Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 18, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CAMERON INTERNATIONAL CORP | |
Entity Central Index Key | 941548 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 237,870,602 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) [Abstract] | ||||
REVENUES | $2,495.80 | $2,218.30 | $6,900.90 | $6,076.30 |
COSTS AND EXPENSES: | ||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 1,780.70 | 1,568.20 | 4,899.80 | 4,297.50 |
Selling and administrative expenses | 346.6 | 285 | 986.2 | 842.6 |
Depreciation and amortization | 83.4 | 66.8 | 223.5 | 189.9 |
Interest, net | 23.2 | 25.1 | 74.4 | 69.8 |
Other costs (see Note 3) | 13.9 | 3.4 | 80.2 | 11.8 |
Total costs and expenses | 2,247.80 | 1,948.50 | 6,264.10 | 5,411.60 |
Income before income taxes | 248 | 269.8 | 636.8 | 664.7 |
Income tax provision | -55.6 | -46.2 | -155.6 | -132.5 |
Net income | 192.4 | 223.6 | 481.2 | 532.2 |
Net income attributable to noncontrolling interests | 2.8 | 0 | 2.8 | 0 |
Net income attributable to Cameron | 189.6 | 223.6 | 478.4 | 532.2 |
Earnings per share attributable to Cameron stockholders: | ||||
Basic (in dollars per share) | $0.78 | $0.91 | $1.95 | $2.16 |
Diluted (in dollars per share) | $0.78 | $0.90 | $1.94 | $2.15 |
Shares used in computing earnings per share attributable to Cameron stockholders: | ||||
Basic (in shares) | 242.7 | 246.4 | 245.6 | 246.3 |
Diluted (in shares) | 244.2 | 248.1 | 247.1 | 248 |
Comprehensive income | 281.9 | 276.1 | 444.9 | 585.7 |
Comprehensive income attributable to noncontrolling interests | 28.7 | 0 | 28.7 | 0 |
Comprehensive income attributable to Cameron | $253.20 | $276.10 | $416.20 | $585.70 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $1,257 | $1,185.80 |
Short-term investments | 498.2 | 517 |
Receivables, net | 2,467.70 | 1,966.70 |
Inventories, net | 3,216.30 | 2,741.20 |
Other | 434.9 | 499.9 |
Total current assets | 7,874.10 | 6,910.60 |
Plant and equipment, net | 1,926.90 | 1,765.10 |
Goodwill | 2,939.90 | 1,923.90 |
Other assets | 1,123.30 | 558.6 |
TOTAL ASSETS | 13,864.20 | 11,158.20 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Short-term debt | 292.5 | 29.2 |
Accounts payable and accrued liabilities | 3,533.60 | 3,045.70 |
Accrued income taxes | 88.1 | 94.1 |
Total current liabilities | 3,914.20 | 3,169 |
Long-term debt | 1,820.50 | 2,047 |
Deferred income taxes | 320.9 | 131.7 |
Other long-term liabilities | 222.9 | 244.4 |
Total liabilities | 6,278.50 | 5,592.10 |
Stockholders' Equity: | ||
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at September 30, 2013 and December 31, 2012 | 2.6 | 2.6 |
Capital in excess of par value | 3,170.50 | 2,094.60 |
Retained earnings | 4,599.10 | 4,120.70 |
Accumulated other elements of comprehensive income (loss) | -92.2 | -30 |
Less: Treasury stock, 24,621,527 shares at September 30, 2013 (16,415,336 shares at December 31, 2012) | -1,145.10 | -621.8 |
Total Cameron stockholders' equity | 6,534.90 | 5,566.10 |
Noncontrolling interests | 1,050.80 | 0 |
Total equity | 7,585.70 | 5,566.10 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $13,864.20 | $11,158.20 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 263,111,472 | 263,111,472 |
Treasury common stock at cost (in shares) | 24,621,527 | 16,415,336 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||||
Net income | $192.40 | $223.60 | $481.20 | $532.20 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 61.7 | 53.6 | 177.1 | 153 |
Amortization | 21.7 | 13.2 | 46.4 | 36.9 |
Non-cash stock compensation expense | 13.4 | 9.7 | 40.7 | 31.3 |
Deferred income taxes and tax benefit of employee stock compensation plan transactions | 18.8 | -91.2 | 30.3 | -59.6 |
Changes in assets and liabilities, net of translation, acquisitions and non-cash items: | ||||
Receivables | -162 | -65.9 | -232.9 | -49.1 |
Inventories | -109.8 | -127.3 | -449.9 | -439.5 |
Accounts payable and accrued liabilities | 211.4 | 74.2 | 218.9 | -94.1 |
Other assets and liabilities, net | -48 | 88.6 | -105.3 | 27.1 |
Net cash provided by operating activities | 199.6 | 178.5 | 206.5 | 138.2 |
Cash flows from investing activities: | ||||
Proceeds from sales and maturities of short-term investments | 259.3 | 262.7 | 887.6 | 775 |
Purchases of short-term investments | -447.2 | -207.3 | -868.6 | -715.6 |
Capital expenditures | -123.3 | -98.7 | -305.9 | -280.4 |
Dispositions (acquisitions), net of cash acquired | -19.8 | 0 | -10.8 | -309.6 |
Proceeds received and cash acquired from formation of OneSubsea (see Note 2) | 0 | 0 | 603 | 0 |
Proceeds from sales of plant and equipment | 3.1 | 7.5 | 7.5 | 25.8 |
Net cash provided by (used for) investing activities | -327.9 | -35.8 | 312.8 | -504.8 |
Cash flows from financing activities: | ||||
Short-term loan borrowings (repayments), net | 32 | 6.6 | 40.6 | -37.9 |
Issuance of senior debt | 0 | 0 | 0 | 499.3 |
Debt issuance costs | 0 | 0 | 0 | -3.4 |
Purchase of treasury stock | -433.2 | -5 | -557.9 | -12.5 |
Contributions from noncontrolling interest owners | 62.2 | 0 | 62.2 | 0 |
Purchases of noncontrolling ownership interests | -7.2 | 0 | -7.2 | 0 |
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions | 0.9 | 8.3 | 30 | 10.4 |
Excess tax benefits from stock compensation plan transactions | 0.8 | 4.1 | 8.9 | 9.3 |
Principal payments on capital leases | -2.9 | -2.8 | -13 | -8.1 |
Net cash provided by (used for) financing activities | -347.4 | 11.2 | -436.4 | 457.1 |
Effect of translation on cash | 14.6 | 7.8 | -11.7 | 1.3 |
Increase (decrease) in cash and cash equivalents | -461.1 | 161.7 | 71.2 | 91.8 |
Cash and cash equivalents, beginning of period | 1,718.10 | 829 | 1,185.80 | 898.9 |
Cash and cash equivalents, end of period | $1,257 | $990.70 | $1,257 | $990.70 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Common Stock [Member] | Capital in Excess of Par value [Member] | Retained Earnings [Member] | Accumulated Other Elements of Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] |
In Millions | |||||||
Balance at Dec. 31, 2012 | $5,566.10 | $2.60 | $2,094.60 | $4,120.70 | ($30) | ($621.80) | $0 |
Formation of OneSubsea, net of tax effects of $132.6 | 0 | 1,051.80 | 0 | 0 | 0 | 915.6 | |
Net income | 481.2 | 0 | 0 | 478.4 | 0 | 0 | 2.8 |
Other comprehensive income (loss), net of tax | -62.2 | 0 | 0 | 0 | -62.2 | 0 | 25.9 |
Non-cash stock compensation expense | 40.7 | 0 | 40.7 | 0 | 0 | 0 | 0 |
Net change in treasury shares owned by participants in nonqualified deferred compensation plans | 0 | 0 | 0 | 0 | -2.3 | 0 | |
Purchase of treasury stock | 0 | 0 | 0 | 0 | -576.1 | 0 | |
Treasury stock issued under stock compensation plans | 0 | -25.4 | 0 | 0 | 55.1 | 0 | |
Tax benefit of stock compensation plan transactions | 0 | 8.8 | 0 | 0 | 0 | 0 | |
Contributions from noncontrolling interest owners | 0 | 0 | 0 | 0 | 0 | 75.3 | |
Purchases of noncontrolling ownership interests | 0 | 0 | 0 | 0 | 0 | -7.2 | |
Other noncontrolling interests | 1,050.80 | 0 | 0 | 0 | 0 | 0 | 38.4 |
Balance at Sep. 30, 2013 | $7,585.70 | $2.60 | $3,170.50 | $4,599.10 | $92.20 | ($1,145.10) | ($1,050.80) |
CONSOLIDATED_CONDENSED_STATEME3
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (Unaudited) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (Unaudited) [Abstract] | |
Formation of OneSubsea, tax effects | $132.60 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation |
The accompanying Unaudited Consolidated Condensed Financial Statements of Cameron International Corporation (the Company) have been prepared in accordance with RuleĀ 10-01 of Regulation S-X and do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Those adjustments, consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial information for the interim periods, have been made. The results of operations for such interim periods are not necessarily indicative of the results of operations for a full year. The Unaudited Consolidated Condensed Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto filed by the Company on Form 10-K for the year ended December 31, 2012. | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, estimates of total contract profit or loss on certain long-term production contracts, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, contingencies, including tax contingencies, estimated liabilities for litigation exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of reporting units for purposes of assessing goodwill for impairment, estimated proceeds from assets held for sale and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ materially from these estimates. | |
Certain prior year amounts have been reclassified to conform to the current year presentation. |
Acquisitions_and_OneSubsea
Acquisitions and OneSubsea | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions and OneSubsea [Abstract] | |||||
Acquisitions and OneSubsea | Note 2: Acquisitions and OneSubseaā¢ | ||||
Ā Ā | |||||
During the third quarter of 2013, the Companyās Distributed Valves division of the Valves & Measurement (V&M) segment acquired Douglas Chero, an Italian valve manufacturer, for $19.8 million, net of cash acquired. Ā The acquisition was made to support the Companyās international growth strategy by expanding its downstream industrial valve offerings. Ā Douglas Cheroās results of operations have been included in the V&M segment since the date of acquisition. | |||||
On June 30, 2013, Cameron and Schlumberger Limited completed the formation of OneSubsea, a venture established to manufacture and develop products, systems and services for the subsea oil and gas market. Ā Cameron contributed its existing subsea business unit and received $600 million from Schlumberger, while Schlumberger contributed its Framo, Surveillance, Flow Assurance and Power and Controls businesses. Ā As 60% owner, Cameron is managing the venture, consolidating it in its Drilling & Production Systems (DPS) segment and reflecting a noncontrolling interest in its financial statements for Schlumbergerās 40% interest in the venture. | |||||
The table below shows the preliminary purchase price allocation for the assets received from Schlumberger and the recording of Schlumbergerās cash payment to Cameron and its related noncontrolling interest in OneSubsea (in millions): | |||||
Dr. (Cr.) | |||||
Cash | $ | 603 | |||
Receivables | 241.6 | ||||
Inventory | 32.4 | ||||
Other current assets | 3.4 | ||||
Plant and equipment | 31.8 | ||||
Goodwill | 994.7 | ||||
Intangibles (1) | 590 | ||||
Other non-current assets | 10.6 | ||||
Accounts payable and accrued liabilities | (213.5 | ) | |||
Accrued income taxes | (78.6 | ) | |||
Deferred income taxes | (212.2 | ) | |||
Other long-term liabilities | (35.8 | ) | |||
Capital in excess of par value | (1,051.8 | ) | |||
Noncontrolling interests | (915.6 | ) | |||
$ | ā | ||||
-1 | Inluded in other assets on the Company's consolidated condensed balance sheets | ||||
Under the purchase method of accounting, the assets and liabilities of the Schlumberger businesses contributed to OneSubsea have been reflected at their estimated fair values at June 30, 2013. Ā The excess of the fair value of the businesses contributed by Schlumberger over the net tangible and identifiable intangible assets of those businesses was recorded as goodwill, net of applicable deferred income taxes. Ā As a result of the timing of the formation of OneSubsea and legal restrictions imposed on both parties regarding information sharing during the regulatory approval process leading up to the formation of the venture, this purchase price allocation was based upon preliminary estimates and assumptions which are subject to change upon the receipt of additional information required to finalize the valuations. Ā While certain adjustments to the original purchase price allocation have been made in the third quarter of 2013, primarily related to intangible assets, the allocation is still not finalized. Ā The primary areas of the purchase price allocation which have not yet been finalized relate to inventory, property, plant and equipment, identifiable intangible assets, goodwill, certain preacquisition contingencies and related adjustments to deferred income taxes. Ā The final valuation of these net assets will be completed as soon as possible, but no later than one year from the acquisition date. | |||||
Due to Cameron maintaining control of OneSubsea, the contribution of Cameronās existing subsea business unit into the venture was recorded at historical cost and the issuance of a 40% interest in the venture to Schlumberger was reflected as an adjustment to Cameronās paid in capital in accordance with accounting rules governing decreases in a parentās ownership interest in a subsidiary without loss of control. Ā Accordingly, the direct income tax consequences, consisting of a current amount of income taxes payable and deferred income taxes, were also reflected as an adjustment to paid in capital. | |||||
Beginning with the third quarter of 2013, Cameron is now reflecting the results of operations and the related tax effects of OneSubsea attributable to its stockholders in its consolidated results, as well as the portion of the results attributable to the stockholders of the noncontrolling interest. |
Other_Costs
Other Costs | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Costs [Abstract] | |||||||||||||||||
Other Costs | Note 3: Other Costs | ||||||||||||||||
Other costs (gains) for the three and nine months ended September 30, 2013 and 2012 consisted of the following (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
OneSubsea formation and integration costs | $ | 6.9 | $ | ā | $ | 51.6 | $ | ā | |||||||||
International pension settlement costs | ā | ā | ā | 6.1 | |||||||||||||
Integration costs of other acquisitions | 3.2 | 5.3 | 6.5 | 10.5 | |||||||||||||
Mark-to-market impact on currency derivatives(1) | 1.4 | (7.6 | ) | 1.4 | (13.2 | ) | |||||||||||
Currency devaluation, litigation, restructuring and other costs | 2.4 | 5.7 | 20.7 | 8.4 | |||||||||||||
$ | 13.9 | $ | 3.4 | $ | 80.2 | $ | 11.8 | ||||||||||
-1 | These derivatives have not been designated as accounting hedges. |
Receivables
Receivables | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Receivables | Note 4: Receivables | ||||||||
Receivables consisted of the following (in millions): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade receivables | $ | 2,275.50 | $ | 1,823.20 | |||||
Other receivables | 203.9 | 151.4 | |||||||
Allowance for doubtful accounts | (11.7 | ) | (7.9 | ) | |||||
Total receivables | $ | 2,467.70 | $ | 1,966.70 |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | |||||||||
Inventories | Note 5: Inventories | ||||||||
Inventories consisted of the following (in millions): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 239.3 | $ | 237.9 | |||||
Work-in-process | 1,068.70 | 902.1 | |||||||
Finished goods, including parts and subassemblies | 2,110.90 | 1,797.90 | |||||||
Other | 20.6 | 14.3 | |||||||
3,439.50 | 2,952.20 | ||||||||
Excess of current standard costs over LIFO costs | (121.2 | ) | (122.0 | ) | |||||
Allowances | (102.0 | ) | (89.0 | ) | |||||
Total inventories | $ | 3,216.30 | $ | 2,741.20 |
Plant_and_Equipment_Goodwill_a
Plant and Equipment, Goodwill and Other Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Plant and Equipment, Goodwill and Other Assets [Abstract] | |||||||||
Plant and Equipment and Goodwill | Note 6: Plant and Equipment and Goodwill | ||||||||
Plant and equipment consisted of the following (in millions): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Plant and equipment, at cost | $ | 3,506.90 | $ | 3,155.90 | |||||
Accumulated depreciation | (1,580.0 | ) | (1,390.8 | ) | |||||
Total plant and equipment | $ | 1,926.90 | $ | 1,765.10 | |||||
Changes in goodwill during theĀ Ā nine months ended September 30, 2013 were as follows (in millions): | |||||||||
Balance at December 31, 2012 | $ | 1,923.90 | |||||||
Current year additions | 1,000.10 | ||||||||
Adjustments to the purchase price allocation for prior year acquisitions | 8.8 | ||||||||
Translation | 7.1 | ||||||||
Balance at September 30, 2013 | $ | 2,939.90 | |||||||
Other assets include identifiable intangible assets of $912.7 million at September 30, 2013 ($335.8 million at December 31, 2012). |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | Note 7: Accounts Payable and Accrued Liabilities | ||||||||||||||||||||||
Accounts payable and accrued liabilities consisted of the following (in millions): | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Trade accounts payable and accruals | $ | 797.1 | $ | 925.1 | |||||||||||||||||||
Advances from customers | 1,736.90 | 1,320.10 | |||||||||||||||||||||
Other accruals | 999.6 | 800.5 | |||||||||||||||||||||
Total accounts payable and accrued liabilities | $ | 3,533.60 | $ | 3,045.70 | |||||||||||||||||||
Activity during the nine months ended September 30, 2013 associated with the Companyās product warranty accruals was as follows (in millions): | |||||||||||||||||||||||
Balance | Net | Charges | Formation | Translation | Balance | ||||||||||||||||||
December 31, | warranty | against | of | and other | September 30, | ||||||||||||||||||
2012 | provisions | accrual | OneSubsea | 2013 | |||||||||||||||||||
$ | 67.6 | $ | 30.4 | $ | (46.1 | ) | $ | 1 | $ | 0.6 | $ | 53.5 | |||||||||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt [Abstract] | |||||||||
Debt | Note 8: Debt | ||||||||
The Companyās debt obligations were as follows (in millions): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Senior notes: | |||||||||
Floating rate notes due June 2, 2014 | $ | 250 | $ | 250 | |||||
1.6% notes due April 30, 2015 | 250 | 250 | |||||||
6.375% notes due July 15, 2018 | 450 | 450 | |||||||
4.5% notes due June 1, 2021 | 250 | 250 | |||||||
3.6% notes due April 30, 2022 | 250 | 250 | |||||||
7.0% notes due July 15, 2038 | 300 | 300 | |||||||
5.95% notes due June 1, 2041 | 250 | 250 | |||||||
Unamortized original issue discount | (3.9 | ) | (4.1 | ) | |||||
Other debt | 54.8 | 19.6 | |||||||
Obligations under capital leases | 62.1 | 60.7 | |||||||
2,113.00 | 2,076.20 | ||||||||
Current maturities | (292.5 | ) | (29.2 | ) | |||||
Long-term maturities | $ | 1,820.50 | $ | 2,047.00 | |||||
At September 30, 2013, the Company had issued: | |||||||||
ā¢ | $25.4 million of letters of credit under its $835.0 million Amended Credit Agreement leaving $809.6 million remaining available for future use under the Amended Credit Agreement, and | ||||||||
ā¢ | $185.0 million of letters of credit under its $250.0 million multi-currency revolving letter of credit facility leaving $65.0 million remaining available for use under this facility. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9: Income Taxes |
The effective income tax rate for the first nine months of 2013 was 24.4% as compared to 19.9% for the first nine months of 2012. Ā The increase in the tax rate was mainly due to recognition of various foreign taxes and an increase in certain foreign valuation allowances, largely arising as a result of the formation of OneSubsea. |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||
Business Segments | Note 10: Business Segments | ||||||||||||||||
The Companyās operations are organized into three separate business segments ā DPS, V&M and Process & Compression Systems (PCS). Ā Summary financial data by segment follows (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
DPS | $ | 1,636.80 | $ | 1,279.70 | $ | 4,344.20 | $ | 3,477.60 | |||||||||
Ā Ā Ā V&M | 502.5 | 536 | 1,558.30 | 1,585.50 | |||||||||||||
PCS | 356.5 | 402.6 | 998.4 | 1,013.20 | |||||||||||||
$ | 2,495.80 | $ | 2,218.30 | $ | 6,900.90 | $ | 6,076.30 | ||||||||||
Income (loss) before income taxes: | |||||||||||||||||
DPS | $ | 216.2 | $ | 198.8 | $ | 566.3 | $ | 510.2 | |||||||||
Ā Ā Ā Ā V&M | 98.1 | 105.6 | 320.2 | 309.3 | |||||||||||||
PCS | 34.2 | 41.7 | 79.4 | 79.2 | |||||||||||||
Corporate & other | (100.5 | ) | (76.3 | ) | (329.1 | ) | (234.0 | ) | |||||||||
$ | 248 | $ | 269.8 | $ | 636.8 | $ | 664.7 | ||||||||||
CorporateĀ & other includes expenses associated with the Companyās Corporate office, all of the Companyās interest income and interest expense, certain litigation expense managed by the Companyās General Counsel, foreign currency gains and losses from devaluations and from certain derivative and intercompany lending activities managed by the Companyās centralized Treasury function, all of the Companyās restructuring expense, OneSubsea formation and integration costs, other acquisition-related costs and all stock compensation expense.Ā |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per share [Abstract] | |||||||||||||||||
Earnings Per Share | Note 11: Earnings Per Share | ||||||||||||||||
The calculation of basic and diluted earnings per common share of Cameron for each period presented was as follows (dollars and shares in millions, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Cameron | $ | 189.6 | $ | 223.6 | $ | 478.4 | $ | 532.2 | |||||||||
Average shares outstanding (basic) | 242.7 | 246.4 | 245.6 | 246.3 | |||||||||||||
Common stock equivalents | 1.5 | 1.7 | 1.5 | 1.7 | |||||||||||||
Diluted shares | 244.2 | 248.1 | 247.1 | 248 | |||||||||||||
Basic earnings per share attributable to Cameron stockholders | $ | 0.78 | $ | 0.91 | $ | 1.95 | $ | 2.16 | |||||||||
Diluted earnings per share attributable to Cameron stockholders | $ | 0.78 | $ | 0.9 | $ | 1.94 | $ | 2.15 | |||||||||
Activity in the Companyās treasury shares for the three-and nine-month periods ended September 30, 2013 and 2012 was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Treasury shares at beginning of period | 17,001,730 | 16,839,018 | 16,415,336 | 17,579,397 | |||||||||||||
Purchases of treasury sharesĀ | 7,677,282 | 100,000 | 9,790,737 | 257,200 | |||||||||||||
Net change in treasury shares owned by participants in nonqualified deferred compensation plans | 3,052 | ā | 55,159 | ā | |||||||||||||
Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units | (60,537 | ) | (488,210 | ) | (1,639,705 | ) | (1,385,789 | ) | |||||||||
Treasury shares at end of period | 24,621,527 | 16,450,808 | 24,621,527 | 16,450,808 | |||||||||||||
The average cost of treasury shares acquired for the three-and nine-month periods ended September 30, 2013 was $58.04 and $58.84, respectively. | |||||||||||||||||
Under a resolution adopted in December 2011, the Board of Directors granted the Company the authority to repurchase shares of its common stock up to a total amount of $500.0 million. Ā The Board increased this authority by $150.0 million in August 2013 and added another $1 billion in October 2013 to the amount authorized. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 12: Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The changes in the components of accumulated other elements of comprehensive income (loss) for the three months ended September 30, 2013 and 2012 were as follows (in millions): | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Accumulated Foreign Currency Translation | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Three Months Ended | |||||||||||||||||
Gain (Loss) | 30-Sep-12 | ||||||||||||||||||||
Balance at beginning of Ā period | $ | (71.3 | ) | $ | (84.7 | ) | $ | 0.2 | $ | (155.8 | ) | $ | (89.8 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Pre-tax | 49.8 | ā | 24.5 | 74.3 | 51.2 | ||||||||||||||||
Tax effect | ā | ā | (9.1 | ) | (9.1 | ) | (1.6 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||||||||||||||||||||
Revenues | ā | ā | 0.4 | 0.4 | 3.5 | ||||||||||||||||
Cost of sales | ā | ā | (3.8 | ) | (3.8 | ) | ā | ||||||||||||||
Depreciation and amortization | ā | ā | 0.1 | 0.1 | ā | ||||||||||||||||
Selling and administrative expense | ā | 1.6 | ā | 1.6 | 0.9 | ||||||||||||||||
Tax effect | ā | (0.6 | ) | 0.7 | 0.1 | (1.5 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | 49.8 | 1 | 12.8 | 63.6 | 52.5 | ||||||||||||||||
Balance at end of period | $ | (21.5 | ) | $ | (83.7 | ) | $ | 13 | $ | (92.2 | ) | $ | (37.3 | ) | |||||||
The changes in the components of accumulated other elements of comprehensive income (loss) for the nine months ended September 30, 2013 and 2012 were as follows (in millions): | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Accumulated Foreign Currency Translation | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Nine Months Ended September 30, 2012 | |||||||||||||||||
Gain (Loss) | |||||||||||||||||||||
Balance at beginning of Ā year | $ | 45.9 | $ | (86.6 | ) | $ | 10.7 | $ | (30.0 | ) | $ | (90.8 | ) | ||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Pre-tax | (67.4 | ) | ā | 9.4 | (58.0 | ) | 41.6 | ||||||||||||||
Tax effect | ā | ā | (3.6 | ) | (3.6 | ) | (0.1 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||||||||||||||||||||
Revenues | ā | ā | (1.1 | ) | (1.1 | ) | 5.5 | ||||||||||||||
Cost of sales | ā | ā | (3.8 | ) | (3.8 | ) | 4.8 | ||||||||||||||
Depreciation and amortization | ā | ā | 0.1 | 0.1 | 0.1 | ||||||||||||||||
Selling and administrative expense | ā | 4.7 | ā | 4.7 | 5.9 | ||||||||||||||||
Tax effect | ā | (1.8 | ) | 1.3 | (0.5 | ) | (4.3 | ) | |||||||||||||
Net current period other comprehensive income (loss) | (67.4 | ) | 2.9 | 2.3 | (62.2 | ) | 53.5 | ||||||||||||||
Balance at end of period | $ | (21.5 | ) | $ | (83.7 | ) | $ | 13 | $ | (92.2 | ) | $ | (37.3 | ) | |||||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Contingencies [Abstract] | |
Contingencies | Note 13: Contingencies |
The Company is subject to a number of contingencies, including litigation, tax contingencies and environmental matters. | |
Deepwater Horizon Matter | |
A blowout preventer (āBOPā) originally manufactured by the Company and delivered in 2001 was deployed by the drilling rig Deepwater Horizon which in 2010 experienced an explosion and fire resulting in bodily injuries and loss of life, the loss of the rig, and discharge of hydrocarbons into the Gulf of Mexico. | |
ā | |
The Company was named as one of a number of defendants in over 400 suits asserting claims for personal injury, wrongful death, property damage, pollution and economic damages. Ā Most of these suits were consolidated into a single proceeding under rules governing multi-district litigation. Ā The consolidated case is styled: In Re: Oil Spill by the Oil Rig Deep Water Horizon in the Gulf of MexicoĀ on April 20, 2010, MDL Docket No. 2179. | |
On December 15, 2011, the Company entered into an agreement with BP Exploration and Production Inc. (BPXP), guaranteed by BP Corporation North America Inc., pursuant to which BPXP agreed to indemnify the Company for any and all current and future compensatory claims, and to pay on behalf of the Company any and all such claims, associated with or arising out of the Deepwater Horizon incident the Company otherwise would have been obligated to pay, including claims arising under the Oil Pollution Act of 1990 (OPA) and Clean Water Act, claims for natural resource damages and associated damage-assessment costs, clean-up costs, and other claims arising from third parties. Ā The agreement does not provide indemnification of the Company for punitive damages. | |
On March 20, 2013, the Court in the MDL proceeding granted the Companyās motion for a judgment in its favor denying recovery for punitive damages. Ā On April 3, 2013, the Court granted the Companyās motion for a judgment in its favor denying recovery for all other claims asserted in the MDL proceeding. | |
Not all suits arising out of the Deepwater Horizon Matter were consolidated into the MDL proceeding and a number of suits have been filed recently which have not yet been consolidated into the MDL proceeding. Ā The Company has been named as a defendant in over 50 such suits, all of which allege substantially the same facts, make substantially the same allegations and seek substantially the same relief as the cases consolidated into the MDL proceeding. Ā The Company currently anticipates that all claims against the Company in the cases filed, or anymore that may be filed in connection with the Deepwater Horizon Matter, will either be dismissed as a result of the rulings of the Court in the MDL proceeding or on their own merits or lack thereof. Ā In any event, all damages, other than punitive damages, that could be imposed against the Company in such cases would be covered by the Company's agreement with BPXP. | |
The agreement with BPXP also does not provide indemnification of the Company for any fines, penalties, or certain other potential non-compensatory claims levied on it individually. Ā The Company, however, does not consider any of these, singly or cumulatively, to pose a significant financial risk to it because, while the United States brought suit against BP and certain other parties associated with this incident for recovery under statutes such as OPA and the Clean Water Act, the United States did not name the Company as a defendant. Ā Certain state and local governmental entities have asserted the right to levy fines and penalties as a result of the discharge of hydrocarbons, but the Federal District Court in which the MDL action is pending has ruled that they do not have this right as a result of Federal preemption. Ā This issue is currently on appeal to the Fifth Circuit Court of Appeals. | |
A shareholder derivative suit, Berzner vs. Erikson, et al., Cause No. 2010-71817, 190th District Court of Harris County, Texas, was filed in October 2010 against the Companyās directors in connection with this incident and its aftermath alleging the Companyās directors failed to exercise their fiduciary duties regarding the safety and efficacy of its products, but is presently in abeyance. | |
No accruals have been recorded as of September 30, 2013 as the Company does not consider losses to be probable for any of these matters at this time. | |
Other Litigation | |
The Company from time to time is a defendant in cases alleging equipment failure due to inherent defects; failure of design, manufacture, testing, assembly or installation; and/or improper maintenance, and are typically accompanied by claims such as breach of contract, breach of implied warranty, negligence, negligent misrepresentation, strict liability in tort and/or product liability. Ā One such matter is Chesapeake Appalachia, L.L.C. and Chesapeake Operating, Inc. vs. Cameron International Corporation filed in the District Court of Oklahoma County, Oklahoma on April 16, 2013, in which Chesapeake alleges a failure of Cameron hydraulic fracturing wellhead equipment which is claimed to have caused or contributed to an uncontrolled discharge of fluids on the Chesapeake ATGAS 2H well site in Pennsylvania and seeks unspecified damages. Ā Another such example is Boardwalk Pipeline Partners, et al. vs. Tube Forgings of America, Inc. et al. including Cameron International Corporation filed in the District Court of Panola, County, Texas on February 13, 2013. Ā The plaintiffs allege a failure of a Cameron check valve which is claimed to have caused or contributed to a fire at and damage to a compressor station in Carthage, Texas, and seek unspecified damages. Ā The facts of these incidents and their causes are currently under investigation. Ā No accrual has been recorded as of September 30, 2013 as the Company does not consider a loss regarding either of these matters to be probable and/or reasonably estimable at this time. Ā In any event, the Company has insurance coverage that is applicable with a self-retention of $5.0 million per incident. | |
The Company also has been and continues to be named as a defendant in a number of multi-defendant, multi-plaintiff tort lawsuits. At September 30, 2013, the Companyās consolidated condensed balance sheet included a liability of approximately $14.0 million for such cases. The Company believes, based on its review of the facts and law, that the potential exposure from these suits will not have a material adverse effect on its consolidated results of operations, financial condition or liquidity. | |
Tax and Other Contingencies | |
The Company has legal entities in over 50 countries. As a result, the Company is subject to various tax filing requirements in these countries. The Company prepares its tax filings in a manner which it believes is consistent with such filing requirements. However, some of the tax laws and regulations to which the Company is subject require interpretation and/or judgment. Although the Company believes the tax liabilities for periods ending on or before the balance sheet date have been adequately provided for in the financial statements, to the extent a taxing authority believes the Company has not prepared its tax filings in accordance with the authorityās interpretation of the tax laws and regulations, the Company could be exposed to additional taxes. | |
The Company has been assessed customs duties,Ā and penaltiesĀ by the government of Brazil totaling almost $50.0 million at September 30, 2013, including interest accrued at local county rates, following a customs audit for the years 2003-2010. Ā The Company filed an administrative appeal and believes a majority of this assessment will ultimately be proven to be incorrect because of numerous errors in the assessment, and because the government has not provided appropriate supporting documentation for the assessment. Ā As a result, the Company currently expects no material adverse impact on its results of operations or cash flows as a result of the ultimate resolution of this matter. Ā No amounts have been accrued for this assessment as of September 30, 2013 as no loss is currently considered probable. | |
Environmental Matters | |
The Company is currently identified as a potentially responsible party (PRP) with respect to two sites designated for cleanup under the Comprehensive Environmental Response Compensation and Liability Act (CERCLA) or similar state laws. One of these sites is Osborne, Pennsylvania (a landfill into which a predecessor of the PCS operation in Grove City, Pennsylvania deposited waste), where remediation was completed in 2011 and remaining costs relate to ongoing ground water treatment and monitoring. The other is believed to be a de minimis exposure. The Company is also engaged in site cleanup under the Voluntary Cleanup Plan of the Texas Commission on Environmental Quality at former manufacturing locations in Houston and Missouri City, Texas. Additionally, the Company has discontinued operations at a number of other sites which had been active for many years and which may have yet undiscovered contamination. The Company does not believe, based upon information currently available, that there are any material environmental liabilities existing at these locations. At September 30, 2013, the Companyās consolidated condensed balance sheet included a noncurrent liability of approximately $3.5 million for these environmental matters. | |
In 2001, the Company discovered that contaminated underground water from the former manufacturing site in Houston referenced above had migrated under an adjacent residential area. Pursuant to applicable state regulations, the Company notified the affected homeowners. Concerns over the impact on property values of the underground water contamination and its public disclosure led to a number of claims by homeowners. Ā The Company has settled these claims, primarily as a result of the settlement of a class action lawsuit, and is obligated to reimburse approximately 190 homeowners for any diminution in value of their property due to contamination concerns at the time of the propertyās sale. Test results of monitoring wells on the southeastern border of the plume indicate that the plume is moving in a new direction, likely as a result of a ground water drainage system completed as part of an interstate highway improvement project. Ā As a result, the Company notified 39 additional homeowners, and may provide notice to additional homeowners, whose property is adjacent to the class area that their property may be affected. Ā The Company is reviewing whether additional remedial measures are appropriate. Ā The Company believes, based on its review of the facts and law, that any potential exposure from existing agreements as well as any possible new claims that may be filed with respect to this underground water contamination will not have a material adverse effect on its financial position or results of operations. The Companyās consolidated condensed balance sheet included a liability of approximately $6.7 million for these matters as of September 30, 2013.Ā | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Note 14: Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||
The Companyās financial instruments consist primarily of cash and cash equivalents, short-term investments, trade receivables, trade payables, derivative instruments and debt instruments. The book values of trade receivables, trade payables and floating-rate debt instruments are considered to be representative of their respective fair values. | |||||||||||||||||||||||||||||||||||||
Following is a summary of the Companyās financial instruments which have been valued at fair value in the Companyās consolidated condensed balance sheets at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Fair Value Based on Quoted Prices in Active Markets for Identical Assets | Fair Value Based on Significant Other Observable Inputs | Total | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Cash | $ | 452 | $ | 447.1 | $ | ā | $ | ā | $ | 452 | $ | 447.1 | |||||||||||||||||||||||||
Certificates of deposit | 0.2 | 0.2 | ā | ā | 0.2 | 0.2 | |||||||||||||||||||||||||||||||
Money market funds | 622.3 | 429.1 | ā | ā | 622.3 | 429.1 | |||||||||||||||||||||||||||||||
Commercial paper | ā | ā | 69.4 | 202.7 | 69.4 | 202.7 | |||||||||||||||||||||||||||||||
U.S. Treasury securities | ā | 17.6 | ā | ā | ā | 17.6 | |||||||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | ā | ā | 13 | 41.4 | 13 | 41.4 | |||||||||||||||||||||||||||||||
U.S. corporate obligations | 17.2 | 18.9 | ā | ā | 17.2 | 18.9 | |||||||||||||||||||||||||||||||
Non-U.S. bank and other obligations | 82.9 | 28.8 | ā | ā | 82.9 | 28.8 | |||||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||
Certificates of deposit | 2.7 | 3 | ā | ā | 2.7 | 3 | |||||||||||||||||||||||||||||||
Commercial paper | ā | ā | 226.9 | 253.9 | 226.9 | 253.9 | |||||||||||||||||||||||||||||||
U.S. Treasury securities | 106.7 | 64.5 | ā | ā | 106.7 | 64.5 | |||||||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | ā | ā | 58 | 99.5 | 58 | 99.5 | |||||||||||||||||||||||||||||||
U.S. corporate obligations | 103.9 | 96.1 | ā | ā | 103.9 | 96.1 | |||||||||||||||||||||||||||||||
Non-qualified plan assets: | |||||||||||||||||||||||||||||||||||||
Money market funds | 0.7 | 1.1 | ā | ā | 0.7 | 1.1 | |||||||||||||||||||||||||||||||
Domestic bond funds | 2.7 | 2.4 | ā | ā | 2.7 | 2.4 | |||||||||||||||||||||||||||||||
International bond fund | 0.3 | 0.1 | ā | ā | 0.3 | 0.1 | |||||||||||||||||||||||||||||||
Domestic equity funds | 4.8 | 3.6 | ā | ā | 4.8 | 3.6 | |||||||||||||||||||||||||||||||
International equity funds | 2.5 | 2.1 | ā | ā | 2.5 | 2.1 | |||||||||||||||||||||||||||||||
Blended equity funds | 3.6 | 2.6 | ā | ā | 3.6 | 2.6 | |||||||||||||||||||||||||||||||
Common stock | 2.3 | 2.1 | ā | ā | 2.3 | 2.1 | |||||||||||||||||||||||||||||||
Derivatives, net asset (liability): | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | ā | ā | 20 | 19.9 | 20 | 19.9 | |||||||||||||||||||||||||||||||
$ | 1,404.80 | $ | 1,119.30 | $ | 387.3 | $ | 617.4 | $ | 1,792.10 | $ | 1,736.70 | ||||||||||||||||||||||||||
Fair values for financial instruments utilizing level 2 inputs were determined from information obtained from third party pricing sources, broker quotes, calculations involving the use of market indices or mutual fund unit values determined based upon the valuation of the fundsā underlying assets. | |||||||||||||||||||||||||||||||||||||
At September 30, 2013, the fair value of the Companyās fixed-rate debt (based on Level 1 quoted market rates) was approximately $1.95 billion as compared to the $1.75 billion face value of the debt recorded, net of original issue discounts, in the Companyās consolidated condensed balance sheet. Ā At December 31, 2012, the fair value of the Companyās fixed-rate debt (based on Level 1 quoted market rates) was approximately $2.06 billion as compared to the $1.75 billion face value of the debt. | |||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||
In order to mitigate the effect of exchange rate changes, the Company will often attempt to structure sales contracts to provide for collections from customers in the currency in which the Company incurs its manufacturing costs. In certain instances, the Company will enter into foreign currency forward contracts to hedge specific large anticipated receipts or disbursements in currencies for which the Company does not traditionally have fully offsetting local currency expenditures or receipts. The Company was party to a number of long-term foreign currency forward contracts at September 30, 2013. The purpose of the majority of these contracts was to hedge large anticipated non-functional currency cash flows on major subsea, drilling, valve or other equipment contracts involving the Companyās United States operations and its consolidated subsidiaries in Australia, Brazil, France, Germany, Italy, Malaysia, Nigeria, Norway, Romania, Singapore and the United Kingdom. Many of these contracts have been designated as and are accounted for as cash flow hedges with changes in the fair value of those contracts recorded in accumulated other comprehensive income (loss) in the period such change occurs. Ā Certain other contracts, many of which are centrally managed, are intended to offset other foreign currency exposures but have not been designated as hedges for accounting purposes and, therefore, any change in the fair value of those contracts are reflected in earnings in the period such change occurs. Ā The Company determines the fair value of its outstanding foreign currency forward contracts based on quoted exchange rates for the respective currencies applicable to similar instruments. | |||||||||||||||||||||||||||||||||||||
The Company manages its debt portfolio to achieve an overall desired position of fixed and floating rates and employs from time to time interest rate swaps as a tool to achieve that goal. | |||||||||||||||||||||||||||||||||||||
Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at September 30, 2013 was as follows (in millions): | |||||||||||||||||||||||||||||||||||||
Notional Amount - Buy | Notional Amount - Sell | ||||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | Total | 2013 | 2014 | 2015 | Total | |||||||||||||||||||||||||||||
FX Forward Contracts | |||||||||||||||||||||||||||||||||||||
Notional currency in: | |||||||||||||||||||||||||||||||||||||
Chinese yuan | 34.5 | ā | ā | ā | 34.5 | ā | ā | ā | ā | ||||||||||||||||||||||||||||
Euros | 75.2 | 132.8 | 6.1 | 9.5 | 223.6 | (16.3 | ) | (45.2 | ) | ā | (61.5 | ) | |||||||||||||||||||||||||
Pound Sterling | 84.4 | 13.4 | 0.5 | ā | 98.3 | (5.9 | ) | (1.3 | ) | ā | (7.2 | ) | |||||||||||||||||||||||||
Malaysian ringgit | ā | 28.4 | ā | ā | 28.4 | ā | ā | Āā | ā | ||||||||||||||||||||||||||||
Norwegian kroner | 429.8 | 921.2 | 128.5 | ā | 1,479.50 | (148.7 | ) | (134.4 | ) | ā | (283.1 | ) | |||||||||||||||||||||||||
U.S. dollars | 44.9 | 93 | ā | ā | 137.9 | (183.0 | ) | (396.4 | ) | (50.1 | ) | (629.5 | ) | ||||||||||||||||||||||||
While the Company reports and generally settles its individual derivative financial instruments on a gross basis, the agreements between the Company and its third party financial counterparties to the derivative contracts generally provide both the Company and its counterparties with the legal right to net settle contracts that are in an asset position with other contracts that are in an offsetting liability position, if required. Ā The fair values of derivative financial instruments recorded in the Companyās Consolidated Condensed Balance Sheets at September 30, 2013 and December 31, 2012 were as follows (in millions): | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Current | $ | 27.9 | $ | 11.5 | $ | 20.4 | $ | 5.7 | |||||||||||||||||||||||||||||
Non-current | 2.1 | 1.7 | 2.3 | 0.4 | |||||||||||||||||||||||||||||||||
30 | 13.2 | 22.7 | 6.1 | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Current | 8.9 | 5.4 | ā | ā | |||||||||||||||||||||||||||||||||
Non-current | ā | 0.3 | 3.3 | ā | |||||||||||||||||||||||||||||||||
8.9 | 5.7 | 3.3 | ā | ||||||||||||||||||||||||||||||||||
Total derivatives | $ | 38.9 | $ | 18.9 | $ | 26 | $ | 6.1 | |||||||||||||||||||||||||||||
The amount of pre-tax gain (loss) from the ineffective portion of derivatives designated as hedging instruments and from derivatives not designated as hedging instruments was (in millions): | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Foreign currency contracts designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Cost of sales | $ | 3 | $ | ā | $ | 1.7 | $ | (0.5 | ) | ||||||||||||||||||||||||||||
Foreign currency contracts not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Cost of sales | 6.6 | 2.5 | 0.5 | ||||||||||||||||||||||||||||||||||
Other costs | (1.4 | ) | 7.6 | (1.4 | ) | 13.2 | |||||||||||||||||||||||||||||||
Total | $ | 8.2 | $ | 7.6 | $ | 2.8 | $ | 13.2 | |||||||||||||||||||||||||||||
Acquisitions_and_OneSubsea_Tab
Acquisitions and OneSubsea (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions and OneSubsea [Abstract] | |||||
Preliminary purchase price allocation | The table below shows the preliminary purchase price allocation for the assets received from Schlumberger and the recording of Schlumbergerās cash payment to Cameron and its related noncontrolling interest in OneSubsea (in millions): | ||||
Dr. (Cr.) | |||||
Cash | $ | 603 | |||
Receivables | 241.6 | ||||
Inventory | 32.4 | ||||
Other current assets | 3.4 | ||||
Plant and equipment | 31.8 | ||||
Goodwill | 994.7 | ||||
Intangibles (1) | 590 | ||||
Other non-current assets | 10.6 | ||||
Accounts payable and accrued liabilities | (213.5 | ) | |||
Accrued income taxes | (78.6 | ) | |||
Deferred income taxes | (212.2 | ) | |||
Other long-term liabilities | (35.8 | ) | |||
Capital in excess of par value | (1,051.8 | ) | |||
Noncontrolling interests | (915.6 | ) | |||
$ | ā | ||||
-1 | Included in other assets on the Company's consolidated condensed balance sheets |
Other_Costs_Tables
Other Costs (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Costs [Abstract] | |||||||||||||||||
Schedule of other costs | Other costs (gains) for the three and nine months ended September 30, 2013 and 2012 consisted of the following (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
OneSubsea formation and integration costs | $ | 6.9 | $ | ā | $ | 51.6 | $ | ā | |||||||||
International pension settlement costs | ā | ā | ā | 6.1 | |||||||||||||
Integration costs of other acquisitions | 3.2 | 5.3 | 6.5 | 10.5 | |||||||||||||
Mark-to-market impact on currency derivatives(1) | 1.4 | (7.6 | ) | 1.4 | (13.2 | ) | |||||||||||
Currency devaluation, litigation, restructuring and other costs | 2.4 | 5.7 | 20.7 | 8.4 | |||||||||||||
$ | 13.9 | $ | 3.4 | $ | 80.2 | $ | 11.8 | ||||||||||
-1 | These derivatives have not been designated as accounting hedges. |
Receivables_Tables
Receivables (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Receivables | Receivables consisted of the following (in millions): | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade receivables | $ | 2,275.50 | $ | 1,823.20 | |||||
Other receivables | 203.9 | 151.4 | |||||||
Allowance for doubtful accounts | (11.7 | ) | (7.9 | ) | |||||
Total receivables | $ | 2,467.70 | $ | 1,966.70 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | |||||||||
Inventories | Inventories consisted of the following (in millions): | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 239.3 | $ | 237.9 | |||||
Work-in-process | 1,068.70 | 902.1 | |||||||
Finished goods, including parts and subassemblies | 2,110.90 | 1,797.90 | |||||||
Other | 20.6 | 14.3 | |||||||
3,439.50 | 2,952.20 | ||||||||
Excess of current standard costs over LIFO costs | (121.2 | ) | (122.0 | ) | |||||
Allowances | (102.0 | ) | (89.0 | ) | |||||
Total inventories | $ | 3,216.30 | $ | 2,741.20 |
Plant_and_Equipment_Goodwill_a1
Plant and Equipment, Goodwill and Other Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Plant and Equipment, Goodwill and Other Assets [Abstract] | |||||||||
Plant and equipment | Plant and equipment consisted of the following (in millions): | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Plant and equipment, at cost | $ | 3,506.90 | $ | 3,155.90 | |||||
Accumulated depreciation | (1,580.0 | ) | (1,390.8 | ) | |||||
Total plant and equipment | $ | 1,926.90 | $ | 1,765.10 | |||||
Changes in goodwill | Changes in goodwill during theĀ Ā nine months ended September 30, 2013 were as follows (in millions): | ||||||||
Balance at December 31, 2012 | $ | 1,923.90 | |||||||
Current year additions | 1,000.10 | ||||||||
Adjustments to the purchase price allocation for prior year acquisitions | 8.8 | ||||||||
Translation | 7.1 | ||||||||
Balance at September 30, 2013 | $ | 2,939.90 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||||||||||||||||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities consisted of the following (in millions): | ||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Trade accounts payable and accruals | $ | 797.1 | $ | 925.1 | |||||||||||||||||||
Advances from customers | 1,736.90 | 1,320.10 | |||||||||||||||||||||
Other accruals | 999.6 | 800.5 | |||||||||||||||||||||
Total accounts payable and accrued liabilities | $ | 3,533.60 | $ | 3,045.70 | |||||||||||||||||||
Company's product warranty accruals | Activity during the nine months ended September 30, 2013 associated with the Companyās product warranty accruals was as follows (in millions): | ||||||||||||||||||||||
Balance | Net | Charges | Formation | Translation | Balance | ||||||||||||||||||
December 31, | warranty | against | of | and other | September 30, | ||||||||||||||||||
2012 | provisions | accrual | OneSubsea | 2013 | |||||||||||||||||||
$ | 67.6 | $ | 30.4 | $ | (46.1 | ) | $ | 1 | $ | 0.6 | $ | 53.5 | |||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt [Abstract] | |||||||||
Debt Obligations | Note 8: Debt | ||||||||
The Companyās debt obligations were as follows (in millions): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Senior notes: | |||||||||
Floating rate notes due June 2, 2014 | $ | 250 | $ | 250 | |||||
1.6% notes due April 30, 2015 | 250 | 250 | |||||||
6.375% notes due July 15, 2018 | 450 | 450 | |||||||
4.5% notes due June 1, 2021 | 250 | 250 | |||||||
3.6% notes due April 30, 2022 | 250 | 250 | |||||||
7.0% notes due July 15, 2038 | 300 | 300 | |||||||
5.95% notes due June 1, 2041 | 250 | 250 | |||||||
Unamortized original issue discount | (3.9 | ) | (4.1 | ) | |||||
Other debt | 54.8 | 19.6 | |||||||
Obligations under capital leases | 62.1 | 60.7 | |||||||
2,113.00 | 2,076.20 | ||||||||
Current maturities | (292.5 | ) | (29.2 | ) | |||||
Long-term maturities | $ | 1,820.50 | $ | 2,047.00 | |||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||
Summary financial data by segment | The Companyās operations are organized into three separate business segments ā DPS, V&M and Process & Compression Systems (PCS). Ā Summary financial data by segment follows (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
DPS | $ | 1,636.80 | $ | 1,279.70 | $ | 4,344.20 | $ | 3,477.60 | |||||||||
Ā Ā Ā V&M | 502.5 | 536 | 1,558.30 | 1,585.50 | |||||||||||||
PCS | 356.5 | 402.6 | 998.4 | 1,013.20 | |||||||||||||
$ | 2,495.80 | $ | 2,218.30 | $ | 6,900.90 | $ | 6,076.30 | ||||||||||
Income (loss) before income taxes: | |||||||||||||||||
DPS | $ | 216.2 | $ | 198.8 | $ | 566.3 | $ | 510.2 | |||||||||
Ā Ā Ā Ā V&M | 98.1 | 105.6 | 320.2 | 309.3 | |||||||||||||
PCS | 34.2 | 41.7 | 79.4 | 79.2 | |||||||||||||
Corporate & other | (100.5 | ) | (76.3 | ) | (329.1 | ) | (234.0 | ) | |||||||||
$ | 248 | $ | 269.8 | $ | 636.8 | $ | 664.7 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per share [Abstract] | |||||||||||||||||
Calculation of basic and diluted earnings per share | The calculation of basic and diluted earnings per common share of Cameron for each period presented was as follows (dollars and shares in millions, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Cameron | $ | 189.6 | $ | 223.6 | $ | 478.4 | $ | 532.2 | |||||||||
Average shares outstanding (basic) | 242.7 | 246.4 | 245.6 | 246.3 | |||||||||||||
Common stock equivalents | 1.5 | 1.7 | 1.5 | 1.7 | |||||||||||||
Diluted shares | 244.2 | 248.1 | 247.1 | 248 | |||||||||||||
Basic earnings per share attributable to Cameron stockholders | $ | 0.78 | $ | 0.91 | $ | 1.95 | $ | 2.16 | |||||||||
Diluted earnings per share attributable to Cameron stockholders | $ | 0.78 | $ | 0.9 | $ | 1.94 | $ | 2.15 | |||||||||
Schedule of treasury shares | Activity in the Companyās treasury shares for the three-and nine-month periods ended September 30, 2013 and 2012 was as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Treasury shares at beginning of period | 17,001,730 | 16,839,018 | 16,415,336 | 17,579,397 | |||||||||||||
Purchases of treasury sharesĀ | 7,677,282 | 100,000 | 9,790,737 | 257,200 | |||||||||||||
Net change in treasury shares owned by participants in nonqualified deferred compensation plans | 3,052 | ā | 55,159 | ā | |||||||||||||
Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units | (60,537 | ) | (488,210 | ) | (1,639,705 | ) | (1,385,789 | ) | |||||||||
Treasury shares at end of period | 24,621,527 | 16,450,808 | 24,621,527 | 16,450,808 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||
Changes in the components of accumulated other elements of comprehensive income (loss) | The changes in the components of accumulated other elements of comprehensive income (loss) for the three months ended September 30, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Accumulated Foreign Currency Translation | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Three Months Ended | |||||||||||||||||
Gain (Loss) | 30-Sep-12 | ||||||||||||||||||||
Balance at beginning of Ā period | $ | (71.3 | ) | $ | (84.7 | ) | $ | 0.2 | $ | (155.8 | ) | $ | (89.8 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Pre-tax | 49.8 | ā | 24.5 | 74.3 | 51.2 | ||||||||||||||||
Tax effect | ā | ā | (9.1 | ) | (9.1 | ) | (1.6 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||||||||||||||||||||
Revenues | ā | ā | 0.4 | 0.4 | 3.5 | ||||||||||||||||
Cost of sales | ā | ā | (3.8 | ) | (3.8 | ) | ā | ||||||||||||||
Depreciation and amortization | ā | ā | 0.1 | 0.1 | ā | ||||||||||||||||
Selling and administrative expense | ā | 1.6 | ā | 1.6 | 0.9 | ||||||||||||||||
Tax effect | ā | (0.6 | ) | 0.7 | 0.1 | (1.5 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | 49.8 | 1 | 12.8 | 63.6 | 52.5 | ||||||||||||||||
Balance at end of period | $ | (21.5 | ) | $ | (83.7 | ) | $ | 13 | $ | (92.2 | ) | $ | (37.3 | ) | |||||||
The changes in the components of accumulated other elements of comprehensive income (loss) for the nine months ended September 30, 2013 and 2012 were as follows (in millions): | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Accumulated Foreign Currency Translation | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Nine Months Ended September 30, 2012 | |||||||||||||||||
Gain (Loss) | |||||||||||||||||||||
Balance at beginning of Ā year | $ | 45.9 | $ | (86.6 | ) | $ | 10.7 | $ | (30.0 | ) | $ | (90.8 | ) | ||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Pre-tax | (67.4 | ) | ā | 9.4 | (58.0 | ) | 41.6 | ||||||||||||||
Tax effect | ā | ā | (3.6 | ) | (3.6 | ) | (0.1 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||||||||||||||||||||
Revenues | ā | ā | (1.1 | ) | (1.1 | ) | 5.5 | ||||||||||||||
Cost of sales | ā | ā | (3.8 | ) | (3.8 | ) | 4.8 | ||||||||||||||
Depreciation and amortization | ā | ā | 0.1 | 0.1 | 0.1 | ||||||||||||||||
Selling and administrative expense | ā | 4.7 | ā | 4.7 | 5.9 | ||||||||||||||||
Tax effect | ā | (1.8 | ) | 1.3 | (0.5 | ) | (4.3 | ) | |||||||||||||
Net current period other comprehensive income (loss) | (67.4 | ) | 2.9 | 2.3 | (62.2 | ) | 53.5 | ||||||||||||||
Balance at end of period | $ | (21.5 | ) | $ | (83.7 | ) | $ | 13 | $ | (92.2 | ) | $ | (37.3 | ) | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||
Fair value of financial instruments in the balance sheet | Following is a summary of the Companyās financial instruments which have been valued at fair value in the Companyās consolidated condensed balance sheets at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||||
Fair Value Based on Quoted Prices in Active Markets for Identical Assets | Fair Value Based on Significant Other Observable Inputs | Total | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Cash | $ | 452 | $ | 447.1 | $ | ā | $ | ā | $ | 452 | $ | 447.1 | |||||||||||||||||||||||||
Certificates of deposit | 0.2 | 0.2 | ā | ā | 0.2 | 0.2 | |||||||||||||||||||||||||||||||
Money market funds | 622.3 | 429.1 | ā | ā | 622.3 | 429.1 | |||||||||||||||||||||||||||||||
Commercial paper | ā | ā | 69.4 | 202.7 | 69.4 | 202.7 | |||||||||||||||||||||||||||||||
U.S. Treasury securities | ā | 17.6 | ā | ā | ā | 17.6 | |||||||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | ā | ā | 13 | 41.4 | 13 | 41.4 | |||||||||||||||||||||||||||||||
U.S. corporate obligations | 17.2 | 18.9 | ā | ā | 17.2 | 18.9 | |||||||||||||||||||||||||||||||
Non-U.S. bank and other obligations | 82.9 | 28.8 | ā | ā | 82.9 | 28.8 | |||||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||
Certificates of deposit | 2.7 | 3 | ā | ā | 2.7 | 3 | |||||||||||||||||||||||||||||||
Commercial paper | ā | ā | 226.9 | 253.9 | 226.9 | 253.9 | |||||||||||||||||||||||||||||||
U.S. Treasury securities | 106.7 | 64.5 | ā | ā | 106.7 | 64.5 | |||||||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | ā | ā | 58 | 99.5 | 58 | 99.5 | |||||||||||||||||||||||||||||||
U.S. corporate obligations | 103.9 | 96.1 | ā | ā | 103.9 | 96.1 | |||||||||||||||||||||||||||||||
Non-qualified plan assets: | |||||||||||||||||||||||||||||||||||||
Money market funds | 0.7 | 1.1 | ā | ā | 0.7 | 1.1 | |||||||||||||||||||||||||||||||
Domestic bond funds | 2.7 | 2.4 | ā | ā | 2.7 | 2.4 | |||||||||||||||||||||||||||||||
International bond fund | 0.3 | 0.1 | ā | ā | 0.3 | 0.1 | |||||||||||||||||||||||||||||||
Domestic equity funds | 4.8 | 3.6 | ā | ā | 4.8 | 3.6 | |||||||||||||||||||||||||||||||
International equity funds | 2.5 | 2.1 | ā | ā | 2.5 | 2.1 | |||||||||||||||||||||||||||||||
Blended equity funds | 3.6 | 2.6 | ā | ā | 3.6 | 2.6 | |||||||||||||||||||||||||||||||
Common stock | 2.3 | 2.1 | ā | ā | 2.3 | 2.1 | |||||||||||||||||||||||||||||||
Derivatives, net asset (liability): | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | ā | ā | 20 | 19.9 | 20 | 19.9 | |||||||||||||||||||||||||||||||
$ | 1,404.80 | $ | 1,119.30 | $ | 387.3 | $ | 617.4 | $ | 1,792.10 | $ | 1,736.70 | ||||||||||||||||||||||||||
Information relating to the contracts and estimated fair values recorded in the Company's Consolidated Balance Sheets | Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at September 30, 2013 was as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Notional Amount - Buy | Notional Amount - Sell | ||||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | Total | 2013 | 2014 | 2015 | Total | |||||||||||||||||||||||||||||
FX Forward Contracts | |||||||||||||||||||||||||||||||||||||
Notional currency in: | |||||||||||||||||||||||||||||||||||||
Chinese yuan | 34.5 | ā | ā | ā | 34.5 | ā | ā | ā | ā | ||||||||||||||||||||||||||||
Euros | 75.2 | 132.8 | 6.1 | 9.5 | 223.6 | (16.3 | ) | (45.2 | ) | ā | (61.5 | ) | |||||||||||||||||||||||||
Pound Sterling | 84.4 | 13.4 | 0.5 | ā | 98.3 | (5.9 | ) | (1.3 | ) | ā | (7.2 | ) | |||||||||||||||||||||||||
Malaysian ringgit | ā | 28.4 | ā | ā | 28.4 | ā | ā | Āā | ā | ||||||||||||||||||||||||||||
Norwegian kroner | 429.8 | 921.2 | 128.5 | ā | 1,479.50 | (148.7 | ) | (134.4 | ) | ā | (283.1 | ) | |||||||||||||||||||||||||
U.S. dollars | 44.9 | 93 | ā | ā | 137.9 | (183.0 | ) | (396.4 | ) | (50.1 | ) | (629.5 | ) | ||||||||||||||||||||||||
Schedule of fair values of derivative financial instruments of balance sheets | The fair values of derivative financial instruments recorded in the Companyās Consolidated Condensed Balance Sheets at September 30, 2013 and December 31, 2012 were as follows (in millions): | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Current | $ | 27.9 | $ | 11.5 | $ | 20.4 | $ | 5.7 | |||||||||||||||||||||||||||||
Non-current | 2.1 | 1.7 | 2.3 | 0.4 | |||||||||||||||||||||||||||||||||
30 | 13.2 | 22.7 | 6.1 | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Current | 8.9 | 5.4 | ā | ā | |||||||||||||||||||||||||||||||||
Non-current | ā | 0.3 | 3.3 | ā | |||||||||||||||||||||||||||||||||
8.9 | 5.7 | 3.3 | ā | ||||||||||||||||||||||||||||||||||
Total derivatives | $ | 38.9 | $ | 18.9 | $ | 26 | $ | 6.1 | |||||||||||||||||||||||||||||
Pre-tax gain (loss) from ineffective portion of derivatives | The amount of pre-tax gain (loss) from the ineffective portion of derivatives designated as hedging instruments and from derivatives not designated as hedging instruments was (in millions): | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Foreign currency contracts designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Cost of sales | $ | 3 | $ | ā | $ | 1.7 | $ | (0.5 | ) | ||||||||||||||||||||||||||||
Foreign currency contracts not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Cost of sales | 6.6 | 2.5 | 0.5 | ||||||||||||||||||||||||||||||||||
Other costs | (1.4 | ) | 7.6 | (1.4 | ) | 13.2 | |||||||||||||||||||||||||||||||
Total | $ | 8.2 | $ | 7.6 | $ | 2.8 | $ | 13.2 | |||||||||||||||||||||||||||||
Acquisitions_and_OneSubsea_Det
Acquisitions and OneSubsea (Details) (USD $) | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
One Subsea [Member] | One Subsea [Member] | One Subsea [Member] | Douglas Chero's [Member] | |||
Cameron [Member] | Schlumberger [Member] | |||||
Business Acquisition [Line Items] | ||||||
Business acquisition, net of cash acquired | $19.80 | |||||
Proceeds from OneSubsea contribution | 600 | |||||
Percentage of company acquired (in hundredths) | 60.00% | 40.00% | ||||
Summary of preliminary purchase price allocation [Abstract] | ||||||
Cash | 603 | |||||
Receivables | 241.6 | |||||
Inventory | 32.4 | |||||
Other current assets | 3.4 | |||||
Plant and equipment | 31.8 | |||||
Goodwill | 994.7 | |||||
Intangibles | 590 | [1] | ||||
Other non-current assets | 10.6 | |||||
Accounts payable and accrued liabilities | -213.5 | |||||
Accrued income taxes | -78.6 | |||||
Deferred income taxes | -212.2 | |||||
Other long-term liabilities | -35.8 | |||||
Capital in excess of par value | -1,051.80 | |||||
Noncontrolling interests | ($915.60) | |||||
[1] | Included in other assets on the Companybs consolidated condensed balance sheets |
Other_Costs_Details
Other Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Other Costs [Abstract] | ||||||||
OneSubsea formation and integration costs | $6.90 | $0 | $51.60 | $0 | ||||
International pension settlement costs | 0 | 0 | 0 | 6.1 | ||||
Integration costs of other acquisitions | 3.2 | 5.3 | 6.5 | 10.5 | ||||
Mark-to-market impact on currency derivatives | 1.4 | [1] | -7.6 | [1] | 1.4 | [1] | -13.2 | [1] |
Currency devaluation, litigation, restructuring and other costs | 2.4 | 5.7 | 20.7 | 8.4 | ||||
Total other costs (gains) | $13.90 | $3.40 | $80.20 | $11.80 | ||||
[1] | These derivatives have not been designated as accounting hedges. |
Receivables_Details
Receivables (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Trade receivables | $2,275.50 | $1,823.20 |
Other receivables | 203.9 | 151.4 |
Allowance for doubtful accounts | -11.7 | -7.9 |
Total receivables | $2,467.70 | $1,966.70 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $239.30 | $237.90 |
Work-in-process | 1,068.70 | 902.1 |
Finished goods, including parts and subassemblies | 2,110.90 | 1,797.90 |
Other | 20.6 | 14.3 |
Gross Inventories | 3,439.50 | 2,952.20 |
Excess of current standard costs over LIFO costs | -121.2 | -122 |
Allowances | -102 | -89 |
Total inventories | $3,216.30 | $2,741.20 |
Plant_and_Equipment_Goodwill_a2
Plant and Equipment, Goodwill and Other Assets (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Plant and Equipment, Goodwill and Other Assets [Abstract] | ||
Plant and equipment, at cost | $3,506.90 | $3,155.90 |
Accumulated depreciation | -1,580 | -1,390.80 |
Total plant and equipment | 1,926.90 | 1,765.10 |
Goodwill [Roll Forward] | ||
Balance at December 31, 2012 | 1,923.90 | |
Current year additions | 1,000.10 | |
Adjustments to the purchase price allocation for prior year acquisitions | 8.8 | |
Translation | 7.1 | |
Balance at September 30, 2013 | 2,939.90 | |
Identifiable intangible assets | $912.70 | $335.80 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable and accruals | $797.10 | $925.10 |
Advances from customers | 1,736.90 | 1,320.10 |
Other accruals | 999.6 | 800.5 |
Total accounts payable and accrued liabilities | 3,533.60 | 3,045.70 |
Product Warranty Accrual [Roll Forward] | ||
Balance, beginning | 67.6 | |
Net warranty provisions | 30.4 | |
Charges against accrual | -46.1 | |
Formation of OneSubsea | 1 | |
Translation and other | 0.6 | |
Balance, ending | $53.50 |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | $2,113 | $2,076.20 |
Current maturities | -292.5 | -29.2 |
Long-term maturities | 1,820.50 | 2,047 |
Senior Notes Payable Due 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 250 | 250 |
Maturity date | 2-Jun-14 | |
Senior Notes Payable Due 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 250 | 250 |
Maturity date | 30-Apr-15 | |
Interest rate (in hundredths) | 1.60% | 1.60% |
Senior Notes Payable Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 450 | 450 |
Maturity date | 15-Jul-18 | |
Interest rate (in hundredths) | 6.38% | 6.38% |
Senior Notes Payable Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 250 | 250 |
Maturity date | 1-Jun-21 | |
Interest rate (in hundredths) | 4.50% | 4.50% |
Senior Notes Payable Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 250 | 250 |
Maturity date | 30-Apr-22 | |
Interest rate (in hundredths) | 3.60% | 3.60% |
Senior Notes Payable Due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 300 | 300 |
Maturity date | 15-Jul-38 | |
Interest rate (in hundredths) | 7.00% | 7.00% |
Senior Notes Payable Due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 250 | 250 |
Maturity date | 1-Jun-41 | |
Interest rate (in hundredths) | 5.95% | 5.95% |
Senior Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized original issue discount | -3.9 | -4.1 |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 54.8 | 19.6 |
Obligations Under Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding, net of unamortized discount | 62.1 | 60.7 |
Amended Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 25.4 | |
Maximum borrowing capacity | 835 | |
Remaining capacity under revolving line of credit facility | 809.6 | |
Line of Credit Multi Currency [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 185 | |
Maximum borrowing capacity | 250 | |
Remaining capacity under revolving line of credit facility | $65 |
Income_Taxes_Details
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ||
Effective income tax rate (in hundredths) | 24.40% | 19.90% |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment | ||||
Business Segments [Abstract] | ||||
Number of business segments | 3 | |||
Segment Reporting Information [Line Items] | ||||
Revenues | $2,495.80 | $2,218.30 | $6,900.90 | $6,076.30 |
Income (loss) before income taxes | 248 | 269.8 | 636.8 | 664.7 |
DPS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,636.80 | 1,279.70 | 4,344.20 | 3,477.60 |
Income (loss) before income taxes | 216.2 | 198.8 | 566.3 | 510.2 |
V&M [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 502.5 | 536 | 1,558.30 | 1,585.50 |
Income (loss) before income taxes | 98.1 | 105.6 | 320.2 | 309.3 |
PCS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 356.5 | 402.6 | 998.4 | 1,013.20 |
Income (loss) before income taxes | 34.2 | 41.7 | 79.4 | 79.2 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) before income taxes | ($100.50) | ($76.30) | ($329.10) | ($234) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Stock repurchase resolution [Member] | Stock repurchase resolution [Member] | Stock repurchase resolution [Member] | |||||
Earnings Per share [Abstract] | |||||||
Net income attributable to Cameron | $189.60 | $223.60 | $478.40 | $532.20 | |||
Average shares outstanding (basic) (in shares) | 242,700,000 | 246,400,000 | 245,600,000 | 246,300,000 | |||
Common stock equivalents (in shares) | 1,500,000 | 1,700,000 | 1,500,000 | 1,700,000 | |||
Diluted shares (in shares) | 244,200,000 | 248,100,000 | 247,100,000 | 248,000,000 | |||
Basic earnings per share attributable to Cameron stockholders (in dollars per share) | $0.78 | $0.91 | $1.95 | $2.16 | |||
Diluted earnings per share attributable to Cameron stockholders (in dollars per share) | $0.78 | $0.90 | $1.94 | $2.15 | |||
Treasury Shares [Roll Forward] | |||||||
Treasury shares at beginning of period (in shares) | 17,001,730 | 16,839,018 | 16,415,336 | 17,579,397 | |||
Purchase of treasury shares (in shares) | 7,677,282 | 100,000 | 9,790,737 | 257,200 | |||
Net change in treasury shares owned by participants in nonqualified deferred compensation plans (in shares) | 3,052 | 0 | 55,159 | 0 | |||
Treasury shares issued in satisfaction of stock option exercises and vesting of stock units (in shares) | -60,537 | -488,210 | -1,639,705 | -1,385,789 | |||
Treasury shares at end of period (in shares) | 24,621,527 | 16,450,808 | 24,621,527 | 16,450,808 | |||
Average cost of treasury shares acquired (in dollars per share) | $58.04 | $58.84 | |||||
Stock repurchse [Line Items] | |||||||
Stock repurchase, authorized amount | 500 | ||||||
Stock repurchase, increase in authorized amount | $1,000 | $150 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | ($155.80) | ($89.80) | ($30) | ($90.80) |
Net current period other comprehensive income (loss) | 63.6 | 52.5 | -62.2 | 53.5 |
Balance at end of period | -92.2 | -37.3 | -92.2 | -37.3 |
Other comprehensive income (loss) before reclassifications [Abstract] | ||||
Pre-tax | 74.3 | 51.2 | -58 | 41.6 |
Tax effect | -9.1 | -1.6 | -3.6 | -0.1 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||
Revenues | 2,495.80 | 2,218.30 | 6,900.90 | 6,076.30 |
Cost of sales | 1,780.70 | 1,568.20 | 4,899.80 | 4,297.50 |
Depreciation and amortization | 83.4 | 66.8 | 223.5 | 189.9 |
Selling and administrative expenses | 346.6 | 285 | 986.2 | 842.6 |
Amounts reclassified from accumulated other comprehensive income to: [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||
Revenues | 0.4 | 3.5 | -1.1 | 5.5 |
Cost of sales | -3.8 | 0 | -3.8 | 4.8 |
Depreciation and amortization | 0.1 | 0 | 0.1 | 0.1 |
Selling and administrative expenses | 1.6 | 0.9 | 4.7 | 5.9 |
Tax effect | 0.1 | -1.5 | -0.5 | -4.3 |
Accumulated Foreign Currency Translation Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | -71.3 | 45.9 | ||
Net current period other comprehensive income (loss) | 49.8 | -67.4 | ||
Balance at end of period | -21.5 | -21.5 | ||
Other comprehensive income (loss) before reclassifications [Abstract] | ||||
Pre-tax | 49.8 | -67.4 | ||
Tax effect | 0 | 0 | ||
Accumulated Foreign Currency Translation Gain (Loss) [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||
Revenues | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Selling and administrative expenses | 0 | 0 | ||
Tax effect | 0 | 0 | ||
Prior Service Credits and Net Actuarial Losses [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | -84.7 | -86.6 | ||
Net current period other comprehensive income (loss) | 1 | 2.9 | ||
Balance at end of period | -83.7 | -83.7 | ||
Other comprehensive income (loss) before reclassifications [Abstract] | ||||
Pre-tax | 0 | 0 | ||
Tax effect | 0 | 0 | ||
Prior Service Credits and Net Actuarial Losses [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||
Revenues | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Selling and administrative expenses | 1.6 | 4.7 | ||
Tax effect | -0.6 | -1.8 | ||
Accumulated Gain (Loss) on Cash Flow Hedge Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 0.2 | 10.7 | ||
Net current period other comprehensive income (loss) | 12.8 | 2.3 | ||
Balance at end of period | 13 | 13 | ||
Other comprehensive income (loss) before reclassifications [Abstract] | ||||
Pre-tax | 24.5 | 9.4 | ||
Tax effect | -9.1 | -3.6 | ||
Accumulated Gain (Loss) on Cash Flow Hedge Derivatives [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||
Revenues | 0.4 | -1.1 | ||
Cost of sales | -3.8 | -3.8 | ||
Depreciation and amortization | 0.1 | 0.1 | ||
Selling and administrative expenses | 0 | 0 | ||
Tax effect | $0.70 | $1.30 |
Contingencies_Details
Contingencies (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Homeowner | |
Site | |
Suit | |
Country | |
Contingencies [Abstract] | |
Suits filed naming Cameron as one of a number of defendants related to Deepwater Horizon incident | 400 |
Number of suits naming Cameron that have not yet been consolidated into the MDL | 50 |
Insurance coverage applicable with self-retention | $5 |
Accrued liability for claims of other litigation | 14 |
Number of countries where company has legal entities | 50 |
Customs duties and penalties by the government of Brazil | 50 |
Number of sites designated for cleanup under the Comprehensive Environmental Response Compensation and Liability Act or similar state law where Company is identified as a potentially responsible party | 2 |
Accrued environmental loss contingencies, noncurrent | 3.5 |
Number of homeowners covered by class action lawsuit settlement on contaminated underground water from Houston manufacturing site (in number of homeowners) | 190 |
Number of homeowners whose property is adjacent to the class area and may be affected by underground water contamination (in number of homeowners) | 39 |
Accrued liability for claims for contaminated underground water from Houston manufacturing site | $6.70 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Cash and cash equivalents [Abstract] | ||
Cash | $452,000,000 | $447,100,000 |
Certificates of deposit | 200,000 | 200,000 |
Money market funds | 622,300,000 | 429,100,000 |
Commercial paper | 69,400,000 | 202,700,000 |
U.S. treasury securities | 0 | 17,600,000 |
U.S. non-governmental agency asset-backed securities | 13,000,000 | 41,400,000 |
U.S. corporate obligations | 17,200,000 | 18,900,000 |
Non-U.S. bank and other obligations | 82,900,000 | 28,800,000 |
Short-term investments [Abstract] | ||
Certificates of deposit | 2,700,000 | 3,000,000 |
Commercial paper | 226,900,000 | 253,900,000 |
U.S. Treasury securities | 106,700,000 | 64,500,000 |
U.S. non-governmental agency asset-backed securities | 58,000,000 | 99,500,000 |
U.S. corporate obligations | 103,900,000 | 96,100,000 |
Non-qualified plan assets [Abstract] | ||
Money market funds | 700,000 | 1,100,000 |
Domestic bond funds | 2,700,000 | 2,400,000 |
International bond fund | 300,000 | 100,000 |
Domestic equity funds | 4,800,000 | 3,600,000 |
International equity funds | 2,500,000 | 2,100,000 |
Blended equity funds | 3,600,000 | 2,600,000 |
Common stock | 2,300,000 | 2,100,000 |
Derivatives, net asset (liability) [Abstract] | ||
Foreign currency contracts | 20,000,000 | 19,900,000 |
Total financial instruments | 1,792,100,000 | 1,736,700,000 |
Fair value of the fixed-rate debt | 1,950,000,000 | 2,060,000,000 |
Face value of the fixed-rate debt | 1,750,000,000 | 1,750,000,000 |
Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Cash and cash equivalents [Abstract] | ||
Cash | 452,000,000 | 447,100,000 |
Certificates of deposit | 200,000 | 200,000 |
Money market funds | 622,300,000 | 429,100,000 |
Commercial paper | 0 | 0 |
U.S. treasury securities | 0 | 17,600,000 |
U.S. non-governmental agency asset-backed securities | 0 | 0 |
U.S. corporate obligations | 17,200,000 | 18,900,000 |
Non-U.S. bank and other obligations | 82,900,000 | 28,800,000 |
Short-term investments [Abstract] | ||
Certificates of deposit | 2,700,000 | 3,000,000 |
Commercial paper | 0 | 0 |
U.S. Treasury securities | 106,700,000 | 64,500,000 |
U.S. non-governmental agency asset-backed securities | 0 | 0 |
U.S. corporate obligations | 103,900,000 | 96,100,000 |
Non-qualified plan assets [Abstract] | ||
Money market funds | 700,000 | 1,100,000 |
Domestic bond funds | 2,700,000 | 2,400,000 |
International bond fund | 300,000 | 100,000 |
Domestic equity funds | 4,800,000 | 3,600,000 |
International equity funds | 2,500,000 | 2,100,000 |
Blended equity funds | 3,600,000 | 2,600,000 |
Common stock | 2,300,000 | 2,100,000 |
Derivatives, net asset (liability) [Abstract] | ||
Foreign currency contracts | 0 | 0 |
Total financial instruments | 1,404,800,000 | 1,119,300,000 |
Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | ||
Cash and cash equivalents [Abstract] | ||
Cash | 0 | 0 |
Certificates of deposit | 0 | 0 |
Money market funds | 0 | 0 |
Commercial paper | 69,400,000 | 202,700,000 |
U.S. treasury securities | 0 | 0 |
U.S. non-governmental agency asset-backed securities | 13,000,000 | 41,400,000 |
U.S. corporate obligations | 0 | 0 |
Non-U.S. bank and other obligations | 0 | 0 |
Short-term investments [Abstract] | ||
Certificates of deposit | 0 | 0 |
Commercial paper | 226,900,000 | 253,900,000 |
U.S. Treasury securities | 0 | 0 |
U.S. non-governmental agency asset-backed securities | 58,000,000 | 99,500,000 |
U.S. corporate obligations | 0 | 0 |
Non-qualified plan assets [Abstract] | ||
Money market funds | 0 | 0 |
Domestic bond funds | 0 | 0 |
International bond fund | 0 | 0 |
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Blended equity funds | 0 | 0 |
Common stock | 0 | 0 |
Derivatives, net asset (liability) [Abstract] | ||
Foreign currency contracts | 20,000,000 | 19,900,000 |
Total financial instruments | $387,300,000 | $617,400,000 |
Derivative_Contracts_Details
Derivative Contracts (Details) (FX Forward Contracts [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Buy Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | $34.50 |
Buy Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | 223.6 |
Buy Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | 98.3 |
Buy Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 28.4 |
Buy Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | 1,479.50 |
Buy U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | 137.9 |
Sell Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
Sell Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | -61.5 |
Sell Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | -7.2 |
Sell Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
Sell Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | -283.1 |
Sell U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | -629.5 |
2013 [Member] | Buy Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 34.5 |
2013 [Member] | Buy Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | 75.2 |
2013 [Member] | Buy Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | 84.4 |
2013 [Member] | Buy Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2013 [Member] | Buy Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | 429.8 |
2013 [Member] | Buy U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | 44.9 |
2013 [Member] | Sell Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2013 [Member] | Sell Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | -16.3 |
2013 [Member] | Sell Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | -5.9 |
2013 [Member] | Sell Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2013 [Member] | Sell Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | -148.7 |
2013 [Member] | Sell U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | -183 |
2014 [Member] | Buy Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2014 [Member] | Buy Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | 132.8 |
2014 [Member] | Buy Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | 13.4 |
2014 [Member] | Buy Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 28.4 |
2014 [Member] | Buy Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | 921.2 |
2014 [Member] | Buy U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | 93 |
2014 [Member] | Sell Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2014 [Member] | Sell Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | -45.2 |
2014 [Member] | Sell Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | -1.3 |
2014 [Member] | Sell Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2014 [Member] | Sell Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | -134.4 |
2014 [Member] | Sell U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | -396.4 |
2015 [Member] | Buy Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Buy Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | 6.1 |
2015 [Member] | Buy Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | 0.5 |
2015 [Member] | Buy Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Buy Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | 128.5 |
2015 [Member] | Buy U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Sell Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Sell Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Sell Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Sell Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Sell Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2015 [Member] | Sell U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | -50.1 |
2016 [Member] | Buy Chinese yuan [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2016 [Member] | Buy Euros [Member] | |
Derivative [Line Items] | |
Notional Amount | 9.5 |
2016 [Member] | Buy Pound Sterling [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2016 [Member] | Buy Malaysian ringgit [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2016 [Member] | Buy Norwegian kroner [Member] | |
Derivative [Line Items] | |
Notional Amount | 0 |
2016 [Member] | Buy U.S. dollars [Member] | |
Derivative [Line Items] | |
Notional Amount | $0 |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments, Balance Sheet Classification (Details) (Foreign Exchange Contracts [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $38.90 | $26 |
Liabilities | 18.9 | 6.1 |
Derivatives Designated as Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 30 | 22.7 |
Liabilities | 13.2 | 6.1 |
Derivatives Designated as Hedges [Member] | Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 27.9 | 20.4 |
Derivatives Designated as Hedges [Member] | Non-Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 2.1 | 2.3 |
Derivatives Designated as Hedges [Member] | Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 11.5 | 5.7 |
Derivatives Designated as Hedges [Member] | Non-Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1.7 | 0.4 |
Derivatives not Designated as Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 8.9 | 3.3 |
Liabilities | 5.7 | 0 |
Derivatives not Designated as Hedges [Member] | Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 8.9 | 0 |
Derivatives not Designated as Hedges [Member] | Non-Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 3.3 |
Derivatives not Designated as Hedges [Member] | Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 5.4 | 0 |
Derivatives not Designated as Hedges [Member] | Non-Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $0.30 | $0 |
Derivative_Instruments_Gain_Lo
Derivative Instruments, Gain (Loss) by Hedging Relationship, Income Statement Location (Details) (Foreign Exchange Contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total pre-tax gain (loss) | $8.20 | $7.60 | $2.80 | $13.20 |
Cost of Sales [Member] | Derivatives Designated as Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total pre-tax gain (loss) | 3 | 0 | 1.7 | -0.5 |
Cost of Sales [Member] | Derivatives not Designated as Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total pre-tax gain (loss) | 6.6 | 0 | 2.5 | 0.5 |
Other Costs [Member] | Derivatives not Designated as Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total pre-tax gain (loss) | ($1.40) | $7.60 | ($1.40) | $13.20 |