Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 01, 2014 | Jun. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Thermo Fisher Scientific Inc. | ' | ' |
Entity Central Index Key | '0000097745 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $30,411,997,000 |
Entity Common Stock, Shares Outstanding | ' | 391,792,194 | ' |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $5,826 | $805.60 |
Short-term investments, at quoted market value (cost of $4.6 and $4.8) | 4.5 | 4.3 |
Accounts receivable, less allowances of $54.1 and $55.5 | 1,942.30 | 1,804.90 |
Inventories | 1,494.50 | 1,443.30 |
Deferred tax assets | 192.5 | 182 |
Other current assets | 420.9 | 594.7 |
Total current assets | 9,880.70 | 4,834.80 |
Property, Plant and Equipment, at Cost, Net | 1,767.40 | 1,726.40 |
Acquisition-related Intangible Assets, Net | 7,071.30 | 7,804.50 |
Other Assets | 640.7 | 604.4 |
Goodwill | 12,503.30 | 12,474.50 |
Total Assets | 31,863.40 | 27,444.60 |
Current Liabilities: | ' | ' |
Short-term obligations and current maturities of long-term obligations | 987.7 | 93.1 |
Accounts payable | 691.5 | 641.4 |
Accrued payroll and employee benefits | 432 | 388 |
Deferred revenue | 198.9 | 196.5 |
Other accrued expenses | 815.9 | 774.3 |
Total current liabilities | 3,126 | 2,093.30 |
Deferred Income Taxes | 1,609.90 | 2,047.20 |
Other Long-term Liabilities | 771.8 | 808.2 |
Long-term Obligations | 9,499.60 | 7,031.20 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred stock, $100 par value, 50,000 shares authorized; none issued | ' | ' |
Common stock, $1 par value, 1,200,000,000 shares authorized; 369,598,265 and 413,491,691 shares issued | 369.6 | 413.5 |
Capital in excess of par value | 8,222.60 | 10,501.10 |
Retained earnings | 8,753.30 | 7,697.30 |
Treasury stock at cost, 7,636,887 and 56,047,926 shares | -412.2 | -2,996.80 |
Accumulated other comprehensive items | -77.2 | -150.4 |
Total shareholders' equity | 16,856.10 | 15,464.70 |
Total Liabilities & Shareholders' Equity | $31,863.40 | $27,444.60 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheet Parenthetical [Abstract] | ' | ' |
Cost of Short-term Investments | $4.60 | $4.80 |
Accounts Receivable Allowances | $54.10 | $55.50 |
Preferred Stock, $100 Par Value - Par Value (in dollars per share) | $100 | $100 |
Preferred Stock, $100 Par Value - Shares Authorized (in shares) | 50,000 | 50,000 |
Preferred Stock, $100 Par Value - Shares Issued (in shares) | 0 | 0 |
Common Stock, $1 Par Value - Par Value (in dollars per share) | $1 | $1 |
Common Stock, $1 Par Value - Shares Authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common Stock, $1 Par Value - Shares Issued (in shares) | 369,598,265 | 413,491,691 |
Treasury Stock at Cost (in shares) | 7,636,887 | 56,047,926 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Product revenues | $11,215.20 | $10,777.60 | $9,896.60 |
Service revenues | 1,875.10 | 1,732.30 | 1,662.20 |
Total revenues | 13,090.30 | 12,509.90 | 11,558.80 |
Costs and Operating Expenses: | ' | ' | ' |
Cost of product revenues | 6,309.60 | 6,101.30 | 5,733.40 |
Cost of service revenues | 1,251.60 | 1,113.10 | 1,031.40 |
Selling, general and administrative expenses | 3,446.30 | 3,354.90 | 3,106.50 |
Research and development expenses | 395.5 | 376.4 | 340.2 |
Restructuring and other costs, net | 77.7 | 82.1 | 96.5 |
Total costs and operating expenses | 11,480.70 | 11,027.80 | 10,308 |
Operating Income | 1,609.60 | 1,482.10 | 1,250.80 |
Other Expense, Net | -290.1 | -212.7 | -118 |
Income from Continuing Operations Before Income Taxes | 1,319.50 | 1,269.40 | 1,132.80 |
Provision for Income Taxes | -40.4 | -11 | -109.4 |
Income from Continuing Operations | 1,279.10 | 1,258.40 | 1,023.40 |
(Loss) Income from Discontinued Operations (net of income tax (benefit) provision of ($0.5), ($10.8) and $1.2) | -0.7 | -19.2 | 1.7 |
(Loss) Gain on Disposal of Discontinued Operations, Net (net of income tax (benefit) provision of ($3.2), ($33.2) and $190.3) | -5.1 | -61.3 | 304.8 |
Net Income | $1,273.30 | $1,177.90 | $1,329.90 |
Earnings per Share from Continuing Operations | ' | ' | ' |
Basic (in dollars per share) | $3.55 | $3.46 | $2.69 |
Diluted (in dollars per share) | $3.50 | $3.43 | $2.66 |
Earnings per Share | ' | ' | ' |
Basic (in dollars per share) | $3.53 | $3.24 | $3.49 |
Diluted (in dollars per share) | $3.48 | $3.21 | $3.46 |
Weighted Average Shares | ' | ' | ' |
Basic (in millions of shares) | 360.3 | 363.8 | 380.8 |
Diluted (in millions of shares) | 365.8 | 366.6 | 384.8 |
Cash Dividend Declared per Common Share (in dollars per share) | $0.60 | $0.54 | $0 |
Consolidated_Statement_of_Inco1
Consolidated Statement of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Income Statement Parenthetical [Abstract] | ' | ' | ' |
Provision for (Benefit from) Income Taxes on Income (Loss) from Discontinued Operations | ($0.50) | ($10.80) | $1.20 |
Provision for (Benefit From) Income Taxes on Gain (Loss) on Disposal of Discontinued Operations | ($3.20) | ($33.20) | $190.30 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income | ' | ' | ' |
Net income | $1,273.30 | $1,177.90 | $1,329.90 |
Other Comprehensive Items: | ' | ' | ' |
Currency translation adjustment | 24.6 | 293.7 | -340.8 |
Unrealized gains on available-for-sale investments: | ' | ' | ' |
Unrealized holding gains arising during the period (net of tax provision of $0.5, $0.1 and $1.1) | 1.6 | 0.7 | 3.5 |
Reclassification adjustment for gains included in net income (net of tax provision of $2.5, $0.0 and $0.0) | -8 | 0 | 0.1 |
Unrealized gains and losses on hedging instruments: | ' | ' | ' |
Unrealized gain (loss) on hedging instruments (net of tax provision (benefit) of $3.6, $0.0 and ($22.5)) | 5.8 | 0 | -36.7 |
Reclassification adjustment for losses included in net income (net of tax benefit of $2.2, $2.0 and $0.8) | 3.2 | 3.3 | 1.3 |
Pension and other postretirement benefit liability adjustment: | ' | ' | ' |
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision (benefit) of $20.3, ($20.8) and ($38.0)) | 38.2 | -53 | -72.4 |
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $3.6, $2.4 and $1.1) | 7.8 | 4.4 | 1.9 |
Total other comprehensive items | 73.2 | 249.1 | -443.1 |
Comprehensive Income | $1,346.50 | $1,427 | $886.80 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' |
Tax provision (benefit) on unrealized holding gains and losses on available-for-sale investments arising during the period | $0.50 | $0.10 | $1.10 |
Tax provision (benefit) on reclassification adjustment for gains on available-for-sale investments recognized in net income | 2.5 | 0 | 0 |
Tax provision (benefit) on unrealized holding gains and losses on hedging instruments arising during the period | 3.6 | 0 | -22.5 |
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income | -2.2 | -2 | -0.8 |
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period | 20.3 | -20.8 | -38 |
Tax provision (benefit) on amortization of net loss and prior service benefit included in net periodic pension cost | ($3.60) | ($2.40) | ($1.10) |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $1,273.30 | $1,177.90 | $1,329.90 |
Loss (income) from discontinued operations | 0.7 | 19.2 | -1.7 |
Loss (gain) on disposal of discontinued operations | 5.1 | 61.3 | -304.8 |
Income from continuing operations | 1,279.10 | 1,258.40 | 1,023.40 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 999.9 | 983.7 | 859.6 |
Change in deferred income taxes | -472.8 | -301.6 | -123.1 |
Non-cash stock-based compensation | 90.9 | 78.2 | 80 |
Tax benefits from stock-based compensation awards | -48.8 | -22.7 | -16.9 |
Non-cash charges for sale of inventories revalued at the date of acquisition | 23.9 | 52.4 | 69.5 |
Other non-cash expenses, net | 22.7 | 53.8 | 49.5 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions: | ' | ' | ' |
Accounts receivable | -147.9 | 12 | -101.2 |
Inventories | -72.2 | -59.9 | -28.6 |
Other assets | 168.7 | -100.3 | -136.8 |
Accounts payable | 47 | 10 | 33.8 |
Other liabilities | 163.3 | 127.2 | -7.3 |
Contributions to retirement plans | -38.2 | -23.3 | -25.3 |
Net cash provided by continuing operations | 2,015.60 | 2,067.90 | 1,676.60 |
Net cash (used in) provided by discontinued operations | -4.9 | -28.4 | 14.4 |
Net cash provided by operating activities | 2,010.70 | 2,039.50 | 1,691 |
Investing Activities | ' | ' | ' |
Acquisitions, net of cash acquired | -11.4 | -1,083.40 | -5,690.30 |
Purchase of property, plant and equipment | -282.4 | -315.1 | -260.9 |
Proceeds from sale of property, plant and equipment | 20.7 | 12.8 | 8.2 |
Proceeds from sale of investments | 7.6 | 1.9 | 19.5 |
Proceeds from sale of businesses, net of cash divested | ' | ' | 13.8 |
Decrease (increase) in restricted cash | 4 | -45.1 | ' |
Proceeds from derivative instruments related to Phadia acquisition | ' | ' | 27.6 |
Other investing activities, net | -1.8 | -0.8 | -6 |
Net cash used in continuing operations | -263.3 | -1,429.70 | -5,888.10 |
Net cash provided by discontinued operations | 0 | 58.8 | 745.9 |
Net cash used in investing activities | -263.3 | -1,370.90 | -5,142.20 |
Financing Activities | ' | ' | ' |
Net proceeds from issuance of long-term debt | 3,167.80 | 1,282.10 | 4,254.10 |
Increase (decrease) in commercial paper, net | 199.9 | -849.3 | 899.3 |
Settlement of convertible debt | ' | ' | -452 |
Redemption and repayment of long-term obligations | -1 | -354.5 | -1.4 |
(Decrease) increase in short-term notes payable | -12 | 24 | 9.2 |
Purchases of company common stock | -89.8 | -1,150 | -1,337.50 |
Dividends paid | -216.2 | -142.2 | 0 |
Net proceeds from issuance of company common stock | 230.4 | 254.1 | 158.1 |
Tax benefits from stock-based compensation awards | 48.8 | 22.7 | 16.9 |
Other financing activities, net | -17.9 | -4.6 | 3.9 |
Net cash provided by (used in) financing activities | 3,310 | -917.7 | 3,550.60 |
Exchange Rate Effect on Cash | -37 | 38.4 | -0.2 |
Increase (Decrease) in Cash and Cash Equivalents | 5,020.40 | -210.7 | 99.2 |
Cash and Cash Equivalents at Beginning of Period | 805.6 | 1,016.30 | 917.1 |
Cash and Cash Equivalents at End of Period | $5,826 | $805.60 | $1,016.30 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Items [Member] |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $15,361 | $401.80 | $10,019.70 | $5,386.40 | ($490.50) | $43.60 |
Balance (in shares) at Dec. 31, 2010 | ' | 401.8 | ' | ' | 10.4 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of shares under employees' and directors' stock plans (in shares) | ' | 4.6 | ' | ' | 0.1 | ' |
Issuance of shares under employees' and directors' stock plans | 155.8 | 4.6 | 160.3 | ' | -9.1 | ' |
Settlement of convertible debt | -122.8 | ' | -122.8 | ' | ' | ' |
Stock-based compensation | 80.2 | ' | 80.2 | ' | ' | ' |
Tax benefit related to employees' and directors' stock plans | 14.6 | ' | 14.6 | ' | ' | ' |
Purchases of company common stock (in shares) | ' | ' | ' | ' | 24.5 | ' |
Purchases of company common stock | -1,337.50 | ' | ' | ' | -1,337.50 | ' |
Net income | 1,329.90 | ' | ' | 1,329.90 | ' | ' |
Other comprehensive items | -443.1 | ' | ' | ' | ' | -443.1 |
Balance at Dec. 31, 2011 | 15,038.10 | 406.4 | 10,152 | 6,716.30 | -1,837.10 | -399.5 |
Balance (in shares) at Dec. 31, 2011 | ' | 406.4 | ' | ' | 35 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of shares under employees' and directors' stock plans (in shares) | ' | 7.1 | ' | ' | 0.2 | ' |
Issuance of shares under employees' and directors' stock plans | 252.1 | 7.1 | 254.7 | ' | -9.7 | ' |
Stock-based compensation | 78.2 | ' | 78.2 | ' | ' | ' |
Tax benefit related to employees' and directors' stock plans | 18.7 | ' | 18.7 | ' | ' | ' |
Purchases of company common stock (in shares) | ' | ' | ' | ' | 20.8 | ' |
Purchases of company common stock | -1,150 | ' | ' | ' | -1,150 | ' |
Dividends declared | -196.9 | ' | ' | -196.9 | ' | ' |
Net income | 1,177.90 | ' | ' | 1,177.90 | ' | ' |
Other comprehensive items | 249.1 | ' | ' | ' | ' | 249.1 |
Other | -2.5 | ' | -2.5 | ' | ' | ' |
Balance at Dec. 31, 2012 | 15,464.70 | 413.5 | 10,501.10 | 7,697.30 | -2,996.80 | -150.4 |
Balance (in shares) at Dec. 31, 2012 | ' | 413.5 | ' | ' | 56 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Retirement of treasury shares (in shares) | ' | -50 | ' | ' | -50 | ' |
Retirement of treasury shares | ' | -50 | -2,647.70 | ' | 2,697.70 | ' |
Issuance of shares under employees' and directors' stock plans (in shares) | ' | 6.1 | ' | ' | 0.3 | ' |
Issuance of shares under employees' and directors' stock plans | 215.7 | 6.1 | 232.9 | ' | -23.3 | ' |
Stock-based compensation | 90.9 | ' | 90.9 | ' | ' | ' |
Tax benefit related to employees' and directors' stock plans | 46.6 | ' | 46.6 | ' | ' | ' |
Purchases of company common stock (in shares) | ' | ' | ' | ' | 1.3 | ' |
Purchases of company common stock | -89.8 | ' | ' | ' | -89.8 | ' |
Dividends declared | -217.3 | ' | ' | -217.3 | ' | ' |
Net income | 1,273.30 | ' | ' | 1,273.30 | ' | ' |
Other comprehensive items | 73.2 | ' | ' | ' | ' | 73.2 |
Other | -1.2 | ' | -1.2 | ' | ' | ' |
Balance at Dec. 31, 2013 | $16,856.10 | $369.60 | $8,222.60 | $8,753.30 | ($412.20) | ($77.20) |
Balance (in shares) at Dec. 31, 2013 | ' | 369.6 | ' | ' | 7.6 | ' |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | ' | ||||||||||||||||||||
Note 1. Nature of Operations and Summary of Significant Accounting Policies | |||||||||||||||||||||
Nature of Operations | |||||||||||||||||||||
Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by providing analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. Markets served include pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial process control settings. | |||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses in which it has significant influence but not control (generally between 20% and 50% ownership) using the equity method. | |||||||||||||||||||||
Presentation | |||||||||||||||||||||
Certain reclassifications of prior year amounts have been made to conform to the current year presentation. | |||||||||||||||||||||
During 2013, the company determined that $45 million of cash that was restricted from withdrawal due to serving as collateral for short-term borrowings in Asia was included in its previously reported year-end 2012 cash balance. Presentation of this amount has been revised to other current assets from cash in the accompanying balance sheet as of December 31, 2012 to properly reflect the restriction on withdrawal. Cash used for investing activities in the accompanying cash flow statement for 2012 reflects an increase of $45 million from previously reported amounts for the increase in restricted cash as of December 31, 2012. The company has evaluated the impact of this revision, which had no impact on net income, net assets or cash flows from operations, and concluded it is immaterial to all prior period financial statements. Restricted cash totaled $49 million as of December 31, 2013 and was primarily classified as other current assets on the accompanying balance sheet. Of this amount, $36 million represented collateral for short-term borrowings in Asia. | |||||||||||||||||||||
Revenue Recognition and Accounts Receivable | |||||||||||||||||||||
Revenue is recognized after all significant obligations have been met, collectability is probable and title has passed, which typically occurs upon shipment or delivery or completion of services. If customer-specific acceptance criteria exist, the company recognizes revenue after demonstrating adherence to the acceptance criteria. The company recognizes revenue and related costs for arrangements with multiple deliverables, such as equipment and installation, as each element is delivered or completed based upon its relative fair value. When a portion of the customer's payment is not due until installation or other deliverable occurs, the company defers that portion of the revenue until completion of installation or transfer of the deliverable. Provisions for discounts, warranties, rebates to customers, returns and other adjustments are provided for in the period the related sales are recorded. Sales taxes, value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue. | |||||||||||||||||||||
The company recognizes revenue from the sale of software. License fee revenues relate primarily to sales of perpetual licenses to end-users and are recognized when a formal agreement exists, the license fee is fixed and determinable, delivery of the software has occurred and collection is probable. Software arrangements with customers often include multiple elements, including software products, maintenance and support. The company recognizes software license fees based on the residual method after all elements have either been delivered or vendor specific objective evidence (VSOE) of fair value exists for such undelivered elements. In the event VSOE is not available for any undelivered element, revenue for all elements is deferred until delivery is completed. Revenues from software maintenance and support contracts are recognized on a straight-line basis over the term of the contract, which is generally a period of one year. VSOE of fair value of software maintenance and support is determined based on the price charged for the maintenance and support when sold separately. Revenues from training and consulting services are recognized as services are performed, based on VSOE, which is determined by reference to the price customers pay when the services are sold separately. | |||||||||||||||||||||
Service revenues represent the company's service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. | |||||||||||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company's best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on the age of the receivable, the creditworthiness of the customer and any other information that is relevant to the judgment. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers. | |||||||||||||||||||||
The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. | |||||||||||||||||||||
Deferred revenue in the accompanying balance sheet consists primarily of unearned revenue on service contracts, which is recognized ratably over the terms of the contracts. Substantially all of the deferred revenue in the accompanying 2013 balance sheet will be recognized within one year. | |||||||||||||||||||||
Warranty Obligations | |||||||||||||||||||||
The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenue is recognized. While the company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, the company's warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered to the company. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from the company's estimates, revisions to the estimated warranty liability would be required. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts which are discussed above. Costs of service contracts are recognized as incurred. The changes in the carrying amount of warranty obligations are as follows: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Beginning Balance | $ | 48.7 | $ | 42.2 | |||||||||||||||||
Provision charged to income | 70.7 | 66.2 | |||||||||||||||||||
Usage | -70.9 | -59.3 | |||||||||||||||||||
Adjustments to previously provided warranties, net | 1 | 0.1 | |||||||||||||||||||
Other, net | 0.3 | -0.5 | |||||||||||||||||||
Ending Balance | $ | 49.8 | $ | 48.7 | |||||||||||||||||
Research and Development | |||||||||||||||||||||
The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include salaries and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. | |||||||||||||||||||||
The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities' full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7). | |||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||
Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share has been computed using the treasury stock method for the convertible obligations, equity forward agreements and outstanding stock options and restricted units, as well as their related income tax effects (Note 8). | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value. | |||||||||||||||||||||
Investments | |||||||||||||||||||||
The company's marketable equity and debt securities that are part of its cash management activities are considered short-term investments in the accompanying balance sheet. Such securities principally represent available-for-sale investments. In addition, the company owns marketable equity securities that represent less than 20% ownership and for which the company does not have the ability to exert significant influence. Such investments are also considered available-for-sale. All available-for-sale securities are carried at fair market value, with the difference between cost and fair market value, net of related tax effects, recorded in the “accumulated other comprehensive items” component of shareholders' equity (Notes 11 and 12). Decreases in fair market values of individual securities below cost are reviewed to determine if the unrealized loss is other than temporary. Decreases below cost for a duration of six to nine months are deemed indicative of other than temporary impairment, and the company assesses the need to write down the carrying amount of the investments to fair market value through other expense, net, in the accompanying statement of income. Should a decrease in the fair market value of debt securities be deemed attributable to non-credit loss conditions, however, no impairment is recorded in the statement of income if the company has the ability and intent to hold the investment to maturity. | |||||||||||||||||||||
Other investments for which there are not readily determinable market values are accounted for under the cost method of accounting. The company periodically evaluates the carrying value of its investments accounted for under the cost method of accounting, which provides that they are recorded at the lower of cost or estimated net realizable value. At December 31, 2013 and 2012, the company had cost method investments with carrying amounts of $13.7 million and $12.2 million, respectively, which are included in other assets. | |||||||||||||||||||||
Inventories | |||||||||||||||||||||
Inventories are valued at the lower of cost or market, cost being determined principally by the first-in, first-out (FIFO) method with certain of the company's businesses utilizing the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company assesses the carrying value of this inventory based on a lower of cost or market analysis. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. The components of inventories are as follows: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Raw Materials | $ | 347.4 | $ | 362 | |||||||||||||||||
Work in Process | 157.7 | 149.7 | |||||||||||||||||||
Finished Goods | 989.4 | 931.6 | |||||||||||||||||||
$ | 1,494.50 | $ | 1,443.30 | ||||||||||||||||||
The value of inventories maintained using the LIFO method was $197.0 million and $190.6 million at December 31, 2013 and 2012, respectively, which was below estimated replacement cost by $26.5 million and $25.1 million, respectively. The company recorded a reduction in cost of revenues as a result of the liquidation of LIFO inventories of $0.1 million, $0.3 million and $0.2 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. Property, plant and equipment consists of the following: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Land | $ | 212.2 | $ | 216.6 | |||||||||||||||||
Buildings and Improvements | 821 | 805.5 | |||||||||||||||||||
Machinery, Equipment and Leasehold Improvements | 2,047.90 | 1,829.90 | |||||||||||||||||||
3,081.10 | 2,852.00 | ||||||||||||||||||||
Less: Accumulated Depreciation and Amortization | 1,313.70 | 1,125.60 | |||||||||||||||||||
$ | 1,767.40 | $ | 1,726.40 | ||||||||||||||||||
Depreciation and amortization expense of property, plant and equipment including amortization of assets held under capital leases, was $236.8 million, $236.1 million and $211.7 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Acquisition-related Intangible Assets | |||||||||||||||||||||
Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, patents, tradenames and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range from 3 to 20 years. In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. Acquisition-related intangible assets are as follows: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||||
(In millions) | Gross | Amortization | Net | Gross | Amortization | Net | |||||||||||||||
Continuing Operations: | |||||||||||||||||||||
Definite Lives: | |||||||||||||||||||||
Customer relationships | $ | 6,738.20 | $ | -2,771.20 | $ | 3,967.00 | $ | 7,047.00 | $ | -2,617.60 | $ | 4,429.40 | |||||||||
Product technology | 2,530.80 | -1,187.00 | 1,343.80 | 2,512.90 | -958.6 | 1,554.30 | |||||||||||||||
Tradenames | 816 | -395.4 | 420.6 | 807.8 | -330.5 | 477.3 | |||||||||||||||
Patents | 20 | -19.7 | 0.3 | 19.7 | -19.2 | 0.5 | |||||||||||||||
Other | 16.8 | -14.9 | 1.9 | 15.7 | -13.3 | 2.4 | |||||||||||||||
10,121.80 | -4,388.20 | 5,733.60 | 10,403.10 | -3,939.20 | 6,463.90 | ||||||||||||||||
Indefinite Lives: | |||||||||||||||||||||
Tradenames | 1,326.90 | — | 1,326.90 | 1,326.90 | — | 1,326.90 | |||||||||||||||
In-process research and development | 10.8 | — | 10.8 | 13.7 | — | 13.7 | |||||||||||||||
1,337.70 | — | 1,337.70 | 1,340.60 | — | 1,340.60 | ||||||||||||||||
$ | 11,459.50 | $ | -4,388.20 | $ | 7,071.30 | $ | 11,743.70 | $ | -3,939.20 | $ | 7,804.50 | ||||||||||
The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows: | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
2014 | $ | 737.1 | |||||||||||||||||||
2015 | 722.1 | ||||||||||||||||||||
2016 | 683.7 | ||||||||||||||||||||
2017 | 677.3 | ||||||||||||||||||||
2018 | 624.9 | ||||||||||||||||||||
2019 and thereafter | 2,288.50 | ||||||||||||||||||||
$ | 5,733.60 | ||||||||||||||||||||
Amortization of acquisition-related intangible assets in continuing operations was $763.1 million, $747.6 million and $647.9 million in 2013, 2012 and 2011, respectively and for discontinued operations was $4.2 million in 2011. | |||||||||||||||||||||
Other Assets | |||||||||||||||||||||
Other assets in the accompanying balance sheet include deferred tax assets, investments in joint ventures, cash surrender value of life insurance, deferred debt issuance costs, insurance recovery receivables related to product liability matters, pension assets, cost-method investments, notes receivable, capitalized catalog costs and other assets. | |||||||||||||||||||||
The company owns 49% - 50% non-controlling interests in two joint ventures and records its pro rata share of the joint ventures' results in other expense, net, in the accompanying statement of income, using the equity method of accounting. The joint ventures were formed to combine the company's capabilities with those of businesses contributed by the respective joint venture partners in the fields of integrated response technology services and disposable laboratory glass products. The results of the joint ventures were not material for any period presented. The company made purchases of products for resale from the glass products joint venture totaling $46.6 million, $48.3 million and $45.1 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
The company assesses the realizability of goodwill annually and whenever events or changes in circumstances indicate it may be impaired. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company's reporting units. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. When an impairment is indicated, any excess of carrying value over the implied fair value of goodwill is recorded as an operating loss. The company completed annual tests for impairment at November 1, 2013 and November 2, 2012, and determined that goodwill was not impaired. | |||||||||||||||||||||
The changes in the carrying amount of goodwill by segment are as follows: | |||||||||||||||||||||
(In millions) | Analytical Technologies | Specialty Diagnostics | Laboratory Products and Services | Total | |||||||||||||||||
Balance at December 31, 2011 | $ | 3,090.40 | $ | 3,870.60 | $ | 5,012.30 | $ | 11,973.30 | |||||||||||||
Acquisitions | 15.6 | 273.5 | 81.1 | 370.2 | |||||||||||||||||
Finalization of purchase price allocations for 2011 acquisitions | -0.9 | -3.4 | — | -4.3 | |||||||||||||||||
Revision to goodwill allocable to discontinued operations | — | — | 13.1 | 13.1 | |||||||||||||||||
Currency translation | 10 | 106.7 | 6 | 122.7 | |||||||||||||||||
Other | 16.7 | -18.2 | 1 | -0.5 | |||||||||||||||||
Balance at December 31, 2012 | 3,131.80 | 4,229.20 | 5,113.50 | 12,474.50 | |||||||||||||||||
Finalization of purchase price allocations for 2012 acquisitions | -0.1 | 0.5 | — | 0.4 | |||||||||||||||||
Currency translation | 10.6 | 28.3 | -6.4 | 32.5 | |||||||||||||||||
Other | -1.2 | 0.1 | -3 | -4.1 | |||||||||||||||||
Balance at December 31, 2013 | $ | 3,141.10 | $ | 4,258.10 | $ | 5,104.10 | $ | 12,503.30 | |||||||||||||
In 2012, the company reduced its earlier estimate of goodwill allocable to discontinued operations by $13.1 million, based on the actual selling price of the business. | |||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||
The company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and/or normal use of the assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The difference between the gross expected future cash outflow and its present value is accreted over the life of the related lease as interest expense. At December 31, 2013 and 2012, the company had recorded asset retirement obligations of $28.2 million and $28.3 million, respectively, which are primarily included in other long-term liabilities in the accompanying balance sheet. | |||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||
Accruals are recorded for various contingencies, including legal proceedings, environmental, workers' compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management's judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Liabilities acquired in acquisitions have been recorded at their fair value and, as such, were discounted to their present value at the dates of acquisition. | |||||||||||||||||||||
Advertising | |||||||||||||||||||||
The company records advertising costs as expenses as incurred, except for certain direct-response advertising, which is capitalized and amortized on a straight-line basis over its expected period of future benefit, generally one to three years. The company has capitalized advertising costs of $4.4 million and $1.9 million at December 31, 2013 and 2012, respectively, included in other assets in the accompanying balance sheet. Direct-response advertising consists of external catalog production and mailing costs, and amortization begins on the date the catalogs are first mailed. Advertising expense, which includes amortization of capitalized direct-response advertising, as described above, was $33.2 million, $39.5 million and $29.6 million in 2013, 2012 and 2011, respectively. Included in advertising expense was catalog amortization of $4.1 million, $5.6 million and $7.2 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Currency Translation | |||||||||||||||||||||
All assets and liabilities of the company's non-U.S. subsidiaries are translated at year-end exchange rates, and revenues and expenses are translated at average exchange rates for the year. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders' equity. Currency transaction gains and losses are included in the accompanying statement of income and in aggregate were net losses of $16.6 million, $11.0 million and $1.0 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||
The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates, currency exchange rates and commodity prices. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings. | |||||||||||||||||||||
The company uses short-term forward and option currency-exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. These contracts principally hedge transactions denominated in euro, British pounds sterling, Chinese yuan, Australian dollars, and Swedish krona. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management. As of December 31, 2013, the company had no outstanding foreign exchange contracts that were hedging anticipated purchases or sales. | |||||||||||||||||||||
Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2013 and 2012, the company had no outstanding derivative contracts that were accounted for as cash flow hedges. | |||||||||||||||||||||
Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. During 2011 and 2013, in connection with new debt issuances, the company entered into interest rate swap arrangements. The company includes the gain or loss on the hedged items (fixed-rate debt) in the same line item (interest expense) as the offsetting effective portion of the loss or gain on the related interest rate swaps. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assets, and in determining the ultimate loss from selling discontinued operations and abandoning leases at facilities being exited (Note 14). Actual results could differ from those estimates. | |||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||
In February 2013, the FASB issued new guidance which requires disclosure of information about significant reclassification adjustments from accumulated other comprehensive income in a single note or on the face of the financial statements. This guidance became effective for the company in 2013. Adoption of this standard, which is related to disclosure only, did not have an impact on the company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||
In July 2012, the FASB modified existing rules to allow entities to use a qualitative approach to test indefinite-lived intangible assets for impairment. The revised standard allows an entity the option to first assess qualitatively whether it is more likely than not (that is, a likelihood of more than 50 percent) that an indefinite-lived intangible asset is impaired. An entity is not required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more likely than not that the asset is impaired. This guidance became effective for the company in 2013. Adoption of this standard did not have an impact on the company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||
In December 2011, the FASB issued new guidance which requires enhanced disclosures on offsetting amounts within the balance sheet, including disclosing gross and net information about instruments and transactions eligible for offset or subject to a master netting or similar agreement. This guidance became effective for the company in 2013. Adoption of this standard, which is related to disclosure only, did not have an impact on the company's consolidated financial position, results of operations or cash flows. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Acquisitions and Dispositions Disclosure | ' | ||||||||||||||
Acquisitions and Dispositions [Text Block] | ' | ||||||||||||||
Note 2. Acquisitions and Dispositions | |||||||||||||||
The company's acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company's existing commercial infrastructure to expand sales of the acquired businesses' products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products. | |||||||||||||||
Acquisitions have been accounted for using the purchase method of accounting, and the acquired companies' results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses. The net assets acquired have been recorded based on estimates of fair value. | |||||||||||||||
2013 | |||||||||||||||
On April 14, 2013, the company entered into an agreement to acquire Life Technologies Corporation for approximately $13.6 billion, plus the assumption of net debt at close ($1.5 billion) (the “Life Technologies Acquisition”). The transaction closed on February 3, 2014. Life Technologies provides innovative products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing. Life Technologies' revenues totaled $3.9 billion in 2013. The acquisition of Life Technologies extends customer reach and broadens the company's offerings in biosciences; genetic, medical and applied sciences; and bioproduction. At the time that the company agreed to acquire Life Technologies, it entered into a bridge credit agreement and a term loan agreement (Note 9). The bridge credit agreement expired in December 2013 upon arrangement of permanent financing. The term loan agreement is a 3-year unsecured $5 billion term loan facility under which the company borrowed $5.00 billion in January 2014. In December 2013, the company issued $3.20 billion of senior notes (Note 9) and in January and February 2014, the company issued 34.9 million shares of its common stock for proceeds of $2.94 billion through equity forward arrangements (Note 11) to partially fund the acquisition. Beginning on the acquisition date, Life Technologies will be reported in a new segment, Life Sciences Solutions, together with most of the company's existing biosciences businesses. The purchase price allocation for the acquisition and pro forma financial information are not yet available. | |||||||||||||||
During 2013, the company made contingent purchase price and post closing adjustment payments totaling $40 million for acquisitions completed prior to 2013. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. | |||||||||||||||
2012 | |||||||||||||||
In September 2012, the Specialty Diagnostics segment acquired One Lambda, a provider of transplant diagnostics, for approximately $885 million, net of cash acquired, including related real estate and subject to a post-closing adjustment, plus up to $25 million of additional contingent consideration based upon the achievement of specified operating results in the year following the acquisition. The company recorded $13 million as the fair value of contingent consideration at the acquisition date and an additional $12 million as a charge to selling, general and administrative expense in 2013. The $25 million contingent purchase price obligation was paid in 2013. The acquisition of One Lambda enhances the segment's presence in specialty in vitro diagnostics and adds new capabilities to the company's transplant-testing workflow. Revenues of One Lambda were $182 million in 2011. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $274 million was allocated to goodwill, all of which is tax deductible. | |||||||||||||||
In May 2012, the Laboratory Products and Services segment acquired Doe & Ingalls Management, LLC, a North Carolina-based channel for specialty production chemicals and provider of customized supply-chain services to the life sciences and microelectronics industries, for $175 million. The acquisition expands the segment's products and services that address the production market. Revenues of Doe & Ingalls totaled approximately $110 million in 2011. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $81 million was allocated to goodwill, $53 million of which is tax deductible. | |||||||||||||||
In addition, in 2012, the Analytical Technologies segment acquired a manufacturer and supplier of radioactive isotope identifiers, x-ray and gamma-ray detectors and spectroscopy systems used to detect radioactive and other nuclear materials in security and environmental settings and a manufacturer of miniature NMR spectrometers. The Specialty Diagnostics segment acquired a business that holds proprietary technology for tests to diagnose pre-eclampsia and eclampsia. The aggregate consideration for these acquisitions was $25 million plus contingent consideration of up to $15 million. | |||||||||||||||
The company made contingent purchase price and post closing adjustment payments totaling $6 million in 2012, for acquisitions completed prior to 2012. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. | |||||||||||||||
The components of the purchase price and net assets acquired for 2012 acquisitions, as revised in 2013 for finalization of the valuation process are as follows: | |||||||||||||||
(In millions) | One Lambda | Doe & Ingalls | Other | Total | |||||||||||
Purchase Price | |||||||||||||||
Cash paid | $ | 886.3 | $ | 174.9 | $ | 25.4 | $ | 1,086.60 | |||||||
Fair value of contingent consideration | 13.1 | 1.5 | 5.3 | 19.9 | |||||||||||
Cash acquired | -1.3 | — | — | -1.3 | |||||||||||
$ | 898.1 | $ | 176.4 | $ | 30.7 | $ | 1,105.20 | ||||||||
Net Assets Acquired | |||||||||||||||
Current assets | $ | 110.2 | $ | 21.9 | $ | 2.1 | $ | 134.2 | |||||||
Property, plant and equipment | 30.2 | 11.6 | 0.1 | 41.9 | |||||||||||
Intangible assets: | |||||||||||||||
Customer relationships | 330.7 | 68.1 | 3.2 | 402 | |||||||||||
Product technology | 172.5 | 1.1 | 13.9 | 187.5 | |||||||||||
Tradenames and other | 17.2 | 16.8 | — | 34 | |||||||||||
Goodwill | 274 | 81.1 | 15.5 | 370.6 | |||||||||||
Other assets | — | 0.5 | — | 0.5 | |||||||||||
Liabilities assumed | -36.7 | -24.7 | -4.1 | -65.5 | |||||||||||
$ | 898.1 | $ | 176.4 | $ | 30.7 | $ | 1,105.20 | ||||||||
The weighted average amortization periods for intangible assets acquired in 2012 are 13 years for customer relationships, 11 years for product technology and 13 years for tradenames and other. The weighted average amortization period for all intangible assets in the above table is 13 years. | |||||||||||||||
2011 | |||||||||||||||
In August 2011, the Specialty Diagnostics segment completed the acquisition of the Phadia group, a global leader in allergy and autoimmunity diagnostics, headquartered in Sweden, for a total purchase price of $3.54 billion, net of cash acquired, including the repayment of $2.14 billion of indebtedness owed by Phadia to the seller and third-party lenders. Phadia develops, manufactures and markets complete blood-test systems to support the clinical diagnosis and monitoring of allergy and autoimmune diseases. Phadia has been a pioneer in bringing new allergy diagnostic tests to market and is a global leader for in vitro allergy diagnostics and a European leader in autoimmunity diagnostics. Phadia's revenues in 2010 totaled €367 million (approximately $525 million based on exchange rates at the time of the acquisition agreement announcement). The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $1.81 billion was recorded as goodwill, substantially none of which is tax deductible. | |||||||||||||||
In May 2011, the Analytical Technologies segment completed the acquisition of Dionex Corporation, a leading manufacturer and marketer of chromatography systems, for a total purchase price of $2.03 billion, net of cash acquired. Dionex, headquartered in Sunnyvale, California, is a global leader in the manufacturing and marketing of ion and liquid chromatography and sample preparation systems, consumables, and software for chemical analysis. Dionex systems are used worldwide in environmental analysis and by the life sciences, chemical, petrochemical, food and beverage, power generation, and electronics industries. Their expertise in applications and instrumentation helps analytical scientists to evaluate and develop pharmaceuticals, establish environmental regulations, and produce better industrial products. Revenues of Dionex totaled $420 million in its fiscal year ended June 30, 2010. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $1.32 billion was recorded as goodwill, substantially none of which is tax deductible. | |||||||||||||||
In addition, in 2011, the Laboratory Products and Services segment acquired a U.S.-based manufacturer of clinical and diagnostic assays and platforms for rapid and sensitive protein biomarker analysis; a U.K.-based provider of single-use plastic products serving the microbiology, life sciences and clinical markets and certain operating assets of a Singapore-based distributor of laboratory equipment and consumables. The Specialty Diagnostics segment also acquired a provider of microbiology solutions, including blood culture identification and antibiotic susceptibility testing products with operations in both the U.S. and U.K. The aggregate consideration paid for these acquisitions was $97 million, net of cash acquired. Separately, the company's discontinued operations acquired a manufacturer of laboratory workstations and fume hoods for $8 million. | |||||||||||||||
The company made contingent purchase price and post closing adjustment payments totaling $35 million in 2011, for acquisitions completed prior to 2011. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. | |||||||||||||||
The components of the purchase price and net assets acquired for 2011 acquisitions, as revised in 2012 for finalization of the valuation process are as follows: | |||||||||||||||
(In millions) | Phadia | Dionex | Other | Total | |||||||||||
Purchase Price | |||||||||||||||
Cash paid | $ | 3,655.20 | $ | 2,140.80 | $ | 98.1 | $ | 5,894.10 | |||||||
Debt assumed | 0.3 | 3.2 | — | 3.5 | |||||||||||
Fair value of contingent consideration | — | — | 1.4 | 1.4 | |||||||||||
Cash acquired | -117.2 | -114.9 | -0.9 | -233 | |||||||||||
$ | 3,538.30 | $ | 2,029.10 | $ | 98.6 | $ | 5,666.00 | ||||||||
Net Assets Acquired | |||||||||||||||
Current assets | $ | 328.1 | $ | 227.8 | $ | 25 | $ | 580.9 | |||||||
Property, plant and equipment | 150.2 | 87.8 | 29 | 267 | |||||||||||
Intangible assets: | |||||||||||||||
Customer relationships | 956.8 | 495.3 | 17.6 | 1,469.70 | |||||||||||
Product technology | 696.3 | 350.2 | 20 | 1,066.50 | |||||||||||
In-process research and development | — | 18.3 | — | 18.3 | |||||||||||
Tradenames and other | 132.6 | 35.7 | 3.6 | 171.9 | |||||||||||
Goodwill | 1,813.60 | 1,317.80 | 30.2 | 3,161.60 | |||||||||||
Other assets | 67.9 | 3.1 | 1.2 | 72.2 | |||||||||||
Liabilities assumed | -607.2 | -506.9 | -28 | -1,142.10 | |||||||||||
$ | 3,538.30 | $ | 2,029.10 | $ | 98.6 | $ | 5,666.00 | ||||||||
The weighted average amortization periods for intangible assets acquired in 2011 are 14 years for customer relationships, 11 years for product technology and 14 years for tradenames and other. The weighted average amortization period for all intangible assets in the above table is 13 years. | |||||||||||||||
Unaudited Pro Forma Information | |||||||||||||||
The company acquired One Lambda in September 2012. Had the acquisition of One Lambda been completed as of the beginning of 2011, the company's pro forma results for 2012 would have been as follows: | |||||||||||||||
(In millions except per share amounts) | 2012 | ||||||||||||||
Revenues | $ | 12,643.00 | |||||||||||||
Income from Continuing Operations | $ | 1,280.60 | |||||||||||||
Net Income | $ | 1,200.00 | |||||||||||||
Earnings per Share from Continuing Operations: | |||||||||||||||
Basic | $ | 3.52 | |||||||||||||
Diluted | $ | 3.49 | |||||||||||||
Earnings per Share: | |||||||||||||||
Basic | $ | 3.3 | |||||||||||||
Diluted | $ | 3.27 | |||||||||||||
The company's results would not have been materially different from its pro forma results had the company's other 2012 acquisitions occurred at the beginning of 2011. | |||||||||||||||
Dispositions | |||||||||||||||
In December 2013, the company entered an agreement to sell its sera and media, gene modulation and magnetic beads businesses to GE Healthcare for approximately $1.06 billion. The businesses fall principally in the Analytical Technologies segment. Divestiture of these businesses was a condition to obtaining antitrust approval for the Life Technologies Acquisition. As of December 31, 2013, the agreement to sell the businesses was contingent on, among other things, obtaining antitrust approval for the acquisition of Life Technologies. That approval was obtained in January 2014 at which time these businesses were designated as held for sale. Revenues and operating income in 2013 of the businesses to be sold were approximately $250 million and $80 million, respectively. The sale is subject to additional regulatory approvals and other customary closing conditions. | |||||||||||||||
The assets and liabilities of the businesses to be sold were as follows at December 31, 2013: | |||||||||||||||
December 31, | |||||||||||||||
(In millions) | 2013 | ||||||||||||||
Current Assets | $ | 83.8 | |||||||||||||
Long-term Assets | 241.2 | ||||||||||||||
Current Liabilities | 8.2 | ||||||||||||||
Long-term Liabilities | 55.2 | ||||||||||||||
In October 2012, the company sold its laboratory workstations business and in April 2011, the company sold its Athena Diagnostics business and its Lancaster Laboratories business (see Note 15). In May 2011, the company sold a manufacturer of heating equipment for $14 million and recorded a pre-tax loss on the sale of $3 million, included in restructuring and other costs, net. Operating results of the business were not material. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||||
Business Segment Information [Text Block] | ' | |||||||||||||||||||||||||||
Note 3. Business Segment and Geographical Information | ||||||||||||||||||||||||||||
At December 31, 2013, the company's continuing operations fell into three business segments as follows: | ||||||||||||||||||||||||||||
Analytical Technologies: provides a broad offering of instruments, reagents, consumables, software and services that are used for a range of applications in the laboratory, on the production line and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory. | ||||||||||||||||||||||||||||
Specialty Diagnostics: provides a wide range of diagnostic test kits, reagents, culture media, instruments and associated products used to increase the speed and accuracy of diagnoses. These products are used primarily by customers in healthcare, clinical, pharmaceutical, industrial and food safety laboratories. | ||||||||||||||||||||||||||||
Laboratory Products and Services: provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products and an extensive service offering. These products and services are used by customers in pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory. | ||||||||||||||||||||||||||||
In February 2013, in connection with a change in management responsibility for two product lines, the company transferred its water analysis and research serum and media product lines to the Laboratory Products and Services segment from the Analytical Technologies segment. The company has historically moved a product line between segments when a shift in strategic focus of either the product line or a segment more closely aligns the product line with a segment different than that in which it had previously been reported. Prior period segment information has been reclassified to reflect these transfers. | ||||||||||||||||||||||||||||
The company's management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition accounting; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments' core operating results and facilitates comparison of performance for determining compensation. | ||||||||||||||||||||||||||||
Business Segment Information | ||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 4,125.10 | $ | 4,017.90 | $ | 3,739.70 | ||||||||||||||||||||||
Specialty Diagnostics | 3,191.70 | 2,962.30 | 2,469.90 | |||||||||||||||||||||||||
Laboratory Products and Services | 6,350.50 | 6,053.70 | 5,831.20 | |||||||||||||||||||||||||
Eliminations | -577 | -524 | -482 | |||||||||||||||||||||||||
Consolidated revenues | 13,090.30 | 12,509.90 | 11,558.80 | |||||||||||||||||||||||||
Segment Income | ||||||||||||||||||||||||||||
Analytical Technologies (a) | 767.8 | 749.1 | 694.8 | |||||||||||||||||||||||||
Specialty Diagnostics (a) | 866.7 | 761.2 | 598.4 | |||||||||||||||||||||||||
Laboratory Products and Services (a) | 918 | 869.6 | 836.1 | |||||||||||||||||||||||||
Subtotal reportable segments (a) | 2,552.50 | 2,379.90 | 2,129.30 | |||||||||||||||||||||||||
Cost of revenues charges | -28.6 | -55.6 | -72.6 | |||||||||||||||||||||||||
Selling, general and administrative charges, net | -73.5 | -12.5 | -61.5 | |||||||||||||||||||||||||
Restructuring and other costs, net | -77.7 | -82.1 | -96.5 | |||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | -763.1 | -747.6 | -647.9 | |||||||||||||||||||||||||
Consolidated operating income | 1,609.60 | 1,482.10 | 1,250.80 | |||||||||||||||||||||||||
Other expense, net (b) | -290.1 | -212.7 | -118 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,319.50 | $ | 1,269.40 | $ | 1,132.80 | ||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 62.9 | $ | 64 | $ | 59.9 | ||||||||||||||||||||||
Specialty Diagnostics | 73.7 | 73 | 50.1 | |||||||||||||||||||||||||
Laboratory Products and Services | 100.2 | 99.1 | 101.7 | |||||||||||||||||||||||||
Consolidated depreciation | $ | 236.8 | $ | 236.1 | $ | 211.7 | ||||||||||||||||||||||
(a) | Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. | |||||||||||||||||||||||||||
(b) | The company does not allocate other expense, net to its segments. | |||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 5,694.10 | $ | 5,676.20 | $ | 6,085.00 | ||||||||||||||||||||||
Specialty Diagnostics | 9,086.00 | 9,841.00 | 8,319.60 | |||||||||||||||||||||||||
Laboratory Products and Services | 11,266.30 | 11,275.80 | 10,891.70 | |||||||||||||||||||||||||
Corporate/Other (c) | 5,817.00 | 651.6 | 1,537.40 | |||||||||||||||||||||||||
Consolidated total assets | $ | 31,863.40 | $ | 27,444.60 | $ | 26,833.70 | ||||||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 59.4 | $ | 75.1 | $ | 69.5 | ||||||||||||||||||||||
Specialty Diagnostics | 77.9 | 97.6 | 63.2 | |||||||||||||||||||||||||
Laboratory Products and Services | 88.1 | 106.4 | 115.7 | |||||||||||||||||||||||||
Corporate/Other | 57 | 36 | 12.5 | |||||||||||||||||||||||||
Consolidated capital expenditures | $ | 282.4 | $ | 315.1 | $ | 260.9 | ||||||||||||||||||||||
(c) | Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices and assets of the discontinued operations. | |||||||||||||||||||||||||||
Geographical Information | ||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Revenues (d) | ||||||||||||||||||||||||||||
United States | $ | 6,617.00 | $ | 6,424.40 | $ | 6,023.90 | ||||||||||||||||||||||
China | 896.6 | 735.8 | 559.6 | |||||||||||||||||||||||||
Germany | 758.6 | 681.5 | 698.3 | |||||||||||||||||||||||||
United Kingdom | 532.4 | 507.1 | 472.3 | |||||||||||||||||||||||||
Other | 4,285.70 | 4,161.10 | 3,804.70 | |||||||||||||||||||||||||
$ | 13,090.30 | $ | 12,509.90 | $ | 11,558.80 | |||||||||||||||||||||||
Long-lived Assets (e) | ||||||||||||||||||||||||||||
United States | $ | 892.9 | $ | 862.4 | $ | 797.9 | ||||||||||||||||||||||
United Kingdom | 224.3 | 223.9 | 209.2 | |||||||||||||||||||||||||
Germany | 165.9 | 165.2 | 158.6 | |||||||||||||||||||||||||
Other | 484.3 | 474.9 | 445.6 | |||||||||||||||||||||||||
$ | 1,767.40 | $ | 1,726.40 | $ | 1,611.30 | |||||||||||||||||||||||
(d) | Revenues are attributed to countries based on customer location. | |||||||||||||||||||||||||||
(e) | Includes property, plant and equipment, net. | |||||||||||||||||||||||||||
Other_Expense_Net
Other Expense, Net | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Expense, Net Disclosure | ' | |||||||||||
Other Expense, Net [Text Block] | ' | |||||||||||
Note 4. Other Expense, Net | ||||||||||||
The components of other expense, net, in the accompanying statement of income are as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Interest Income | $ | 28 | $ | 25.2 | $ | 26.8 | ||||||
Interest Expense | -262.1 | -241.6 | -175.3 | |||||||||
Other Items, Net | -56 | 3.7 | 30.5 | |||||||||
$ | -290.1 | $ | -212.7 | $ | -118 | |||||||
Other Items, Net | ||||||||||||
In 2013, other items, net includes $74 million of charges related to amortization of fees paid to obtain bridge financing commitments related to the Life Technologies Acquisition offset in part by $5 million of gains from sales of equity investments. Additionally, the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans, resulting in realization of a previously unrecognized gain of $11 million. | ||||||||||||
In 2011, other items, net includes $28 million of gains on currency exchange contracts associated with the acquisition of Phadia and an $18 million gain on the sale of an equity investment accounted for under the cost method, offset in part by $10 million of fees associated with a short-term financing commitment to fund the Phadia acquisition. |
Stockbased_Compensation_Expens
Stockbased Compensation Expense | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Stock-based Compensation Expense Disclosure [Abstract] | ' | |||||||||||||||||
Stock-based Compensation Expense [Text Block] | ' | |||||||||||||||||
Note 5. Stock-based Compensation Expense | ||||||||||||||||||
The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company's Board of Directors or for certain non-officer grants, by the company's employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vestings. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder's employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment). | ||||||||||||||||||
Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier. | ||||||||||||||||||
The components of stock-based compensation expense are as follows: | ||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||
Stock Option Awards | $ | 41.4 | $ | 39.3 | $ | 49.4 | ||||||||||||
Restricted Unit Awards | 49.5 | 38.9 | 30.6 | |||||||||||||||
Total Stock-based Compensation Expense | $ | 90.9 | $ | 78.2 | $ | 80 | ||||||||||||
Stock-based compensation expense is included in the accompanying statement of income as follows: | ||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||
Cost of Revenues | $ | 7.1 | $ | 5.4 | $ | 5.7 | ||||||||||||
Selling, General and Administrative Expenses | 80.5 | 70.7 | 72.4 | |||||||||||||||
Research and Development Expenses | 3.3 | 2.1 | 1.9 | |||||||||||||||
Total Stock-based Compensation Expense | $ | 90.9 | $ | 78.2 | $ | 80 | ||||||||||||
The company has elected to recognize any excess income tax benefits from stock option exercises in capital in excess of par value only if an incremental income tax benefit would be realized after considering all other tax attributes presently available to the company. The company measures the tax benefit associated with excess tax deductions related to stock-based compensation expense by multiplying the excess tax deductions by the statutory tax rates. The company uses the incremental tax benefit approach for utilization of tax attributes. Tax benefits recognized in capital in excess of par value on the accompanying balance sheet were $46.6 million, $18.7 million and $14.6 million, respectively, in 2013, 2012 and 2011. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
The company's practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company's stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company's annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures. | ||||||||||||||||||
The weighted average assumptions used in the Black-Scholes option pricing model are as follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Expected Stock Price Volatility | 33% | 34% | 33% | |||||||||||||||
Risk Free Interest Rate | 0.70% | 0.80% | 1.70% | |||||||||||||||
Expected Life of Options (years) | 4.5 | 4.5 | 4.1 | |||||||||||||||
Expected Annual Dividend | 0.80% | 0.90% | 0.00% | |||||||||||||||
The weighted average per share grant-date fair values of options granted during 2013, 2012 and 2011 were $19.84, $15.36 and $15.79, respectively. The total intrinsic value of options exercised during the same periods was $189.8 million, $125.4 million and $85.3 million, respectively. The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option. | ||||||||||||||||||
A summary of the company's option activity for the year ended December 31, 2013 is presented below: | ||||||||||||||||||
Shares (in millions) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (a) (in millions) | |||||||||||||||
Outstanding at December 31, 2012 | 15.3 | 49.07 | ||||||||||||||||
Granted | 1.9 | 74.29 | ||||||||||||||||
Exercised | -5.1 | 44.79 | ||||||||||||||||
Canceled / Expired | -0.6 | 56.38 | ||||||||||||||||
Outstanding at December 31, 2013 | 11.5 | 54.81 | 4.1 | |||||||||||||||
Vested and Unvested Expected to Vest at | ||||||||||||||||||
31-Dec-13 | 11.1 | 54.47 | 4.1 | $ | 629.6 | |||||||||||||
Exercisable at December 31, 2013 | 5.4 | 48.49 | 3.1 | $ | 336.8 | |||||||||||||
(a) Market price per share on December 31, 2013 was $111.35. The intrinsic value is zero for options with exercise prices above the market price. | ||||||||||||||||||
As of December 31, 2013, there was $63 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2017 with a weighted average amortization period of 2.2 years. | ||||||||||||||||||
Restricted Share/Unit Awards | ||||||||||||||||||
Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to receive dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company's shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award. | ||||||||||||||||||
A summary of the company's restricted unit activity for the year ended December 31, 2013 is presented below: | ||||||||||||||||||
Units (in thousands) | Weighted Average Grant-Date Fair Value | |||||||||||||||||
Unvested at December 31, 2012 | 2,051 | 53.91 | ||||||||||||||||
Granted | 785 | 77.18 | ||||||||||||||||
Vested | -840 | 56.17 | ||||||||||||||||
Forfeited | -149 | 58.12 | ||||||||||||||||
Unvested at December 31, 2013 | 1,847 | 62.43 | ||||||||||||||||
The total fair value of shares vested during 2013, 2012 and 2011 was $47.2 million, $23.0 million and $21.2 million, respectively. | ||||||||||||||||||
As of December 31, 2013, there was $65 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2017 with a weighted average amortization period of 2.0 years. | ||||||||||||||||||
Employee Stock Purchase Plans | ||||||||||||||||||
Qualifying employees are eligible to participate in an employee stock purchase plan sponsored by the company. Shares may be purchased under the program at 95% of the fair market value at the end of the purchase period and the shares purchased are not subject to a holding period. Shares are purchased through payroll deductions of up to 10% of each participating employee's gross wages. The company issued 100,000, 151,000 and 139,000 shares, respectively, of its common stock for the 2013, 2012 and 2011 plan years, which ended on December 31. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 6. Pension and Other Postretirement Benefit Plans | |||||||||||||||||||||
401(k) Savings Plan and Other Defined Contribution Plans | |||||||||||||||||||||
The company's 401(k) savings and other defined contribution plans cover the majority of the company's eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both the employee and the company. Company contributions are based on the level of employee contributions. Company contributions to these plans are based on formulas determined by the company. In 2013, 2012 and 2011, the company charged to expense $87.3 million, $86.0 million and $79.4 million, respectively, related to its defined contribution plans. | |||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||
Employees of a number of the company's non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are funded on a self-insured and insured-premium basis. | |||||||||||||||||||||
The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. | |||||||||||||||||||||
When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits. | |||||||||||||||||||||
The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. During 2013, 2012 and 2011, the company made cash contributions of approximately $38.2 million, $23.3 million and $25.3 million, respectively. Additionally, in 2013 the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans. Contributions to the plans included in the following table are estimated at between $30 and $40 million for 2014. | |||||||||||||||||||||
The following table provides a reconciliation of benefit obligations and plan assets of the company's domestic and non-U.S. pension plans and postretirement benefit plans: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | Postretirement Benefits | |||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Change in Projected Benefit Obligations | |||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | 490 | $ | 466.1 | $ | 831 | $ | 709.2 | $ | 42 | $ | 38.9 | |||||||||
Business combinations | — | — | — | 1.2 | — | — | |||||||||||||||
Service costs | — | — | 19.5 | 11.8 | 0.6 | 0.7 | |||||||||||||||
Interest costs | 19 | 20.4 | 29 | 30.7 | 1.7 | 1.8 | |||||||||||||||
Settlements and curtailments | — | — | -3.7 | -0.4 | — | — | |||||||||||||||
Plan participants' contributions | — | — | 3.5 | 3.4 | 1.2 | 1.3 | |||||||||||||||
Actuarial (gains) losses | -34.8 | 26.9 | -9.9 | 79.7 | -3.6 | 1.6 | |||||||||||||||
Benefits paid | -25 | -23.4 | -26.2 | -24.8 | -2.4 | -2.7 | |||||||||||||||
Currency translation and other | — | — | 14.7 | 20.2 | -0.8 | 0.4 | |||||||||||||||
Benefit Obligation at End of Year | $ | 449.2 | $ | 490 | $ | 857.9 | $ | 831 | $ | 38.7 | $ | 42 | |||||||||
Change in Fair Value of Plan Assets | |||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 367.1 | $ | 344.3 | $ | 588.4 | $ | 524.2 | $ | — | $ | — | |||||||||
Business combinations | — | — | — | 0.2 | — | — | |||||||||||||||
Actual return on plan assets | 31.8 | 45.7 | 33.4 | 46 | — | — | |||||||||||||||
Employer contribution | 0.5 | 0.5 | 63.6 | 21.4 | 1.2 | 1.4 | |||||||||||||||
Plan participants' contributions | — | — | 3.5 | 3.4 | 1.2 | 1.3 | |||||||||||||||
Benefits paid | -25 | -23.4 | -26.2 | -24.8 | -2.4 | -2.7 | |||||||||||||||
Currency translation and other | — | — | 8 | 18 | — | — | |||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 374.4 | $ | 367.1 | $ | 670.7 | $ | 588.4 | $ | — | $ | — | |||||||||
Funded Status | $ | -74.8 | $ | -122.9 | $ | -187.2 | $ | -242.6 | $ | -38.7 | $ | -42 | |||||||||
Accumulated Benefit Obligation | $ | 449.2 | $ | 490 | $ | 810.9 | $ | 788.7 | |||||||||||||
Amounts Recognized in Balance Sheet | |||||||||||||||||||||
Non-current asset | $ | — | $ | — | $ | 25.7 | $ | 0.7 | $ | — | $ | — | |||||||||
Current liability | -0.6 | -0.6 | -4.6 | -4.4 | -2 | -2 | |||||||||||||||
Non-current liability | -74.2 | -122.3 | -208.3 | -238.9 | -36.7 | -40 | |||||||||||||||
Net amount recognized | $ | -74.8 | $ | -122.9 | $ | -187.2 | $ | -242.6 | $ | -38.7 | $ | -42 | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||
Net actuarial loss | $ | 132.7 | $ | 180.2 | $ | 123.8 | $ | 142.8 | $ | 0.7 | $ | 4.6 | |||||||||
Prior service credits | — | — | -2.3 | -2.7 | -0.4 | -0.5 | |||||||||||||||
Net amount recognized | $ | 132.7 | $ | 180.2 | $ | 121.5 | $ | 140.1 | $ | 0.3 | $ | 4.1 | |||||||||
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2013 and 2012 and are as follows: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | Postretirement Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Weighted Average Assumptions Used to Determine Projected Benefit Obligations | |||||||||||||||||||||
Discount rate | 4.75% | 4.00% | 3.91% | 3.65% | 4.75% | 4.20% | |||||||||||||||
Average rate of increase in employee compensation | 4.00% | 4.00% | 3.21% | 2.94% | — | — | |||||||||||||||
Initial healthcare cost trend rate | 7.01% | 7.14% | |||||||||||||||||||
Ultimate healthcare cost trend rate | 5.45% | 5.47% | |||||||||||||||||||
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Weighted Average Assumptions Used to Determine the Net Benefit Cost (Income) | |||||||||||||||||||||
Discount rate | 4.00% | 4.50% | 5.25% | 3.65% | 4.37% | 4.77% | |||||||||||||||
Average rate of increase in employee compensation | 4.00% | 4.00% | 4.00% | 2.94% | 3.23% | 3.35% | |||||||||||||||
Expected long-term rate of return on assets | 7.00% | 7.75% | 7.75% | 4.96% | 5.17% | 5.32% | |||||||||||||||
The ultimate healthcare cost trend rates for the postretirement benefit plans are expected to be reached between 2018 and 2027. | |||||||||||||||||||||
The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan. | |||||||||||||||||||||
The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. | |||||||||||||||||||||
Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. | |||||||||||||||||||||
The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management's expectations of future salary increases. | |||||||||||||||||||||
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2014 are as follows: | |||||||||||||||||||||
(In millions) | Domestic Pension Benefits | Non-U.S. Pension Benefits | Post-retirement Benefits | ||||||||||||||||||
Net Actuarial Loss | $ | 3.6 | $ | 4.3 | $ | — | |||||||||||||||
Net Prior Service Credit | — | -0.3 | -0.1 | ||||||||||||||||||
$ | 3.6 | $ | 4 | $ | -0.1 | ||||||||||||||||
The projected benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows: | |||||||||||||||||||||
Pension Plans | |||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | |||||||||||||||||||||
Projected benefit obligation | $ | 988.3 | $ | 1,162.00 | |||||||||||||||||
Fair value of plan assets | 700.6 | 795.7 | |||||||||||||||||||
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified | |||||||||||||||||||||
pension plans with accumulated benefit obligations in excess of plan assets are as follows: | |||||||||||||||||||||
Pension Plans | |||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | |||||||||||||||||||||
Accumulated benefit obligation | $ | 949.8 | $ | 1,120.20 | |||||||||||||||||
Fair value of plan assets | 697.7 | 793.1 | |||||||||||||||||||
The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations. | |||||||||||||||||||||
The net periodic pension benefit cost (income) includes the following components for 2013, 2012 and 2011: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
Components of Net Benefit Cost (Income) | |||||||||||||||||||||
Service cost-benefits earned | $ | — | $ | — | $ | — | $ | 19.5 | $ | 11.8 | $ | 13.7 | |||||||||
Interest cost on benefit obligation | 19 | 20.4 | 21.9 | 29 | 30.7 | 32.1 | |||||||||||||||
Expected return on plan assets | -24.3 | -28.1 | -29.4 | -29 | -27.3 | -27.8 | |||||||||||||||
Amortization of actuarial net loss | 5.2 | 3.6 | 1.5 | 6.3 | 3.3 | 1.6 | |||||||||||||||
Amortization of prior service benefit | — | — | — | -0.3 | -0.1 | — | |||||||||||||||
Settlement/curtailment loss | — | — | — | 0.1 | — | — | |||||||||||||||
Special termination benefit | — | — | — | 1.1 | 0.5 | 0.9 | |||||||||||||||
Net periodic benefit cost (income) | $ | -0.1 | $ | -4.1 | $ | -6 | $ | 26.7 | $ | 18.9 | $ | 20.5 | |||||||||
The net periodic postretirement benefit cost was not material in 2013, 2012 or 2011. | |||||||||||||||||||||
Expected benefit payments are estimated using the same assumptions used in determining the company's benefit obligation at December 31, 2013. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows: | |||||||||||||||||||||
(In millions) | Domestic Pension Benefits | Non-U.S. Pension Benefits | Post-retirement Benefits | ||||||||||||||||||
2014 | $ | 26.2 | $ | 27.7 | $ | 2 | |||||||||||||||
2015 | 26.5 | 28.4 | 2 | ||||||||||||||||||
2016 | 26.4 | 31.7 | 2 | ||||||||||||||||||
2017 | 29.7 | 32.9 | 1.9 | ||||||||||||||||||
2018 | 27.1 | 33.9 | 2 | ||||||||||||||||||
2019-2023 | 144.2 | 200.2 | 9.8 | ||||||||||||||||||
A change in the assumed healthcare cost trend rate by one percentage point effective January 2013 would change the accumulated postretirement benefit obligation as of December 31, 2013 and the 2013 aggregate of service and interest costs, as follows: | |||||||||||||||||||||
(In millions) | Increase | Decrease | |||||||||||||||||||
One Percentage Point | |||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.4 | $ | -0.3 | |||||||||||||||||
Effect on postretirement healthcare benefit obligation | 6.1 | -4.7 | |||||||||||||||||||
Domestic Pension Plan Assets | |||||||||||||||||||||
The company's overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The company also has a small portfolio (comprising less than 2% of invested assets) of private equity investments. The target allocations for the remaining investments are approximately 25% to funds investing in U.S. equities, including a sub-allocation of approximately 5% to real estate-related equities, approximately 15% to funds investing in international equities and approximately 60% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments. | |||||||||||||||||||||
Non-U.S. Pension Plan Assets | |||||||||||||||||||||
The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. For plans not currently managing the assets in a liability framework, the investments are substantially limited to funds investing in global equities and fixed income securities with the target asset allocations ranging from approximately 55% - 70% for equities and 30% - 45% for fixed income securities. For plans managing the assets in a liability framework, the investments also include hedge funds, multi-asset funds and derivative funds with the target asset allocations ranging from approximately 3% - 10% for equities, 40% - 55% for fixed income, 15% - 28% for hedge funds, 2% - 5% for multi-asset funds and 18% - 22% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities as well as equity futures in a synthetic equity fund which provide targeted exposure to equity markets without the fund holding individual equity positions. Each plan maintains enough liquidity at all times to meet the near-term benefit payments. | |||||||||||||||||||||
The fair values of the company's plan assets at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(In millions) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Domestic Pension Plan Assets | |||||||||||||||||||||
U.S. equity funds | $ | 87.9 | $ | — | $ | 87.9 | $ | — | |||||||||||||
International equity funds | 60.7 | — | 60.7 | — | |||||||||||||||||
Fixed income funds | 213.3 | — | 213.3 | — | |||||||||||||||||
Private equity funds | 7 | — | — | 7 | |||||||||||||||||
Money market funds | 5.5 | — | 5.5 | — | |||||||||||||||||
Total Domestic Pension Plans | $ | 374.4 | $ | — | $ | 367.4 | $ | 7 | |||||||||||||
Non-U.S. Pension Plan Assets | |||||||||||||||||||||
Equity funds | $ | 109 | $ | 55.4 | $ | 53.6 | $ | — | |||||||||||||
Fixed income funds | 252.3 | 22.4 | 229.9 | — | |||||||||||||||||
Hedge funds | 91.9 | — | 91.9 | — | |||||||||||||||||
Multi-asset funds | 15.7 | — | 15.7 | — | |||||||||||||||||
Derivative funds | 91.5 | — | 91.5 | — | |||||||||||||||||
Insurance contracts | 100.6 | — | 100.6 | — | |||||||||||||||||
Cash / money market funds | 9.7 | 9.5 | 0.2 | — | |||||||||||||||||
Total Non-U.S. Pension Plans | $ | 670.7 | $ | 87.3 | $ | 583.4 | $ | — | |||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(In millions) | 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Domestic Pension Plan Assets | |||||||||||||||||||||
U.S. equity funds | $ | 105.1 | $ | — | $ | 105.1 | $ | — | |||||||||||||
International equity funds | 75.1 | — | 75.1 | — | |||||||||||||||||
Fixed income funds | 173.9 | — | 173.9 | — | |||||||||||||||||
Private equity funds | 6.6 | — | — | 6.6 | |||||||||||||||||
Money market funds | 6.4 | — | 6.4 | — | |||||||||||||||||
Total Domestic Pension Plans | $ | 367.1 | $ | — | $ | 360.5 | $ | 6.6 | |||||||||||||
Non-U.S. Pension Plan Assets | |||||||||||||||||||||
Equity funds | $ | 273.9 | $ | 52.6 | $ | 221.3 | $ | — | |||||||||||||
Fixed income funds | 213.3 | 20.5 | 192.8 | — | |||||||||||||||||
Insurance contracts | 94.6 | — | 94.6 | — | |||||||||||||||||
Cash / money market funds | 6.6 | 6.4 | 0.2 | — | |||||||||||||||||
Total Non-U.S. Pension Plans | $ | 588.4 | $ | 79.5 | $ | 508.9 | $ | — | |||||||||||||
The tables above present the fair value of the company's plan assets in accordance with the fair value hierarchy (Note 12). Certain pension plan assets are measured using net asset value per share (or its equivalent) and are reported as a level 2 investment above due to the company's ability to redeem its investment either at the balance sheet date or within limited time restrictions. The fair value of the company's private equity investments, which are classified as level 3 investments, are based on valuations provided by the respective funds. There was no significant activity within the Level 3 pension plan assets during the years presented. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes Disclosure [Abstract] | ' | |||||||||||
Income Taxes [Text Block] | ' | |||||||||||
Note 7. Income Taxes | ||||||||||||
The components of income from continuing operations before provision for income taxes are as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
U.S. | $ | 914.9 | $ | 908.5 | $ | 812.1 | ||||||
Non-U.S. | 404.6 | 360.9 | 320.7 | |||||||||
$ | 1,319.50 | $ | 1,269.40 | $ | 1,132.80 | |||||||
The components of the provision for income taxes of continuing operations are as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Current Income Tax Provision | ||||||||||||
Federal | $ | 242.5 | $ | 160.5 | $ | 149.7 | ||||||
Non-U.S. | 210.1 | 92.1 | 68.5 | |||||||||
State | 13.5 | 16.1 | 14.6 | |||||||||
466.1 | 268.7 | 232.8 | ||||||||||
Deferred Income Tax Provision (Benefit) | ||||||||||||
Federal | $ | -241.3 | $ | -40.8 | $ | -11.4 | ||||||
Non-U.S. | -178.8 | -205.2 | -107 | |||||||||
State | -5.6 | -11.7 | -5 | |||||||||
-425.7 | -257.7 | -123.4 | ||||||||||
$ | 40.4 | $ | 11 | $ | 109.4 | |||||||
The income tax provision (benefit) included in the accompanying statement of income is as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Continuing Operations | $ | 40.4 | $ | 11 | $ | 109.4 | ||||||
Discontinued Operations | -3.7 | -44 | 191.5 | |||||||||
$ | 36.7 | $ | -33 | $ | 300.9 | |||||||
The company receives a tax deduction upon the exercise of non-qualified stock options by employees for the difference between the exercise price and the market price of the underlying common stock on the date of exercise. The provision for income taxes that is currently payable does not reflect $46.6 million and $18.7 million of such benefits that have been allocated to capital in excess of par value in 2013 and 2012, respectively. | ||||||||||||
The provision for income taxes in the accompanying statement of income differs from the provision calculated | ||||||||||||
by applying the statutory federal income tax rate of 35% to income from continuing operations before provision for | ||||||||||||
income taxes due to the following: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Provision for Income Taxes at Statutory Rate | $ | 461.8 | $ | 444.3 | $ | 396.5 | ||||||
Increases (Decreases) Resulting From: | ||||||||||||
Foreign rate differential | -180.2 | -319.5 | -279.6 | |||||||||
Impact of change in tax laws and apportionment on deferred taxes | 3.3 | -53.7 | 11.7 | |||||||||
Income tax credits | -227.6 | -52.1 | -24.8 | |||||||||
Manufacturing deduction | -33.6 | -27.3 | -27 | |||||||||
State income taxes, net of federal tax | -3.8 | -8.6 | 0.3 | |||||||||
Nondeductible expenses | 19.6 | 8.1 | 17.5 | |||||||||
Provision (reversal) of tax reserves, net | -4.3 | 14.8 | 0.6 | |||||||||
Tax return reassessments and settlements | 10.5 | — | 3 | |||||||||
Other, net | -5.3 | 5 | 11.2 | |||||||||
$ | 40.4 | $ | 11 | $ | 109.4 | |||||||
In 2013, non-U.S. subsidiaries of the company made cash and deemed distributions to the U.S. which resulted in no net tax cost. As a result of these distributions, the company generated U.S. foreign tax credits of $160 million, offset in part by additional U.S. income taxes of $56 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2013. In addition, the impact of tax law changes in certain foreign jurisdictions reduced the benefit from the foreign rate differential in 2013. The impact of change in tax laws and apportionment on deferred taxes in 2012 includes $55 million of benefit from a tax rate reduction enacted in Sweden. | ||||||||||||
Net deferred tax asset (liability) in the accompanying balance sheet consists of the following: | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Deferred Tax Asset (Liability) | ||||||||||||
Depreciation and amortization | $ | -2,319.10 | $ | -2,543.90 | ||||||||
Net operating loss and credit carryforwards | 690.7 | 486.6 | ||||||||||
Reserves and accruals | 125.4 | 116 | ||||||||||
Accrued compensation | 195.1 | 210 | ||||||||||
Inventory basis difference | 61.2 | 67.4 | ||||||||||
Other capitalized costs | 51.9 | 53.9 | ||||||||||
Unrealized losses on hedging instruments | 14.7 | 21 | ||||||||||
Other, net | 36 | 48.9 | ||||||||||
-1,144.10 | -1,540.10 | |||||||||||
Less: Valuation allowance | 76.8 | 113.7 | ||||||||||
$ | -1,220.90 | $ | -1,653.80 | |||||||||
The company estimates the degree to which tax assets and loss carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2013, all of the company's valuation allowance relates to deferred tax assets for which any subsequently recognized tax benefits will reduce income tax expense. | ||||||||||||
At December 31, 2013, the company had federal, state and non-U.S. net operating loss carryforwards of $130.2 million, $891.9 million and $1.89 billion, respectively. Use of the carryforwards is limited based on the future income of certain subsidiaries. The federal and state net operating loss carryforwards expire in the years 2014 through 2033. Of the non-U.S. net operating loss carryforwards, $303.8 million expire in the years 2014 through 2032, and the remainder do not expire. The company also had $203.0 million of federal foreign tax credit carryforwards as of December 31, 2013, which expire in the years 2014 through 2023. | ||||||||||||
A provision has not been made for U.S. or additional non-U.S. taxes on $5.97 billion of undistributed earnings of international subsidiaries that could be subject to taxation if remitted to the U.S. because the company plans to keep these amounts permanently reinvested overseas except for instances where the company can remit such earnings to the U.S. without an associated net tax cost. Determining the deferred tax liability that would arise if these earnings were remitted is not practicable. | ||||||||||||
Unrecognized Tax Benefits | ||||||||||||
As of December 31, 2013, the company had $134.2 million of unrecognized tax benefits which, if recognized, would reduce the effective tax rate. | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 164.8 | $ | 120.3 | $ | 62.1 | ||||||
Additions for tax positions of current year | 12.6 | 20.5 | 43.2 | |||||||||
Additions for tax positions of prior years | 15.6 | 31.8 | 18.6 | |||||||||
Reductions for tax positions of prior years | — | — | -2.1 | |||||||||
Closure of tax years | -7.2 | -7.8 | — | |||||||||
Settlements | -51.6 | — | -1.5 | |||||||||
$ | 134.2 | $ | 164.8 | $ | 120.3 | |||||||
The company expects that the unrecognized tax benefits will increase in the first quarter of 2014 as a result of the acquisition of Life Technologies. | ||||||||||||
During 2013, the company settled the IRS audit relating to the 2008 and 2009 tax years which resulted in a decrease in the company's liability for unrecognized tax benefits of $8.9 million. The liability was also reduced by $21.0 million due to the company's withdrawal of a U.S. court case relating to the 2001 to 2003 tax years. Additionally, in 2013, the company benefited from a favorable resolution of a court case in Sweden which resulted in a decrease in the liability for unrecognized tax benefits of $21.1 million. Of the total $21.1 million, $16.9 million reduced income tax expense. Of the total $134 million of liability, $5 million is classified as a current liability and the remainder is long-term. | ||||||||||||
During 2012, the statute of limitations on certain unrecognized tax benefits lapsed which resulted in a decrease in the liability for unrecognized tax benefits of $7.8 million, all of which reduced income tax expense. | ||||||||||||
During 2011, the company's liability for unrecognized tax benefits increased primarily due to additional unrecognized tax benefits associated with the liquidation of a U.S. subsidiary, utilization of capital loss carryforwards and acquisitions. | ||||||||||||
In 2011, the company settled the IRS audit of a refund claim relating to the 2000 and 2001 tax years which resulted in a $1.5 million decrease in the liability for unrecognized tax benefits. | ||||||||||||
The company classified interest and penalties related to unrecognized tax benefits as income tax expense. The total amount of interest and penalties related to uncertain tax positions and recognized in the balance sheet as of December 31, 2013 and 2012 was $14.1 million and $10.9 million, respectively. | ||||||||||||
The company conducts business globally and, as a result, Thermo Fisher or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, China, Denmark, Finland, France, Germany, Italy, Japan, the United Kingdom and the United States. With few exceptions, the company is no longer subject to U.S. federal, state and local, or non-U.S., income tax examinations for years before 2010. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings per Share | ' | |||||||||||
Earnings per Share [Text Block] | ' | |||||||||||
Note 8. Earnings per Share | ||||||||||||
(In millions except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Income from Continuing Operations | $ | 1,279.10 | $ | 1,258.40 | $ | 1,023.40 | ||||||
(Loss) Income from Discontinued Operations | -0.7 | -19.2 | 1.7 | |||||||||
(Loss) Gain on Disposal of Discontinued Operations, Net | -5.1 | -61.3 | 304.8 | |||||||||
Net Income | $ | 1,273.30 | $ | 1,177.90 | $ | 1,329.90 | ||||||
Basic Weighted Average Shares | 360.3 | 363.8 | 380.8 | |||||||||
Plus Effect of: | ||||||||||||
Convertible debentures | — | — | 0.6 | |||||||||
Equity forward arrangement | 1.8 | — | — | |||||||||
Stock options and restricted units | 3.7 | 2.8 | 3.4 | |||||||||
Diluted Weighted Average Shares | 365.8 | 366.6 | 384.8 | |||||||||
Basic Earnings per Share: | ||||||||||||
Continuing operations | $ | 3.55 | $ | 3.46 | $ | 2.69 | ||||||
Discontinued operations | -0.02 | -0.22 | 0.8 | |||||||||
$ | 3.53 | $ | 3.24 | $ | 3.49 | |||||||
Diluted Earnings per Share: | ||||||||||||
Continuing operations | $ | 3.5 | $ | 3.43 | $ | 2.66 | ||||||
Discontinued operations | -0.02 | -0.22 | 0.8 | |||||||||
$ | 3.48 | $ | 3.21 | $ | 3.46 | |||||||
Options to purchase 1.0 million, 7.2 million and 6.9 million shares of common stock were not included in the computation of diluted earnings per share for 2013, 2012 and 2011, respectively, because their effect would have been antidilutive. |
Debt_and_Other_Financing_Arran
Debt and Other Financing Arrangements | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt And Other Financing Arrangements Disclosure [Abstract] | ' | ||||||||||
Debt and Other Financing Arrangements [Text Block] | ' | ||||||||||
Note 9. Debt and Other Financing Arrangements | |||||||||||
(Dollars in millions) | 2013 | 2012 | |||||||||
Commercial Paper | $ | 250 | $ | 50 | |||||||
2.05% Senior Notes, Due 2014 (effective interest rate 1.09%) | 300 | 300 | |||||||||
3.25% Senior Notes, Due 2014 (effective interest rate 1.53%) | 400 | 400 | |||||||||
3.20% Senior Notes, Due 2015 (effective interest rate 1.56%) | 450 | 450 | |||||||||
5.00% Senior Notes, Due 2015 (effective interest rate 5.13%) | 250 | 250 | |||||||||
3.20% Senior Notes, Due 2016 (effective interest rate 3.21%) | 900 | 900 | |||||||||
2.25% Senior Notes, Due 2016 (effective interest rate 2.29%) | 1,000.00 | 1,000.00 | |||||||||
1.30% Senior Notes, Due 2017 (effective interest rate 0.99%) | 900 | — | |||||||||
1.85% Senior Notes, Due 2018 (effective interest rate 1.85%) | 500 | 500 | |||||||||
2.40% Senior Notes, Due 2019 (effective interest rate 2.44%) | 900 | — | |||||||||
4.70% Senior Notes, Due 2020 (effective interest rate 4.70%) | 300 | 300 | |||||||||
4.50% Senior Notes, Due 2021 (effective interest rate 4.58%) | 1,000.00 | 1,000.00 | |||||||||
3.60% Senior Notes, Due 2021 (effective interest rate 4.29%) | 1,100.00 | 1,100.00 | |||||||||
3.15% Senior Notes, Due 2023 (effective interest rate 3.21%) | 800 | 800 | |||||||||
4.15% Senior Notes, Due 2024 (effective interest rate 4.07%) | 1,000.00 | — | |||||||||
5.30% Senior Notes, Due 2044 (effective interest rate 5.30%) | 400 | — | |||||||||
Other | 41.9 | 54.8 | |||||||||
Total Borrowings at Par Value | 10,491.90 | 7,104.80 | |||||||||
Fair Value Hedge Accounting Adjustments | 12.9 | 33.8 | |||||||||
Unamortized Discount | -17.5 | -14.3 | |||||||||
Total Borrowings at Carrying Value | 10,487.30 | 7,124.30 | |||||||||
Less: Short-term Obligations and Current Maturities | 987.7 | 93.1 | |||||||||
Long-term Obligations | $ | 9,499.60 | $ | 7,031.20 | |||||||
The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount and, if applicable, adjustments related to hedging, as discussed below. | |||||||||||
The annual repayment requirements for debt obligations are as follows: | |||||||||||
(In millions) | |||||||||||
2014 | $ | 981.3 | |||||||||
2015 | 707.1 | ||||||||||
2016 | 1,902.40 | ||||||||||
2017 | 900.5 | ||||||||||
2018 | 500.6 | ||||||||||
2019 and thereafter | 5,500.00 | ||||||||||
$ | 10,491.90 | ||||||||||
See Note 12 for fair value information pertaining to the company's long-term obligations. | |||||||||||
Short-term obligations and current maturities of long-term obligations in the accompanying balance sheet included $280.0 million and $91.7 million at year-end 2013 and 2012, respectively, of commercial paper, short-term bank borrowings and borrowings under lines of credit of certain of the company's subsidiaries. The weighted average interest rate for short-term borrowings was 0.58% and 1.01% at December 31, 2013 and 2012, respectively. In addition to available borrowings under the company's revolving credit agreements, discussed below, the company had unused lines of credit of $60.8 million as of December 31, 2013. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates. | |||||||||||
Credit Facilities | |||||||||||
In 2013, the company entered a revolving credit facility with a bank group that provides for up to $1.50 billion of unsecured multi-currency revolving credit. The facility expires in July 2018. The agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company's option. The agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenant requires the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreement) below 3.5 to 1.0 prior to the closing date of the Life Technologies Acquisition, below 5.5 to 1.0 during the first six months after the closing date of the Life Technologies Acquisition and decreasing, based on the passage of time, to 3.5 to 1.0, after 18 months and an Interest Coverage Ratio of EBITDA (as defined in the agreement) to interest expense below 3.0 to 1.0. The credit agreement permits the company to use the facility for working capital; acquisitions; repurchases of common stock, debentures and other securities; the refinancing of debt; and general corporate purposes. The credit agreement allows for the issuance of letters of credit, which reduces the amount available for borrowing. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper ($250 million at December 31, 2013) to provide a source of funds in the event that commercial paper markets are not available. As of December 31, 2013, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $43 million as a result of outstanding letters of credit. | |||||||||||
Commercial Paper Program | |||||||||||
The company has a U.S. commercial paper program pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Maturities may not exceed 397 days from the date of issue and the CP Notes rank pari passu with all of the company's other unsecured and unsubordinated indebtedness. CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. CP Notes are issued at a discount from par, or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of December 31, 2013, outstanding borrowings under this program were $250 million, with a weighted average remaining period to maturity of 12 days. The weighted average interest rate on the outstanding CP Notes as of December 31, 2013 was 0.47%. | |||||||||||
Term Loan | |||||||||||
In connection with the planned acquisition of Life Technologies, the company entered into a bridge credit agreement and a term loan agreement. The bridge credit agreement was a 364-day unsecured committed bridge facility which was terminated in December 2013 by the company upon securing long-term financing for the acquisition. The term loan agreement is a 3-year unsecured $5 billion term loan facility. In January 2014, the company borrowed $5.00 billion under the term loan facility to partially fund the acquisition. The term loan agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company's option. The term loan agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenants require the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreements) below 5.5 to 1.0 during the first six months after the borrowing date and decreasing, based on the passage of time, to 3.5 to 1.0, beginning 18 months after the borrowing date. The company must also maintain a minimum interest coverage ratio of 3.0 to 1.0. | |||||||||||
Senior Notes | |||||||||||
Interest on each of the senior notes is payable semi-annually. Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements. | |||||||||||
Interest Rate Swap Arrangements | |||||||||||
In December 2013, upon the issuance of $900 million principal amount of 1.30% Senior Notes due 2017, the company entered into LIBOR-based interest rate swap arrangements with various banks. The aggregate amount of the swaps is equal to the principal amount of the 1.30% Notes and the payment dates of the swaps coincide with the payment dates of the 1.30% Notes. The swap contracts provide for the company to pay a variable interest rate of one-month LIBOR plus a spread of 0.6616% (0.83% at December 31, 2013) and to receive a fixed rate of 1.30%. The variable interest rate resets monthly. The swaps have been accounted for as a fair value hedge of the 1.30% Notes. See Note 12 for additional information. | |||||||||||
In August 2011, the company terminated its fixed to floating rate swap arrangements on its 2.15% Senior Notes due 2012, 2.05% Senior Notes due 2014, 3.25% Senior Notes due 2014 and 3.20% Senior Notes due 2015. These swap arrangements were accounted for as fair value hedges. As a result of terminating these arrangements, the company received $63 million (excluding accrued interest) in cash. The proceeds were recorded as part of the carrying value of the underlying debt, which will be amortized as a reduction of interest expense over the remaining terms of the respective debt instruments. | |||||||||||
Cash Flow Hedge Arrangements | |||||||||||
In 2013, prior to issuing the 4.15% Senior Notes due 2024, the company entered into interest rate swap agreements to mitigate the risk of interest rates rising prior to completion of a debt offering. Based on the company's conclusion that a debt offering was probable as a result of near-term debt maturities and that such debt would carry semi-annual interest payments over a 10-year term, the swaps hedged the cash flow risk for each of the semi-annual fixed-rate interest payments on $700 million of principal amount of the planned 10-year fixed-rate debt issue. In December 2013, the company issued senior notes and terminated the swap arrangements. The company received $11 million at the termination of these agreements and recorded a gain of $1 million on the ineffective portion in other expense, net in the accompanying statement of income. The remaining favorable change in the fair value of the hedge upon termination (the effective portion) was $6 million, net of tax, and was classified as an increase to accumulated other comprehensive items within shareholder's equity and is being amortized to interest expense over the term of the debt through 2024. | |||||||||||
In 2011, prior to issuing the 3.60% Senior Notes due 2021, the company entered into hedging agreements (treasury locks) with several banks to mitigate the risk of interest rates rising prior to completion of a debt offering. Based on the company's conclusion that a debt offering was probable and that such debt would carry semi-annual interest payments over a 10-year term, the agreements hedged the cash flow risk for each of the semi-annual fixed-rate interest payments on $850 million of principal amount of the 10-year fixed rate debt issue (or subsequent financings of such debt). The company paid $59 million at the termination of this agreement. The unfavorable change in the fair value of the hedge upon termination was $37 million, net of tax, and was classified as a reduction of accumulated other comprehensive items within shareholders' equity and is being amortized to interest expense over the term of the debt through 2021. | |||||||||||
3.25% Senior Subordinated Convertible Notes due 2024 | |||||||||||
During the first quarter of 2011 following issuance of a redemption notice by the company, holders of the company's 3.25% Senior Subordinated Convertible Notes due 2024 exercised conversion rights for substantially all of the remaining $329 million principal outstanding. The balance not converted by holders was redeemed by the company. The company paid the principal and the premium due upon conversion/redemption in cash for a total outlay of $452 million. The premium was charged to capital in excess of par value when paid. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||
Note 10. Commitments and Contingencies | |||||||||||
Operating Leases | |||||||||||
The company leases certain logistics, office, and manufacturing facilities. Income from continuing operations includes expense from operating leases of $127.9 million, $125.5 million and $125.3 million in 2013, 2012 and 2011, respectively. The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2013: | |||||||||||
(In millions) | |||||||||||
2014 | $ | 106.5 | |||||||||
2015 | 80.2 | ||||||||||
2016 | 51.5 | ||||||||||
2017 | 36.2 | ||||||||||
2018 | 25.8 | ||||||||||
Thereafter | 54.2 | ||||||||||
$ | 354.4 | ||||||||||
Purchase Obligations | |||||||||||
The company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. The aggregate amount of the company's unconditional purchase obligations totaled $290.7 million at December 31, 2013 and the majority of these obligations are expected to be settled during 2014. | |||||||||||
Letters of Credit, Guarantees and Other Commitments | |||||||||||
Outstanding letters of credit and bank guarantees totaled $103.0 million at December 31, 2013. Substantially all of these letters of credit and guarantees expire before 2020. | |||||||||||
Outstanding surety bonds and other guarantees totaled $52.8 million at December 31, 2013. The expiration of these bonds and guarantees ranges through 2015. | |||||||||||
The letters of credit, bank guarantees and surety bonds principally secure performance obligations, and allow the holder to draw funds up to the face amount of the letter of credit, bank guarantee or surety bond if the applicable business unit does not perform as contractually required. The outstanding letters of credit, bank guarantees and surety bonds disclosed above include $4.8 million for businesses that have been sold. | |||||||||||
In connection with the sale of businesses of the company, the buyers have assumed certain contractual obligations of such businesses and have agreed to indemnify the company with respect to those assumed liabilities. In the event a third-party to a transferred contract does not recognize the transfer of obligations or a buyer defaults on its obligations under the transferred contract, the company could be liable to the third-party for such obligations. However, in such event, the company would be entitled to seek indemnification from the buyer. | |||||||||||
The company has funding commitments totaling $1.1 million at December 31, 2013, related to investments it owns. | |||||||||||
In 2012, the company entered into an off-balance sheet build-to-suit financing arrangement with a financial institution to fund construction of an operating facility in the U.S. Upon completion of construction in 2014, a five-year lease will commence with options to purchase the facility or renew the lease for up to three 5-year terms. The company has agreed with the lessor to comply with certain financial covenants consistent with its other debt arrangements (Note 9), and has guaranteed the facility's residual value at the end of the lease, up to a maximum of $58 million. | |||||||||||
Indemnifications | |||||||||||
In conjunction with certain transactions, primarily divestitures, the company has agreed to indemnify the other parties with respect to certain liabilities related to the businesses that were sold or leased properties that were abandoned (e.g., retention of certain environmental, tax, employee and product liabilities). The scope and duration of such indemnity obligations vary from transaction to transaction. Where appropriate, an obligation for such indemnifications is recorded as a liability. Generally, a maximum obligation cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, historically the company has not made significant payments for these indemnifications. | |||||||||||
In connection with the company's efforts to reduce the number of facilities that it occupies, the company has vacated some of its leased facilities or sublet them to third parties. When the company sublets a facility to a third-party, it remains the primary obligor under the master lease agreement with the owner of the facility. As a result, if a third-party vacates the sublet facility, the company would be obligated to make lease or other payments under the master lease agreement. The company believes that the financial risk of default by sublessors is individually and in the aggregate not material to the company's financial position or results of operations. | |||||||||||
In connection with the sale of products in the ordinary course of business, the company often makes representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement. The company has not been required to make material payments under such provisions. | |||||||||||
Litigation and Related Contingencies | |||||||||||
There are various lawsuits and claims pending against the company involving product liability, contract, commercial and other issues. In view of the company's financial condition and the accruals established for these matters, management does not believe that the ultimate liability, if any, related to these matters will have a material adverse effect on the company's financial condition, results of operations or cash flows. | |||||||||||
The company establishes a liability that is an estimate of amounts needed to pay damages in the future for events that have already occurred. The accrued liabilities are based on management's judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. The reserve estimates are adjusted as additional information becomes known or payments are made. | |||||||||||
The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The range of probable loss for product liability, workers compensation and other personal injury matters of the company's continuing operations at December 31, 2013, was approximately $222 million to $324 million on an undiscounted basis. The portion of these liabilities assumed in the 2006 merger with Fisher was recorded at its fair (present) value at the date of merger. The company's reserve for these matters in total, including the discounted liabilities, was $179 million at December 31, 2013 (or $224 million undiscounted). The reserve includes estimated defense costs and is gross of estimated amounts due from insurers of $95 million at December 31, 2013 (or $123 million undiscounted). The portion of these insurance assets assumed in the merger with Fisher was also recorded at its fair value at the date of merger. In addition to the above reserves, as of December 31, 2013, the company had product liability reserves of $9 million (undiscounted) relating to divested businesses. | |||||||||||
The assets and liabilities assumed at the merger date were ascribed a fair value based on the present value of expected future cash flows, using a discount rate equivalent to the risk free rate of interest for monetary assets with comparable maturities (weighted average discount rate of 4.67%). The discount on the liabilities of approximately $45 million and the discount on the assets of approximately $28 million (net discount $17 million) are being accreted to interest expense over the expected settlement period. | |||||||||||
Although the company believes that the amounts reserved and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary materially. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the payment history as well as the financial condition and ratings of its insurers on an ongoing basis. | |||||||||||
The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company's responsibility. Expenses for environmental remediation matters related to the costs of permit requirements and installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company's domestic and international facilities were not material in any period presented. The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including reports prepared by environmental specialists and management's knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites. | |||||||||||
Having assumed environmental liabilities in the merger with Fisher, the company was required to discount the estimate of loss to fair (present) value. This fair value was ascribed by using a discount rate of 4.73%, which was the risk free interest rate for monetary assets with maturities comparable to that of the environmental liability. The remaining discount of $5 million is being accreted by charges to interest expense over the estimated maturity period of 30 years. At December 31, 2013 and 2012, the company's total environmental liability was approximately $29 million and $23 million, respectively. | |||||||||||
Management believes that its reserves for environmental matters are adequate for the remediation costs the company expects to incur. As a result, the company believes that the ultimate liability with respect to environmental remediation matters will not have a material adverse effect on the company's financial position, results of operations or cash flows. However, the company may be subject to additional remedial or compliance costs due to future events, such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company's operations, which could have a material adverse effect on the company's financial position, results of operations or cash flows. Although these environmental remediation liabilities do not include third-party recoveries, the company may be able to bring indemnification claims against third parties for liabilities relating to certain sites. |
Comprehensive_Income_and_Share
Comprehensive Income and Shareholders Equity | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Comprehensive Income and Shareholders Equity Disclosure [Abstract] | ' | |||||||||||||||||
Comprehensive Income and Shareholders Equity [Text Block] | ' | |||||||||||||||||
Note 11. Comprehensive Income and Shareholders' Equity | ||||||||||||||||||
Comprehensive Income | ||||||||||||||||||
Comprehensive income combines net income and other comprehensive items. Other comprehensive items represent certain amounts that are reported as components of shareholders' equity in the accompanying balance sheet. | ||||||||||||||||||
Changes in each component of accumulated other comprehensive items, net of tax are as follows: | ||||||||||||||||||
(In millions) | Currency Translation Adjustment | Unrealized Gains (Losses) on Available-for-Sale Investments | Unrealized Gains (Losses) on Hedging Instruments | Pension and Other Postretirement Benefit Liability Adjustment | Total | |||||||||||||
Balance at December 31, 2012 | $ | 87.4 | $ | 7.7 | $ | -32.9 | $ | -212.6 | $ | -150.4 | ||||||||
Other comprehensive income (loss) before reclassifications | 24.6 | 1.6 | 5.8 | 38.2 | 70.2 | |||||||||||||
Amounts reclassified from accumulated other comprehensive items | — | -8 | 3.2 | 7.8 | 3 | |||||||||||||
Net other comprehensive items | 24.6 | -6.4 | 9 | 46 | 73.2 | |||||||||||||
Balance at December 31, 2013 | $ | 112 | $ | 1.3 | $ | -23.9 | $ | -166.6 | $ | -77.2 | ||||||||
The amounts reclassified out of accumulated other comprehensive items are as follows: | ||||||||||||||||||
Year Ended | ||||||||||||||||||
Affected Line Item in the | December 31, | December 31, | December 31, | |||||||||||||||
(In millions) | Statement of Income | 2013 | 2012 | 2011 | ||||||||||||||
Amounts Reclassified From Accumulated Other Comprehensive Items | ||||||||||||||||||
Unrealized gains and losses on available-for-sale investments: | ||||||||||||||||||
Realized gain on sale or transfer of available-for-sale investments | Other Expense, Net | $ | -10.5 | $ | — | $ | 0.1 | |||||||||||
Tax provision | Provision for Income Taxes | 2.5 | — | — | ||||||||||||||
-8 | — | 0.1 | ||||||||||||||||
Unrealized gains and losses on hedging instruments: | ||||||||||||||||||
Realized loss on interest rate swaps and locks | Other Expense, Net | 5.4 | 5.3 | 2.1 | ||||||||||||||
Tax benefit | Provision for Income Taxes | -2.2 | -2 | -0.8 | ||||||||||||||
3.2 | 3.3 | 1.3 | ||||||||||||||||
Pension and other postretirement benefit liability adjustment: | ||||||||||||||||||
Amortization of actuarial losses | Net Periodic Benefit Cost - | 11.5 | 6.9 | 3.1 | ||||||||||||||
Amortization of prior service benefit | see Note 6 for details | -0.1 | -0.1 | -0.1 | ||||||||||||||
Total before tax | 11.4 | 6.8 | 3 | |||||||||||||||
Tax benefit | Provision for Income Taxes | -3.6 | -2.4 | -1.1 | ||||||||||||||
7.8 | 4.4 | 1.9 | ||||||||||||||||
Total reclassifications | $ | 3 | $ | 7.7 | $ | 3.3 | ||||||||||||
Shareholders' Equity | ||||||||||||||||||
At December 31, 2013, the company had reserved 43,640,460 unissued shares of its common stock for possible issuance under stock-based compensation plans. | ||||||||||||||||||
The company has 50,000 shares of authorized but unissued $100 par value preferred stock. | ||||||||||||||||||
Shareholder Rights Plan | ||||||||||||||||||
The company has distributed rights under a shareholder rights plan adopted by the company's Board of Directors to holders of outstanding shares of the company's common stock. Each right entitles the holder to purchase one hundred-thousandth of a share (a Unit) of Series B Junior Participating Preferred Stock, $100 par value, at a purchase price of $200 per Unit, subject to adjustment. The rights will not be exercisable until the earlier of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons (an Acquiring Person) has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of common stock (the Stock Acquisition Date), or (ii) 10 business days following the commencement of a tender offer or exchange offer for 15% or more of the outstanding shares of common stock. | ||||||||||||||||||
In the event that a person becomes the beneficial owner of 15% or more of the outstanding shares of common stock, except pursuant to an offer for all outstanding shares of common stock that at least 75% of the Board of Directors determines to be fair to, and otherwise in the best interests of, stockholders, each holder of a right (except for the Acquiring Person) will thereafter have the right to receive, upon exercise, that number of shares of common stock (or, in certain circumstances, units of preferred stock, cash, property or other securities of the company) which equals the exercise price of the right divided by one-half of the current market price of the common stock. In the event that, at any time after any person has become an Acquiring Person, (i) the company is acquired in a merger or other business combination transaction in which the company is not the surviving corporation or its common stock is changed or exchanged (other than a merger that follows an offer approved by the Board of Directors), or (ii) 50% or more of the company's assets or earning power is sold or transferred, each holder of a right (except for the Acquiring Person) shall thereafter have the right to receive, upon exercise, the number of shares of common stock of the acquiring company that equals the exercise price of the right divided by one-half of the current market price of such common stock. | ||||||||||||||||||
At any time until the Stock Acquisition Date, the company may redeem the rights in whole, but not in part, at a price of $.01 per right (payable in cash or stock). The rights expire on September 29, 2015, unless earlier redeemed or exchanged. | ||||||||||||||||||
Equity Forward Agreements | ||||||||||||||||||
In June 2013, in anticipation of the acquisition of Life Technologies, the company entered into equity forward agreements in connection with a public offering of 29.6 million shares of its common stock. The use of the equity forward agreements substantially eliminated future equity market price risk by fixing a common equity offering sales price under the then existing market conditions, while mitigating share dilution from the offering by postponing the actual issuance of common stock until the funds were needed for the Life Technologies Acquisition. | ||||||||||||||||||
Under the terms of the agreements, the counterparties borrowed shares of the company's common stock and sold them for $85.50 per share. Upon settlement of the agreements, in January 2014, the company issued and delivered 29.6 million shares of its common stock at the then applicable forward sale price of $82.5342 per share. The forward price was initially $83.2770 per share, net of underwriting fees, and was subject to adjustment in accordance with the terms of the agreements including fixed reductions related to cash dividends. | ||||||||||||||||||
In November 2013, the company entered into a subscription agreement for a private placement of 5.3 million shares of its common stock at a price of $94.85 per share that was contingent on the closing of the Life Technologies Acquisition. The agreement closed on February 3, 2014. | ||||||||||||||||||
The equity forward and subscription agreements had no initial fair value as they were entered into at the then market price of the common stock. The company did not receive any proceeds from the sale of common stock until the agreements were settled in 2014. Upon settlement, the proceeds were recorded in equity. Prior to their settlement, to the extent that the equity forward agreements were dilutive, they have been reflected in the company's diluted earnings per share calculations using the treasury stock method. Prior to closing, the subscription agreement was not potentially dilutive to the company's diluted earnings per share calculations due to its contingent nature. |
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Value Of Financial Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments Disclosure | ' | ||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments [Text Block] | ' | ||||||||||||||
Note 12. Fair Value Measurements and Fair Value of Financial Instruments | |||||||||||||||
Fair Value Measurements | |||||||||||||||
The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2013. The company's financial assets and liabilities carried at fair value are primarily comprised of investments in money market funds; derivative contracts, insurance contracts, mutual funds holding publicly traded securities and other investments in unit trusts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration. | |||||||||||||||
The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: | |||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access. | |||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves. | |||||||||||||||
Level 3: Inputs are unobservable data points that are not corroborated by market data. | |||||||||||||||
The following table presents information about the company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(In millions) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets | |||||||||||||||
Cash equivalents | $ | 4,859.90 | $ | 4,859.90 | $ | — | $ | — | |||||||
Investments in mutual funds, unit trusts and other similar instruments | 9.8 | 9.8 | — | — | |||||||||||
Insurance contracts | 74.5 | — | 74.5 | — | |||||||||||
Auction rate securities | 4.5 | — | — | 4.5 | |||||||||||
Derivative contracts | 3.8 | — | 3.8 | — | |||||||||||
Total Assets | $ | 4,952.50 | $ | 4,869.70 | $ | 78.3 | $ | 4.5 | |||||||
Liabilities | |||||||||||||||
Derivative contracts | $ | 6.5 | $ | — | $ | 6.5 | $ | — | |||||||
Contingent consideration | 5.1 | — | — | 5.1 | |||||||||||
Total Liabilities | $ | 11.6 | $ | — | $ | 6.5 | $ | 5.1 | |||||||
The following table presents information about the company’s financial assets and liabilities measured at fair | |||||||||||||||
value on a recurring basis as of December 31, 2012: | |||||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(In millions) | 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets | |||||||||||||||
Cash equivalents | $ | 73.6 | $ | 73.6 | $ | — | $ | — | |||||||
Investments in mutual funds, unit trusts and other similar instruments | 36.6 | 36.6 | — | — | |||||||||||
Insurance contracts | 62.5 | — | 62.5 | — | |||||||||||
Auction rate securities | 4.3 | — | — | 4.3 | |||||||||||
Derivative contracts | 1.6 | — | 1.6 | — | |||||||||||
Total Assets | $ | 178.6 | $ | 110.2 | $ | 64.1 | $ | 4.3 | |||||||
Liabilities | |||||||||||||||
Derivative contracts | $ | 0.8 | $ | — | $ | 0.8 | $ | — | |||||||
Contingent consideration | 20.1 | — | — | 20.1 | |||||||||||
Total Liabilities | $ | 20.9 | $ | — | $ | 0.8 | $ | 20.1 | |||||||
Available-for-sale investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis and gross unrealized gains and losses of available-for-sale investments by major security type are as follows: | |||||||||||||||
(In millions) | Market Value | Cost Basis | Gross Unrealized Gains | Gross Unrealized Losses | |||||||||||
2013 | |||||||||||||||
Mutual Fund and Unit Trust Investments | $ | 9.8 | $ | 7.3 | $ | 2.5 | $ | — | |||||||
Auction Rate Securities | 4.5 | 4.6 | — | 0.1 | |||||||||||
$ | 14.3 | $ | 11.9 | $ | 2.5 | $ | 0.1 | ||||||||
2012 | |||||||||||||||
Mutual Fund and Unit Trust Investments | $ | 36.6 | $ | 25.4 | $ | 11.2 | $ | — | |||||||
Auction Rate Securities | 4.3 | 4.8 | — | 0.5 | |||||||||||
$ | 40.9 | $ | 30.2 | $ | 11.2 | $ | 0.5 | ||||||||
The cost of available-for-sale investments that were sold was based on specific identification in determining realized gains and losses recorded in the accompanying statement of income. In 2013, the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans, resulting in realization of a previously unrecognized gain of $11 million. Gross realized gains and gross realized losses on the sale of available-for-sale investments were nominal in 2013, 2012 and 2011. | |||||||||||||||
The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company determines the fair value of the auction rate securities by obtaining indications of value from brokers/dealers. The company determines the fair value of acquisition-related contingent consideration based on assessment of the probability that the company would be required to make such future payment. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense. | |||||||||||||||
The company has the ability and intent to hold the auction rate securities to maturity unless they are redeemed earlier by the issuer. There was no significant activity within the Level 3 auction rate securities during 2013 or 2012. The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration. | |||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||
Contingent Consideration | |||||||||||||||
Beginning Balance | $ | 20.1 | $ | 1.7 | |||||||||||
Additions | — | 19.9 | |||||||||||||
Payments | -28.6 | -1 | |||||||||||||
Change in fair value included in earnings | 13.5 | -0.5 | |||||||||||||
Currency translation | 0.1 | — | |||||||||||||
Ending Balance | $ | 5.1 | $ | 20.1 | |||||||||||
The notional amounts of derivative contracts outstanding, consisting of currency exchange contracts and interest swaps, totaled $2.03 billion and $719 million at December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||
While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the consolidated balance sheet. The following tables present the fair value of derivative instruments in the consolidated balance sheet and statement of income. | |||||||||||||||
Fair Value – Assets | Fair Value – Liabilities | ||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | $ | 5.2 | $ | — | |||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Currency exchange contracts (b) | 3.8 | 1.6 | 1.3 | 0.8 | |||||||||||
(a) | The fair value of the interest rate swaps is included in the consolidated balance sheet under the caption other long-term liabilities. | ||||||||||||||
(b) | The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses. | ||||||||||||||
Gain (Loss) Recognized | |||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||
Derivatives Designated as Fair Value Hedges | |||||||||||||||
Interest rate swaps - effective portion | $ | 0.2 | $ | — | |||||||||||
Interest rate swaps - ineffective portion | -1.4 | — | |||||||||||||
Derivatives Not Designated as Fair Value Hedges | |||||||||||||||
Currency exchange contracts | |||||||||||||||
Included in cost of revenues | $ | 2.7 | $ | 3 | |||||||||||
Included in other expense, net | -22.1 | -10.4 | |||||||||||||
Gains and losses recognized on currency exchange contracts and the effective portion of interest rate swaps are included in the consolidated statement of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions. Gains and losses recognized on the ineffective portion of interest rate swaps is included in other expense, net in the accompanying statement of income. | |||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||
The carrying value and fair value of the company's notes receivable and debt obligations are as follows: | |||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||
(In millions) | Value | Value | Value | Value | |||||||||||
Notes Receivable | $ | 7.6 | $ | 7.6 | $ | 4.7 | $ | 4.7 | |||||||
Debt Obligations: | |||||||||||||||
Senior notes | $ | 10,195.40 | $ | 10,304.80 | $ | 7,019.50 | $ | 7,455.20 | |||||||
Commercial paper | 250 | 250 | 50 | 50 | |||||||||||
Other | 41.9 | 41.9 | 54.8 | 54.8 | |||||||||||
$ | 10,487.30 | $ | 10,596.70 | $ | 7,124.30 | $ | 7,560.00 | ||||||||
The fair value of debt obligations was determined based on quoted market prices and on borrowing rates | |||||||||||||||
available to the company at the respective period ends which represent level 2 measurements. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information [Text Block] | ' | |||||||||||
Note 13. Supplemental Cash Flow Information | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Cash Paid (Refunded) For: | ||||||||||||
Interest | $ | 215.1 | $ | 230 | $ | 120.6 | ||||||
Income Taxes - Continuing Operations | $ | 230 | $ | 331.1 | $ | 352.9 | ||||||
Income Taxes - Discontinued Operations | $ | -3.7 | $ | -44 | $ | 149.1 | ||||||
Non-cash Activities | ||||||||||||
Fair value of assets of acquired businesses and product lines | $ | — | $ | 1,172.00 | $ | 7,041.10 | ||||||
Cash paid for acquired businesses and product lines | — | -1,086.60 | -5,894.10 | |||||||||
Liabilities assumed of acquired businesses and product lines | $ | — | $ | 85.4 | $ | 1,147.00 | ||||||
Fair value of available-for-sale investments contributed to defined benefit plans | $ | 27.1 | $ | — | $ | — | ||||||
Declared but unpaid dividends | $ | 55.8 | $ | 54.7 | $ | — | ||||||
Issuance of stock upon vesting of restricted stock units | $ | 64.2 | $ | 29.3 | $ | 22.7 |
Restructuring_and_Other_Costs_
Restructuring and Other Costs, Net | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Restructuring And Other Costs, Net Disclosure | ' | ||||||||||||||
Restructuring and Other Costs, Net [Text Block] | ' | ||||||||||||||
Note 14. Restructuring and Other Costs, Net | |||||||||||||||
Restructuring and other costs in 2013 and 2012 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S., Europe and Asia. The company's 2013 and 2012 severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of the company's workforce in both years. | |||||||||||||||
Restructuring and other costs in 2011 primarily included cash compensation from monetizing equity awards held by Dionex employees at the date of acquisition as well as continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the following: the consolidation of facilities in Finland and Australia of acquired businesses with existing facilities in those countries; the consolidation of facilities in the U.S.; and the restructuring of the commercial organization of a business across six European countries to increase productivity and efficiency in serving customers. The company's 2011 severance actions affected approximately 4% of the company's workforce. | |||||||||||||||
As of February 27, 2014, the company has identified restructuring actions that will result in additional charges of approximately $50 million, primarily in the first half of 2014. The company expects significant restructuring charges in the first quarter of 2014 in connection with the acceleration of certain equity awards held by Life Technologies' employees and severance obligations payable to former Life Technologies' executives. | |||||||||||||||
2013 | |||||||||||||||
During 2013, the company recorded net restructuring and other costs as follows: | |||||||||||||||
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | |||||||||||
Analytical Technologies | $ | 2.9 | $ | 52.3 | $ | 26.8 | $ | 82 | |||||||
Specialty Diagnostics | 24.9 | 12.9 | 24.2 | 62 | |||||||||||
Laboratory Products and Services | 0.8 | — | 23.7 | 24.5 | |||||||||||
Corporate | — | 8.3 | 3 | 11.3 | |||||||||||
$ | 28.6 | $ | 73.5 | $ | 77.7 | $ | 179.8 | ||||||||
The components of net restructuring and other costs by segment are as follows: | |||||||||||||||
Analytical Technologies | |||||||||||||||
In 2013, the Analytical Technologies segment recorded $82.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $2.9 million for accelerated depreciation at facilities closing due to real estate consolidation; charges to selling, general and administrative expenses of $52.3 million primarily for transaction costs related to the acquisition of Life Technologies (Note 2); and $26.8 million of other restructuring costs, net, $28.5 million of which were cash costs. The cash costs, which were associated with headcount reductions and facility consolidations including the consolidation and closure of several facilities in the U.S. and Europe, consisted of $18.5 million of severance; $3.3 million of abandoned facility costs; and $6.7 million of other cash costs, including outplacement costs for severed employees as well as retention and moving and other expenses associated with facility consolidations. The cash costs also included $4.1 million of transaction expenses related to the agreement to sell its sera and media, gene modulation and magnetic beads businesses (see Note 2). In addition, the segment realized net gains of $1.7 million primarily on the sale of real estate in the U.S and Europe. | |||||||||||||||
Specialty Diagnostics | |||||||||||||||
In 2013, the Specialty Diagnostics segment recorded $62.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $24.9 million primarily for the sale of inventories revalued at the date of acquisition; charges to selling, general and administrative expenses of $12.9 million for revisions of estimated contingent consideration based on actual performance of a recent acquisition; and $24.2 million of other restructuring costs, net, which were primarily cash costs. The cash costs consisted of $17.8 million of severance; $2.8 million of abandoned facility costs primarily for facilities in Europe and the U.S.; and $3.5 million of other cash costs, primarily outplacement costs for severed employees and moving, travel and other expenses associated with facility consolidations. | |||||||||||||||
Laboratory Products and Services | |||||||||||||||
In 2013, the Laboratory Products and Services segment recorded $24.5 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $0.8 million for accelerated depreciation at facilities closing due to real estate consolidation and $23.7 million of other restructuring costs, $22.4 million of which were cash costs. The cash costs, which consisted of headcount reductions and facility consolidations to streamline operations, included $16.3 million of severance; $3.7 million of abandoned facility costs; and $2.4 million of other cash costs, primarily retention, moving and other expenses associated with facility consolidations. The segment also recorded $1.3 million of non-cash expense, net, primarily for pension charges related to the headcount reductions. | |||||||||||||||
Corporate | |||||||||||||||
In 2013, the company recorded a charge to selling, general and administrative expenses of $8.3 million associated with product liability litigation and $3.0 million of restructuring costs primarily for severance at its corporate operations. | |||||||||||||||
2012 | |||||||||||||||
During 2012, the company recorded net restructuring and other costs as follows: | |||||||||||||||
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | |||||||||||
Analytical Technologies | $ | 1.4 | $ | -0.1 | $ | 42.3 | $ | 43.6 | |||||||
Specialty Diagnostics | 52.8 | 13.7 | 15 | 81.5 | |||||||||||
Laboratory Products and Services | 1.4 | -0.9 | 23.8 | 24.3 | |||||||||||
Corporate | — | -0.2 | 1 | 0.8 | |||||||||||
$ | 55.6 | $ | 12.5 | $ | 82.1 | $ | 150.2 | ||||||||
The components of net restructuring and other costs by segment are as follows: | |||||||||||||||
Analytical Technologies | |||||||||||||||
In 2012, the Analytical Technologies segment recorded $43.6 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $1.4 million primarily for accelerated depreciation at facilities closing due to real estate consolidation; $0.1 million as a reduction of selling, general and administrative expenses; and $42.3 million of other restructuring costs, net, $33.8 million of which were cash costs. The cash costs, which were associated with headcount reductions and facility consolidations including the consolidation and closure of several facilities in the U.S. and Europe, consisted of $21.7 million of severance; $9.5 million of abandoned facility costs; and $2.6 million of other cash costs, primarily for retention, relocation and moving expenses associated with facility consolidations. The segment also recorded $8.5 million of non-cash expense, net, primarily for real estate writedowns related to facility consolidations. | |||||||||||||||
Specialty Diagnostics | |||||||||||||||
In 2012, the Specialty Diagnostics segment recorded $81.5 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $52.8 million primarily for the sale of inventories revalued at the date of acquisition; charges to selling, general and administrative expenses of $13.7 million for transaction costs related to the One Lambda acquisition; and $15.0 million of other restructuring costs, $14.3 million of which were cash costs associated with headcount reductions and facility consolidations to streamline operations. The cash costs consisted of $11.3 million of severance; $0.6 million of abandoned facility costs; and $2.4 million of other cash costs. The non-cash charges of $0.7 million consisted of writedowns to estimated disposal value of real estate held for sale. | |||||||||||||||
Laboratory Products and Services | |||||||||||||||
In 2012, the Laboratory Products and Services segment recorded $24.3 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $1.4 million primarily for the sale of inventories revalued at the date of acquisition and, to a lesser extent, accelerated depreciation at facilities closing due to real estate consolidation; $0.9 million, net, as a reduction of selling, general and administrative expenses for revisions of estimated contingent consideration; and $23.8 million of other restructuring costs, $17.5 million of which were cash costs. The cash costs, which consisted of headcount reductions and facility consolidations to streamline operations, included $10.9 million of severance; $3.2 million of abandoned facility costs; and $3.4 million of other cash costs, primarily retention, relocation and moving expenses associated with facility consolidations. The segment recorded $6.3 million of non-cash costs, net, primarily related to impairment of intangible assets of a business unit and fixed asset writedowns associated with facility consolidations, partially offset by a $5.9 million gain on a pre-acquisition litigation-related matter. | |||||||||||||||
Corporate | |||||||||||||||
The company recorded $1.0 million of cash costs primarily for severance at its corporate operations, offset in part by a reduction of selling, general and administrative expenses of $0.2 million, net, associated with product liability litigation. | |||||||||||||||
2011 | |||||||||||||||
During 2011, the company recorded net restructuring and other costs as follows: | |||||||||||||||
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | |||||||||||
Analytical Technologies | $ | 30.5 | $ | 34.5 | $ | 54.3 | $ | 119.3 | |||||||
Specialty Diagnostics | 39 | 24 | 8.4 | 71.4 | |||||||||||
Laboratory Products and Services | 3.1 | — | 31.7 | 34.8 | |||||||||||
Corporate | — | 3 | 2.1 | 5.1 | |||||||||||
$ | 72.6 | $ | 61.5 | $ | 96.5 | $ | 230.6 | ||||||||
The components of net restructuring and other costs by segment are as follows: | |||||||||||||||
Analytical Technologies | |||||||||||||||
In 2011, the Analytical Technologies segment recorded $119.3 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $30.5 million primarily for the sale of inventories revalued at the date of acquisition; charges to selling, general and administrative expenses of $34.5 million primarily for transaction costs related to the Dionex acquisition; and $54.3 million of other restructuring costs, net, $48.9 million of which were cash costs. These costs included $21.2 million of cash compensation from monetizing equity awards held by Dionex employees at the date of acquisition. The segment also recorded continuing cash costs associated with headcount reductions and facility consolidations to streamline operations, which consisted of $19.3 million of severance; $7.0 million of abandoned facility costs; and $1.4 million of other cash costs, primarily retention, relocation and moving expenses associated with facility consolidations. The segment also recorded $5.4 million of non-cash charges, net, primarily for the impairment of intangible assets associated with a small business unit. | |||||||||||||||
Specialty Diagnostics | |||||||||||||||
In 2011, the Specialty Diagnostics segment recorded $71.4 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $39.0 million primarily for the sale of inventories revalued at the date of acquisition; charges to selling, general and administrative expenses of $24.0 million primarily for transaction costs related to the Phadia acquisition; and $8.4 million of other restructuring costs, including cash costs of $8.0 million associated with headcount reductions and facility consolidations to streamline operations, including the consolidation of facilities in Finland and Australia of acquired businesses with existing facilities in those countries. The cash costs consisted of $6.7 million of severance; $0.7 million of abandoned facility costs; and $0.6 million of other cash costs, primarily retention, relocation and moving expenses associated with facility consolidations. The non-cash charges, net, of $0.4 million consisted of $1.2 million of writedowns to estimated disposal value of real estate held for sale, partially offset by $0.8 million of income from termination of a post-retirement benefit plan. | |||||||||||||||
Laboratory Products and Services | |||||||||||||||
In 2011, the Laboratory Products and Services segment recorded $34.8 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $3.1 million for accelerated depreciation at facilities closing due to real estate consolidation and sale of inventories revalued at the date of acquisition and $31.7 million of other restructuring costs, net, $22.0 million of which were cash costs. The cash costs were associated with the consolidation of facilities in the U.S. and the restructuring of the commercial organization of a business across six European countries to increase productivity and efficiency in serving customers, as well as other headcount reductions and facility consolidations. The cash costs included $15.6 million of severance; $4.2 million of abandoned facility costs; and $2.2 million of other cash costs, primarily retention, relocation and moving expenses associated with facility consolidations. The segment recorded $9.7 million of non-cash costs primarily related to impairment of intangible assets associated with two small business units and, to a lesser extent, a loss on sale of a heating equipment business. | |||||||||||||||
Corporate | |||||||||||||||
The company recorded $5.1 million in restructuring and other charges at its corporate operations in 2011, including a charge to selling, general and administrative expense of $3.0 million associated with product liability litigation and $2.1 million of cash costs for severance. | |||||||||||||||
The following table summarizes the cash components of the company's restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet. | |||||||||||||||
Abandonment | |||||||||||||||
(In millions) | Severance | of Excess Facilities | Other (a) | Total | |||||||||||
Pre-2012 Restructuring Plans | |||||||||||||||
Balance At December 31, 2010 | $ | 10.2 | $ | 5.7 | $ | 0.1 | $ | 16 | |||||||
Costs incurred in 2011 (c) | 44.2 | 11.9 | 25.5 | 81.6 | |||||||||||
Reserves reversed (b) | -0.5 | — | -0.1 | -0.6 | |||||||||||
Payments | -35.7 | -10.4 | -22.9 | -69 | |||||||||||
Currency translation | -0.4 | — | — | -0.4 | |||||||||||
Balance At December 31, 2011 | 17.8 | 7.2 | 2.6 | 27.6 | |||||||||||
Costs incurred in 2012 (d) | 2.5 | 6.9 | 2.2 | 11.6 | |||||||||||
Reserves reversed (b) | -1.6 | — | -0.6 | -2.2 | |||||||||||
Payments | -14 | -8.2 | -3.8 | -26 | |||||||||||
Currency translation | -0.5 | — | — | -0.5 | |||||||||||
Balance At December 31, 2012 | 4.2 | 5.9 | 0.4 | 10.5 | |||||||||||
Costs incurred in 2013 | 0.5 | 4.3 | 0.1 | 4.9 | |||||||||||
Payments | -3.7 | -3.7 | -0.2 | -7.6 | |||||||||||
Currency translation | — | — | — | — | |||||||||||
Balance At December 31, 2013 | $ | 1 | $ | 6.5 | $ | 0.3 | $ | 7.8 | |||||||
2012 Restructuring Plans | |||||||||||||||
Costs incurred in 2012 (d) | $ | 43.8 | $ | 6.4 | $ | 7 | $ | 57.2 | |||||||
Payments | -28.8 | -4.1 | -4.6 | -37.5 | |||||||||||
Currency translation | 0.8 | 0.1 | — | 0.9 | |||||||||||
Balance At December 31, 2012 | 15.8 | 2.4 | 2.4 | 20.6 | |||||||||||
Costs incurred in 2013 | 8.9 | 2.8 | 3 | 14.7 | |||||||||||
Reserves reversed (b) | -2.6 | -0.1 | -0.3 | -3 | |||||||||||
Payments | -16.6 | -3.6 | -5.1 | -25.3 | |||||||||||
Currency translation | 0.1 | — | — | 0.1 | |||||||||||
Balance At December 31, 2013 | $ | 5.6 | $ | 1.5 | $ | — | $ | 7.1 | |||||||
2013 Restructuring Plans | |||||||||||||||
Costs incurred in 2013 | $ | 48.3 | $ | 3.2 | $ | 9.9 | $ | 61.4 | |||||||
Payments | -26.7 | -1.8 | -7.7 | -36.2 | |||||||||||
Currency translation | 0.4 | — | — | 0.4 | |||||||||||
Balance At December 31, 2013 | $ | 22 | $ | 1.4 | $ | 2.2 | $ | 25.6 | |||||||
(a) Other includes cash compensation from monetizing equity awards held by Dionex employees at the date of acquisition and employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. | |||||||||||||||
(b) Represents reductions in cost of plans. | |||||||||||||||
(c) Excludes an aggregate of $15 million of non-cash charges, net, which are detailed by segment above. | |||||||||||||||
(d) Excludes an aggregate of $15 million of non-cash charges, net, which are detailed by segment above. | |||||||||||||||
The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2014; and abandoned-facility payments, over lease terms expiring through 2018. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
Note 15. Discontinued Operations | |||||||||
In June 2012, in an effort to exit a non-core business, the company's senior management made a decision to pursue a sale of its laboratory workstations business, part of the Laboratory Products and Services segment. The company completed the sale in October 2012 for nominal proceeds. The results of the laboratory workstations business have been classified and presented as discontinued operations in the accompanying financial statements. Prior period results have been adjusted to conform to this presentation. | |||||||||
In 2012, the company recorded an after-tax loss of $63 million on the divestiture. In addition, the company recorded an after-tax gain of $2 million upon receipt of additional proceeds from a prior divestiture. | |||||||||
Operating results of the laboratory workstations business were as follows: | |||||||||
(In millions) | 2012 | 2011 | |||||||
Revenues | $ | 147.1 | $ | 179.6 | |||||
Pre-tax Income (Loss) | -30 | -6.2 | |||||||
In 2013, the company recorded an after-tax charge of $4.2 million for the estimated cost to raze certain abandoned facilities of the discontinued operations prior to the planned sale of the related land. | |||||||||
On April 4, 2011, the company sold, in separate transactions, its Athena Diagnostics business for $740 million in cash and its Lancaster Laboratories business for $180 million in cash and escrowed proceeds of $20 million, substantially all of which was received in October 2012. The sale of these businesses resulted in an after-tax gain of approximately $304 million or $0.79 per diluted share in the second quarter of 2011. The results of both businesses have been included in the accompanying financial statements as discontinued operations. Operating results of these businesses were as follows: | |||||||||
(In millions) | 2011 | ||||||||
Revenues | $ | 54.3 | |||||||
Pre-tax Income | 9.1 |
Unaudited_Quarterly_Informatio
Unaudited Quarterly Information | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Unaudited Quarterly Information [Abstract] | ' | ||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||
Note 16. Unaudited Quarterly Information | |||||||||||||||
2013 | |||||||||||||||
(In millions except per share amounts) | First (a) | Second (b) | Third (c) | Fourth (d) | |||||||||||
Revenues | $ | 3,191.50 | $ | 3,240.10 | $ | 3,191.80 | $ | 3,466.90 | |||||||
Gross Profit | 1,336.30 | 1,363.20 | 1,347.90 | 1,481.70 | |||||||||||
Income from Continuing Operations | 340.8 | 277.6 | 317.7 | 343 | |||||||||||
Net Income | 336.2 | 277.4 | 317.6 | 342.1 | |||||||||||
Earnings per Share from Continuing Operations: | |||||||||||||||
Basic | 0.95 | 0.77 | 0.88 | 0.95 | |||||||||||
Diluted | 0.94 | 0.76 | 0.86 | 0.92 | |||||||||||
Earnings per Share: | |||||||||||||||
Basic | 0.94 | 0.77 | 0.88 | 0.95 | |||||||||||
Diluted | 0.93 | 0.76 | 0.86 | 0.92 | |||||||||||
Cash Dividend Declared per Common Share | 0.15 | 0.15 | 0.15 | 0.15 | |||||||||||
Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: | |||||||||||||||
(a) Costs of $36.0 million and after-tax loss of $4.6 million related to the company's discontinued operations. | |||||||||||||||
(b) Costs of $57.2 million and after-tax loss of $0.2 million related to the company's discontinued operations. | |||||||||||||||
(c) Costs of $36.3 million and after-tax loss of $0.1 million related to the company's discontinued operations. | |||||||||||||||
(d) Costs of $50.3 million and after-tax loss of $0.9 million related to the company's discontinued operations. | |||||||||||||||
2012 | |||||||||||||||
(In millions except per share amounts) | First (a) | Second (b) | Third (c) | Fourth (d) | |||||||||||
Revenues | $ | 3,056.80 | $ | 3,108.10 | $ | 3,085.70 | $ | 3,259.30 | |||||||
Gross Profit | 1,289.70 | 1,321.30 | 1,298.40 | 1,386.10 | |||||||||||
Income from Continuing Operations | 280.8 | 292.4 | 299.4 | 385.8 | |||||||||||
Net Income | 277.3 | 233.8 | 290.4 | 376.4 | |||||||||||
Earnings per Share from Continuing Operations: | |||||||||||||||
Basic | 0.76 | 0.8 | 0.83 | 1.08 | |||||||||||
Diluted | 0.76 | 0.79 | 0.82 | 1.07 | |||||||||||
Earnings per Share: | |||||||||||||||
Basic | 0.76 | 0.64 | 0.8 | 1.05 | |||||||||||
Diluted | 0.75 | 0.63 | 0.79 | 1.04 | |||||||||||
Cash Dividend Declared per Common Share | 0.13 | 0.13 | 0.13 | 0.15 | |||||||||||
Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: | |||||||||||||||
(a) Costs of $31.1 million and after-tax loss of $3.5 million related to the company's discontinued operations. | |||||||||||||||
(b) Costs of $38.9 million and after-tax loss of $58.6 million related to the company's discontinued operations. | |||||||||||||||
(c) Costs of $37.3 million and after-tax loss of $9.0 million related to the company's discontinued operations. | |||||||||||||||
(d) Costs of $42.9 million and after-tax loss of $9.4 million related to the company's discontinued operations. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||
(In millions) | Balance at Beginning of Year | Provision Charged to Expense | Accounts Recovered | Accounts Written Off | Other (a) | Balance at End of Year | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||
Year Ended December 31, 2013 | $ | 55.5 | $ | 6.8 | $ | 0.2 | $ | -8.4 | $ | — | $ | 54.1 | |||||||
Year Ended December 31, 2012 | $ | 65.8 | $ | 0.7 | $ | 0.3 | $ | -4.6 | $ | -6.7 | $ | 55.5 | |||||||
Year Ended December 31, 2011 | $ | 39.2 | $ | 11.2 | $ | 0.2 | $ | -5.7 | $ | 20.9 | $ | 65.8 | |||||||
(In millions) | Balance at Beginning of Year | Provision Charged to Expense (c) | Activity Charged to Reserve | Other (d) | Balance at End of Year | ||||||||||||||
Accrued Restructuring Costs (b) | |||||||||||||||||||
Year Ended December 31, 2013 | $ | 31.1 | $ | 78 | $ | -69.1 | $ | 0.5 | $ | 40.5 | |||||||||
Year Ended December 31, 2012 | $ | 27.6 | $ | 66.6 | $ | -63.5 | $ | 0.4 | $ | 31.1 | |||||||||
Year Ended December 31, 2011 | $ | 16 | $ | 81 | $ | -69 | $ | -0.4 | $ | 27.6 | |||||||||
Includes allowance of businesses acquired and sold during the year as described in Note 2 and the effect of currency translation. | |||||||||||||||||||
The nature of activity in this account is described in Note 14. | |||||||||||||||||||
Excludes $15 million and $15 million, respectively, of non-cash expense, net, in 2012 and 2011, as described in Note 14. | |||||||||||||||||||
Represents the effects of currency translation. | |||||||||||||||||||
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | ' |
Principles of Consolidation [Policy Text Block] | ' |
Principles of Consolidation | |
The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses in which it has significant influence but not control (generally between 20% and 50% ownership) using the equity method. | |
Revenue Recognition [Policy Text Block] | ' |
Revenue is recognized after all significant obligations have been met, collectability is probable and title has passed, which typically occurs upon shipment or delivery or completion of services. If customer-specific acceptance criteria exist, the company recognizes revenue after demonstrating adherence to the acceptance criteria. The company recognizes revenue and related costs for arrangements with multiple deliverables, such as equipment and installation, as each element is delivered or completed based upon its relative fair value. When a portion of the customer's payment is not due until installation or other deliverable occurs, the company defers that portion of the revenue until completion of installation or transfer of the deliverable. Provisions for discounts, warranties, rebates to customers, returns and other adjustments are provided for in the period the related sales are recorded. Sales taxes, value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue. | |
The company recognizes revenue from the sale of software. License fee revenues relate primarily to sales of perpetual licenses to end-users and are recognized when a formal agreement exists, the license fee is fixed and determinable, delivery of the software has occurred and collection is probable. Software arrangements with customers often include multiple elements, including software products, maintenance and support. The company recognizes software license fees based on the residual method after all elements have either been delivered or vendor specific objective evidence (VSOE) of fair value exists for such undelivered elements. In the event VSOE is not available for any undelivered element, revenue for all elements is deferred until delivery is completed. Revenues from software maintenance and support contracts are recognized on a straight-line basis over the term of the contract, which is generally a period of one year. VSOE of fair value of software maintenance and support is determined based on the price charged for the maintenance and support when sold separately. Revenues from training and consulting services are recognized as services are performed, based on VSOE, which is determined by reference to the price customers pay when the services are sold separately. | |
Service revenues represent the company's service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. | |
The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. | |
Deferred revenue in the accompanying balance sheet consists primarily of unearned revenue on service contracts, which is recognized ratably over the terms of the contracts. Substantially all of the deferred revenue in the accompanying 2013 balance sheet will be recognized within one year. | |
Revenue Recognition, Software [Policy Text Block] | ' |
The company recognizes revenue from the sale of software. License fee revenues relate primarily to sales of perpetual licenses to end-users and are recognized when a formal agreement exists, the license fee is fixed and determinable, delivery of the software has occurred and collection is probable. Software arrangements with customers often include multiple elements, including software products, maintenance and support. The company recognizes software license fees based on the residual method after all elements have either been delivered or vendor specific objective evidence (VSOE) of fair value exists for such undelivered elements. In the event VSOE is not available for any undelivered element, revenue for all elements is deferred until delivery is completed. Revenues from software maintenance and support contracts are recognized on a straight-line basis over the term of the contract, which is generally a period of one year. VSOE of fair value of software maintenance and support is determined based on the price charged for the maintenance and support when sold separately. Revenues from training and consulting services are recognized as services are performed, based on VSOE, which is determined by reference to the price customers pay when the services are sold separately. | |
Revenue Recognition, Service Revenue [Policy Text Block] | ' |
Service revenues represent the company's service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. | |
Accounts Receivables [Policy Text Block] | ' |
Accounts receivable are recorded at the invoiced amount and do not bear interest. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company's best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on the age of the receivable, the creditworthiness of the customer and any other information that is relevant to the judgment. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers. | |
Shipping and Handling Charges [Policy Text Block] | ' |
The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | ' |
Deferred revenue in the accompanying balance sheet consists primarily of unearned revenue on service contracts, which is recognized ratably over the terms of the contracts. Substantially all of the deferred revenue in the accompanying 2013 balance sheet will be recognized within one year. | |
Warranty Obligations [Policy Text Block] | ' |
Warranty Obligations | |
The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenue is recognized. While the company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, the company's warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered to the company. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from the company's estimates, revisions to the estimated warranty liability would be required. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts which are discussed above. Costs of service contracts are recognized as incurred. | |
Research and Development [Policy Text Block] | ' |
Research and Development | |
The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include salaries and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred. | |
Income Taxes [Policy Text Block] | ' |
Income Taxes | |
The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. | |
The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities' full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7). | |
Earnings Per Share [Policy Text Block] | ' |
Earnings per Share | |
Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share has been computed using the treasury stock method for the convertible obligations, equity forward agreements and outstanding stock options and restricted units, as well as their related income tax effects (Note 8). | |
Cash and Cash Equivalents [Policy Text Block] | ' |
Cash and Cash Equivalents | |
Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value. | |
Investments [Policy Text Block] | ' |
Investments | |
The company's marketable equity and debt securities that are part of its cash management activities are considered short-term investments in the accompanying balance sheet. Such securities principally represent available-for-sale investments. In addition, the company owns marketable equity securities that represent less than 20% ownership and for which the company does not have the ability to exert significant influence. Such investments are also considered available-for-sale. All available-for-sale securities are carried at fair market value, with the difference between cost and fair market value, net of related tax effects, recorded in the “accumulated other comprehensive items” component of shareholders' equity (Notes 11 and 12). Decreases in fair market values of individual securities below cost are reviewed to determine if the unrealized loss is other than temporary. Decreases below cost for a duration of six to nine months are deemed indicative of other than temporary impairment, and the company assesses the need to write down the carrying amount of the investments to fair market value through other expense, net, in the accompanying statement of income. Should a decrease in the fair market value of debt securities be deemed attributable to non-credit loss conditions, however, no impairment is recorded in the statement of income if the company has the ability and intent to hold the investment to maturity. | |
Other investments for which there are not readily determinable market values are accounted for under the cost method of accounting. The company periodically evaluates the carrying value of its investments accounted for under the cost method of accounting, which provides that they are recorded at the lower of cost or estimated net realizable value. | |
Inventories [Policy Text Block] | ' |
Inventories | |
Inventories are valued at the lower of cost or market, cost being determined principally by the first-in, first-out (FIFO) method with certain of the company's businesses utilizing the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company assesses the carrying value of this inventory based on a lower of cost or market analysis. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. | |
Property, Plant and Equipment [Policy Text Block] | ' |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income | |
Acquisition-related Intangible Assets [Policy Text Block] | ' |
Acquisition-related Intangible Assets | |
Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, patents, tradenames and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range from 3 to 20 years. In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. | |
Joint Ventures [Policy Text Block] | ' |
The company owns 49% - 50% non-controlling interests in two joint ventures and records its pro rata share of the joint ventures' results in other expense, net, in the accompanying statement of income, using the equity method of accounting. The joint ventures were formed to combine the company's capabilities with those of businesses contributed by the respective joint venture partners in the fields of integrated response technology services and disposable laboratory glass products. The results of the joint ventures were not material for any period presented | |
Goodwill [Policy Text Block] | ' |
Goodwill | |
The company assesses the realizability of goodwill annually and whenever events or changes in circumstances indicate it may be impaired. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company's reporting units. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. When an impairment is indicated, any excess of carrying value over the implied fair value of goodwill is recorded as an operating loss. The company completed annual tests for impairment at November 1, 2013 and November 2, 2012, and determined that goodwill was not impaired. | |
Asset Retirement Obligations [Policy Text Block] | ' |
Asset Retirement Obligations | |
The company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and/or normal use of the assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The difference between the gross expected future cash outflow and its present value is accreted over the life of the related lease as interest expense | |
Loss Contingencies [Policy Text Block] | ' |
Loss Contingencies | |
Accruals are recorded for various contingencies, including legal proceedings, environmental, workers' compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management's judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Liabilities acquired in acquisitions have been recorded at their fair value and, as such, were discounted to their present value at the dates of acquisition. | |
Advertising [Policy Text Block] | ' |
Advertising | |
The company records advertising costs as expenses as incurred, except for certain direct-response advertising, which is capitalized and amortized on a straight-line basis over its expected period of future benefit, generally one to three years. | |
Currency Translation [Policy Text Block] | ' |
Currency Translation | |
All assets and liabilities of the company's non-U.S. subsidiaries are translated at year-end exchange rates, and revenues and expenses are translated at average exchange rates for the year. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders' equity. | |
Derivative Contracts [Policy Text Block] | ' |
Derivative Contracts | |
The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates, currency exchange rates and commodity prices. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings. | |
The company uses short-term forward and option currency-exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. These contracts principally hedge transactions denominated in euro, British pounds sterling, Chinese yuan, Australian dollars, and Swedish krona. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management. As of December 31, 2013, the company had no outstanding foreign exchange contracts that were hedging anticipated purchases or sales. | |
Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2013 and 2012, the company had no outstanding derivative contracts that were accounted for as cash flow hedges. | |
Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. During 2011 and 2013, in connection with new debt issuances, the company entered into interest rate swap arrangements. The company includes the gain or loss on the hedged items (fixed-rate debt) in the same line item (interest expense) as the offsetting effective portion of the loss or gain on the related interest rate swaps. | |
Use of Estimates [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assets, and in determining the ultimate loss from selling discontinued operations and abandoning leases at facilities being exited (Note 14). Actual results could differ from those estimates. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Acquisitions and Dispositions Disclosure | ' |
Business Combinations Policy [Policy Text Block] | ' |
Note 2. Acquisitions and Dispositions | |
The company's acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company's existing commercial infrastructure to expand sales of the acquired businesses' products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products. | |
Acquisitions have been accounted for using the purchase method of accounting, and the acquired companies' results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses. The net assets acquired have been recorded based on estimates of fair value. |
Stockbased_Compensation_Expens1
Stockbased Compensation Expense (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Stock-based Compensation Expense Disclosure [Abstract] | ' |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company's Board of Directors or for certain non-officer grants, by the company's employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vestings. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder's employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment). | |
Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier. | |
The company has elected to recognize any excess income tax benefits from stock option exercises in capital in excess of par value only if an incremental income tax benefit would be realized after considering all other tax attributes presently available to the company. The company measures the tax benefit associated with excess tax deductions related to stock-based compensation expense by multiplying the excess tax deductions by the statutory tax rates. The company uses the incremental tax benefit approach for utilization of tax attributes. Tax benefits recognized in capital in excess of par value on the accompanying balance sheet were $46.6 million, $18.7 million and $14.6 million, respectively, in 2013, 2012 and 2011. | |
Stock Options | |
The company's practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company's stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company's annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures. | |
Restricted Share/Unit Awards | |
Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to receive dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company's shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award. |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' |
401(k) Savings Plan and Other Defined Contribution Plans | |
The company's 401(k) savings and other defined contribution plans cover the majority of the company's eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both the employee and the company. Company contributions are based on the level of employee contributions. Company contributions to these plans are based on formulas determined by the company. | |
Defined Benefit Pension Plans | |
Employees of a number of the company's non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are funded on a self-insured and insured-premium basis. | |
The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. | |
When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits. | |
The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. | |
The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan. | |
The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. | |
Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. | |
The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management's expectations of future salary increases. | |
Expected benefit payments are estimated using the same assumptions used in determining the company's benefit obligation at December 31, 2013. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. | |
Domestic Pension Plan Assets | |
The company's overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The company also has a small portfolio (comprising less than 2% of invested assets) of private equity investments. The target allocations for the remaining investments are approximately 25% to funds investing in U.S. equities, including a sub-allocation of approximately 5% to real estate-related equities, approximately 15% to funds investing in international equities and approximately 60% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments. | |
Non-U.S. Pension Plan Assets | |
The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. For plans not currently managing the assets in a liability framework, the investments are substantially limited to funds investing in global equities and fixed income securities with the target asset allocations ranging from approximately 55% - 70% for equities and 30% - 45% for fixed income securities. For plans managing the assets in a liability framework, the investments also include hedge funds, multi-asset funds and derivative funds with the target asset allocations ranging from approximately 3% - 10% for equities, 40% - 55% for fixed income, 15% - 28% for hedge funds, 2% - 5% for multi-asset funds and 18% - 22% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities as well as equity futures in a synthetic equity fund which provide targeted exposure to equity markets without the fund holding individual equity positions. Each plan maintains enough liquidity at all times to meet the near-term benefit payments. | |
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Warranty Obligations [Table Text Block] | ' | ||||||||||||||||||||
The changes in the carrying amount of warranty obligations are as follows: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Beginning Balance | $ | 48.7 | $ | 42.2 | |||||||||||||||||
Provision charged to income | 70.7 | 66.2 | |||||||||||||||||||
Usage | -70.9 | -59.3 | |||||||||||||||||||
Adjustments to previously provided warranties, net | 1 | 0.1 | |||||||||||||||||||
Other, net | 0.3 | -0.5 | |||||||||||||||||||
Ending Balance | $ | 49.8 | $ | 48.7 | |||||||||||||||||
Inventories [Table Text Block] | ' | ||||||||||||||||||||
The components of inventories are as follows: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Raw Materials | $ | 347.4 | $ | 362 | |||||||||||||||||
Work in Process | 157.7 | 149.7 | |||||||||||||||||||
Finished Goods | 989.4 | 931.6 | |||||||||||||||||||
$ | 1,494.50 | $ | 1,443.30 | ||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||||||||||
Property, plant and equipment consists of the following: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Land | $ | 212.2 | $ | 216.6 | |||||||||||||||||
Buildings and Improvements | 821 | 805.5 | |||||||||||||||||||
Machinery, Equipment and Leasehold Improvements | 2,047.90 | 1,829.90 | |||||||||||||||||||
3,081.10 | 2,852.00 | ||||||||||||||||||||
Less: Accumulated Depreciation and Amortization | 1,313.70 | 1,125.60 | |||||||||||||||||||
$ | 1,767.40 | $ | 1,726.40 | ||||||||||||||||||
Finite-Lived Acquisition-related Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||
Acquisition-related intangible assets are as follows: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||||
(In millions) | Gross | Amortization | Net | Gross | Amortization | Net | |||||||||||||||
Continuing Operations: | |||||||||||||||||||||
Definite Lives: | |||||||||||||||||||||
Customer relationships | $ | 6,738.20 | $ | -2,771.20 | $ | 3,967.00 | $ | 7,047.00 | $ | -2,617.60 | $ | 4,429.40 | |||||||||
Product technology | 2,530.80 | -1,187.00 | 1,343.80 | 2,512.90 | -958.6 | 1,554.30 | |||||||||||||||
Tradenames | 816 | -395.4 | 420.6 | 807.8 | -330.5 | 477.3 | |||||||||||||||
Patents | 20 | -19.7 | 0.3 | 19.7 | -19.2 | 0.5 | |||||||||||||||
Other | 16.8 | -14.9 | 1.9 | 15.7 | -13.3 | 2.4 | |||||||||||||||
10,121.80 | -4,388.20 | 5,733.60 | 10,403.10 | -3,939.20 | 6,463.90 | ||||||||||||||||
Indefinite Lives: | |||||||||||||||||||||
Tradenames | 1,326.90 | — | 1,326.90 | 1,326.90 | — | 1,326.90 | |||||||||||||||
In-process research and development | 10.8 | — | 10.8 | 13.7 | — | 13.7 | |||||||||||||||
1,337.70 | — | 1,337.70 | 1,340.60 | — | 1,340.60 | ||||||||||||||||
$ | 11,459.50 | $ | -4,388.20 | $ | 7,071.30 | $ | 11,743.70 | $ | -3,939.20 | $ | 7,804.50 | ||||||||||
Indefinite-lived Acquisition-related Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||
Acquisition-related intangible assets are as follows: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||||
(In millions) | Gross | Amortization | Net | Gross | Amortization | Net | |||||||||||||||
Continuing Operations: | |||||||||||||||||||||
Definite Lives: | |||||||||||||||||||||
Customer relationships | $ | 6,738.20 | $ | -2,771.20 | $ | 3,967.00 | $ | 7,047.00 | $ | -2,617.60 | $ | 4,429.40 | |||||||||
Product technology | 2,530.80 | -1,187.00 | 1,343.80 | 2,512.90 | -958.6 | 1,554.30 | |||||||||||||||
Tradenames | 816 | -395.4 | 420.6 | 807.8 | -330.5 | 477.3 | |||||||||||||||
Patents | 20 | -19.7 | 0.3 | 19.7 | -19.2 | 0.5 | |||||||||||||||
Other | 16.8 | -14.9 | 1.9 | 15.7 | -13.3 | 2.4 | |||||||||||||||
10,121.80 | -4,388.20 | 5,733.60 | 10,403.10 | -3,939.20 | 6,463.90 | ||||||||||||||||
Indefinite Lives: | |||||||||||||||||||||
Tradenames | 1,326.90 | — | 1,326.90 | 1,326.90 | — | 1,326.90 | |||||||||||||||
In-process research and development | 10.8 | — | 10.8 | 13.7 | — | 13.7 | |||||||||||||||
1,337.70 | — | 1,337.70 | 1,340.60 | — | 1,340.60 | ||||||||||||||||
$ | 11,459.50 | $ | -4,388.20 | $ | 7,071.30 | $ | 11,743.70 | $ | -3,939.20 | $ | 7,804.50 | ||||||||||
Finite-Lived Acquisition-related Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||
The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows: | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
2014 | $ | 737.1 | |||||||||||||||||||
2015 | 722.1 | ||||||||||||||||||||
2016 | 683.7 | ||||||||||||||||||||
2017 | 677.3 | ||||||||||||||||||||
2018 | 624.9 | ||||||||||||||||||||
2019 and thereafter | 2,288.50 | ||||||||||||||||||||
$ | 5,733.60 | ||||||||||||||||||||
Goodwill [Table Text Block] | ' | ||||||||||||||||||||
The changes in the carrying amount of goodwill by segment are as follows: | |||||||||||||||||||||
(In millions) | Analytical Technologies | Specialty Diagnostics | Laboratory Products and Services | Total | |||||||||||||||||
Balance at December 31, 2011 | $ | 3,090.40 | $ | 3,870.60 | $ | 5,012.30 | $ | 11,973.30 | |||||||||||||
Acquisitions | 15.6 | 273.5 | 81.1 | 370.2 | |||||||||||||||||
Finalization of purchase price allocations for 2011 acquisitions | -0.9 | -3.4 | — | -4.3 | |||||||||||||||||
Revision to goodwill allocable to discontinued operations | — | — | 13.1 | 13.1 | |||||||||||||||||
Currency translation | 10 | 106.7 | 6 | 122.7 | |||||||||||||||||
Other | 16.7 | -18.2 | 1 | -0.5 | |||||||||||||||||
Balance at December 31, 2012 | 3,131.80 | 4,229.20 | 5,113.50 | 12,474.50 | |||||||||||||||||
Finalization of purchase price allocations for 2012 acquisitions | -0.1 | 0.5 | — | 0.4 | |||||||||||||||||
Currency translation | 10.6 | 28.3 | -6.4 | 32.5 | |||||||||||||||||
Other | -1.2 | 0.1 | -3 | -4.1 | |||||||||||||||||
Balance at December 31, 2013 | $ | 3,141.10 | $ | 4,258.10 | $ | 5,104.10 | $ | 12,503.30 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Acquisitions and Dispositions Disclosure | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||||||||
The components of the purchase price and net assets acquired for 2012 acquisitions, as revised in 2013 for finalization of the valuation process are as follows: | |||||||||||||||
(In millions) | One Lambda | Doe & Ingalls | Other | Total | |||||||||||
Purchase Price | |||||||||||||||
Cash paid | $ | 886.3 | $ | 174.9 | $ | 25.4 | $ | 1,086.60 | |||||||
Fair value of contingent consideration | 13.1 | 1.5 | 5.3 | 19.9 | |||||||||||
Cash acquired | -1.3 | — | — | -1.3 | |||||||||||
$ | 898.1 | $ | 176.4 | $ | 30.7 | $ | 1,105.20 | ||||||||
Net Assets Acquired | |||||||||||||||
Current assets | $ | 110.2 | $ | 21.9 | $ | 2.1 | $ | 134.2 | |||||||
Property, plant and equipment | 30.2 | 11.6 | 0.1 | 41.9 | |||||||||||
Intangible assets: | |||||||||||||||
Customer relationships | 330.7 | 68.1 | 3.2 | 402 | |||||||||||
Product technology | 172.5 | 1.1 | 13.9 | 187.5 | |||||||||||
Tradenames and other | 17.2 | 16.8 | — | 34 | |||||||||||
Goodwill | 274 | 81.1 | 15.5 | 370.6 | |||||||||||
Other assets | — | 0.5 | — | 0.5 | |||||||||||
Liabilities assumed | -36.7 | -24.7 | -4.1 | -65.5 | |||||||||||
$ | 898.1 | $ | 176.4 | $ | 30.7 | $ | 1,105.20 | ||||||||
The components of the purchase price and net assets acquired for 2011 acquisitions, as revised in 2012 for finalization of the valuation process are as follows: | |||||||||||||||
(In millions) | Phadia | Dionex | Other | Total | |||||||||||
Purchase Price | |||||||||||||||
Cash paid | $ | 3,655.20 | $ | 2,140.80 | $ | 98.1 | $ | 5,894.10 | |||||||
Debt assumed | 0.3 | 3.2 | — | 3.5 | |||||||||||
Fair value of contingent consideration | — | — | 1.4 | 1.4 | |||||||||||
Cash acquired | -117.2 | -114.9 | -0.9 | -233 | |||||||||||
$ | 3,538.30 | $ | 2,029.10 | $ | 98.6 | $ | 5,666.00 | ||||||||
Net Assets Acquired | |||||||||||||||
Current assets | $ | 328.1 | $ | 227.8 | $ | 25 | $ | 580.9 | |||||||
Property, plant and equipment | 150.2 | 87.8 | 29 | 267 | |||||||||||
Intangible assets: | |||||||||||||||
Customer relationships | 956.8 | 495.3 | 17.6 | 1,469.70 | |||||||||||
Product technology | 696.3 | 350.2 | 20 | 1,066.50 | |||||||||||
In-process research and development | — | 18.3 | — | 18.3 | |||||||||||
Tradenames and other | 132.6 | 35.7 | 3.6 | 171.9 | |||||||||||
Goodwill | 1,813.60 | 1,317.80 | 30.2 | 3,161.60 | |||||||||||
Other assets | 67.9 | 3.1 | 1.2 | 72.2 | |||||||||||
Liabilities assumed | -607.2 | -506.9 | -28 | -1,142.10 | |||||||||||
$ | 3,538.30 | $ | 2,029.10 | $ | 98.6 | $ | 5,666.00 | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||
Unaudited Pro Forma Information | |||||||||||||||
The company acquired One Lambda in September 2012. Had the acquisition of One Lambda been completed as of the beginning of 2011, the company's pro forma results for 2012 would have been as follows: | |||||||||||||||
(In millions except per share amounts) | 2012 | ||||||||||||||
Revenues | $ | 12,643.00 | |||||||||||||
Income from Continuing Operations | $ | 1,280.60 | |||||||||||||
Net Income | $ | 1,200.00 | |||||||||||||
Earnings per Share from Continuing Operations: | |||||||||||||||
Basic | $ | 3.52 | |||||||||||||
Diluted | $ | 3.49 | |||||||||||||
Earnings per Share: | |||||||||||||||
Basic | $ | 3.3 | |||||||||||||
Diluted | $ | 3.27 | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||
December 31, | |||||||||||||||
(In millions) | 2013 | ||||||||||||||
Current Assets | $ | 83.8 | |||||||||||||
Long-term Assets | 241.2 | ||||||||||||||
Current Liabilities | 8.2 | ||||||||||||||
Long-term Liabilities | 55.2 | ||||||||||||||
Operating results of the laboratory workstations business were as follows: | |||||||||||||||
(In millions) | 2012 | 2011 | |||||||||||||
Revenues | $ | 147.1 | $ | 179.6 | |||||||||||
Pre-tax Income (Loss) | -30 | -6.2 | |||||||||||||
On April 4, 2011, the company sold, in separate transactions, its Athena Diagnostics business for $740 million in cash and its Lancaster Laboratories business for $180 million in cash and escrowed proceeds of $20 million, substantially all of which was received in October 2012. The sale of these businesses resulted in an after-tax gain of approximately $304 million or $0.79 per diluted share in the second quarter of 2011. The results of both businesses have been included in the accompanying financial statements as discontinued operations. Operating results of these businesses were as follows: | |||||||||||||||
(In millions) | 2011 | ||||||||||||||
Revenues | $ | 54.3 | |||||||||||||
Pre-tax Income | 9.1 |
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 4,125.10 | $ | 4,017.90 | $ | 3,739.70 | ||||||||||||||||||||||
Specialty Diagnostics | 3,191.70 | 2,962.30 | 2,469.90 | |||||||||||||||||||||||||
Laboratory Products and Services | 6,350.50 | 6,053.70 | 5,831.20 | |||||||||||||||||||||||||
Eliminations | -577 | -524 | -482 | |||||||||||||||||||||||||
Consolidated revenues | 13,090.30 | 12,509.90 | 11,558.80 | |||||||||||||||||||||||||
Segment Income | ||||||||||||||||||||||||||||
Analytical Technologies (a) | 767.8 | 749.1 | 694.8 | |||||||||||||||||||||||||
Specialty Diagnostics (a) | 866.7 | 761.2 | 598.4 | |||||||||||||||||||||||||
Laboratory Products and Services (a) | 918 | 869.6 | 836.1 | |||||||||||||||||||||||||
Subtotal reportable segments (a) | 2,552.50 | 2,379.90 | 2,129.30 | |||||||||||||||||||||||||
Cost of revenues charges | -28.6 | -55.6 | -72.6 | |||||||||||||||||||||||||
Selling, general and administrative charges, net | -73.5 | -12.5 | -61.5 | |||||||||||||||||||||||||
Restructuring and other costs, net | -77.7 | -82.1 | -96.5 | |||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | -763.1 | -747.6 | -647.9 | |||||||||||||||||||||||||
Consolidated operating income | 1,609.60 | 1,482.10 | 1,250.80 | |||||||||||||||||||||||||
Other expense, net (b) | -290.1 | -212.7 | -118 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,319.50 | $ | 1,269.40 | $ | 1,132.80 | ||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 62.9 | $ | 64 | $ | 59.9 | ||||||||||||||||||||||
Specialty Diagnostics | 73.7 | 73 | 50.1 | |||||||||||||||||||||||||
Laboratory Products and Services | 100.2 | 99.1 | 101.7 | |||||||||||||||||||||||||
Consolidated depreciation | $ | 236.8 | $ | 236.1 | $ | 211.7 | ||||||||||||||||||||||
(a) | Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. | |||||||||||||||||||||||||||
(b) | The company does not allocate other expense, net to its segments. | |||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 5,694.10 | $ | 5,676.20 | $ | 6,085.00 | ||||||||||||||||||||||
Specialty Diagnostics | 9,086.00 | 9,841.00 | 8,319.60 | |||||||||||||||||||||||||
Laboratory Products and Services | 11,266.30 | 11,275.80 | 10,891.70 | |||||||||||||||||||||||||
Corporate/Other (c) | 5,817.00 | 651.6 | 1,537.40 | |||||||||||||||||||||||||
Consolidated total assets | $ | 31,863.40 | $ | 27,444.60 | $ | 26,833.70 | ||||||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 59.4 | $ | 75.1 | $ | 69.5 | ||||||||||||||||||||||
Specialty Diagnostics | 77.9 | 97.6 | 63.2 | |||||||||||||||||||||||||
Laboratory Products and Services | 88.1 | 106.4 | 115.7 | |||||||||||||||||||||||||
Corporate/Other | 57 | 36 | 12.5 | |||||||||||||||||||||||||
Consolidated capital expenditures | $ | 282.4 | $ | 315.1 | $ | 260.9 | ||||||||||||||||||||||
(c) | Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices and assets of the discontinued operations. | |||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 4,125.10 | $ | 4,017.90 | $ | 3,739.70 | ||||||||||||||||||||||
Specialty Diagnostics | 3,191.70 | 2,962.30 | 2,469.90 | |||||||||||||||||||||||||
Laboratory Products and Services | 6,350.50 | 6,053.70 | 5,831.20 | |||||||||||||||||||||||||
Eliminations | -577 | -524 | -482 | |||||||||||||||||||||||||
Consolidated revenues | 13,090.30 | 12,509.90 | 11,558.80 | |||||||||||||||||||||||||
Segment Income | ||||||||||||||||||||||||||||
Analytical Technologies (a) | 767.8 | 749.1 | 694.8 | |||||||||||||||||||||||||
Specialty Diagnostics (a) | 866.7 | 761.2 | 598.4 | |||||||||||||||||||||||||
Laboratory Products and Services (a) | 918 | 869.6 | 836.1 | |||||||||||||||||||||||||
Subtotal reportable segments (a) | 2,552.50 | 2,379.90 | 2,129.30 | |||||||||||||||||||||||||
Cost of revenues charges | -28.6 | -55.6 | -72.6 | |||||||||||||||||||||||||
Selling, general and administrative charges, net | -73.5 | -12.5 | -61.5 | |||||||||||||||||||||||||
Restructuring and other costs, net | -77.7 | -82.1 | -96.5 | |||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | -763.1 | -747.6 | -647.9 | |||||||||||||||||||||||||
Consolidated operating income | 1,609.60 | 1,482.10 | 1,250.80 | |||||||||||||||||||||||||
Other expense, net (b) | -290.1 | -212.7 | -118 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,319.50 | $ | 1,269.40 | $ | 1,132.80 | ||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||
Analytical Technologies | $ | 62.9 | $ | 64 | $ | 59.9 | ||||||||||||||||||||||
Specialty Diagnostics | 73.7 | 73 | 50.1 | |||||||||||||||||||||||||
Laboratory Products and Services | 100.2 | 99.1 | 101.7 | |||||||||||||||||||||||||
Consolidated depreciation | $ | 236.8 | $ | 236.1 | $ | 211.7 | ||||||||||||||||||||||
(a) | Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. | |||||||||||||||||||||||||||
(b) | The company does not allocate other expense, net to its segments. | |||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | |||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Revenues (d) | ||||||||||||||||||||||||||||
United States | $ | 6,617.00 | $ | 6,424.40 | $ | 6,023.90 | ||||||||||||||||||||||
China | 896.6 | 735.8 | 559.6 | |||||||||||||||||||||||||
Germany | 758.6 | 681.5 | 698.3 | |||||||||||||||||||||||||
United Kingdom | 532.4 | 507.1 | 472.3 | |||||||||||||||||||||||||
Other | 4,285.70 | 4,161.10 | 3,804.70 | |||||||||||||||||||||||||
$ | 13,090.30 | $ | 12,509.90 | $ | 11,558.80 | |||||||||||||||||||||||
Long-lived Assets (e) | ||||||||||||||||||||||||||||
United States | $ | 892.9 | $ | 862.4 | $ | 797.9 | ||||||||||||||||||||||
United Kingdom | 224.3 | 223.9 | 209.2 | |||||||||||||||||||||||||
Germany | 165.9 | 165.2 | 158.6 | |||||||||||||||||||||||||
Other | 484.3 | 474.9 | 445.6 | |||||||||||||||||||||||||
$ | 1,767.40 | $ | 1,726.40 | $ | 1,611.30 | |||||||||||||||||||||||
(d) | Revenues are attributed to countries based on customer location. | |||||||||||||||||||||||||||
(e) | Includes property, plant and equipment, net. | |||||||||||||||||||||||||||
Other_Expense_Net_Tables
Other Expense, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Expense, Net Disclosure | ' | |||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Interest Income | $ | 28 | $ | 25.2 | $ | 26.8 | ||||||
Interest Expense | -262.1 | -241.6 | -175.3 | |||||||||
Other Items, Net | -56 | 3.7 | 30.5 | |||||||||
$ | -290.1 | $ | -212.7 | $ | -118 |
Stockbased_Compensation_Expens2
Stockbased Compensation Expense (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Stock-based Compensation Expense Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | |||||||||||||||||
The components of stock-based compensation expense are as follows: | ||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||
Stock Option Awards | $ | 41.4 | $ | 39.3 | $ | 49.4 | ||||||||||||
Restricted Unit Awards | 49.5 | 38.9 | 30.6 | |||||||||||||||
Total Stock-based Compensation Expense | $ | 90.9 | $ | 78.2 | $ | 80 | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||
Stock-based compensation expense is included in the accompanying statement of income as follows: | ||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||||||||
Cost of Revenues | $ | 7.1 | $ | 5.4 | $ | 5.7 | ||||||||||||
Selling, General and Administrative Expenses | 80.5 | 70.7 | 72.4 | |||||||||||||||
Research and Development Expenses | 3.3 | 2.1 | 1.9 | |||||||||||||||
Total Stock-based Compensation Expense | $ | 90.9 | $ | 78.2 | $ | 80 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||
The weighted average assumptions used in the Black-Scholes option pricing model are as follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Expected Stock Price Volatility | 33% | 34% | 33% | |||||||||||||||
Risk Free Interest Rate | 0.70% | 0.80% | 1.70% | |||||||||||||||
Expected Life of Options (years) | 4.5 | 4.5 | 4.1 | |||||||||||||||
Expected Annual Dividend | 0.80% | 0.90% | 0.00% | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||
A summary of the company's option activity for the year ended December 31, 2013 is presented below: | ||||||||||||||||||
Shares (in millions) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (a) (in millions) | |||||||||||||||
Outstanding at December 31, 2012 | 15.3 | 49.07 | ||||||||||||||||
Granted | 1.9 | 74.29 | ||||||||||||||||
Exercised | -5.1 | 44.79 | ||||||||||||||||
Canceled / Expired | -0.6 | 56.38 | ||||||||||||||||
Outstanding at December 31, 2013 | 11.5 | 54.81 | 4.1 | |||||||||||||||
Vested and Unvested Expected to Vest at | ||||||||||||||||||
31-Dec-13 | 11.1 | 54.47 | 4.1 | $ | 629.6 | |||||||||||||
Exercisable at December 31, 2013 | 5.4 | 48.49 | 3.1 | $ | 336.8 | |||||||||||||
(a) Market price per share on December 31, 2013 was $111.35. The intrinsic value is zero for options with exercise prices above the market price. | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | ' | |||||||||||||||||
Shares (in millions) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (a) (in millions) | |||||||||||||||
Outstanding at December 31, 2012 | 15.3 | 49.07 | ||||||||||||||||
Granted | 1.9 | 74.29 | ||||||||||||||||
Exercised | -5.1 | 44.79 | ||||||||||||||||
Canceled / Expired | -0.6 | 56.38 | ||||||||||||||||
Outstanding at December 31, 2013 | 11.5 | 54.81 | 4.1 | |||||||||||||||
Vested and Unvested Expected to Vest at | ||||||||||||||||||
31-Dec-13 | 11.1 | 54.47 | 4.1 | $ | 629.6 | |||||||||||||
Exercisable at December 31, 2013 | 5.4 | 48.49 | 3.1 | $ | 336.8 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||||||
A summary of the company's restricted unit activity for the year ended December 31, 2013 is presented below: | ||||||||||||||||||
Units (in thousands) | Weighted Average Grant-Date Fair Value | |||||||||||||||||
Unvested at December 31, 2012 | 2,051 | 53.91 | ||||||||||||||||
Granted | 785 | 77.18 | ||||||||||||||||
Vested | -840 | 56.17 | ||||||||||||||||
Forfeited | -149 | 58.12 | ||||||||||||||||
Unvested at December 31, 2013 | 1,847 | 62.43 |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | ' | ||||||||||||||||||||
The following table provides a reconciliation of benefit obligations and plan assets of the company's domestic and non-U.S. pension plans and postretirement benefit plans: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | Postretirement Benefits | |||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Change in Projected Benefit Obligations | |||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | 490 | $ | 466.1 | $ | 831 | $ | 709.2 | $ | 42 | $ | 38.9 | |||||||||
Business combinations | — | — | — | 1.2 | — | — | |||||||||||||||
Service costs | — | — | 19.5 | 11.8 | 0.6 | 0.7 | |||||||||||||||
Interest costs | 19 | 20.4 | 29 | 30.7 | 1.7 | 1.8 | |||||||||||||||
Settlements and curtailments | — | — | -3.7 | -0.4 | — | — | |||||||||||||||
Plan participants' contributions | — | — | 3.5 | 3.4 | 1.2 | 1.3 | |||||||||||||||
Actuarial (gains) losses | -34.8 | 26.9 | -9.9 | 79.7 | -3.6 | 1.6 | |||||||||||||||
Benefits paid | -25 | -23.4 | -26.2 | -24.8 | -2.4 | -2.7 | |||||||||||||||
Currency translation and other | — | — | 14.7 | 20.2 | -0.8 | 0.4 | |||||||||||||||
Benefit Obligation at End of Year | $ | 449.2 | $ | 490 | $ | 857.9 | $ | 831 | $ | 38.7 | $ | 42 | |||||||||
Change in Fair Value of Plan Assets | |||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 367.1 | $ | 344.3 | $ | 588.4 | $ | 524.2 | $ | — | $ | — | |||||||||
Business combinations | — | — | — | 0.2 | — | — | |||||||||||||||
Actual return on plan assets | 31.8 | 45.7 | 33.4 | 46 | — | — | |||||||||||||||
Employer contribution | 0.5 | 0.5 | 63.6 | 21.4 | 1.2 | 1.4 | |||||||||||||||
Plan participants' contributions | — | — | 3.5 | 3.4 | 1.2 | 1.3 | |||||||||||||||
Benefits paid | -25 | -23.4 | -26.2 | -24.8 | -2.4 | -2.7 | |||||||||||||||
Currency translation and other | — | — | 8 | 18 | — | — | |||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 374.4 | $ | 367.1 | $ | 670.7 | $ | 588.4 | $ | — | $ | — | |||||||||
Funded Status | $ | -74.8 | $ | -122.9 | $ | -187.2 | $ | -242.6 | $ | -38.7 | $ | -42 | |||||||||
Accumulated Benefit Obligation | $ | 449.2 | $ | 490 | $ | 810.9 | $ | 788.7 | |||||||||||||
Amounts Recognized in Balance Sheet | |||||||||||||||||||||
Non-current asset | $ | — | $ | — | $ | 25.7 | $ | 0.7 | $ | — | $ | — | |||||||||
Current liability | -0.6 | -0.6 | -4.6 | -4.4 | -2 | -2 | |||||||||||||||
Non-current liability | -74.2 | -122.3 | -208.3 | -238.9 | -36.7 | -40 | |||||||||||||||
Net amount recognized | $ | -74.8 | $ | -122.9 | $ | -187.2 | $ | -242.6 | $ | -38.7 | $ | -42 | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||
Net actuarial loss | $ | 132.7 | $ | 180.2 | $ | 123.8 | $ | 142.8 | $ | 0.7 | $ | 4.6 | |||||||||
Prior service credits | — | — | -2.3 | -2.7 | -0.4 | -0.5 | |||||||||||||||
Net amount recognized | $ | 132.7 | $ | 180.2 | $ | 121.5 | $ | 140.1 | $ | 0.3 | $ | 4.1 | |||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2013 and 2012 and are as follows: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | Postretirement Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Weighted Average Assumptions Used to Determine Projected Benefit Obligations | |||||||||||||||||||||
Discount rate | 4.75% | 4.00% | 3.91% | 3.65% | 4.75% | 4.20% | |||||||||||||||
Average rate of increase in employee compensation | 4.00% | 4.00% | 3.21% | 2.94% | — | — | |||||||||||||||
Initial healthcare cost trend rate | 7.01% | 7.14% | |||||||||||||||||||
Ultimate healthcare cost trend rate | 5.45% | 5.47% | |||||||||||||||||||
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Weighted Average Assumptions Used to Determine the Net Benefit Cost (Income) | |||||||||||||||||||||
Discount rate | 4.00% | 4.50% | 5.25% | 3.65% | 4.37% | 4.77% | |||||||||||||||
Average rate of increase in employee compensation | 4.00% | 4.00% | 4.00% | 2.94% | 3.23% | 3.35% | |||||||||||||||
Expected long-term rate of return on assets | 7.00% | 7.75% | 7.75% | 4.96% | 5.17% | 5.32% | |||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ' | ||||||||||||||||||||
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2014 are as follows: | |||||||||||||||||||||
(In millions) | Domestic Pension Benefits | Non-U.S. Pension Benefits | Post-retirement Benefits | ||||||||||||||||||
Net Actuarial Loss | $ | 3.6 | $ | 4.3 | $ | — | |||||||||||||||
Net Prior Service Credit | — | -0.3 | -0.1 | ||||||||||||||||||
$ | 3.6 | $ | 4 | $ | -0.1 | ||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||
The projected benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows: | |||||||||||||||||||||
Pension Plans | |||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | |||||||||||||||||||||
Projected benefit obligation | $ | 988.3 | $ | 1,162.00 | |||||||||||||||||
Fair value of plan assets | 700.6 | 795.7 | |||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified | |||||||||||||||||||||
pension plans with accumulated benefit obligations in excess of plan assets are as follows: | |||||||||||||||||||||
Pension Plans | |||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | |||||||||||||||||||||
Accumulated benefit obligation | $ | 949.8 | $ | 1,120.20 | |||||||||||||||||
Fair value of plan assets | 697.7 | 793.1 | |||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||
The net periodic pension benefit cost (income) includes the following components for 2013, 2012 and 2011: | |||||||||||||||||||||
Domestic Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
Components of Net Benefit Cost (Income) | |||||||||||||||||||||
Service cost-benefits earned | $ | — | $ | — | $ | — | $ | 19.5 | $ | 11.8 | $ | 13.7 | |||||||||
Interest cost on benefit obligation | 19 | 20.4 | 21.9 | 29 | 30.7 | 32.1 | |||||||||||||||
Expected return on plan assets | -24.3 | -28.1 | -29.4 | -29 | -27.3 | -27.8 | |||||||||||||||
Amortization of actuarial net loss | 5.2 | 3.6 | 1.5 | 6.3 | 3.3 | 1.6 | |||||||||||||||
Amortization of prior service benefit | — | — | — | -0.3 | -0.1 | — | |||||||||||||||
Settlement/curtailment loss | — | — | — | 0.1 | — | — | |||||||||||||||
Special termination benefit | — | — | — | 1.1 | 0.5 | 0.9 | |||||||||||||||
Net periodic benefit cost (income) | $ | -0.1 | $ | -4.1 | $ | -6 | $ | 26.7 | $ | 18.9 | $ | 20.5 | |||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||
Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows: | |||||||||||||||||||||
(In millions) | Domestic Pension Benefits | Non-U.S. Pension Benefits | Post-retirement Benefits | ||||||||||||||||||
2014 | $ | 26.2 | $ | 27.7 | $ | 2 | |||||||||||||||
2015 | 26.5 | 28.4 | 2 | ||||||||||||||||||
2016 | 26.4 | 31.7 | 2 | ||||||||||||||||||
2017 | 29.7 | 32.9 | 1.9 | ||||||||||||||||||
2018 | 27.1 | 33.9 | 2 | ||||||||||||||||||
2019-2023 | 144.2 | 200.2 | 9.8 | ||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | ||||||||||||||||||||
A change in the assumed healthcare cost trend rate by one percentage point effective January 2013 would change the accumulated postretirement benefit obligation as of December 31, 2013 and the 2013 aggregate of service and interest costs, as follows: | |||||||||||||||||||||
(In millions) | Increase | Decrease | |||||||||||||||||||
One Percentage Point | |||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.4 | $ | -0.3 | |||||||||||||||||
Effect on postretirement healthcare benefit obligation | 6.1 | -4.7 | |||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||
The fair values of the company's plan assets at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(In millions) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Domestic Pension Plan Assets | |||||||||||||||||||||
U.S. equity funds | $ | 87.9 | $ | — | $ | 87.9 | $ | — | |||||||||||||
International equity funds | 60.7 | — | 60.7 | — | |||||||||||||||||
Fixed income funds | 213.3 | — | 213.3 | — | |||||||||||||||||
Private equity funds | 7 | — | — | 7 | |||||||||||||||||
Money market funds | 5.5 | — | 5.5 | — | |||||||||||||||||
Total Domestic Pension Plans | $ | 374.4 | $ | — | $ | 367.4 | $ | 7 | |||||||||||||
Non-U.S. Pension Plan Assets | |||||||||||||||||||||
Equity funds | $ | 109 | $ | 55.4 | $ | 53.6 | $ | — | |||||||||||||
Fixed income funds | 252.3 | 22.4 | 229.9 | — | |||||||||||||||||
Hedge funds | 91.9 | — | 91.9 | — | |||||||||||||||||
Multi-asset funds | 15.7 | — | 15.7 | — | |||||||||||||||||
Derivative funds | 91.5 | — | 91.5 | — | |||||||||||||||||
Insurance contracts | 100.6 | — | 100.6 | — | |||||||||||||||||
Cash / money market funds | 9.7 | 9.5 | 0.2 | — | |||||||||||||||||
Total Non-U.S. Pension Plans | $ | 670.7 | $ | 87.3 | $ | 583.4 | $ | — | |||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(In millions) | 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Domestic Pension Plan Assets | |||||||||||||||||||||
U.S. equity funds | $ | 105.1 | $ | — | $ | 105.1 | $ | — | |||||||||||||
International equity funds | 75.1 | — | 75.1 | — | |||||||||||||||||
Fixed income funds | 173.9 | — | 173.9 | — | |||||||||||||||||
Private equity funds | 6.6 | — | — | 6.6 | |||||||||||||||||
Money market funds | 6.4 | — | 6.4 | — | |||||||||||||||||
Total Domestic Pension Plans | $ | 367.1 | $ | — | $ | 360.5 | $ | 6.6 | |||||||||||||
Non-U.S. Pension Plan Assets | |||||||||||||||||||||
Equity funds | $ | 273.9 | $ | 52.6 | $ | 221.3 | $ | — | |||||||||||||
Fixed income funds | 213.3 | 20.5 | 192.8 | — | |||||||||||||||||
Insurance contracts | 94.6 | — | 94.6 | — | |||||||||||||||||
Cash / money market funds | 6.6 | 6.4 | 0.2 | — | |||||||||||||||||
Total Non-U.S. Pension Plans | $ | 588.4 | $ | 79.5 | $ | 508.9 | $ | — |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||
The components of income from continuing operations before provision for income taxes are as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
U.S. | $ | 914.9 | $ | 908.5 | $ | 812.1 | ||||||
Non-U.S. | 404.6 | 360.9 | 320.7 | |||||||||
$ | 1,319.50 | $ | 1,269.40 | $ | 1,132.80 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The components of the provision for income taxes of continuing operations are as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Current Income Tax Provision | ||||||||||||
Federal | $ | 242.5 | $ | 160.5 | $ | 149.7 | ||||||
Non-U.S. | 210.1 | 92.1 | 68.5 | |||||||||
State | 13.5 | 16.1 | 14.6 | |||||||||
466.1 | 268.7 | 232.8 | ||||||||||
Deferred Income Tax Provision (Benefit) | ||||||||||||
Federal | $ | -241.3 | $ | -40.8 | $ | -11.4 | ||||||
Non-U.S. | -178.8 | -205.2 | -107 | |||||||||
State | -5.6 | -11.7 | -5 | |||||||||
-425.7 | -257.7 | -123.4 | ||||||||||
$ | 40.4 | $ | 11 | $ | 109.4 | |||||||
Schedule of Continuing and Discontinued Operations Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The income tax provision (benefit) included in the accompanying statement of income is as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Continuing Operations | $ | 40.4 | $ | 11 | $ | 109.4 | ||||||
Discontinued Operations | -3.7 | -44 | 191.5 | |||||||||
$ | 36.7 | $ | -33 | $ | 300.9 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
The provision for income taxes in the accompanying statement of income differs from the provision calculated | ||||||||||||
by applying the statutory federal income tax rate of 35% to income from continuing operations before provision for | ||||||||||||
income taxes due to the following: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Provision for Income Taxes at Statutory Rate | $ | 461.8 | $ | 444.3 | $ | 396.5 | ||||||
Increases (Decreases) Resulting From: | ||||||||||||
Foreign rate differential | -180.2 | -319.5 | -279.6 | |||||||||
Impact of change in tax laws and apportionment on deferred taxes | 3.3 | -53.7 | 11.7 | |||||||||
Income tax credits | -227.6 | -52.1 | -24.8 | |||||||||
Manufacturing deduction | -33.6 | -27.3 | -27 | |||||||||
State income taxes, net of federal tax | -3.8 | -8.6 | 0.3 | |||||||||
Nondeductible expenses | 19.6 | 8.1 | 17.5 | |||||||||
Provision (reversal) of tax reserves, net | -4.3 | 14.8 | 0.6 | |||||||||
Tax return reassessments and settlements | 10.5 | — | 3 | |||||||||
Other, net | -5.3 | 5 | 11.2 | |||||||||
$ | 40.4 | $ | 11 | $ | 109.4 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
Net deferred tax asset (liability) in the accompanying balance sheet consists of the following: | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Deferred Tax Asset (Liability) | ||||||||||||
Depreciation and amortization | $ | -2,319.10 | $ | -2,543.90 | ||||||||
Net operating loss and credit carryforwards | 690.7 | 486.6 | ||||||||||
Reserves and accruals | 125.4 | 116 | ||||||||||
Accrued compensation | 195.1 | 210 | ||||||||||
Inventory basis difference | 61.2 | 67.4 | ||||||||||
Other capitalized costs | 51.9 | 53.9 | ||||||||||
Unrealized losses on hedging instruments | 14.7 | 21 | ||||||||||
Other, net | 36 | 48.9 | ||||||||||
-1,144.10 | -1,540.10 | |||||||||||
Less: Valuation allowance | 76.8 | 113.7 | ||||||||||
$ | -1,220.90 | $ | -1,653.80 | |||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 164.8 | $ | 120.3 | $ | 62.1 | ||||||
Additions for tax positions of current year | 12.6 | 20.5 | 43.2 | |||||||||
Additions for tax positions of prior years | 15.6 | 31.8 | 18.6 | |||||||||
Reductions for tax positions of prior years | — | — | -2.1 | |||||||||
Closure of tax years | -7.2 | -7.8 | — | |||||||||
Settlements | -51.6 | — | -1.5 | |||||||||
$ | 134.2 | $ | 164.8 | $ | 120.3 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings per Share | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
(In millions except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Income from Continuing Operations | $ | 1,279.10 | $ | 1,258.40 | $ | 1,023.40 | ||||||
(Loss) Income from Discontinued Operations | -0.7 | -19.2 | 1.7 | |||||||||
(Loss) Gain on Disposal of Discontinued Operations, Net | -5.1 | -61.3 | 304.8 | |||||||||
Net Income | $ | 1,273.30 | $ | 1,177.90 | $ | 1,329.90 | ||||||
Basic Weighted Average Shares | 360.3 | 363.8 | 380.8 | |||||||||
Plus Effect of: | ||||||||||||
Convertible debentures | — | — | 0.6 | |||||||||
Equity forward arrangement | 1.8 | — | — | |||||||||
Stock options and restricted units | 3.7 | 2.8 | 3.4 | |||||||||
Diluted Weighted Average Shares | 365.8 | 366.6 | 384.8 | |||||||||
Basic Earnings per Share: | ||||||||||||
Continuing operations | $ | 3.55 | $ | 3.46 | $ | 2.69 | ||||||
Discontinued operations | -0.02 | -0.22 | 0.8 | |||||||||
$ | 3.53 | $ | 3.24 | $ | 3.49 | |||||||
Diluted Earnings per Share: | ||||||||||||
Continuing operations | $ | 3.5 | $ | 3.43 | $ | 2.66 | ||||||
Discontinued operations | -0.02 | -0.22 | 0.8 | |||||||||
$ | 3.48 | $ | 3.21 | $ | 3.46 |
Debt_and_Other_Financing_Arran1
Debt and Other Financing Arrangements (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt And Other Financing Arrangements Disclosure [Abstract] | ' | ||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||
(Dollars in millions) | 2013 | 2012 | |||||||||
Commercial Paper | $ | 250 | $ | 50 | |||||||
2.05% Senior Notes, Due 2014 (effective interest rate 1.09%) | 300 | 300 | |||||||||
3.25% Senior Notes, Due 2014 (effective interest rate 1.53%) | 400 | 400 | |||||||||
3.20% Senior Notes, Due 2015 (effective interest rate 1.56%) | 450 | 450 | |||||||||
5.00% Senior Notes, Due 2015 (effective interest rate 5.13%) | 250 | 250 | |||||||||
3.20% Senior Notes, Due 2016 (effective interest rate 3.21%) | 900 | 900 | |||||||||
2.25% Senior Notes, Due 2016 (effective interest rate 2.29%) | 1,000.00 | 1,000.00 | |||||||||
1.30% Senior Notes, Due 2017 (effective interest rate 0.99%) | 900 | — | |||||||||
1.85% Senior Notes, Due 2018 (effective interest rate 1.85%) | 500 | 500 | |||||||||
2.40% Senior Notes, Due 2019 (effective interest rate 2.44%) | 900 | — | |||||||||
4.70% Senior Notes, Due 2020 (effective interest rate 4.70%) | 300 | 300 | |||||||||
4.50% Senior Notes, Due 2021 (effective interest rate 4.58%) | 1,000.00 | 1,000.00 | |||||||||
3.60% Senior Notes, Due 2021 (effective interest rate 4.29%) | 1,100.00 | 1,100.00 | |||||||||
3.15% Senior Notes, Due 2023 (effective interest rate 3.21%) | 800 | 800 | |||||||||
4.15% Senior Notes, Due 2024 (effective interest rate 4.07%) | 1,000.00 | — | |||||||||
5.30% Senior Notes, Due 2044 (effective interest rate 5.30%) | 400 | — | |||||||||
Other | 41.9 | 54.8 | |||||||||
Total Borrowings at Par Value | 10,491.90 | 7,104.80 | |||||||||
Fair Value Hedge Accounting Adjustments | 12.9 | 33.8 | |||||||||
Unamortized Discount | -17.5 | -14.3 | |||||||||
Total Borrowings at Carrying Value | 10,487.30 | 7,124.30 | |||||||||
Less: Short-term Obligations and Current Maturities | 987.7 | 93.1 | |||||||||
Long-term Obligations | $ | 9,499.60 | $ | 7,031.20 | |||||||
The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount and, if applicable, adjustments related to hedging, as discussed below. | |||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||
The annual repayment requirements for debt obligations are as follows: | |||||||||||
(In millions) | |||||||||||
2014 | $ | 981.3 | |||||||||
2015 | 707.1 | ||||||||||
2016 | 1,902.40 | ||||||||||
2017 | 900.5 | ||||||||||
2018 | 500.6 | ||||||||||
2019 and thereafter | 5,500.00 | ||||||||||
$ | 10,491.90 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||
The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2013: | |||||||||||
(In millions) | |||||||||||
2014 | $ | 106.5 | |||||||||
2015 | 80.2 | ||||||||||
2016 | 51.5 | ||||||||||
2017 | 36.2 | ||||||||||
2018 | 25.8 | ||||||||||
Thereafter | 54.2 | ||||||||||
$ | 354.4 |
Comprehensive_Income_and_Share1
Comprehensive Income and Shareholders Equity (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Comprehensive Income and Shareholders Equity Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||
Changes in each component of accumulated other comprehensive items, net of tax are as follows: | ||||||||||||||||||
(In millions) | Currency Translation Adjustment | Unrealized Gains (Losses) on Available-for-Sale Investments | Unrealized Gains (Losses) on Hedging Instruments | Pension and Other Postretirement Benefit Liability Adjustment | Total | |||||||||||||
Balance at December 31, 2012 | $ | 87.4 | $ | 7.7 | $ | -32.9 | $ | -212.6 | $ | -150.4 | ||||||||
Other comprehensive income (loss) before reclassifications | 24.6 | 1.6 | 5.8 | 38.2 | 70.2 | |||||||||||||
Amounts reclassified from accumulated other comprehensive items | — | -8 | 3.2 | 7.8 | 3 | |||||||||||||
Net other comprehensive items | 24.6 | -6.4 | 9 | 46 | 73.2 | |||||||||||||
Balance at December 31, 2013 | $ | 112 | $ | 1.3 | $ | -23.9 | $ | -166.6 | $ | -77.2 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||
The amounts reclassified out of accumulated other comprehensive items are as follows: | ||||||||||||||||||
Year Ended | ||||||||||||||||||
Affected Line Item in the | December 31, | December 31, | December 31, | |||||||||||||||
(In millions) | Statement of Income | 2013 | 2012 | 2011 | ||||||||||||||
Amounts Reclassified From Accumulated Other Comprehensive Items | ||||||||||||||||||
Unrealized gains and losses on available-for-sale investments: | ||||||||||||||||||
Realized gain on sale or transfer of available-for-sale investments | Other Expense, Net | $ | -10.5 | $ | — | $ | 0.1 | |||||||||||
Tax provision | Provision for Income Taxes | 2.5 | — | — | ||||||||||||||
-8 | — | 0.1 | ||||||||||||||||
Unrealized gains and losses on hedging instruments: | ||||||||||||||||||
Realized loss on interest rate swaps and locks | Other Expense, Net | 5.4 | 5.3 | 2.1 | ||||||||||||||
Tax benefit | Provision for Income Taxes | -2.2 | -2 | -0.8 | ||||||||||||||
3.2 | 3.3 | 1.3 | ||||||||||||||||
Pension and other postretirement benefit liability adjustment: | ||||||||||||||||||
Amortization of actuarial losses | Net Periodic Benefit Cost - | 11.5 | 6.9 | 3.1 | ||||||||||||||
Amortization of prior service benefit | see Note 6 for details | -0.1 | -0.1 | -0.1 | ||||||||||||||
Total before tax | 11.4 | 6.8 | 3 | |||||||||||||||
Tax benefit | Provision for Income Taxes | -3.6 | -2.4 | -1.1 | ||||||||||||||
7.8 | 4.4 | 1.9 | ||||||||||||||||
Total reclassifications | $ | 3 | $ | 7.7 | $ | 3.3 |
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments Disclosure | ' | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||
The following table presents information about the company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(In millions) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets | |||||||||||||||
Cash equivalents | $ | 4,859.90 | $ | 4,859.90 | $ | — | $ | — | |||||||
Investments in mutual funds, unit trusts and other similar instruments | 9.8 | 9.8 | — | — | |||||||||||
Insurance contracts | 74.5 | — | 74.5 | — | |||||||||||
Auction rate securities | 4.5 | — | — | 4.5 | |||||||||||
Derivative contracts | 3.8 | — | 3.8 | — | |||||||||||
Total Assets | $ | 4,952.50 | $ | 4,869.70 | $ | 78.3 | $ | 4.5 | |||||||
Liabilities | |||||||||||||||
Derivative contracts | $ | 6.5 | $ | — | $ | 6.5 | $ | — | |||||||
Contingent consideration | 5.1 | — | — | 5.1 | |||||||||||
Total Liabilities | $ | 11.6 | $ | — | $ | 6.5 | $ | 5.1 | |||||||
The following table presents information about the company’s financial assets and liabilities measured at fair | |||||||||||||||
value on a recurring basis as of December 31, 2012: | |||||||||||||||
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(In millions) | 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets | |||||||||||||||
Cash equivalents | $ | 73.6 | $ | 73.6 | $ | — | $ | — | |||||||
Investments in mutual funds, unit trusts and other similar instruments | 36.6 | 36.6 | — | — | |||||||||||
Insurance contracts | 62.5 | — | 62.5 | — | |||||||||||
Auction rate securities | 4.3 | — | — | 4.3 | |||||||||||
Derivative contracts | 1.6 | — | 1.6 | — | |||||||||||
Total Assets | $ | 178.6 | $ | 110.2 | $ | 64.1 | $ | 4.3 | |||||||
Liabilities | |||||||||||||||
Derivative contracts | $ | 0.8 | $ | — | $ | 0.8 | $ | — | |||||||
Contingent consideration | 20.1 | — | — | 20.1 | |||||||||||
Total Liabilities | $ | 20.9 | $ | — | $ | 0.8 | $ | 20.1 | |||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||
The aggregate market value, cost basis and gross unrealized gains and losses of available-for-sale investments by major security type are as follows: | |||||||||||||||
(In millions) | Market Value | Cost Basis | Gross Unrealized Gains | Gross Unrealized Losses | |||||||||||
2013 | |||||||||||||||
Mutual Fund and Unit Trust Investments | $ | 9.8 | $ | 7.3 | $ | 2.5 | $ | — | |||||||
Auction Rate Securities | 4.5 | 4.6 | — | 0.1 | |||||||||||
$ | 14.3 | $ | 11.9 | $ | 2.5 | $ | 0.1 | ||||||||
2012 | |||||||||||||||
Mutual Fund and Unit Trust Investments | $ | 36.6 | $ | 25.4 | $ | 11.2 | $ | — | |||||||
Auction Rate Securities | 4.3 | 4.8 | — | 0.5 | |||||||||||
$ | 40.9 | $ | 30.2 | $ | 11.2 | $ | 0.5 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||
Contingent Consideration | |||||||||||||||
Beginning Balance | $ | 20.1 | $ | 1.7 | |||||||||||
Additions | — | 19.9 | |||||||||||||
Payments | -28.6 | -1 | |||||||||||||
Change in fair value included in earnings | 13.5 | -0.5 | |||||||||||||
Currency translation | 0.1 | — | |||||||||||||
Ending Balance | $ | 5.1 | $ | 20.1 | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||
Fair Value – Assets | Fair Value – Liabilities | ||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | $ | 5.2 | $ | — | |||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Currency exchange contracts (b) | 3.8 | 1.6 | 1.3 | 0.8 | |||||||||||
(a) | The fair value of the interest rate swaps is included in the consolidated balance sheet under the caption other long-term liabilities. | ||||||||||||||
(b) | The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses. | ||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||
Gain (Loss) Recognized | |||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||
Derivatives Designated as Fair Value Hedges | |||||||||||||||
Interest rate swaps - effective portion | $ | 0.2 | $ | — | |||||||||||
Interest rate swaps - ineffective portion | -1.4 | — | |||||||||||||
Derivatives Not Designated as Fair Value Hedges | |||||||||||||||
Currency exchange contracts | |||||||||||||||
Included in cost of revenues | $ | 2.7 | $ | 3 | |||||||||||
Included in other expense, net | -22.1 | -10.4 | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||
The carrying value and fair value of the company's notes receivable and debt obligations are as follows: | |||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||
(In millions) | Value | Value | Value | Value | |||||||||||
Notes Receivable | $ | 7.6 | $ | 7.6 | $ | 4.7 | $ | 4.7 | |||||||
Debt Obligations: | |||||||||||||||
Senior notes | $ | 10,195.40 | $ | 10,304.80 | $ | 7,019.50 | $ | 7,455.20 | |||||||
Commercial paper | 250 | 250 | 50 | 50 | |||||||||||
Other | 41.9 | 41.9 | 54.8 | 54.8 | |||||||||||
$ | 10,487.30 | $ | 10,596.70 | $ | 7,124.30 | $ | 7,560.00 | ||||||||
The fair value of debt obligations was determined based on quoted market prices and on borrowing rates | |||||||||||||||
available to the company at the respective period ends which represent level 2 measurements. | |||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||
The carrying value and fair value of the company's notes receivable and debt obligations are as follows: | |||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||
(In millions) | Value | Value | Value | Value | |||||||||||
Notes Receivable | $ | 7.6 | $ | 7.6 | $ | 4.7 | $ | 4.7 | |||||||
Debt Obligations: | |||||||||||||||
Senior notes | $ | 10,195.40 | $ | 10,304.80 | $ | 7,019.50 | $ | 7,455.20 | |||||||
Commercial paper | 250 | 250 | 50 | 50 | |||||||||||
Other | 41.9 | 41.9 | 54.8 | 54.8 | |||||||||||
$ | 10,487.30 | $ | 10,596.70 | $ | 7,124.30 | $ | 7,560.00 | ||||||||
The fair value of debt obligations was determined based on quoted market prices and on borrowing rates | |||||||||||||||
available to the company at the respective period ends which represent level 2 measurements. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Cash Paid (Refunded) For: | ||||||||||||
Interest | $ | 215.1 | $ | 230 | $ | 120.6 | ||||||
Income Taxes - Continuing Operations | $ | 230 | $ | 331.1 | $ | 352.9 | ||||||
Income Taxes - Discontinued Operations | $ | -3.7 | $ | -44 | $ | 149.1 | ||||||
Non-cash Activities | ||||||||||||
Fair value of assets of acquired businesses and product lines | $ | — | $ | 1,172.00 | $ | 7,041.10 | ||||||
Cash paid for acquired businesses and product lines | — | -1,086.60 | -5,894.10 | |||||||||
Liabilities assumed of acquired businesses and product lines | $ | — | $ | 85.4 | $ | 1,147.00 | ||||||
Fair value of available-for-sale investments contributed to defined benefit plans | $ | 27.1 | $ | — | $ | — | ||||||
Declared but unpaid dividends | $ | 55.8 | $ | 54.7 | $ | — | ||||||
Issuance of stock upon vesting of restricted stock units | $ | 64.2 | $ | 29.3 | $ | 22.7 |
Restructuring_and_Other_Costs_1
Restructuring and Other Costs, Net (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Restructuring And Other Costs, Net Disclosure | ' | ||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||
During 2013, the company recorded net restructuring and other costs as follows: | |||||||||||||||
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | |||||||||||
Analytical Technologies | $ | 2.9 | $ | 52.3 | $ | 26.8 | $ | 82 | |||||||
Specialty Diagnostics | 24.9 | 12.9 | 24.2 | 62 | |||||||||||
Laboratory Products and Services | 0.8 | — | 23.7 | 24.5 | |||||||||||
Corporate | — | 8.3 | 3 | 11.3 | |||||||||||
$ | 28.6 | $ | 73.5 | $ | 77.7 | $ | 179.8 | ||||||||
During 2012, the company recorded net restructuring and other costs as follows: | |||||||||||||||
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | |||||||||||
Analytical Technologies | $ | 1.4 | $ | -0.1 | $ | 42.3 | $ | 43.6 | |||||||
Specialty Diagnostics | 52.8 | 13.7 | 15 | 81.5 | |||||||||||
Laboratory Products and Services | 1.4 | -0.9 | 23.8 | 24.3 | |||||||||||
Corporate | — | -0.2 | 1 | 0.8 | |||||||||||
$ | 55.6 | $ | 12.5 | $ | 82.1 | $ | 150.2 | ||||||||
During 2011, the company recorded net restructuring and other costs as follows: | |||||||||||||||
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | |||||||||||
Analytical Technologies | $ | 30.5 | $ | 34.5 | $ | 54.3 | $ | 119.3 | |||||||
Specialty Diagnostics | 39 | 24 | 8.4 | 71.4 | |||||||||||
Laboratory Products and Services | 3.1 | — | 31.7 | 34.8 | |||||||||||
Corporate | — | 3 | 2.1 | 5.1 | |||||||||||
$ | 72.6 | $ | 61.5 | $ | 96.5 | $ | 230.6 | ||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||||
The following table summarizes the cash components of the company's restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet. | |||||||||||||||
Abandonment | |||||||||||||||
(In millions) | Severance | of Excess Facilities | Other (a) | Total | |||||||||||
Pre-2012 Restructuring Plans | |||||||||||||||
Balance At December 31, 2010 | $ | 10.2 | $ | 5.7 | $ | 0.1 | $ | 16 | |||||||
Costs incurred in 2011 (c) | 44.2 | 11.9 | 25.5 | 81.6 | |||||||||||
Reserves reversed (b) | -0.5 | — | -0.1 | -0.6 | |||||||||||
Payments | -35.7 | -10.4 | -22.9 | -69 | |||||||||||
Currency translation | -0.4 | — | — | -0.4 | |||||||||||
Balance At December 31, 2011 | 17.8 | 7.2 | 2.6 | 27.6 | |||||||||||
Costs incurred in 2012 (d) | 2.5 | 6.9 | 2.2 | 11.6 | |||||||||||
Reserves reversed (b) | -1.6 | — | -0.6 | -2.2 | |||||||||||
Payments | -14 | -8.2 | -3.8 | -26 | |||||||||||
Currency translation | -0.5 | — | — | -0.5 | |||||||||||
Balance At December 31, 2012 | 4.2 | 5.9 | 0.4 | 10.5 | |||||||||||
Costs incurred in 2013 | 0.5 | 4.3 | 0.1 | 4.9 | |||||||||||
Payments | -3.7 | -3.7 | -0.2 | -7.6 | |||||||||||
Currency translation | — | — | — | — | |||||||||||
Balance At December 31, 2013 | $ | 1 | $ | 6.5 | $ | 0.3 | $ | 7.8 | |||||||
2012 Restructuring Plans | |||||||||||||||
Costs incurred in 2012 (d) | $ | 43.8 | $ | 6.4 | $ | 7 | $ | 57.2 | |||||||
Payments | -28.8 | -4.1 | -4.6 | -37.5 | |||||||||||
Currency translation | 0.8 | 0.1 | — | 0.9 | |||||||||||
Balance At December 31, 2012 | 15.8 | 2.4 | 2.4 | 20.6 | |||||||||||
Costs incurred in 2013 | 8.9 | 2.8 | 3 | 14.7 | |||||||||||
Reserves reversed (b) | -2.6 | -0.1 | -0.3 | -3 | |||||||||||
Payments | -16.6 | -3.6 | -5.1 | -25.3 | |||||||||||
Currency translation | 0.1 | — | — | 0.1 | |||||||||||
Balance At December 31, 2013 | $ | 5.6 | $ | 1.5 | $ | — | $ | 7.1 | |||||||
2013 Restructuring Plans | |||||||||||||||
Costs incurred in 2013 | $ | 48.3 | $ | 3.2 | $ | 9.9 | $ | 61.4 | |||||||
Payments | -26.7 | -1.8 | -7.7 | -36.2 | |||||||||||
Currency translation | 0.4 | — | — | 0.4 | |||||||||||
Balance At December 31, 2013 | $ | 22 | $ | 1.4 | $ | 2.2 | $ | 25.6 | |||||||
(a) Other includes cash compensation from monetizing equity awards held by Dionex employees at the date of acquisition and employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. | |||||||||||||||
(b) Represents reductions in cost of plans. | |||||||||||||||
(c) Excludes an aggregate of $15 million of non-cash charges, net, which are detailed by segment above. | |||||||||||||||
(d) Excludes an aggregate of $15 million of non-cash charges, net, which are detailed by segment above. | |||||||||||||||
The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2014; and abandoned-facility payments, over lease terms expiring through 2018. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||
December 31, | |||||||||
(In millions) | 2013 | ||||||||
Current Assets | $ | 83.8 | |||||||
Long-term Assets | 241.2 | ||||||||
Current Liabilities | 8.2 | ||||||||
Long-term Liabilities | 55.2 | ||||||||
Operating results of the laboratory workstations business were as follows: | |||||||||
(In millions) | 2012 | 2011 | |||||||
Revenues | $ | 147.1 | $ | 179.6 | |||||
Pre-tax Income (Loss) | -30 | -6.2 | |||||||
On April 4, 2011, the company sold, in separate transactions, its Athena Diagnostics business for $740 million in cash and its Lancaster Laboratories business for $180 million in cash and escrowed proceeds of $20 million, substantially all of which was received in October 2012. The sale of these businesses resulted in an after-tax gain of approximately $304 million or $0.79 per diluted share in the second quarter of 2011. The results of both businesses have been included in the accompanying financial statements as discontinued operations. Operating results of these businesses were as follows: | |||||||||
(In millions) | 2011 | ||||||||
Revenues | $ | 54.3 | |||||||
Pre-tax Income | 9.1 |
Unaudited_Quarterly_Informatio1
Unaudited Quarterly Information (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Unaudited Quarterly Information [Abstract] | ' | ||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||
2013 | |||||||||||||||
(In millions except per share amounts) | First (a) | Second (b) | Third (c) | Fourth (d) | |||||||||||
Revenues | $ | 3,191.50 | $ | 3,240.10 | $ | 3,191.80 | $ | 3,466.90 | |||||||
Gross Profit | 1,336.30 | 1,363.20 | 1,347.90 | 1,481.70 | |||||||||||
Income from Continuing Operations | 340.8 | 277.6 | 317.7 | 343 | |||||||||||
Net Income | 336.2 | 277.4 | 317.6 | 342.1 | |||||||||||
Earnings per Share from Continuing Operations: | |||||||||||||||
Basic | 0.95 | 0.77 | 0.88 | 0.95 | |||||||||||
Diluted | 0.94 | 0.76 | 0.86 | 0.92 | |||||||||||
Earnings per Share: | |||||||||||||||
Basic | 0.94 | 0.77 | 0.88 | 0.95 | |||||||||||
Diluted | 0.93 | 0.76 | 0.86 | 0.92 | |||||||||||
Cash Dividend Declared per Common Share | 0.15 | 0.15 | 0.15 | 0.15 | |||||||||||
Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: | |||||||||||||||
(a) Costs of $36.0 million and after-tax loss of $4.6 million related to the company's discontinued operations. | |||||||||||||||
(b) Costs of $57.2 million and after-tax loss of $0.2 million related to the company's discontinued operations. | |||||||||||||||
(c) Costs of $36.3 million and after-tax loss of $0.1 million related to the company's discontinued operations. | |||||||||||||||
(d) Costs of $50.3 million and after-tax loss of $0.9 million related to the company's discontinued operations. | |||||||||||||||
2012 | |||||||||||||||
(In millions except per share amounts) | First (a) | Second (b) | Third (c) | Fourth (d) | |||||||||||
Revenues | $ | 3,056.80 | $ | 3,108.10 | $ | 3,085.70 | $ | 3,259.30 | |||||||
Gross Profit | 1,289.70 | 1,321.30 | 1,298.40 | 1,386.10 | |||||||||||
Income from Continuing Operations | 280.8 | 292.4 | 299.4 | 385.8 | |||||||||||
Net Income | 277.3 | 233.8 | 290.4 | 376.4 | |||||||||||
Earnings per Share from Continuing Operations: | |||||||||||||||
Basic | 0.76 | 0.8 | 0.83 | 1.08 | |||||||||||
Diluted | 0.76 | 0.79 | 0.82 | 1.07 | |||||||||||
Earnings per Share: | |||||||||||||||
Basic | 0.76 | 0.64 | 0.8 | 1.05 | |||||||||||
Diluted | 0.75 | 0.63 | 0.79 | 1.04 | |||||||||||
Cash Dividend Declared per Common Share | 0.13 | 0.13 | 0.13 | 0.15 | |||||||||||
Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: | |||||||||||||||
(a) Costs of $31.1 million and after-tax loss of $3.5 million related to the company's discontinued operations. | |||||||||||||||
(b) Costs of $38.9 million and after-tax loss of $58.6 million related to the company's discontinued operations. | |||||||||||||||
(c) Costs of $37.3 million and after-tax loss of $9.0 million related to the company's discontinued operations. | |||||||||||||||
(d) Costs of $42.9 million and after-tax loss of $9.4 million related to the company's discontinued operations. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||
Schedule Of Valuation And Qualifying Accounts Disclosure [Table Text Block] | ' | ||||||||||||||||||
(In millions) | Balance at Beginning of Year | Provision Charged to Expense | Accounts Recovered | Accounts Written Off | Other (a) | Balance at End of Year | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||
Year Ended December 31, 2013 | $ | 55.5 | $ | 6.8 | $ | 0.2 | $ | -8.4 | $ | — | $ | 54.1 | |||||||
Year Ended December 31, 2012 | $ | 65.8 | $ | 0.7 | $ | 0.3 | $ | -4.6 | $ | -6.7 | $ | 55.5 | |||||||
Year Ended December 31, 2011 | $ | 39.2 | $ | 11.2 | $ | 0.2 | $ | -5.7 | $ | 20.9 | $ | 65.8 | |||||||
(In millions) | Balance at Beginning of Year | Provision Charged to Expense (c) | Activity Charged to Reserve | Other (d) | Balance at End of Year | ||||||||||||||
Accrued Restructuring Costs (b) | |||||||||||||||||||
Year Ended December 31, 2013 | $ | 31.1 | $ | 78 | $ | -69.1 | $ | 0.5 | $ | 40.5 | |||||||||
Year Ended December 31, 2012 | $ | 27.6 | $ | 66.6 | $ | -63.5 | $ | 0.4 | $ | 31.1 | |||||||||
Year Ended December 31, 2011 | $ | 16 | $ | 81 | $ | -69 | $ | -0.4 | $ | 27.6 | |||||||||
Includes allowance of businesses acquired and sold during the year as described in Note 2 and the effect of currency translation. | |||||||||||||||||||
The nature of activity in this account is described in Note 14. | |||||||||||||||||||
Excludes $15 million and $15 million, respectively, of non-cash expense, net, in 2012 and 2011, as described in Note 14. | |||||||||||||||||||
Represents the effects of currency translation. | |||||||||||||||||||
Additional_Accounting_Policy_a
Additional Accounting Policy and Balance Sheet Disclosures (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Advertising [Abstract] | ' | ' | ' |
Capitalized Direct-response Advertising Costs | $4.40 | $1.90 | ' |
Advertising Expense | 33.2 | 39.5 | 29.6 |
Catalog Amortization Expense Included in Advertising Expense | 4.1 | 5.6 | 7.2 |
Direct-response Advertising Costs, Expected Period of Benefit | 'generally one to three years | ' | ' |
Asset Retirement Obligation [Abstract] | ' | ' | ' |
Asset Retirement Obligation | 28.2 | 28.3 | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Notional Amount Of Derivatives | 2,030 | 719 | ' |
Foreign Currency Transaction Gain (Loss) [Abstract] | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | -16.6 | -11 | -1 |
Investments [Abstract] | ' | ' | ' |
Available-for-Sale Investments, Maximum Ownership Percentage | 20.00% | ' | ' |
Cost Method Investments | 13.7 | 12.2 | ' |
Presentation [Abstract] | ' | ' | ' |
Restricted Cash | 49 | ' | ' |
Increase in Restricted Cash | -4 | 45.1 | ' |
Restricted Cash Serving as Collateral for Short-term Borrowings | 36 | 45 | ' |
Minimum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Joint Ventures [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Purchases of Products for Resale from Joint Venture | 46.6 | 48.3 | 45.1 |
Joint Ventures [Member] | Minimum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 49.00% | ' | ' |
Joint Ventures [Member] | Maximum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Derivatives Designated as Cash Flow Hedges [Member] | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Notional Amount Of Derivatives | $0 | ' | ' |
Warranty_Obligations_Details
Warranty Obligations (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Warranty Obligation [Roll Forward] | ' | ' |
Beginning Balance | $48.70 | $42.20 |
Provision charged to income | 70.7 | 66.2 |
Usage | -70.9 | -59.3 |
Adjustments to previously provided warranties, net | 1 | 0.1 |
Other, net | 0.3 | -0.5 |
Ending Balance | $49.80 | $48.70 |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventories [Abstract] | ' | ' | ' |
Raw Materials | $347.40 | $362 | ' |
Work in Process | 157.7 | 149.7 | ' |
Finished Goods | 989.4 | 931.6 | ' |
Inventories | 1,494.50 | 1,443.30 | ' |
LIFO Method Inventories [Abstract] | ' | ' | ' |
Value of inventories maintained using the LIFO method | 197 | 190.6 | ' |
Excess of estimated replacement cost over stated LIFO value | 26.5 | 25.1 | ' |
Reduction in cost of revenues as a result of liquidation of LIFO inventories | $0.10 | $0.30 | $0.20 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, at Cost | $3,081.10 | $2,852 | ' |
Less: Accumulated depreciation and amortization | 1,313.70 | 1,125.60 | ' |
Property, Plant and Equipment, at Cost, Net | 1,767.40 | 1,726.40 | ' |
Depreciation and amortization expense of property, plant and equipment | 236.8 | 236.1 | 211.7 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, at Cost | 212.2 | 216.6 | ' |
Building and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, at Cost | 821 | 805.5 | ' |
Building and Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '25 years | ' | ' |
Building and Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Machinery, Equipment and Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, at Cost | $2,047.90 | $1,829.90 | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Acquisitionrelated_Intangible_
Acquisition-related Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-Lived Intangible Assets, Gross | $10,121.80 | $10,403.10 | ' |
Accumulated Amortization | -4,388.20 | -3,939.20 | ' |
Definite-Lived Intangible Assets, Net | 5,733.60 | 6,463.90 | ' |
Amortization of acquisition-related intangible assets | 763.1 | 747.6 | 647.9 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Indefinite-Lived Intangible Assets | 1,337.70 | 1,340.60 | ' |
Acquisition-related Intangible Assets, Gross | 11,459.50 | 11,743.70 | ' |
Acquisition-related Intangible Assets, net of Accumulated Amortization | 7,071.30 | 7,804.50 | ' |
Tradenames [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Indefinite-Lived Intangible Assets | 1,326.90 | 1,326.90 | ' |
In-process Research and Development [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Indefinite-Lived Intangible Assets | 10.8 | 13.7 | ' |
Discontinued Operations [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of acquisition-related intangible assets | ' | ' | 4.2 |
Minimum [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated Useful Life (in years) | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated Useful Life (in years) | '20 years | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-Lived Intangible Assets, Gross | 6,738.20 | 7,047 | ' |
Accumulated Amortization | -2,771.20 | -2,617.60 | ' |
Definite-Lived Intangible Assets, Net | 3,967 | 4,429.40 | ' |
Product Technology [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-Lived Intangible Assets, Gross | 2,530.80 | 2,512.90 | ' |
Accumulated Amortization | -1,187 | -958.6 | ' |
Definite-Lived Intangible Assets, Net | 1,343.80 | 1,554.30 | ' |
Tradenames [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-Lived Intangible Assets, Gross | 816 | 807.8 | ' |
Accumulated Amortization | -395.4 | -330.5 | ' |
Definite-Lived Intangible Assets, Net | 420.6 | 477.3 | ' |
Patents [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-Lived Intangible Assets, Gross | 20 | 19.7 | ' |
Accumulated Amortization | -19.7 | -19.2 | ' |
Definite-Lived Intangible Assets, Net | 0.3 | 0.5 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Definite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-Lived Intangible Assets, Gross | 16.8 | 15.7 | ' |
Accumulated Amortization | -14.9 | -13.3 | ' |
Definite-Lived Intangible Assets, Net | $1.90 | $2.40 | ' |
Acquisitionrelated_Intangible_1
Acquisition-related Intangible Assets, Future Amortization Expense (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Definite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' |
2014 | $737.10 | ' |
2015 | 722.1 | ' |
2016 | 683.7 | ' |
2017 | 677.3 | ' |
2018 | 624.9 | ' |
2019 and thereafter | 2,288.50 | ' |
Definite-Lived Intangible Assets, Net | $5,733.60 | $6,463.90 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | $12,474.50 | $11,973.30 |
Acquisitions | ' | 370.2 |
Finalization of purchase price allocations for prior year acquisitions | 0.4 | -4.3 |
Revision to goodwill allocable to discontinued operations | ' | 13.1 |
Currency translation | 32.5 | 122.7 |
Other | -4.1 | -0.5 |
Ending balance | 12,503.30 | 12,474.50 |
Analytical Technologies [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 3,131.80 | 3,090.40 |
Acquisitions | ' | 15.6 |
Finalization of purchase price allocations for prior year acquisitions | -0.1 | -0.9 |
Currency translation | 10.6 | 10 |
Other | -1.2 | 16.7 |
Ending balance | 3,141.10 | 3,131.80 |
Specialty Diagnostics [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 4,229.20 | 3,870.60 |
Acquisitions | ' | 273.5 |
Finalization of purchase price allocations for prior year acquisitions | 0.5 | -3.4 |
Currency translation | 28.3 | 106.7 |
Other | 0.1 | -18.2 |
Ending balance | 4,258.10 | 4,229.20 |
Laboratory Products and Services [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 5,113.50 | 5,012.30 |
Acquisitions | ' | 81.1 |
Revision to goodwill allocable to discontinued operations | ' | 13.1 |
Currency translation | -6.4 | 6 |
Other | -3 | 1 |
Ending balance | $5,104.10 | $5,113.50 |
Completed_Acquisitions_Purchas
Completed Acquisitions Purchase Price (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 03, 2014 | Sep. 29, 2012 | Sep. 29, 2012 | Sep. 29, 2012 | Sep. 29, 2012 | 31-May-12 | 31-May-12 | 31-May-12 | 31-May-12 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 | 31-May-11 | 31-May-11 | 31-May-11 | 31-May-11 | 31-May-11 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
In-process Research and Development [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Product Technology [Member] | Product Technology [Member] | Tradenames and other [Member] | Tradenames and other [Member] | Life Technologies Corporation [Member] | One Lambda [Member] | One Lambda [Member] | One Lambda [Member] | One Lambda [Member] | Doe & Ingalls [Member] | Doe & Ingalls [Member] | Doe & Ingalls [Member] | Doe & Ingalls [Member] | Phadia [Member] | Phadia [Member] | Phadia [Member] | Phadia [Member] | Dionex [Member] | Dionex [Member] | Dionex [Member] | Dionex [Member] | Dionex [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | ||||
Customer Relationships [Member] | Product Technology [Member] | Tradenames and other [Member] | Customer Relationships [Member] | Product Technology [Member] | Tradenames and other [Member] | Customer Relationships [Member] | Product Technology [Member] | Tradenames and other [Member] | In-process Research and Development [Member] | Customer Relationships [Member] | Product Technology [Member] | Tradenames and other [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Product Technology [Member] | Product Technology [Member] | Tradenames and other [Member] | Tradenames and other [Member] | ||||||||||||||||||
Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Paid | $0 | $1,086.60 | $5,894.10 | ' | ' | ' | ' | ' | ' | ' | ' | $886.30 | ' | ' | ' | $174.90 | ' | ' | ' | $3,655.20 | ' | ' | ' | $2,140.80 | ' | ' | ' | ' | $25.40 | $98.10 | ' | ' | ' | ' | ' | ' |
Debt Assumed | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Contingent Consideration | ' | 19.9 | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | 13.1 | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.3 | 1.4 | ' | ' | ' | ' | ' | ' |
Cash acquired | ' | -1.3 | -233 | ' | ' | ' | ' | ' | ' | ' | ' | -1.3 | ' | ' | ' | ' | ' | ' | ' | -117.2 | ' | ' | ' | -114.9 | ' | ' | ' | ' | ' | -0.9 | ' | ' | ' | ' | ' | ' |
Total Purchase Price | ' | 1,105.20 | 5,666 | ' | ' | ' | ' | ' | ' | ' | ' | 898.1 | ' | ' | ' | 176.4 | ' | ' | ' | 3,538.30 | ' | ' | ' | 2,029.10 | ' | ' | ' | ' | 30.7 | 98.6 | ' | ' | ' | ' | ' | ' |
Net Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | 134.2 | 580.9 | ' | ' | ' | ' | ' | ' | ' | ' | 110.2 | ' | ' | ' | 21.9 | ' | ' | ' | 328.1 | ' | ' | ' | 227.8 | ' | ' | ' | ' | 2.1 | 25 | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | 41.9 | 267 | ' | ' | ' | ' | ' | ' | ' | ' | 30.2 | ' | ' | ' | 11.6 | ' | ' | ' | 150.2 | ' | ' | ' | 87.8 | ' | ' | ' | ' | 0.1 | 29 | ' | ' | ' | ' | ' | ' |
Intangible assets (Definite Lived) | ' | ' | ' | ' | 402 | 1,469.70 | 187.5 | 1,066.50 | 34 | 171.9 | ' | ' | 330.7 | 172.5 | 17.2 | ' | 68.1 | 1.1 | 16.8 | ' | 956.8 | 696.3 | 132.6 | ' | ' | 495.3 | 350.2 | 35.7 | ' | ' | 3.2 | 17.6 | 13.9 | 20 | 0 | 3.6 |
Intangible assets (Indefinite Lived) | ' | ' | ' | 18.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 370.6 | 3,161.60 | ' | ' | ' | ' | ' | ' | ' | ' | 274 | ' | ' | ' | 81.1 | ' | ' | ' | 1,813.60 | ' | ' | ' | 1,317.80 | ' | ' | ' | ' | 15.5 | 30.2 | ' | ' | ' | ' | ' | ' |
Other assets | ' | 0.5 | 72.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | 67.9 | ' | ' | ' | 3.1 | ' | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' |
Liabilities assumed | ' | -65.5 | -1,142.10 | ' | ' | ' | ' | ' | ' | ' | ' | -36.7 | ' | ' | ' | -24.7 | ' | ' | ' | -607.2 | ' | ' | ' | -506.9 | ' | ' | ' | ' | -4.1 | -28 | ' | ' | ' | ' | ' | ' |
Total Purchase Price | ' | $1,105.20 | $5,666 | ' | ' | ' | ' | ' | ' | ' | ' | $898.10 | ' | ' | ' | $176.40 | ' | ' | ' | $3,538.30 | ' | ' | ' | $2,029.10 | ' | ' | ' | ' | $30.70 | $98.60 | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | ' | '13 years | '13 years | ' | '13 years | '14 years | '11 years | '11 years | '13 years | '14 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Completed_Acquisitions_Other_I
Completed Acquisitions Other Information (Details) | 12 Months Ended | 0 Months Ended | 2 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 03, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | 31-May-12 | Dec. 31, 2011 | Aug. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Aug. 31, 2011 | 31-May-11 | Jun. 30, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | ||
USD ($) | USD ($) | USD ($) | Unsecured 3-year $5 Billion Term Loan Facility | Unsecured 3-year $5 Billion Term Loan Facility | Life Technologies Corporation [Member] | Life Technologies Corporation [Member] | Life Technologies Corporation [Member] | Life Technologies Corporation [Member] | Life Technologies Corporation [Member] | Life Technologies Corporation [Member] | One Lambda [Member] | One Lambda [Member] | One Lambda [Member] | Doe & Ingalls [Member] | Doe & Ingalls [Member] | Phadia [Member] | Phadia [Member] | Phadia [Member] | Phadia [Member] | Dionex [Member] | Dionex [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Unsecured 3-year $5 Billion Term Loan Facility | Unsecured 3-year $5 Billion Term Loan Facility | Senior Notes [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Repayment Of Acquiree Indebtedness [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Discontinued Operations [Member] | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||
Other Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase Price Paid | $11,400,000 | $1,083,400,000 | $5,690,300,000 | ' | ' | $13,600,000,000 | ' | ' | ' | ' | ' | $885,000,000 | ' | ' | $175,000,000 | ' | $3,540,000,000 | ' | ' | $2,140,000,000 | $2,030,000,000 | ' | $25,000,000 | $97,000,000 | $8,000,000 | ||
Contingent Consideration, Potential Cash Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ||
Contingent Consideration, Change in Liability Recognized During the Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Contingent Consideration Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue Reported by Acquired Entity | ' | ' | ' | ' | ' | ' | ' | 3,900,000,000 | ' | ' | ' | ' | ' | 182,000,000 | ' | 110,000,000 | ' | 525,000,000 | 367,000,000 | ' | ' | 420,000,000 | ' | ' | ' | ||
Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,000,000 | ' | ' | 53,000,000 | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | ' |
Purchase Price Paid For Acquisitions Completed In A Prior Year | 40,000,000 | 6,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing For Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum Borrowing Capacity | ' | ' | ' | ' | 5,000,000,000 | ' | ' | ' | ' | 5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Principal Outstanding | 10,491,900,000 | 7,104,800,000 | ' | 5,000,000,000 | ' | ' | ' | ' | 5,000,000,000 | ' | 3,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net proceeds from issuance of company common stock | $230,400,000 | $254,100,000 | $158,100,000 | ' | ' | ' | $2,940,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares issued | ' | ' | ' | ' | ' | ' | 34.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Substantially none of the goodwill is tax deductible |
Acquisition_Pro_Forma_Results_
Acquisition Pro Forma Results (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ' |
Revenues | $12,643 |
Income from Continuing Operations | 1,280.60 |
Net Income | $1,200 |
Earnings per Share from Continuing Operations: | ' |
Basic (in dollars per share) | $3.52 |
Diluted (in dollars per share) | $3.49 |
Earnings per Share: | ' |
Basic (in dollars per share) | $3.30 |
Diluted (in dollars per share) | $3.27 |
Dispositions_Details
Dispositions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | |
Sera & Media, Gene Modulation and Magnetic Beads Businesses [Member] | ||
Dispositions [Abstract] | ' | ' |
Gain (Loss) on Divestiture of Businesses | ($3,000,000) | ' |
Proceeds from sale of businesses, net of cash divested | 13,800,000 | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Estimated Consideration | ' | 1,060,000,000 |
Revenues | ' | 250,000,000 |
Operating Income | ' | 80,000,000 |
Current Assets | ' | 83,800,000 |
Long-term Assets | ' | 241,200,000 |
Current Liabilities | ' | 8,200,000 |
Long-term Liabilities | ' | $55,200,000 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment | ||||||||||||||||
Business Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | $3,466.90 | $3,191.80 | $3,240.10 | $3,191.50 | $3,259.30 | $3,085.70 | $3,108.10 | $3,056.80 | $13,090.30 | $12,509.90 | $11,558.80 | |||||
Cost of revenues charges | ' | ' | ' | ' | ' | ' | ' | ' | -28.6 | -55.6 | -72.6 | |||||
Selling, general and administrative charges, net | ' | ' | ' | ' | ' | ' | ' | ' | -73.5 | -12.5 | -61.5 | |||||
Restructuring and other costs, net | ' | ' | ' | ' | ' | ' | ' | ' | -77.7 | -82.1 | -96.5 | |||||
Amortization of acquisition-related intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -763.1 | -747.6 | -647.9 | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,609.60 | 1,482.10 | 1,250.80 | |||||
Other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -290.1 | -212.7 | -118 | |||||
Income from Continuing Operations Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,319.50 | 1,269.40 | 1,132.80 | |||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 236.8 | 236.1 | 211.7 | |||||
Total Assets | 31,863.40 | ' | ' | ' | 27,444.60 | ' | ' | ' | 31,863.40 | 27,444.60 | 26,833.70 | |||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 282.4 | 315.1 | 260.9 | |||||
Analytical Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cost of revenues charges | ' | ' | ' | ' | ' | ' | ' | ' | -2.9 | -1.4 | -30.5 | |||||
Selling, general and administrative charges, net | ' | ' | ' | ' | ' | ' | ' | ' | -52.3 | 0.1 | -34.5 | |||||
Restructuring and other costs, net | ' | ' | ' | ' | ' | ' | ' | ' | -26.8 | -42.3 | -54.3 | |||||
Total Assets | 5,694.10 | ' | ' | ' | 5,676.20 | ' | ' | ' | 5,694.10 | 5,676.20 | 6,085 | |||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 59.4 | 75.1 | 69.5 | |||||
Specialty Diagnostics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cost of revenues charges | ' | ' | ' | ' | ' | ' | ' | ' | -24.9 | -52.8 | -39 | |||||
Selling, general and administrative charges, net | ' | ' | ' | ' | ' | ' | ' | ' | -12.9 | -13.7 | -24 | |||||
Restructuring and other costs, net | ' | ' | ' | ' | ' | ' | ' | ' | -24.2 | -15 | -8.4 | |||||
Total Assets | 9,086 | ' | ' | ' | 9,841 | ' | ' | ' | 9,086 | 9,841 | 8,319.60 | |||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 77.9 | 97.6 | 63.2 | |||||
Laboratory Products and Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cost of revenues charges | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | -1.4 | -3.1 | |||||
Selling, general and administrative charges, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0 | |||||
Restructuring and other costs, net | ' | ' | ' | ' | ' | ' | ' | ' | -23.7 | -23.8 | -31.7 | |||||
Total Assets | 11,266.30 | ' | ' | ' | 11,275.80 | ' | ' | ' | 11,266.30 | 11,275.80 | 10,891.70 | |||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 88.1 | 106.4 | 115.7 | |||||
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Assets | 5,817 | [1] | ' | ' | ' | 651.6 | [1] | ' | ' | ' | 5,817 | [1] | 651.6 | [1] | 1,537.40 | [1] |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 57 | 36 | 12.5 | |||||
Total Reportable Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 2,552.50 | [2] | 2,379.90 | [2] | 2,129.30 | [2] | ||
Total Reportable Segments [Member] | Analytical Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,125.10 | 4,017.90 | 3,739.70 | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 767.8 | [2] | 749.1 | [2] | 694.8 | [2] | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 62.9 | 64 | 59.9 | |||||
Total Reportable Segments [Member] | Specialty Diagnostics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,191.70 | 2,962.30 | 2,469.90 | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 866.7 | [2] | 761.2 | [2] | 598.4 | [2] | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 73.7 | 73 | 50.1 | |||||
Total Reportable Segments [Member] | Laboratory Products and Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,350.50 | 6,053.70 | 5,831.20 | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 918 | [2] | 869.6 | [2] | 836.1 | [2] | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 100.2 | 99.1 | 101.7 | |||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -577 | -524 | -482 | |||||
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cost of revenues charges | ' | ' | ' | ' | ' | ' | ' | ' | -28.6 | -55.6 | -72.6 | |||||
Selling, general and administrative charges, net | ' | ' | ' | ' | ' | ' | ' | ' | -73.5 | -12.5 | -61.5 | |||||
Restructuring and other costs, net | ' | ' | ' | ' | ' | ' | ' | ' | -77.7 | -82.1 | -96.5 | |||||
Amortization of acquisition-related intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ($763.10) | ($747.60) | ($647.90) | |||||
[1] | Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices and assets of the discontinued operations. | |||||||||||||||
[2] | Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. |
Geographical_Information_Detai
Geographical Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | $3,466.90 | $3,191.80 | $3,240.10 | $3,191.50 | $3,259.30 | $3,085.70 | $3,108.10 | $3,056.80 | $13,090.30 | $12,509.90 | $11,558.80 | |||||
Long-Lived Assets | 1,767.40 | [1] | ' | ' | ' | 1,726.40 | [1] | ' | ' | ' | 1,767.40 | [1] | 1,726.40 | [1] | 1,611.30 | [1] |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,617 | [2] | 6,424.40 | [2] | 6,023.90 | [2] | ||
Long-Lived Assets | 892.9 | [1] | ' | ' | ' | 862.4 | [1] | ' | ' | ' | 892.9 | [1] | 862.4 | [1] | 797.9 | [1] |
China | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 896.6 | [2] | 735.8 | [2] | 559.6 | [2] | ||
Germany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 758.6 | [2] | 681.5 | [2] | 698.3 | [2] | ||
Long-Lived Assets | 165.9 | [1] | ' | ' | ' | 165.2 | [1] | ' | ' | ' | 165.9 | [1] | 165.2 | [1] | 158.6 | [1] |
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 532.4 | [2] | 507.1 | [2] | 472.3 | [2] | ||
Long-Lived Assets | 224.3 | [1] | ' | ' | ' | 223.9 | [1] | ' | ' | ' | 224.3 | [1] | 223.9 | [1] | 209.2 | [1] |
All Other Countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,285.70 | [2] | 4,161.10 | [2] | 3,804.70 | [2] | ||
Long-Lived Assets | $484.30 | [1] | ' | ' | ' | $474.90 | [1] | ' | ' | ' | $484.30 | [1] | $474.90 | [1] | $445.60 | [1] |
[1] | Includes property, plant and equipment, net. | |||||||||||||||
[2] | Revenues are attributed to countries based on customer location. |
Other_Expense_Net_Details
Other Expense, Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Expense, Net Disclosure | ' | ' | ' |
Interest Income | $28 | $25.20 | $26.80 |
Interest Expense | -262.1 | -241.6 | -175.3 |
Other Items, Net | -56 | 3.7 | 30.5 |
Other Expense, Net | -290.1 | -212.7 | -118 |
Gain on sale of investment accounted for under cost method | 5 | ' | 18 |
Fees Associated with Short-term Financing Commitments | 74 | ' | 10 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ' | ' |
Available-for-sale Securities, Gross Realized Gains | 11 | ' | ' |
Foreign Exchange Forward Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) on Currency Exchange Contracts | ' | ' | $28 |
Stockbased_Compensation_Expens3
Stockbased Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock Option Awards | $41.40 | $39.30 | $49.40 |
Restricted Unit Awards | 49.5 | 38.9 | 30.6 |
Stock-based Compensation Expense | 90.9 | 78.2 | 80 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized Compensation Costs On Nonvested Awards | 63 | ' | ' |
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | '2 years 2 months | ' | ' |
Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized Compensation Costs On Nonvested Awards, Period Of Recognition | '4 years | ' | ' |
Restricted Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized Compensation Costs On Nonvested Awards | 65 | ' | ' |
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | '2 years 0 months | ' | ' |
Restricted Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized Compensation Costs On Nonvested Awards, Period Of Recognition | '4 years | ' | ' |
Cost of Revenues [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based Compensation Expense | 7.1 | 5.4 | 5.7 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based Compensation Expense | 80.5 | 70.7 | 72.4 |
Research and Development Expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based Compensation Expense | $3.30 | $2.10 | $1.90 |
Stockbased_Compensation_Stock_
Stockbased Compensation, Stock Option Disclosures (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-based Compensation Expense Disclosure [Abstract] | ' | ' | ' |
Tax benefit related to employees' and directors' stock plans | $46.60 | $18.70 | $14.60 |
Expected Stock Price Volatility | 33.00% | 34.00% | 33.00% |
Risk Free Interest Rate | 0.70% | 0.80% | 1.70% |
Expected Life of Options (years) | '4 years 6 months | '4 years 6 months | '4 years 1 month |
Expected Annual Dividend | 0.80% | 0.90% | 0.00% |
Weighted Average Grant Date Fair Value of Options Granted in Period (in dollars per share) | $19.84 | $15.36 | $15.79 |
Total Intrinsic Value of Options Exercised in Period | 189.8 | 125.4 | 85.3 |
Options Outstanding [Roll Forward] | ' | ' | ' |
Options Outstanding, Beginning Balance | 15.3 | ' | ' |
Granted | 1.9 | ' | ' |
Exercised | -5.1 | ' | ' |
Canceled / Expired | -0.6 | ' | ' |
Options Outstanding, Ending Balance | 11.5 | 15.3 | ' |
Options, Additional Disclosures [Abstract] | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price, Beginning of Period (in dollars per share) | $49.07 | ' | ' |
Grants in Period, Weighted Average Exercise Price (in dollars per share) | $74.29 | ' | ' |
Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $44.79 | ' | ' |
Canceled / Expired in Period, Weighted Average Exercise Price (in dollars per share) | $56.38 | ' | ' |
Options Outstanding, Weighted Average Exercise Price, End of Period (in dollars per share) | $54.81 | $49.07 | ' |
Options Outstanding, Weighted Average Remaining Contractual Term | '4 years 1 month | ' | ' |
Options Vested and Unvested Expected to Vest | 11.1 | ' | ' |
Options Vested and Unvested Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $54.47 | ' | ' |
Options Vested and Unvested Expected to Vest, Weighted Average Remaining Contractual Term | '4 years 1 month | ' | ' |
Options Vested and Unvested Expected to Vest, Aggregate Intrinsic Value | 629.6 | ' | ' |
Options Exercisable | 5.4 | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $48.49 | ' | ' |
Options Exercisable, Weighted Average Remaining Contractual Term | '3 years 1 month | ' | ' |
Options Exercisable, Intrinsic Value | $336.80 | ' | ' |
Common Stock, Market Value Per Share | $111 | ' | ' |
Minimum [Member] | Stock Options [Member] | ' | ' | ' |
Stock-based Compensation Expense Disclosure [Abstract] | ' | ' | ' |
Award Requisite Service Period | '3 years | ' | ' |
Option Term | '7 years | ' | ' |
Maximum [Member] | Stock Options [Member] | ' | ' | ' |
Stock-based Compensation Expense Disclosure [Abstract] | ' | ' | ' |
Award Requisite Service Period | '5 years | ' | ' |
Option Term | '10 years | ' | ' |
Stockbased_Compensation_Restri
Stockbased Compensation, Restricted Units Disclosures (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unvested Restricted Units [Roll Forward] | ' | ' | ' |
Unvested Restricted Units, Beginning Balance | 2,051 | ' | ' |
Granted | 785 | ' | ' |
Vested | -840 | ' | ' |
Forfeited | -149 | ' | ' |
Unvested Restricted Units, Ending Balance | 1,847 | 2,051 | ' |
Restricted Units, Additional Disclosures [Abstract] | ' | ' | ' |
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $53.91 | ' | ' |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $77.18 | ' | ' |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $56.17 | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $58.12 | ' | ' |
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $62.43 | $53.91 | ' |
Fair Value of Units Vested | $47.20 | $23 | $21.20 |
Restricted Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Requisite Service Period | '3 years | ' | ' |
Restricted Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Requisite Service Period | '4 years | ' | ' |
Employee_Stock_Purchase_Plans_
Employee Stock Purchase Plans (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Purchase Plan [Abstract] | ' | ' | ' |
Purchase Price (% of Market Price on Purchase Date) | 95.00% | ' | ' |
Maximum Employee Subscription Rate (% of Gross Wages) | 10.00% | ' | ' |
Stock Issued During Period, Employee Stock Purchase Plans (in shares) | 100,000 | 151,000 | 139,000 |
Pensions_DC_Plans_Details
Pensions DC Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) Savings Plan and Other Defined Contribution Plans [Abstract] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $87.30 | $86 | $79.40 |
Pensions_Benefit_Obligations_D
Pensions Benefit Obligations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Domestic Pension Benefits [Member] | ' | ' | ' |
Change in Projected Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit Obligation at Beginning of Year | $490 | $466.10 | ' |
Service costs | 0 | 0 | 0 |
Interest costs | 19 | 20.4 | 21.9 |
Actuarial (gains) losses | -34.8 | 26.9 | ' |
Benefits paid | -25 | -23.4 | ' |
Benefit Obligation at End of Year | 449.2 | 490 | 466.1 |
Accumulated Benefit Obligation | 449.2 | 490 | ' |
Weighted Average Assumptions Used to Determine Benefit Obligations [Abstract] | ' | ' | ' |
Discount Rate | 4.75% | 4.00% | ' |
Average rate of increase in employee compensation | 4.00% | 4.00% | ' |
Non-U.S. Pension Benefits [Member] | ' | ' | ' |
Change in Projected Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit Obligation at Beginning of Year | 831 | 709.2 | ' |
Business combination | ' | 1.2 | ' |
Service costs | 19.5 | 11.8 | 13.7 |
Interest costs | 29 | 30.7 | 32.1 |
Settlements and curtailments | -3.7 | -0.4 | ' |
Plan participants' contributions | 3.5 | 3.4 | ' |
Actuarial (gains) losses | -9.9 | 79.7 | ' |
Benefits paid | -26.2 | -24.8 | ' |
Currency translation and other | 14.7 | 20.2 | ' |
Benefit Obligation at End of Year | 857.9 | 831 | 709.2 |
Accumulated Benefit Obligation | 810.9 | 788.7 | ' |
Weighted Average Assumptions Used to Determine Benefit Obligations [Abstract] | ' | ' | ' |
Discount Rate | 3.91% | 3.65% | ' |
Average rate of increase in employee compensation | 3.21% | 2.94% | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Change in Projected Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit Obligation at Beginning of Year | 42 | 38.9 | ' |
Service costs | 0.6 | 0.7 | ' |
Interest costs | 1.7 | 1.8 | ' |
Plan participants' contributions | 1.2 | 1.3 | ' |
Actuarial (gains) losses | -3.6 | 1.6 | ' |
Benefits paid | -2.4 | -2.7 | ' |
Currency translation and other | -0.8 | 0.4 | ' |
Benefit Obligation at End of Year | $38.70 | $42 | ' |
Weighted Average Assumptions Used to Determine Benefit Obligations [Abstract] | ' | ' | ' |
Discount Rate | 4.75% | 4.20% | ' |
Initial healthcare cost trend rate | 7.01% | 7.14% | ' |
Ultimate healthcare cost trend rate | 5.45% | 5.47% | ' |
Other Postretirement Benefits [Member] | Minimum [Member] | ' | ' | ' |
Weighted Average Assumptions Used to Determine Benefit Obligations [Abstract] | ' | ' | ' |
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate | '2018 | ' | ' |
Other Postretirement Benefits [Member] | Maximum [Member] | ' | ' | ' |
Weighted Average Assumptions Used to Determine Benefit Obligations [Abstract] | ' | ' | ' |
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate | '2027 | ' | ' |
Pensions_Plan_Assets_Excluding
Pensions Plan Assets Excluding FV Disclosures (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Employer contribution | $38.20 | $23.30 | $25.30 |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ' | ' |
Minimum [Member] | ' | ' | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Estimated Employer Contributions in Next Fiscal Year | 30 | ' | ' |
Maximum [Member] | ' | ' | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Estimated Employer Contributions in Next Fiscal Year | 40 | ' | ' |
Domestic Pension Benefits [Member] | ' | ' | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets at Beginning of Year | 367.1 | 344.3 | ' |
Actual return on plan assets | 31.8 | 45.7 | ' |
Employer contribution | 0.5 | 0.5 | ' |
Benefits paid | -25 | -23.4 | ' |
Fair Value of Plan Assets at End of Year | 374.4 | 367.1 | ' |
Non-U.S. Pension Benefits [Member] | ' | ' | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets at Beginning of Year | 588.4 | 524.2 | ' |
Business combination | ' | 0.2 | ' |
Actual return on plan assets | 33.4 | 46 | ' |
Employer contribution | 63.6 | 21.4 | ' |
Plan participants' contributions | 3.5 | 3.4 | ' |
Benefits paid | -26.2 | -24.8 | ' |
Currency translation and other | 8 | 18 | ' |
Fair Value of Plan Assets at End of Year | 670.7 | 588.4 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | ' |
Employer contribution | 1.2 | 1.4 | ' |
Plan participants' contributions | 1.2 | 1.3 | ' |
Benefits paid | -2.4 | -2.7 | ' |
Fair Value of Plan Assets at End of Year | $0 | $0 | ' |
Pensions_Funded_Status_Details
Pensions Funded Status (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Domestic Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Funded Status | ($74.80) | ($122.90) |
Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Current liability | -0.6 | -0.6 |
Non-current liability | -74.2 | -122.3 |
Net amount recognized | -74.8 | -122.9 |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Net actuarial loss (gain) | 132.7 | 180.2 |
Net amount recognized | 132.7 | 180.2 |
Non-U.S. Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Funded Status | -187.2 | -242.6 |
Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Non-current asset | 25.7 | 0.7 |
Current liability | -4.6 | -4.4 |
Non-current liability | -208.3 | -238.9 |
Net amount recognized | -187.2 | -242.6 |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Net actuarial loss (gain) | 123.8 | 142.8 |
Prior service credits | -2.3 | -2.7 |
Net amount recognized | 121.5 | 140.1 |
Other Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Funded Status | -38.7 | -42 |
Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Current liability | -2 | -2 |
Non-current liability | -36.7 | -40 |
Net amount recognized | -38.7 | -42 |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Net actuarial loss (gain) | 0.7 | 4.6 |
Prior service credits | -0.4 | -0.5 |
Net amount recognized | $0.30 | $4.10 |
Pensions_Net_Benefit_Cost_Deta
Pensions Net Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Domestic Pension Benefits [Member] | ' | ' | ' |
Components of Net Benefit Cost (Income) | ' | ' | ' |
Service Cost-Benefits Earned | $0 | $0 | $0 |
Interest Cost on Benefit Obligation | 19 | 20.4 | 21.9 |
Expected Return on Plan Assets | -24.3 | -28.1 | -29.4 |
Amortization of Actuarial Net Loss (Gain) | 5.2 | 3.6 | 1.5 |
Net Periodic Benefit Cost (Income) | -0.1 | -4.1 | -6 |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract] | ' | ' | ' |
Discount Rate | 4.00% | 4.50% | 5.25% |
Average rate of increase in employee compensation | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on assets | 7.00% | 7.75% | 7.75% |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' | ' |
Net Actuarial Loss | 3.6 | ' | ' |
Net Prior Service Costs (Credit) | 0 | ' | ' |
Total | 3.6 | ' | ' |
Non-U.S. Pension Benefits [Member] | ' | ' | ' |
Components of Net Benefit Cost (Income) | ' | ' | ' |
Service Cost-Benefits Earned | 19.5 | 11.8 | 13.7 |
Interest Cost on Benefit Obligation | 29 | 30.7 | 32.1 |
Expected Return on Plan Assets | -29 | -27.3 | -27.8 |
Amortization of Actuarial Net Loss (Gain) | 6.3 | 3.3 | 1.6 |
Amortization of Prior Service Benefit | -0.3 | -0.1 | 0 |
Settlement/Curtailment (Gain) Loss | 0.1 | 0 | 0 |
Special Termination Benefits | 1.1 | 0.5 | 0.9 |
Net Periodic Benefit Cost (Income) | 26.7 | 18.9 | 20.5 |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract] | ' | ' | ' |
Discount Rate | 3.65% | 4.37% | 4.77% |
Average rate of increase in employee compensation | 2.94% | 3.23% | 3.35% |
Expected long-term rate of return on assets | 4.96% | 5.17% | 5.32% |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' | ' |
Net Actuarial Loss | 4.3 | ' | ' |
Net Prior Service Costs (Credit) | -0.3 | ' | ' |
Total | 4 | ' | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Components of Net Benefit Cost (Income) | ' | ' | ' |
Service Cost-Benefits Earned | 0.6 | 0.7 | ' |
Interest Cost on Benefit Obligation | 1.7 | 1.8 | ' |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' | ' |
Net Actuarial Loss | 0 | ' | ' |
Net Prior Service Costs (Credit) | -0.1 | ' | ' |
Total | ($0.10) | ' | ' |
Pensions_Benefit_Obligation_in
Pensions Benefit Obligation in Excess of Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Projected benefit obligation | $988.30 | $1,162 |
Fair value of plan assets | 700.6 | 795.7 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Accumulated benefit obligation | 949.8 | 1,120.20 |
Fair value of plan assets | $697.70 | $793.10 |
Defined Benefit Plan, Measurement Date | 'December 31 | ' |
Pension_Expected_Benefit_Payme
Pension Expected Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Domestic Pension Benefits [Member] | ' |
Estimated Future Benefit Payments [Abstract] | ' |
2014 | $26.20 |
2015 | 26.5 |
2016 | 26.4 |
2017 | 29.7 |
2018 | 27.1 |
2019-2023 | 144.2 |
Non-U.S. Pension Benefits [Member] | ' |
Estimated Future Benefit Payments [Abstract] | ' |
2014 | 27.7 |
2015 | 28.4 |
2016 | 31.7 |
2017 | 32.9 |
2018 | 33.9 |
2019-2023 | 200.2 |
Other Postretirement Benefits [Member] | ' |
Estimated Future Benefit Payments [Abstract] | ' |
2014 | 2 |
2015 | 2 |
2016 | 2 |
2017 | 1.9 |
2018 | 2 |
2019-2023 | $9.80 |
Pensions_Healthcare_Costs_Deta
Pensions Healthcare Costs (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Effect Of One Percentage Point Increase On Service And Interest Cost Components | $0.40 |
Effect Of One Percentage Point Decrease On Service And Interest Cost Components | -0.3 |
Effect Of One Percentage Point Increase On Healthcare Benefit Obligation | 6.1 |
Effect Of One Percentage Point Decrease On Healthcare Benefit Obligation | ($4.70) |
Pensions_FV_Assets_Details
Pensions FV Assets (Details) (USD $) | 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, 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, 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, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 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, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits [Member] | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Not Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Not Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Not Managing Assets in a Liability Framework | Non-U.S. Pension Benefits, Plans Not Managing Assets in a Liability Framework |
Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | U S Equity Funds [Member] | U S Equity Funds [Member] | U S Equity Funds [Member] | U S Equity Funds [Member] | U S Real Estate Related Equities [Member] | International Equity Funds [Member] | International Equity Funds [Member] | International Equity Funds [Member] | International Equity Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Maximum [Member] | Quoted Prices in Active Markets (Level I) [Member] | Quoted Prices in Active Markets (Level I) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Multi-asset Funds [Member] | Multi-asset Funds [Member] | Derivative Funds [Member] | Derivative Funds [Member] | Insurance Contracts [Member] | Insurance Contracts [Member] | Insurance Contracts [Member] | Insurance Contracts [Member] | Cash / Money Market Funds [Member] | Cash / Money Market Funds [Member] | Cash / Money Market Funds [Member] | Cash / Money Market Funds [Member] | Cash / Money Market Funds [Member] | Cash / Money Market Funds [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||
Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private Equity Funds [Member] | Quoted Prices in Active Markets (Level I) [Member] | Quoted Prices in Active Markets (Level I) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Quoted Prices in Active Markets (Level I) [Member] | Quoted Prices in Active Markets (Level I) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Quoted Prices in Active Markets (Level I) [Member] | Quoted Prices in Active Markets (Level I) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds [Member] | Equity Funds [Member] | Hedge Funds [Member] | Multi-asset Funds [Member] | Derivative Funds [Member] | Fixed Income Funds [Member] | Equity Funds [Member] | Hedge Funds [Member] | Multi-asset Funds [Member] | Derivative Funds [Member] | Fixed Income Funds [Member] | Equity Funds [Member] | Fixed Income Funds [Member] | Equity Funds [Member] | |||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | 5.00% | 15.00% | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 3.00% | 15.00% | 2.00% | 18.00% | 55.00% | 10.00% | 28.00% | 5.00% | 22.00% | 30.00% | 55.00% | 45.00% | 70.00% |
Fair Value of Plan Assets | $374.40 | $367.10 | $344.30 | $367.40 | $360.50 | $7 | $6.60 | $87.90 | $105.10 | $87.90 | $105.10 | ' | $60.70 | $75.10 | $60.70 | $75.10 | $213.30 | $173.90 | $213.30 | $173.90 | $7 | $6.60 | $7 | $6.60 | $5.50 | $6.40 | $5.50 | $6.40 | ' | $670.70 | $588.40 | $524.20 | $87.30 | $79.50 | $583.40 | $508.90 | $252.30 | $213.30 | $22.40 | $20.50 | $229.90 | $192.80 | $109 | $273.90 | $55.40 | $52.60 | $53.60 | $221.30 | $91.90 | $91.90 | $15.70 | $15.70 | $91.50 | $91.50 | $100.60 | $94.60 | $100.60 | $94.60 | $9.70 | $6.60 | $9.50 | $6.40 | $0.20 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Components_Detail
Income Taxes Components (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Income From Continuing Operations Before Income Taxes [Abstract] | ' | ' | ' |
U.S. | $914.90 | $908.50 | $812.10 |
Non-U.S. | 404.6 | 360.9 | 320.7 |
Income from Continuing Operations Before Income Taxes | 1,319.50 | 1,269.40 | 1,132.80 |
Current Income Tax Provision [Abstract] | ' | ' | ' |
Federal | 242.5 | 160.5 | 149.7 |
Non-U.S. | 210.1 | 92.1 | 68.5 |
State | 13.5 | 16.1 | 14.6 |
Total Current Income Tax Provision | 466.1 | 268.7 | 232.8 |
Deferred Income Tax Provision (Benefit) [Abstract] | ' | ' | ' |
Federal | -241.3 | -40.8 | -11.4 |
Non-U.S. | -178.8 | -205.2 | -107 |
State | -5.6 | -11.7 | -5 |
Total Deferred Income Tax Provision (Benefit) | -425.7 | -257.7 | -123.4 |
Provision for Income Taxes | 40.4 | 11 | 109.4 |
Discontinued Operation, Tax Effect of Discontinued Operation | -3.7 | -44 | 191.5 |
Total Tax Provision in the Statement of Income | 36.7 | -33 | 300.9 |
Excess income tax benefits from stock-based compensation plans recognized in equity | $46.60 | $18.70 | $14.60 |
Income_Taxes_Rate_Reconciliati
Income Taxes Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
Federal Statutory Income Tax Rate | 35.00% | ' | ' |
Provision for Income Taxes at Statutory Rate | $461.80 | $444.30 | $396.50 |
Foreign rate differential | -180.2 | -319.5 | -279.6 |
Impact of change in tax laws and apportionment on deferred taxes | 3.3 | -53.7 | 11.7 |
Income tax credits | -227.6 | -52.1 | -24.8 |
Manufacturing deduction | -33.6 | -27.3 | -27 |
State income taxes, net of federal tax | -3.8 | -8.6 | 0.3 |
Nondeductible expenses | 19.6 | 8.1 | 17.5 |
Provision (reversal) of tax reserves, net | -4.3 | 14.8 | 0.6 |
Tax return reassessments and settlements | 10.5 | 0 | 3 |
Other, net | -5.3 | 5 | 11.2 |
Provision for Income Taxes | 40.4 | 11 | 109.4 |
US foreign tax credits generated by repatriation of foreign earnings | 160 | ' | ' |
US Income taxes on repatriated foreign earnings | 56 | ' | ' |
Sweden | ' | ' | ' |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
Impact of change in tax laws and apportionment on deferred taxes | ' | ($55) | ' |
Income_Taxes_Deferred_Taxes_De
Income Taxes Deferred Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Tax Asset (Liability) [Abstract] | ' | ' |
Depreciation and amortization | ($2,319.10) | ($2,543.90) |
Net operating loss and credit carryforwards | 690.7 | 486.6 |
Reserves and accruals | 125.4 | 116 |
Accrued compensation | 195.1 | 210 |
Inventory basis difference | 61.2 | 67.4 |
Other capitalized costs | 51.9 | 53.9 |
Unrealized losses on hedging instruments | 14.7 | 21 |
Other, net | 36 | 48.9 |
Deferred Tax Assets (Liabilities) Before Valuation Allowance | -1,144.10 | -1,540.10 |
Less: Valuation allowance | 76.8 | 113.7 |
Deferred Tax Assets (Liabilities), Net | ($1,220.90) | ($1,653.80) |
Income_Taxes_Loss_Carryforward
Income Taxes Loss Carryforwards (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Tax Credit Carryforward [Line Items] | ' |
Undistributed Earnings of Foreign Subsidiaries | 5,970,000,000 |
Federal Foreign [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax Credit Carryforward, Amount | 203,000,000 |
Minimum [Member] | Federal Foreign [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax Credit Carryforward, Expiration Dates | 31-Dec-14 |
Maximum [Member] | Federal Foreign [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax Credit Carryforward, Expiration Dates | 31-Dec-23 |
Federal and State [Member] | Minimum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-14 |
Federal and State [Member] | Maximum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-33 |
Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carryforwards | 130,200,000 |
State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carryforwards | 891,900,000 |
Non- U.S. [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carryforwards | 1,890,000,000 |
Portion of Non- U.S. with expiration dates [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carryforwards | 303,800,000 |
Portion of Non- U.S. with expiration dates [Member] | Minimum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-14 |
Portion of Non- U.S. with expiration dates [Member] | Maximum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-32 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation Of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $164.80 | $120.30 | $62.10 |
Additions for tax positions of current year | 12.6 | 20.5 | 43.2 |
Additions for tax positions of prior years | 15.6 | 31.8 | 18.6 |
Reductions for tax positions of prior years | 0 | 0 | -2.1 |
Closure of tax years | -7.2 | -7.8 | 0 |
Settlements | -51.6 | 0 | -1.5 |
Balance at end of year | 134.2 | 164.8 | 120.3 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 14.1 | 10.9 | ' |
Current Liability [Member] | ' | ' | ' |
Reconciliation Of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance at end of year | 5 | ' | ' |
Federal [Member] | Tax Years 2008 and 2009 [Member] | ' | ' | ' |
Reconciliation Of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Settlements | -8.9 | ' | ' |
Federal [Member] | Tax Years 2001 and 2003 [Member] | ' | ' | ' |
Reconciliation Of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Settlements | -21 | ' | ' |
Federal [Member] | Tax Years 2000 and 2001 [Member] | ' | ' | ' |
Reconciliation Of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Settlements | ' | ' | -1.5 |
Sweden | ' | ' | ' |
Reconciliation Of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Settlements | -21.1 | ' | ' |
Portion of Settlement that Reduced Income Tax Expense | ($16.90) | ' | ' |
EPS_Calculation_Details
EPS Calculation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from Continuing Operations | $343 | $317.70 | $277.60 | $340.80 | $385.80 | $299.40 | $292.40 | $280.80 | $1,279.10 | $1,258.40 | $1,023.40 |
(Loss) Income from Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | -0.7 | -19.2 | 1.7 |
(Loss) Gain on Disposal of Discontinued Operations, Net | ' | ' | ' | ' | ' | ' | ' | ' | -5.1 | -61.3 | 304.8 |
Net Income | $342.10 | $317.60 | $277.40 | $336.20 | $376.40 | $290.40 | $233.80 | $277.30 | $1,273.30 | $1,177.90 | $1,329.90 |
Basic Weighted Average Shares | ' | ' | ' | ' | ' | ' | ' | ' | 360.3 | 363.8 | 380.8 |
Effect of Convertible Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 |
Effect of Equity Forward Arrangement | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | 0 | 0 |
Effect of Stock Options and Restricted Units | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | 2.8 | 3.4 |
Diluted Weighted Average Shares | ' | ' | ' | ' | ' | ' | ' | ' | 365.8 | 366.6 | 384.8 |
Basic Earnings per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.95 | $0.88 | $0.77 | $0.95 | $1.08 | $0.83 | $0.80 | $0.76 | $3.55 | $3.46 | $2.69 |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ($0.22) | $0.80 |
Earnings Per Share, Basic (in dollars per share) | $0.95 | $0.88 | $0.77 | $0.94 | $1.05 | $0.80 | $0.64 | $0.76 | $3.53 | $3.24 | $3.49 |
Diluted Earnings per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.92 | $0.86 | $0.76 | $0.94 | $1.07 | $0.82 | $0.79 | $0.76 | $3.50 | $3.43 | $2.66 |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ($0.22) | $0.80 |
Earnings Per Share, Diluted (in dollars per share) | $0.92 | $0.86 | $0.76 | $0.93 | $1.04 | $0.79 | $0.63 | $0.75 | $3.48 | $3.21 | $3.46 |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Stock Options Excluded From Computation Of Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 7.2 | 6.9 |
Debt_Outstanding_Debt_Details
Debt Outstanding Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | 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 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | 1.30% Senior Notes Due 2017 [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Unsecured 3-year $5 Billion Term Loan Facility | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Other Debt [Member] | Other Debt [Member] | ||
2.05% Senior Notes Due 2014 [Member] | 2.05% Senior Notes Due 2014 [Member] | 3.25% Senior Notes Due 2014 [Member] | 3.25% Senior Notes Due 2014 [Member] | 3.20% Senior Notes due 2015 [Member] | 3.20% Senior Notes due 2015 [Member] | 5.00% Senior Notes due 2015 [Member] | 5.00% Senior Notes due 2015 [Member] | 3.20% Senior Notes Due 2016 [Member] | 3.20% Senior Notes Due 2016 [Member] | 2.25% Senior Notes Due 2016 [Member] | 2.25% Senior Notes Due 2016 [Member] | 1.30% Senior Notes Due 2017 [Member] | 1.30% Senior Notes Due 2017 [Member] | 1.85% Senior Notes Due 2018 [Member] | 1.85% Senior Notes Due 2018 [Member] | 2.40% Senior Notes Due 2019 [Member] | 2.40% Senior Notes Due 2019 [Member] | 4.70% Senior Notes due 2020 [Member] | 4.70% Senior Notes due 2020 [Member] | 4.50% Senior Notes Due 2021 [Member] | 4.50% Senior Notes Due 2021 [Member] | 3.60% Senior Notes Due 2021 [Member] | 3.60% Senior Notes Due 2021 [Member] | 3.15% Senior Notes Due 2023 [Member] | 3.15% Senior Notes Due 2023 [Member] | 4.15% Senior Notes Due 2024 [Member] | 4.15% Senior Notes Due 2024 [Member] | 5.30% Senior Notes Due 2044 [Member] | 5.30% Senior Notes Due 2044 [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated Interest Rate | ' | ' | 1.30% | ' | ' | ' | ' | ' | 2.05% | ' | 3.25% | ' | 3.20% | ' | 5.00% | ' | 3.20% | ' | 2.25% | ' | 1.30% | ' | 1.85% | ' | 2.40% | ' | 4.70% | ' | 4.50% | ' | 3.60% | ' | 3.15% | ' | 4.15% | ' | 5.30% | ' | ' | ' |
Debt Instrument, Maturity Year | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | ' | '2014 | ' | '2015 | ' | '2015 | ' | '2016 | ' | '2016 | ' | '2017 | ' | '2018 | ' | '2019 | ' | '2020 | ' | '2021 | ' | '2021 | ' | '2023 | ' | '2024 | ' | '2044 | ' | ' | ' |
Effective Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.09% | ' | 1.53% | ' | 1.56% | ' | 5.13% | ' | 3.21% | ' | 2.29% | ' | 0.99% | ' | 1.85% | ' | 2.44% | ' | 4.70% | ' | 4.58% | ' | 4.29% | ' | 3.21% | ' | 4.07% | ' | 5.30% | ' | ' | ' |
Principal Outstanding | $10,491.90 | $7,104.80 | ' | $250 | $50 | $5,000 | ' | ' | $300 | $300 | $400 | $400 | $450 | $450 | $250 | $250 | $900 | $900 | $1,000 | $1,000 | $900 | $0 | $500 | $500 | $900 | $0 | $300 | $300 | $1,000 | $1,000 | $1,100 | $1,100 | $800 | $800 | $1,000 | $0 | $400 | $0 | $41.90 | $54.80 |
Fair Value Hedge Accounting Adjustments | 12.9 | 33.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized Discount | -17.5 | -14.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Obligations - Carrying Value | 10,487.30 | 7,124.30 | ' | 250 | 50 | ' | 10,195.40 | 7,019.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41.9 | 54.8 |
Less: Short-term obligations and current maturities of long-term obligations | 987.7 | 93.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Obligations | $9,499.60 | $7,031.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | ' | ' | 'Interest on each of the senior notes is payable semi-annually. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Call Feature | ' | ' | ' | ' | ' | ' | 'Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Future_Repayments_Details
Debt Future Repayments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ' | ' |
2014 | $981.30 | ' |
2015 | 707.1 | ' |
2016 | 1,902.40 | ' |
2017 | 900.5 | ' |
2018 | 500.6 | ' |
2019 and thereafter | 5,500 | ' |
Total Repayments of Principal | $10,491.90 | $7,104.80 |
Debt_Shortterm_Financing_Detai
Debt Short-term Financing (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Revolving Credit Facility [Member] | U.S. Commercial Paper Program [Member] | U.S. Commercial Paper Program [Member] | Other Debt [Member] | Other Debt [Member] | |||
Weighted Average [Member] | |||||||
Short-term Financing [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Short-term Borrowings | ' | ' | ' | ' | ' | $280,000,000 | $91,700,000 |
Short-term Borrowings, Weighted Average Interest Rate | ' | ' | ' | ' | ' | 0.58% | 1.01% |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | 60,800,000 | ' |
Interest Rate at Period End | ' | ' | ' | ' | 0.47% | ' | ' |
Maximum Period to Maturity Allowed Under Program | ' | ' | ' | '397 days | ' | ' | ' |
Principal Outstanding | 10,491,900,000 | 7,104,800,000 | ' | 250,000,000 | ' | ' | ' |
Short-term Debt, Period to Maturity | ' | ' | ' | ' | '12 days | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 1,500,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | 31-Jul-18 | ' | ' | ' | ' |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA | ' | ' | 3.5 | ' | ' | ' | ' |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA First Six Months | ' | ' | 5.5 | ' | ' | ' | ' |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio Of Debt To EBITDA After Eighteen Months | ' | ' | 3.5 | ' | ' | ' | ' |
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio | ' | ' | 3 | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | 43,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | $0 | ' | ' | ' | ' |
Financing_Commitments_Details
Financing Commitments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 |
Unsecured 3-year $5 Billion Term Loan Facility | Unsecured 3-year $5 Billion Term Loan Facility | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Maximum Borrowing Capacity | ' | ' | $5,000,000,000 | ' |
Principal Outstanding | $10,491,900,000 | $7,104,800,000 | ' | $5,000,000,000 |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA First Six Months | ' | ' | 5.5 | ' |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio Of Debt To EBITDA After Eighteen Months | ' | ' | 3.5 | ' |
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio | ' | ' | 3 | ' |
Interest_Rate_Swap_Arrangement
Interest Rate Swap Arrangements (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 |
Senior Notes 1.30% Due 2017 [Member] | Senior Notes 1.30% Due 2017 [Member] | Senior Notes 4.15% Due 2024 [Member] | Senior Notes 4.15% Due 2024 [Member] | Senior Notes 3.60% Due 2021 [Member] | Senior Notes 3.60% Due 2021 [Member] | |||||
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received upon termination of interest rate swaps | $63 | ' | ' | ' | ' | ' | ' | $11 | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years | ' |
Payments for Cash Flow Hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59 |
Notional Amount Of Derivatives | ' | 2,030 | 719 | ' | ' | 900 | ' | 700 | ' | 850 |
Change in fair value of cash flow hedges, net of tax | ' | 5.8 | 0 | -36.7 | ' | ' | ' | 6 | ' | -37 |
Ineffective Portion of Gain (Loss) Recognized | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' |
Interest Rate Swap, Spread above One-month LIBOR | ' | ' | ' | ' | ' | 0.66% | ' | ' | ' | ' |
Interest Rate Swap, Variable Rate at Period End | ' | ' | ' | ' | ' | 0.83% | ' | ' | ' | ' |
Fixed Interest Rate | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' | ' |
Debt_Redemptions_Details
Debt Redemptions (Details) (Senior Subordinated Convertible Notes 3.25% due 2024 [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 02, 2011 |
Senior Subordinated Convertible Notes 3.25% due 2024 [Member] | ' |
Extinguishment of Debt [Line Items] | ' |
Extinguishment of Debt, Amount | $329 |
Extinguishment of Debt, Total Cash Outlay | $452 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $127.90 | $125.50 | $125.30 |
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' |
2014 | 106.5 | ' | ' |
2015 | 80.2 | ' | ' |
2016 | 51.5 | ' | ' |
2017 | 36.2 | ' | ' |
2018 | 25.8 | ' | ' |
Thereafter | 54.2 | ' | ' |
Operating Leases, Future Minimum Payments Due, Total | 354.4 | ' | ' |
Unconditional Purchase Obligations [Abstract] | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation | 290.7 | ' | ' |
Term of Unrecorded Unconditional Purchase Obligation | 'the majority of these obligations are expected to be settled during 2014 | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Investment Funding Commitment | 1.1 | ' | ' |
Loss Contingency [Abstract] | ' | ' | ' |
Loss Contingency for Product Liability, Workers Compensation and Other Personal Injury, Range Of Possible Loss, Minimum | 222 | ' | ' |
Loss Contingency for Product Liability, Workers Compensation and Other Personal Injury, Range Of Possible Loss, Maximum | 324 | ' | ' |
Loss Contingency Accrual, at Carrying Value | 179 | ' | ' |
Loss Contingency for Product Liability, Workers Compensation and Other Personal Injury, Accrual, Gross | 224 | ' | ' |
Estimated Amount Due from Insurers, Net | 95 | ' | ' |
Estimated Amount Due from Insurers, Undiscounted | 123 | ' | ' |
Loss Contingency for Product Liability, Workers Compensation and Other Personal Injury, Accrual, Weighted Average Discount Rate | 4.67% | ' | ' |
Loss Contingency for Product Liability, Workers Compensation and Other Personal Injury, Accrual, Discount Amount | 45 | ' | ' |
Estimated Amount Due from Insurers, Discount Amount | 28 | ' | ' |
Loss Contingency for Product Liability, Workers Compensation and Other Personal Injury, Net, Discount Amount | 17 | ' | ' |
Loss Contingency Accrual, Product Liability, Gross, Divested Business | 9 | ' | ' |
Accrual for Environmental Loss Contingencies Disclosure [Abstract] | ' | ' | ' |
Accrual for Environmental Loss Contingencies, Discount Rate | 4.73% | ' | ' |
Accrual for Environmental Loss Contingencies, Discount | 5 | ' | ' |
Accrual For Environmental Loss Contingencies, Discount Accretion Period | '30 years | ' | ' |
Accrual for Environmental Loss Contingencies, Net | 29 | 23 | ' |
Performance Guarantee [Member] | Businesses Sold [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 4.8 | ' | ' |
Letters of Credit / Bank Guarantees [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 103 | ' | ' |
Guarantor Obligations, Term | 'Substantially all of these letters of credit and guarantees expire before 2020 | ' | ' |
Surety Bonds and Other Guarantees [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 52.8 | ' | ' |
Guarantor Obligations, Term | 'The expiration of these bonds and guarantees ranges through 2015. | ' | ' |
Lease Residual Value Guarantee [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $58 | ' | ' |
Comprehensive_Income_and_Share2
Comprehensive Income and Shareholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Jun. 29, 2013 | Feb. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Forward Agreements [Member] | Equity Forward Agreements [Member] | Equity Forward Agreements [Member] | Subscription Agreement [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Translation Adjustment [Member] | Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | Unrealized Gains (Losses) on Hedging Instruments [Member] | Unrealized Gains (Losses) on Hedging Instruments [Member] | Unrealized Gains (Losses) on Hedging Instruments [Member] | Unrealized Gains (Losses) on Hedging Instruments [Member] | Pension and Other Postretirement Benefit Liability Adjustment [Member] | Pension and Other Postretirement Benefit Liability Adjustment [Member] | Pension and Other Postretirement Benefit Liability Adjustment [Member] | Pension and Other Postretirement Benefit Liability Adjustment [Member] | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Items, Beginning Balance | ' | ' | ' | ($150.40) | ' | ' | ' | ' | ($150.40) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $87.40 | $7.70 | ' | ' | ' | ($32.90) | ' | ' | ' | ($212.60) | ' | ' | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 70.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.6 | 1.6 | ' | ' | ' | 5.8 | ' | ' | ' | 38.2 | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive items | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | ' | ' | ' | 3.2 | ' | ' | ' | 7.8 | ' | ' | ' |
Total other comprehensive items | ' | ' | ' | ' | ' | ' | ' | ' | 73.2 | 249.1 | -443.1 | ' | ' | ' | ' | ' | ' | ' | 24.6 | -6.4 | ' | ' | ' | 9 | ' | ' | ' | 46 | ' | ' | ' |
Accumulated Other Comprehensive Items, Ending Balance | -77.2 | ' | ' | ' | -150.4 | ' | ' | ' | -77.2 | -150.4 | ' | ' | ' | ' | ' | ' | ' | ' | 112 | 1.3 | ' | ' | ' | -23.9 | ' | ' | ' | -166.6 | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Expense, Net | ' | ' | ' | ' | ' | ' | ' | ' | 290.1 | 212.7 | 118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10.5 | 0 | 0.1 | ' | 5.4 | 5.3 | 2.1 | ' | ' | ' | ' |
Net Periodic Benefit Cost - Amortization of Actuarial Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.5 | 6.9 | 3.1 |
Net Periodic Benefit Cost - Amortization of Prior Service Benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.1 | -0.1 |
Total Before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,319.50 | -1,269.40 | -1,132.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.4 | 6.8 | 3 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 40.4 | 11 | 109.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 0 | 0 | ' | -2.2 | -2 | -0.8 | ' | -3.6 | -2.4 | -1.1 |
Net of Tax | ($342.10) | ($317.60) | ($277.40) | ($336.20) | ($376.40) | ($290.40) | ($233.80) | ($277.30) | ($1,273.30) | ($1,177.90) | ($1,329.90) | ' | ' | ' | ' | $3 | $7.70 | $3.30 | ' | ' | ($8) | $0 | $0.10 | ' | $3.20 | $3.30 | $1.30 | ' | $7.80 | $4.40 | $1.90 |
Class of Stock Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 43,640,460 | ' | ' | ' | ' | ' | ' | ' | 43,640,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, $100 Par Value - Shares Authorized (in shares) | 50,000 | ' | ' | ' | 50,000 | ' | ' | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, $100 Par Value - Par Value (in dollars per share) | $100 | ' | ' | ' | $100 | ' | ' | ' | $100 | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Call or Exercise Features | ' | ' | ' | ' | ' | ' | ' | ' | 'Shareholder Rights Plan The company has distributed rights under a shareholder rights plan adopted by the company’s Board of Directors to holders of outstanding shares of the company’s common stock. Each right entitles the holder to purchase one hundred-thousandth of a share (a Unit) of Series B Junior Participating Preferred Stock, $100 par value, at a purchase price of $200 per Unit, subject to adjustment. The rights will not be exercisable until the earlier of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons (an Acquiring Person) has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of common stock (the Stock Acquisition Date), or (ii) 10 business days following the commencement of a tender offer or exchange offer for 15% or more of the outstanding shares of common stock. In the event that a person becomes the beneficial owner of 15% or more of the outstanding shares of common stock, except pursuant to an offer for all outstanding shares of common stock that at least 75% of the Board of Directors determines to be fair to, and otherwise in the best interests of, stockholders, each holder of a right (except for the Acquiring Person) will thereafter have the right to receive, upon exercise, that number of shares of common stock (or, in certain circumstances, units of preferred stock, cash, property or other securities of the company) which equals the exercise price of the right divided by one-half of the current market price of the common stock. In the event that, at any time after any person has become an Acquiring Person, (i) the company is acquired in a merger or other business combination transaction in which the company is not the surviving corporation or its common stock is changed or exchanged (other than a merger that follows an offer approved by the Board of Directors), or (ii) 50% or more of the company’s assets or earning power is sold or transferred, each holder of a right (except for the Acquiring Person) shall thereafter have the right to receive, upon exercise, the number of shares of common stock of the acquiring company that equals the exercise price of the right divided by one-half of the current market price of such common stock. At any time until the Stock Acquisition Date, the company may redeem the rights in whole, but not in part, at a price of $.01 per right (payable in cash or stock). The rights expire on September 29, 2015, unless earlier redeemed or exchanged. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed to Issuer's Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed to Issuer's Equity, Shares Borrowed and Sold by Counterparties, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed to Issuer's Equity, Shares Under Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed to Issuer's Equity, Shares Borrowed and Sold by Counterparty, Price per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed to Issuer's Equity, Initial Forward Rate Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $83.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed to Issuer's Equity, Current Forward Rate Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $82.53 | ' | ' | $94.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed To Issuer's Equity, Settlement Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,600,000 | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements, Assets and Liabilities (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash equivalents | $4,859.90 | $73.60 |
Investments in mutual funds, unit trusts and other similar instruments | 9.8 | 36.6 |
Insurance contracts | 74.5 | 62.5 |
Auction rate securities | 4.5 | 4.3 |
Derivative contracts | 3.8 | 1.6 |
Total Assets | 4,952.50 | 178.6 |
Liabilities | ' | ' |
Derivative contracts | 6.5 | 0.8 |
Contingent consideration | 5.1 | 20.1 |
Total Liabilities | 11.6 | 20.9 |
Quoted Prices in Active Markets (Level I) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 4,859.90 | 73.6 |
Investments in mutual funds, unit trusts and other similar instruments | 9.8 | 36.6 |
Total Assets | 4,869.70 | 110.2 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets | ' | ' |
Insurance contracts | 74.5 | 62.5 |
Derivative contracts | 3.8 | 1.6 |
Total Assets | 78.3 | 64.1 |
Liabilities | ' | ' |
Derivative contracts | 6.5 | 0.8 |
Total Liabilities | 6.5 | 0.8 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets | ' | ' |
Auction rate securities | 4.5 | 4.3 |
Total Assets | 4.5 | 4.3 |
Liabilities | ' | ' |
Contingent consideration | 5.1 | 20.1 |
Total Liabilities | $5.10 | $20.10 |
Fair_Value_Measurements_Availa
Fair Value Measurements, Available-for-sale Securities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Market Value | $14.30 | $40.90 |
Cost Basis | 11.9 | 30.2 |
Gross Unrealized Gains | 2.5 | 11.2 |
Gross Unrealized Losses | 0.1 | 0.5 |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ' |
Available-for-sale Securities, Gross Realized Gains | 11 | ' |
Mutual Fund and Unit Trust Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Market Value | 9.8 | 36.6 |
Cost Basis | 7.3 | 25.4 |
Gross Unrealized Gains | 2.5 | 11.2 |
Gross Unrealized Losses | 0 | 0 |
Auction Rate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Market Value | 4.5 | 4.3 |
Cost Basis | 4.6 | 4.8 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | $0.10 | $0.50 |
Fair_Value_Measurements_Level_
Fair Value Measurements, Level 3 Reconciliation (Details) (Contingent Consideration [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contingent Consideration [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | $20.10 | $1.70 |
Additions | 0 | 19.9 |
Payments | -28.6 | -1 |
Change in fair value included in earnings | 13.5 | -0.5 |
Currency translation | 0.1 | 0 |
Ending Balance | $5.10 | $20.10 |
Fair_Value_Measurements_Deriva
Fair Value Measurements, Derivative Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | 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, 2011 |
In Millions, unless otherwise specified | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Exchange Forward Contracts [Member] | ||
Other Expense [Member] | Derivatives Designated as Hedging Instruments | Cost of Revenues [Member] | Cost of Revenues [Member] | Other Expense [Member] | Other Expense [Member] | Derivatives Not Designated as Fair Value Hedges | Derivatives Not Designated as Fair Value Hedges | Derivatives Not Designated as Fair Value Hedges | Derivatives Not Designated as Fair Value Hedges | ||||
Derivatives Designated as Fair Value Hedges [Member] | Accrued Expense [Member] | Derivatives Not Designated as Fair Value Hedges | Derivatives Not Designated as Fair Value Hedges | Derivatives Not Designated as Fair Value Hedges | Derivatives Not Designated as Fair Value Hedges | Other Current Assets [Member] | Other Current Assets [Member] | Accrued Expense [Member] | Accrued Expense [Member] | ||||
Derivatives Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives | $2,030 | $719 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value - Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | 1.6 | ' | ' | ' |
Fair Value - Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value | ' | ' | ' | 5.2 | ' | ' | ' | ' | ' | ' | 1.3 | 0.8 | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) Recognized | ' | ' | 0.2 | ' | 2.7 | 3 | -22.1 | -10.4 | ' | ' | ' | ' | 28 |
Ineffective Portion of Gain (Loss) Recognized | ' | ' | ($1.40) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Other_Instrument
Fair Value of Other Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Financial Instruments [Abstract] | ' | ' |
Notes Receivable - Carrying Value | $7.60 | $4.70 |
Notes Receivable - Fair Value | 7.6 | 4.7 |
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Debt Obligations - Carrying Value | 10,487.30 | 7,124.30 |
Debt Obligations - Fair Value | 10,596.70 | 7,560 |
Senior Notes [Member] | ' | ' |
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Debt Obligations - Carrying Value | 10,195.40 | 7,019.50 |
Debt Obligations - Fair Value | 10,304.80 | 7,455.20 |
U.S. Commercial Paper Program [Member] | ' | ' |
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Debt Obligations - Carrying Value | 250 | 50 |
Debt Obligations - Fair Value | 250 | 50 |
Other Debt [Member] | ' | ' |
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Debt Obligations - Carrying Value | 41.9 | 54.8 |
Debt Obligations - Fair Value | $41.90 | $54.80 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Cash Paid For Interest | $215.10 | $230 | $120.60 |
Cash Paid For Income Taxes - Continuing Operations | 230 | 331.1 | 352.9 |
Cash Paid (Refunded) For Income Taxes - Discontinued Operations | -3.7 | -44 | 149.1 |
Non-cash Activities [Abstract] | ' | ' | ' |
Fair value of assets of acquired businesses and product lines | 0 | 1,172 | 7,041.10 |
Cash paid for acquired businesses and product lines | 0 | -1,086.60 | -5,894.10 |
Liabilities assumed of acquired businesses and product lines | 0 | 85.4 | 1,147 |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ' | ' |
Declared but unpaid dividends | 55.8 | 54.7 | 0 |
Issuance of stock upon vesting of restricted stock units | $64.20 | $29.30 | $22.70 |
Restructuring_and_Other_Costs_2
Restructuring and Other Costs, Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 27, 2014 |
Restructuring And Other Costs, Net Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Percentage of Total Workforce Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 4.00% | ' |
Identified Future Restructuring Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 28.6 | 55.6 | 72.6 | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 73.5 | 12.5 | 61.5 | ' |
Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 77.7 | 82.1 | 96.5 | ' |
Total Restructuring and Other Costs, Net | 50.3 | 36.3 | 57.2 | 36 | 42.9 | 37.3 | 38.9 | 31.1 | 179.8 | 150.2 | 230.6 | ' |
Restructuring and Related Costs, Non-Cash Costs (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 15 | ' |
Analytical Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | 1.4 | 30.5 | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 52.3 | -0.1 | 34.5 | ' |
Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 26.8 | 42.3 | 54.3 | ' |
Total Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 43.6 | 119.3 | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 28.5 | 33.8 | 48.9 | ' |
Restructuring and Related Costs, Non-Cash Costs (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | -1.7 | ' | ' | ' |
Asset Writedowns | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.5 | ' | ' |
Impairment of Acquisition-related Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.4 | ' |
Analytical Technologies [Member] | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 18.5 | 21.7 | 19.3 | ' |
Analytical Technologies [Member] | Abandonment of Excess Facilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | 9.5 | 7 | ' |
Analytical Technologies [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 6.7 | 2.6 | 1.4 | ' |
Analytical Technologies [Member] | Dionex Monetized Equity Awards [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.2 | ' |
Analytical Technologies [Member] | Transaction Costs Related to Divestiture [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | ' | ' | ' |
Specialty Diagnostics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 24.9 | 52.8 | 39 | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12.9 | 13.7 | 24 | ' |
Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 24.2 | 15 | 8.4 | ' |
Total Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 81.5 | 71.4 | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.3 | 8 | ' |
Restructuring and Related Costs, Non-Cash Costs (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' |
Asset Writedowns | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 1.2 | ' |
Loss (Gain) due to Pension Plan Settlements and Curtailments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | ' |
Specialty Diagnostics [Member] | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 17.8 | 11.3 | 6.7 | ' |
Specialty Diagnostics [Member] | Abandonment of Excess Facilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 0.6 | 0.7 | ' |
Specialty Diagnostics [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 2.4 | 0.6 | ' |
Laboratory Products and Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 1.4 | 3.1 | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.9 | 0 | ' |
Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 23.7 | 23.8 | 31.7 | ' |
Total Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 24.5 | 24.3 | 34.8 | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 22.4 | 17.5 | 22 | ' |
Restructuring and Related Costs, Non-Cash Costs (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 6.3 | 9.7 | ' |
Gain Related To Pre-acquisition Litigation-related Matter | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.9 | ' | ' |
Laboratory Products and Services [Member] | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 16.3 | 10.9 | 15.6 | ' |
Laboratory Products and Services [Member] | Abandonment of Excess Facilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | 3.2 | 4.2 | ' |
Laboratory Products and Services [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | 3.4 | 2.2 | ' |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8.3 | -0.2 | 3 | ' |
Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | 2.1 | ' |
Total Restructuring and Other Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | 11.3 | 0.8 | 5.1 | ' |
Corporate [Member] | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Costs, Cash Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $2.10 | ' |
Restructuring_Reserves_Details
Restructuring Reserves (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Severance [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, Expected Final Year of Payments | '2014 | ' | ' |
Abandonment of Excess Facilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, Expected Final Year of Payments | '2018 | ' | ' |
Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, Expected Final Year of Payments | '2014 | ' | ' |
Pre-2012 Restructuring Plans [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | $10.50 | $27.60 | $16 |
Costs incurred | 4.9 | 11.6 | 81.6 |
Reserves reversed | ' | -2.2 | -0.6 |
Payments | -7.6 | -26 | -69 |
Currency translation | 0 | -0.5 | -0.4 |
Ending balance | 7.8 | 10.5 | 27.6 |
Pre-2012 Restructuring Plans [Member] | Severance [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 4.2 | 17.8 | 10.2 |
Costs incurred | 0.5 | 2.5 | 44.2 |
Reserves reversed | ' | -1.6 | -0.5 |
Payments | -3.7 | -14 | -35.7 |
Currency translation | 0 | -0.5 | -0.4 |
Ending balance | 1 | 4.2 | 17.8 |
Pre-2012 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 5.9 | 7.2 | 5.7 |
Costs incurred | 4.3 | 6.9 | 11.9 |
Reserves reversed | ' | 0 | 0 |
Payments | -3.7 | -8.2 | -10.4 |
Currency translation | 0 | 0 | 0 |
Ending balance | 6.5 | 5.9 | 7.2 |
Pre-2012 Restructuring Plans [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 0.4 | 2.6 | 0.1 |
Costs incurred | 0.1 | 2.2 | 25.5 |
Reserves reversed | ' | -0.6 | -0.1 |
Payments | -0.2 | -3.8 | -22.9 |
Currency translation | 0 | 0 | 0 |
Ending balance | 0.3 | 0.4 | 2.6 |
2012 Restructuring Plans [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 20.6 | ' | ' |
Costs incurred | 14.7 | 57.2 | ' |
Reserves reversed | -3 | ' | ' |
Payments | -25.3 | -37.5 | ' |
Currency translation | 0.1 | 0.9 | ' |
Ending balance | 7.1 | 20.6 | ' |
2012 Restructuring Plans [Member] | Severance [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 15.8 | ' | ' |
Costs incurred | 8.9 | 43.8 | ' |
Reserves reversed | -2.6 | ' | ' |
Payments | -16.6 | -28.8 | ' |
Currency translation | 0.1 | 0.8 | ' |
Ending balance | 5.6 | 15.8 | ' |
2012 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 2.4 | ' | ' |
Costs incurred | 2.8 | 6.4 | ' |
Reserves reversed | -0.1 | ' | ' |
Payments | -3.6 | -4.1 | ' |
Currency translation | 0 | 0.1 | ' |
Ending balance | 1.5 | 2.4 | ' |
2012 Restructuring Plans [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 2.4 | ' | ' |
Costs incurred | 3 | 7 | ' |
Reserves reversed | -0.3 | ' | ' |
Payments | -5.1 | -4.6 | ' |
Currency translation | 0 | 0 | ' |
Ending balance | 0 | 2.4 | ' |
2013 Restructuring Plans [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Costs incurred | 61.4 | ' | ' |
Payments | -36.2 | ' | ' |
Currency translation | 0.4 | ' | ' |
Ending balance | 25.6 | ' | ' |
2013 Restructuring Plans [Member] | Severance [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Costs incurred | 48.3 | ' | ' |
Payments | -26.7 | ' | ' |
Currency translation | 0.4 | ' | ' |
Ending balance | 22 | ' | ' |
2013 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Costs incurred | 3.2 | ' | ' |
Payments | -1.8 | ' | ' |
Currency translation | 0 | ' | ' |
Ending balance | 1.4 | ' | ' |
2013 Restructuring Plans [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Costs incurred | 9.9 | ' | ' |
Payments | -7.7 | ' | ' |
Currency translation | 0 | ' | ' |
Ending balance | $2.20 | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 04, 2011 | Dec. 31, 2011 | Apr. 04, 2011 | Apr. 04, 2011 |
Laboratory Workstations Business [Member] | Laboratory Workstations Business [Member] | Laboratory Workstations Business [Member] | Athena and Lancaster [Member] | Athena and Lancaster [Member] | Athena Diagnostics [Member] | Lancaster Laboratories [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | $147.10 | $179.60 | ' | $54.30 | ' | ' |
Pre-tax Income (Loss) | ' | ' | ' | -30 | -6.2 | ' | 9.1 | ' | ' |
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax | 2 | ' | -4.2 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of businesses, net of cash divested | ' | 13.8 | ' | ' | ' | ' | ' | 740 | 180 |
Escrowed proceeds from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | 20 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | ' | ($63) | ' | $304 | ' | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | ' | ' | ' | ' | ' | $0.79 | ' | ' | ' |
Unaudited_Quarterly_Informatio2
Unaudited Quarterly Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unaudited Quarterly Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $3,466.90 | $3,191.80 | $3,240.10 | $3,191.50 | $3,259.30 | $3,085.70 | $3,108.10 | $3,056.80 | $13,090.30 | $12,509.90 | $11,558.80 |
Gross Profit | 1,481.70 | 1,347.90 | 1,363.20 | 1,336.30 | 1,386.10 | 1,298.40 | 1,321.30 | 1,289.70 | ' | ' | ' |
Income from Continuing Operations | 343 | 317.7 | 277.6 | 340.8 | 385.8 | 299.4 | 292.4 | 280.8 | 1,279.10 | 1,258.40 | 1,023.40 |
Net income | 342.1 | 317.6 | 277.4 | 336.2 | 376.4 | 290.4 | 233.8 | 277.3 | 1,273.30 | 1,177.90 | 1,329.90 |
Earnings per Share from Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.95 | $0.88 | $0.77 | $0.95 | $1.08 | $0.83 | $0.80 | $0.76 | $3.55 | $3.46 | $2.69 |
Diluted (in dollars per share) | $0.92 | $0.86 | $0.76 | $0.94 | $1.07 | $0.82 | $0.79 | $0.76 | $3.50 | $3.43 | $2.66 |
Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.95 | $0.88 | $0.77 | $0.94 | $1.05 | $0.80 | $0.64 | $0.76 | $3.53 | $3.24 | $3.49 |
Diluted (in dollars per share) | $0.92 | $0.86 | $0.76 | $0.93 | $1.04 | $0.79 | $0.63 | $0.75 | $3.48 | $3.21 | $3.46 |
Cash Dividend Declared per Common Share (in dollars per share) | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.13 | $0.13 | $0.13 | $0.60 | $0.54 | $0 |
Total Restructuring and Other Costs (Income), Net | 50.3 | 36.3 | 57.2 | 36 | 42.9 | 37.3 | 38.9 | 31.1 | 179.8 | 150.2 | 230.6 |
Income (Loss) from Discontinued Operations, Net of Tax | ($0.90) | ($0.10) | ($0.20) | ($4.60) | ($9.40) | ($9) | ($58.60) | ($3.50) | ' | ' | ' |
Schedule_II_Valuation_and_Qual2
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 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Restructuring and Related Costs, Non-Cash Costs | ' | $15 | $15 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | 55.5 | 65.8 | 39.2 |
Provision Charged to Expense | 6.8 | 0.7 | 11.2 |
Accounts Recovered | 0.2 | 0.3 | 0.2 |
Deductions | -8.4 | -4.6 | -5.7 |
Other Adjustments | 0 | -6.7 | 20.9 |
Balance at End of Year | 54.1 | 55.5 | 65.8 |
Accrued Restructuring Costs [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | 31.1 | 27.6 | 16 |
Provision Charged to Expense | 78 | 66.6 | 81 |
Deductions | -69.1 | -63.5 | -69 |
Other Adjustments | 0.5 | 0.4 | -0.4 |
Balance at End of Year | $40.50 | $31.10 | $27.60 |