Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CAMERON INTERNATIONAL CORP | ' | ' |
Entity Central Index Key | '0000941548 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $12,862,353,063 |
Entity Common Stock, Shares Outstanding | ' | 216,782,270 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Consolidated_Results_of_Operat
Consolidated Results of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Results of Operations [Abstract] | ' | ' | ' |
Revenues | $9,838.40 | $8,502.10 | $6,959 |
Costs and expenses: | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 7,015.90 | 6,024.30 | 4,838.40 |
Selling and administrative expenses | 1,362.60 | 1,161.20 | 1,001.50 |
Depreciation and amortization | 314.5 | 254.7 | 206.6 |
Interest, net | 100.2 | 90.4 | 84 |
Other costs (see Note 3) | 92.7 | 33.5 | 177.4 |
Total costs and expenses | 8,885.90 | 7,564.10 | 6,307.90 |
Income before income taxes | 952.5 | 938 | 651.1 |
Income tax provision | -228.3 | -187.5 | -129.2 |
Net income | 724.2 | 750.5 | 521.9 |
Net income attributable to noncontrolling interest | 25 | 0 | 0 |
Net income attributable to Cameron | $699.20 | $750.50 | $521.90 |
Earnings per share attributable to Cameron stockholders: | ' | ' | ' |
Basic (in dollars per share) | $2.89 | $3.05 | $2.13 |
Diluted (in dollars per share) | $2.87 | $3.02 | $2.09 |
Consolidated_Comprehensive_Inc
Consolidated Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $724.20 | $750.50 | $521.90 |
Foreign currency translation gain (loss) | -70.2 | 74.6 | -60.2 |
Gain (loss) on derivatives recognized in other comprehensive income: | ' | ' | ' |
Pre-tax | 18.7 | 14.9 | -6.3 |
Tax effect | -4.9 | -4.8 | 1.1 |
(Gain) loss on derivatives reclassified from accumulated other comprehensive income to: | ' | ' | ' |
Revenues | -2.2 | 5.4 | -2.2 |
Cost of sales | -4.6 | 4 | 10 |
Depreciation and amortization | 0.1 | 0.1 | 0.1 |
Tax effect | 1.8 | -3 | -1.5 |
Actuarial gains (losses) recognized in other comprehensive income: | ' | ' | ' |
Pre-tax | 25.2 | -42.7 | -8.6 |
Tax effect | -11.6 | 9.4 | 0.9 |
Amortization to selling and administrative expenses of: | ' | ' | ' |
Prior service credits | -2.7 | -1.5 | -1.3 |
Net actuarial losses | 6.9 | 5 | 4.9 |
Tax effect | -0.5 | -0.6 | -0.6 |
Comprehensive income | 680.2 | 811.3 | 458.2 |
Comprehensive income attributable to noncontrolling interest: | ' | ' | ' |
Net income | 25 | 0 | 0 |
Foreign currency translation gain (loss) | 24.1 | 0 | 0 |
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | 7.3 | 0 | 0 |
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | -1.6 | 0 | 0 |
Actuarial (gains) loss recognized in other comprehensive income, net of tax | -26.1 | 0 | 0 |
Amortization to selling and administrative expenses, net of tax | 1.8 | 0 | 0 |
Comprehensive income attributable to noncontrolling interest | 30.5 | 0 | 0 |
Comprehensive income attributable to Cameron | $649.70 | $811.30 | $458.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $1,812.90 | $1,185.80 |
Short-term investments | 41 | 517 |
Receivables, net | 2,719.10 | 1,966.70 |
Inventories, net | 3,132.40 | 2,741.20 |
Other | 463.2 | 499.9 |
Total current assets | 8,168.60 | 6,910.60 |
Plant and equipment, net | 2,036.90 | 1,765.10 |
Goodwill | 2,924.80 | 1,923.90 |
Intangibles, net | 903.7 | 335.8 |
Other assets | 214.5 | 222.8 |
Total assets | 14,248.50 | 11,158.20 |
Liabilities and stockholders' equity | ' | ' |
Short-term Debt | 297 | 29.2 |
Accounts payable and accrued liabilities | 3,883.40 | 3,045.70 |
Accrued income taxes | 80.1 | 94.1 |
Total current liabilities | 4,260.50 | 3,169 |
Long-term debt | 2,562.80 | 2,047 |
Deferred income taxes | 276.8 | 131.7 |
Other long-term liabilities | 233 | 244.4 |
Total liabilities | 7,333.10 | 5,592.10 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at December 31, 2013 and 2012 | 2.6 | 2.6 |
Preferred stock, par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Capital in excess of par value | 3,206.90 | 2,094.60 |
Retained earnings | 4,819.90 | 4,120.70 |
Accumulated other elements of comprehensive income (loss) | -79.5 | -30 |
Less: Treasury stock at cost, 41,683,164 shares at December 31, 2013 and 16,415,336 shares at December 31, 2012 | -2,098 | -621.8 |
Total Cameron stockholders' equity | 5,851.90 | 5,566.10 |
Noncontrolling interests | 1,063.50 | 0 |
Total equity | 6,915.40 | 5,566.10 |
Total liabilities and stockholders' equity | $14,248.50 | $11,158.20 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized shares (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury common stock at cost (in shares) | 41,683,164 | 16,415,336 |
Consolidated_Cash_Flows
Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $724.20 | $750.50 | $521.90 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 245.7 | 211.8 | 160.2 |
Amortization | 68.8 | 42.9 | 46.4 |
Non-cash stock compensation expense | 53.8 | 44.7 | 36.7 |
Deferred income taxes and tax benefit of stock compensation plan transactions | 11.3 | -85.1 | -22 |
Changes in assets and liabilities, net of translation, acquisitions and non-cash items: | ' | ' | ' |
Receivables | -469.7 | -144 | -461.1 |
Inventories | -367.6 | -368.9 | -397.1 |
Accounts payable and accrued liabilities | 556.3 | 213 | 200.8 |
Other assets and liabilities, net | 15 | 18 | 122.7 |
Net cash provided by operating activities | 837.8 | 682.9 | 208.5 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales and maturities of short-term investments | 1,558.90 | 1,031.70 | 15.2 |
Purchases of short-term investments | -1,082.30 | -1,125.40 | -438 |
Capital expenditures | -520 | -427.2 | -388.1 |
Dispositions (acquisitions), net of cash acquired | -10.7 | -349.3 | -421.3 |
Proceeds received and cash acquired from formation of OneSubsea, net of taxes paid of $80.4 million (see Note 2) | 522.6 | 0 | 0 |
Proceeds from sales of plant and equipment | 13.4 | 27.6 | 19.6 |
Net cash provided by (used for) investing activities | 481.9 | -842.6 | -1,212.60 |
Cash flows from financing activities: | ' | ' | ' |
Short-term loan borrowings (repayments), net | 46.4 | -41.9 | 45.7 |
Issuance of senior debt | 746.8 | 499.3 | 747.8 |
Debt issuance costs | -6.1 | -3.4 | -4.7 |
Redemption of convertible debentures | 0 | 0 | -705.7 |
Purchase of equity call options, net | 0 | 0 | -12.2 |
Purchase of treasury stock | -1,531.60 | -21.3 | -2.4 |
Contributions from noncontrolling interest owners | 62.2 | 0 | 0 |
Purchases of noncontrolling ownership interests | -7.2 | 0 | 0 |
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions | 31.3 | 12.3 | 21.5 |
Excess tax benefits from stock compensation plan transactions | 9.4 | 11.1 | 9 |
Principal payments on capital leases | -18.1 | -11.3 | -8.2 |
Net cash provided by (used for) financing activities | -666.9 | 444.8 | 90.8 |
Effect of translation on cash | -25.7 | 1.8 | -20.3 |
Increase (decrease) in cash and cash equivalents | 627.1 | 286.9 | -933.6 |
Cash and cash equivalents, beginning of year | 1,185.80 | 898.9 | 1,832.50 |
Cash and cash equivalents, end of year | $1,812.90 | $1,185.80 | $898.90 |
Consolidated_Cash_Flows_Parent
Consolidated Cash Flows (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Cash flows from investing activities: | ' |
Proceeds received and cash acquired from formation of OneSubsea, taxes paid | $80.40 |
Consolidated_Changes_in_Stockh
Consolidated Changes in Stockholders' Equity (USD $) | 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] | Total |
In Millions | |||||||
Balance at Dec. 31, 2010 | $2.60 | $2,259.30 | $2,848.30 | ($27.10) | ($690.70) | $0 | $4,392.40 |
Net income | 0 | 0 | 521.9 | 0 | 0 | 0 | 521.9 |
Other comprehensive income (loss) | 0 | 0 | 0 | -63.7 | 0 | 0 | -63.7 |
Non-cash stock compensation expense | 0 | 36.7 | 0 | 0 | 0 | 0 | 36.7 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | -2.4 | 0 | -2.4 |
Treasury stock issued under stock compensation plans | 0 | -25.4 | 0 | 0 | 46.1 | 0 | 20.7 |
Tax benefit of stock compensation plan transactions | 0 | 4.9 | 0 | 0 | 0 | 0 | 4.9 |
Conversion value of convertible debentures in excess of principal | 0 | -203.3 | 0 | 0 | 0 | 0 | -203.3 |
Other | 0 | 0.2 | 0 | 0 | 0 | 0 | 0.2 |
Balance at Dec. 31, 2011 | 2.6 | 2,072.40 | 3,370.20 | -90.8 | -647 | 0 | 4,707.40 |
Net income | 0 | 0 | 750.5 | 0 | 0 | 0 | 750.5 |
Other comprehensive income (loss) | 0 | 0 | 0 | 60.8 | 0 | 0 | 60.8 |
Non-cash stock compensation expense | 0 | 44.7 | 0 | 0 | 0 | 0 | 44.7 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | -21.5 | 0 | -21.5 |
Treasury stock issued under stock compensation plans | 0 | -34 | 0 | 0 | 46.7 | 0 | 12.7 |
Tax benefit of stock compensation plan transactions | 0 | 11.5 | 0 | 0 | 0 | 0 | 11.5 |
Balance at Dec. 31, 2012 | 2.6 | 2,094.60 | 4,120.70 | -30 | -621.8 | 0 | 5,566.10 |
Formation of OneSubsea, net of tax effects of $90.5 | 0 | 1,083 | 0 | 0 | 0 | 926.5 | 2,009.50 |
Net income | 0 | 0 | 699.2 | 0 | 0 | 25 | 724.2 |
Other comprehensive income (loss) | 0 | 0 | 0 | -49.5 | 0 | 5.5 | -44 |
Non-cash stock compensation expense | 0 | 53.8 | 0 | 0 | 0 | 0 | 53.8 |
Net change in treasury shares owned by participants in nonqualified deferred compensation plans | 0 | 0 | 0 | 0 | -2.3 | 0 | -2.3 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | -1,532.70 | 0 | -1,532.70 |
Treasury stock issued under stock compensation plans | 0 | -27.8 | 0 | 0 | 58.8 | 0 | 31 |
Tax benefit of stock compensation plan transactions | 0 | 9.5 | 0 | 0 | 0 | 0 | 9.5 |
Contributions from noncontrolling interest owners | 0 | 0 | 0 | 0 | 0 | 75.3 | 75.3 |
Purchases of noncontrolling ownership interests | 0 | 0 | 0 | 0 | 0 | -7.2 | -7.2 |
Other noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 38.4 | 38.4 |
Other | 0 | -6.2 | 0 | 0 | 0 | 0 | -6.2 |
Balance at Dec. 31, 2013 | $2.60 | $3,206.90 | $4,819.90 | ($79.50) | ($2,098) | $1,063.50 | $6,915.40 |
Consolidated_Changes_in_Stockh1
Consolidated Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Consolidated Changes in Stockholders' Equity [Abstract] | ' |
Formation of OneSubsea, tax effects | $90.50 |
Summary_of_Major_Accounting_Po
Summary of Major Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Major Accounting Policies [Abstract] | ' | |
Summary of Major Accounting Policies | ' | |
Note 1: Summary of Major Accounting Policies | ||
Company Operations — Cameron International Corporation (Cameron or the Company) provides flow equipment products, systems and services to worldwide oil, gas and process industries through three business segments, Drilling & Production Systems (DPS), Valves & Measurement (V&M) and Process & Compression Systems (PCS). Products include oil and gas pressure control, drilling and separation equipment, including valves, wellheads, manifolds, controls, chokes, blowout preventers and packaged systems for oil and gas drilling, production and transmission processes used in onshore, offshore and subsea applications, as well as for the downstream markets. Cameron also manufactures and services air and gas compressors and turbochargers. Additional information regarding each segment may be found in Note 15 of the Notes to Consolidated Financial Statements. | ||
Principles of Consolidation — The consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. Investments from 20% to 50% in affiliated companies are accounted for using the equity method. | ||
Estimates in Financial Statements — The preparation of the 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 used to determine fair values in purchase 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. | ||
Revenue Recognition — The Company generally recognizes revenue, net of sales taxes, once the following four criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery of the equipment has occurred or the customer has taken title and risk of loss or services have been rendered, (iii) the price of the equipment or service is fixed and determinable and (iv) collectibility is reasonably assured. For certain engineering, procurement and construction-type contracts, which typically include the Company’s subsea and drilling systems and processing equipment contracts, revenue is recognized in accordance with accounting rules relating to construction-type and production-type contracts. Under this guidance, the Company recognizes revenue on these contracts based upon completion of milestones using a units-of-completion method. However, for certain specific types of drilling and subsea systems contracts which have different characteristics than our other contracts, we use the cost-to-cost method of accounting. Under the units-of-completion method, revenue and cost of sales are recognized once the manufacturing process is complete for each milestone included in the contract, including customer inspection and acceptance, if required by the contract. Under the cost-to-cost method, revenue and cost of sales are recognized in the ratio of actual costs incurred to date on the project in relation to total estimated project costs. Both methods require the Company to make estimates regarding the total costs of the project, which impacts the amount of gross margin the Company recognizes in each reporting period. The Company routinely, and at least quarterly, reviews its estimates relating to total estimated contract profit or loss and recognizes changes in those estimates as they are determined. Revenue associated with change orders is not included in the calculation of estimated profit on a contract until approved by the customer. Costs associated with unapproved change orders are deferred if (i) the customer acknowledges a change has occurred and (ii) it is probable that the costs will be recoverable from the customer. If these two conditions are not met, the costs are included in the calculation of estimated profit on the project. Anticipated losses on contracts are recorded in full in the period in which they become evident. | ||
Approximately 29%, 23% and 26% of the Company's revenues for the years ended December 31, 2013, 2012 and 2011, respectively, were recognized under the accounting rules for construction-type and production-type contracts. | ||
Shipping and Handling Costs — Shipping and handling costs are reflected in the caption entitled “Cost of sales (exclusive of depreciation and amortization shown separately below)” in the accompanying Consolidated Results of Operations statements. | ||
Cash Equivalents and Short-Term Investments — Cash equivalents consist of highly liquid investments which are readily convertible to cash and have maturities of three months or less at the time of purchase. Short-term investments consist primarily of commercial paper, U.S. Treasury securities, U.S. non-governmental agency asset-backed securities and corporate debt obligations that have maturities of more than three months but less than one year. All of our short-term investments are classified as available-for-sale and recorded at fair value, with unrealized holding gains and losses recorded as a component of accumulated other comprehensive income (loss). | ||
Allowance for Doubtful Accounts — The Company maintains allowances for doubtful accounts for estimated losses that may result from the inability of its customers to make required payments. Such allowances are based upon several factors including, but not limited to, historical experience, the length of time an invoice has been outstanding, responses from customers relating to demands for payment and the current and projected financial condition of specific customers. | ||
Inventories — Aggregate inventories are carried at cost or, if lower, net realizable value. On the basis of current costs, 49% of inventories at December 31, 2013 and 53% at December 31, 2012 are carried on the last-in, first-out (LIFO) method. For these locations, the use of LIFO results in a better matching of costs and revenues. The remaining inventories, which are generally located outside the United States and Canada, are carried on the first-in, first-out (FIFO) method. The Company provides a reserve for estimated inventory obsolescence or excess quantities on hand equal to the difference between the cost of the inventory and its estimated realizable value. | ||
Plant and Equipment — Property, plant and equipment, both owned and under capital lease, are carried at cost. Maintenance and repair costs are expensed as incurred. The cost of renewals, replacements and betterments is capitalized. The Company capitalizes software developed or obtained for internal use. Accordingly, the cost of third-party software, as well as the cost of third-party and internal personnel that are directly involved in application development activities, are capitalized during the application development phase of new software systems projects. Costs during the preliminary project stage and post-implementation stage of new software systems projects, including data conversion and training costs, are expensed as incurred. Depreciation and amortization is provided over the estimated useful lives of the related assets, or in the case of assets under capital leases, over the related lease term, if less, using the straight-line method. The estimated useful lives of the major classes of property, plant and equipment are as follows: | ||
Estimated | ||
Useful Lives | ||
Buildings and leasehold improvements | 10-40 years | |
Machinery, equipment and tooling | 3-18 years | |
Office furniture, software and other | 3-10 years | |
Goodwill and Intangible Assets — Cameron allocates the purchase price of acquired businesses to their identifiable tangible assets and liabilities, such as accounts receivable, inventory, property, plant and equipment, accounts payable and accrued liabilities, based on their estimated fair values. The Company will also typically allocate a portion of the purchase price to certain identifiable intangible assets, such as noncompete agreements, trademarks, trade names, patents, technology, customer relationships and backlog using various widely accepted valuation techniques such as discounted future cash flows and the relief-from-royalty and excess earnings methods. Each of these methods involves level 3 unobservable market inputs. Any remaining excess of cost over allocated fair values is recorded as goodwill. On many larger acquisitions, Cameron will engage third-party valuation experts to assist in determining the fair values for both the identifiable tangible and intangible assets. Certain estimates and judgments are required in the application of the fair value techniques, including estimates of future cash flows, selling prices, replacement costs, royalty rates for use of assets, economic lives and the selection of a discount rate. | ||
The Company reviews the carrying value of goodwill in accordance with accounting rules on impairment of goodwill, which require that the Company estimate the fair value of each of its reporting units annually, or when impairment indicators exist, and compare such amounts to their respective carrying values to determine if an impairment of goodwill is required. Generally, this review is conducted during the first quarter of each annual period. The estimated fair value of each reporting unit for the 2013, 2012 and 2011 evaluations was determined using discounted future expected cash flows (level 3 unobservable inputs) consistent with the accounting guidance for fair-value measurements. Certain estimates and judgments are required in the application of the fair value models, including, but not limited to, estimates of future cash flows and the selection of a discount rate. At December 31, 2013, the Company’s reporting units for goodwill impairment evaluation purposes were the Drilling, Surface and OneSubsea businesses of the DPS segment, the Engineered Valves, Distributed Valves, Process Valves, Measurement Systems divisions and the Aftermarket Services business of the V&M segment and the Process Systems & Reciprocating Compression, Custom Process Systems and Centrifugal Compression divisions of the PCS segment. See Note 20 of the Notes to Consolidated Financial Statements for further information regarding the Reciprocating Compression and Centrifugal Compression businesses. | ||
The Company’s intangible assets, excluding goodwill, represent purchased patents, trademarks, customer relationships and other identifiable intangible assets. The majority of intangible assets are amortized on a straight-line basis over the years expected to be benefited, generally ranging from 5 to 28 years. Such intangibles are tested for recoverability whenever events or changes in circumstances indicate that their carrying value may not be recoverable. As many areas of the Company’s business rely on patents and proprietary technology, it has followed a policy of seeking patent protection both inside and outside the United States for products and methods that appear to have commercial significance. The costs of developing any intangibles internally, as well as costs of defending such intangibles, are expensed as incurred. No material impairment of intangible assets was required during the years ended December 31, 2013, 2012 or 2011, except as reflected in Note 3 of the Notes to Consolidated Financial Statements. | ||
Long-Lived Assets — In accordance with accounting rules for the impairment or disposal of long-lived assets, such assets, excluding goodwill and indefinite-lived intangibles, to be held and used by the Company are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, the Company bases its evaluation on impairment indicators such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Assets are classified as held for sale when the Company has a plan, approved by the appropriate levels of management, for disposal of such assets and those assets are stated at the lower of carrying value as estimated fair value less estimated costs to sell. No material impairment of long-lived assets was required during the years ended December 31, 2013, 2012 or 2011. | ||
Product Warranty — Estimated warranty costs are accrued either at the time of sale based upon historical experience or, in some cases, when specific warranty problems are encountered. Adjustments to the recorded liability are made periodically to reflect actual experience. | ||
Contingencies — The Company accrues for costs relating to litigation, including litigation defense costs, claims, assessments and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. Such estimates may be based on advice from third parties, amounts specified by contract, amounts designated by legal statute or management’s judgment, as appropriate. Revisions to contingent liability reserves are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous assumptions with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known. | ||
Income Taxes — The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Income tax expense includes U.S. and foreign income taxes, including U.S. federal taxes on undistributed earnings of foreign subsidiaries to the extent such earnings are planned to be remitted. Taxes are not provided on the translation component of comprehensive income since the effect of translation is not considered to modify the amount of the earnings that are planned to be remitted. | ||
The Company accounts for uncertainties in its income tax positions in accordance with income tax accounting rules. Interest related to accruals for uncertain tax positions is reflected as a component of interest expense in the Consolidated Results of Operations statement. Penalties on a tax position taken by the Company are reflected as a component of income tax expense in the Consolidated Results of Operations statement. See Note 12 of the Notes to Consolidated Financial Statements for further discussion of the Company’s income taxes. | ||
Environmental Remediation and Compliance — Environmental remediation and postremediation monitoring costs are accrued when such obligations become probable and reasonably estimable. Such future expenditures are not discounted to their present value. | ||
Pension and Postretirement Benefits Accounting — The Company recognizes the funded status of its defined benefit pension and other postretirement benefit plans in its Consolidated Balance Sheets. The measurement date for all of the Company’s plans was December 31, 2013. See Note 8 of the Notes to Consolidated Financial Statements for further information. | ||
Stock-Based Compensation — At December 31, 2013, the Company had grants outstanding under various stock-based employee compensation plans, which are described in further detail in Note 9 of the Notes to Consolidated Financial Statements. Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method required by accounting rules on stock compensation. Under this guidance, the fair value of stock option grants and restricted stock unit awards is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period. | ||
Derivative Financial Instruments — Consistent with accounting guidance for derivative instruments and hedging activities, the Company recognizes all derivative financial instruments as assets and liabilities on a gross basis and measures them at fair value. Hedge accounting is only applied when the derivative is deemed highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other elements of comprehensive income (loss) until the underlying transactions are recognized in earnings, at which time any deferred hedging gains or losses are reclassified to earnings in the same income statement caption as impacted by the hedged item. Any ineffective portion of the change in the fair value of a derivative used as a cash flow hedge is recorded in earnings as incurred. The amounts recorded in earnings from ineffectiveness for the years ended December 31, 2013, 2012 and 2011 have not been material. The Company may at times also use forward or option contracts to hedge certain other foreign currency exposures. These contracts are not designated as hedges under the accounting guidance described above. Therefore, the changes in fair value of these contracts are recognized in earnings as they occur and offset gains or losses on the related exposures. | ||
The Company may also periodically use interest rate swaps to modify the interest characteristics of some or all of its fixed or floating rate debt. As these interest rate swaps are generally not designated as hedges, changes in the fair value of these derivatives are recognized as an adjustment to interest expense as they occur. | ||
Foreign Currency — For most subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: (i) assets and liabilities at year-end exchange rates; (ii) income, expenses and cash flows at monthly average exchange rates or exchange rates in effect on the date of the transaction; and (iii) stockholders’ equity at historical exchange rates. For those subsidiaries where the local currency is the functional currency, the resulting translation adjustment is recorded as a component of accumulated other elements of comprehensive income (loss) in the accompanying Consolidated Balance Sheets. | ||
For certain other subsidiaries and branches, operations are conducted primarily in currencies other than the local currencies, which are therefore the functional currency. Non-functional currency monetary assets and liabilities are remeasured at ending exchange rates. Revenue, expense and gain and loss accounts of these foreign subsidiaries and branches are remeasured at average exchange rates or exchange rates in effect on the date of the transaction. Non-functional currency non-monetary assets and liabilities, and the related revenue, expense, gain and loss accounts are remeasured at historical rates. | ||
Foreign currency gains and losses arising from monetary transactions denominated in a currency other than the functional currency of the entity involved are included in income. The effects of foreign currency transactions were a gain of $0.2 million for the year ended December 31, 2013, a loss of $12.4 million for the year ended December 31, 2012 and a loss of $10.9 million for the year ended December 31, 2011. | ||
Reclassifications and Revisions — Certain prior year amounts have been reclassified to conform to the current year presentation. |
Acquisitions_and_OneSubsea
Acquisitions and OneSubsea | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Acquisitions and OneSubsea [Abstract] | ' | ||||
Acquisitions and OneSubsea | ' | ||||
Note 2: Acquisitions and OneSubsea™ | |||||
During the third quarter of 2013, the Company’s Distributed Valves division of the V&M segment acquired Douglas Chero, an Italian valve manufacturer, for $19.8 million, net of cash acquired. The acquisition was made to support the Company’s international growth strategy by expanding its downstream industrial valve offerings. Douglas Chero’s results of operations have been included in the V&M segment since the date of acquisition. | |||||
As a result of the timing of the purchase of Douglas Chero, the purchase price allocation for this business was based upon preliminary estimates and assumptions which are subject to change upon the receipt of additional information required to finalize the valuation. The primary areas 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. The final valuation for Douglas Chero will be completed as soon as possible, but no later than one year from the acquisition date. | |||||
OneSubsea — 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. 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. 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 Schlumberger’s 40% interest in the venture. | |||||
The table below shows the final purchase price allocation for the assets received from Schlumberger and the recording of Schlumberger’s cash payment to Cameron and its related noncontrolling interest in OneSubsea (in millions): | |||||
Dr. (Cr.) | |||||
Cash, including cash acquired | $ | 603 | |||
Receivables | 241.6 | ||||
Inventory | 32.4 | ||||
Other current assets | 3.4 | ||||
Plant and equipment | 31.8 | ||||
Goodwill | 1,011.40 | ||||
Intangibles: | |||||
Customer relationships | 350 | ||||
Patents and technology | 220 | ||||
Other | 20 | ||||
Other non-current assets | 10.6 | ||||
Accounts payable and accrued liabilities | (213.5 | ) | |||
Accrued income taxes | (80.4 | ) | |||
Deferred income taxes | (168.3 | ) | |||
Other long-term liabilities | (52.5 | ) | |||
Capital in excess of par value | (1,083.0 | ) | |||
Noncontrolling interests | (926.5 | ) | |||
$ | – | ||||
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. 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. The OneSubsea goodwill is not deductible for tax purposes. | |||||
Identifiable intangible assets consisted primarily of customer relationships, developed technology and backlog (included in other). Customer relationships and backlog represent the fair value of existing contracts and the underlying customer relationships. Developed technology includes intellectual property and know-how associated with the acquired subsea processing, meters and other businesses. The Company uses the straight-line method for amortization of intangible assets over their estimated period of economic benefit, which is estimated to be 28 years for customer relationships, 20 years for developed technology and 18 months for backlog. | |||||
Due to Cameron maintaining control of OneSubsea, the contribution of Cameron’s 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 Cameron’s paid in capital in accordance with accounting rules governing decreases in a parent’s ownership interest in a subsidiary without loss of control. 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. | |||||
2012 Acquisitions — During the fourth quarter of 2012, the Company spent $39.7 million, net of cash acquired, on two acquisitions, CairnToul Well Equipment Services Limited and ICI Artificial Lift, Inc. both of which are intended to enhance the product and service offerings of its Surface Systems business in the DPS segment. | |||||
On June 6, 2012, the Company closed on its purchase of the drilling equipment business of TTS Energy Division from TTS Group ASA, a Norwegian company (“TTS”), for a cash payment of $248.1 million, net of cash acquired, subject to certain post-closing adjustments. TTS provides high performance drilling equipment, rig packages and rig solutions for both onshore and offshore rigs to the international energy industry and its financial results have been included in the DPS segment since the date of acquisition. | |||||
During the first quarter of 2012, the Company acquired 100% of the outstanding stock of Elco Filtration and Testing, Inc. (“Elco”), for a total purchase price of $61.5 million, net of cash acquired. Elco was purchased to strengthen the Company’s wellhead product and service offerings and has been included in the DPS segment since the date of acquisition. | |||||
Approximately $249.6 million of goodwill was recorded as a result of the 2012 acquisitions, nearly $27.8 million of which is deductible for tax purposes. | |||||
2011 Acquisitions ― On October 24, 2011, the Company closed on the acquisition of LeTourneau Technologies Drilling Systems, Inc., a wholly-owned subsidiary of Joy Global Inc., for $374.4 million, net of cash acquired. LeTourneau provides drilling equipment as well as rig designs and components for both the land and offshore rig markets and its results of operations are included in the Company’s DPS segment. | |||||
During 2011, the Company also acquired the stock of four other businesses for a total cash purchase price, net of cash acquired, of $46.9 million. Vescon Equipamentos Industriais Ltda. was acquired to strengthen the Company’s surface product offerings in the Brazilian market and has been included in the DPS segment since the date of acquisition. The remaining interest in Scomi Energy Sdn Bhd., previously a Cameron joint venture company, was acquired in order to strengthen the Company’s process systems offerings in the Malaysian market. TS-Technology AS, a Norwegian company, was acquired to enhance the Company’s water treatment technology offerings. Industrial Machine and Fabrication (“IMF”) was acquired to enhance the Company’s rotating compression aftermarket offerings. The results of these businesses are included in the PCS segment. |
Other_Costs
Other Costs | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Costs [Abstract] | ' | ||||||||||||
Other Costs | ' | ||||||||||||
Note 3: Other Costs | |||||||||||||
Other costs consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
OneSubsea formation and integration costs | $ | 51.8 | $ | 2.7 | $ | – | |||||||
Currency devaluation | 9.5 | – | – | ||||||||||
Acquisition integration costs | 8 | 13.2 | – | ||||||||||
Impairment of intangibles | – | 17.6 | – | ||||||||||
International pension settlement costs | – | 6.6 | – | ||||||||||
Indemnity settlement with BP Exploration and Production Inc. | – | – | 82.5 | ||||||||||
BOP and insurance litigation costs | 3 | 2.5 | 60.7 | ||||||||||
Costs associated with retiring the Company’s 2.5% convertible debentures | – | – | 14.5 | ||||||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges | 1.1 | (15.7 | ) | 9.3 | |||||||||
Severance, restructuring and other costs | 19.3 | 6.6 | 10.4 | ||||||||||
Total other costs | $ | 92.7 | $ | 33.5 | $ | 177.4 | |||||||
Acquisition integration costs consist of costs incurred for the integration of the operations of certain newly acquired businesses with the existing operations of the Company, largely reflecting the costs associated with converting legacy systems to the Company’s SAP information systems. |
Receivables
Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Note 4: Receivables | |||||||||
Receivables consisted of the following: | |||||||||
December 31, | |||||||||
(dollars in millions) | 2013 | 2012 | |||||||
Trade receivables | $ | 2,621.50 | $ | 1,823.20 | |||||
Other receivables | 118.5 | 151.4 | |||||||
Allowance for doubtful accounts | (20.9 | ) | (7.9 | ) | |||||
Total receivables | $ | 2,719.10 | $ | 1,966.70 |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5: Inventories | |||||||||
Inventories consisted of the following: | |||||||||
December 31, | |||||||||
(dollars in millions) | 2013 | 2012 | |||||||
Raw materials | $ | 237.7 | $ | 237.9 | |||||
Work-in-process | 894.4 | 902.1 | |||||||
Finished goods, including parts and subassemblies | 2,207.80 | 1,797.90 | |||||||
Other | 21.5 | 14.3 | |||||||
3,361.40 | 2,952.20 | ||||||||
Excess of current standard costs over LIFO costs | (120.0 | ) | (122.0 | ) | |||||
Allowance for obsolete and excess inventory | (109.0 | ) | (89.0 | ) | |||||
Total inventories | $ | 3,132.40 | $ | 2,741.20 |
Plant_and_Equipment_Goodwill_a
Plant and Equipment, Goodwill and Intangibles | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Plant and Equipment, Goodwill and Intangibles [Abstract] | ' | ||||||||||||||||
Plant and Equipment, Goodwill and Intangibles | ' | ||||||||||||||||
Note 6: Plant and Equipment, Goodwill and Intangibles | |||||||||||||||||
Plant and equipment consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||
Land and land improvements | $ | 132.2 | $ | 100 | |||||||||||||
Buildings | 743.7 | 610.5 | |||||||||||||||
Machinery and equipment | 1,661.60 | 1,387.50 | |||||||||||||||
Tooling, dies, patterns, etc. | 208.5 | 205.3 | |||||||||||||||
Office furniture & equipment | 210.4 | 177.1 | |||||||||||||||
Capitalized software | 348.2 | 288.3 | |||||||||||||||
Assets under capital leases | 106.7 | 102.5 | |||||||||||||||
Construction in progress | 230.5 | 251.6 | |||||||||||||||
All other | 28.3 | 33.1 | |||||||||||||||
3,670.10 | 3,155.90 | ||||||||||||||||
Accumulated depreciation | (1,633.2 | ) | (1,390.8 | ) | |||||||||||||
Total plant and equipment, net | $ | 2,036.90 | $ | 1,765.10 | |||||||||||||
Changes in goodwill during 2013 were as follows: | |||||||||||||||||
(dollars in millions) | DPS | V&M | PCS | Total | |||||||||||||
Balance at December 31, 2012 | $ | 744.4 | $ | 318.8 | $ | 860.7 | $ | 1,923.90 | |||||||||
Current year acquisitions | 1,011.40 | 2.9 | – | 1,014.30 | |||||||||||||
Translation and other | (10.6 | ) | (4.1 | ) | 1.3 | (13.4 | ) | ||||||||||
Balance at December 31, 2013 | $ | 1,745.20 | $ | 317.6 | $ | 862 | $ | 2,924.80 | |||||||||
Intangibles consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||
Customer relationships | $ | 519.2 | $ | 136.3 | |||||||||||||
Patents and technology | 425.4 | 198 | |||||||||||||||
Trademarks | 69.3 | 71.6 | |||||||||||||||
Noncompete agreements, engineering drawings and other | 103 | 87 | |||||||||||||||
1,116.90 | 492.9 | ||||||||||||||||
Accumulated amortization | (213.2 | ) | (157.1 | ) | |||||||||||||
Total intangibles, net | $ | 903.7 | $ | 335.8 | |||||||||||||
Amortization expense associated with the Company’s amortizable intangibles recorded as of December 31, 2013 is expected to approximate $76.9 million, $59.7 million, $51.9 million, $51.0 million and $48.7 million for the years ending December 31, 2014, 2015, 2016, 2017 and 2018, respectively. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||
Trade accounts payable and accruals | $ | 1,184.40 | $ | 925.1 | |||||||||||||||||||
Advances from customers | 1,675.80 | 1,320.10 | |||||||||||||||||||||
Other accruals | 1,023.20 | 800.5 | |||||||||||||||||||||
Total accounts payable and accrued liabilities | $ | 3,883.40 | $ | 3,045.70 | |||||||||||||||||||
Activity during the year associated with the Company’s product warranty accruals was as follows (dollars in millions): | |||||||||||||||||||||||
Balance | Warranty | Acquisitions | Charges | Translation | Balance | ||||||||||||||||||
31-Dec-12 | Provisions | Against | and Other | 31-Dec-13 | |||||||||||||||||||
Accrual | |||||||||||||||||||||||
$ | 67.6 | $ | 42.7 | $ | 1.3 | $ | (66.1 | ) | $ | 0.1 | $ | 45.6 |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||||||
Note 8: Employee Benefit Plans | |||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company sponsored separate defined benefit pension plans for employees of certain of its international subsidiaries, as well as several unfunded defined benefit arrangements for various other employee groups. The defined benefit pension plan covering employees in the United Kingdom was frozen to new entrants effective June 14, 1996. | |||||||||||||||||||||||||||||||||
Certain of the Company’s employees also participate in various employee welfare benefit plans, including medical, dental and prescriptions. Additionally, certain retirees based in the United States receive retiree medical, prescription and life insurance benefits. All of the welfare benefit plans, including those providing postretirement benefits, are unfunded. | |||||||||||||||||||||||||||||||||
Total net benefit plan expense (income) associated with the Company’s defined benefit pension and postretirement benefit plans consisted of the following: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost | $ | 9.9 | $ | 2.9 | $ | 3.1 | $ | – | $ | − | $ | − | |||||||||||||||||||||
Interest cost | 17.2 | 14.9 | 15.9 | 0.3 | 0.5 | 0.6 | |||||||||||||||||||||||||||
Expected return on plan assets | (21.7 | ) | (17.9 | ) | (18.2 | ) | − | − | |||||||||||||||||||||||||
Amortization of prior service credits | (1.6 | ) | (0.2 | ) | – | (1.1 | ) | (1.3 | ) | (1.3 | ) | ||||||||||||||||||||||
Amortization of losses (gains) | 7.9 | 5.9 | 5.8 | (1.0 | ) | (0.9 | ) | (0.9 | ) | ||||||||||||||||||||||||
Settlement loss | – | 4.5 | – | – | – | – | |||||||||||||||||||||||||||
Other | – | 1.5 | 0.3 | − | − | − | |||||||||||||||||||||||||||
Total net benefit plan expense (income) | $ | 11.7 | $ | 11.6 | $ | 6.9 | $ | (1.8 | ) | $ | (1.7 | ) | $ | (1.6 | ) | ||||||||||||||||||
Included in accumulated other elements of comprehensive income (loss) at December 31, 2013 and 2012 are the following amounts that have not yet been recognized in net periodic benefit plan cost, as well as the amounts that are expected to be recognized in net periodic benefit plan cost during the year ending December 31, 2014: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | Year Ending | |||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Before Tax | After Tax | Before Tax | After Tax | Expected | ||||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||||||
Pension benefits: | |||||||||||||||||||||||||||||||||
Prior service credits | $ | 21.7 | $ | 17.4 | $ | 0.5 | $ | 0.4 | $ | (2.5 | ) | ||||||||||||||||||||||
Actuarial losses, net | (118.6 | ) | (94.3 | ) | (125.6 | ) | (95.2 | ) | 9 | ||||||||||||||||||||||||
Postretirement benefits: | |||||||||||||||||||||||||||||||||
Prior service credits | 3.1 | 2 | 4.3 | 2.7 | (0.8 | ) | |||||||||||||||||||||||||||
Actuarial gains | 9 | 5.7 | 8.7 | 5.5 | (1.1 | ) | |||||||||||||||||||||||||||
$ | (84.8 | ) | $ | (69.2 | ) | $ | (112.1 | ) | $ | (86.6 | ) | $ | 4.6 | ||||||||||||||||||||
The change in the projected benefit obligation associated with the Company’s defined benefit pension plans and the change in the accumulated benefit obligation associated with the Company’s postretirement benefit plans was as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 387 | $ | 297.1 | $ | 12.6 | $ | 14.1 | |||||||||||||||||||||||||
Service cost | 9.9 | 2.9 | − | − | |||||||||||||||||||||||||||||
Interest cost | 17.2 | 14.9 | 0.3 | 0.5 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 1 | 0.8 | − | − | |||||||||||||||||||||||||||||
Actuarial losses (gains) | 12 | 43.9 | (1.2 | ) | (0.9 | ) | |||||||||||||||||||||||||||
Exchange rate changes | 5.1 | 13.9 | − | − | |||||||||||||||||||||||||||||
Benefits and expenses paid from plan assets | (14.5 | ) | (9.2 | ) | (1.2 | ) | (1.2 | ) | |||||||||||||||||||||||||
Plan amendments | (21.6 | ) | – | 0.1 | |||||||||||||||||||||||||||||
Acquisitions | 67.3 | – | – | – | |||||||||||||||||||||||||||||
Settlements | – | (14.7 | ) | – | – | ||||||||||||||||||||||||||||
Other | 25.1 | 37.4 | − | − | |||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 488.5 | $ | 387 | $ | 10.5 | $ | 12.6 | |||||||||||||||||||||||||
The total accumulated benefit obligation for the Company’s defined benefit pension plans was $434.5 million and $331.2 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
The change in the plan assets associated with the Company’s defined benefit pension and postretirement benefit plans was as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 317.7 | $ | 275.9 | $ | – | $ | − | |||||||||||||||||||||||||
Actual return on plan assets | 41.1 | 23.3 | − | − | |||||||||||||||||||||||||||||
Company contributions | 13.6 | 12.3 | 1.2 | 1.2 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 1 | 0.8 | − | − | |||||||||||||||||||||||||||||
Exchange rate changes | 6.2 | 12.7 | − | − | |||||||||||||||||||||||||||||
Benefits and expenses paid from plan assets | (14.5 | ) | (9.2 | ) | (1.2 | ) | (1.2 | ) | |||||||||||||||||||||||||
Acquisitions | 46.3 | – | – | – | |||||||||||||||||||||||||||||
Settlements | – | (14.7 | ) | – | – | ||||||||||||||||||||||||||||
Other | 21 | 16.6 | − | − | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 432.4 | $ | 317.7 | $ | − | $ | − | |||||||||||||||||||||||||
The status of the Company’s underfunded defined benefit pension and postretirement benefit plans was as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Current | $ | (1.1 | ) | $ | (0.9 | ) | $ | (1.5 | ) | $ | (1.6 | ) | |||||||||||||||||||||
Non-current | (55.0 | ) | (68.4 | ) | (9.0 | ) | (11.0 | ) | |||||||||||||||||||||||||
Underfunded status at end of year | $ | (56.1 | ) | $ | (69.3 | ) | $ | (10.5 | ) | $ | (12.6 | ) | |||||||||||||||||||||
Actual asset investment allocations for the Company’s main defined benefit pension plan in the United Kingdom, which accounts for approximately 78% of total plan assets, were as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
U.K. plan: | |||||||||||||||||||||||||||||||||
Equity securities | 60 | % | 54 | % | 53 | % | |||||||||||||||||||||||||||
Fixed income debt securities, cash and other | 40 | % | 46 | % | 47 | % | |||||||||||||||||||||||||||
In each jurisdiction, the investment of plan assets is overseen by a plan asset committee whose members act as trustees of the plan and set investment policy. For the years ended December 31, 2013, 2012 and 2011, the investment strategy has been designed to approximate the performance of market indexes. The Company’s targeted allocation for the U.K. plan for 2014 and beyond is approximately 55% in equities, 40% in fixed income debt securities and 5% in real estate and other. | |||||||||||||||||||||||||||||||||
During 2013, the Company made contributions totaling approximately $13.6 million to the assets of its various defined benefit pension plans. Contributions to plan assets for 2014 are currently expected to approximate $21.6 million assuming no change in the current discount rate or expected investment earnings. | |||||||||||||||||||||||||||||||||
The assets of the Company’s pension plans are generally invested in cash and cash equivalents as well as debt and equity securities or mutual funds, which are valued based on quoted market prices for an individual asset (level 1 market inputs) or mutual fund unit values, which are based on the fair values of the individual securities that the fund has invested in (level 2 observable market inputs). A certain portion of the assets are invested in insurance contracts, real estate and other investments, which are valued based on level 3 unobservable inputs. | |||||||||||||||||||||||||||||||||
The fair values of the Company’s pension plan assets by asset category at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||
Fair Value Based on | Fair Value Based on | Fair Value Based | Total | ||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | on Significant | |||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.6 | $ | 1.6 | $ | – | $ | – | $ | – | $ | – | $ | 1.6 | $ | 1.6 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
U.S. equities | – | – | 83 | 65.5 | – | – | 83 | 65.5 | |||||||||||||||||||||||||
Non-U.S. equities | – | – | 125.4 | 98.1 | – | – | 125.4 | 98.1 | |||||||||||||||||||||||||
Bonds: | |||||||||||||||||||||||||||||||||
Non-U.S. government bonds | – | – | 92 | 30.1 | – | – | 92 | 30.1 | |||||||||||||||||||||||||
Non-U.S. corporate bonds | – | – | 25.7 | 94.1 | – | – | 25.7 | 94.1 | |||||||||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||||||||||
Insurance contracts | – | – | – | – | 90.6 | 15.6 | 90.6 | 15.6 | |||||||||||||||||||||||||
Real estate and other | – | – | – | – | 14.1 | 12.7 | 14.1 | 12.7 | |||||||||||||||||||||||||
Total assets | $ | 1.6 | $ | 1.6 | $ | 326.1 | $ | 287.8 | $ | 104.7 | $ | 28.3 | $ | 432.4 | $ | 317.7 | |||||||||||||||||
Changes in the fair value of pension plan assets determined based on level 3 unobservable inputs were as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 28.3 | $ | 19.7 | |||||||||||||||||||||||||||||
Purchases/sales, net | 7.2 | 7.7 | |||||||||||||||||||||||||||||||
Other plan additions | 67.5 | – | |||||||||||||||||||||||||||||||
Actual return on plan assets | 3.1 | 0.2 | |||||||||||||||||||||||||||||||
Currency impact | (1.4 | ) | 0.7 | ||||||||||||||||||||||||||||||
Balance at end of the year | $ | 104.7 | $ | 28.3 | |||||||||||||||||||||||||||||
The weighted-average assumptions associated with the Company’s defined benefit pension and postretirement benefit plans were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Assumptions related to net benefit costs: | |||||||||||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||||||||||
Discount rate | 2.75 | % | 3.5 | % | 2.75 | % | 3.5 | % | |||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | 1/1/13 | 1/1/12 | |||||||||||||||||||||||||||||
Foreign plans: | |||||||||||||||||||||||||||||||||
Discount rate | 2.25-6.75 | % | 5.0-5.75 | % | – | – | |||||||||||||||||||||||||||
Expected return on plan assets | 3.50-6.75 | % | 4.75-6.5 | % | – | – | |||||||||||||||||||||||||||
Rate of compensation increase | 3.0-4.5 | % | 3.0-4.25 | % | – | – | |||||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | – | – | |||||||||||||||||||||||||||||
Assumptions related to end-of-period benefit obligations: | |||||||||||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||||||||||
Discount rate | 3.75 | % | 2.75 | % | 3.75 | % | 2.75 | % | |||||||||||||||||||||||||
Health care cost trend rate | – | – | 7.5 | % | 8 | % | |||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/13 | 12/31/12 | |||||||||||||||||||||||||||||
Foreign plans: | |||||||||||||||||||||||||||||||||
Discount rate | 3.5-5.25 | % | 2.25-6.75 | % | – | – | |||||||||||||||||||||||||||
Rate of compensation increase | 2.25-4.5 | % | 3.0-4.5 | % | – | – | |||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | – | – | |||||||||||||||||||||||||||||
The Company’s discount rate assumptions for its U.S. postretirement benefits plan and its international defined benefit pension plans are based on the average yield of a hypothetical high quality bond portfolio with maturities that approximately match the estimated cash flow needs of the plans. | |||||||||||||||||||||||||||||||||
The assumptions for expected long-term rates of return on assets are based on historical experience and estimated future investment returns, taking into consideration anticipated asset allocations, investment strategies and the views of various investment professionals. | |||||||||||||||||||||||||||||||||
The rate of compensation increase assumption for international plans reflects local economic conditions and the Company’s compensation strategy in those locations. | |||||||||||||||||||||||||||||||||
The health care cost trend rate is assumed to decrease gradually from 7.5% to 5.0% by 2019 and remain at that level thereafter. A one-percentage-point increase or decrease in the assumed health care cost trend rate would not have a material impact on the service and interest cost components in 2013 or the postretirement benefit obligation as of December 31, 2013. | |||||||||||||||||||||||||||||||||
Amounts applicable to the Company’s pension plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets were as follows: | |||||||||||||||||||||||||||||||||
Projected Benefit | Accumulated Benefit | ||||||||||||||||||||||||||||||||
Obligation in Excess | Obligation in Excess | ||||||||||||||||||||||||||||||||
of Plan Assets | of Plan Assets | ||||||||||||||||||||||||||||||||
at December 31, | at December 31, | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Fair value of applicable plan assets | $ | 96.5 | $ | 312.3 | $ | 42.4 | $ | 18.4 | |||||||||||||||||||||||||
Projected benefit obligation of applicable plans | $ | 172.1 | $ | 381.5 | – | – | |||||||||||||||||||||||||||
Accumulated benefit obligation of applicable plans | – | – | $ | 83.7 | $ | 53.5 | |||||||||||||||||||||||||||
Future expected benefit payments are as follows: | |||||||||||||||||||||||||||||||||
(dollars in millions) | Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||||||||||
2014 | $ | 15.3 | $ | 1.5 | |||||||||||||||||||||||||||||
2015 | $ | 16.6 | $ | 1.4 | |||||||||||||||||||||||||||||
2016 | $ | 17.3 | $ | 1.3 | |||||||||||||||||||||||||||||
2017 | $ | 18.1 | $ | 1.1 | |||||||||||||||||||||||||||||
2018 | $ | 19.3 | $ | 1 | |||||||||||||||||||||||||||||
2019 - 2023 | $ | 110.4 | $ | 3.6 | |||||||||||||||||||||||||||||
The Company’s United States-based employees who are not covered by a bargaining unit and certain others are also eligible to participate in the Cameron International Corporation Retirement Savings Plan. Under this plan, employees’ savings deferrals are partially matched in cash and invested at the employees’ discretion. The Company provides nondiscretionary retirement contributions to the Retirement Savings Plan on behalf of each eligible employee equal to 3% of their defined pay. Eligible employees vest in the 3% retirement contributions plus any earnings after completing three years of service. In addition, the Company provides an immediately vested matching contribution of up to 100% of the first 6% of pay contributed by each eligible employee. Employees may contribute amounts in excess of 6% of their pay to the Retirement Savings Plan, subject to certain United States Internal Revenue Service limitations. The Company’s expense for the matching and retirement contribution for the years ended December 31, 2013, 2012 and 2011 amounted to $76.7 million, $69.5 million and $57.7 million, respectively. In addition, the Company provides savings or other benefit plans for employees under collective bargaining agreements and, in the case of certain international employees, as required by government mandate, which provide for, among other things, Company funding in cash based on specified formulas. Expense with respect to these various defined contribution and government-mandated plans for the years ended December 31, 2013, 2012 and 2011 amounted to $82.9 million, $60.0 million and $57.9 million, respectively. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation Plans [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||
Note 9: Stock-Based Compensation Plans | |||||||||||||||||
The Company has grants outstanding under various equity compensation plans, only one of which, the 2005 Equity Incentive Plan (2005 EQIP), is currently available for future grants of equity compensation awards to employees and non-employee directors. Options granted under the Company’s equity compensation plans had an exercise price equal to the market value of the underlying common stock on the date of grant and all terms were fixed. | |||||||||||||||||
Stock-based compensation expense recognized was as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||
Outstanding restricted and deferred stock units and awards | $ | 40.2 | $ | 32.6 | $ | 25.6 | |||||||||||
Unvested outstanding stock options | 13.6 | 12.1 | 11.1 | ||||||||||||||
Total stock-based compensation expense | $ | 53.8 | $ | 44.7 | $ | 36.7 | |||||||||||
The total income statement tax benefit recognized from stock-based compensation arrangements during the years ended December 31, 2013, 2012 and 2011 totaled approximately $19.8 million, $16.5 million and $13.5 million, respectively. | |||||||||||||||||
Stock options | |||||||||||||||||
Options with terms of seven or ten years have been granted to officers and other key employees of the Company under the 2005 EQIP plan at a fixed exercise price equal to the fair value of the Company’s common stock on the date of grant. The options generally vest in one-third increments each year on the anniversary date following the date of grant, based on continued employment. | |||||||||||||||||
A summary of option activity under the Company’s stock compensation plans as of and for the year ended December 31, 2013 is presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (dollars in | |||||||||||||||
Term | millions) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at January 1, 2013 | 4,769,643 | $ | 42.94 | 5.02 | $ | 64.5 | |||||||||||
Granted | 684,232 | 64.97 | |||||||||||||||
Exercised | (1,178,359 | ) | 37.61 | ||||||||||||||
Forfeited | (71,923 | ) | 52.76 | ||||||||||||||
Expired | (6,500 | ) | 15.08 | ||||||||||||||
Outstanding at December 31, 2013 | 4,197,093 | $ | 47.92 | 5.63 | $ | 52.5 | |||||||||||
Vested at December 31, 2013 or expected to vest in the future | 4,186,602 | $ | 47.88 | 5.62 | $ | 52.5 | |||||||||||
Exercisable at December 31, 2013 | 2,875,267 | $ | 42.42 | 4.05 | $ | 49.2 | |||||||||||
At | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Stock-based compensation cost not yet recognized under the straight-line method (dollars in millions) | $ | 12.8 | |||||||||||||||
Weighted-average remaining expense recognition period (in years) | 1.77 | ||||||||||||||||
The fair values per share of option grants for the years ended December 31, 2013, 2012 and 2011 were estimated using the Black-Scholes-Merton option pricing formula with the following weighted-average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected life (in years) | 3.2 | 3.2 | 2.8 | ||||||||||||||
Risk-free interest rate | 0.67 | % | 0.37 | % | 0.38 | % | |||||||||||
Volatility | 34.3 | % | 39.4 | % | 42.6 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
The Company determined the assumptions involving the expected life of its options and volatility rates based primarily on historical data and consideration of expectations for the future. | |||||||||||||||||
The above assumptions and market prices of the Company’s common stock at the date of option exercises resulted in the following values: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Grant-date fair value per option | $ | 16.19 | $ | 15.68 | $ | 14.47 | |||||||||||
Intrinsic value of options exercised (dollars in millions) | $ | 30.9 | $ | 33.7 | $ | 31.5 | |||||||||||
Average intrinsic value per share of options exercised | $ | 26.3 | $ | 23.39 | $ | 26.79 | |||||||||||
Restricted and deferred stock units and awards | |||||||||||||||||
Grants of restricted stock units are made to officers and other key employees. The restricted stock units granted generally provide for vesting in one-third increments each year or three-year 100% cliff vesting on the third anniversary of the date of grant, based on continued employment. | |||||||||||||||||
Non-employee directors are entitled to receive an annual number of deferred stock units equal to a value of $250,000 determined on the day following the Company’s annual meeting of stockholders or, if a director’s election to the Board occurs between annual meetings of stockholders, the initial grant of deferred stock units is based on a pro-rata portion of the annual grant amount equal to the remaining number of months in the board year until the next annual meeting of stockholders. These units, which have no exercise price and no expiration date, vest in one-fourth increments quarterly over the following year but cannot be converted into common stock until the earlier of termination of Board service or three years, although Board members have the ability to voluntarily defer conversion for a longer period of time. | |||||||||||||||||
A summary of restricted and deferred stock unit award activity under the Company’s stock compensation plans as of and for the year ended December 31, 2013 is presented below: | |||||||||||||||||
Number | Weighted-Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Restricted and Deferred Stock Units | Fair Value | ||||||||||||||||
Nonvested at January 1, 2013 | 1,713,507 | $ | 28.11 | ||||||||||||||
Granted | 838,207 | 57.95 | |||||||||||||||
Vested | (801,364 | ) | 56.88 | ||||||||||||||
Forfeited | (91,993 | ) | 52.73 | ||||||||||||||
Nonvested at December 31, 2013 | 1,658,357 | $ | 28.22 | ||||||||||||||
At | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Stock-based compensation cost not yet recognized under the straight-line method (dollars in millions) | $ | 38.8 | |||||||||||||||
Weighted-average remaining expense recognition period (in years) | 1.61 | ||||||||||||||||
Information on restricted and deferred stock units granted and vesting during the three years ended December 31, 2013 follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Number of units granted with performance conditions | 185,992 | 211,244 | 139,191 | ||||||||||||||
Intrinsic value of units vesting (dollars in millions) | $ | 46 | $ | 38.2 | $ | 36.9 | |||||||||||
Total number of units granted | 838,207 | 674,578 | 682,246 | ||||||||||||||
Weighted average grant date fair value per unit | $ | 57.95 | $ | 50.44 | $ | 50.67 | |||||||||||
The fair value of restricted and deferred stock units is determined based on the closing trading price of the Company’s common stock on the grant date. | |||||||||||||||||
At December 31, 2013, 13,742,446 shares were reserved for future grants of options, deferred stock units, restricted stock units and other awards. The Company may issue either treasury shares or newly issued shares of its common stock in satisfaction of these awards. |
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt [Abstract] | ' | ||||||||||||
Debt | ' | ||||||||||||
Note 10: Debt | |||||||||||||
The Company’s debt obligations were as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||
Senior notes: | |||||||||||||
Floating rate notes due June 2, 2014 | $ | 250 | $ | 250 | |||||||||
1.6% notes due April 30, 2015 | 250 | 250 | |||||||||||
1.15% notes due December 15, 2016 | 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 | |||||||||||
4.0% notes due December 15, 2023 | 250 | – | |||||||||||
7.0% notes due July 15, 2038 | 300 | 300 | |||||||||||
5.95% notes due June 1, 2041 | 250 | 250 | |||||||||||
5.125% notes due December 15, 2043 | 250 | – | |||||||||||
Unamortized original issue discount | (7.0 | ) | (4.1 | ) | |||||||||
Other debt | 56.6 | 19.6 | |||||||||||
Obligations under capital leases | 60.2 | 60.7 | |||||||||||
2,859.80 | 2,076.20 | ||||||||||||
Current maturities | (297.0 | ) | (29.2 | ) | |||||||||
Long-term maturities | $ | 2,562.80 | $ | 2,047.00 | |||||||||
Senior Notes | |||||||||||||
On December 16, 2013, the Company completed the public offering of $750.0 million in aggregate principal amount of senior unsecured notes as follows: | |||||||||||||
· | $250.0 million principal amount of 1.15% Senior Notes due December 15, 2016, sold at on offering price of 99.982%; | ||||||||||||
· | $250.0 million principal amount of 4.0% Senior Notes due December 15, 2023, sold at on offering price of 99.641%; and | ||||||||||||
· | $250.0 million principal amount of 5.125% Senior Notes due December 15, 2043, sold at on offering price of 99.092%; | ||||||||||||
Interest on the notes will be payable semiannually on June 15 and December 15 of each year, beginning on June 15, 2014. The notes may be redeemed in whole or in part by the Company prior to maturity for an amount equal to the principal amount of the notes redeemed plus a make-whole premium as described further in the Supplemental Indenture for each respective Senior Note. All of the Company’s senior notes rank equally with the Company’s other existing unsecured and unsubordinated debt. | |||||||||||||
Proceeds from the issuance of these notes will be used to repurchase shares of the Company’s common stock and for general corporate purposes, which may include the repayment at maturity of the Company’s floating rate notes due June 2, 2014. The proceeds may initially be invested in short-term marketable securities or may be used to repay short-term indebtedness prior to being used for their above stated purpose. | |||||||||||||
Multicurrency Revolving Letter of Credit and Credit Facilities | |||||||||||||
The Company’s Credit Agreement dated April 14, 2008 (as amended and restated, the "Amended Credit Agreement") provides for a multi-currency borrowing capacity of $835.0 million and matures on June 6, 2016. Pursuant to the Amended Credit Agreement, Cameron may borrow funds at the London Interbank Offered Rate (LIBOR) plus a spread, which varies based on the Company’s current debt rating, and, if aggregate outstanding credit exposure exceeds one-half of the total facility amount, an additional fee will be incurred. At December 31, 2013, the Company had issued letters of credit totaling $25.4 million under this revolving credit facility, with the remaining amount of $809.6 million available for use. | |||||||||||||
The Company also has a $170.0 million three-year committed multi-currency revolving letter of credit facility with a third party bank (as amended, the "Amended Facility"). Under the Amended Facility, standby letters of credit, generally with terms of up to two years, may be issued by the bank in U.S. dollars, euros, pound sterling or other mutually agreed-upon currencies. The Amended Facility is governed by the same financial covenants as the Amended Credit Agreement and has a maturity date of February 2, 2015. At December 31, 2013, Cameron had issued letters of credit totaling $126.4 million under the Amended Facility, with the remaining amount of $43.6 million available for use. | |||||||||||||
Other | |||||||||||||
Other debt, some of which is held by entities located in countries with high rates of inflation, has a weighted-average interest rate of 6.1% at December 31, 2013 (9.2% at December 31, 2012). | |||||||||||||
Future maturities of the Company’s debt (excluding the remaining amount of unamortized discount and capital leases) are approximately $284.1 million in 2014, $251.1 million in 2015, $271.4 million in 2016, $450.0 million in 2018 and $1.55 billion thereafter. | |||||||||||||
In addition to the above, the Company also has other unsecured and uncommitted credit facilities available to its foreign subsidiaries to fund ongoing operating activities. Certain of these facilities also include annual facility fees. | |||||||||||||
Information on interest expensed and paid during the three years ended December 31, 2013 was as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Interest expensed | $ | 114.5 | $ | 104.4 | $ | 92.4 | |||||||
Interest paid | $ | 105.1 | $ | 96.7 | $ | 102.8 |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases | ' | ||||||||
Note 11: Leases | |||||||||
The Company leases certain facilities, office space, vehicles, data processing and other equipment under capital and operating leases. Rental expenses for the years ended December 31, 2013, 2012 and 2011 were $111.1 million, $85.6 million and $74.7 million, respectively. Future minimum lease payments with respect to capital leases and operating leases with noncancelable terms in excess of one year were as follows: | |||||||||
Capital | Operating | ||||||||
(dollars in millions) | Lease Payments | Lease Payments | |||||||
Year ending December 31: | |||||||||
2014 | $ | 16.8 | $ | 105.9 | |||||
2015 | 14.4 | 84.8 | |||||||
2016 | 10.8 | 80.8 | |||||||
2017 | 7.6 | 65.3 | |||||||
2018 | 4.3 | 51.7 | |||||||
Thereafter | 64.6 | 390.7 | |||||||
Future minimum lease payments | 118.5 | 779.2 | |||||||
Less: amount representing interest | (58.3 | ) | – | ||||||
Lease obligations at December 31, 2013 | $ | 60.2 | $ | 779.2 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 12: Income Taxes | |||||||||||||
The components of income before income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
U.S. operations | $ | 284.1 | $ | 745.9 | $ | 590.3 | |||||||
Foreign operations | 668.4 | 192.1 | 60.8 | ||||||||||
Income before income taxes | $ | 952.5 | $ | 938 | $ | 651.1 | |||||||
The provisions for income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
U.S. federal | $ | 20.7 | $ | 123.4 | $ | 46.6 | |||||||
U.S. state and local | 13.1 | 9.4 | 5.3 | ||||||||||
Foreign | 177.1 | 140.1 | 96.4 | ||||||||||
210.9 | 272.9 | 148.3 | |||||||||||
Deferred: | |||||||||||||
U.S. federal | 31.5 | (35.8 | ) | 5.9 | |||||||||
U.S. state and local | 2.3 | (2.3 | ) | 2.1 | |||||||||
Foreign | (16.4 | ) | (47.3 | ) | (27.1 | ) | |||||||
17.4 | (85.4 | ) | (19.1 | ) | |||||||||
Income tax provision | $ | 228.3 | $ | 187.5 | $ | 129.2 | |||||||
The reasons for the differences between the provision for income taxes and income taxes using the U.S. federal income tax rate were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 1.05 | 0.57 | 1.03 | ||||||||||
Foreign statutory rate differential | (10.70 | ) | (9.22 | ) | (7.30 | ) | |||||||
Change in valuation allowance on deferred tax assets | (1.51 | ) | 5.92 | (8.89 | ) | ||||||||
Nondeductible expenses | 1 | 0.74 | 2.47 | ||||||||||
Net U.S. tax on foreign source income | (2.95 | ) | (10.92 | ) | (1.67 | ) | |||||||
All other | 2.11 | (2.09 | ) | (0.80 | ) | ||||||||
Total | 24 | % | 20 | % | 19.84 | % | |||||||
Total income taxes paid (dollars in millions) | $ | 329.4 | $ | 239.5 | $ | 121.2 | |||||||
Components of deferred tax assets (liabilities) were as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Plant and equipment | $ | (171.0 | ) | $ | (150.3 | ) | |||||||
Intangible assets | (251.3 | ) | (106.7 | ) | |||||||||
Other | (16.0 | ) | (17.1 | ) | |||||||||
Total deferred tax liabilities | (438.3 | ) | (274.1 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Inventory | 20.3 | 5.6 | |||||||||||
Postretirement benefits other than pensions | 11.7 | 11.7 | |||||||||||
Reserves and accruals | 92.9 | 137.5 | |||||||||||
Net operating losses and tax credits | 246.4 | 276.6 | |||||||||||
Pensions | 15.7 | 25.8 | |||||||||||
Other | 17.2 | 12.7 | |||||||||||
Total deferred tax assets | 404.2 | 469.9 | |||||||||||
Valuation allowance | (58.9 | ) | (84.2 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | (93.0 | ) | $ | 111.6 | ||||||||
Changes in the Company’s accruals for unrecognized tax benefits were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 121 | $ | 148.4 | $ | 68.4 | |||||||
Increases in estimates for tax positions taken prior to the current year | – | – | 6.6 | ||||||||||
Decreases in estimates for tax positions taken prior to the current year | – | (11.3 | ) | (2.4 | ) | ||||||||
Increases due to tax positions taken during the current year | 3 | – | 76.1 | ||||||||||
Decreases relating to settlements with tax authorities | (19.2 | ) | (10.1 | ) | (2.3 | ) | |||||||
Decreases resulting from the lapse of applicable statutes of limitation | – | (6.5 | ) | (0.1 | ) | ||||||||
Net increases (decreases) due to translation and interest | (2.2 | ) | 0.5 | 2.1 | |||||||||
Balance at end of year | $ | 102.6 | $ | 121 | $ | 148.4 | |||||||
The Company has a $6.6 million accrual for unrecognized tax benefits at December 31, 2013, for which the uncertainties surrounding the benefits are expected to be settled during the next twelve-month period as a result of the conclusion of various income tax audits or due to the expiration of the applicable statute of limitations. The Company is not currently aware of any material amounts included as unrecognized tax benefits at December 31, 2013 that, if recognized, would not impact the Company’s future effective income tax rate. | |||||||||||||
There were no material payments for interest or penalties for the years ended December 31, 2013, 2012 or 2011. Also, there were no material accruals for unpaid interest or penalties at December 31, 2013 or 2012. | |||||||||||||
The Company and its subsidiaries file income tax returns in the United States, various domestic states and localities and in many foreign jurisdictions. The earliest years’ tax returns filed by the Company that are still subject to examination by authorities in the major tax jurisdictions are as follows: | |||||||||||||
United States | United Kingdom | Canada | France | Germany | Norway | Singapore | Italy | ||||||
2000 | 2007 | 2006 | 2010 | 2008 | 2010 | 2004 | 2007 | ||||||
At December 31, 2013, the Company had net operating loss and credit carryforwards in numerous jurisdictions with various expiration periods, including certain jurisdictions which have no expiration period. Changes in the Company’s valuation allowances against these net operating loss and credit carryforwards and other deferred tax assets were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 84.2 | $ | 29.7 | $ | 96.2 | |||||||
Valuation allowances for unutilized net operating losses and excess foreign tax credits generated in the current year | 10.7 | 35.9 | – | ||||||||||
Valuation allowances on foreign tax credits associated with a prior year | 4.5 | 19.5 | – | ||||||||||
Reduction in valuation allowances due to utilization of prior years’ net operating losses and excess foreign tax credits | (20.3 | ) | – | (57.9 | ) | ||||||||
Write-off of valuation allowances and associated deferred tax assets for certain losses that have no possibility of being utilized | (18.8 | ) | – | (6.0 | ) | ||||||||
Effect of translation | (1.4 | ) | (0.9 | ) | (2.6 | ) | |||||||
Balance at end of year | $ | 58.9 | $ | 84.2 | $ | 29.7 | |||||||
The Company has considered all available evidence in assessing the need for the valuation allowance, including future taxable income, future foreign source income, and ongoing prudent and feasible tax planning strategies. In the event the Company were to determine that it would not be able to realize all or part of its net deferred tax assets in the future, an adjustment to the net deferred tax assets would be charged to income in the period such determination was made. | |||||||||||||
Tax attribute carryforwards which are available for use on future income tax returns at December 31, 2013 are as follows: | |||||||||||||
(dollars in millions) | Domestic | Foreign | Expiration | ||||||||||
Net operating losses - regular income tax | $ | – | $ | 516.8 | 2014 - Indefinite | ||||||||
Net operating losses – state income tax | $ | 3.5 | $ | – | 2016 - 2027 | ||||||||
Foreign tax credits | $ | 124.1 | $ | – | 2016 - 2022 | ||||||||
The tax benefit that the Company receives with respect to certain stock compensation plan transactions is credited to capital in excess of par value and does not reduce income tax expense. This benefit amounted to $9.5 million, $11.5 million and $4.9 million in 2013, 2012 and 2011, respectively. | |||||||||||||
The Company considers all unremitted earnings of its foreign subsidiaries, except certain amounts primarily earned before 2003, certain amounts earned during 2009, certain amounts earned by NATCO, and amounts previously subjected to tax in the U.S., to be permanently reinvested. An estimate of the amounts considered permanently reinvested is $4.7 billion. It is not practical for the Company to compute the amount of additional U.S. tax that would be due on this amount. The Company has provided deferred income taxes on the earnings that the Company anticipates will be remitted. | |||||||||||||
The Company operates in jurisdictions, primarily Singapore and Malaysia, in which it has been granted tax holidays. The benefit of these holidays for 2013, 2012 and 2011 was approximately $6.5 million, $2.3 million and $2.3 million, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
Note 13: Stockholders’ Equity | |||||||||||||
Common Stock | |||||||||||||
The Company’s Board of Directors has given management the authority to purchase up to $2.4 billion of the Company’s common stock. The Company, under this authorization, may purchase shares directly or indirectly by way of open market transactions or structured programs, including the use of derivatives, for the Company’s own account or through commercial banks or financial institutions. | |||||||||||||
Changes in the number of shares of the Company’s outstanding stock for the last three years were as follows: | |||||||||||||
Common | Treasury | Shares | |||||||||||
Stock | Stock | Outstanding | |||||||||||
Balance - December 31, 2010 | 263,111,472 | (19,197,642 | ) | 243,913,830 | |||||||||
Purchase of treasury stock | – | (49,000 | ) | (49,000 | ) | ||||||||
Stock issued under stock compensation plans | – | 1,667,245 | 1,667,245 | ||||||||||
Balance - December 31, 2011 | 263,111,472 | (17,579,397 | ) | 245,532,075 | |||||||||
Purchase of treasury stock | – | (412,800 | ) | (412,800 | ) | ||||||||
Stock issued under stock compensation plans | – | 1,576,861 | 1,576,861 | ||||||||||
Balance - December 31, 2012 | 263,111,472 | (16,415,336 | ) | 246,696,136 | |||||||||
Purchase of treasury stock | – | (26,955,623 | ) | (26,955,623 | ) | ||||||||
Stock issued under stock compensation plans | – | 1,687,795 | 1,687,795 | ||||||||||
Balance - December 31, 2013 | 263,111,472 | (41,683,164 | ) | 221,428,308 | |||||||||
At December 31, 2013, 19,975,744 shares of unissued common stock were reserved for future issuance under various stock compensation plans. | |||||||||||||
Preferred Stock | |||||||||||||
The Company is authorized to issue up to 10.0 million shares of preferred stock, par value of $0.1 per share. Shares of preferred stock may be issued in one or more series of classes, each of which series or class shall have such distinctive designation or title and terms as shall be fixed by the Board of Directors of the Company prior to issuance of any shares. | |||||||||||||
Retained Earnings | |||||||||||||
Delaware law, under which the Company is incorporated, provides that dividends may be declared by the Company’s Board of Directors from a current year’s earnings as well as from the total of capital in excess of par value plus the retained earnings, which amounted to approximately $8.0 billion at December 31, 2013. | |||||||||||||
In addition, dividends to be paid by OneSubsea to the venture partners require approval by the Board of Directors of OneSubsea. |
Accumulated_Other_Elements_of_
Accumulated Other Elements of Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accumulated Other Elements of Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Elements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Note 14: Accumulated Other Elements of Comprehensive Income (Loss) | |||||||||||||||||||||
Accumulated other elements of comprehensive income (loss) comprised the following: | |||||||||||||||||||||
(dollars in millions) | Accumulated | Prior Service | Accumulated | Total | Other | ||||||||||||||||
Foreign | Credits and | Gain (Loss) | Comprehensive | ||||||||||||||||||
Currency | Net Actuarial | on Cash | Income | ||||||||||||||||||
Translation | Losses | Flow Hedges | |||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||
Balance at December 31, 2010 | $ | 31.5 | $ | (51.5 | ) | $ | (7.1 | ) | $ | (27.1 | ) | ||||||||||
Foreign currency translation gain (loss) | (60.2 | ) | – | – | (60.2 | ) | $ | (60.2 | ) | ||||||||||||
Actuarial gains (losses) recognized in other comprehensive income, net of tax | – | (7.7 | ) | – | (7.7 | ) | (7.7 | ) | |||||||||||||
Amortization of actuarial (gains) losses, net of tax | – | 3 | – | 3 | 3 | ||||||||||||||||
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | – | – | (5.2 | ) | (5.2 | ) | (5.2 | ) | |||||||||||||
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | 6.4 | 6.4 | 6.4 | ||||||||||||||||||
Balance at December 31, 2011 | (28.7 | ) | (56.2 | ) | (5.9 | ) | (90.8 | ) | $ | (63.7 | ) | ||||||||||
Foreign currency translation gain (loss) | 74.6 | – | – | 74.6 | $ | 74.6 | |||||||||||||||
Actuarial gains (losses) recognized in other comprehensive income, net of tax | – | (33.3 | ) | – | (33.3 | ) | (33.3 | ) | |||||||||||||
Amortization of actuarial (gains) losses, net of tax | – | 2.9 | – | 2.9 | 2.9 | ||||||||||||||||
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | – | – | 10.1 | 10.1 | 10.1 | ||||||||||||||||
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | – | – | 6.5 | 6.5 | 6.5 | ||||||||||||||||
Balance at December 31, 2012 | 45.9 | (86.6 | ) | 10.7 | (30.0 | ) | $ | 60.8 | |||||||||||||
Foreign currency translation gain (loss) | (94.3 | ) | – | – | (94.3 | ) | $ | (94.3 | ) | ||||||||||||
Actuarial gains (losses) recognized in other comprehensive income, net of tax | – | 39.7 | – | 39.7 | 39.7 | ||||||||||||||||
Amortization of actuarial (gains) losses, net of tax | – | 1.9 | – | 1.9 | 1.9 | ||||||||||||||||
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | – | – | 6.5 | 6.5 | 6.5 | ||||||||||||||||
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | – | – | (3.3 | ) | (3.3 | ) | (3.3 | ) | |||||||||||||
Balance of December 31, 2013 | $ | (48.4 | ) | $ | (45.0 | ) | $ | 13.9 | $ | (79.5 | ) | $ | (49.5 | ) |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Segments [Abstract] | ' | ||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||
The Company’s operations are organized into three separate business segments - DPS, V&M and PCS. | |||||||||||||||||||||
The DPS segment includes businesses that provide systems and equipment used to drill, control pressures and direct flows of oil and gas wells. Products include drilling equipment packages, blowout preventers, drilling risers, top drives, draw works, complete wellhead and Christmas tree systems for onshore and offshore applications, subsea production systems and manifolds and aftermarket parts and services. | |||||||||||||||||||||
The V&M segment includes businesses that provide valves and measurement systems primarily used to control, direct and measure the flow of oil and gas as they are moved from individual wellheads through flow lines, gathering lines and transmission systems to refineries, petrochemical plants and industrial centers for processing. Products include gate valves, ball valves, butterfly valves, Orbit® valves, double block and bleed valves, plug valves, globe valves, check valves, actuators, chokes and aftermarket parts and services as well as measurement products such as totalizers, turbine meters, flow computers, chart recorders, ultrasonic flow meters and sampling systems. | |||||||||||||||||||||
The PCS segment includes businesses that provide oil and gas separation equipment, heaters, dehydration and desalting units, gas conditioning units, membrane separation systems, water processing systems, reciprocating and integrally geared centrifugal compression equipment and related aftermarket parts and services for the energy industry and for manufacturing companies and chemical process industries worldwide. In early 2014, the Company entered into an agreement to sell its Reciprocating Compression business and announced its intention to explore strategic alternatives for its Centrifugal Compression business (see Note 20 of the Notes to Consolidated Financial Statements for further information). | |||||||||||||||||||||
The Company’s primary customers are oil and gas majors, national oil companies, independent producers, engineering and construction companies, drilling contractors, rental companies, geothermal energy and independent power producers, pipeline operators, major chemical, petrochemical and refining companies, natural gas processing and transmission companies, compression leasing companies, durable goods manufacturers, utilities and air separation companies. | |||||||||||||||||||||
The Company markets its equipment through a worldwide network of sales and marketing employees supported by agents and distributors in selected international locations. Due to the extremely technical nature of many of the products, the marketing effort is further supported by a staff of engineering employees. | |||||||||||||||||||||
The Company expenses all research and product development and enhancement costs as incurred, or if incurred in connection with a product ordered by a customer, when the revenue associated with the product is recognized. For the years ended December 31, 2013, 2012 and 2011, the Company incurred research and product development costs, including costs incurred on projects designed to enhance or add to its existing product offerings, totaling approximately $83.1 million, $62.7 million and $60.6 million, respectively. DPS accounted for 73%, 67% and 59% of each respective year’s total costs. | |||||||||||||||||||||
Summary financial data by segment follows: | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
DPS | V&M | PCS | Corporate | Consolidated | |||||||||||||||||
(dollars in millions) | & Other | ||||||||||||||||||||
Revenues | $ | 6,287.50 | $ | 2,085.70 | $ | 1,465.20 | $ | – | $ | 9,838.40 | |||||||||||
Depreciation and amortization | $ | 207.2 | $ | 39.6 | $ | 36.1 | $ | 31.6 | $ | 314.5 | |||||||||||
Interest, net | $ | – | $ | – | $ | – | $ | 100.2 | $ | 100.2 | |||||||||||
Income (loss) before income taxes | $ | 822.6 | $ | 424.2 | $ | 142.8 | $ | (437.1 | ) | $ | 952.5 | ||||||||||
Capital expenditures | $ | 330.2 | $ | 57.9 | $ | 30.4 | $ | 101.5 | $ | 520 | |||||||||||
Total assets | $ | 9,945.40 | $ | 1,809.80 | $ | 2,461.40 | $ | 31.9 | $ | 14,248.50 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
DPS | V&M | PCS | Corporate | Consolidated | |||||||||||||||||
(dollars in millions) | & Other | ||||||||||||||||||||
Revenues | $ | 4,871.30 | $ | 2,142.20 | $ | 1,488.60 | $ | − | $ | 8,502.10 | |||||||||||
Depreciation and amortization | $ | 149.9 | $ | 41.4 | $ | 36.9 | $ | 26.5 | $ | 254.7 | |||||||||||
Interest, net | $ | – | $ | − | $ | – | $ | 90.4 | $ | 90.4 | |||||||||||
Income (loss) before income taxes | $ | 712.3 | $ | 425.8 | $ | 147.1 | $ | (347.2 | ) | $ | 938 | ||||||||||
Capital expenditures | $ | 300 | $ | 29.9 | $ | 28.5 | $ | 68.8 | $ | 427.2 | |||||||||||
Total assets | $ | 6,005.10 | $ | 1,773.00 | $ | 2,576.90 | $ | 803.2 | $ | 11,158.20 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
DPS | V&M | PCS | Corporate | Consolidated | |||||||||||||||||
(dollars in millions) | & Other | ||||||||||||||||||||
Revenues | $ | 4,061.50 | $ | 1,663.00 | $ | 1,234.50 | $ | – | $ | 6,959.00 | |||||||||||
Depreciation and amortization | $ | 111.4 | $ | 40.3 | $ | 37.9 | $ | 17 | $ | 206.6 | |||||||||||
Interest, net | $ | – | $ | – | $ | – | $ | 84 | $ | 84 | |||||||||||
Income (loss) before income taxes | $ | 685.6 | $ | 294.1 | $ | 116 | $ | (444.6 | ) | $ | 651.1 | ||||||||||
Capital expenditures | $ | 255.6 | $ | 34.8 | $ | 21.6 | $ | 76.1 | $ | 388.1 | |||||||||||
Total assets | $ | 4,784.50 | $ | 1,524.60 | $ | 2,101.90 | $ | 950.7 | $ | 9,361.70 | |||||||||||
For internal management reporting, and therefore in the above segment information, Corporate and Other includes expenses associated with the Company’s Corporate office, as well as all of the Company’s interest income, interest expense, certain litigation expense managed by the Company’s General Counsel, foreign currency gains and losses from certain derivative and intercompany lending activities managed by the Company’s centralized Treasury function, all of the Company’s pension settlement costs, asset impairment and restructuring expense, acquisition-related costs and all stock compensation expense of Cameron employees. Consolidated interest income and expense are treated as a Corporate item because cash equivalents, short-term investments and debt, including location, type, currency, etc., are managed on a worldwide basis by the Corporate Treasury Department. In addition, income taxes are managed on a worldwide basis by the Corporate Tax Department and are therefore treated as a corporate item. | |||||||||||||||||||||
Revenue by shipping location and long-lived assets by country were as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||
United States | $ | 4,842.00 | $ | 4,670.50 | $ | 3,868.20 | |||||||||||||||
United Kingdom | 824.8 | 616 | 741.2 | ||||||||||||||||||
Other foreign countries | 4,171.60 | 3,215.60 | 2,349.60 | ||||||||||||||||||
Total revenues | $ | 9,838.40 | $ | 8,502.10 | $ | 6,959.00 | |||||||||||||||
December 31, | |||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||
United States | $ | 2,670.20 | $ | 2,531.70 | $ | 2,411.80 | |||||||||||||||
United Kingdom | 196.7 | 170.2 | 167.4 | ||||||||||||||||||
Other foreign countries | 2,998.50 | 1,322.90 | 845.4 | ||||||||||||||||||
Total long-lived assets | $ | 5,865.40 | $ | 4,024.80 | $ | 3,424.60 |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings per share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Note 16: Earnings Per Share | |||||||||||||
The calculation of basic and diluted earnings per share for each period presented was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(amounts in millions, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income attributable to Cameron | $ | 699.2 | $ | 750.5 | $ | 521.9 | |||||||
Average shares outstanding (basic) | 242 | 246.4 | 245 | ||||||||||
Common stock equivalents | 1.5 | 1.7 | 2.1 | ||||||||||
Incremental shares from assumed conversion of convertible debentures | – | – | 2.1 | ||||||||||
Shares utilized in diluted earnings per share calculation | 243.5 | 248.1 | 249.2 | ||||||||||
Earnings per share attributable to Cameron stockholders: | |||||||||||||
Basic | $ | 2.89 | $ | 3.05 | $ | 2.13 | |||||||
Diluted | $ | 2.87 | $ | 3.02 | $ | 2.09 | |||||||
The Company’s 2.5% Convertible Debentures were included in the calculation of diluted earnings per share for the year ended December 31, 2011, since the average price of the Company’s common stock exceeded the conversion price of the debentures during a portion of the year. These debentures were converted or repurchased by the Company during 2011. |
Summary_of_Noncash_Operating_I
Summary of Non-cash Operating, Investing and Financing Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Non-cash Operating, Investing and Financing Activities [Abstract] | ' | ||||||||||||
Summary of Non-cash Operating, Investing and Financing Activities | ' | ||||||||||||
Note 17: Summary of Non-cash Operating, Investing and Financing Activities | |||||||||||||
The effect on net assets of non-cash operating, investing and financing activities was as follows: | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Impact on net assets of indemnity settlement with BP Exploration and Production, Inc. | $ | – | $ | – | $ | (82.5 | ) | ||||||
Tax benefit of stock compensation plan transactions | $ | 9.5 | $ | 11.5 | $ | 4.9 | |||||||
Change in fair value of derivatives accounted for as cash flow hedges, net of tax | $ | 13.8 | $ | 10.1 | $ | (5.2 | ) | ||||||
Actuarial gain (loss), net, related to defined benefit pension and postretirement benefit plans | $ | 13.6 | $ | (33.3 | ) | $ | (7.7 | ) |
OffBalance_Sheet_Risk_and_Guar
Off-Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Off Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Off-Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||||||
Note 18: Off-Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
Off-Balance Sheet Risk and Guarantees | |||||||||||||||||||||||||||||||||
At December 31, 2013, the Company was contingently liable with respect to approximately $1,124.8 million of bank guarantees and standby letters of credit issued on its behalf by major domestic and international financial institutions in connection with the delivery, installation and performance of the Company’s products under contract with customers throughout the world. The Company was also liable to these financial institutions for financial letters of credit and other guarantees issued on its behalf totaling nearly $21.1 million, which provide security to third parties relating to the Company’s ability to meet specified financial obligations, including payment of leases, customs duties, insurance and other matters. Additionally, the Company was liable for approximately $23.9 million of insurance bonds at December 31, 2013 relating to the requirements in certain foreign jurisdictions where the Company does business that the Company hold insurance bonds rather than bank guarantees. | |||||||||||||||||||||||||||||||||
The Company’s other off-balance sheet risks were not material at December 31, 2013. | |||||||||||||||||||||||||||||||||
Concentrations of Credit Risk and Major Customers | |||||||||||||||||||||||||||||||||
Apart from its normal exposure to its customers, who are predominantly in the energy industry, the Company had no significant concentrations of credit risk at December 31, 2013. The Company typically does not require collateral for its customer trade receivables but does often obtain letters of credit from third party banks as security for future payment on certain large product shipments. Allowances for doubtful accounts are recorded for estimated losses that may result from the inability of customers to make required payments. See Note 4 of the Notes to Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
The Company’s 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 Company’s financial instruments which have been valued at fair value in the Company’s Consolidated Balance Sheets at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Fair Value Based on | Fair Value Based on | Total | |||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | ||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | ||||||||||||||||||||||||||||||||
Assets (Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||
Cash | $ | 617.8 | $ | 447.1 | $ | – | $ | – | $ | 617.8 | $ | 447.1 | |||||||||||||||||||||
Certificates of deposit | – | 0.2 | – | – | – | 0.2 | |||||||||||||||||||||||||||
Money market funds | 1,172.40 | 429.1 | – | – | 1,172.40 | 429.1 | |||||||||||||||||||||||||||
Commercial paper | – | – | 3.9 | 202.7 | 3.9 | 202.7 | |||||||||||||||||||||||||||
U.S. treasury securities | – | 17.6 | – | – | – | 17.6 | |||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | – | – | 41.4 | – | 41.4 | ||||||||||||||||||||||||||||
U.S. corporate obligations | – | 18.9 | – | – | – | 18.9 | |||||||||||||||||||||||||||
Non-U.S. bank and other obligations | 18.8 | 28.8 | – | – | 18.8 | 28.8 | |||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||
Commercial paper | – | – | 253.9 | – | 253.9 | ||||||||||||||||||||||||||||
Certificates of deposit | – | 3 | – | – | – | 3 | |||||||||||||||||||||||||||
U.S. Treasury securities | 41 | 64.5 | – | – | 41 | 64.5 | |||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | – | – | 99.5 | – | 99.5 | ||||||||||||||||||||||||||||
U.S. corporate obligations | – | 96.1 | – | – | – | 96.1 | |||||||||||||||||||||||||||
Non-qualified plan assets: | |||||||||||||||||||||||||||||||||
Money market funds | 1 | 1.1 | – | – | 1 | 1.1 | |||||||||||||||||||||||||||
Domestic bond funds | 2.9 | 2.4 | – | – | 2.9 | 2.4 | |||||||||||||||||||||||||||
International bond fund | 0.3 | 0.1 | – | – | 0.3 | 0.1 | |||||||||||||||||||||||||||
Domestic equity funds | 5.5 | 3.6 | – | – | 5.5 | 3.6 | |||||||||||||||||||||||||||
International equity funds | 2.7 | 2.1 | – | – | 2.7 | 2.1 | |||||||||||||||||||||||||||
Blended equity funds | 3.8 | 2.6 | – | – | 3.8 | 2.6 | |||||||||||||||||||||||||||
Common stock | 2.3 | 2.1 | – | – | 2.3 | 2.1 | |||||||||||||||||||||||||||
Derivatives, net asset (liability): | |||||||||||||||||||||||||||||||||
Foreign currency contracts | – | – | 19 | 19.9 | 19 | 19.9 | |||||||||||||||||||||||||||
$ | 1,868.50 | $ | 1,119.30 | $ | 22.9 | $ | 617.4 | $ | 1,891.40 | $ | 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 funds’ underlying assets. | |||||||||||||||||||||||||||||||||
At December 31, 2013, the fair value of the Company’s fixed-rate debt (based on Level 1 quoted market rates) was approximately $2.66 billion as compared to the $2.50 billion face value of the debt recorded, net of original issue discounts, in the Company’s Consolidated Balance Sheet. At December 31, 2012, the fair value of the Company’s 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 December 31, 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 Company’s United States operations and its wholly-owned subsidiaries in Australia, France, Italy, Malaysia, Norway, 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. 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. 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 foreign currency forward contracts at December 31, 2013 was as follows: | |||||||||||||||||||||||||||||||||
Notional Amount - Buy | Notional Amount - Sell | ||||||||||||||||||||||||||||||||
((in millions) | 2014 | 2015 | 2016 | Total | 2014 | 2015 | 2016 | Total | |||||||||||||||||||||||||
Notional currency in: | |||||||||||||||||||||||||||||||||
Euro | 157.8 | 9.9 | 10.2 | 177.9 | (45.3 | ) | – | – | (45.3 | ) | |||||||||||||||||||||||
Malaysian ringgit | 28.4 | – | – | 28.4 | – | – | – | – | |||||||||||||||||||||||||
Norwegian krone | 1,269.70 | 318.5 | 7.8 | 1,596.00 | (406.4 | ) | (64.4 | ) | – | (470.8 | ) | ||||||||||||||||||||||
Pound Sterling | 113.5 | 17.3 | 0.8 | 131.6 | (1.3 | ) | – | – | (1.3 | ) | |||||||||||||||||||||||
U.S. dollar | 182.1 | – | – | 182.1 | (677.2 | ) | (136.3 | ) | (25.8 | ) | (839.3 | ) | |||||||||||||||||||||
The fair values of derivative financial instruments recorded in the Company’s Consolidated Balance Sheets were as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(dollars in millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts – | |||||||||||||||||||||||||||||||||
Current | $ | 28.3 | $ | 10.4 | $ | 20.4 | $ | 5.7 | |||||||||||||||||||||||||
Non-current | 2.8 | 1.7 | 2.3 | 0.4 | |||||||||||||||||||||||||||||
Total derivatives designated as hedges | 31.1 | 12.1 | 22.7 | 6.1 | |||||||||||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts – | |||||||||||||||||||||||||||||||||
Current | 5.6 | 5.6 | 3.3 | – | |||||||||||||||||||||||||||||
Non-current | – | – | – | – | |||||||||||||||||||||||||||||
Total derivatives not designated as hedges | 5.6 | 5.6 | 3.3 | – | |||||||||||||||||||||||||||||
Total derivatives | $ | 36.7 | $ | 17.7 | $ | 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: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Foreign currency contracts – | |||||||||||||||||||||||||||||||||
Cost of sales | $ | 1.3 | $ | 0.4 | $ | (0.8 | ) | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Foreign currency contracts – | |||||||||||||||||||||||||||||||||
Cost of sales | 7.3 | 1.9 | (0.5 | ) | |||||||||||||||||||||||||||||
Other costs | (1.1 | ) | 15.7 | (9.3 | ) | ||||||||||||||||||||||||||||
Equity call options - | |||||||||||||||||||||||||||||||||
Other costs | – | – | (12.2 | ) | |||||||||||||||||||||||||||||
Interest rate swaps - | |||||||||||||||||||||||||||||||||
Interest, net | – | – | (0.2 | ) | |||||||||||||||||||||||||||||
Total pre-tax gain (loss) | $ | 7.5 | $ | 18 | $ | (23.0 | ) |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 19: Contingencies | |
The Company is subject to a number of contingencies, including litigation, tax contingencies and environmental matters. | |
Litigation | |
The Company also has been and continues to be named as a defendant in a number of multi-defendant, multi-plaintiff tort lawsuits. At December 31, 2013, the Company’s Consolidated Balance Sheet included a liability of approximately $14.8 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 authority’s interpretation of the tax laws and regulations, the Company could be exposed to additional taxes. | |
The Company has been assessed customs duties and penalties by the government of Brazil totaling almost $50.0 million at December 31, 2013, including interest accrued at local country rates, following a customs audit for the years 2003-2010. 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. 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. No amounts have been accrued for this assessment as of December 31, 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 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 December 31, 2013, the Company’s Consolidated Balance Sheet included a noncurrent liability of approximately $3.2 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. 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 property’s 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. 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. The Company is reviewing whether additional remedial measures are appropriate. 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 Company’s Consolidated Balance Sheet included a liability of approximately $7.1 million for these matters as of December 31, 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 20: Subsequent Events | |
On January 20, 2014, the Company announced that it had entered into a definitive agreement to sell its Reciprocating Compression business, a division of the PCS segment, to General Electric for cash consideration of approximately $550 million, subject to closing adjustments. Closing on the sale is expected during the third quarter of 2014. The Company currently expects to report an after-tax loss, including the write-off of non-deductible goodwill, most of which will be reflected in the Company’s financial statements for the first quarter of 2014. The Reciprocating Compression business, which had revenues of nearly $302 million for the year ended December 31, 2013, will be reported as discontinued operations in the Company’s consolidated financial statements beginning in the first quarter of 2014. The Company plans to use the estimated after tax proceeds from the sale to partially fund its existing share repurchase program. | |
At the same time, the Company also announced that it intends to explore strategic alternatives for the Centrifugal Compression business, another of the divisions of the PCS segment, to further enhance the Company’s focus on its core businesses. The Centrifugal Compression division, which had revenues of approximately $398 million for the year ended December 31, 2013, will continue to be reported in the Company’s continuing operations while the Company is exploring the various strategic alternatives for this business. |
Unaudited_Quarterly_Operating_
Unaudited Quarterly Operating Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Unaudited Quarterly Operating Results [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Operating Results | ' | ||||||||||||||||
Note 21: Unaudited Quarterly Operating Results | |||||||||||||||||
Unaudited quarterly operating results were as follows: | |||||||||||||||||
2013 (quarter ended) | |||||||||||||||||
(dollars in millions, except per share data) | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 2,117.70 | $ | 2,287.40 | $ | 2,495.80 | $ | 2,937.50 | |||||||||
Revenues less cost of sales (exclusive of depreciation and amortization) | $ | 623.6 | $ | 662.4 | $ | 715.1 | $ | 821.4 | |||||||||
Other costs | $ | 30.8 | $ | 35.6 | $ | 13.9 | $ | 12.4 | |||||||||
Net income | $ | 148.3 | $ | 140.4 | $ | 192.4 | $ | 243.1 | |||||||||
Net income attributable to noncontrolling interests | $ | – | $ | – | $ | 2.8 | $ | 22.2 | |||||||||
Net income attributable to Cameron | $ | 148.3 | $ | 140.4 | $ | 189.6 | $ | 220.9 | |||||||||
Earnings per share attributable to Cameron stockholders: | |||||||||||||||||
Basic | $ | 0.6 | $ | 0.57 | $ | 0.78 | $ | 0.96 | |||||||||
Diluted | $ | 0.6 | $ | 0.57 | $ | 0.78 | $ | 0.95 | |||||||||
2012 (quarter ended) | |||||||||||||||||
(dollars in millions, except per share data) | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 1,804.30 | $ | 2,053.70 | $ | 2,218.30 | $ | 2,425.80 | |||||||||
Revenues less cost of sales (exclusive of depreciation and amortization) | $ | 523.9 | $ | 604.8 | $ | 650.1 | $ | 699 | |||||||||
Other costs (credits) | $ | (1.5 | ) | $ | 9.9 | $ | 3.4 | $ | 21.7 | ||||||||
Net income attributable to Cameron | $ | 134 | $ | 174.6 | $ | 223.6 | $ | 218.3 | |||||||||
Earnings per share attributable to Cameron stockholders: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.71 | $ | 0.91 | $ | 0.88 | |||||||||
Diluted | $ | 0.54 | $ | 0.7 | $ | 0.9 | $ | 0.88 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts [Text Block] | ' | ||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Balance at beginning | Charged | Charged | Deductions | Translation | Balance | ||||||||||||||||||||
of period | to costs | to other accounts | (a) | at end | |||||||||||||||||||||
and expenses | of period | ||||||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013: | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 7.9 | $ | 14.2 | $ | (0.5 | ) | $ | (0.7 | ) | $ | - | $ | 20.9 | |||||||||||
Allowance for obsolete and excess inventory | $ | 89 | $ | 28.3 | $ | 3.9 | $ | (11.6 | ) | $ | (0.6 | ) | $ | 109 | |||||||||||
YEAR ENDED DECEMBER 31, 2012: | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 9.9 | $ | 0.5 | $ | 0.2 | $ | (2.6 | ) | $ | (0.1 | ) | $ | 7.9 | |||||||||||
Allowance for obsolete and excess inventory | $ | 81.9 | $ | 20.9 | $ | (2.0 | ) | $ | (12.3 | ) | $ | 0.5 | $ | 89 | |||||||||||
YEAR ENDED DECEMBER 31, 2011: | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 14 | $ | 1 | $ | 0.3 | $ | (5.2 | ) | $ | (0.2 | ) | $ | 9.9 | |||||||||||
Allowance for obsolete and excess inventory | $ | 68 | $ | 18.8 | $ | 2 | $ | (6.0 | ) | $ | (0.9 | ) | $ | 81.9 | |||||||||||
___________ | |||||||||||||||||||||||||
(a) | Write-offs of uncollectible receivables, deductions for collections of previously reserved receivables and write-offs of obsolete inventory. |
Summary_of_Major_Accounting_Po1
Summary of Major Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Major Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation — The consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. Investments from 20% to 50% in affiliated companies are accounted for using the equity method. | ||
Estimates in Financial Statements | ' | |
Estimates in Financial Statements — The preparation of the 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 used to determine fair values in purchase 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. | ||
Revenue Recognition | ' | |
Revenue Recognition — The Company generally recognizes revenue, net of sales taxes, once the following four criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery of the equipment has occurred or the customer has taken title and risk of loss or services have been rendered, (iii) the price of the equipment or service is fixed and determinable and (iv) collectibility is reasonably assured. For certain engineering, procurement and construction-type contracts, which typically include the Company’s subsea and drilling systems and processing equipment contracts, revenue is recognized in accordance with accounting rules relating to construction-type and production-type contracts. Under this guidance, the Company recognizes revenue on these contracts based upon completion of milestones using a units-of-completion method. However, for certain specific types of drilling and subsea systems contracts which have different characteristics than our other contracts, we use the cost-to-cost method of accounting. Under the units-of-completion method, revenue and cost of sales are recognized once the manufacturing process is complete for each milestone included in the contract, including customer inspection and acceptance, if required by the contract. Under the cost-to-cost method, revenue and cost of sales are recognized in the ratio of actual costs incurred to date on the project in relation to total estimated project costs. Both methods require the Company to make estimates regarding the total costs of the project, which impacts the amount of gross margin the Company recognizes in each reporting period. The Company routinely, and at least quarterly, reviews its estimates relating to total estimated contract profit or loss and recognizes changes in those estimates as they are determined. Revenue associated with change orders is not included in the calculation of estimated profit on a contract until approved by the customer. Costs associated with unapproved change orders are deferred if (i) the customer acknowledges a change has occurred and (ii) it is probable that the costs will be recoverable from the customer. If these two conditions are not met, the costs are included in the calculation of estimated profit on the project. Anticipated losses on contracts are recorded in full in the period in which they become evident. | ||
Approximately 29%, 23% and 26% of the Company's revenues for the years ended December 31, 2013, 2012 and 2011, respectively, were recognized under the accounting rules for construction-type and production-type contracts. | ||
Shipping and Handling Costs | ' | |
Shipping and Handling Costs — Shipping and handling costs are reflected in the caption entitled “Cost of sales (exclusive of depreciation and amortization shown separately below)” in the accompanying Consolidated Results of Operations statements. | ||
Cash Equivalents and Short-Term Investments | ' | |
Cash Equivalents and Short-Term Investments — Cash equivalents consist of highly liquid investments which are readily convertible to cash and have maturities of three months or less at the time of purchase. Short-term investments consist primarily of commercial paper, U.S. Treasury securities, U.S. non-governmental agency asset-backed securities and corporate debt obligations that have maturities of more than three months but less than one year. All of our short-term investments are classified as available-for-sale and recorded at fair value, with unrealized holding gains and losses recorded as a component of accumulated other comprehensive income (loss). | ||
Allowance for Doubtful Accounts | ' | |
Allowance for Doubtful Accounts — The Company maintains allowances for doubtful accounts for estimated losses that may result from the inability of its customers to make required payments. Such allowances are based upon several factors including, but not limited to, historical experience, the length of time an invoice has been outstanding, responses from customers relating to demands for payment and the current and projected financial condition of specific customers. | ||
Inventories | ' | |
Inventories — Aggregate inventories are carried at cost or, if lower, net realizable value. On the basis of current costs, 49% of inventories at December 31, 2013 and 53% at December 31, 2012 are carried on the last-in, first-out (LIFO) method. For these locations, the use of LIFO results in a better matching of costs and revenues. The remaining inventories, which are generally located outside the United States and Canada, are carried on the first-in, first-out (FIFO) method. The Company provides a reserve for estimated inventory obsolescence or excess quantities on hand equal to the difference between the cost of the inventory and its estimated realizable value. | ||
Plant and Equipment | ' | |
Plant and Equipment — Property, plant and equipment, both owned and under capital lease, are carried at cost. Maintenance and repair costs are expensed as incurred. The cost of renewals, replacements and betterments is capitalized. The Company capitalizes software developed or obtained for internal use. Accordingly, the cost of third-party software, as well as the cost of third-party and internal personnel that are directly involved in application development activities, are capitalized during the application development phase of new software systems projects. Costs during the preliminary project stage and post-implementation stage of new software systems projects, including data conversion and training costs, are expensed as incurred. Depreciation and amortization is provided over the estimated useful lives of the related assets, or in the case of assets under capital leases, over the related lease term, if less, using the straight-line method. The estimated useful lives of the major classes of property, plant and equipment are as follows: | ||
Estimated | ||
Useful Lives | ||
Buildings and leasehold improvements | 10-40 years | |
Machinery, equipment and tooling | 3-18 years | |
Office furniture, software and other | 3-10 years | |
Goodwill and Intangible Assets | ' | |
Goodwill and Intangible Assets — Cameron allocates the purchase price of acquired businesses to their identifiable tangible assets and liabilities, such as accounts receivable, inventory, property, plant and equipment, accounts payable and accrued liabilities, based on their estimated fair values. The Company will also typically allocate a portion of the purchase price to certain identifiable intangible assets, such as noncompete agreements, trademarks, trade names, patents, technology, customer relationships and backlog using various widely accepted valuation techniques such as discounted future cash flows and the relief-from-royalty and excess earnings methods. Each of these methods involves level 3 unobservable market inputs. Any remaining excess of cost over allocated fair values is recorded as goodwill. On many larger acquisitions, Cameron will engage third-party valuation experts to assist in determining the fair values for both the identifiable tangible and intangible assets. Certain estimates and judgments are required in the application of the fair value techniques, including estimates of future cash flows, selling prices, replacement costs, royalty rates for use of assets, economic lives and the selection of a discount rate. | ||
The Company reviews the carrying value of goodwill in accordance with accounting rules on impairment of goodwill, which require that the Company estimate the fair value of each of its reporting units annually, or when impairment indicators exist, and compare such amounts to their respective carrying values to determine if an impairment of goodwill is required. Generally, this review is conducted during the first quarter of each annual period. The estimated fair value of each reporting unit for the 2013, 2012 and 2011 evaluations was determined using discounted future expected cash flows (level 3 unobservable inputs) consistent with the accounting guidance for fair-value measurements. Certain estimates and judgments are required in the application of the fair value models, including, but not limited to, estimates of future cash flows and the selection of a discount rate. At December 31, 2013, the Company’s reporting units for goodwill impairment evaluation purposes were the Drilling, Surface and OneSubsea businesses of the DPS segment, the Engineered Valves, Distributed Valves, Process Valves, Measurement Systems divisions and the Aftermarket Services business of the V&M segment and the Process Systems & Reciprocating Compression, Custom Process Systems and Centrifugal Compression divisions of the PCS segment. See Note 20 of the Notes to Consolidated Financial Statements for further information regarding the Reciprocating Compression and Centrifugal Compression businesses. | ||
The Company’s intangible assets, excluding goodwill, represent purchased patents, trademarks, customer relationships and other identifiable intangible assets. The majority of intangible assets are amortized on a straight-line basis over the years expected to be benefited, generally ranging from 5 to 28 years. Such intangibles are tested for recoverability whenever events or changes in circumstances indicate that their carrying value may not be recoverable. As many areas of the Company’s business rely on patents and proprietary technology, it has followed a policy of seeking patent protection both inside and outside the United States for products and methods that appear to have commercial significance. The costs of developing any intangibles internally, as well as costs of defending such intangibles, are expensed as incurred. No material impairment of intangible assets was required during the years ended December 31, 2013, 2012 or 2011, except as reflected in Note 3 of the Notes to Consolidated Financial Statements. | ||
Long-Lived Assets | ' | |
Long-Lived Assets — In accordance with accounting rules for the impairment or disposal of long-lived assets, such assets, excluding goodwill and indefinite-lived intangibles, to be held and used by the Company are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, the Company bases its evaluation on impairment indicators such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Assets are classified as held for sale when the Company has a plan, approved by the appropriate levels of management, for disposal of such assets and those assets are stated at the lower of carrying value as estimated fair value less estimated costs to sell. No material impairment of long-lived assets was required during the years ended December 31, 2013, 2012 or 2011. | ||
Product Warranty | ' | |
Product Warranty — Estimated warranty costs are accrued either at the time of sale based upon historical experience or, in some cases, when specific warranty problems are encountered. Adjustments to the recorded liability are made periodically to reflect actual experience. | ||
Contingencies | ' | |
Contingencies — The Company accrues for costs relating to litigation, including litigation defense costs, claims, assessments and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. Such estimates may be based on advice from third parties, amounts specified by contract, amounts designated by legal statute or management’s judgment, as appropriate. Revisions to contingent liability reserves are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous assumptions with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known. | ||
Income Taxes | ' | |
Income Taxes — The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Income tax expense includes U.S. and foreign income taxes, including U.S. federal taxes on undistributed earnings of foreign subsidiaries to the extent such earnings are planned to be remitted. Taxes are not provided on the translation component of comprehensive income since the effect of translation is not considered to modify the amount of the earnings that are planned to be remitted. | ||
The Company accounts for uncertainties in its income tax positions in accordance with income tax accounting rules. Interest related to accruals for uncertain tax positions is reflected as a component of interest expense in the Consolidated Results of Operations statement. Penalties on a tax position taken by the Company are reflected as a component of income tax expense in the Consolidated Results of Operations statement. See Note 12 of the Notes to Consolidated Financial Statements for further discussion of the Company’s income taxes. | ||
Environmental Remediation and Compliance | ' | |
Environmental Remediation and Compliance — Environmental remediation and postremediation monitoring costs are accrued when such obligations become probable and reasonably estimable. Such future expenditures are not discounted to their present value. | ||
Pension and Postretirement Benefits Accounting | ' | |
Pension and Postretirement Benefits Accounting — The Company recognizes the funded status of its defined benefit pension and other postretirement benefit plans in its Consolidated Balance Sheets. The measurement date for all of the Company’s plans was December 31, 2013. See Note 8 of the Notes to Consolidated Financial Statements for further information. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation — At December 31, 2013, the Company had grants outstanding under various stock-based employee compensation plans, which are described in further detail in Note 9 of the Notes to Consolidated Financial Statements. Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method required by accounting rules on stock compensation. Under this guidance, the fair value of stock option grants and restricted stock unit awards is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period. | ||
Derivative Financial Instruments | ' | |
Derivative Financial Instruments — Consistent with accounting guidance for derivative instruments and hedging activities, the Company recognizes all derivative financial instruments as assets and liabilities on a gross basis and measures them at fair value. Hedge accounting is only applied when the derivative is deemed highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other elements of comprehensive income (loss) until the underlying transactions are recognized in earnings, at which time any deferred hedging gains or losses are reclassified to earnings in the same income statement caption as impacted by the hedged item. Any ineffective portion of the change in the fair value of a derivative used as a cash flow hedge is recorded in earnings as incurred. The amounts recorded in earnings from ineffectiveness for the years ended December 31, 2013, 2012 and 2011 have not been material. The Company may at times also use forward or option contracts to hedge certain other foreign currency exposures. These contracts are not designated as hedges under the accounting guidance described above. Therefore, the changes in fair value of these contracts are recognized in earnings as they occur and offset gains or losses on the related exposures. | ||
The Company may also periodically use interest rate swaps to modify the interest characteristics of some or all of its fixed or floating rate debt. As these interest rate swaps are generally not designated as hedges, changes in the fair value of these derivatives are recognized as an adjustment to interest expense as they occur. | ||
Foreign Currency | ' | |
Foreign Currency — For most subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: (i) assets and liabilities at year-end exchange rates; (ii) income, expenses and cash flows at monthly average exchange rates or exchange rates in effect on the date of the transaction; and (iii) stockholders’ equity at historical exchange rates. For those subsidiaries where the local currency is the functional currency, the resulting translation adjustment is recorded as a component of accumulated other elements of comprehensive income (loss) in the accompanying Consolidated Balance Sheets. | ||
For certain other subsidiaries and branches, operations are conducted primarily in currencies other than the local currencies, which are therefore the functional currency. Non-functional currency monetary assets and liabilities are remeasured at ending exchange rates. Revenue, expense and gain and loss accounts of these foreign subsidiaries and branches are remeasured at average exchange rates or exchange rates in effect on the date of the transaction. Non-functional currency non-monetary assets and liabilities, and the related revenue, expense, gain and loss accounts are remeasured at historical rates. | ||
Foreign currency gains and losses arising from monetary transactions denominated in a currency other than the functional currency of the entity involved are included in income. The effects of foreign currency transactions were a gain of $0.2 million for the year ended December 31, 2013, a loss of $12.4 million for the year ended December 31, 2012 and a loss of $10.9 million for the year ended December 31, 2011. | ||
Reclassifications and Revisions | ' | |
Reclassifications and Revisions — Certain prior year amounts have been reclassified to conform to the current year presentation. |
Summary_of_Major_Accounting_Po2
Summary of Major Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Major Accounting Policies [Abstract] | ' | |
The estimated useful lives of the major classes of property, plant and equipment | ' | |
The estimated useful lives of the major classes of property, plant and equipment are as follows: | ||
Estimated | ||
Useful Lives | ||
Buildings and leasehold improvements | 10-40 years | |
Machinery, equipment and tooling | 3-18 years | |
Office furniture, software and other | 3-10 years |
Acquisitions_and_OneSubsea_Tab
Acquisitions and OneSubsea (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Acquisitions and OneSubsea [Abstract] | ' | ||||
Preliminary purchase price allocation | ' | ||||
The table below shows the purchase price allocation for the assets received from Schlumberger and the recording of Schlumberger’s cash payment to Cameron and its related noncontrolling interest in OneSubsea (in millions): | |||||
Dr. (Cr.) | |||||
Cash, including cash acquired | $ | 603 | |||
Receivables | 241.6 | ||||
Inventory | 32.4 | ||||
Other current assets | 3.4 | ||||
Plant and equipment | 31.8 | ||||
Goodwill | 1,011.40 | ||||
Intangibles: | |||||
Customer relationships | 350 | ||||
Patents and technology | 220 | ||||
Other | 20 | ||||
Other non-current assets | 10.6 | ||||
Accounts payable and accrued liabilities | (213.5 | ) | |||
Accrued income taxes | (80.4 | ) | |||
Deferred income taxes | (168.3 | ) | |||
Other long-term liabilities | (52.5 | ) | |||
Capital in excess of par value | (1,083.0 | ) | |||
Noncontrolling interests | (926.5 | ) | |||
$ | – |
Other_Costs_Tables
Other Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Costs [Abstract] | ' | ||||||||||||
Schedule of Other Costs | ' | ||||||||||||
Other costs consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
OneSubsea formation and integration costs | $ | 51.8 | $ | 2.7 | $ | – | |||||||
Currency devaluation | 9.5 | – | – | ||||||||||
Acquisition integration costs | 8 | 13.2 | – | ||||||||||
Impairment of intangibles | – | 17.6 | – | ||||||||||
International pension settlement costs | – | 6.6 | – | ||||||||||
Indemnity settlement with BP Exploration and Production Inc. | – | – | 82.5 | ||||||||||
BOP and insurance litigation costs | 3 | 2.5 | 60.7 | ||||||||||
Costs associated with retiring the Company’s 2.5% convertible debentures | – | – | 14.5 | ||||||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges | 1.1 | (15.7 | ) | 9.3 | |||||||||
Severance, restructuring and other costs | 19.3 | 6.6 | 10.4 | ||||||||||
Total other costs | $ | 92.7 | $ | 33.5 | $ | 177.4 |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Receivables consisted of the following: | |||||||||
December 31, | |||||||||
(dollars in millions) | 2013 | 2012 | |||||||
Trade receivables | $ | 2,621.50 | $ | 1,823.20 | |||||
Other receivables | 118.5 | 151.4 | |||||||
Allowance for doubtful accounts | (20.9 | ) | (7.9 | ) | |||||
Total receivables | $ | 2,719.10 | $ | 1,966.70 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
December 31, | |||||||||
(dollars in millions) | 2013 | 2012 | |||||||
Raw materials | $ | 237.7 | $ | 237.9 | |||||
Work-in-process | 894.4 | 902.1 | |||||||
Finished goods, including parts and subassemblies | 2,207.80 | 1,797.90 | |||||||
Other | 21.5 | 14.3 | |||||||
3,361.40 | 2,952.20 | ||||||||
Excess of current standard costs over LIFO costs | (120.0 | ) | (122.0 | ) | |||||
Allowance for obsolete and excess inventory | (109.0 | ) | (89.0 | ) | |||||
Total inventories | $ | 3,132.40 | $ | 2,741.20 |
Plant_and_Equipment_Goodwill_a1
Plant and Equipment, Goodwill and Other Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Plant and Equipment, Goodwill and Intangibles [Abstract] | ' | ||||||||||||||||
Plant and equipment | ' | ||||||||||||||||
Plant and equipment consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||
Land and land improvements | $ | 132.2 | $ | 100 | |||||||||||||
Buildings | 743.7 | 610.5 | |||||||||||||||
Machinery and equipment | 1,661.60 | 1,387.50 | |||||||||||||||
Tooling, dies, patterns, etc. | 208.5 | 205.3 | |||||||||||||||
Office furniture & equipment | 210.4 | 177.1 | |||||||||||||||
Capitalized software | 348.2 | 288.3 | |||||||||||||||
Assets under capital leases | 106.7 | 102.5 | |||||||||||||||
Construction in progress | 230.5 | 251.6 | |||||||||||||||
All other | 28.3 | 33.1 | |||||||||||||||
3,670.10 | 3,155.90 | ||||||||||||||||
Accumulated depreciation | (1,633.2 | ) | (1,390.8 | ) | |||||||||||||
Total plant and equipment, net | $ | 2,036.90 | $ | 1,765.10 | |||||||||||||
Changes in goodwill | ' | ||||||||||||||||
Changes in goodwill during 2013 were as follows: | |||||||||||||||||
(dollars in millions) | DPS | V&M | PCS | Total | |||||||||||||
Balance at December 31, 2012 | $ | 744.4 | $ | 318.8 | $ | 860.7 | $ | 1,923.90 | |||||||||
Current year acquisitions | 1,011.40 | 2.9 | – | 1,014.30 | |||||||||||||
Translation and other | (10.6 | ) | (4.1 | ) | 1.3 | (13.4 | ) | ||||||||||
Balance at December 31, 2013 | $ | 1,745.20 | $ | 317.6 | $ | 862 | $ | 2,924.80 | |||||||||
Intangibles | ' | ||||||||||||||||
Intangibles consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||
Customer relationships | $ | 519.2 | $ | 136.3 | |||||||||||||
Patents and technology | 425.4 | 198 | |||||||||||||||
Trademarks | 69.3 | 71.6 | |||||||||||||||
Noncompete agreements, engineering drawings and other | 103 | 87 | |||||||||||||||
1,116.90 | 492.9 | ||||||||||||||||
Accumulated amortization | (213.2 | ) | (157.1 | ) | |||||||||||||
Total intangibles, net | $ | 903.7 | $ | 335.8 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||||||||||||||||
Accounts payable and accrued liabilities consisted of the following: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||
Trade accounts payable and accruals | $ | 1,184.40 | $ | 925.1 | |||||||||||||||||||
Advances from customers | 1,675.80 | 1,320.10 | |||||||||||||||||||||
Other accruals | 1,023.20 | 800.5 | |||||||||||||||||||||
Total accounts payable and accrued liabilities | $ | 3,883.40 | $ | 3,045.70 | |||||||||||||||||||
Company's Product Warranty Accruals | ' | ||||||||||||||||||||||
Activity during the year associated with the Company’s product warranty accruals was as follows (dollars in millions): | |||||||||||||||||||||||
Balance | Warranty | Acquisitions | Charges | Translation | Balance | ||||||||||||||||||
31-Dec-12 | Provisions | Against | and Other | 31-Dec-13 | |||||||||||||||||||
Accrual | |||||||||||||||||||||||
$ | 67.6 | $ | 42.7 | $ | 1.3 | $ | (66.1 | ) | $ | 0.1 | $ | 45.6 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||||||||||||||||
Total net benefit plan expense (income) | ' | ||||||||||||||||||||||||||||||||
Total net benefit plan expense (income) associated with the Company’s defined benefit pension and postretirement benefit plans consisted of the following: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost | $ | 9.9 | $ | 2.9 | $ | 3.1 | $ | – | $ | − | $ | − | |||||||||||||||||||||
Interest cost | 17.2 | 14.9 | 15.9 | 0.3 | 0.5 | 0.6 | |||||||||||||||||||||||||||
Expected return on plan assets | (21.7 | ) | (17.9 | ) | (18.2 | ) | − | − | |||||||||||||||||||||||||
Amortization of prior service credits | (1.6 | ) | (0.2 | ) | – | (1.1 | ) | (1.3 | ) | (1.3 | ) | ||||||||||||||||||||||
Amortization of losses (gains) | 7.9 | 5.9 | 5.8 | (1.0 | ) | (0.9 | ) | (0.9 | ) | ||||||||||||||||||||||||
Settlement loss | – | 4.5 | – | – | – | – | |||||||||||||||||||||||||||
Other | – | 1.5 | 0.3 | − | − | − | |||||||||||||||||||||||||||
Total net benefit plan expense (income) | $ | 11.7 | $ | 11.6 | $ | 6.9 | $ | (1.8 | ) | $ | (1.7 | ) | $ | (1.6 | ) | ||||||||||||||||||
Schedule of net periodic benefit cost not yet recognized | ' | ||||||||||||||||||||||||||||||||
Included in accumulated other elements of comprehensive income (loss) at December 31, 2013 and 2012 are the following amounts that have not yet been recognized in net periodic benefit plan cost, as well as the amounts that are expected to be recognized in net periodic benefit plan cost during the year ending December 31, 2014: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | Year Ending | |||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Before Tax | After Tax | Before Tax | After Tax | Expected | ||||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||||||
Pension benefits: | |||||||||||||||||||||||||||||||||
Prior service credits | $ | 21.7 | $ | 17.4 | $ | 0.5 | $ | 0.4 | $ | (2.5 | ) | ||||||||||||||||||||||
Actuarial losses, net | (118.6 | ) | (94.3 | ) | (125.6 | ) | (95.2 | ) | 9 | ||||||||||||||||||||||||
Postretirement benefits: | |||||||||||||||||||||||||||||||||
Prior service credits | 3.1 | 2 | 4.3 | 2.7 | (0.8 | ) | |||||||||||||||||||||||||||
Actuarial gains | 9 | 5.7 | 8.7 | 5.5 | (1.1 | ) | |||||||||||||||||||||||||||
$ | (84.8 | ) | $ | (69.2 | ) | $ | (112.1 | ) | $ | (86.6 | ) | $ | 4.6 | ||||||||||||||||||||
Schedule of changes in benefit obligations | ' | ||||||||||||||||||||||||||||||||
The change in the projected benefit obligation associated with the Company’s defined benefit pension plans and the change in the accumulated benefit obligation associated with the Company’s postretirement benefit plans was as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 387 | $ | 297.1 | $ | 12.6 | $ | 14.1 | |||||||||||||||||||||||||
Service cost | 9.9 | 2.9 | − | − | |||||||||||||||||||||||||||||
Interest cost | 17.2 | 14.9 | 0.3 | 0.5 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 1 | 0.8 | − | − | |||||||||||||||||||||||||||||
Actuarial losses (gains) | 12 | 43.9 | (1.2 | ) | (0.9 | ) | |||||||||||||||||||||||||||
Exchange rate changes | 5.1 | 13.9 | − | − | |||||||||||||||||||||||||||||
Benefits and expenses paid from plan assets | (14.5 | ) | (9.2 | ) | (1.2 | ) | (1.2 | ) | |||||||||||||||||||||||||
Plan amendments | (21.6 | ) | – | 0.1 | |||||||||||||||||||||||||||||
Acquisitions | 67.3 | – | – | – | |||||||||||||||||||||||||||||
Settlements | – | (14.7 | ) | – | – | ||||||||||||||||||||||||||||
Other | 25.1 | 37.4 | − | − | |||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 488.5 | $ | 387 | $ | 10.5 | $ | 12.6 | |||||||||||||||||||||||||
Schedule of changes in fair value of plan assets | ' | ||||||||||||||||||||||||||||||||
The change in the plan assets associated with the Company’s defined benefit pension and postretirement benefit plans was as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 317.7 | $ | 275.9 | $ | – | $ | − | |||||||||||||||||||||||||
Actual return on plan assets | 41.1 | 23.3 | − | − | |||||||||||||||||||||||||||||
Company contributions | 13.6 | 12.3 | 1.2 | 1.2 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 1 | 0.8 | − | − | |||||||||||||||||||||||||||||
Exchange rate changes | 6.2 | 12.7 | − | − | |||||||||||||||||||||||||||||
Benefits and expenses paid from plan assets | (14.5 | ) | (9.2 | ) | (1.2 | ) | (1.2 | ) | |||||||||||||||||||||||||
Acquisitions | 46.3 | – | – | – | |||||||||||||||||||||||||||||
Settlements | – | (14.7 | ) | – | – | ||||||||||||||||||||||||||||
Other | 21 | 16.6 | − | − | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 432.4 | $ | 317.7 | $ | − | $ | − | |||||||||||||||||||||||||
Status of underfunded defined benefit pension and postretirement benefit plans | ' | ||||||||||||||||||||||||||||||||
The status of the Company’s underfunded defined benefit pension and postretirement benefit plans was as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Current | $ | (1.1 | ) | $ | (0.9 | ) | $ | (1.5 | ) | $ | (1.6 | ) | |||||||||||||||||||||
Non-current | (55.0 | ) | (68.4 | ) | (9.0 | ) | (11.0 | ) | |||||||||||||||||||||||||
Underfunded status at end of year | $ | (56.1 | ) | $ | (69.3 | ) | $ | (10.5 | ) | $ | (12.6 | ) | |||||||||||||||||||||
Schedule of actual asset investment allocations | ' | ||||||||||||||||||||||||||||||||
Actual asset investment allocations for the Company’s main defined benefit pension plan in the United Kingdom, which accounts for approximately 78% of total plan assets, were as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
U.K. plan: | |||||||||||||||||||||||||||||||||
Equity securities | 60 | % | 54 | % | 53 | % | |||||||||||||||||||||||||||
Fixed income debt securities, cash and other | 40 | % | 46 | % | 47 | % | |||||||||||||||||||||||||||
Schedule of fair values of plan assets | ' | ||||||||||||||||||||||||||||||||
The fair values of the Company’s pension plan assets by asset category at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||
Fair Value Based on | Fair Value Based on | Fair Value Based | Total | ||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | on Significant | |||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.6 | $ | 1.6 | $ | – | $ | – | $ | – | $ | – | $ | 1.6 | $ | 1.6 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
U.S. equities | – | – | 83 | 65.5 | – | – | 83 | 65.5 | |||||||||||||||||||||||||
Non-U.S. equities | – | – | 125.4 | 98.1 | – | – | 125.4 | 98.1 | |||||||||||||||||||||||||
Bonds: | |||||||||||||||||||||||||||||||||
Non-U.S. government bonds | – | – | 92 | 30.1 | – | – | 92 | 30.1 | |||||||||||||||||||||||||
Non-U.S. corporate bonds | – | – | 25.7 | 94.1 | – | – | 25.7 | 94.1 | |||||||||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||||||||||
Insurance contracts | – | – | – | – | 90.6 | 15.6 | 90.6 | 15.6 | |||||||||||||||||||||||||
Real estate and other | – | – | – | – | 14.1 | 12.7 | 14.1 | 12.7 | |||||||||||||||||||||||||
Total assets | $ | 1.6 | $ | 1.6 | $ | 326.1 | $ | 287.8 | $ | 104.7 | $ | 28.3 | $ | 432.4 | $ | 317.7 | |||||||||||||||||
Changes in the fair value of pension plan assets determined based on level 3 unobservable inputs | ' | ||||||||||||||||||||||||||||||||
Changes in the fair value of pension plan assets determined based on level 3 unobservable inputs were as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 28.3 | $ | 19.7 | |||||||||||||||||||||||||||||
Purchases/sales, net | 7.2 | 7.7 | |||||||||||||||||||||||||||||||
Other plan additions | 67.5 | – | |||||||||||||||||||||||||||||||
Actual return on plan assets | 3.1 | 0.2 | |||||||||||||||||||||||||||||||
Currency impact | (1.4 | ) | 0.7 | ||||||||||||||||||||||||||||||
Balance at end of the year | $ | 104.7 | $ | 28.3 | |||||||||||||||||||||||||||||
Weighted-average assumptions associated with defined benefit pension and postretirement benefit plans | ' | ||||||||||||||||||||||||||||||||
The weighted-average assumptions associated with the Company’s defined benefit pension and postretirement benefit plans were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Assumptions related to net benefit costs: | |||||||||||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||||||||||
Discount rate | 2.75 | % | 3.5 | % | 2.75 | % | 3.5 | % | |||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | 1/1/13 | 1/1/12 | |||||||||||||||||||||||||||||
Foreign plans: | |||||||||||||||||||||||||||||||||
Discount rate | 2.25-6.75 | % | 5.0-5.75 | % | – | – | |||||||||||||||||||||||||||
Expected return on plan assets | 3.50-6.75 | % | 4.75-6.5 | % | – | – | |||||||||||||||||||||||||||
Rate of compensation increase | 3.0-4.5 | % | 3.0-4.25 | % | – | – | |||||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | – | – | |||||||||||||||||||||||||||||
Assumptions related to end-of-period benefit obligations: | |||||||||||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||||||||||
Discount rate | 3.75 | % | 2.75 | % | 3.75 | % | 2.75 | % | |||||||||||||||||||||||||
Health care cost trend rate | – | – | 7.5 | % | 8 | % | |||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/13 | 12/31/12 | |||||||||||||||||||||||||||||
Foreign plans: | |||||||||||||||||||||||||||||||||
Discount rate | 3.5-5.25 | % | 2.25-6.75 | % | – | – | |||||||||||||||||||||||||||
Rate of compensation increase | 2.25-4.5 | % | 3.0-4.5 | % | – | – | |||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | – | – | |||||||||||||||||||||||||||||
Projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets | ' | ||||||||||||||||||||||||||||||||
Amounts applicable to the Company’s pension plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets were as follows: | |||||||||||||||||||||||||||||||||
Projected Benefit | Accumulated Benefit | ||||||||||||||||||||||||||||||||
Obligation in Excess | Obligation in Excess | ||||||||||||||||||||||||||||||||
of Plan Assets | of Plan Assets | ||||||||||||||||||||||||||||||||
at December 31, | at December 31, | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Fair value of applicable plan assets | $ | 96.5 | $ | 312.3 | $ | 42.4 | $ | 18.4 | |||||||||||||||||||||||||
Projected benefit obligation of applicable plans | $ | 172.1 | $ | 381.5 | – | – | |||||||||||||||||||||||||||
Accumulated benefit obligation of applicable plans | – | – | $ | 83.7 | $ | 53.5 | |||||||||||||||||||||||||||
Future expected benefit payments | ' | ||||||||||||||||||||||||||||||||
Future expected benefit payments are as follows: | |||||||||||||||||||||||||||||||||
(dollars in millions) | Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||||||||||
2014 | $ | 15.3 | $ | 1.5 | |||||||||||||||||||||||||||||
2015 | $ | 16.6 | $ | 1.4 | |||||||||||||||||||||||||||||
2016 | $ | 17.3 | $ | 1.3 | |||||||||||||||||||||||||||||
2017 | $ | 18.1 | $ | 1.1 | |||||||||||||||||||||||||||||
2018 | $ | 19.3 | $ | 1 | |||||||||||||||||||||||||||||
2019 - 2023 | $ | 110.4 | $ | 3.6 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Total compensation expense for all stock-based compensation plans | ' | ||||||||||||||||
Stock-based compensation expense recognized was as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||
Outstanding restricted and deferred stock units and awards | $ | 40.2 | $ | 32.6 | $ | 25.6 | |||||||||||
Unvested outstanding stock options | 13.6 | 12.1 | 11.1 | ||||||||||||||
Total stock-based compensation expense | $ | 53.8 | $ | 44.7 | $ | 36.7 | |||||||||||
Summary of activity in all stock based compensation plans | ' | ||||||||||||||||
A summary of option activity under the Company’s stock compensation plans as of and for the year ended December 31, 2013 is presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (dollars in | |||||||||||||||
Term | millions) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at January 1, 2013 | 4,769,643 | $ | 42.94 | 5.02 | $ | 64.5 | |||||||||||
Granted | 684,232 | 64.97 | |||||||||||||||
Exercised | (1,178,359 | ) | 37.61 | ||||||||||||||
Forfeited | (71,923 | ) | 52.76 | ||||||||||||||
Expired | (6,500 | ) | 15.08 | ||||||||||||||
Outstanding at December 31, 2013 | 4,197,093 | $ | 47.92 | 5.63 | $ | 52.5 | |||||||||||
Vested at December 31, 2013 or expected to vest in the future | 4,186,602 | $ | 47.88 | 5.62 | $ | 52.5 | |||||||||||
Exercisable at December 31, 2013 | 2,875,267 | $ | 42.42 | 4.05 | $ | 49.2 | |||||||||||
Share-based payment award, stock options, valuation assumptions | ' | ||||||||||||||||
The fair values per share of option grants for the years ended December 31, 2013, 2012 and 2011 were estimated using the Black-Scholes-Merton option pricing formula with the following weighted-average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected life (in years) | 3.2 | 3.2 | 2.8 | ||||||||||||||
Risk-free interest rate | 0.67 | % | 0.37 | % | 0.38 | % | |||||||||||
Volatility | 34.3 | % | 39.4 | % | 42.6 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Share-based payment award, options, grants in period, grant date intrinsic value | ' | ||||||||||||||||
The above assumptions and market prices of the Company’s common stock at the date of option exercises resulted in the following values: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Grant-date fair value per option | $ | 16.19 | $ | 15.68 | $ | 14.47 | |||||||||||
Intrinsic value of options exercised (dollars in millions) | $ | 30.9 | $ | 33.7 | $ | 31.5 | |||||||||||
Average intrinsic value per share of options exercised | $ | 26.3 | $ | 23.39 | $ | 26.79 | |||||||||||
Restricted and deferred stock units granted and vesting | ' | ||||||||||||||||
Information on restricted and deferred stock units granted and vesting during the three years ended December 31, 2013 follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Number of units granted with performance conditions | 185,992 | 211,244 | 139,191 | ||||||||||||||
Intrinsic value of units vesting (dollars in millions) | $ | 46 | $ | 38.2 | $ | 36.9 | |||||||||||
Total number of units granted | 838,207 | 674,578 | 682,246 | ||||||||||||||
Weighted average grant date fair value per unit | $ | 57.95 | $ | 50.44 | $ | 50.67 | |||||||||||
Stock Options [Member] | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Total unrecognized compensation expense for all stock-based compensation plans | ' | ||||||||||||||||
At | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Stock-based compensation cost not yet recognized under the straight-line method (dollars in millions) | $ | 12.8 | |||||||||||||||
Weighted-average remaining expense recognition period (in years) | 1.77 | ||||||||||||||||
Restricted and Deferred Stock Units [Member] | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Total unrecognized compensation expense for all stock-based compensation plans | ' | ||||||||||||||||
At | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Stock-based compensation cost not yet recognized under the straight-line method (dollars in millions) | $ | 38.8 | |||||||||||||||
Weighted-average remaining expense recognition period (in years) | 1.61 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt [Abstract] | ' | ||||||||||||
Debt obligations | ' | ||||||||||||
The Company’s debt obligations were as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||
Senior notes: | |||||||||||||
Floating rate notes due June 2, 2014 | $ | 250 | $ | 250 | |||||||||
1.6% notes due April 30, 2015 | 250 | 250 | |||||||||||
1.15% notes due December 15, 2016 | 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 | |||||||||||
4.0% notes due December 15, 2023 | 250 | – | |||||||||||
7.0% notes due July 15, 2038 | 300 | 300 | |||||||||||
5.95% notes due June 1, 2041 | 250 | 250 | |||||||||||
5.125% notes due December 15, 2043 | 250 | – | |||||||||||
Unamortized original issue discount | (7.0 | ) | (4.1 | ) | |||||||||
Other debt | 56.6 | 19.6 | |||||||||||
Obligations under capital leases | 60.2 | 60.7 | |||||||||||
2,859.80 | 2,076.20 | ||||||||||||
Current maturities | (297.0 | ) | (29.2 | ) | |||||||||
Long-term maturities | $ | 2,562.80 | $ | 2,047.00 | |||||||||
Interest expensed and paid | ' | ||||||||||||
Information on interest expensed and paid during the three years ended December 31, 2013 was as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Interest expensed | $ | 114.5 | $ | 104.4 | $ | 92.4 | |||||||
Interest paid | $ | 105.1 | $ | 96.7 | $ | 102.8 |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Future minimum lease payments for capital leases and noncancelable operating leases | ' | ||||||||
Future minimum lease payments with respect to capital leases and operating leases with noncancelable terms in excess of one year were as follows: | |||||||||
Capital | Operating | ||||||||
(dollars in millions) | Lease Payments | Lease Payments | |||||||
Year ending December 31: | |||||||||
2014 | $ | 16.8 | $ | 105.9 | |||||
2015 | 14.4 | 84.8 | |||||||
2016 | 10.8 | 80.8 | |||||||
2017 | 7.6 | 65.3 | |||||||
2018 | 4.3 | 51.7 | |||||||
Thereafter | 64.6 | 390.7 | |||||||
Future minimum lease payments | 118.5 | 779.2 | |||||||
Less: amount representing interest | (58.3 | ) | – | ||||||
Lease obligations at December 31, 2013 | $ | 60.2 | $ | 779.2 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Components of income before income taxes | ' | ||||||||||||
The components of income before income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
U.S. operations | $ | 284.1 | $ | 745.9 | $ | 590.3 | |||||||
Foreign operations | 668.4 | 192.1 | 60.8 | ||||||||||
Income before income taxes | $ | 952.5 | $ | 938 | $ | 651.1 | |||||||
Provision for income taxes | ' | ||||||||||||
The provisions for income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
U.S. federal | $ | 20.7 | $ | 123.4 | $ | 46.6 | |||||||
U.S. state and local | 13.1 | 9.4 | 5.3 | ||||||||||
Foreign | 177.1 | 140.1 | 96.4 | ||||||||||
210.9 | 272.9 | 148.3 | |||||||||||
Deferred: | |||||||||||||
U.S. federal | 31.5 | (35.8 | ) | 5.9 | |||||||||
U.S. state and local | 2.3 | (2.3 | ) | 2.1 | |||||||||
Foreign | (16.4 | ) | (47.3 | ) | (27.1 | ) | |||||||
17.4 | (85.4 | ) | (19.1 | ) | |||||||||
Income tax provision | $ | 228.3 | $ | 187.5 | $ | 129.2 | |||||||
Effective income tax rate reconciliation | ' | ||||||||||||
The reasons for the differences between the provision for income taxes and income taxes using the U.S. federal income tax rate were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 1.05 | 0.57 | 1.03 | ||||||||||
Foreign statutory rate differential | (10.70 | ) | (9.22 | ) | (7.30 | ) | |||||||
Change in valuation allowance on deferred tax assets | (1.51 | ) | 5.92 | (8.89 | ) | ||||||||
Nondeductible expenses | 1 | 0.74 | 2.47 | ||||||||||
Net U.S. tax on foreign source income | (2.95 | ) | (10.92 | ) | (1.67 | ) | |||||||
All other | 2.11 | (2.09 | ) | (0.80 | ) | ||||||||
Total | 24 | % | 20 | % | 19.84 | % | |||||||
Total income taxes paid (dollars in millions) | $ | 329.4 | $ | 239.5 | $ | 121.2 | |||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||
Components of deferred tax assets (liabilities) were as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Plant and equipment | $ | (171.0 | ) | $ | (150.3 | ) | |||||||
Intangible assets | (251.3 | ) | (106.7 | ) | |||||||||
Other | (16.0 | ) | (17.1 | ) | |||||||||
Total deferred tax liabilities | (438.3 | ) | (274.1 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Inventory | 20.3 | 5.6 | |||||||||||
Postretirement benefits other than pensions | 11.7 | 11.7 | |||||||||||
Reserves and accruals | 92.9 | 137.5 | |||||||||||
Net operating losses and tax credits | 246.4 | 276.6 | |||||||||||
Pensions | 15.7 | 25.8 | |||||||||||
Other | 17.2 | 12.7 | |||||||||||
Total deferred tax assets | 404.2 | 469.9 | |||||||||||
Valuation allowance | (58.9 | ) | (84.2 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | (93.0 | ) | $ | 111.6 | ||||||||
Changes in unrecognized tax benefits | ' | ||||||||||||
Changes in the Company’s accruals for unrecognized tax benefits were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 121 | $ | 148.4 | $ | 68.4 | |||||||
Increases in estimates for tax positions taken prior to the current year | – | – | 6.6 | ||||||||||
Decreases in estimates for tax positions taken prior to the current year | – | (11.3 | ) | (2.4 | ) | ||||||||
Increases due to tax positions taken during the current year | 3 | – | 76.1 | ||||||||||
Decreases relating to settlements with tax authorities | (19.2 | ) | (10.1 | ) | (2.3 | ) | |||||||
Decreases resulting from the lapse of applicable statutes of limitation | – | (6.5 | ) | (0.1 | ) | ||||||||
Net increases (decreases) due to translation and interest | (2.2 | ) | 0.5 | 2.1 | |||||||||
Balance at end of year | $ | 102.6 | $ | 121 | $ | 148.4 | |||||||
Summary of income tax examinations | ' | ||||||||||||
The Company and its subsidiaries file income tax returns in the United States, various domestic states and localities and in many foreign jurisdictions. The earliest years’ tax returns filed by the Company that are still subject to examination by authorities in the major tax jurisdictions are as follows: | |||||||||||||
United States | United Kingdom | Canada | France | Germany | Norway | Singapore | Italy | ||||||
2000 | 2007 | 2006 | 2010 | 2008 | 2010 | 2004 | 2007 | ||||||
Summary of valuation allowance | ' | ||||||||||||
Changes in the Company’s valuation allowances against these net operating loss and credit carryforwards and other deferred tax assets were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 84.2 | $ | 29.7 | $ | 96.2 | |||||||
Valuation allowances for unutilized net operating losses and excess foreign tax credits generated in the current year | 10.7 | 35.9 | – | ||||||||||
Valuation allowances on foreign tax credits associated with a prior year | 4.5 | 19.5 | – | ||||||||||
Reduction in valuation allowances due to utilization of prior years’ net operating losses and excess foreign tax credits | (20.3 | ) | – | (57.9 | ) | ||||||||
Write-off of valuation allowances and associated deferred tax assets for certain losses that have no possibility of being utilized | (18.8 | ) | – | (6.0 | ) | ||||||||
Effect of translation | (1.4 | ) | (0.9 | ) | (2.6 | ) | |||||||
Balance at end of year | $ | 58.9 | $ | 84.2 | $ | 29.7 | |||||||
Summary of tax credit carryforwards | ' | ||||||||||||
Tax attribute carryforwards which are available for use on future income tax returns at December 31, 2013 are as follows: | |||||||||||||
(dollars in millions) | Domestic | Foreign | Expiration | ||||||||||
Net operating losses - regular income tax | $ | – | $ | 516.8 | 2014 - Indefinite | ||||||||
Net operating losses – state income tax | $ | 3.5 | $ | – | 2016 - 2027 | ||||||||
Foreign tax credits | $ | 124.1 | $ | – | 2016 - 2022 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||
Changes in number of shares in stockholders' equity | ' | ||||||||||||
Changes in the number of shares of the Company’s outstanding stock for the last three years were as follows: | |||||||||||||
Common | Treasury | Shares | |||||||||||
Stock | Stock | Outstanding | |||||||||||
Balance - December 31, 2010 | 263,111,472 | (19,197,642 | ) | 243,913,830 | |||||||||
Purchase of treasury stock | – | (49,000 | ) | (49,000 | ) | ||||||||
Stock issued under stock compensation plans | – | 1,667,245 | 1,667,245 | ||||||||||
Balance - December 31, 2011 | 263,111,472 | (17,579,397 | ) | 245,532,075 | |||||||||
Purchase of treasury stock | – | (412,800 | ) | (412,800 | ) | ||||||||
Stock issued under stock compensation plans | – | 1,576,861 | 1,576,861 | ||||||||||
Balance - December 31, 2012 | 263,111,472 | (16,415,336 | ) | 246,696,136 | |||||||||
Purchase of treasury stock | – | (26,955,623 | ) | (26,955,623 | ) | ||||||||
Stock issued under stock compensation plans | – | 1,687,795 | 1,687,795 | ||||||||||
Balance - December 31, 2013 | 263,111,472 | (41,683,164 | ) | 221,428,308 |
Accumulated_Other_Elements_of_1
Accumulated Other Elements of Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accumulated Other Elements of Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Components of accumulated other elements of comprehensive income (loss) | ' | ||||||||||||||||||||
Accumulated other elements of comprehensive income (loss) comprised the following: | |||||||||||||||||||||
(dollars in millions) | Accumulated | Prior Service | Accumulated | Total | Other | ||||||||||||||||
Foreign | Credits and | Gain (Loss) | Comprehensive | ||||||||||||||||||
Currency | Net Actuarial | on Cash | Income | ||||||||||||||||||
Translation | Losses | Flow Hedges | |||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||
Balance at December 31, 2010 | $ | 31.5 | $ | (51.5 | ) | $ | (7.1 | ) | $ | (27.1 | ) | ||||||||||
Foreign currency translation gain (loss) | (60.2 | ) | – | – | (60.2 | ) | $ | (60.2 | ) | ||||||||||||
Actuarial gains (losses) recognized in other comprehensive income, net of tax | – | (7.7 | ) | – | (7.7 | ) | (7.7 | ) | |||||||||||||
Amortization of actuarial (gains) losses, net of tax | – | 3 | – | 3 | 3 | ||||||||||||||||
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | – | – | (5.2 | ) | (5.2 | ) | (5.2 | ) | |||||||||||||
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | 6.4 | 6.4 | 6.4 | ||||||||||||||||||
Balance at December 31, 2011 | (28.7 | ) | (56.2 | ) | (5.9 | ) | (90.8 | ) | $ | (63.7 | ) | ||||||||||
Foreign currency translation gain (loss) | 74.6 | – | – | 74.6 | $ | 74.6 | |||||||||||||||
Actuarial gains (losses) recognized in other comprehensive income, net of tax | – | (33.3 | ) | – | (33.3 | ) | (33.3 | ) | |||||||||||||
Amortization of actuarial (gains) losses, net of tax | – | 2.9 | – | 2.9 | 2.9 | ||||||||||||||||
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | – | – | 10.1 | 10.1 | 10.1 | ||||||||||||||||
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | – | – | 6.5 | 6.5 | 6.5 | ||||||||||||||||
Balance at December 31, 2012 | 45.9 | (86.6 | ) | 10.7 | (30.0 | ) | $ | 60.8 | |||||||||||||
Foreign currency translation gain (loss) | (94.3 | ) | – | – | (94.3 | ) | $ | (94.3 | ) | ||||||||||||
Actuarial gains (losses) recognized in other comprehensive income, net of tax | – | 39.7 | – | 39.7 | 39.7 | ||||||||||||||||
Amortization of actuarial (gains) losses, net of tax | – | 1.9 | – | 1.9 | 1.9 | ||||||||||||||||
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | – | – | 6.5 | 6.5 | 6.5 | ||||||||||||||||
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | – | – | (3.3 | ) | (3.3 | ) | (3.3 | ) | |||||||||||||
Balance of December 31, 2013 | $ | (48.4 | ) | $ | (45.0 | ) | $ | 13.9 | $ | (79.5 | ) | $ | (49.5 | ) |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Segments [Abstract] | ' | ||||||||||||||||||||
Summary financial data by segment | ' | ||||||||||||||||||||
Summary financial data by segment follows: | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
DPS | V&M | PCS | Corporate | Consolidated | |||||||||||||||||
(dollars in millions) | & Other | ||||||||||||||||||||
Revenues | $ | 6,287.50 | $ | 2,085.70 | $ | 1,465.20 | $ | – | $ | 9,838.40 | |||||||||||
Depreciation and amortization | $ | 207.2 | $ | 39.6 | $ | 36.1 | $ | 31.6 | $ | 314.5 | |||||||||||
Interest, net | $ | – | $ | – | $ | – | $ | 100.2 | $ | 100.2 | |||||||||||
Income (loss) before income taxes | $ | 822.6 | $ | 424.2 | $ | 142.8 | $ | (437.1 | ) | $ | 952.5 | ||||||||||
Capital expenditures | $ | 330.2 | $ | 57.9 | $ | 30.4 | $ | 101.5 | $ | 520 | |||||||||||
Total assets | $ | 9,945.40 | $ | 1,809.80 | $ | 2,461.40 | $ | 31.9 | $ | 14,248.50 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
DPS | V&M | PCS | Corporate | Consolidated | |||||||||||||||||
(dollars in millions) | & Other | ||||||||||||||||||||
Revenues | $ | 4,871.30 | $ | 2,142.20 | $ | 1,488.60 | $ | − | $ | 8,502.10 | |||||||||||
Depreciation and amortization | $ | 149.9 | $ | 41.4 | $ | 36.9 | $ | 26.5 | $ | 254.7 | |||||||||||
Interest, net | $ | – | $ | − | $ | – | $ | 90.4 | $ | 90.4 | |||||||||||
Income (loss) before income taxes | $ | 712.3 | $ | 425.8 | $ | 147.1 | $ | (347.2 | ) | $ | 938 | ||||||||||
Capital expenditures | $ | 300 | $ | 29.9 | $ | 28.5 | $ | 68.8 | $ | 427.2 | |||||||||||
Total assets | $ | 6,005.10 | $ | 1,773.00 | $ | 2,576.90 | $ | 803.2 | $ | 11,158.20 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
DPS | V&M | PCS | Corporate | Consolidated | |||||||||||||||||
(dollars in millions) | & Other | ||||||||||||||||||||
Revenues | $ | 4,061.50 | $ | 1,663.00 | $ | 1,234.50 | $ | – | $ | 6,959.00 | |||||||||||
Depreciation and amortization | $ | 111.4 | $ | 40.3 | $ | 37.9 | $ | 17 | $ | 206.6 | |||||||||||
Interest, net | $ | – | $ | – | $ | – | $ | 84 | $ | 84 | |||||||||||
Income (loss) before income taxes | $ | 685.6 | $ | 294.1 | $ | 116 | $ | (444.6 | ) | $ | 651.1 | ||||||||||
Capital expenditures | $ | 255.6 | $ | 34.8 | $ | 21.6 | $ | 76.1 | $ | 388.1 | |||||||||||
Total assets | $ | 4,784.50 | $ | 1,524.60 | $ | 2,101.90 | $ | 950.7 | $ | 9,361.70 | |||||||||||
Revenue by shipping location and long-lived assets by country | ' | ||||||||||||||||||||
Revenue by shipping location and long-lived assets by country were as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||
United States | $ | 4,842.00 | $ | 4,670.50 | $ | 3,868.20 | |||||||||||||||
United Kingdom | 824.8 | 616 | 741.2 | ||||||||||||||||||
Other foreign countries | 4,171.60 | 3,215.60 | 2,349.60 | ||||||||||||||||||
Total revenues | $ | 9,838.40 | $ | 8,502.10 | $ | 6,959.00 | |||||||||||||||
December 31, | |||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||
United States | $ | 2,670.20 | $ | 2,531.70 | $ | 2,411.80 | |||||||||||||||
United Kingdom | 196.7 | 170.2 | 167.4 | ||||||||||||||||||
Other foreign countries | 2,998.50 | 1,322.90 | 845.4 | ||||||||||||||||||
Total long-lived assets | $ | 5,865.40 | $ | 4,024.80 | $ | 3,424.60 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings per share [Abstract] | ' | ||||||||||||
Calculation of basic and diluted earnings per share | ' | ||||||||||||
The calculation of basic and diluted earnings per share for each period presented was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(amounts in millions, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income attributable to Cameron | $ | 699.2 | $ | 750.5 | $ | 521.9 | |||||||
Average shares outstanding (basic) | 242 | 246.4 | 245 | ||||||||||
Common stock equivalents | 1.5 | 1.7 | 2.1 | ||||||||||
Incremental shares from assumed conversion of convertible debentures | – | – | 2.1 | ||||||||||
Shares utilized in diluted earnings per share calculation | 243.5 | 248.1 | 249.2 | ||||||||||
Earnings per share attributable to Cameron stockholders: | |||||||||||||
Basic | $ | 2.89 | $ | 3.05 | $ | 2.13 | |||||||
Diluted | $ | 2.87 | $ | 3.02 | $ | 2.09 |
Summary_of_Noncash_Operating_I1
Summary of Non-cash Operating, Investing and Financing Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Non-cash Operating, Investing and Financing Activities [Abstract] | ' | ||||||||||||
Effects on net assets of non-cash operating, investing and financing activities | ' | ||||||||||||
The effect on net assets of non-cash operating, investing and financing activities was as follows: | |||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Impact on net assets of indemnity settlement with BP Exploration and Production, Inc. | $ | – | $ | – | $ | (82.5 | ) | ||||||
Tax benefit of stock compensation plan transactions | $ | 9.5 | $ | 11.5 | $ | 4.9 | |||||||
Change in fair value of derivatives accounted for as cash flow hedges, net of tax | $ | 13.8 | $ | 10.1 | $ | (5.2 | ) | ||||||
Actuarial gain (loss), net, related to defined benefit pension and postretirement benefit plans | $ | 13.6 | $ | (33.3 | ) | $ | (7.7 | ) |
OffBalance_Sheet_Risk_and_Guar1
Off-Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Off Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair value of financial instruments in the balance sheet | ' | ||||||||||||||||||||||||||||||||
Following is a summary of the Company’s financial instruments which have been valued at fair value in the Company’s Consolidated Balance Sheets at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Fair Value Based on | Fair Value Based on | Total | |||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | ||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | ||||||||||||||||||||||||||||||||
Assets (Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||
Cash | $ | 617.8 | $ | 447.1 | $ | – | $ | – | $ | 617.8 | $ | 447.1 | |||||||||||||||||||||
Certificates of deposit | – | 0.2 | – | – | – | 0.2 | |||||||||||||||||||||||||||
Money market funds | 1,172.40 | 429.1 | – | – | 1,172.40 | 429.1 | |||||||||||||||||||||||||||
Commercial paper | – | – | 3.9 | 202.7 | 3.9 | 202.7 | |||||||||||||||||||||||||||
U.S. treasury securities | – | 17.6 | – | – | – | 17.6 | |||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | – | – | 41.4 | – | 41.4 | ||||||||||||||||||||||||||||
U.S. corporate obligations | – | 18.9 | – | – | – | 18.9 | |||||||||||||||||||||||||||
Non-U.S. bank and other obligations | 18.8 | 28.8 | – | – | 18.8 | 28.8 | |||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||
Commercial paper | – | – | 253.9 | – | 253.9 | ||||||||||||||||||||||||||||
Certificates of deposit | – | 3 | – | – | – | 3 | |||||||||||||||||||||||||||
U.S. Treasury securities | 41 | 64.5 | – | – | 41 | 64.5 | |||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | – | – | 99.5 | – | 99.5 | ||||||||||||||||||||||||||||
U.S. corporate obligations | – | 96.1 | – | – | – | 96.1 | |||||||||||||||||||||||||||
Non-qualified plan assets: | |||||||||||||||||||||||||||||||||
Money market funds | 1 | 1.1 | – | – | 1 | 1.1 | |||||||||||||||||||||||||||
Domestic bond funds | 2.9 | 2.4 | – | – | 2.9 | 2.4 | |||||||||||||||||||||||||||
International bond fund | 0.3 | 0.1 | – | – | 0.3 | 0.1 | |||||||||||||||||||||||||||
Domestic equity funds | 5.5 | 3.6 | – | – | 5.5 | 3.6 | |||||||||||||||||||||||||||
International equity funds | 2.7 | 2.1 | – | – | 2.7 | 2.1 | |||||||||||||||||||||||||||
Blended equity funds | 3.8 | 2.6 | – | – | 3.8 | 2.6 | |||||||||||||||||||||||||||
Common stock | 2.3 | 2.1 | – | – | 2.3 | 2.1 | |||||||||||||||||||||||||||
Derivatives, net asset (liability): | |||||||||||||||||||||||||||||||||
Foreign currency contracts | – | – | 19 | 19.9 | 19 | 19.9 | |||||||||||||||||||||||||||
$ | 1,868.50 | $ | 1,119.30 | $ | 22.9 | $ | 617.4 | $ | 1,891.40 | $ | 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 foreign currency forward contracts at December 31, 2013 was as follows: | |||||||||||||||||||||||||||||||||
Notional Amount - Buy | Notional Amount - Sell | ||||||||||||||||||||||||||||||||
((in millions) | 2014 | 2015 | 2016 | Total | 2014 | 2015 | 2016 | Total | |||||||||||||||||||||||||
Notional currency in: | |||||||||||||||||||||||||||||||||
Euro | 157.8 | 9.9 | 10.2 | 177.9 | (45.3 | ) | – | – | (45.3 | ) | |||||||||||||||||||||||
Malaysian ringgit | 28.4 | – | – | 28.4 | – | – | – | – | |||||||||||||||||||||||||
Norwegian krone | 1,269.70 | 318.5 | 7.8 | 1,596.00 | (406.4 | ) | (64.4 | ) | – | (470.8 | ) | ||||||||||||||||||||||
Pound Sterling | 113.5 | 17.3 | 0.8 | 131.6 | (1.3 | ) | – | – | (1.3 | ) | |||||||||||||||||||||||
U.S. dollar | 182.1 | – | – | 182.1 | (677.2 | ) | (136.3 | ) | (25.8 | ) | (839.3 | ) | |||||||||||||||||||||
Schedule of fair values of derivative financial instruments of balance sheets | ' | ||||||||||||||||||||||||||||||||
The fair values of derivative financial instruments recorded in the Company’s Consolidated Balance Sheets were as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(dollars in millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts – | |||||||||||||||||||||||||||||||||
Current | $ | 28.3 | $ | 10.4 | $ | 20.4 | $ | 5.7 | |||||||||||||||||||||||||
Non-current | 2.8 | 1.7 | 2.3 | 0.4 | |||||||||||||||||||||||||||||
Total derivatives designated as hedges | 31.1 | 12.1 | 22.7 | 6.1 | |||||||||||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts – | |||||||||||||||||||||||||||||||||
Current | 5.6 | 5.6 | 3.3 | – | |||||||||||||||||||||||||||||
Non-current | – | – | – | – | |||||||||||||||||||||||||||||
Total derivatives not designated as hedges | 5.6 | 5.6 | 3.3 | – | |||||||||||||||||||||||||||||
Total derivatives | $ | 36.7 | $ | 17.7 | $ | 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: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Foreign currency contracts – | |||||||||||||||||||||||||||||||||
Cost of sales | $ | 1.3 | $ | 0.4 | $ | (0.8 | ) | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Foreign currency contracts – | |||||||||||||||||||||||||||||||||
Cost of sales | 7.3 | 1.9 | (0.5 | ) | |||||||||||||||||||||||||||||
Other costs | (1.1 | ) | 15.7 | (9.3 | ) | ||||||||||||||||||||||||||||
Equity call options - | |||||||||||||||||||||||||||||||||
Other costs | – | – | (12.2 | ) | |||||||||||||||||||||||||||||
Interest rate swaps - | |||||||||||||||||||||||||||||||||
Interest, net | – | – | (0.2 | ) | |||||||||||||||||||||||||||||
Total pre-tax gain (loss) | $ | 7.5 | $ | 18 | $ | (23.0 | ) |
Unaudited_Quarterly_Operating_1
Unaudited Quarterly Operating Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Unaudited Quarterly Operating Results [Abstract] | ' | ||||||||||||||||
Unaudited quarterly operating results | ' | ||||||||||||||||
Unaudited quarterly operating results were as follows: | |||||||||||||||||
2013 (quarter ended) | |||||||||||||||||
(dollars in millions, except per share data) | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 2,117.70 | $ | 2,287.40 | $ | 2,495.80 | $ | 2,937.50 | |||||||||
Revenues less cost of sales (exclusive of depreciation and amortization) | $ | 623.6 | $ | 662.4 | $ | 715.1 | $ | 821.4 | |||||||||
Other costs | $ | 30.8 | $ | 35.6 | $ | 13.9 | $ | 12.4 | |||||||||
Net income | $ | 148.3 | $ | 140.4 | $ | 192.4 | $ | 243.1 | |||||||||
Net income attributable to noncontrolling interests | $ | – | $ | – | $ | 2.8 | $ | 22.2 | |||||||||
Net income attributable to Cameron | $ | 148.3 | $ | 140.4 | $ | 189.6 | $ | 220.9 | |||||||||
Earnings per share attributable to Cameron stockholders: | |||||||||||||||||
Basic | $ | 0.6 | $ | 0.57 | $ | 0.78 | $ | 0.96 | |||||||||
Diluted | $ | 0.6 | $ | 0.57 | $ | 0.78 | $ | 0.95 | |||||||||
2012 (quarter ended) | |||||||||||||||||
(dollars in millions, except per share data) | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 1,804.30 | $ | 2,053.70 | $ | 2,218.30 | $ | 2,425.80 | |||||||||
Revenues less cost of sales (exclusive of depreciation and amortization) | $ | 523.9 | $ | 604.8 | $ | 650.1 | $ | 699 | |||||||||
Other costs (credits) | $ | (1.5 | ) | $ | 9.9 | $ | 3.4 | $ | 21.7 | ||||||||
Net income attributable to Cameron | $ | 134 | $ | 174.6 | $ | 223.6 | $ | 218.3 | |||||||||
Earnings per share attributable to Cameron stockholders: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.71 | $ | 0.91 | $ | 0.88 | |||||||||
Diluted | $ | 0.54 | $ | 0.7 | $ | 0.9 | $ | 0.88 |
Summary_of_Major_Accounting_Po3
Summary of Major Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Major Accounting Policies [Abstract] | ' | ' | ' |
Minimum percentage of investments in affiliated companies accounted for using the equity method (in hundredths) | 20.00% | ' | ' |
Maximum percentage of investments in affiliated companies accounted for using the equity method (in hundredths) | 50.00% | ' | ' |
Revenue Recognition [Abstract] | ' | ' | ' |
Percentage of revenue recognized under the accounting rules for construction-type and production-type contracts (in hundredths) | 29.00% | 23.00% | 26.00% |
Inventories [Abstract] | ' | ' | ' |
Percentage of inventories carried on the LIFO method (in hundredths) | 49.00% | 53.00% | ' |
Foreign Currency Derivatives [Abstract] | ' | ' | ' |
Foreign currency transactions gain (loss) | $0.20 | ($12.40) | ($10.90) |
Minimum [Member] | ' | ' | ' |
Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangible assets, useful life | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangible assets, useful life | '28 years | ' | ' |
Buildings and Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '10 years | ' | ' |
Buildings and Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '40 years | ' | ' |
Machinery, Equipment and Tooling [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Machinery, Equipment and Tooling [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '18 years | ' | ' |
Office Furniture, Software and Other [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Office Furniture, Software and Other [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '10 years | ' | ' |
Acquisitions_and_OneSubsea_Det
Acquisitions and OneSubsea (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 |
Customer relationships [Member] | Developed technology [Member] | Backlog [Member] | One Subsea [Member] | One Subsea [Member] | One Subsea [Member] | One Subsea [Member] | One Subsea [Member] | One Subsea [Member] | Douglas Chero's [Member] | Business Acquisition LeTourneau Technologies [Member] | 2011 Acquisitions [Member] | 2012 Acquisitions [Member] | 2012 Acquisitions [Member] | Elco [Member] | TTS [Member] | ||
Customer relationships [Member] | Patents and technology [Member] | Other [Member] | Cameron [Member] | Schlumberger [Member] | Acquisition | Acquisition | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Joint venture contribution | $600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price for company's acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.8 | 374.4 | 46.9 | 39.7 | ' | 61.5 | 248.1 |
Business acquisitions completed during the period, number (in number of acquisitions) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 2 | ' | ' | ' |
Percentage of company acquired (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 40.00% | ' | ' | ' | ' | ' | 100.00% | ' |
Business combination, reason for business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Elco was purchased to strengthen the Company's wellhead product and service offerings and has been included in the DPS segment since the date of acquisition. | ' |
Summary of preliminary purchase price allocation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash, including cash acquired | ' | ' | ' | ' | 603 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | ' | ' | ' | ' | 241.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | 32.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | 3.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant and equipment | ' | ' | ' | ' | 31.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | 1,011.40 | ' | ' | ' | ' | ' | ' | ' | ' | 249.6 | ' | ' | ' |
Intangibles | ' | ' | ' | ' | ' | 350 | 220 | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | ' | 10.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | ' | -213.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued income taxes | ' | ' | ' | ' | -80.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | -168.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | -52.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital in excess of par value | ' | ' | ' | ' | -1,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' | -926.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated period of economic benefit | ' | '28 years | '20 years | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary goodwill deductible for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.80 | ' | ' |
Other_Costs_Details
Other Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Costs [Abstract] | ' | ' | ' |
OneSubsea formation and integration costs | $51.80 | $2.70 | $0 |
Currency devaluation | 9.5 | 0 | 0 |
Acquisition integration costs | 8 | 13.2 | 0 |
Impairment of intangibles | 0 | 17.6 | 0 |
International pension settlement costs | 0 | 6.6 | 0 |
Indemnity settlement with BP Exploration and Production Inc. | 0 | 0 | 82.5 |
BOP and insurance litigation costs | 3 | 2.5 | 60.7 |
Costs associated with retiring the Company's 2.5% convertible debentures | 0 | 0 | 14.5 |
Mark-to-market impact on currency derivatives not designated as accounting hedges | 1.1 | -15.7 | 9.3 |
Severance, restructuring and other costs | 19.3 | 6.6 | 10.4 |
Total other costs | $92.70 | $33.50 | $177.40 |
Percentage on convertible debentures (in hundredths) | ' | ' | 2.50% |
Receivables_Details
Receivables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade receivables | $2,621.50 | $1,823.20 |
Other receivables | 118.5 | 151.4 |
Allowance for doubtful accounts | -20.9 | -7.9 |
Total receivables | $2,719.10 | $1,966.70 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $237.70 | $237.90 |
Work-in-process | 894.4 | 902.1 |
Finished goods, including parts and subassemblies | 2,207.80 | 1,797.90 |
Other | 21.5 | 14.3 |
Gross Inventories | 3,361.40 | 2,952.20 |
Excess of current standard costs over LIFO costs | -120 | -122 |
Allowance for obsolete and excess inventory | -109 | -89 |
Total inventories | $3,132.40 | $2,741.20 |
Plant_and_Equipment_Goodwill_a2
Plant and Equipment, Goodwill and Other Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | $3,670.10 | $3,155.90 |
Accumulated depreciation | -1,633.20 | -1,390.80 |
Total plant and equipment, net | 2,036.90 | 1,765.10 |
Goodwill [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 1,923.90 | ' |
Current year acquisitions | 1,014.30 | ' |
Translation and other | -13.4 | ' |
Balance at December 31, 2013 | 2,924.80 | ' |
Intangible assets, gross [Abstract] | ' | ' |
Customer relationships | 519.2 | 136.3 |
Patents and technology | 425.4 | 198 |
Trademarks | 69.3 | 71.6 |
Noncompete agreements, engineering drawings and other | 103 | 87 |
Total intangible assets | 1,116.90 | 492.9 |
Accumulated amortization | -213.2 | -157.1 |
Total intangibles, net | 903.7 | 335.8 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 76.9 | ' |
2015 | 59.7 | ' |
2016 | 51.9 | ' |
2017 | 51 | ' |
2018 | 48.7 | ' |
DPS [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 744.4 | ' |
Current year acquisitions | 1,011.40 | ' |
Translation and other | -10.6 | ' |
Balance at December 31, 2013 | 1,745.20 | ' |
V&M [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 318.8 | ' |
Current year acquisitions | 2.9 | ' |
Translation and other | -4.1 | ' |
Balance at December 31, 2013 | 317.6 | ' |
Process and Compression Systems (PCS) [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at December 31, 2012 | 860.7 | ' |
Current year acquisitions | 0 | ' |
Translation and other | 1.3 | ' |
Balance at December 31, 2013 | 862 | ' |
Land and land improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 132.2 | 100 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 743.7 | 610.5 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 1,661.60 | 1,387.50 |
Tooling, dies, patterns, etc. [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 208.5 | 205.3 |
Office furniture & equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 210.4 | 177.1 |
Capitalized software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 348.2 | 288.3 |
Assets under capital leases [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 106.7 | 102.5 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | 230.5 | 251.6 |
All other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross plant and equipment | $28.30 | $33.10 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Trade accounts payable and accruals | $1,184.40 | $925.10 |
Advances from customers | 1,675.80 | 1,320.10 |
Other accruals | 1,023.20 | 800.5 |
Total accounts payable and accrued liabilities | 3,883.40 | 3,045.70 |
Product Warranty Accrual [Roll Forward] | ' | ' |
Balance, beginning | 67.6 | ' |
Warranty Provisions | 42.7 | ' |
Acquisitions | 1.3 | ' |
Charges Against Accrual | -66.1 | ' |
Translation and Other | 0.1 | ' |
Balance, ending | $45.60 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net periodic benefit cost not yet recognized included in accumulated other comprehensive income [Abstract] | ' | ' | ' |
Total benefits included in accumulated other comprehensive income, before tax | ($84.80) | ($112.10) | ' |
Total benefits included in accumulated other comprehensive income, after tax | -69.2 | -86.6 | ' |
Total expected amortization from accumulated other comprehensive income for the year ended December 31, 2013 | 4.6 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 432.4 | 317.7 | 275.9 |
Net benefit plan expense (income) [Abstract] | ' | ' | ' |
Service cost | 9.9 | 2.9 | 3.1 |
Interest cost | 17.2 | 14.9 | 15.9 |
Expected return on plan assets | -21.7 | -17.9 | -18.2 |
Amortization of prior service credits | -1.6 | -0.2 | 0 |
Amortization of losses (gains) | 7.9 | 5.9 | 5.8 |
Settlement loss | 0 | 4.5 | 0 |
Other | 0 | 1.5 | 0.3 |
Total net benefit plan expense (income) | 11.7 | 11.6 | 6.9 |
Net periodic benefit cost not yet recognized included in accumulated other comprehensive income [Abstract] | ' | ' | ' |
Prior service credits before tax | 21.7 | 0.5 | ' |
Prior service credits after tax | 17.4 | 0.4 | ' |
Actuarial gain (losses), net before tax | -118.6 | -125.6 | ' |
Actuarial gain (losses), net after tax | -94.3 | -95.2 | ' |
Expected Amortization, Prior service credits | -2.5 | ' | ' |
Expected Amortization, Actuarial gain (losses), net | 9 | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 387 | 297.1 | ' |
Service cost | 9.9 | 2.9 | 3.1 |
Interest cost | 17.2 | 14.9 | 15.9 |
Plan participants' contributions | 1 | 0.8 | ' |
Actuarial losses (gains) | 12 | 43.9 | ' |
Exchange rate changes | 5.1 | 13.9 | ' |
Benefits and expenses paid from plan assets | -14.5 | -9.2 | ' |
Plan amendments | -21.6 | 0 | ' |
Acquisitions | 67.3 | 0 | ' |
Settlements | 0 | -14.7 | ' |
Other | 25.1 | 37.4 | ' |
Benefit obligation at end of year | 488.5 | 387 | 297.1 |
Change in fair value of plan assets [Roll forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 317.7 | 275.9 | ' |
Actual return on plan assets | 41.1 | 23.3 | ' |
Company contributions | 13.6 | 12.3 | ' |
Plan participants' contributions | 1 | 0.8 | ' |
Exchange rate changes | 6.2 | 12.7 | ' |
Benefits and expenses paid from plan assets | -14.5 | -9.2 | ' |
Acquisitions | 46.3 | 0 | ' |
Settlements | 0 | -14.7 | ' |
Other | 21 | 16.6 | ' |
Unfunded status of defined benefit plan [Abstract] | ' | ' | ' |
Underfunded status at end of year - Current | -1.1 | -0.9 | ' |
Underfunded status at end of year - Non-current | -55 | -68.4 | ' |
Underfunded status at end of year | -56.1 | -69.3 | ' |
Actual asset investment allocations [Abstract] | ' | ' | ' |
Expected contributions to plan assets for the next fiscal year | 21.6 | ' | ' |
Changes in the fair value of pension plan assets determined based on level 3 unobservable inputs [Roll Forward] | ' | ' | ' |
Balance at beginning of the year | 28.3 | 19.7 | ' |
Purchases/Sales, net | 7.2 | 7.7 | ' |
Other plan additions | 67.5 | 0 | ' |
Actual return on plan assets | 3.1 | 0.2 | ' |
Currency impact | -1.4 | 0.7 | ' |
Balance at end of the year | 104.7 | 28.3 | 19.7 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Defined benefit plan, plans with benefit obligations in excess of plan assets, aggregate fair value of plan assets | 96.5 | 312.3 | ' |
Defined benefit plans with accumulated benefit obligations in excess of plan assets aggregate fair value of plan assets | 42.4 | 18.4 | ' |
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets aggregate projected benefit obligation | 172.1 | 381.5 | ' |
Defined benefit plan pension plans with accumulated benefit obligations in excess of plan assets aggregate accumulated benefit obligation | 83.7 | 53.5 | ' |
Total accumulated benefit obligation for defined benefit pension plans | 434.5 | 331.2 | ' |
Future expected benefit payments [Abstract] | ' | ' | ' |
Year ended December 31, 2014 | 15.3 | ' | ' |
Year ended December 31, 2015 | 16.6 | ' | ' |
Year ended December 31, 2016 | 17.3 | ' | ' |
Year ended December 31, 2017 | 18.1 | ' | ' |
Year ended December 31, 2018 | 19.3 | ' | ' |
Year ended December 31, 2019 - 2023 | 110.4 | ' | ' |
Pension Benefits [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 1.6 | 1.6 | ' |
Pension Benefits [Member] | Equity Securities [Member] | US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 83 | 65.5 | ' |
Pension Benefits [Member] | Equity Securities [Member] | Non-US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 125.4 | 98.1 | ' |
Pension Benefits [Member] | Bonds [Member] | Non-US Government Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 92 | 30.1 | ' |
Pension Benefits [Member] | Bonds [Member] | Non-US Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 25.7 | 94.1 | ' |
Pension Benefits [Member] | Alternative Investments [Member] | Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 90.6 | 15.6 | ' |
Pension Benefits [Member] | Alternative Investments [Member] | Real Estate and Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 14.1 | 12.7 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 1.6 | 1.6 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 1.6 | 1.6 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Non-US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Bonds [Member] | Non-US Government Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Bonds [Member] | Non-US Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investments [Member] | Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investments [Member] | Real Estate and Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 326.1 | 287.8 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 83 | 65.5 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Non-US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 125.4 | 98.1 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | Bonds [Member] | Non-US Government Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 92 | 30.1 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | Bonds [Member] | Non-US Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 25.7 | 94.1 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | Alternative Investments [Member] | Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | Alternative Investments [Member] | Real Estate and Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 104.7 | 28.3 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Non-US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | Bonds [Member] | Non-US Government Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | Bonds [Member] | Non-US Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | Alternative Investments [Member] | Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 90.6 | 15.6 | ' |
Pension Benefits [Member] | Fair Value Based on Significant Unobservable Inputs (Level 3) [Member] | Alternative Investments [Member] | Real Estate and Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 14.1 | 12.7 | ' |
U. S. Pension Plans [Member] | ' | ' | ' |
Assumptions related to net benefit costs [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 2.75% | 3.50% | ' |
Measurement date | '01/01/13 | '01/01/12 | ' |
Assumptions related to end-of-period benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 3.75% | 2.75% | ' |
Health care cost trend rate (in hundredths) | 0.00% | 0.00% | ' |
Measurement date | '12/31/13 | '12/31/12 | ' |
U. S. Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosures [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | 0 |
Net benefit plan expense (income) [Abstract] | ' | ' | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 0.3 | 0.5 | 0.6 |
Expected return on plan assets | ' | 0 | 0 |
Amortization of prior service credits | -1.1 | -1.3 | -1.3 |
Amortization of losses (gains) | -1 | -0.9 | -0.9 |
Settlement loss | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Total net benefit plan expense (income) | -1.8 | -1.7 | -1.6 |
Net periodic benefit cost not yet recognized included in accumulated other comprehensive income [Abstract] | ' | ' | ' |
Prior service credits before tax | 3.1 | 4.3 | ' |
Prior service credits after tax | 2 | 2.7 | ' |
Actuarial gain (losses), net before tax | 9 | 8.7 | ' |
Actuarial gain (losses), net after tax | 5.7 | 5.5 | ' |
Expected Amortization, Prior service credits | -0.8 | ' | ' |
Expected Amortization, Actuarial gain (losses), net | -1.1 | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 12.6 | 14.1 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 0.3 | 0.5 | 0.6 |
Plan participants' contributions | 0 | 0 | ' |
Actuarial losses (gains) | -1.2 | -0.9 | ' |
Exchange rate changes | 0 | 0 | ' |
Benefits and expenses paid from plan assets | -1.2 | -1.2 | ' |
Plan amendments | ' | 0.1 | ' |
Acquisitions | ' | 0 | ' |
Settlements | 0 | 0 | ' |
Other | 0 | 0 | ' |
Benefit obligation at end of year | 10.5 | 12.6 | 14.1 |
Change in fair value of plan assets [Roll forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Company contributions | 1.2 | 1.2 | ' |
Plan participants' contributions | 0 | 0 | ' |
Exchange rate changes | 0 | 0 | ' |
Benefits and expenses paid from plan assets | -1.2 | -1.2 | ' |
Acquisitions | 0 | 0 | ' |
Settlements | 0 | 0 | ' |
Other | 0 | 0 | ' |
Unfunded status of defined benefit plan [Abstract] | ' | ' | ' |
Underfunded status at end of year - Current | -1.5 | -1.6 | ' |
Underfunded status at end of year - Non-current | -9 | -11 | ' |
Underfunded status at end of year | -10.5 | -12.6 | ' |
Assumptions related to net benefit costs [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 2.75% | 3.50% | ' |
Measurement date | '01/01/13 | '01/01/12 | ' |
Assumptions related to end-of-period benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 3.75% | 2.75% | ' |
Health care cost trend rate (in hundredths) | 7.50% | 8.00% | ' |
Measurement date | '12/31/13 | '12/31/12 | ' |
Ultimate health care cost trend rate (in hundredths) | 5.00% | ' | ' |
Year that rate reaches ultimate trend rate | '2019 | ' | ' |
Future expected benefit payments [Abstract] | ' | ' | ' |
Year ended December 31, 2014 | 1.5 | ' | ' |
Year ended December 31, 2015 | 1.4 | ' | ' |
Year ended December 31, 2016 | 1.3 | ' | ' |
Year ended December 31, 2017 | 1.1 | ' | ' |
Year ended December 31, 2018 | 1 | ' | ' |
Year ended December 31, 2019 - 2023 | 3.6 | ' | ' |
Foreign Pension Plans [Member] | ' | ' | ' |
Assumptions related to net benefit costs [Abstract] | ' | ' | ' |
Measurement date | '01/01/13 | '01/01/12 | ' |
Assumptions related to end-of-period benefit obligations [Abstract] | ' | ' | ' |
Measurement date | '12/31/13 | '12/31/12 | ' |
Foreign Pension Plans [Member] | Minimum [Member] | ' | ' | ' |
Assumptions related to net benefit costs [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 2.25% | 5.00% | ' |
Expected return on plan assets (in hundredths) | 3.50% | 4.75% | ' |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | ' |
Assumptions related to end-of-period benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 3.50% | 2.25% | ' |
Rate of compensation increase (in hundredths) | 2.25% | 3.00% | ' |
Foreign Pension Plans [Member] | Maximum [Member] | ' | ' | ' |
Assumptions related to net benefit costs [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 6.75% | 5.75% | ' |
Expected return on plan assets (in hundredths) | 6.75% | 6.50% | ' |
Rate of compensation increase (in hundredths) | 4.50% | 4.25% | ' |
Assumptions related to end-of-period benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 5.25% | 6.75% | ' |
Rate of compensation increase (in hundredths) | 4.50% | 4.50% | ' |
U.K. Pension Plan [Member] | ' | ' | ' |
Actual asset investment allocations [Abstract] | ' | ' | ' |
Defined benefit plan assets for plan benefits United Kingdom percentage (in hundredths) | 78.00% | ' | ' |
U.K. Pension Plan [Member] | Fixed Income Debt Securities [Member] | ' | ' | ' |
Actual asset investment allocations [Abstract] | ' | ' | ' |
Future target allocation (in hundredths) | 40.00% | ' | ' |
U.K. Pension Plan [Member] | Real Estate and Other [Member] | ' | ' | ' |
Actual asset investment allocations [Abstract] | ' | ' | ' |
Future target allocation (in hundredths) | 5.00% | ' | ' |
U.K. Pension Plan [Member] | Equity Securities [Member] | ' | ' | ' |
Actual asset investment allocations [Abstract] | ' | ' | ' |
Actual plan assets allocation (in hundredths) | 60.00% | 54.00% | 53.00% |
Future target allocation (in hundredths) | 55.00% | ' | ' |
U.K. Pension Plan [Member] | Fixed Income Debt Securities, Cash and Other [Member] | ' | ' | ' |
Actual asset investment allocations [Abstract] | ' | ' | ' |
Actual plan assets allocation (in hundredths) | 40.00% | 46.00% | 47.00% |
Foreign Postretirement Benefit Plans [Member] | ' | ' | ' |
Assumptions related to net benefit costs [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 0.00% | 0.00% | ' |
Expected return on plan assets (in hundredths) | 0.00% | 0.00% | ' |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | ' |
Measurement date | '0 | '0 | ' |
Assumptions related to end-of-period benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 0.00% | 0.00% | ' |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | ' |
Measurement date | '0 | '0 | ' |
Defined Contribution Plans [Member] | ' | ' | ' |
Retirement Savings Plan [Abstract] | ' | ' | ' |
Percentage of defined pay the Company contributes on behalf of each eligible employee's retirement plan account (in hundredths) | 3.00% | ' | ' |
Vesting period for the company's retirement contributions | '3 years | ' | ' |
Matching contribution percentage each employee is eligible to receive (of the first 6% of pay contributed) (in hundredths) | 100.00% | ' | ' |
Percentage of employee contribution eligible for the company's matching contribution (in hundredths) | 6.00% | ' | ' |
Expense under Retirement Savings Plan | 76.7 | 69.5 | 57.7 |
Expense with respect to these various defined contribution and government-mandated plans | $82.90 | $60 | $57.90 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of equity compensation plans currently available for future grants | '1 | ' | ' |
Total stock-based compensation expense | $53,800,000 | $44,700,000 | $36,700,000 |
Recognized tax benefit | 19,800,000 | 16,500,000 | 13,500,000 |
Summary of option activity [Rollforward] | ' | ' | ' |
Outstanding at beginning of period (in shares) | 4,769,643 | ' | ' |
Granted (in shares) | 684,232 | ' | ' |
Exercised (in shares) | -1,178,359 | ' | ' |
Forfeited (in shares) | -71,923 | ' | ' |
Expired (in shares) | -6,500 | ' | ' |
Outstanding at end of period (in shares) | 4,197,093 | 4,769,643 | ' |
Vested or expected to vest at end of period (in shares) | 4,186,602 | ' | ' |
Exercisable at end of period (in shares) | 2,875,267 | ' | ' |
Option activity , additional disclosures [Abstract] | ' | ' | ' |
Weighted average exercise price at beginning of period (in dollars per share) | $42.94 | ' | ' |
Weighted average exercise price granted (in dollars per share) | $64.97 | ' | ' |
Weighted average exercise price per exercised (in dollars per share) | $37.61 | ' | ' |
Weighted average exercise price forfeited (in dollars per share) | $52.76 | ' | ' |
Weighted average exercise price expired (in dollars per share) | $15.08 | ' | ' |
Weighted average exercise price outstanding at end of period (in dollars per share) | $47.92 | $42.94 | ' |
Weighted average exercise price vested or expected to vest at end of period (in dollars per share) | $47.88 | ' | ' |
Weighted average exercise price exercisable at end of period (in dollars per share) | $42.42 | ' | ' |
Weighted average remaining contractual term outstanding at end of period (in years) | '5 years 7 months 17 days | '5 years 0 months 7 days | ' |
Weighted average remaining contractual term vested or expected to vest at end of period (in years) | '5 years 7 months 13 days | ' | ' |
Weighted average remaining contractual term exercisable at end of period (In years) | '4 years 0 months 18 days | ' | ' |
Aggregate intrinsic value outstanding at beginning of period | 64,500,000 | ' | ' |
Aggregate intrinsic value outstanding at end of period | 52,500,000 | 64,500,000 | ' |
Aggregate intrinsic value vested or expected to vest at end of period | 52,500,000 | ' | ' |
Aggregate intrinsic value exercisable at end of period | 49,200,000 | ' | ' |
Fair values and weighted-average assumptions used to value options [Abstract] | ' | ' | ' |
Expected life (in years) | '3 years 2 months 12 days | '3 years 2 months 12 days | '2 years 9 months 18 days |
Risk-free interest rate (in hundredths) | 0.67% | 0.37% | 0.38% |
Volatility (in hundredths) | 34.30% | 39.40% | 42.60% |
Expected dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% |
Grant-date fair value per option (in dollars per share) | $16.19 | $15.68 | $14.47 |
Intrinsic value of options exercised | 30,900,000 | 33,700,000 | 31,500,000 |
Average intrinsic value per share of options exercised (in dollars per share) | $26.30 | $23.39 | $26.79 |
Restricted and deferred stock units and awards activity [Roll Forward] | ' | ' | ' |
Shares granted (in shares) | 838,207 | 674,578 | 682,246 |
Restricted and deferred stock units and awards, additional disclosures [Abstract] | ' | ' | ' |
Weighted average grant date fair value, granted (in dollars per share) | $57.95 | $50.44 | $50.67 |
Restricted and deferred stock units and awards [Abstract] | ' | ' | ' |
Annual value of deferred stock units available for grants to non-employee directors | 250,000 | ' | ' |
Incremental portion of deferred stock units that vest quarterly over the year following the date of grant | 'one-fourth increments quarterly | ' | ' |
Period of time after the date of grant during which deferred stock units cannot be converted into common stock | 'three years | ' | ' |
Intrinsic value of units vesting | 46,000,000 | 38,200,000 | 36,900,000 |
Shares reserved for future grants of options, deferred stock units, restricted stock units and other awards (in shares) | 13,742,446 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 13,600,000 | 12,100,000 | 11,100,000 |
Terms of awards | 'Seven or ten years | ' | ' |
The incremental portion of options that vest annually on the anniversary date of grant | 'one-third increments each year | ' | ' |
Unrecognized share-based compensation cost [Abstract] | ' | ' | ' |
Stock-based compensation cost not yet recognized under the straight-line method, Stock options | 12,800,000 | ' | ' |
Weighted-average remaining expense recognition period (in years) | '1 year 9 months 7 days | ' | ' |
Restricted and Deferred Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 40,200,000 | 32,600,000 | 25,600,000 |
The incremental portion of options that vest annually on the anniversary date of grant | 'one-third increments each year or three-year 100% | ' | ' |
Restricted and deferred stock units and awards activity [Roll Forward] | ' | ' | ' |
Nonvested shares, beginning of period (in shares) | 1,713,507 | ' | ' |
Shares granted (in shares) | 838,207 | ' | ' |
Shares vested (in shares) | -801,364 | ' | ' |
Shares forfeited (in shares) | -91,993 | ' | ' |
Nonvested shares, end of period (in shares) | 1,658,357 | 1,713,507 | ' |
Restricted and deferred stock units and awards, additional disclosures [Abstract] | ' | ' | ' |
Weighted average grant date fair value, outstanding, beginning of period (in dollars per share) | $28.11 | ' | ' |
Weighted average grant date fair value, granted (in dollars per share) | $57.95 | ' | ' |
Weighted average grant date fair value, vested (in dollars per share) | $56.88 | ' | ' |
Weighted average grant date fair value, forfeited (in dollars per share) | $52.73 | ' | ' |
Weighted average grant date fair value, outstanding at end of period (in dollars per share) | $28.22 | $28.11 | ' |
Unrecognized share-based compensation cost [Abstract] | ' | ' | ' |
Stock-based compensation cost not yet recognized under the straight-line method, Restricted and deferred stock units | $36,800,000 | ' | ' |
Weighted-average remaining expense recognition period (in years) | '1 year 7 months 10 days | ' | ' |
Restricted and Deferred Stock Units with Performance Conditions [Member] | ' | ' | ' |
Restricted and deferred stock units and awards activity [Roll Forward] | ' | ' | ' |
Shares granted (in shares) | 185,992 | 211,244 | 139,191 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 17-May-12 | Dec. 31, 2013 | Dec. 31, 2013 |
Senior Notes Payable Due 2014 [Member] | Senior Notes Payable Due 2014 [Member] | Senior Notes Payable Due 2015 [Member] | Senior Notes Payable Due 2015 [Member] | Senior Notes Payable Due 2016 [Member] | Senior Notes Payable Due 2016 [Member] | Senior Notes Payable Due 2018 [Member] | Senior Notes Payable Due 2018 [Member] | Senior Notes Payable Due 2021 [Member] | Senior Notes Payable Due 2021 [Member] | Senior Notes Payable Due 2022 [Member] | Senior Notes Payable Due 2022 [Member] | Senior Notes Payable Due 2023 [Member] | Senior Notes Payable Due 2023 [Member] | Senior Notes Payable Due 2038 [Member] | Senior Notes Payable Due 2038 [Member] | Senior Notes Payable Due 2041 [Member] | Senior Notes Payable Due 2041 [Member] | Senior Notes Payable [Member] | Senior Notes Payable [Member] | Senior Notes Payable Due 2043 [Member] | Senior Notes Payable Due 2043 [Member] | Other Debt [Member] | Other Debt [Member] | Obligations Under Capital Leases [Member] | Obligations Under Capital Leases [Member] | Public offering [Member] | Public offering [Member] | Amended Line of Credit [Member] | Line of Credit Multi Currency [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal outstanding, net of unamortized discount | $2,859.80 | $2,076.20 | ' | $250 | $250 | $250 | $250 | $250 | $0 | $450 | $450 | $250 | $250 | $250 | $250 | $250 | $0 | $300 | $300 | $250 | $250 | ' | ' | $250 | $0 | $56.60 | $19.60 | $60.20 | $60.70 | ' | ' | ' | ' |
Unamortized original issue discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities | -297 | -29.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term maturities | 2,562.80 | 2,047 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | 2-Jun-14 | ' | 30-Apr-15 | ' | 15-Dec-16 | ' | 15-Jul-18 | ' | 1-Jun-21 | ' | 30-Apr-22 | ' | 15-Dec-23 | ' | 15-Jul-38 | ' | 1-Jun-41 | ' | ' | ' | 15-Dec-43 | ' | ' | ' | ' | ' | ' | ' | 6-Jun-16 | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | 1.60% | ' | 1.15% | ' | 6.38% | ' | 4.50% | ' | 3.60% | ' | 4.00% | ' | 7.00% | ' | 5.95% | ' | ' | ' | 5.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance date of unsecured senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-Dec-13 | ' | ' | ' |
Issued amount (Senior Notes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750 | ' | ' |
Debt instrument, date of first required payment | ' | ' | ' | ' | ' | ' | ' | 15-Jun-14 | ' | ' | ' | ' | ' | ' | ' | 15-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount under a change of control repurchase event (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 99.98% | ' | ' | ' | ' | ' | ' | ' | 99.64% | ' | ' | ' | ' | ' | ' | ' | 99.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 835 | 170 |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.4 | 126.4 |
Remaining capacity under revolving line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 809.6 | 43.6 |
Weighted-average interest rate on other debt (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.10% | 9.20% | ' | ' | ' | ' | ' | ' |
Future maturities, 2014 | 284.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future maturities, 2015 | 251.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future maturities, 2016 | 271.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future maturities, 2018 | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future maturities, thereafter | 1,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expensed and paid [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expensed | 114.5 | 104.4 | 92.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | $105.10 | $96.70 | $102.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rental expenses | $111.10 | $85.60 | $74.70 |
Future minimum lease payments with respect to capital leases [Abstract] | ' | ' | ' |
2014 | 16.6 | ' | ' |
2015 | 14.1 | ' | ' |
2016 | 10.4 | ' | ' |
2017 | 7.2 | ' | ' |
2018 | 3.9 | ' | ' |
Thereafter | 57.7 | ' | ' |
Future minimum lease payments | 109.9 | ' | ' |
Less: amount representing interest | -49.7 | ' | ' |
Lease obligations at December 31, 2013 | 60.2 | ' | ' |
Future minimum lease payments with respect to operating leases [Abstract] | ' | ' | ' |
2014 | 105.9 | ' | ' |
2015 | 84.8 | ' | ' |
2016 | 80.8 | ' | ' |
2017 | 65.3 | ' | ' |
2018 | 51.7 | ' | ' |
Thereafter | 390.7 | ' | ' |
Future minimum lease payments | 779.2 | ' | ' |
Less: amount representing interest | 0 | ' | ' |
Lease obligations at December 31, 2013 | $779.20 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of income before income taxes [Abstract] | ' | ' | ' |
U.S. operations | $284.10 | $745.90 | $590.30 |
Foreign operations | 668.4 | 192.1 | 60.8 |
Income before income taxes | 952.5 | 938 | 651.1 |
Current [Abstract] | ' | ' | ' |
U.S. federal | 20.7 | 123.4 | 46.6 |
U.S. state and local | 13.1 | 9.4 | 5.3 |
Foreign | 177.1 | 140.1 | 96.4 |
Total Current Income Taxes | 210.9 | 272.9 | 148.3 |
Deferred [Abstract] | ' | ' | ' |
U.S. federal | 31.5 | -35.8 | 5.9 |
U.S. state and local | 2.3 | -2.3 | 2.1 |
Foreign | -16.4 | -47.3 | -27.1 |
Total Deferred Income Taxes | 17.4 | -85.4 | -19.1 |
Income tax provision | 228.3 | 187.5 | 129.2 |
Effective income tax rate reconciliation [Abstract] | ' | ' | ' |
U.S. federal statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
State and local income taxes (in hundredths) | 1.05% | 0.57% | 1.03% |
Foreign statutory rate differential (in hundredths) | -10.70% | -9.22% | -7.30% |
Change in valuation allowance on deferred tax assets (in hundredths) | -1.51% | 5.92% | -8.89% |
Nondeductible expenses (in hundredths) | 1.00% | 0.74% | 2.47% |
Net U.S. tax on foreign source income (in hundredths) | -2.95% | -10.92% | -1.67% |
All other (in hundredths) | 2.11% | -2.09% | -0.80% |
Total (in hundredths) | 24.00% | 20.00% | 19.84% |
Total income taxes paid | 329.4 | 239.5 | 121.2 |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Plant and equipment | -171 | -150.3 | ' |
Intangible assets | -251.3 | -106.7 | ' |
Other | -16 | -17.1 | ' |
Total deferred tax liabilities | -438.3 | -274.1 | ' |
Deferred tax assets [Abstract] | ' | ' | ' |
Inventory | 20.3 | 5.6 | ' |
Postretirement benefits other than pensions | 11.7 | 11.7 | ' |
Reserves and accruals | 92.9 | 137.5 | ' |
Net operating losses and tax credits | 246.4 | 276.6 | ' |
Pensions | 15.7 | 25.8 | ' |
Other | 17.2 | 12.7 | ' |
Total deferred tax assets | 404.2 | 469.9 | ' |
Valuation allowance | -58.9 | -84.2 | -29.7 |
Net deferred tax assets (liabilities) | -93 | 111.6 | ' |
Changes in unrecognized tax benefits [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 121 | 148.4 | 68.4 |
Increases in estimates for tax positions taken prior to the current year | 0 | 0 | 6.6 |
Decreases in estimates for tax positions taken prior to the current year | 0 | -11.3 | -2.4 |
Increases due to tax positions taken during the current year | 3 | 0 | 76.1 |
Decreases relating to settlements with tax authorities | -19.2 | -10.1 | -2.3 |
Decreases resulting from the lapse of applicable statutes of limitation | 0 | -6.5 | -0.1 |
Net increases (decreases) due to translation and interest | -2.2 | 0.5 | 2.1 |
Balance at end of year | 102.6 | 121 | 148.4 |
Unrecognized tax benefits expected to settle within twelve months | 6.6 | ' | ' |
Valuation Allowance [Abstract] | ' | ' | ' |
Balance at beginning of year | 84.2 | 29.7 | 96.2 |
Valuation allowances for unutilized net operating losses and excess foreign tax credits generated in the current year | 10.7 | 35.9 | 0 |
Valuation allowances on foreign tax credits associated with a prior year | 4.5 | 19.5 | 0 |
Reduction in valuation allowances due to utilization of prior years net operating losses and excess foreign tax credits | -20.3 | 0 | -57.9 |
Write-off of valuation allowances and associated deferred tax assets for certain losses that have no possibility of being utilized | -18.8 | 0 | -6 |
Effect of translation | -1.4 | -0.9 | -2.6 |
Balance at ending of year | 58.9 | 84.2 | 29.7 |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards regular income taxes expiration period | '2014 - Indefinite | ' | ' |
Tax benefit associated with certain stock benefit plan transactions | 9.5 | 11.5 | 4.9 |
Unremitted foreign subsidiary earnings considered permanently reinvested | 4.7 | ' | ' |
Tax holiday benefit in Singapore and Malaysia jurisdictions | 6.5 | 2.3 | 2.3 |
Minimum [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards state income taxes expiration year | '2016 | ' | ' |
Tax credit carryforward, expiration year | '2016 | ' | ' |
Maximum [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards state income taxes expiration year | '2027 | ' | ' |
Tax credit carryforward, expiration year | '2022 | ' | ' |
United States [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2000 | ' | ' |
United Kingdom [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2007 | ' | ' |
Canada [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2006 | ' | ' |
France [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2010 | ' | ' |
Germany [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2008 | ' | ' |
Norway [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2010 | ' | ' |
Singapore [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2004 | ' | ' |
Italy [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest years remaining open to examinations | '2007 | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards state income taxes | 3.5 | ' | ' |
Operating loss carryforwards regular income taxes | 0 | ' | ' |
Foreign tax credits | 124.1 | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards state income taxes | 0 | ' | ' |
Operating loss carryforwards regular income taxes | 516.8 | ' | ' |
Foreign tax credits | $0 | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity [Abstract] | ' | ' | ' |
Common stock authorized for repurchase | $2.40 | ' | ' |
Common stock reserved for future issuance under employee benefit plans (in shares) | 19,975,744 | ' | ' |
Shares of preferred stock authorized to issue (in shares) | 10,000,000 | 10,000,000 | ' |
Par value of authorized preferred stock (in dollars per share) | $0.01 | $0.01 | ' |
Capital in excess of par value plus the retained earnings | $8 | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Balance (in shares) | 246,696,136 | 245,532,075 | 243,913,830 |
Purchase of treasury stock (in shares) | -26,955,623 | -412,800 | -49,000 |
Stock issued under stock compensation plans (in shares) | 1,687,795 | 1,576,861 | 1,667,245 |
Balance (in shares) | 221,428,308 | 246,696,136 | 245,532,075 |
Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Balance (in shares) | 263,111,472 | 263,111,472 | 263,111,472 |
Purchase of treasury stock (in shares) | 0 | 0 | 0 |
Stock issued under stock compensation plans (in shares) | 0 | 0 | 0 |
Balance (in shares) | 263,111,472 | 263,111,472 | 263,111,472 |
Treasury Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Balance (in shares) | -16,415,336 | -17,579,397 | -19,197,642 |
Purchase of treasury stock (in shares) | -26,955,623 | -412,800 | -49,000 |
Stock issued under stock compensation plans (in shares) | 1,687,795 | 1,576,861 | 1,667,245 |
Balance (in shares) | -41,683,164 | -16,415,336 | -17,579,397 |
Accumulated_Other_Elements_of_2
Accumulated Other Elements of Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at beginning of period | ($30) | ' | ' |
Foreign currency translation gain (loss) | -70.2 | 74.6 | -60.2 |
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | 13.8 | 10.1 | -5.2 |
Balance at end of period | -79.5 | -30 | ' |
Accumulated Foreign Currency Translation Gain (Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at beginning of period | 45.9 | -28.7 | 31.5 |
Foreign currency translation gain (loss) | -94.3 | 74.6 | -60.2 |
Actuarial gains (losses) recognized in other comprehensive income, net of tax | 0 | 0 | 0 |
Amortization of actuarial (gains) losses, net of tax | 0 | 0 | 0 |
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | 0 | 0 | 0 |
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | ' |
Balance at end of period | -48.4 | 45.9 | -28.7 |
Prior Service Credits and Net Actuarial Losses [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at beginning of period | -86.6 | -56.2 | -51.5 |
Foreign currency translation gain (loss) | 0 | 0 | 0 |
Actuarial gains (losses) recognized in other comprehensive income, net of tax | 39.7 | -33.3 | -7.7 |
Amortization of actuarial (gains) losses, net of tax | 1.9 | 2.9 | 3 |
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | 0 | 0 | 0 |
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | ' |
Balance at end of period | -45 | -86.6 | -56.2 |
Accumulated Gain (Loss) on Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at beginning of period | 10.7 | -5.9 | -7.1 |
Foreign currency translation gain (loss) | 0 | 0 | 0 |
Actuarial gains (losses) recognized in other comprehensive income, net of tax | 0 | 0 | 0 |
Amortization of actuarial (gains) losses, net of tax | 0 | 0 | 0 |
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | 6.5 | 10.1 | -5.2 |
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | -3.3 | 6.5 | 6.4 |
Balance at end of period | 13.9 | 10.7 | -5.9 |
Total [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at beginning of period | -30 | -90.8 | -27.1 |
Foreign currency translation gain (loss) | -94.3 | 74.6 | -60.2 |
Actuarial gains (losses) recognized in other comprehensive income, net of tax | 39.7 | -33.3 | -7.7 |
Amortization of actuarial (gains) losses, net of tax | 1.9 | 2.9 | 3 |
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | 6.5 | 10.1 | -5.2 |
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | -3.3 | 6.5 | 6.4 |
Balance at end of period | -79.5 | -30 | -90.8 |
Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Foreign currency translation gain (loss) | -94.3 | 74.6 | -60.2 |
Actuarial gains (losses) recognized in other comprehensive income, net of tax | 39.7 | -33.3 | -7.7 |
Amortization of actuarial (gains) losses, net of tax | 1.9 | 2.9 | 3 |
Gain (loss) on derivatives recognized in other comprehensive income, net of tax | 6.5 | 10.1 | -5.2 |
(Gain) loss on derivatives reclassified from accumulated other comprehensive income, net of tax | -3.3 | 6.5 | 6.4 |
Other Comprehensive Income (Loss) attributable to Cameron International Corporation | ($49.50) | $60.80 | ($63.70) |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Business Segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Research and product development costs | ' | ' | ' | ' | ' | ' | ' | ' | $83.10 | $62.70 | $60.60 |
Percent of total research and development costs incurred by DPS (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 73.00% | 67.00% | 59.00% |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 2,937.50 | 2,495.80 | 2,287.40 | 2,117.70 | 2,425.80 | 2,218.30 | 2,053.70 | 1,804.30 | 9,838.40 | 8,502.10 | 6,959 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 314.5 | 254.7 | 206.6 |
Interest, net | ' | ' | ' | ' | ' | ' | ' | ' | 100.2 | 90.4 | 84 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 952.5 | 938 | 651.1 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 520 | 427.2 | 388.1 |
Total assets | 14,248.50 | ' | ' | ' | 11,158.20 | ' | ' | ' | 14,248.50 | 11,158.20 | 9,361.70 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 9,838.40 | 8,502.10 | 6,959 |
Long-lived assets | 5,865.40 | ' | ' | ' | 4,024.80 | ' | ' | ' | 5,865.40 | 4,024.80 | 3,424.60 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,842 | 4,670.50 | 3,868.20 |
Long-lived assets | 2,670.20 | ' | ' | ' | 2,531.70 | ' | ' | ' | 2,670.20 | 2,531.70 | 2,411.80 |
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 824.8 | 616 | 741.2 |
Long-lived assets | 196.7 | ' | ' | ' | 170.2 | ' | ' | ' | 196.7 | 170.2 | 167.4 |
Other Foreign Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,171.60 | 3,215.60 | 2,349.60 |
Long-lived assets | 2,998.50 | ' | ' | ' | 1,322.90 | ' | ' | ' | 2,998.50 | 1,322.90 | 845.4 |
DPS [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,287.50 | 4,871.30 | 4,061.50 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 207.2 | 149.9 | 111.4 |
Interest, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 822.6 | 712.3 | 685.6 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 330.2 | 300 | 255.6 |
Total assets | 9,945.40 | ' | ' | ' | 6,005.10 | ' | ' | ' | 9,945.40 | 6,005.10 | 4,784.50 |
V&M [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,085.70 | 2,142.20 | 1,663 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 39.6 | 41.4 | 40.3 |
Interest, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 424.2 | 425.8 | 294.1 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 57.9 | 29.9 | 34.8 |
Total assets | 1,809.80 | ' | ' | ' | 1,773 | ' | ' | ' | 1,809.80 | 1,773 | 1,524.60 |
PCS [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,465.20 | 1,488.60 | 1,234.50 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36.1 | 36.9 | 37.9 |
Interest, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 142.8 | 147.1 | 116 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 30.4 | 28.5 | 21.6 |
Total assets | 2,461.40 | ' | ' | ' | 2,576.90 | ' | ' | ' | 2,461.40 | 2,576.90 | 2,101.90 |
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 31.6 | 26.5 | 17 |
Interest, net | ' | ' | ' | ' | ' | ' | ' | ' | 100.2 | 90.4 | 84 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -437.1 | -347.2 | -444.6 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 101.5 | 68.8 | 76.1 |
Total assets | $31.90 | ' | ' | ' | $803.20 | ' | ' | ' | $31.90 | $803.20 | $950.70 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Cameron | $220.90 | $189.60 | $140.40 | $148.30 | $218.30 | $223.60 | $174.60 | $134 | $699.20 | $750.50 | $521.90 |
Average shares outstanding (basic) (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 242 | 246.4 | 245 |
Common stock equivalents (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 1.7 | 2.1 |
Incremental shares from assumed conversion of convertible debentures (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2.1 |
Shares utilized in diluted earnings per share calculation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 243.5 | 248.1 | 249.2 |
Earnings per share attributable to Cameron stockholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.96 | $0.78 | $0.57 | $0.60 | $0.88 | $0.91 | $0.71 | $0.54 | $2.89 | $3.05 | $2.13 |
Diluted (in dollars per share) | $0.95 | $0.78 | $0.57 | $0.60 | $0.88 | $0.90 | $0.70 | $0.54 | $2.87 | $3.02 | $2.09 |
Interest rate percentage on Convertible Debentures included in calculation of diluted earnings per share, prior period (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% |
Summary_of_Noncash_Operating_I2
Summary of Non-cash Operating, Investing and Financing Activities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Non-cash Operating, Investing and Financing Activities [Abstract] | ' | ' | ' |
Impact on net assets of indemnity settlement with BP Exploration and Production, Inc. | $0 | $0 | ($82.50) |
Tax benefit of stock compensation plan transactions | 9.5 | 11.5 | 4.9 |
Change in fair value of derivatives accounted for as cash flow hedges, net of tax | 13.8 | 10.1 | -5.2 |
Actuarial gain (loss), net, related to defined benefit pension and postretirement benefit plans | $13.60 | ($33.30) | ($7.70) |
OffBalance_Sheet_Risk_and_Guar2
Off-Balance Sheet Risk and Guarantees and Concentrations of Credit Risk (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Off Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments [Abstract] | ' |
Contingently liable for bank guarantees and standby letters of credit issued on the company's behalf | $1,124.80 |
Liability to financial institutions for financial letters of credit and other guarantees issued on the Company's behalf | 21.1 |
Liability for insurance bonds issued on the company's behalf | $23.90 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents: [Abstract] | ' | ' |
Cash | $617,800,000 | $447,100,000 |
Certificates of deposit | 0 | 200,000 |
Money market funds | 1,172,400,000 | 429,100,000 |
Commercial paper | 3,900,000 | 202,700,000 |
U.S. treasury securities | 0 | 17,600,000 |
U.S. non-governmental agency asset-backed securities | 0 | 41,400,000 |
U.S. corporate obligations | 0 | 18,900,000 |
Non-U.S. bank and other obligations | 18,800,000 | 28,800,000 |
Short-term investments: [Abstract] | ' | ' |
Commercial paper | 0 | 253,900,000 |
Certificates of deposit | 0 | 3,000,000 |
U.S. Treasury securities | 41,000,000 | 64,500,000 |
U.S. non-governmental agency asset-backed securities | 0 | 99,500,000 |
U.S. corporate obligations | 0 | 96,100,000 |
Non-qualified plan assets [Abstract] | ' | ' |
Money market funds | 1,000,000 | 1,100,000 |
Domestic bond funds | 2,900,000 | 2,400,000 |
International bond fund | 300,000 | 100,000 |
Domestic equity funds | 5,500,000 | 3,600,000 |
International equity funds | 2,700,000 | 2,100,000 |
Blended equity funds | 3,800,000 | 2,600,000 |
Common stock | 2,300,000 | 2,100,000 |
Derivatives, net asset (liability) [Abstract] | ' | ' |
Foreign currency contracts | 19,000,000 | 19,900,000 |
Total financial instruments | 1,891,400,000 | 1,736,700,000 |
Fair value of the fixed-rate debt | 2,660,000,000 | 2,060,000,000 |
Face value of the fixed-rate debt | 2,500,000,000 | 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 | 617,800,000 | 447,100,000 |
Certificates of deposit | 0 | 200,000 |
Money market funds | 1,172,400,000 | 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 | 0 | 18,900,000 |
Non-U.S. bank and other obligations | 18,800,000 | 28,800,000 |
Short-term investments: [Abstract] | ' | ' |
Commercial paper | 0 | 0 |
Certificates of deposit | 0 | 3,000,000 |
U.S. Treasury securities | 41,000,000 | 64,500,000 |
U.S. non-governmental agency asset-backed securities | 0 | 0 |
U.S. corporate obligations | 0 | 96,100,000 |
Non-qualified plan assets [Abstract] | ' | ' |
Money market funds | 1,000,000 | 1,100,000 |
Domestic bond funds | 2,900,000 | 2,400,000 |
International bond fund | 300,000 | 100,000 |
Domestic equity funds | 5,500,000 | 3,600,000 |
International equity funds | 2,700,000 | 2,100,000 |
Blended equity funds | 3,800,000 | 2,600,000 |
Common stock | 2,300,000 | 2,100,000 |
Derivatives, net asset (liability) [Abstract] | ' | ' |
Foreign currency contracts | 0 | 0 |
Total financial instruments | 1,868,500,000 | 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 | 3,900,000 | 202,700,000 |
U.S. treasury securities | 0 | 0 |
U.S. non-governmental agency asset-backed securities | 0 | 41,400,000 |
U.S. corporate obligations | 0 | 0 |
Non-U.S. bank and other obligations | 0 | 0 |
Short-term investments: [Abstract] | ' | ' |
Commercial paper | 0 | 253,900,000 |
Certificates of deposit | 0 | 0 |
U.S. Treasury securities | 0 | 0 |
U.S. non-governmental agency asset-backed securities | 0 | 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 | 19,000,000 | 19,900,000 |
Total financial instruments | $22,900,000 | $617,400,000 |
Derivative_Contracts_Details
Derivative Contracts (Details) (FX Forward Contracts [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Buy Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | $177.90 |
Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 28.4 |
Buy Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 1,596 |
Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 131.6 |
Buy U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 182.1 |
Sell Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -45.3 |
Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
Sell Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -470.8 |
Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -1.3 |
Sell U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -839.3 |
2014 [Member] | Buy Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 157.8 |
2014 [Member] | Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 28.4 |
2014 [Member] | Buy Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 1,269.70 |
2014 [Member] | Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 113.5 |
2014 [Member] | Buy U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 182.1 |
2014 [Member] | Sell Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -45.3 |
2014 [Member] | Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2014 [Member] | Sell Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -406.4 |
2014 [Member] | Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -1.3 |
2014 [Member] | Sell U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -677.2 |
2015 [Member] | Buy Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 9.9 |
2015 [Member] | Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Buy Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 318.5 |
2015 [Member] | Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 17.3 |
2015 [Member] | Buy U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -64.4 |
2015 [Member] | Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -136.3 |
2016 [Member] | Buy Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 10.2 |
2016 [Member] | Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Buy Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 7.8 |
2016 [Member] | Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0.8 |
2016 [Member] | Buy U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Euro [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Norwegian krone [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell U.S. dollar [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | ($25.80) |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments, Balance Sheet Classification (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | $36.70 | $26 |
Liabilities | 17.7 | 6.1 |
Derivatives not Designated as Hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 5.6 | 3.3 |
Liabilities | 5.6 | 0 |
Derivatives not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 5.6 | 3.3 |
Derivatives not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Non-Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 0 | 0 |
Derivatives not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | 5.6 | 0 |
Derivatives not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Non-Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | 0 | 0 |
Derivatives Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 31.1 | 22.7 |
Liabilities | 12.1 | 6.1 |
Derivatives Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 28.3 | 20.4 |
Derivatives Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Non-Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 2.8 | 2.3 |
Derivatives Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | 10.4 | 5.7 |
Derivatives Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | Non-Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | $1.70 | $0.40 |
Derivative_Instruments_Gain_Lo
Derivative Instruments, Gain (Loss) by Hedging Relationship, Income Statement Location (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total pre-tax gain (loss) | $7.50 | $18 | ($23) |
Cost of Sale [Member] | Derivatives not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total pre-tax gain (loss) | 7.3 | 1.9 | -0.5 |
Cost of Sale [Member] | Derivatives Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total pre-tax gain (loss) | 1.3 | 0.4 | -0.8 |
Other Costs [Member] | Derivatives not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total pre-tax gain (loss) | -1.1 | 15.7 | -9.3 |
Other Costs [Member] | Derivatives not Designated as Hedges [Member] | Equity Call Options [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total pre-tax gain (loss) | 0 | 0 | -12.2 |
Interest, Net [Member] | Derivatives not Designated as Hedges [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total pre-tax gain (loss) | $0 | $0 | ($0.20) |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Site | |
Homeowner | |
Country | |
Contingencies [Abstract] | ' |
Accrued liability for claims of other litigation | $14.80 |
Number of countries where company has legal entities | 50 |
Customs duties, penalties and interest 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 | 3.2 |
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 | $7.10 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 20, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Reciprocating Compression business [Member] | Centrifugal Compression business [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' |
Date of definitive agreement to sell Reciprocating Compression business | 20-Jan-14 | ' | ' |
Cash consideration | $550 | ' | ' |
Revenues from discontinued operations | ' | $302 | $398 |
Unaudited_Quarterly_Operating_2
Unaudited Quarterly Operating Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unaudited Quarterly Operating Results [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $2,937.50 | $2,495.80 | $2,287.40 | $2,117.70 | $2,425.80 | $2,218.30 | $2,053.70 | $1,804.30 | $9,838.40 | $8,502.10 | $6,959 |
Revenues less cost of sales (exclusive of depreciation and amortization) | 821.4 | 715.1 | 662.4 | 623.6 | 699 | 650.1 | 604.8 | 523.9 | ' | ' | ' |
Other costs (credits) | 12.4 | 13.9 | 35.6 | 30.8 | 21.7 | 3.4 | 9.9 | -1.5 | ' | ' | ' |
Net income attributable to noncontrolling interests | 22.2 | 2.8 | 0 | 0 | ' | ' | ' | ' | 25 | 0 | 0 |
Net income attributable to Cameron | 220.9 | 189.6 | 140.4 | 148.3 | 218.3 | 223.6 | 174.6 | 134 | 699.2 | 750.5 | 521.9 |
Net income | $243.10 | $192.40 | $140.40 | $148.30 | ' | ' | ' | ' | $724.20 | $750.50 | $521.90 |
Earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.96 | $0.78 | $0.57 | $0.60 | $0.88 | $0.91 | $0.71 | $0.54 | $2.89 | $3.05 | $2.13 |
Diluted (in dollars per share) | $0.95 | $0.78 | $0.57 | $0.60 | $0.88 | $0.90 | $0.70 | $0.54 | $2.87 | $3.02 | $2.09 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | $7.90 | $9.90 | $14 | |||
Additions Charged to cost and expense | 14.2 | 0.5 | 1 | |||
Charged to other accounts | -0.5 | 0.2 | 0.3 | |||
Deductions (a) | -0.7 | [1] | -2.6 | [1] | -5.2 | [1] |
Translation | 0 | -0.1 | -0.2 | |||
Balance at end of period | 20.9 | 7.9 | 9.9 | |||
Allowance for obsolete and excess inventory [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | 89 | 81.9 | 68 | |||
Additions Charged to cost and expense | 28.3 | 20.9 | 18.8 | |||
Charged to other accounts | 3.9 | -2 | 2 | |||
Deductions (a) | -11.6 | [1] | -12.3 | [1] | -6 | [1] |
Translation | -0.6 | 0.5 | -0.9 | |||
Balance at end of period | $109 | $89 | $81.90 | |||
[1] | Write-offs of uncollectible receivables, deductions for collections of previously reserved receivables and write-offs of obsolete inventory. |