 | $268.20 |
Denominator: | ' | ' | ' | ' |
Basic earnings per share - weighted-average shares | 156,316 | 155,064 | 156,097 | 155,137 |
Dilutive effect of stock options, awards and convertible preferred units | 3,350 | 3,287 | 3,257 | 3,346 |
Diluted earnings per share - weighted-average shares | 159,666 | 158,351 | 159,354 | 158,483 |
Basic earnings per share of common stock: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $1.40 | $1.27 | $2.47 | $1.82 |
Discontinued operations (in dollars per share) | ($0.01) | ($0.07) | ($0.04) | ($0.09) |
Total basic earnings per share of common stock | ($1.38) | ($1.21) | ($2.42) | ($1.73) |
Diluted earnings per share of common stock: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $1.37 | $1.25 | $2.42 | $1.78 |
Discontinued operations (in dollars per share) | ($0.01) | ($0.07) | ($0.04) | ($0.09) |
Total dilutive earnings per share of common stock | ($1.36) | ($1.18) | ($2.37) | ($1.69) |
WeightedAverage_Stock_Options_
Weighted-Average Stock Options and Warrants Outstanding Not included in Computation of Diluted Shares Outstanding (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Nov. 30, 2010 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Notes 2 Point 25 Percent due 2018 [Member] | Minimum [Member] | Maximum [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $4,261,200,000 | ' | $4,261,200,000 | ' | $3,889,400,000 | $345,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Par Value Per Share | $2.50 | ' | $2.50 | ' | $2.50 | $100 | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | $0 | $3,700,000 | $19,400,000 | $24,800,000 | ' | ' | ' | ' | ' | ' | ' | $98.80 | $80.65 |
Common Stock, Shares, Issued | 176,906,265 | ' | 176,906,265 | ' | 176,906,265 | ' | 3.5 | 4,300,000 | ' | ' | ' | ' | ' |
Equity Units Conversion Rate Number Of Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.0122 | ' |
Convertible Notes Conversion Rate Number Of Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | 1.3631 | 1.3333 | 1.2399 | ' | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Stock Options [Member] | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from the computation of EPS | 944 | 4 | 949 | 569 |
Financing_Receivables_Addition
Financing Receivables - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Number of Days Before Considered Past Due or Delinquent | ' | ' | '90 days | ' | ' |
Net receivables derecognized | $100.40 | ' | $100.40 | ' | $84.80 |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | 1 | 0.9 | 1.8 | 1.5 | ' |
Proceeds from transfers of receivables to the purchaser | 326.1 | 314.9 | 557.7 | 507.3 | ' |
Payment to the Purchaser | 296.4 | 283.6 | 542.4 | 500.7 | ' |
Sale of receivables, deferred purchase price | 99 | ' | ' | ' | 37.3 |
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Net Credit Losses During Period | 0.2 | ' | 0.1 | 0.3 | ' |
Cash inflows related to the deferred purchase price receivable | 96.4 | 94.3 | 177.4 | 167.9 | ' |
Gross receivables sold | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Receivables sold | 361.4 | 364.3 | 657.5 | 626.3 | ' |
Net receivables sold | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Receivables sold | 331.6 | 308.4 | 605 | 547.3 | ' |
Other assets | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Long-term trade financing receivables | 162 | ' | 162 | ' | 157.8 |
Maximum [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Cash investment purchaser allowed to have in transferors receivables | 100 | ' | 100 | ' | ' |
Payment to the Purchaser, servicing fees | $0.20 | $0.10 | $0.30 | $0.20 | ' |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Inventory [Line Items] | ' | ' |
Finished products | $1,259.30 | $1,081.50 |
Work in process | 146 | 128.8 |
Raw materials | 316.4 | 274.9 |
Total | $1,721.70 | $1,485.20 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Feb. 27, 2013 | Dec. 28, 2013 | Feb. 27, 2013 | Dec. 28, 2013 | Feb. 27, 2013 | Dec. 28, 2013 | Feb. 27, 2013 | 28-May-13 |
Industrial Segment | Industrial Segment | Acquisition | Infastech [Member] | Infastech [Member] | Infastech [Member] | Infastech [Member] | Infastech [Member] | Infastech [Member] | Infastech [Member] | GQ [Member] | ||||||
Trade Names [Member] | Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology [Member] | Technology [Member] | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, Current | $5 | ' | $5 | ' | $10.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 82 | ' | ' | ' | ' | ' | ' | 3.5 |
Goodwill | 7,636.60 | ' | 7,636.60 | ' | 7,565.30 | 2,070.30 | 2,026 | ' | 529.7 | ' | ' | ' | ' | ' | ' | 92.6 |
Purchase price for acquisitions | 0 | 56 | 3.2 | 909.9 | ' | ' | ' | 40.9 | 826.4 | ' | ' | ' | ' | ' | ' | 48.5 |
Percentage of ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | 60.00% |
Weighted-average useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | '12 years 8 months 12 days | ' | '10 years | ' | ' |
Accounts and notes receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | 117.3 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | 86.7 | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 46 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | 251 | ' | 28 | 20.4 |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | 3.4 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | ' | ' | ' | ' | ' | ' | ' | ' | 99 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Other Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -52.6 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Price Allocation Deferred Income Tax Liabilities Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | -68.6 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -42.8 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | 378.7 | ' | ' | ' | ' | ' | ' | 10.8 |
Inventories, net | 1,721.70 | ' | 1,721.70 | ' | 1,485.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Payments to Acquire Businesses | ' | ' | ' | ' | ' | ' | ' | ' | $908.40 | ' | ' | ' | ' | ' | ' | ' |
Estimated_Fair_Values_of_Major
Estimated Fair Values of Major Assets Acquired and Liabilities Assumed (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Feb. 27, 2013 | Dec. 28, 2013 | Feb. 27, 2013 | Dec. 28, 2013 | Feb. 27, 2013 | 28-May-13 |
In Millions, unless otherwise specified | Infastech [Member] | Infastech [Member] | Infastech [Member] | Infastech [Member] | Infastech [Member] | GQ [Member] | ||
Trade Names [Member] | Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | |||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | $22 | ' | $251 | $20.40 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | 82 | ' | ' | ' | ' | 3.5 |
Weighted-average useful lives | ' | ' | ' | '15 years | ' | '12 years 8 months 12 days | ' | ' |
Deferred taxes | ' | ' | -68.6 | ' | ' | ' | ' | ' |
Total identifiable net assets | ' | ' | 378.7 | ' | ' | ' | ' | 10.8 |
Goodwill | 7,636.60 | 7,565.30 | 529.7 | ' | ' | ' | ' | 92.6 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | $908.40 | ' | ' | ' | ' | ' |
Supplemental_Pro_Forma_Informa
Supplemental Pro Forma Information Related to Business Acquisitions (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jun. 29, 2013 | Jun. 29, 2013 |
Business Acquisition [Line Items] | ' | ' |
Net sales | $2,868.40 | $5,447.10 |
Net earnings attributable to common shareowners | $194.20 | $286.50 |
Diluted earnings per share-continuing operations | $1.23 | $1.81 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Goodwill [Line Items] | ' |
Goodwill Beginning Balance | $7,565.30 |
Addition from acquisitions | 74.6 |
Foreign currency translation | -3.3 |
Goodwill Ending Balance | 7,636.60 |
Construction and Do It Yourself | ' |
Goodwill [Line Items] | ' |
Goodwill Beginning Balance | 2,951.20 |
Addition from acquisitions | 23.2 |
Foreign currency translation | 18.8 |
Goodwill Ending Balance | 2,993.20 |
Industrial Segment | ' |
Goodwill [Line Items] | ' |
Goodwill Beginning Balance | 2,026 |
Addition from acquisitions | 49.6 |
Foreign currency translation | -5.3 |
Goodwill Ending Balance | 2,070.30 |
Securities Industry | ' |
Goodwill [Line Items] | ' |
Goodwill Beginning Balance | 2,588.10 |
Addition from acquisitions | 1.8 |
Foreign currency translation | -16.8 |
Goodwill Ending Balance | $2,573.10 |
LongTerm_Debt_and_Financing_Ar2
Long-Term Debt and Financing Arrangements (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 29, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt fair value adjustment | $14,800,000 | ' | ' |
Commercial paper borrowings outstanding | 474,200,000 | 368,000,000 | ' |
Commercial paper borrowings capacity | 2,000,000,000 | ' | 2,000,000,000 |
Long-term Debt, Gross | 3,858,000,000 | 3,809,300,000 | ' |
Less: Current maturities of long-term debt | -8,700,000 | -9,900,000 | ' |
Long-term debt | 3,849,300,000 | 3,799,400,000 | ' |
Convertible notes payable due in 2018 (junior subordinated) | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 4.25% | 4.25% | ' |
Long-term Debt, Gross | 632,500,000 | 632,500,000 | ' |
Notes 2 Point 25 Percent due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 2.25% | ' | ' |
Long-term debt, interest rate | ' | 2.25% | ' |
Long-term Debt, Gross | 345,000,000 | 345,000,000 | ' |
Notes payable due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 3.40% | ' | ' |
Long-term debt, interest rate | ' | 3.40% | ' |
Long-term Debt, Gross | 395,700,000 | 382,200,000 | ' |
Notes Payable due 2022 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Gross | 799,400,000 | 799,400,000 | ' |
Notes Payable Maturities 2022 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 2.90% | ' | ' |
Long-term debt, interest rate | ' | 2.90% | ' |
Notes payable due 2028 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 7.05% | ' | ' |
Long-term debt, interest rate | ' | 7.05% | ' |
Long-term Debt, Gross | 156,800,000 | 147,700,000 | ' |
Notes payable due 2040 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 5.20% | ' | ' |
Long-term debt, interest rate | ' | 5.20% | ' |
Long-term Debt, Gross | 342,900,000 | 317,400,000 | ' |
Notes 5 Point 75 Percent Due 2052 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 5.75% | ' | ' |
Long-term debt, interest rate | ' | 5.75% | ' |
Long-term Debt, Gross | 750,000,000 | 750,000,000 | ' |
Notes 5 Point 75 Percent due 2053 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 5.75% | ' | ' |
Long-term debt, interest rate | ' | 5.75% | ' |
Long-term Debt, Gross | 401,100,000 | 400,000,000 | ' |
Other, payable in varying amounts through 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Gross | 34,600,000 | 35,100,000 | ' |
Other, payable in varying amounts through 2021 | Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 0.00% | 0.00% | ' |
Other, payable in varying amounts through 2021 | Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 6.62% | 7.14% | ' |
Committed Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility Committed Borrowing Capacity | ' | ' | 500,000,000 |
New Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | 1,500,000,000 |
Fixed to Floating Interest Rate Swap | Notes payable due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, face amount | 400,000,000 | ' | ' |
Fixed to Floating Interest Rate Swap | Notes payable due 2028 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, face amount | 150,000,000 | ' | ' |
Fixed to Floating Interest Rate Swap | Notes payable due 2040 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, face amount | $400,000,000 | ' | ' |
LongTerm_Debt_and_Financing_Ar3
Long-Term Debt and Financing Arrangements - Additional Information (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 29, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Unamortized gain on terminated swap | $17,600,000 | ' | ' |
Long-term debt fair value adjustment | 14,800,000 | ' | ' |
Commercial paper borrowings outstanding | 474,200,000 | 368,000,000 | ' |
Commercial paper borrowings capacity | 2,000,000,000 | ' | 2,000,000,000 |
Notes payable due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 3.40% | ' | ' |
Notes payable due 2021 | Fixed-to-Floating Interest Rate Swaps Terminated | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unamortized gain on terminated swap | 13,600,000 | ' | ' |
Notes payable due 2021 | Fixed to Floating Interest Rate Swap | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, face amount | 400,000,000 | ' | ' |
Unamortized gain on terminated swap | 300,000 | ' | ' |
Notes Payable due 2022 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 800,000,000 | ' | ' |
Debt Instrument, Unamortized Discount | 600,000 | ' | ' |
Notes payable due 2028 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate | 7.05% | ' | ' |
Notes payable due 2028 | Fixed to Floating Interest Rate Swap | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, face amount | 150,000,000 | ' | ' |
Unamortized gain on terminated swap | 8,000,000 | ' | ' |
Notes payable due 2040 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unamortized gain on terminated swap | 300,000 | ' | ' |
Long-term Debt | 34,200,000 | ' | ' |
Stated interest rate | 5.20% | ' | ' |
Notes payable due 2040 | Fixed to Floating Interest Rate Swap | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, face amount | 400,000,000 | ' | ' |
Unamortized gain on terminated swap | 22,600,000 | ' | ' |
Notes 5 Point 75 Percent due 2053 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 400,000,000 | ' | ' |
Stated interest rate | 5.75% | ' | ' |
Notes 5 Point 75 Percent due 2053 [Member] | Fixed to Floating Interest Rate Swap | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unamortized gain on terminated swap | $1,100,000 | ' | ' |
Summary_of_Fair_Value_of_Deriv
Summary of Fair Value of Derivatives (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount of Interest Rate Derivatives | $1,200 | $950 |
Fair Value Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount of Interest Rate Derivatives | ' | 950 |
Designated as Hedging Instruments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 27.9 | 26.8 |
Fair value of liability derivatives | 115.3 | 195.5 |
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | LT other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 0 | 0 |
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | LT other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 0.7 | 0 |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 3.8 | 3.7 |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | LT other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 1.2 | 0 |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | Accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liability derivatives | 1.8 | 0.3 |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | LT other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 0 | 0 |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 22.3 | 21.7 |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | LT other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 0 | 0 |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | Accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liability derivatives | 3.4 | 3.3 |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | LT other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liability derivatives | 57.6 | 139.3 |
Designated as Hedging Instruments | Net Investment Hedging | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 0.6 | 1.4 |
Designated as Hedging Instruments | Net Investment Hedging | Accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liability derivatives | 51.8 | 52.6 |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 61 | 64.9 |
Fair value of liability derivatives | 20.9 | 16.8 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 61 | 64.9 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | LT other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of asset derivatives | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liability derivatives | 20.9 | 10.4 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | LT other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liability derivatives | $0 | $6.40 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Oct. 31, 2012 | Oct. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | 31-May-14 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Notes 5 Point 75 Percent due 2053 [Member] | Notes payable due 2040 | Notes payable due 2028 | Notes 5 Point 75 Percent Due 2052 [Member] | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Option | Foreign Exchange Option | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Foreign Exchange Contracts | Foreign Exchange Contracts | Foreign Exchange Contracts | Foreign Exchange Contracts | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Cost of sales | Cost of sales | Cost of sales | Cost of sales | |||||||
Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Net Investment Hedging | Net Investment Hedging | Net Investment Hedging | Net Investment Hedging | Cash Flow Hedges | Cash Flow Hedges | Forward Contracts | Forward Contracts | Currency Swaps | Currency Swaps | Foreign Exchange Contracts | Foreign Exchange Contracts | Foreign Exchange Contracts | Foreign Exchange Contracts | |||||||||||||||||||||
Notes 5 Point 75 Percent due 2053 [Member] | Notes 3 Point 4 Percent Due in 2021 [Member] | Notes payable due 2040 | Notes payable due 2028 | Notes 7 Point 05 Percent Due in 2028 [Member] | Currency, British Pound Sterling | Currency, British Pound Sterling | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | |||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Derivative Instrument, Investing Activities | ' | $25.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 1.1 | 0.3 | 2.9 |
Proceeds from Derivative Instrument, Investing Activities | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After-tax gain (loss) for cash flow hedge effectiveness in accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -74.6 | ' | -74.6 | ' | -77.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow gain (loss) hedge loss expected to be reclassified to earnings as hedged transactions occur or as amounts are amortized within the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | 3.1 | -4.5 | 6.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | 2.9 |
Stated interest rate | ' | ' | ' | ' | ' | ' | 5.75% | 5.20% | 7.05% | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.40% | 5.20% | ' | 7.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | ' | 200 | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | 34.8 | ' | 34.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Derivative Instrument, Financing Activities | 30.3 | 0 | 0 | 30.3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of contracts outstanding | ' | 1,200 | ' | 1,200 | ' | 950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950 | 336.6 | 270.1 | 138 | 120 | 400 | 400 | 400 | 150 | ' | ' | ' | 949.8 | 979 | 200 | 200 | 2,000 | 2,200 | 111.3 | 107.7 | ' | ' | ' | ' |
Derivative Instrument Maturity Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | '2014 | '2014 | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Loss on Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | 5.7 | 10.2 | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.2 | 11.1 | 27.4 | 22.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) included in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -99.1 | -76.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Hedge, Investing Activities | ' | $35.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Detail_Pretax_Amounts_Reclassi
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments (Detail) (Cash Flow Hedges, USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | ($2.20) | ($3.10) | $4.50 | ($6.60) | ||
Interest Rate Contracts | Interest expenses | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount Recorded in OCI Gain (Loss) | ' | ' | -0.7 | ' | ||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | ' | ' | 0 | ' | ||
Gain (Loss) Recognized in Income (Ineffective Portion) | ' | ' | 0 | [1] | ' | |
Foreign Exchange Contracts | Cost of sales | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | 0.2 | 1.1 | 0.3 | 2.9 | ||
Amount Recorded in OCI Gain (Loss) | ' | ' | -3.6 | 6.3 | ||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | ' | ' | 0.3 | -2.9 | ||
Gain (Loss) Recognized in Income (Ineffective Portion) | ' | ' | $0 | [1] | $0 | [1] |
[1] | Includes ineffective portion and amount excluded from effectiveness testing on derivatives. |
Fair_Value_Adjustments_Relatin
Fair Value Adjustments Relating to Swaps (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Fair Value Hedging [Member] | Interest expenses | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Gain/(Loss) on Swaps | $18.30 | ($61.40) | $84.80 | ($91.80) |
Gain /(Loss) on Borrowings | -18.3 | 61.4 | -84.8 | 91.8 |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | Other Income And Expense [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($25.20) | ($5.30) | ($35.90) | $53.50 |
Details_of_Foreign_Exchange_Co
Details of Foreign Exchange Contracts Pre-Tax Amounts (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Payments for Hedge, Investing Activities | $35.80 | ' | ' | ' |
Proceeds from Hedge, Investing Activities | ' | 1.7 | ' | ' |
Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Derivative, Loss on Derivative | 4.8 | 5.7 | 10.2 | 11.7 |
Interest Expense, Debt | 14.2 | 11.1 | 27.4 | 22.5 |
Net Investment Hedging | Foreign Exchange Contracts | Other, net | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Amount Recorded in OCI Gain (Loss) | ($25.20) | ($5.30) | ($35.90) | $53.50 |
Income_Statement_Impacts_Relat
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other, net | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recorded in Income on Derivative | $18.30 | $0.40 | $26.30 | ($60.20) |
Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Interest Expense, Debt | 14.2 | 11.1 | 27.4 | 22.5 |
Derivative, Loss on Derivative | $4.80 | $5.70 | $10.20 | $11.70 |
Equity_Arrangements_Additional
Equity Arrangements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Aug. 31, 2013 | Jan. 31, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 31, 2011 | Dec. 28, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Jun. 28, 2014 | Nov. 30, 2010 | Nov. 30, 2010 | Dec. 28, 2013 | Jun. 28, 2014 | Nov. 30, 2010 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | |
Call Option [Member] | Call Option [Member] | Call Option [Member] | Notes 2 Point 25 Percent due 2018 [Member] | Convertible notes payable due in 2018 (junior subordinated) | Maximum [Member] | Maximum [Member] | Minimum [Member] | Convertible Preferred Units | Convertible Preferred Units | Convertible Preferred Units | Convertible Preferred Units | Convertible Preferred Units | Common Stock [Member] | Common Stock [Member] | Call Option [Member] | Call Option [Member] | |||||||||||
Call Option [Member] | Call Option [Member] | Call Option [Member] | On or after December 22, 2015 | Maximum [Member] | Maximum [Member] | Minimum [Member] | |||||||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward share purchase contract | ' | ' | $362,700,000 | $0 | $0 | $0 | $350,000,000 | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | 0 | 3,700,000 | 19,400,000 | 24,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.65 | 98.8 | ' | ' |
Long-term debt, including current maturities | ' | ' | ' | 4,261,200,000 | ' | 4,261,200,000 | ' | ' | 3,889,400,000 | ' | ' | ' | ' | 345,000,000 | 632,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,325,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred units issued, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, conversion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3333 | ' | 1.3631 | ' | 1.2399 | ' | ' | ' | ' |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75 | ' | $73.36 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Number of Shares of Convertible Preferred Stock to be Delivered, As a Percentage of Purchase Contracts | ' | ' | ' | 85.00% | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock to be issued up on conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,433,123 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, redemption price as a percent of liquidation preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Convertible preferred stock, liquidation preference per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' |
Number of common shares purchased under call option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,433,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' |
Option Indexed to Issuer's Equity, Premium Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,500,000 | ' |
Option Indexed to Issuer's Equity, Average Premium Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.03 | ' |
Option Indexed to Issuer's Equity, Average Lower Strike Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $86.07 | ' |
Option Indexed to Issuer's Equity, Average Upper Strike Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $106.56 | ' |
Option Indexed to Issuer's Equity, Aggregate Fair Value | ' | ' | ' | 12,500,000 | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,100,000 |
Call option, aggregate premium | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Call option, average price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.97 | $2.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open option contracts written at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $97.95 | $95.81 | $75 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Convertible Conversion Warrant Strike Price, Percentage Higher than Previous Price on November 1, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Forward Contracts, Net Settlement, Shares | ' | 5,581,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Cash Settlements of Equity Forward Contracts | ' | $18,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Capped_Call_Equity_
Summary of Capped Call (Equity Options) Issued (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Nov. 30, 2010 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Nov. 30, 2010 | Dec. 28, 2013 | Dec. 28, 2013 | Nov. 30, 2010 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | |
Call Option [Member] | Call Option [Member] | Minimum [Member] | Maximum [Member] | Capped call (equity options) | Capped call (equity options) | Capped call (equity options) | Notes 2 Point 25 Percent due 2018 [Member] | Convertible Notes Payable Four Point Two Five Percent Due Twenty Eighteen [Member] | Convertible Notes Payable Four Point Two Five Percent Due Twenty Eighteen [Member] | Common Stock [Member] | Common Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | |||||||
Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | $4,261,200,000 | ' | $4,261,200,000 | ' | $3,889,400,000 | ' | ' | ' | ' | ' | ' | ' | $345,000,000 | ' | $632,500,000 | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock Shares Issuable Upon Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' |
Original Number of Options | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' | 8,433,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Premium Paid | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | $2.50 | ' | $2.50 | ' | $2.50 | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Units Conversion Rate Number Of Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.0122 | ' | ' | ' | ' | ' |
Convertible Notes Conversion Rate Number Of Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3333 | ' | 1.3631 | 1.2399 |
Payments for Repurchase of Common Stock | ' | 0 | 3,700,000 | 19,400,000 | 24,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.8 | 80.65 | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 176,906,265 | ' | 176,906,265 | ' | 176,906,265 | ' | ' | 3.5 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.97 | $2.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,433,123 | 3,500,000 | ' | ' |
Stock Exercise Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $98.80 | $112.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Exercise Price Per Share Percentage Greater Than Closing Price | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Indexed to Issuer's Equity, Aggregate Fair Value | ' | 12,500,000 | ' | 12,500,000 | ' | ' | ' | 86,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open Option Contracts Written, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $102,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes in AOCI (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Accumulated other comprehensive income (loss): | ' | ' |
Balance - beginning of period | $499 | $388 |
Other comprehensive income (loss) before reclassifications | -11.5 | -267.4 |
Reclassification adjustments to earnings | 7.6 | 9.5 |
Net other comprehensive income (loss) | -3.9 | -257.9 |
Balance - end of period | 502.9 | 645.9 |
Currency translation adjustment and other | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' |
Balance - beginning of period | 70.5 | -29.4 |
Other comprehensive income (loss) before reclassifications | 15.2 | -312.5 |
Reclassification adjustments to earnings | 0 | 0 |
Net other comprehensive income (loss) | 15.2 | -312.5 |
Balance - end of period | 55.3 | 283.1 |
Unrealized (losses) gains on cash flow hedges, net of tax | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' |
Balance - beginning of period | 77.3 | 93.5 |
Other comprehensive income (loss) before reclassifications | -1.8 | 5.3 |
Reclassification adjustments to earnings | 4.5 | 6.6 |
Net other comprehensive income (loss) | 2.7 | 11.9 |
Balance - end of period | 74.6 | 81.6 |
Unrealized (losses) gains on net investment hedges, net of tax | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' |
Balance - beginning of period | -76.8 | -63.3 |
Other comprehensive income (loss) before reclassifications | -22.3 | 33.2 |
Reclassification adjustments to earnings | 0 | 0 |
Net other comprehensive income (loss) | -22.3 | 33.2 |
Balance - end of period | -99.1 | -30.1 |
Pension (losses) gains, net of tax | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' |
Balance - beginning of period | -274.4 | -260.6 |
Other comprehensive income (loss) before reclassifications | -2.6 | 6.6 |
Reclassification adjustments to earnings | 3.1 | 2.9 |
Net other comprehensive income (loss) | 0.5 | 9.5 |
Balance - end of period | ($273.90) | ($251.10) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Reclassifications out of AOCI (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Accumulated other comprehensive income (loss): | ' | ' | ' | ' |
Earnings from continuing operations | ($219.40) | ($197.30) | ($386.40) | ($281.90) |
Income taxes on continuing operations | 73.7 | 54.4 | 120.5 | 63.1 |
Net Earnings - basic | -216.5 | -187 | -378.4 | -268 |
Reclassifications from accumulated other comprehensive loss to earnings | Cost of sales | ' | ' | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | ' | ' | 7.3 | -10.5 |
Reclassifications from accumulated other comprehensive loss to earnings | Unrealized (losses) gains on cash flow hedges, net of tax | ' | ' | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' | ' | ' |
Income taxes on continuing operations | ' | ' | 2.8 | -3.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | ' | ' | -4.5 | -6.6 |
Reclassifications from accumulated other comprehensive loss to earnings | Pension (losses) gains, net of tax | ' | ' | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' | ' | ' |
Earnings from continuing operations | ' | ' | -4 | -5.3 |
Income taxes on continuing operations | ' | ' | 0.9 | 2.4 |
Net Earnings - basic | ' | ' | -3.1 | -2.9 |
Reclassifications from accumulated other comprehensive loss to earnings | Pension (losses) gains, net of tax | Cost of sales | ' | ' | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' | ' | ' |
Actuarial losses, reclassification to Statements of Operations and Comprehensive Income | ' | ' | -2.4 | -3.2 |
Reclassifications from accumulated other comprehensive loss to earnings | Pension (losses) gains, net of tax | Selling, general and administrative | ' | ' | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' | ' | ' |
Actuarial losses, reclassification to Statements of Operations and Comprehensive Income | ' | ' | $1.60 | $2.10 |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Pension Benefit, U.S. Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $2.20 | $2 | $4.40 | $3.90 |
Interest cost | 14.1 | 13 | 28.2 | 26.3 |
Expected return on plan assets | -18 | -16.4 | -36 | -32.5 |
Amortization of prior service cost (credit) | 0.3 | 0.3 | 0.6 | 0.6 |
Defined Benefit Plan, Amortization of Gains (Losses) | 0.2 | 1.2 | 0.4 | 2.8 |
Curtailment loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | -1.2 | 0.1 | -2.4 | 1.1 |
Pension Benefits, Non-U.S Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 3.4 | 3.5 | 6.7 | 7 |
Interest cost | 15.2 | 10.9 | 30.1 | 21.9 |
Expected return on plan assets | -15.5 | -10.4 | -30.7 | -20.9 |
Amortization of prior service cost (credit) | 0.1 | 0.1 | 0.2 | 0.2 |
Defined Benefit Plan, Amortization of Gains (Losses) | 1.8 | 1.1 | 3.6 | 2.3 |
Curtailment loss | 0 | -0.1 | 0 | -0.2 |
Net periodic benefit cost | 5 | 5.1 | 9.9 | 10.3 |
Other Benefits, U.S Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.3 | 0.2 | 0.5 | 0.4 |
Interest cost | 0.6 | 0.6 | 1.3 | 1.2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -0.4 | -0.4 | -0.7 | -0.7 |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $0.50 | $0.40 | $1.10 | $0.90 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $88.90 | $91.70 |
Derivative liabilities | 136.2 | 212.3 |
Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market fund | 6.7 | 6.7 |
Derivative assets | 88.9 | 91.7 |
Derivative liabilities | 136.2 | 212.3 |
Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market fund | 6.7 | 6.7 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market fund | 0 | 0 |
Derivative assets | 88.9 | 91.7 |
Derivative liabilities | $136.20 | $212.30 |
Summary_of_Financial_Instrumen
Summary of Financial Instruments Carrying and Fair Values (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments, Fair Value Disclosure | $15 | $14.70 |
Long-term debt, including current maturities | 4,261.20 | 3,889.40 |
Derivative assets | 88.9 | 91.7 |
Derivative liabilities | 136.2 | 212.3 |
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Investments and Securities, at Cost | 14.8 | 14.8 |
Long-term debt, including current maturities | 3,858 | 3,809.30 |
Derivative assets | 88.9 | 91.7 |
Derivative liabilities | $136.20 | $212.30 |
Other_Costs_and_Expenses_Addit
Other Costs and Expenses - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Merger and acquisition related costs | $0.20 | $4 | $0.40 | $19.60 |
Summary_of_Restructuring_Reser
Summary of Restructuring Reserve Activity (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reserve, Beginning Balance | ' | ' | $193.80 | ' |
Restructuring charges | -1.7 | -30.9 | -5.4 | 12 |
Usage | ' | ' | -56.4 | ' |
Currency | ' | ' | -0.8 | ' |
Reserve, Ending Balance | 131.2 | ' | 131.2 | ' |
Scenario, Actual [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reserve, Beginning Balance | ' | ' | 0 | ' |
Restructuring charges | ' | ' | 4 | ' |
Usage | ' | ' | -3.3 | ' |
Currency | ' | ' | -0.4 | ' |
Reserve, Ending Balance | 0.3 | ' | 0.3 | ' |
Pre-2014 Actions | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reserve, Beginning Balance | ' | ' | 193.8 | ' |
Accrual Adjustment | ' | ' | 9.4 | ' |
Usage | ' | ' | -53.1 | ' |
Currency | ' | ' | -0.4 | ' |
Reserve, Ending Balance | 130.9 | ' | 130.9 | ' |
Severance and related costs | Scenario, Actual [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reserve, Beginning Balance | ' | ' | 0 | ' |
Restructuring charges | 1.2 | ' | 3.4 | ' |
Usage | ' | ' | -2.9 | ' |
Currency | ' | ' | -0.4 | ' |
Reserve, Ending Balance | 0.1 | ' | 0.1 | ' |
Severance and related costs | Pre-2014 Actions | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reserve, Beginning Balance | ' | ' | 172.2 | ' |
Accrual Adjustment | ' | ' | 9.5 | ' |
Usage | ' | ' | -50.2 | ' |
Currency | ' | ' | -0.4 | ' |
Reserve, Ending Balance | 112.1 | ' | 112.1 | ' |
Facility closures | Scenario, Actual [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reserve, Beginning Balance | ' | ' | 0 | ' |
Restructuring charges | ' | ' | 0.6 | ' |
Usage | ' | ' | -0.4 | ' |
Currency | ' | ' | 0 | ' |
Reserve, Ending Balance | 0.2 | ' | 0.2 | ' |
Facility closures | Pre-2014 Actions | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reserve, Beginning Balance | ' | ' | 21.6 | ' |
Accrual Adjustment | ' | ' | 0.1 | ' |
Usage | ' | ' | -2.9 | ' |
Currency | ' | ' | 0 | ' |
Reserve, Ending Balance | $18.80 | ' | $18.80 | ' |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | $1.70 | $30.90 | $5.40 | ($12) | ' |
Restructuring reserves | 131.2 | ' | 131.2 | ' | 193.8 |
Construction and Do It Yourself | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -0.9 | ' | -2.2 | ' | ' |
Securities Industry | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -1.1 | ' | -2.5 | ' | ' |
Corporate | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -1.1 | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Number of employees reduced | 8 | ' | 32 | ' | ' |
Scenario, Actual [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | ' | ' | -4 | ' | ' |
Restructuring reserves | 0.3 | ' | 0.3 | ' | 0 |
Pre-2014 Actions | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accrual Adjustment | ' | ' | -9.4 | ' | ' |
Restructuring reserves | 130.9 | ' | 130.9 | ' | 193.8 |
Facility closures | Acquisition | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -0.2 | ' | -0.7 | ' | ' |
Facility closures | Scenario, Actual [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | ' | ' | -0.6 | ' | ' |
Restructuring reserves | 0.2 | ' | 0.2 | ' | 0 |
Facility closures | Pre-2014 Actions | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accrual Adjustment | ' | ' | -0.1 | ' | ' |
Restructuring reserves | 18.8 | ' | 18.8 | ' | 21.6 |
Severance and related costs | Acquisition | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accrual Adjustment | -2.7 | ' | ' | ' | ' |
Severance and related costs | Acquisition | Industrial Segment | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -0.3 | ' | -0.4 | ' | ' |
Severance and related costs | Scenario, Actual [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -1.2 | ' | -3.4 | ' | ' |
Restructuring reserves | 0.1 | ' | 0.1 | ' | 0 |
Severance and related costs | Pre-2014 Actions | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accrual Adjustment | ' | ' | -9.5 | ' | ' |
Restructuring reserves | $112.10 | ' | $112.10 | ' | $172.20 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income taxes on continuing operations | $73.70 | $54.40 | $120.50 | $63.10 |
Effective tax rate | 25.10% | 21.60% | 23.80% | 18.30% |
Business_Segments_Detail
Business Segments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $2,885.50 | $2,858.20 | $5,525 | $5,333.40 |
Segment profit | 435.5 | 382.2 | 784.5 | 695 |
Corporate overhead | -45.1 | -53.7 | -81.6 | -122.7 |
Other-net | -58.7 | -71.4 | -120.2 | -142.3 |
Restructuring charges and asset impairments recognized | 1.7 | 30.9 | 5.4 | -12 |
Interest expense | -43.3 | -39.6 | -87.6 | -79.5 |
Interest income | 3 | 3.3 | 6.4 | 6.5 |
Earnings from continuing operations before income taxes | 293.1 | 251.7 | 506.9 | 345 |
Construction and Do It Yourself | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -0.9 | ' | -2.2 | ' |
Securities Industry | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges and asset impairments recognized | -1.1 | ' | -2.5 | ' |
Segment, Continuing Operations | Construction and Do It Yourself | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 1,394.60 | 1,392.80 | 2,609.40 | 2,542 |
Segment profit | 218.2 | 209.9 | 387.3 | 375.9 |
Segment, Continuing Operations | Securities Industry | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 889.2 | 861.5 | 1,741.20 | 1,595.40 |
Segment profit | 150.3 | 117.6 | 280.6 | 207 |
Segment, Continuing Operations | Industrial Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 601.7 | 603.9 | 1,174.40 | 1,196 |
Segment profit | $67 | $54.70 | $116.60 | $112.10 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Integration costs associated with the Merger | $2.40 | $9.80 | $6.20 | $18.60 |
Facility closure costs | 0.2 | 7.9 | 1.3 | 21.2 |
Corporate overhead costs | 3 | 14.2 | 5.5 | 39.7 |
Construction and Do It Yourself | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Decrease in segment profit due to non-cash inventory step-up amortization | 0.2 | 2.8 | 0.6 | 6.1 |
Securities Industry | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Decrease in segment profit due to non-cash inventory step-up amortization | 1.2 | 8.8 | 3.5 | 15.2 |
Industrial Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Decrease in segment profit due to non-cash inventory step-up amortization | $1.20 | $6.10 | $3.40 | $18.50 |
Summary_of_Total_Assets_by_Seg
Summary of Total Assets by Segment (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | ($16,958.80) | ($16,535.10) |
Segment, Continuing Operations | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | -17,440.30 | -17,155.50 |
Segment, Continuing Operations | Construction and Do It Yourself | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | -7,550.60 | -7,357.90 |
Segment, Continuing Operations | Securities Industry | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | -5,441.70 | -5,302 |
Segment, Continuing Operations | Industrial Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | -4,448 | -4,495.60 |
Segment, Continuing Operations | Corporate assets | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 486.5 | -630.5 |
Segment, Discontinued Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | ($5) | ($10.10) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 |
sites | Centredale Site [Member] | Centredale Site [Member] | Centredale Site [Member] | Property, Plant and Equipment, Other Types | Property, Plant and Equipment, Other Types | Property, Plant and Equipment, Other Types | Property, Plant and Equipment, Other Types | Passaic River [Member] [Domain] | |
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation costs deemed probable and reasonably estimable | ' | ' | $68.10 | $139.70 | ' | ' | $136.40 | $270.90 | $1,700 |
Environmental remediation costs, reserve | ' | 68.1 | ' | ' | 181.6 | 184.1 | ' | ' | ' |
Superfund Sites | 31 | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve for environmental remediation costs, current | ' | ' | ' | ' | 14.6 | ' | ' | ' | ' |
Reserve for environmental remediation costs, noncurrent | ' | ' | ' | ' | 167 | ' | ' | ' | ' |
Accrual for Environmental Loss Contingencies, EPA Funded Amount | ' | ' | ' | ' | 23.1 | ' | ' | ' | ' |
Environmental remediation. Period construction of treatment facility to be maintained | '30 years | ' | ' | ' | ' | ' | ' | ' | '5 years |
Accrual for Environmental Loss Contingencies, Obligation After EPA Funding | ' | ' | ' | ' | $158.50 | ' | ' | ' | ' |
Financial_Guarantees_Detail
Financial Guarantees (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | 149 |
Guarantee Liability Carrying Amount | 12.9 |
Guarantees on the residual values of leased properties | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | 28.4 |
Guarantee Liability Carrying Amount | 0 |
Guarantees on the residual values of leased properties | Minimum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligation Term | '1 year |
Guarantees on the residual values of leased properties | Maximum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligation Term | '4 years |
Standby Letters of Credit [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | 88.6 |
Guarantee Liability Carrying Amount | 0 |
Standby Letters of Credit [Member] | Maximum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligation Term | '3 years |
Commercial customer financing arrangements | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | 32 |
Guarantee Liability Carrying Amount | 12.9 |
Commercial customer financing arrangements | Maximum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligation Term | '6 years |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | Jun. 28, 2014 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | $149 |
Carrying amount of guarantees recorded in the consolidated balance sheet | 12.9 |
Guaranteed Lease Residual Values | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | 28.4 |
Capital Leased Assets, Noncurrent, Fair Value Disclosure | 32.6 |
Standby Letters of Credit [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | 88.6 |
Carrying amount of guarantees recorded in the consolidated balance sheet | 0 |
Commercial customer financing arrangements | ' |
Guarantor Obligations [Line Items] | ' |
Guarantee Obligations Maximum Potential Payment | 32 |
Carrying amount of guarantees recorded in the consolidated balance sheet | $12.90 |
Changes_in_Carrying_Amount_of_1
Changes in Carrying Amount of Product and Service Warranties (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Class of Warrant or Right [Line Items] | ' | ' |
Balance beginning of period | $121.80 | $124 |
Warranties and guarantees issued | 44 | 43.5 |
Warranty payments and currency | -48.9 | -47.5 |
Balance end of period | $116.90 | $120 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 29, 2012 | Apr. 08, 2013 |
HHI [Member] | Tong Lung [Member] [Member] | |
Second Closing [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Proceeds from Divestiture of Businesses | $1,400 | $93.50 |