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Document and Entity Information
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9 Months Ended | |
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Sep. 28, 2013
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Oct. 25, 2013
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| Document and Entity Information | ||
| Entity Registrant Name | SPX CORP | |
| Entity Central Index Key | 0000088205 | |
| Document Type | 10-Q | |
| Document Period End Date | Sep. 28, 2013 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 45,354,032 | |
| Document Fiscal Year Focus | 2013 | |
| Document Fiscal Period Focus | Q3 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount charged against earnings in the period for incurred and estimated costs associated with an exit from business activities or restructuring pursuant to a duly authorized plan, excluding asset retirement obligations. Such costs include charges associated with employee terminations, lease terminations, asset impairments, etc. No definition available.
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| X | ||||||||||
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for current assets (assets with expected useful life shorter than one year or one operating cycle, whichever is longer) of a disposal group, including a component of the entity (discontinued operation), to be sold or that has subsequently been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value of all classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares exclude common shares repurchased by the entity and held as treasury shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. Also includes other noncurrent taxes payable by the entity. No definition available.
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| X | ||||||||||
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of current obligations (due less than one year or one operating cycle, if longer) arising from the sale, disposal or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gross amount, as of the balance sheet date, of long-lived, depreciable assets used in the production process to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)
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Sep. 28, 2013
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Dec. 31, 2012
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|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| Common stock, shares issued | 99,748,064 | 99,453,784 |
| Common stock, shares outstanding | 45,339,854 | 48,303,707 |
| Common stock in treasury, shares | 54,408,210 | 51,150,077 |
| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the senior credit facilities during the period. No definition available.
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| X | ||||||||||
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- Definition
The cash inflow from the trade receivables agreement during the period. No definition available.
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| X | ||||||||||
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- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations, and uncertain tax positions. No definition available.
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in pension liability related to discretionary contribution. No definition available.
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| X | ||||||||||
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- Definition
Payments associated with employee income tax withholding obligations on vested restricted stock unit and restricted stock awards, net of the cash inflow associated with the amount received from holders exercising their stock options and reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in the entity's financial statements. No definition available.
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| X | ||||||||||
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- Definition
The amount of pension and other (such as defined contribution, medical, dental and life insurance) benefit costs recognized during the period for (1) defined benefit plans (periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain or loss on assets, prior service cost or credit, transition asset or obligation, and gain or loss due to settlements or curtailments) and for (2) defined contribution plans (to the extent that a plan's defined contributions to an individual's account are to be made for periods in which that individual renders services, the net cost for a period shall be the contribution called for in that period; if a plan calls for contributions for periods after an individual retires or terminates, the estimated cost shall be accrued during the employee's service period). No definition available.
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| X | ||||||||||
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- Definition
The cash outflow from the senior credit facilities during the period. No definition available.
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| X | ||||||||||
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- Definition
The cash outflow for the trade receivables agreement during the period. No definition available.
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| X | ||||||||||
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- Definition
Amount charged against earnings in the period for incurred and estimated costs associated with an exit from business activities or restructuring pursuant to a duly authorized plan, excluding asset retirement obligations. Such costs include charges associated with employee terminations, lease terminations, asset impairments, etc. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents cash provided by or used in the financing activities of the entity's discontinued operations during the period. This element is only used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in financing activities reflect only cash flows attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents cash provided by or used in the investing activities of the entity's discontinued operations during the period. This element is only used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in investing activities reflect only cash flows attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents cash provided by or used in the operating activities of the entity's discontinued operations during the period. This element is only used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in operating activities reflect only cash flows attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of the gain (loss) recognized by the parent and included in its attributable portion of net income for the period due to deconsolidation of a subsidiary or derecognition of a group of assets. The gain (loss) recognized and included in the net income attributable to the parent for the period is generally computed as the difference between: (a) the aggregate of: (1) the fair value of any consideration received; (2) the fair value of any retained noncontrolling investment in the former subsidiary at the date the subsidiary was deconsolidated; and (3) the carrying amount of any noncontrolling interest in the former subsidiary (including any accumulated other comprehensive income attributable to the noncontrolling interest) at the date the subsidiary was deconsolidated and (b) the carrying amount of the former subsidiary's assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the total amount of receivables from all parties and other operating assets not separately disclosed in the statement of cash flows. No definition available.
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of net cash from (used in) the entity's financing activities, excluding cash flows derived by the entity from its discontinued operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of net cash from (used in) the entity's investing activities, excluding cash flows derived by the entity from its discontinued operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of net cash from (used in) the entity's continuing operations, excluding cash flows derived by the entity from its discontinued operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid during the reporting period for charges associated with the consolidation and relocation of operations, disposition or abandonment of operations or productive assets (that is, for reorganizing and restructuring charges and other related expenses). These charges may be incurred in connection with a business combination, change in strategic plan, a managerial response to declines in demand, increasing costs or other environmental factors. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from noncontrolled interest to increase or decrease the number of shares they have in the entity. This does not include dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate cash proceeds received from a combination of transactions that are classified as investing activities in which assets, which may include one or more investments, are sold to third-party buyers. This element can be used by entities to aggregate proceeds from all asset sales that are classified as investing activities. No definition available.
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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BASIS OF PRESENTATION
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Sep. 28, 2013
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| BASIS OF PRESENTATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BASIS OF PRESENTATION | (1) BASIS OF PRESENTATION
We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their fair presentation.
We account for investments in unconsolidated companies where we exercise significant influence but do not have control using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have interests in VIEs, primarily joint ventures, in which we are the primary beneficiary and others in which we are not. Our VIEs are considered immaterial, individually and in aggregate, to our consolidated financial statements.
Our significant investments reported under the equity method are our 44.5% interest in the EGS Electrical Group, LLC and subsidiaries (“EGS”) joint venture and our 45% interest in Shanghai Electric — SPX Engineering & Technologies Co., Ltd. (“Shanghai Electric JV”). We account for our EGS investment on a three-month lag, and our equity earnings in this investment, as included in our condensed consolidated statements of operations, totaled $11.4 and $30.5 for the three and nine months ended September 28, 2013, respectively, and $8.6 and $25.1 for the three and nine months ended September 29, 2012, respectively. Summarized financial results of EGS for the three and nine months ended June 30, 2013 and 2012 were as follows:
The Shanghai Electric JV’s results of operations and our equity earnings in this investment, as included in our condensed consolidated statements of operations, were not material for the three and nine months ended September 28, 2013 and September 29, 2012. See Note 3 for further details on the Shanghai Electric JV.
Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our 2012 Annual Report on Form 10-K, as amended (“2012 Annual Report on Form 10-K”). Interim results may not be indicative of full year results. We have reclassified certain prior period amounts, including the results of discontinued operations, to conform to the current period presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 3 for information on discontinued operations.
We establish actual interim closing dates using a “fiscal” calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2013 were March 30, June 29 and September 28, compared to the respective March 31, June 30 and September 29, 2012 dates. We had two fewer days in the first quarter of 2013 and will have one more day in the fourth quarter of 2013 than in the respective 2012 periods. |
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- Details
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- Definition
The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NEW ACCOUNTING PRONOUNCEMENTS
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9 Months Ended |
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Sep. 28, 2013
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| NEW ACCOUNTING PRONOUNCEMENTS | |
| NEW ACCOUNTING PRONOUNCEMENTS | (2) NEW ACCOUNTING PRONOUNCEMENTS
The following is a summary of new accounting pronouncements that apply to our business.
In December 2011, and as amended in January 2013, the Financial Accounting Standards Board (“FASB”) issued disclosure guidance relating to offsetting, whereby entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to a master netting arrangement or similar agreement. These disclosures assist users of financial statements in evaluating the effect or potential effect of netting arrangements on a company’s financial position, including the effect or potential effect of rights of setoff associated with the recognized assets and recognized liabilities within the scope. The guidance applies to a) recognized financial and derivative instruments offset in accordance with either the Balance Sheet or Derivatives and Hedging topics of the FASB Accounting Standards Codification (“Codification”) and b) financial and derivative instruments and other transactions that are subject to an enforceable master netting arrangement or similar agreement that covers similar instruments and transactions. This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and shall be applied retrospectively for all comparative periods presented. We adopted this guidance on January 1, 2013, with the required disclosures included in Note 11 to our condensed consolidated financial statements herein.
In July 2012, the FASB issued an amendment to guidance relating to testing indefinite-lived intangible assets, other than goodwill, for impairment. Under the revised guidance, entities testing such assets for impairment have the option of first performing a qualitative assessment to determine whether it is more likely than not that the carrying amount of an indefinite-lived intangible asset exceeds its fair value. If an entity determines, on the basis of qualitative factors, that it is more likely than not that the indefinite-lived intangible asset is impaired, the entity shall calculate the fair value of the intangible asset and perform the quantitative impairment test in accordance with the Intangibles — Goodwill and Other topic of the Codification. The amendment is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. We adopted this guidance on January 1, 2013, with no material impact on our condensed consolidated financial statements.
In February 2013, the FASB issued an amendment to guidance relating to the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). This guidance requires companies to present, in one place, information about significant amounts reclassified from AOCI. In addition, for significant items reclassified out of AOCI to net income in their entirety during the reporting period, companies must report the effect of such reclassifications on the respective line items in the statement of operations. For amounts not required to be reclassified to net income in their entirety, companies must reference the disclosures that provide additional detail about those amounts. This amendment is effective for interim and annual reporting periods beginning after December 15, 2012, and shall be applied prospectively. We adopted this guidance on January 1, 2013, with the required disclosures included in Note 12 to our condensed consolidated financial statements herein.
In March 2013, the FASB issued an amendment to guidance to resolve the diversity in practice relating to a parent entity’s accounting for the cumulative translation adjustment (“CTA”) upon derecognition of foreign subsidiaries or groups of assets. The amendment requires that any CTA related to the parent entity’s investment in a foreign entity be released into earnings when a sale or transfer of the foreign subsidiary or group of assets results in the complete or substantially complete liquidation of the foreign entity. This amendment is effective for interim and annual reporting periods beginning after December 15, 2013, and shall be applied prospectively. We have not yet adopted this guidance and do not expect the adoption to have a material impact on our consolidated financial statements.
In July 2013, the FASB issued an amendment to guidance to resolve the diversity in practice in the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward (collectively, a “carryforward”) exists. An unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for the carryforward, except to the extent (i) the carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In these cases, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This amendment applies to all entities that have unrecognized tax benefits when a carryforward exists at the reporting date. This amendment is effective for interim and annual reporting periods beginning after December 15, 2013 and shall be applied prospectively to all unrecognized tax benefits that exist at the effective date, with retrospective application permitted. We have not yet adopted this guidance and do not expect the adoption to have a material impact on our consolidated financial statements. |
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUISITION, DISCONTINUED OPERATIONS AND FORMATION OF SHANGHAI ELECTRIC JV
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Sep. 28, 2013
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| ACQUISITION, DISCONTINUED OPERATIONS AND FORMATION OF SHANGHAI ELECTRIC JV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION, DISCONTINUED OPERATIONS AND FORMATION OF SHANGHAI ELECTRIC JV | (3) ACQUISITION, DISCONTINUED OPERATIONS AND FORMATION OF SHANGHAI ELECTRIC JV
Acquisition
On March 21, 2012, our Flow Technology reportable segment completed the acquisition of Seital S.r.l. (“Seital”), a supplier of disk centrifuges (separators and clarifiers) to the global food and beverage, biotechnology, pharmaceutical and chemical industries, for a purchase price of $28.8, net of cash acquired of $2.5 and including debt assumed of $0.8. Seital had revenues of approximately $14.0 in the twelve months prior to the date of acquisition.
Discontinued Operations
As part of our operating strategy, we regularly review and negotiate potential divestitures, some of which are or may be material.
We report businesses or asset groups as discontinued operations when, among other things, we terminate the operations of the business or asset group, or we commit to a plan to divest the business or asset group, actively begin marketing the business or asset group, and when the sale of the business or asset group is deemed probable within the next twelve months. During the third quarter of 2013, we committed to a plan to divest certain non-strategic businesses which were previously reported within Industrial Products and Services and Other. These businesses have been reported, for all periods presented, as discontinued operations within the accompanying condensed consolidated financial statements. We are actively pursuing the sale of these businesses and anticipate that the sales will be completed during the next twelve months.
The following businesses were discontinued in a prior quarter:
Dielectric — We sold assets of the business during the second quarter of 2013 for cash consideration of $4.7, resulting in a gain of less than $0.1.
Kayex — We closed the business during the first quarter of 2013. In connection with the closure, we recorded a loss, net of taxes, of $2.1 during that quarter, with the loss associated primarily with severance costs and asset impairment charges. During the third quarter of 2013, we recorded a gain, net of taxes, of $3.6 associated primarily with the sale of a perpetual license related to certain of the business’s intangible assets. Proceeds related to the above sales transaction totaled $6.9.
Tianyu — Sold for cash consideration of one Chinese Yuan (“CNY”) (exclusive of cash transferred with the business of $1.1), resulting in a loss, net of taxes, during the fourth quarter of 2012 of $1.8.
Weil-McLain Shandong — Sold for cash consideration of $2.7 (exclusive of cash transferred with the business of $3.1), resulting in a gain, net of taxes, during the fourth quarter of 2012 of $2.2. During the first quarter of 2013, we reduced the net gain by $0.4 associated with the working capital settlement. During the second quarter of 2013, we received $1.1 associated with the working capital settlement.
Service Solutions — Sold for cash consideration of $1,134.9, resulting in a gain, net of taxes, during the fourth quarter of 2012 of $313.4. During the three and nine months ended September 28, 2013, we reduced the net gain by $3.1 and $1.5, respectively, associated primarily with the working capital settlement and revisions to income tax and other retained liabilities related to the sale. During the third quarter of 2013, we received $0.8 associated with the working capital settlement.
In addition to the businesses discussed above, we recognized net losses of $0.3 and $1.9 during the three and nine months ended September 28, 2013, respectively, and net losses of $0.7 and $1.6 during the three and nine months ended September 29, 2012, respectively, resulting from adjustments to gains/losses on sales of previously discontinued businesses. Refer to the consolidated financial statements contained in our 2012 Annual Report on Form 10-K for the disclosure of all discontinued businesses during the 2010 through 2012 periods.
The final sales price for certain of the divested businesses is subject to adjustment based on working capital existing at the respective closing dates. The working capital figures are subject to agreement with the buyers or, if we cannot come to agreement with the buyers, an arbitration or other dispute-resolution process. Final agreement of the working capital figures with the buyers for certain of these transactions has yet to occur. In addition, changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. It is possible that the sales price and resulting gains/losses on these and other previous divestitures may be materially adjusted in subsequent periods.
For the three and nine months ended September 28, 2013 and September 29, 2012, income from discontinued operations and the related income taxes are shown below:
For the three and nine months ended September 28, 2013 and September 29, 2012, results of operations for our businesses reported as discontinued operations were as follows:
The major classes of assets and liabilities, excluding intercompany balances, of the businesses reported as discontinued operations included in the accompanying condensed consolidated balance sheets are shown below:
Formation of Shanghai Electric JV
On December 30, 2011, we and Shanghai Electric Group Co., Ltd. established the Shanghai Electric JV, a joint venture supplying dry cooling and moisture separator reheater products and services to the power sector in China and other selected regions of the world. We contributed and sold certain assets of our dry cooling products business in China to the joint venture in consideration for a 45% ownership interest in the joint venture and cash payments of CNY 96.7, with CNY 51.5 received in January 2012, CNY 25.8 received in December 2012, and the remaining CNY 19.4 received in July 2013. Final approval for the transaction was not received until January 13, 2012. We determined that this transaction met the deconsolidation criteria of the Codification, and, thus, recorded a gain on the transaction equal to the estimated fair value of our investment in the joint venture plus any consideration received, less the carrying value of assets contributed and sold to the joint venture. We recorded the net gain associated with this transaction of $20.5 in the first quarter of 2012, with the gain included in “Other income (expense), net.” |
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The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. No definition available.
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INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS
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| INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS | (4) INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS
We are a global supplier of highly specialized, engineered solutions with operations in over 35 countries and sales in over 150 countries around the world. Many of our products and innovative solutions play a role in helping to meet rising global demand for power and energy and processed foods and beverages, particularly in emerging markets. Our key products include processing systems and equipment for the food and beverage industry, reciprocating pumps used in oil and gas processing, power transformers used by utility companies, and cooling systems for power plants.
We aggregate certain of our operating segments into our two reportable segments, Flow Technology and Thermal Equipment and Services, while our remaining operating segments, which do not meet the quantitative threshold criteria of the Segment Reporting topic of the Codification, have been combined within our “All Other” category, which we refer to as Industrial Products and Services and Other. The operating segments in this “All Other” category generally serve industrial end-markets. Industrial Products and Services and Other is not considered a reportable segment.
The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers and distribution methods. In determining our segments, we apply the threshold criteria of the Segment Reporting topic of the Codification to operating income or loss of each segment before considering impairment and special charges, pensions and postretirement expense, stock-based compensation and other indirect corporate expenses. This is consistent with the way our chief operating decision maker evaluates the results of each segment.
Flow Technology Reportable Segment
Our Flow Technology reportable segment engineers, designs, manufactures and markets products and solutions used to process, blend, filter, dry, meter and transport fluids with a focus on original equipment installation, including turnkey systems, skidded systems and components, as well as comprehensive aftermarket components and support services. Primary component offerings include engineered pumps, valves, mixers, plate heat exchangers, and dehydration and filtration technologies. The segment primarily serves customers in food and beverage, power and energy and industrial end-markets. The segment continues to focus on innovation and new product development, optimizing its global footprint while taking advantage of cross-product integration opportunities and increasing its competitive position in global end-markets. Flow Technology’s solutions focus on key business drivers, such as product flexibility, process optimization, sustainability and safety.
Thermal Equipment and Services Reportable Segment
Our Thermal Equipment and Services reportable segment engineers, designs, manufactures, installs and services thermal heat transfer products. Primary offerings include dry, evaporative and hybrid cooling systems, rotating and stationary heat exchangers and pollution control systems for the power generation, HVAC and industrial markets, as well as boilers and heating and ventilation products for the residential and commercial markets.
Industrial Products and Services and Other
Industrial Products and Services and Other comprises operating segments that design, manufacture and market power transformers, industrial tools and hydraulic units, precision machine components, tower and obstruction lights and monitoring equipment, communications and signal monitoring systems, fare collection systems, portable cable and pipe locators, and precision controlled industrial ovens and chambers.
As indicated in Note 3, during the third quarter of 2013, we committed to a plan to divest certain of these operating segments, which have been included in discontinued operations in the condensed consolidated financial statements herein, for all periods presented.
Corporate Expense
Corporate expense generally relates to the cost of our Charlotte, NC corporate headquarters and our Asia Pacific center in Shanghai, China.
Financial data for our reportable segments and other operating segments, including the results of Seital from the date of its acquisition, were as follows:
(1) Under the percentage of completion method, we recognized revenues of $317.2 and $394.9 in the three months ended September 28, 2013 and September 29, 2012, respectively. For the nine months ended September 28, 2013 and September 29, 2012, revenues under the percentage of completion method were $1,012.9 and $1,129.6, respectively. Costs and estimated earnings in excess of billings on contracts accounted for under the percentage of completion method were $303.8 and $359.7 as of September 28, 2013 and December 31, 2012, respectively, and are reported as a component of “Accounts receivable, net” in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage of completion method were $208.3 and $248.6 as of September 28, 2013 and December 31, 2012, respectively. The September 28, 2013 balance is reported as a component of “Accrued expenses” in the condensed consolidated balance sheet. The December 31, 2012 balance includes $248.4 reported as a component of “Accrued expenses” and $0.2 as a component of “Other long-term liabilities” in the condensed consolidated balance sheet. |
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| SPECIAL CHARGES, NET | (5) SPECIAL CHARGES, NET
Special charges, net, for the three and nine months ended September 28, 2013 and September 29, 2012 are summarized and described in more detail below:
Flow Technology reportable segment — Charges for the three and nine months ended September 28, 2013 related primarily to severance costs associated with (i) restructuring initiatives at Clyde Union locations in the U.K. and the U.S. and (ii) the operational realignment of the segment’s reporting structure. These actions were taken primarily to reduce the cost base of Clyde Union, as we continue to integrate the business into our Flow Technology reportable segment, and to further align the segment’s operational structure to its key end-markets. Charges for the three and nine months ended September 29, 2012 related primarily to cost reduction initiatives for the segment’s components business in Europe and at locations in Canada and Denmark, as well as costs associated with the relocation of the segment’s Americas shared service center from Des Plaines, IL to Charlotte, NC, the initial integration of Clyde Union, and the reorganization of the segment’s systems business.
Thermal Equipment and Services reportable segment — Charges for the three and nine months ended September 28, 2013 related primarily to severance and other costs associated with restructuring actions initiated during the second quarter of 2013 at our Balcke Duerr business in Germany. These actions were taken to reduce the cost base of the business in response to reduced demand for nuclear power products and services in Europe. Charges for the three and nine months ended September 29, 2012 related primarily to costs associated with restructuring initiatives at two locations in China, including asset impairment charges of $0.1 and $1.4, respectively, and severance costs associated with transferring certain functions of our boiler and heating products business to Chicago, IL.
Industrial Products and Services and Other — Charges for the three and nine months ended September 28, 2013 related primarily to costs associated with restructuring initiatives at various locations in the U.S. Charges for the three and nine months ended September 29, 2012 related primarily to the consolidation of two locations in Maine.
Corporate — Charges for the nine months ended September 28, 2013 related to costs associated with the early termination of two building leases and an asset impairment charge of $0.3. Charges for the three and nine months ended September 29, 2012 related primarily to costs associated with consolidating certain corporate functions and our legal entity reduction initiative.
Expected charges still to be incurred under actions approved as of September 28, 2013 are approximately $4.0.
The following is an analysis of our restructuring liabilities for the nine months ended September 28, 2013 and September 29, 2012:
(1) The nine months ended September 28, 2013 and September 29, 2012 included $4.4 and $0, respectively, of charges that related to discontinued operations for which we have retained the related liabilities, and excluded $2.0 and $2.3, respectively, of non-cash charges that did not impact the restructuring liabilities.
(2) The nine months ended September 28, 2013 included $2.7 of cash utilized to settle retained liabilities of discontinued operations. |
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The entire disclosure for aggregate costs incurred during the period for restructuring, remediation, implementation, integration and asset impairment activities. Description of restructuring activities such as exit and disposal activities, could include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This would also include disclosure of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. No definition available.
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| INVENTORIES, NET | (6) INVENTORIES, NET
Inventories, net, comprised the following:
Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain domestic inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 23% and 18% of total inventory at September 28, 2013 and December 31, 2012, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method. |
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The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| GOODWILL AND OTHER INTANGIBLE ASSETS | (7) GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill, by reportable segment and other operating segments, were as follows:
Other Intangibles
Identifiable intangible assets comprised the following:
At September 28, 2013, the net carrying value of intangible assets with determinable lives were $437.4 in the Flow Technology reportable segment, $48.5 in the Thermal Equipment and Services reportable segment and $7.1 in Industrial Products and Services and Other. At September 28, 2013, trademarks with indefinite lives were $289.3 in the Flow Technology reportable segment, $126.2 in the Thermal Equipment and Services reportable segment and $18.7 in Industrial Products and Services and Other.
We perform our annual goodwill impairment testing during the fourth quarter in conjunction with our annual financial planning process. In addition, we test goodwill for impairment on a more frequent basis if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indications may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit.
In connection with our goodwill impairment testing during the fourth quarter of 2012, we estimated that the fair value of our Clyde Union reporting unit was approximately 2% higher than the carrying value of its net assets. Clyde Union’s ability to recover its goodwill is highly dependent on the level of future orders and a continuous improvement in profitability. Order rates for the first nine months of 2013 generally have been consistent with the related assumptions included in the business’s 2012 annual goodwill impairment analysis and order rates for the foreseeable future are expected to remain at current levels or improve as the oil and gas end-markets served by Clyde Union remain strong. Clyde Union’s profitability for each of the first three quarters of 2013 has improved sequentially, with further improvement expected in the fourth quarter of 2013 and into 2014 and the years thereafter, primarily as a result of improvements in project selection and execution as well as cost reductions associated with the restructuring actions undertaken in 2012 and 2013. As such, we believe that the financial forecasts included in Clyde Union’s 2012 annual goodwill impairment analysis remain achievable and, thus, conclude that there have been no events or changes in circumstances that would more likely than not reduce the fair value of Clyde Union below the carrying value of its net assets. Clyde Union’s goodwill totaled approximately $387.0 at September 28, 2013.
In the first quarter of 2013, we recorded an impairment charge of $2.0 related to the trademarks of Clyde Union. Other changes in the gross carrying values of identifiable intangible assets relate primarily to foreign currency translation. |
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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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WARRANTY
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Sep. 28, 2013
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| WARRANTY | (8) WARRANTY
The following is an analysis of our product warranty accrual for the first nine months of 2013 and 2012:
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- Definition
The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EMPLOYEE BENEFIT PLANS
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Sep. 28, 2013
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| EMPLOYEE BENEFIT PLANS | (9) EMPLOYEE BENEFIT PLANS
Net periodic benefit expense for our pension and postretirement plans includes the following components:
Domestic Pension Plans
Foreign Pension Plans
Postretirement Plans
Employer Contributions
During the first nine months of 2013, we made contributions to our domestic and foreign pension plans of approximately $293.0, including a $250.0 discretionary contribution to a domestic qualified pension plan. This discretionary contribution will result in a reduction of our annual pension expense for 2013 of $12.5, including $9.4 in the first nine months of 2013. Of our 2013 contributions, $1.8 related to businesses that have been disposed of and classified as discontinued operations. |
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- Definition
The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INDEBTEDNESS
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Sep. 28, 2013
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| INDEBTEDNESS | (10) INDEBTEDNESS
The following summarizes our debt activity (both current and non-current) for the nine months ended September 28, 2013:
(1) The term loan of $475.0 is repayable in quarterly installments (with annual aggregate repayments, as a percentage of the initial principal amount of $500.0, of 15% for 2014 and 20% for 2015, together with a single quarterly payment of 5% at the end of the first fiscal quarter of 2016), with the remaining balance repayable in full on June 30, 2016.
(2) As of September 28, 2013, we could borrow under this arrangement, on a continuous basis, up to $80.0, as available. At September 28, 2013, we had $42.6 of available borrowing capacity under this facility.
(3) Primarily included capital lease obligations of $75.6 and $82.3, and balances under purchase card programs of $27.6 and $27.9 at September 28, 2013 and December 31, 2012, respectively.
(4) “Other” primarily included debt assumed and foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar.
Senior Credit Facilities
A detailed description of our senior credit facilities is included in our 2012 Annual Report on Form 10-K.
At September 28, 2013, we had $61.3 and $675.2, respectively, of outstanding letters of credit issued under our revolving credit and our foreign credit instrument facilities of our senior credit agreement. In addition, we had $6.7 of letters of credit outstanding under separate arrangements in China and India.
The weighted-average interest rate of our outstanding borrowings under our senior credit facilities was approximately 2.3% at September 28, 2013.
At September 28, 2013, we were in compliance with all covenants of our senior credit facilities and our senior notes. Restrictions on our ability to repurchase shares or pay dividends are described in our 2012 Annual Report on Form 10-K. |
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FINANCIAL INSTRUMENTS
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Sep. 28, 2013
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| FINANCIAL INSTRUMENTS | (11) FINANCIAL INSTRUMENTS
Currency Forward Contracts
We manufacture and sell our products in a number of countries and, as a result, are exposed to movements in foreign currency exchange rates. Our objective is to preserve the economic value of non-functional currency-denominated cash flows and to minimize their impact. Our principal currency exposures relate to the Euro, South African Rand, CNY and British Pound (“GBP”).
From time to time, we enter into currency protection agreements (“FX forward contracts”) to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries. In addition, some of our contracts contain currency forward embedded derivatives (“FX embedded derivatives”), because the currency of exchange is not “clearly and closely” related to the functional currency of either party to the transaction. Certain of our FX forward contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings, but are included in AOCI. These changes in fair value are reclassified into earnings as a component of revenues or cost of products sold, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of “Other income (expense), net” in the period in which it occurs. To the extent a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.
We had FX forward contracts with an aggregate notional amount of $138.7 and $107.3 outstanding as of September 28, 2013 and December 31, 2012, respectively. These FX forward contracts had maturity dates ranging, primarily, from one to two years. We also had FX embedded derivatives with an aggregate notional amount of $128.9 and $96.3 at September 28, 2013 and December 31, 2012, respectively. The unrealized losses, net of taxes, recorded in AOCI related to FX forward contracts were $1.7 and $3.4 as of September 28, 2013 and December 31, 2012, respectively. We anticipate reclassifying approximately $1.3 of an unrealized loss to income over the next 12 months.
Commodity Contracts
From time to time, we enter into commodity contracts to manage the exposure on forecasted purchases of commodity raw materials (“commodity contracts”). At September 28, 2013 and December 31, 2012, the outstanding notional amount of commodity contracts was 3.7 and 3.3 pounds of copper, respectively. We designate and account for these contracts as cash flow hedges and, to the extent these commodity contracts are effective in offsetting the variability of the forecasted purchases, the change in fair value is included in AOCI. We reclassify AOCI associated with our commodity contracts to cost of products sold when the forecasted transaction impacts earnings. The unrealized gain (loss), net of taxes, recorded in AOCI was $(0.4) and $0.1 as of September 28, 2013 and December 31, 2012, respectively. We anticipate reclassifying the unrealized loss to income over the next 12 months. The amount of gain/loss recognized during the periods ended September 28, 2013 and September 29, 2012 related to the ineffectiveness of these hedges was not material.
The following summarizes the gross and net fair values of our FX forward and commodity contracts by counterparty at September 28, 2013 and December 31, 2012, respectively:
(1) We enter into arrangements designed to provide the right of setoff in the event of counterparty default or insolvency, and have elected to offset the fair values of our qualifying financial instruments in our condensed consolidated balance sheets. Amounts presented in our balance sheets are as follows:
(2) Related contracts are designated as hedging instruments. Net amounts at September 28, 2013 and December 31, 2012 are recorded in “Other current assets”.
The following summarizes the fair value of our FX embedded derivative instruments, which are not designated as hedging instruments, and the related balance sheet classification as of September 28, 2013 and December 31, 2012:
The following summarizes the pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships for the three and nine months ended September 28, 2013 and September 29, 2012:
The following summarizes the pre-tax gain (loss) related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income through ‘‘Revenues’’ for FX forward contracts and ‘‘Cost of products sold’’ for commodity contracts for the three and nine months ended September 28, 2013 and September 29, 2012 :
(1) During the nine months ended September 28, 2013, losses of $0.2 were recognized in “Other income (expense), net” relating to derivative ineffectiveness and amounts excluded from effectiveness testing. During the three and nine months ended September 29, 2012, losses of $0.2 and $0.3 were recognized in other income (expense), net relating to derivative ineffectiveness and amounts excluded from effectiveness testing.
The following summarizes the gain (loss) recognized in ‘‘Other income (expense), net’’ for the three and nine months ended September 28, 2013 and September 29, 2012 related to derivative financial instruments not designated as cash flow hedging relationships:
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The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EQUITY AND STOCK-BASED COMPENSATION
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| EQUITY AND STOCK-BASED COMPENSATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY AND STOCK-BASED COMPENSATION | (12) EQUITY AND STOCK-BASED COMPENSATION
Earnings Per Share
The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
All stock options were included in the computation of diluted income per share for the three and nine months ended September 28, 2013. The total number of stock options not included in the computation of diluted income per share because their exercise price was greater than the average market price of common shares was 0.003 for both the three and nine months ended September 29, 2012. For the three and nine months ended September 28, 2013, 0.857 and 0.758 of unvested restricted stock shares and restricted stock units, respectively, were excluded from the computation of diluted income per share because required market thresholds for vesting were not met, compared to 1.784 and 0.931 that were excluded for the three and nine months ended September 29, 2012, respectively.
Stock-based Compensation
Stock-based compensation awards may be granted to certain eligible employees or non-employee directors under the 2002 Stock Compensation Plan, as amended in 2006, 2011 and 2012, or to non-employee directors under the 2006 Non-Employee Directors’ Stock Incentive Plan. A detailed description of the awards granted under these plans is included in our 2012 Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the period ended March 30, 2013.
Compensation expense within income from continuing operations related to share-based awards totaled $3.7 and $5.6 for the three months ended September 28, 2013 and September 29, 2012, respectively, and $29.3 and $33.9 for the nine months ended September 28, 2013 and September 29, 2012, respectively. The related tax benefit was $1.4 and $2.2 for the three months ended September 28, 2013 and September 29, 2012, respectively, and $10.7 and $12.9 for the nine months ended September 28, 2013 and September 29, 2012, respectively.
Accumulated Other Comprehensive Loss
The changes in the components of accumulated other comprehensive loss, net of tax, for the three months ended September 28, 2013 were as follows:
(1) Net of tax benefit of $1.9 and $2.9 as of September 28, 2013 and June 29, 2013, respectively.
(2) Net of tax benefit of $307.6 and $310.9 as of September 28, 2013 and June 29, 2013, respectively. Includes $5.0 related to our share of the pension liability adjustment for EGS as of September 28, 2013 and June 29, 2013.
The changes in the components of accumulated other comprehensive loss, net of tax, for the nine months ended September 28, 2013 were as follows:
(1) Net of tax benefit of $1.9 and $2.5 as of September 28, 2013 and December 31, 2012, respectively.
(2) Net of tax benefit of $307.6 and $318.5 as of September 28, 2013 and December 31, 2012, respectively. Includes $5.0 and $3.8 related to our share of the pension liability adjustment for EGS as of September 28, 2013 and December 31, 2012, respectively.
The following summarizes amounts reclassified from each component of accumulated comprehensive loss for the three and nine months ended September 28, 2013:
Common Stock in Treasury
On February 16, 2012, we entered into a written trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, to facilitate the repurchase of up to $350.0 of shares of our common stock on or before February 14, 2013, in accordance with a share repurchase program authorized by our Board of Directors. During 2012, we repurchased 3.606 shares of our common stock under this plan for $245.6, including $75.0 of repurchases during the first nine months of 2012. During January of 2013, we repurchased 1.514 shares of our common stock, completing the repurchases under the trading plan, for $104.4. In addition, we repurchased 1.864 shares of our common stock on the open market for $144.6 during the first nine months of 2013.
During the nine months ended September 28, 2013, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $14.1 and increased by $11.0 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements.
During the nine months ended September 29, 2012, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $3.9 and increased by $1.8 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements.
Dividends
The dividends declared during each of the first three quarters of 2013 and 2012 were $0.25 per share and totaled $11.4, $11.5 and $11.4 during the first, second and third quarters of 2013, respectively, and $12.8, $12.7 and $12.7 during the first, second and third quarters of 2012, respectively. Third quarter dividends were paid on October 2, 2013 and October 3, 2012.
Changes in Equity
A summary of the changes in equity for the three months ended September 28, 2013 and September 29, 2012 is provided below:
A summary of the changes in equity for the nine months ended September 28, 2013 and September 29, 2012 is provided below:
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- Definition
The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Also includes disclosure of compensation-related costs for equity-based compensation which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details, and employee stock purchase plan details. No definition available.
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CONTINGENT LIABILITIES AND OTHER MATTERS
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Sep. 28, 2013
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| CONTINGENT LIABILITIES AND OTHER MATTERS | |
| CONTINGENT LIABILITIES AND OTHER MATTERS | (13) CONTINGENT LIABILITIES AND OTHER MATTERS
General
Numerous claims, complaints and proceedings arising in the ordinary course of business, including those relating to litigation matters (e.g., class actions, derivative lawsuits and contracts, intellectual property and competitive claims), environmental matters, and risk management matters (e.g., product and general liability, automobile, and workers’ compensation claims), have been filed or are pending against us and certain of our subsidiaries. Additionally, we may become subject to significant claims of which we are currently unaware, or the claims of which we are aware may result in us incurring a significantly greater liability than we anticipate. This may also be true in connection with past or future acquisitions. While we maintain property, cargo, auto, product, general liability, environmental, and directors’ and officers’ liability insurance and have acquired rights under similar policies in connection with acquisitions that we believe cover a portion of these claims, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against potential loss exposures. Also, while we believe we are entitled to indemnification from third parties for some of these claims, these rights may be insufficient or unavailable to protect us against potential loss exposures. We believe, however, that our accruals related to these items are sufficient and that these items and our rights to available insurance and indemnity will be resolved without material effect, individually or in the aggregate, on our financial position, results of operations and cash flows. These accruals totaled $548.8 (including $502.5 for risk management matters) and $548.6 (including $501.3 for risk management matters) at September 28, 2013 and December 31, 2012, respectively. Of these amounts, $499.8 and $497.0 were included in “Other long-term liabilities” within our condensed consolidated balance sheets at September 28, 2013 and December 31, 2012, respectively, with the remainder included in “Accrued expenses.” It is reasonably possible that our ultimate liability for these items could exceed the amount of the recorded accruals; however, we believe the estimated amount of any potential additional liability would not have a material effect, individually or in the aggregate, on our financial position, results of operations or cash flows.
We had insurance recovery assets related to risk management matters of $432.8 and $430.6 at September 28, 2013 and December 31, 2012, respectively, included in “Other assets” within our condensed consolidated balance sheets.
On December 22, 2011, our Flow Technology reportable segment completed the acquisition of Clyde Union, a global supplier of pump technologies utilized in oil and gas processing, power generation and other industrial applications for an initial payment of 500.0 GBP, less debt assumed and other adjustments of GBP 11.0. In addition, the purchase price included a potential earn-out payment (equal to Annual 2012 Group EBITDA (as defined by the related agreement) × 10, less GBP 475.0). In no event shall the earn-out payment be less than GBP 0.0 or more than GBP 250.0. Although we are still in the process of completing the earn-out procedure set forth in the purchase agreement, no liability for an earn-out payment has been provided in the accompanying condensed consolidated balance sheets because, based on actual operating results for 2012, we do not believe Clyde Union achieved the required minimum Annual 2012 Group EBITDA.
Litigation Matters
We are subject to litigation matters that arise in the normal course of business. We believe these matters are either without merit or of a kind that should not have a material effect, individually or in the aggregate, on our financial position, results of operations or cash flows.
Environmental Matters
Our operations and properties are subject to federal, state, local and foreign regulatory requirements relating to environmental protection. It is our policy to comply fully with all applicable requirements. As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations. Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violations that could have a material effect, individually or in the aggregate, on our business, financial position, results of operations or cash flows. We have liabilities for site investigation and/or remediation at 94 sites (95 sites at December 31, 2012) that we own or control. In addition, while we believe that we maintain adequate accruals to cover the costs of site investigation and/or remediation, we cannot provide assurance that new matters, developments, laws and regulations, or stricter interpretations of existing laws and regulations will not materially affect our business or operations in the future.
Our environmental accruals cover anticipated costs, including investigation, remediation, and operation and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. Accordingly, our estimates may change based on future developments, including new or changes in existing environmental laws or policies, differences in costs required to complete anticipated actions from estimates provided, future findings of investigation or remediation actions, or alteration to the expected remediation plans. It is our policy to realize a change in estimate once it becomes probable and can be reasonably estimated. We take into account third-party indemnification from financially viable parties in determining our accruals where there is no dispute regarding the right to indemnification. We generally do not discount our environmental accruals and do not reduce them by anticipated insurance recoveries.
In the case of contamination at offsite, third-party disposal sites, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 23 sites at September 28, 2013 and December 31, 2012 at which the liability has not been settled, of which six sites as of September 28, 2013 and December 31, 2012 have been active in the past few years. These laws may impose liability on certain persons that are considered jointly and severally liable for the costs of investigation and remediation of hazardous substances present at these sites, regardless of fault or legality of the original disposal. These persons include the present or former owners or operators of the site and companies that generated, disposed of or arranged for the disposal of hazardous substances at the site. We are considered a “de minimis” potentially responsible party at most of the sites, and we estimate that our aggregate liability, if any, related to these sites is not material to our condensed consolidated financial statements. We conduct extensive environmental due diligence with respect to potential acquisitions, including environmental site assessments and such further testing as we may deem warranted. If an environmental matter is identified, we estimate the cost and either establish a liability, purchase insurance or obtain an indemnity from a financially sound seller; however, in connection with our acquisitions or dispositions, we may assume or retain significant environmental liabilities, some of which we may be unaware. The potential costs related to these environmental matters and the possible impact on future operations are uncertain due in part to the complexity of government laws and regulations and their interpretations, the varying costs and effectiveness of various clean-up technologies, the uncertain level of insurance or other types of recovery, and the questionable level of our responsibility. We record a liability when it is both probable and the amount can be reasonably estimated.
In our opinion, after considering accruals established for such purposes, remedial actions for compliance with the present laws and regulations governing the protection of the environment are not expected to have a material impact, individually or in the aggregate, on our financial position, results of operations or cash flows.
Risk Management Matters
We are self-insured for certain of our workers’ compensation, automobile, product and general liability, disability and health costs, and we believe that we maintain adequate accruals to cover our retained liability. Our accruals for risk management matters are determined by us, are based on claims filed and estimates of claims incurred but not yet reported, and generally are not discounted. We consider a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts. This insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against loss exposure.
Collaborative Arrangements
Collaborative arrangements are defined as a contractual arrangement in which the parties are (i) active participants to the arrangements and (ii) exposed to significant risks and rewards that depend on the commercial success of the endeavor. Costs incurred and revenues generated from transactions with third parties are required to be reported by the collaborators on the appropriate line item in their respective statements of operations.
We enter into consortium arrangements for certain projects within our Thermal Equipment and Services reportable segment. Under such arrangements, each consortium member is responsible for performing certain discrete items of work within the total scope of the contracted work and the consortium expires when all contractual obligations are completed. The revenues for these discrete items of work are defined in the contract with the project owner and each consortium member bearing the profitability risk associated with its own work. Our consortium arrangements typically provide that each consortium member assumes its responsible share of any damages or losses associated with the project; however, the use of a consortium arrangement typically results in joint and several liability for the consortium members. If responsibility cannot be determined or a consortium member defaults, then the consortium members are responsible according to their share of the contract value. Within our condensed consolidated financial statements, we account for our share of the revenues and profits under the consortium arrangements. As of September 28, 2013, our share of the aggregate contract value on open consortium arrangements was $257.5 (of which approximately 68% had been recognized as revenue), and the aggregate contract value on open consortium arrangements was $697.3. As of December 31, 2012, our share of the aggregate contract value on open consortium arrangements was $264.4 (of which approximately 62% had been recognized as revenue), and the aggregate contract value on open consortium arrangements was $740.9. We recorded liabilities of $1.5 at both September 28, 2013 and December 31, 2012, representing the estimated fair value of our potential obligation under the joint and several liability provisions associated with the consortium arrangements. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INCOME TAXES
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| INCOME TAXES | |
| INCOME TAXES | (14) INCOME TAXES
Uncertain Tax Positions
As of September 28, 2013, we had gross unrecognized tax benefits of $72.9 (net unrecognized tax benefits of $35.8). Of these net unrecognized tax benefits, $34.9, if recognized, would impact our effective tax rate from continuing operations.
We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision. As of September 28, 2013, gross accrued interest excluded from the amounts above totaled $6.7 (net accrued interest of $5.0). There were no significant penalties recorded during the three and nine months ended September 28, 2013 or September 29, 2012.
Based on the outcome of certain examinations or as a result of the expiration of statute of limitations for certain jurisdictions, we believe that within the next 12 months it is reasonably possible that our previously unrecognized tax benefits could decrease by approximately $10.0 to $15.0.
Other Tax Matters
For the three months ended September 28, 2013, we recorded an income tax provision of $12.3 on $69.3 of pre-tax income from continuing operations, resulting in an effective rate of 17.7%. This compares to an income tax provision for the three months ended September 29, 2012 of $9.6 on $58.1 of pre-tax income from continuing operations, resulting in an effective rate of 16.5%. The effective tax rate for the third quarter of 2013 was impacted favorably by income tax benefits of (i) $6.4 associated with net reductions to valuation allowances recorded against certain foreign deferred income tax assets and (ii) $2.3 recorded in connection with various audit settlements and statute expirations during the period. The effective tax rate for the third quarter of 2012 was impacted favorably by (i) tax benefits of $4.2 recorded in connection with various audit settlements and statute expirations during the period and (ii) a benefit of $2.8 associated with a reduction in deferred tax liabilities resulting from the newly enacted corporate tax rates in the United Kingdom.
For the nine months ended September 28, 2013, we recorded an income tax provision of $17.2 on $115.8 of pre-tax income from continuing operations, resulting in an effective tax rate of 14.9%. This compares to an income tax provision for the nine months ended September 29, 2012 of $27.0 on $110.2 of pre-tax income from continuing operations, resulting in an effective tax rate of 24.5%. The effective tax rate for the first nine months of 2013 was impacted favorably by the $8.7 of tax benefits noted above that were realized during the third quarter of 2013, as well as tax benefits realized during the first half of 2013 of $4.1 related to the Research and Experimentation Credit generated in 2012, $2.0 related to various foreign tax credits, and $1.8 for statute expirations. The effective tax rate for the nine months ended September 29, 2012 was impacted favorably by the tax benefits of $7.0 noted above for the third quarter of 2012. The impact of these benefits was offset by an incremental tax charge of $6.1 associated with the deconsolidation of our dry cooling business in China, as the goodwill allocated to the transaction was not deductible for tax purposes.
We perform reviews of our income tax positions on a continual basis and accrue for potential uncertain positions when we determine that an uncertain position meets the criteria of the Income Taxes topic of the Codification. Accruals for these uncertain tax positions are recorded in “Income taxes payable” and “Deferred and other income taxes” in the accompanying condensed consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities.
The IRS initiated an audit of our 2010 and 2011 federal income tax returns during 2012. We expect that the audit will be concluded during the next 12 months. With regard to this audit, we believe any contingencies have been adequately provided for.
State income tax returns generally are subject to examination for a period of three to five years after filing the respective tax returns. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We have various state income tax returns in the process of examination, administrative appeal or litigation. We believe any uncertain tax positions related to these examinations have been adequately provided for.
We have various foreign income tax returns under examination. The most significant of these examinations is in Denmark for the 2006 to 2010 tax years. We believe that any uncertain tax positions related to these examinations have been adequately provided for.
An unfavorable resolution of one or more tax matters could have a material adverse effect on our financial position, results of operations or cash flows in the quarter and year in which an adjustment is recorded or the tax is due or paid. As audits and examinations are still in process or we have not yet reached the final stages of the appeals process, the timing of the ultimate resolution and any payments that may be required for open matters cannot be determined at this time.
Upon the conclusion of our disposition activities discussed in Note 3, we may recognize an additional income tax provision or benefit, generally, as part of discontinued operations. |
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FAIR VALUE
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Sep. 28, 2013
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| FAIR VALUE | (15) FAIR VALUE
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
· Level 1 — Quoted prices for identical instruments in active markets.
· Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
· Level 3 — Significant inputs to the valuation model are unobservable.
There were no changes during the three and nine months ended September 28, 2013 and September 29, 2012 to the valuation techniques we use to measure asset and liability fair values on a recurring basis. There were no transfers between the three levels of the fair value hierarchy for the three and nine months ended September 28, 2013 and September 29, 2012.
The following section describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis.
Derivative Financial Instruments
Our financial derivative assets and liabilities include FX forward contracts, FX embedded derivatives and commodity contracts, valued using valuation models based on observable market inputs such as forward rates, interest rates, our own credit risk and the credit risk of our counterparties, which comprise investment-grade financial institutions. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. We have not made any adjustments to the inputs obtained from the independent sources. Based on our continued ability to enter into forward contracts, we consider the markets for our fair value instruments active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount.
As of September 28, 2013, there had been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities. Similarly, there has been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.
Investments in Equity Securities
Our available-for-sale securities include equity investments traded in active international markets. They are measured at fair value using closing stock prices from active markets and are classified within Level 1 of the valuation hierarchy. These assets had a fair market value of $2.1 and $3.6 at September 28, 2013 and December 31, 2012, respectively.
Certain of our investments in equity securities that are not readily marketable are accounted for under the fair value option, with such values determined by multidimensional pricing models. These models consider market activity based on modeling of securities with similar credit quality, duration, yield and structure. A variety of inputs are used, including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spread and reference data including market research publications. Market indicators, industry and economic events are also considered. We have not made any adjustments to the inputs obtained from the independent sources. At September 28, 2013 and December 31, 2012, these assets had a fair value of $1.7 and $7.5, respectively, which are estimated using various valuation models, including the Monte-Carlo simulation model.
Assets and liabilities measured at fair value on a recurring basis include the following as of September 28, 2013:
Assets and liabilities measured at fair value on a recurring basis include the following as of December 31, 2012:
The table below presents a reconciliation of our investment in equity securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 28, 2013 and September 29, 2012, including net unrealized losses recorded to earnings.
Indebtedness and Other
The estimated fair values of other financial liabilities (excluding capital leases) not measured at fair value on a recurring basis as of September 28, 2013 and December 31, 2012 were as follows:
The following methods and assumptions were used in estimating the fair value of these financial instruments:
· The fair value of the senior notes and term loan was determined using Level 2 inputs within the fair value hierarchy and was based on quoted market prices for the same or similar instruments or on current rates offered to us for debt with similar maturities, subordination and credit default expectations.
· The fair value of our other indebtedness approximates carrying value due primarily to the short-term nature of the related instruments.
Certain of our non-financial assets and liabilities are subject to impairment analysis, including long-lived assets, indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually for indefinite-lived intangible assets and goodwill. Any resulting asset impairment would require that the instrument be recorded at its fair value. As of September 28, 2013, we did not have any significant non-financial assets or liabilities that are required to be measured at fair value on a recurring or non-recurring basis.
The carrying amount of cash and equivalents and receivables reported in our condensed consolidated balance sheets approximates fair value due to the short maturity of those instruments. |
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- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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BASIS OF PRESENTATION (Tables)
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Sep. 28, 2013
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| Schedule of summarized financial results of EGS investment |
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Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUISITION, DISCONTINUED OPERATIONS AND FORMATION OF SHANGHAI ELECTRIC JV (Tables)
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Sep. 28, 2013
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| Schedule of businesses discontinued in a prior quarter |
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| Schedule of income from discontinued operations and related income taxes |
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| Schedule of results of operations of businesses reported as discontinued operations |
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| Schedule of major classes of assets and liabilities, excluding intercompany balances, of businesses reported as discontinued operations |
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Tabular disclosure representing the quarter during which businesses have been sold and reported as discontinued operations. No definition available.
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Tabular disclosure of the results of operations for discontinued operations during the phase-out period. No definition available.
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Tabular disclosure of the income (loss) from discontinued operations and the related income taxes. No definition available.
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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS (Tables)
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Sep. 28, 2013
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| INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reportable segments and other operating segments, including the results of Seital from the date of its acquisition |
(1) Under the percentage of completion method, we recognized revenues of $317.2 and $394.9 in the three months ended September 28, 2013 and September 29, 2012, respectively. For the nine months ended September 28, 2013 and September 29, 2012, revenues under the percentage of completion method were $1,012.9 and $1,129.6, respectively. Costs and estimated earnings in excess of billings on contracts accounted for under the percentage of completion method were $303.8 and $359.7 as of September 28, 2013 and December 31, 2012, respectively, and are reported as a component of “Accounts receivable, net” in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage of completion method were $208.3 and $248.6 as of September 28, 2013 and December 31, 2012, respectively. The September 28, 2013 balance is reported as a component of “Accrued expenses” in the condensed consolidated balance sheet. The December 31, 2012 balance includes $248.4 reported as a component of “Accrued expenses” and $0.2 as a component of “Other long-term liabilities” in the condensed consolidated balance sheet. |
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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues and operating income from reportable segments to the entity's consolidated amounts. No definition available.
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SPECIAL CHARGES, NET (Tables)
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Sep. 28, 2013
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| Schedule of special charges, net |
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| Rollforward of restructuring liabilities |
(1) The nine months ended September 28, 2013 and September 29, 2012 included $4.4 and $0, respectively, of charges that related to discontinued operations for which we have retained the related liabilities, and excluded $2.0 and $2.3, respectively, of non-cash charges that did not impact the restructuring liabilities.
(2) The nine months ended September 28, 2013 included $2.7 of cash utilized to settle retained liabilities of discontinued operations. |
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Tabular disclosure to roll forward the entity's restructuring and integration reserves associated with the exit from or disposal of business activities or restructuring for the period. No definition available.
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Tabular disclosure of the restructuring, impairment and other related charges by reporting segment of the entity. No definition available.
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INVENTORIES, NET (Tables)
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Sep. 28, 2013
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| Schedule of inventories |
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Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
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Sep. 28, 2013
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| Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments |
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| Schedule of identifiable intangible assets |
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Tabular disclosure of finite lived intangibles assets, in total and by major class, including the gross carrying amount and accumulated amortization, and indefinite lived intangibles assets (excluding goodwill) by major class. No definition available.
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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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WARRANTY (Tables)
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Sep. 28, 2013
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| WARRANTY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of product warranty accrual |
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- Definition
Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EMPLOYEE BENEFIT PLANS (Tables)
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Sep. 28, 2013
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Domestic Pension Plans
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| Schedule of net periodic benefit expense | Domestic Pension Plans
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Foreign Pension Plans
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| Schedule of net periodic benefit expense | Foreign Pension Plans
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Postretirement Plans
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| Schedule of net periodic benefit expense | Postretirement Plans
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- Definition
Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INDEBTEDNESS (Tables)
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Sep. 28, 2013
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| INDEBTEDNESS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of debt activity (both current and non-current) |
(1) The term loan of $475.0 is repayable in quarterly installments (with annual aggregate repayments, as a percentage of the initial principal amount of $500.0, of 15% for 2014 and 20% for 2015, together with a single quarterly payment of 5% at the end of the first fiscal quarter of 2016), with the remaining balance repayable in full on June 30, 2016.
(2) As of September 28, 2013, we could borrow under this arrangement, on a continuous basis, up to $80.0, as available. At September 28, 2013, we had $42.6 of available borrowing capacity under this facility.
(3) Primarily included capital lease obligations of $75.6 and $82.3, and balances under purchase card programs of $27.6 and $27.9 at September 28, 2013 and December 31, 2012, respectively.
(4) “Other” primarily included debt assumed and foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar. |
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- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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FINANCIAL INSTRUMENTS (Tables)
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Sep. 28, 2013
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| Summarizes the gross and net fair values of contracts by counterparty |
(1) We enter into arrangements designed to provide the right of setoff in the event of counterparty default or insolvency, and have elected to offset the fair values of our qualifying financial instruments in our condensed consolidated balance sheets. Amounts presented in our balance sheets are as follows:
(2) Related contracts are designated as hedging instruments. Net amounts at September 28, 2013 and December 31, 2012 are recorded in “Other current assets”. |
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| Summary of pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships |
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| Summary of pre-tax gain (loss) related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income |
(1) During the nine months ended September 28, 2013, losses of $0.2 were recognized in “Other income (expense), net” relating to derivative ineffectiveness and amounts excluded from effectiveness testing. During the three and nine months ended September 29, 2012, losses of $0.2 and $0.3 were recognized in other income (expense), net relating to derivative ineffectiveness and amounts excluded from effectiveness testing. |
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| Schedule of gain (loss) recognized in ''Other income (expense), net'' of derivative financial instruments not designated in cash flow hedging relationships |
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FX forward contracts
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| Summary of fair value of derivative instruments and the balance sheet classification |
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FX embedded derivatives
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| Summary of fair value of derivative instruments and the balance sheet classification |
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Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. No definition available.
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- Definition
Tabular disclosure of amount recognized in accumulated other comprehensive income (loss) before tax, resulting from derivative financial instruments designated as cash flow hedges. No definition available.
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- Definition
Tabular disclosure of amount related to derivative financial instruments designated as cash flow hedges before tax, reclassified from accumulated other comprehensive income (loss) into earnings. No definition available.
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- Definition
Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EQUITY AND STOCK-BASED COMPENSATION (Tables)
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Sep. 28, 2013
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| Schedule of weighted-average shares outstanding used in the computation of basic and diluted earnings per share |
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| Schedule of changes in the components of accumulated other comprehensive loss | The changes in the components of accumulated other comprehensive loss, net of tax, for the three months ended September 28, 2013 were as follows:
(1) Net of tax benefit of $1.9 and $2.9 as of September 28, 2013 and June 29, 2013, respectively.
(2) Net of tax benefit of $307.6 and $310.9 as of September 28, 2013 and June 29, 2013, respectively. Includes $5.0 related to our share of the pension liability adjustment for EGS as of September 28, 2013 and June 29, 2013.
The changes in the components of accumulated other comprehensive loss, net of tax, for the nine months ended September 28, 2013 were as follows:
(1) Net of tax benefit of $1.9 and $2.5 as of September 28, 2013 and December 31, 2012, respectively.
(2) Net of tax benefit of $307.6 and $318.5 as of September 28, 2013 and December 31, 2012, respectively. Includes $5.0 and $3.8 related to our share of the pension liability adjustment for EGS as of September 28, 2013 and December 31, 2012, respectively. |
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| Schedule of amounts reclassified from each component of accumulated comprehensive loss |
|
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| Schedule of changes in equity |
A summary of the changes in equity for the nine months ended September 28, 2013 and September 29, 2012 is provided below:
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). No definition available.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
FAIR VALUE (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
|
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| FAIR VALUE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis include the following as of September 28, 2013:
Assets and liabilities measured at fair value on a recurring basis include the following as of December 31, 2012:
|
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| Schedule of reconciliation of investments in equity securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) |
|
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| Schedule of estimated fair values of other financial liabilities (excluding capital leases) not measured at fair value on a recurring basis |
|
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| X | ||||||||||
|
- Definition
Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
BASIS OF PRESENTATION (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
Shanghai Electric JV
|
Dec. 30, 2011
Shanghai Electric JV
|
Sep. 28, 2013
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Jun. 29, 2013
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Sep. 29, 2012
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Jun. 30, 2012
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Sep. 28, 2013
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Jun. 29, 2013
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Sep. 29, 2012
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Jun. 30, 2012
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
|
| BASIS OF PRESENTATION | ||||||||||||||
| Length of quarter | 91 days | |||||||||||||
| Investment in joint venture under equity method investment | ||||||||||||||
| Percentage of interest held in joint venture | 45.00% | 45.00% | 44.50% | 44.50% | ||||||||||
| Lag in including results in consolidated statements | 3 months | |||||||||||||
| Equity earnings in joint ventures | $ 11.4 | $ 8.6 | $ 30.6 | $ 25.0 | $ 11.4 | $ 8.6 | $ 30.5 | $ 25.1 | ||||||
| Revenues | 129.1 | 127.5 | 380.2 | 387.2 | ||||||||||
| Gross profit | 57.0 | 52.8 | 164.7 | 161.7 | ||||||||||
| Income from continuing operations | 25.7 | 19.4 | 68.5 | 56.4 | ||||||||||
| Net income | $ 25.7 | $ 19.4 | $ 68.5 | $ 56.4 | ||||||||||
| X | ||||||||||
|
- Definition
The time lag before the results of operations of the equity method investment are included in the consolidated results of the reporting entity. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of days assumed in each second and third quarter for arriving at the interim closing dates. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of gross profit (loss) reported by an equity method investment of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income (loss) from continuing operations before extraordinary items reported by an equity method investment of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) reported by an equity method investment of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of revenue from sale of goods and services reduced by sales returns, allowances, and discounts reported by an equity method investment of the entity. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
|
ACQUISITION, DISCONTINUED OPERATIONS AND FORMATION OF SHANGHAI ELECTRIC JV (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 0 Months Ended | 12 Months Ended |
|---|---|---|---|
|
Sep. 29, 2012
|
Mar. 21, 2012
Flow Technology reportable segment
Seital
|
Mar. 31, 2012
Flow Technology reportable segment
Seital
|
|
| Acquisitions | |||
| Purchase price of the business acquired | $ 30.5 | $ 28.8 | |
| Cash acquired in business acquisition | 2.5 | ||
| Debt assumed in business acquisition | 0.8 | ||
| Revenues of the acquired business for the prior twelve months | $ 14.0 |
| X | ||||||||||
|
- Definition
The revenue of the acquiree for the twelve month period prior to the acquisition date. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of cash and cash equivalents acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to the noncurrent portion of the long-term debt assumed from the acquired entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ACQUISITION, DISCONTINUED OPERATIONS AND FORMATION OF SHANGHAI ELECTRIC JV (Details 2)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
USD ($)
|
Sep. 29, 2012
USD ($)
|
Sep. 28, 2013
USD ($)
|
Sep. 29, 2012
USD ($)
|
Dec. 31, 2012
USD ($)
|
Sep. 28, 2013
Shanghai Electric JV
|
Dec. 30, 2011
Shanghai Electric JV
|
Jun. 29, 2013
Dielectric
USD ($)
|
Jun. 29, 2013
Dielectric
Maximum
USD ($)
|
Sep. 28, 2013
Kayex
USD ($)
|
Mar. 30, 2013
Kayex
USD ($)
|
Dec. 31, 2012
Tianyu
USD ($)
|
Dec. 31, 2012
Tianyu
CNY
|
Jun. 29, 2013
Weil McLain Shandong
USD ($)
|
Mar. 30, 2013
Weil McLain Shandong
USD ($)
|
Dec. 31, 2012
Weil McLain Shandong
USD ($)
|
Sep. 28, 2013
SPX Service Solutions ("Service Solutions")
USD ($)
|
Dec. 31, 2012
SPX Service Solutions ("Service Solutions")
USD ($)
|
Sep. 28, 2013
SPX Service Solutions ("Service Solutions")
USD ($)
|
Sep. 28, 2013
Other businesses sold prior to the earliest date presented in the financial statements
USD ($)
|
Sep. 29, 2012
Other businesses sold prior to the earliest date presented in the financial statements
USD ($)
|
Sep. 28, 2013
Other businesses sold prior to the earliest date presented in the financial statements
USD ($)
|
Sep. 29, 2012
Other businesses sold prior to the earliest date presented in the financial statements
USD ($)
|
Dec. 30, 2011
Certain assets of dry cooling products business
Shanghai Electric JV
CNY
|
Jul. 31, 2013
Certain assets of dry cooling products business
Shanghai Electric JV
CNY
|
Dec. 31, 2012
Certain assets of dry cooling products business
Shanghai Electric JV
CNY
|
Jan. 31, 2012
Certain assets of dry cooling products business
Shanghai Electric JV
CNY
|
Mar. 31, 2012
Certain assets of dry cooling products business
Shanghai Electric JV
USD ($)
|
|
| Discontinued Operations | ||||||||||||||||||||||||||||
| Gain (loss) on sale of business, net of tax | $ 200,000 | $ (700,000) | $ (2,300,000) | $ (1,600,000) | $ 100,000 | $ 3,600,000 | $ (2,100,000) | $ (1,800,000) | $ 2,200,000 | $ 313,400,000 | ||||||||||||||||||
| Cash consideration, exclusive of cash transferred | 4,700,000 | 1 | 2,700,000 | |||||||||||||||||||||||||
| Cash consideration, gross | 6,900,000 | 1,134,900,000 | 19,400,000 | 25,800,000 | 51,500,000 | |||||||||||||||||||||||
| Cash transferred with discontinued business | 1,100,000 | 3,100,000 | ||||||||||||||||||||||||||
| Adjustment to gain (loss) on sale of discontinued operations, net of tax | (400,000) | (3,100,000) | (1,500,000) | (300,000) | (700,000) | (1,900,000) | (1,600,000) | |||||||||||||||||||||
| Working capital settlement | 1,100,000 | 800,000 | ||||||||||||||||||||||||||
| Income from discontinued operations and related income taxes | ||||||||||||||||||||||||||||
| Income from discontinued operations | 8,700,000 | 17,700,000 | 12,200,000 | 57,700,000 | ||||||||||||||||||||||||
| Income tax provision | (3,600,000) | (6,000,000) | (4,300,000) | (19,700,000) | ||||||||||||||||||||||||
| Income from discontinued operations, net of tax | 5,100,000 | 11,700,000 | 7,900,000 | 38,000,000 | ||||||||||||||||||||||||
| Results of operations for businesses reported as discontinued operations | ||||||||||||||||||||||||||||
| Revenues | 50,700,000 | 269,600,000 | 154,200,000 | 877,800,000 | ||||||||||||||||||||||||
| Pre-tax income | 8,300,000 | 18,800,000 | 15,000,000 | 60,500,000 | ||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||
| Accounts receivable, net | 28,400,000 | 28,400,000 | 21,200,000 | |||||||||||||||||||||||||
| Inventories, net | 40,900,000 | 40,900,000 | 32,700,000 | |||||||||||||||||||||||||
| Other current assets | 1,100,000 | 1,100,000 | 1,200,000 | |||||||||||||||||||||||||
| Property, plant and equipment, net | 16,800,000 | 16,800,000 | 16,200,000 | |||||||||||||||||||||||||
| Goodwill and intangibles, net | 70,600,000 | 70,600,000 | 71,300,000 | |||||||||||||||||||||||||
| Assets of discontinued operations | 157,800,000 | 157,800,000 | 142,600,000 | |||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||
| Accounts payable | 17,100,000 | 17,100,000 | 18,300,000 | |||||||||||||||||||||||||
| Accrued expenses | 14,400,000 | 14,400,000 | 16,600,000 | |||||||||||||||||||||||||
| Liabilities of discontinued operations | 31,500,000 | 31,500,000 | 34,900,000 | |||||||||||||||||||||||||
| Other information | ||||||||||||||||||||||||||||
| Interest acquired in joint venture (as a percent) | 45.00% | 45.00% | ||||||||||||||||||||||||||
| Dispositions, consideration to be received | 96,700,000 | |||||||||||||||||||||||||||
| Net gain associated with deconsolidation | $ 20,500,000 | $ 20,500,000 | ||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Represents the cash received (paid) from the working capital settlement associated with the acquired entity. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the consideration to be received in the sale of a business. No definition available.
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying amount of goodwill and carrying value (net of any accumulated amortization and write-downs) of intangible assets. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Reduction in cash due to no longer including the former subsidiary's cash in the consolidated entity's cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the gain (loss) recognized by the parent and included in its attributable portion of net income for the period due to deconsolidation of a subsidiary or derecognition of a group of assets. The gain (loss) recognized and included in the net income attributable to the parent for the period is generally computed as the difference between: (a) the aggregate of: (1) the fair value of any consideration received; (2) the fair value of any retained noncontrolling investment in the former subsidiary at the date the subsidiary was deconsolidated; and (3) the carrying amount of any noncontrolling interest in the former subsidiary (including any accumulated other comprehensive income attributable to the noncontrolling interest) at the date the subsidiary was deconsolidated and (b) the carrying amount of the former subsidiary's assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment, net of tax, to an amount previously reported in discontinued operations that is directly related to the disposal of the component in a prior period. Examples of circumstances leading to such adjustments include the resolution of contingencies relating to the terms of the disposal transaction or relating to the operations of the component prior to its disposal, and the settlement of certain employee benefit plan obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Pretax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), the aggregate of amounts due from customers or clients for goods or services that have been delivered or sold in the normal course of business and an amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection and net of any write-downs taken for collection uncertainty on the part of the holder, respectively. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying value of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying value of obligations incurred and payable pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include interest, rent, salaries, and utilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying amount of inventories (net of all valuation allowances and write-downs). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying amount of assets not otherwise specified in the taxonomy that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying value (net of accumulated depreciation and any write-downs) of tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of sales or other form of revenues attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from the sale of a portion of the company's business, for example a segment, division, branch or other business, during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the cash inflow during the period from the sale of a component of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of expenses at the corporate level which are not otherwise separately disclosed and are not allocated to the reportable segments or other operating segments for reporting purposes. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of goodwill and other intangible assets to fair value. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of countries in which the entity sells its products and services. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of operating income (loss) attributed to the reportable segment or other operating segments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the revenue recognized during the period using the percentage-of-completion method. No definition available.
|
| X | ||||||||||
|
- Definition
Amount charged against earnings in the period for incurred and estimated costs associated with an exit from business activities or restructuring pursuant to a duly authorized plan, excluding asset retirement obligations. Such costs include charges associated with employee terminations, lease terminations, asset impairments, etc. No definition available.
|
| X | ||||||||||
|
- Definition
Liability attributable to (i) billings in excess of costs under the percentage of completion contract accounting method representing the difference between contractually invoiced amounts (billings) and revenue recognized based, for example, on costs incurred to estimated total costs at period end or (ii) contractually invoiced amounts (billings) in excess of costs incurred and accumulated under the completed contract accounting method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Liability attributable to (i) billings in excess of costs under the percentage of completion contract accounting method representing the difference between contractually invoiced amounts (billings) and revenue recognized based, for example, on costs incurred to estimated total costs at period end or (ii) contractually invoiced amounts (billings) in excess of costs incurred and accumulated under the completed contract accounting method that are expected to be realized within one year or one operating cycle, whichever is longer, from the reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Liability attributable to (i) billings in excess of costs under the percentage of completion contract accounting method representing the difference between contractually invoiced amounts (billings) and revenue recognized based, for example, on costs incurred to estimated total costs at period end or (ii) contractually invoiced amounts (billings) in excess of costs incurred and accumulated under the completed contract accounting method that are expected to be realized more than one year or one operating cycle, whichever is longer, from the reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total amount included in cost of uncompleted contracts in excess of related billings, or unbilled accounts receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of countries in which the entity operates as of balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the number of locations consolidated during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of building leases terminated early during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Also includes integration reserves. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of cash paid in the period to fully or partially settle a specified, previously accrued type of restructuring or integration cost. No definition available.
|
| X | ||||||||||
|
- Definition
Reserve increase representing the amount charged against earnings in the period for a specified incurred and estimated type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Also includes the amount charged against earnings in the period for integration expenses. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of change in the restructuring and integration reserves related to foreign currency translation adjustments and any other adjustments not separately disclosed or provided for elsewhere in the Taxonomy. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of restructuring initiatives locations. No definition available.
|
| X | ||||||||||
|
- Definition
Amount charged against earnings in the period for incurred and estimated costs associated with an exit from business activities or restructuring pursuant to a duly authorized plan, excluding asset retirement obligations. Such costs include charges associated with employee terminations, lease terminations, asset impairments, etc. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of non-cash special charges that impact special charges but not restructuring and integration related liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount expected to be charged against earnings in the current and future periods for the specified restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
|
INVENTORIES, NET (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 28, 2013
|
Dec. 31, 2012
|
|---|---|---|
| INVENTORIES, NET | ||
| Finished goods | $ 160.0 | $ 127.7 |
| Work in process | 191.7 | 161.7 |
| Raw material and purchased parts | 238.6 | 253.2 |
| Total FIFO cost | 590.3 | 542.6 |
| Excess of FIFO cost over LIFO inventory value | (20.2) | (19.7) |
| Total inventories, net | $ 570.1 | $ 522.9 |
| Domestic inventories, valued using the last-in, first-out ("LIFO") method, as a percentage of total inventory | 23.00% | 18.00% |
| X | ||||||||||
|
- Definition
The amount of FIFO (first in first out) inventory present at the reporting date when inventory is also valued using different valuation methods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the difference between (a) inventory at the lower of LIFO cost or market and (b) inventory at replacement cost or at the lower of some acceptable inventory accounting method (such as FIFO or average cost), or market. If material, reflects an excess of replacement or current cost over stated LIFO value parenthetically on the balance sheet or in a note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of items purchased for use as components of a finished product or pieces of machinery and equipment plus any items in their natural and unrefined state. This element may be used when the reporting entity combines raw materials and purchased parts into an aggregate amount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of LIFO (last in first out) inventory to total inventory as of the balance sheet date if other than 100 percent. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the adjustments, during the period, to the accumulated impairments of Goodwill related to foreign currency translation and other adjustments. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the adjustments, during the period, to the net value of goodwill related to for foreign currency translation and other adjustments. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the adjustments, during the period, to the gross value of goodwill related to foreign currency translation and other adjustments. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, as of the balance sheet date, of the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable), in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The accumulated impairment losses related to goodwill as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
|
Dec. 31, 2012
|
Dec. 31, 2012
Clyde Union Holdings, SARL
|
Sep. 28, 2013
Clyde Union Holdings, SARL
|
Sep. 28, 2013
Flow Technology reportable segment
|
Dec. 31, 2012
Flow Technology reportable segment
|
Sep. 28, 2013
Thermal Equipment and Services reportable segment
|
Dec. 31, 2012
Thermal Equipment and Services reportable segment
|
Sep. 28, 2013
Industrial Products and Services and Other
|
Dec. 31, 2012
Industrial Products and Services and Other
|
Sep. 28, 2013
Trademarks
|
Dec. 31, 2012
Trademarks
|
Mar. 30, 2013
Trademarks
Clyde Union Holdings, SARL
|
Sep. 28, 2013
Patents
|
Dec. 31, 2012
Patents
|
Sep. 28, 2013
Technology
|
Dec. 31, 2012
Technology
|
Sep. 28, 2013
Customer relationships
|
Dec. 31, 2012
Customer relationships
|
Sep. 28, 2013
Other
|
Dec. 31, 2012
Other
|
|
| Intangible assets with determinable lives | |||||||||||||||||||||
| Gross carrying value of finite-lived intangible assets | $ 641.9 | $ 643.1 | $ 8.6 | $ 8.6 | $ 195.0 | $ 190.3 | $ 409.1 | $ 415.2 | $ 29.2 | $ 29.0 | |||||||||||
| Accumulated Amortization | (148.9) | (123.6) | (8.2) | (8.0) | (49.6) | (41.4) | (73.8) | (58.1) | (17.3) | (16.1) | |||||||||||
| Net carrying value of finite-lived intangible assets | 493.0 | 519.5 | 437.4 | 48.5 | 7.1 | 0.4 | 0.6 | 145.4 | 148.9 | 335.3 | 357.1 | 11.9 | 12.9 | ||||||||
| Intangible assets with indefinite lives | |||||||||||||||||||||
| Trademarks | 289.3 | 126.2 | 18.7 | 434.2 | 435.8 | ||||||||||||||||
| Total intangible assets | |||||||||||||||||||||
| Gross Carrying Value | 1,076.1 | 1,078.9 | |||||||||||||||||||
| Net Carrying Value | 927.2 | 955.3 | |||||||||||||||||||
| Percentage of fair value of goodwill in excess of carrying value | 2.00% | ||||||||||||||||||||
| Goodwill | 1,511.9 | 1,509.8 | 387.0 | 1,116.3 | 1,114.6 | 169.6 | 168.0 | 226.0 | 227.2 | ||||||||||||
| Impairment charges | $ 2.0 | $ 2.0 | |||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the percentage of the fair value of goodwill in excess of its carrying value. No definition available.
|
| X | ||||||||||
|
- Definition
Amount before accumulated amortization of intangible assets, excluding goodwill. No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of assets (excluding financial assets) that lack physical substance, excluding goodwill, having a projected indefinite period of benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
WARRANTY (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
|
| Analysis of product warranty accrual | ||
| Balance at beginning of period | $ 59.7 | $ 55.7 |
| Provision | 15.1 | 16.6 |
| Usage | (22.4) | (18.8) |
| Balance at end of period | 52.4 | 53.5 |
| Less: Current portion of warranty | 42.6 | 43.7 |
| Non-current portion of warranty | $ 9.8 | $ 9.8 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and due after one year (or beyond the operating cycle if longer) for estimated claims under standard and extended warranty protection rights granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the aggregate decrease in the liability related to payments to satisfy claims for standard and extended product warranties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the aggregate increase in the liability for accruals related to standard and extended product warranties issued during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the annual reduction in pension expense resulting from a discretionary contribution made to one of our domestic pension plans. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the total amount of net periodic benefit (cost) for defined benefit plans for the period related to discontinued operations. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in pension liability related to discretionary contribution. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash or cash equivalents contributed by the entity to fund its pension plans related to businesses classified as discontinued operations. No definition available.
|
| X | ||||||||||
|
- Definition
For continuing operations, the amount of pension and other (such as medical, dental and life insurance) postretirement benefit costs recognized during the period for defined benefit plans (periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss) on assets, prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments). No definition available.
|
| X | ||||||||||
|
- Definition
The amount of gains or losses recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net gain (loss) recognized in net periodic benefit cost as a result of an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash or cash equivalents contributed by the entity to fund its pension plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the amount of debt which is repayable in quarterly installments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the percentage of initial principal amount which the entity will repay within the first full fiscal year following the date of the most recent balance sheet presented in the financial statements. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of initial principal amount which the entity within the second full fiscal year following the date of the most recent balance sheet presented in the financial statements. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of initial principal amount which the entity will repay as at the end of first quarter of the third full fiscal year following the date of the most recent balance sheet presented in the financial statements. No definition available.
|
| X | ||||||||||
|
- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal through the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease for amounts repaid on the debt instrument for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Increase of additional borrowings on existing and new debt instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net increase or decrease in the carrying amount of the debt instrument for the period for reasons other than accrued but unpaid interest, additional borrowings, forgiveness and repayments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the aggregate of total long-term debt, including current maturities and short-term debt. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount at the balance sheet date of borrowings from a bank, not elsewhere enumerated in the taxonomy, with a maturity within one year (or within one operating cycle if longer) from the date of borrowing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
INDEBTEDNESS (Details 2) (USD $)
In Millions, unless otherwise specified |
Sep. 28, 2013
|
|---|---|
|
Senior credit facility
|
|
| Credit Facilities | |
| Weighted-average interest rate of senior credit facilities (as a percent) | 2.30% |
|
Domestic revolving credit facility
|
|
| Credit Facilities | |
| Letters of credit issued, amount outstanding | $ 61.3 |
|
Foreign credit instrument facility
|
|
| Credit Facilities | |
| Letters of credit issued, amount outstanding | 675.2 |
|
Letters of credit under separate arrangements in China and India
|
|
| Credit Facilities | |
| Letters of credit issued, amount outstanding | $ 6.7 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of debt outstanding by type or by instrument at that time. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
|
|
FINANCIAL INSTRUMENTS (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
FX forward contracts
|
Dec. 31, 2012
FX forward contracts
|
Sep. 28, 2013
FX forward contracts
Minimum
|
Sep. 28, 2013
FX forward contracts
Maximum
|
Sep. 28, 2013
FX embedded derivatives
|
Dec. 31, 2012
FX embedded derivatives
|
Sep. 28, 2013
Commodity contracts
lb
|
Dec. 31, 2012
Commodity contracts
lb
|
|
| Derivative disclosures | ||||||||
| Aggregate notional amount | $ 138.7 | $ 107.3 | $ 128.9 | $ 96.3 | ||||
| Derivative contract maturity period | 1 year | 2 years | ||||||
| Unrealized gain (loss), net of tax, recorded in AOCI related to commodity and FX forward contracts | (1.7) | (3.4) | (0.4) | 0.1 | ||||
| Unrealized loss reclassified into income over the next 12 months | $ 1.3 | |||||||
| Notional amount of commodity contracts (in pounds of copper) | 3,700,000 | 3,300,000 | ||||||
| X | ||||||||||
|
- Definition
Represents the period of maturity of derivative contract. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the aggregate notional amount of price risk derivatives for instruments with notional amounts expressed in nonmonetary units. No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of foreign currency exchange rate derivatives. Notional amount refers to the number of currency units specified in the foreign currency derivative contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated net amount of unrealized gains or losses on price risk cash flow hedges as of the balance sheet date expected to be reclassified to earnings within the next twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
FINANCIAL INSTRUMENTS (Details 2) (USD $)
In Millions, unless otherwise specified |
Sep. 28, 2013
|
Dec. 31, 2012
|
|---|---|---|
|
FX forward contracts
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | $ 0.6 | $ 0.3 |
| Gross liabilities | (0.6) | (0.5) |
| Net assets / liabilities | (0.2) | |
|
FX forward contracts | Counterparty A
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | 0.5 | 0.2 |
| Gross liabilities | (0.3) | |
| Net assets / liabilities | 0.5 | (0.1) |
|
FX forward contracts | Counterparty B
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | 0.1 | 0.1 |
| Gross liabilities | (0.6) | (0.2) |
| Net assets / liabilities | (0.5) | (0.1) |
|
Derivative contracts designated as hedging instruments | FX forward contracts
|
||
| Fair value of derivative financial instruments | ||
| Net assets / liabilities | 0.1 | (0.2) |
|
Derivative contracts designated as hedging instruments | FX forward contracts | Other current assets
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | 0.1 | 0.1 |
|
Derivative contracts designated as hedging instruments | FX forward contracts | Accrued expenses
|
||
| Fair value of derivative financial instruments | ||
| Gross liabilities | (0.3) | |
|
Derivative contracts designated as hedging instruments | Commodity contracts | Counterparty A
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | 0.1 | 0.3 |
| Gross liabilities | (0.1) | |
| Net assets / liabilities | 0.1 | 0.2 |
|
Derivative contracts not designated as hedging instruments | FX forward contracts
|
||
| Fair value of derivative financial instruments | ||
| Net assets / liabilities | (0.1) | |
|
Derivative contracts not designated as hedging instruments | FX forward contracts | Other current assets
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | 0.4 | 0.1 |
|
Derivative contracts not designated as hedging instruments | FX forward contracts | Accrued expenses
|
||
| Fair value of derivative financial instruments | ||
| Gross liabilities | (0.5) | (0.1) |
|
Derivative contracts not designated as hedging instruments | FX embedded derivatives
|
||
| Fair value of derivative financial instruments | ||
| Net assets / liabilities | (5.3) | (10.4) |
|
Derivative contracts not designated as hedging instruments | FX embedded derivatives | Other current assets
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | 0.6 | 0.3 |
|
Derivative contracts not designated as hedging instruments | FX embedded derivatives | Other noncurrent assets
|
||
| Fair value of derivative financial instruments | ||
| Gross assets | 0.8 | |
|
Derivative contracts not designated as hedging instruments | FX embedded derivatives | Accrued expenses
|
||
| Fair value of derivative financial instruments | ||
| Gross liabilities | (6.1) | (0.9) |
|
Derivative contracts not designated as hedging instruments | FX embedded derivatives | Other long-term liabilities
|
||
| Fair value of derivative financial instruments | ||
| Gross liabilities | $ (0.6) | $ (9.8) |
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of the net amount of all assets and liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
FINANCIAL INSTRUMENTS (Details 3) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
|
Sep. 29, 2012
|
|
|
Cash flow hedge
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) recognized in AOCI, pre-tax | $ 0.6 | $ 0.2 | $ (5.7) | $ (0.2) |
| Amount of gain (loss) reclassified from AOCI to income, pre-tax | (2.7) | (0.5) | (3.5) | (1.9) |
|
Cash flow hedge | Other income (expense), net
|
||||
| Derivative instrument disclosures | ||||
| Derivative gains (losses) recognized in other income (expense), net, relating to derivative ineffectiveness and amounts excluded from effectiveness testing | 0.2 | 0.2 | 0.3 | |
|
Cash flow hedge | FX forward contracts
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) recognized in AOCI, pre-tax | (0.2) | (0.6) | (4.2) | (1.2) |
|
Cash flow hedge | FX forward contracts | Revenues
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) reclassified from AOCI to income, pre-tax | (2.1) | (0.8) | (3.0) | (1.2) |
|
Cash flow hedge | Commodity contracts
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) recognized in AOCI, pre-tax | 0.8 | 0.8 | (1.5) | 1.0 |
|
Cash flow hedge | Commodity contracts | Cost of products sold
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) reclassified from AOCI to income, pre-tax | (0.6) | 0.3 | (0.5) | (0.7) |
|
Derivative contracts not designated as hedging instruments
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) recognized in income | 0.1 | 3.9 | (1.1) | |
|
Derivative contracts not designated as hedging instruments | FX forward contracts | Other income (expense), net
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) recognized in income | 0.9 | 1.8 | (1.0) | 2.0 |
|
Derivative contracts not designated as hedging instruments | FX embedded derivatives | Other income (expense), net
|
||||
| Derivative instrument disclosures | ||||
| Amount of gain (loss) recognized in income | $ (0.8) | $ (1.8) | $ 4.9 | $ (3.1) |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The effective portion of net gain (loss) reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments representing (a) the amount of the hedge ineffectiveness and (b) the amount, if any, excluded from the assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
EQUITY AND STOCK-BASED COMPENSATION (Details)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
|
Sep. 29, 2012
|
|
| Earnings Per Share | ||||
| Weighted-average number of common shares used in basic income per share | 44,709 | 49,958 | 45,592 | 50,174 |
| Dilutive securities - employee stock options, restricted stock shares and restricted stock units | 328 | 80 | 548 | 625 |
| Weighted-average number of common shares and dilutive securities used in diluted income per share | 45,037 | 50,038 | 46,140 | 50,799 |
|
Stock options
|
||||
| Stock-Based Compensation | ||||
| Number of options or units that were excluded from the computation of diluted income per share | 3 | 3 | ||
|
Unvested restricted stock units
|
||||
| Stock-Based Compensation | ||||
| Number of options or units that were excluded from the computation of diluted income per share | 857 | 1,784 | 758 | 931 |
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
EQUITY AND STOCK-BASED COMPENSATION (Details 2) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
|
Sep. 29, 2012
|
|
| Stock-based Compensation | ||||
| Compensation expense | $ 3.7 | $ 5.6 | $ 29.3 | $ 33.9 |
| Related tax benefit | $ 1.4 | $ 2.2 | $ 10.7 | $ 12.9 |
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
EQUITY AND STOCK-BASED COMPENSATION (Details 3) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Jun. 29, 2013
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Sep. 28, 2013
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Dec. 31, 2012
EGS Electrical Group, LLC and Subsidiaries ("EGS")
|
Sep. 28, 2013
Total
|
Sep. 28, 2013
Total
|
Sep. 28, 2013
Foreign Currency Translation Adjustment
|
Sep. 28, 2013
Foreign Currency Translation Adjustment
|
Sep. 28, 2013
Net Unrealized Losses on Qualifying Cash Flow Hedges
|
Jun. 29, 2013
Net Unrealized Losses on Qualifying Cash Flow Hedges
|
Sep. 28, 2013
Net Unrealized Losses on Qualifying Cash Flow Hedges
|
Dec. 31, 2012
Net Unrealized Losses on Qualifying Cash Flow Hedges
|
Sep. 28, 2013
Net Unrealized Losses on Available-for-Sale Securities
|
Sep. 28, 2013
Net Unrealized Losses on Available-for-Sale Securities
|
Sep. 28, 2013
Pension and Postretirement Liability Adjustment and Other
|
Jun. 29, 2013
Pension and Postretirement Liability Adjustment and Other
|
Sep. 28, 2013
Pension and Postretirement Liability Adjustment and Other
|
Dec. 31, 2012
Pension and Postretirement Liability Adjustment and Other
|
|
| Components of Accumulated Other Comprehensive Loss | |||||||||||||||||||||
| Balance at beginning of period | $ (228.9) | $ (287.8) | $ (228.9) | $ 225.8 | $ 298.1 | $ (4.4) | $ (3.3) | $ (3.3) | $ (3.8) | $ (3.1) | $ (505.4) | $ (520.6) | $ (520.6) | ||||||||
| Other comprehensive gain (loss) before reclassifications | 66.5 | (5.9) | 70.1 | (2.2) | 0.5 | (1.1) | (0.8) | (1.5) | (3.3) | (1.1) | |||||||||||
| Amounts reclassified from accumulated other comprehensive loss | 8.3 | 21.8 | 1.8 | 2.3 | 6.5 | 19.5 | |||||||||||||||
| Current-period other comprehensive gain (loss) | 74.8 | 15.9 | 70.1 | (2.2) | 2.3 | 1.2 | (0.8) | (1.5) | 3.2 | 18.4 | |||||||||||
| Balance at end of period | (213.0) | (213.0) | (213.0) | (213.0) | 295.9 | 295.9 | (2.1) | (4.4) | (2.1) | (3.3) | (4.6) | (4.6) | (502.2) | (505.4) | (502.2) | (520.6) | |||||
| Net unrealized gain (loss) on qualifying cash flow hedges, tax benefit (provision) | 2.9 | 1.9 | 2.5 | ||||||||||||||||||
| Pension and postretirement liability adjustment and other, tax benefit | $ 3.3 | $ 2.5 | $ 10.9 | $ 7.6 | $ 5.0 | $ 5.0 | $ 3.8 | $ 310.9 | $ 307.6 | $ 318.5 | |||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount after tax, before reclassification adjustments of other comprehensive income (loss). No definition available.
|
| X | ||||||||||
|
- Definition
Amount after tax of reclassification adjustments of other comprehensive income (loss). No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax amount of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect, net of reclassification adjustments, of pension and other postretirement benefit plans (gain) loss included in accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
EQUITY AND STOCK-BASED COMPENSATION (Details 4) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
|
Sep. 29, 2012
|
|
| Amounts reclassified from each component of accumulated comprehensive income | ||||
| Revenues | $ 1,145.8 | $ 1,176.7 | $ 3,398.2 | $ 3,465.0 |
| Cost of products sold | 810.8 | 858.9 | 2,443.6 | 2,542.4 |
| Selling, general and administrative | 233.4 | 226.0 | 736.5 | 732.3 |
| Pre-tax | (69.3) | (58.1) | (115.8) | (110.2) |
| Income taxes | 12.3 | 9.6 | 17.2 | 27.0 |
| Amounts reclassified from accumulated other comprehensive loss | (62.1) | (60.2) | (106.5) | (121.2) |
|
Losses on qualifying cash flow hedges | Amount Reclassified from AOCI
|
||||
| Amounts reclassified from each component of accumulated comprehensive income | ||||
| Pre-tax | 2.8 | 3.5 | ||
| Income taxes | (1.0) | (1.2) | ||
| Amounts reclassified from accumulated other comprehensive loss | 1.8 | 2.3 | ||
|
Losses on qualifying cash flow hedges | FX forward contracts | Amount Reclassified from AOCI
|
||||
| Amounts reclassified from each component of accumulated comprehensive income | ||||
| Revenues | 2.2 | 3.0 | ||
|
Losses on qualifying cash flow hedges | Commodity contracts | Amount Reclassified from AOCI
|
||||
| Amounts reclassified from each component of accumulated comprehensive income | ||||
| Cost of products sold | 0.6 | 0.5 | ||
|
Unrecognized losses and prior service credits | Amount Reclassified from AOCI
|
||||
| Amounts reclassified from each component of accumulated comprehensive income | ||||
| Cost of products sold | 4.5 | 14.2 | ||
| Selling, general and administrative | 5.9 | 16.9 | ||
| Pre-tax | 10.4 | 31.1 | ||
| Income taxes | (3.9) | (11.6) | ||
| Amounts reclassified from accumulated other comprehensive loss | $ 6.5 | $ 19.5 | ||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
EQUITY AND STOCK-BASED COMPENSATION (Details 5) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified |
0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
|---|---|---|---|---|---|
|
Feb. 16, 2012
|
Jan. 31, 2013
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Dec. 31, 2012
|
|
| Total cash consideration paid for common stock repurchased | $ 249.0 | $ 75.0 | |||
| Common Stock in Treasury | |||||
| Treasury stock decreased by the settlement of restricted stock units | 14.1 | 3.9 | |||
| Increase in treasury stock for common stock surrendered by recipients of restricted stock as a means of funding minimum income tax withholding | 11.0 | 1.8 | |||
|
Common Stock In Treasury
|
|||||
| Authorized repurchase amount under the written trading plan | 350.0 | ||||
| Common stock repurchased (in shares) | 1,514 | 1,864 | 3,606 | ||
| Total cash consideration paid for common stock repurchased | $ 104.4 | $ 144.6 | $ 75.0 | $ 245.6 | |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of adjustment to stockholders' equity associated with an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount authorized by an entity's Board of Directors under a stock repurchase plan. No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents value of amortization of restricted stock and restricted stock units recognized over the vesting period. No definition available.
|
| X | ||||||||||
|
- Definition
Represents value of amortization of restricted stock and restricted stock units recognized over the vesting period, including amounts recorded to discontinued operations, if any. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net effect of other changes in noncontrolling interest balance. No definition available.
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period as a result of the exercise of stock options and value of stock issued through a defined contribution plan, net of any related income tax benefit or expense recognized by the entity. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of common stock cash dividends declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Disclosure of the aggregate tax benefit realized from the exercise of stock options and the conversion of similar instruments during the annual period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax amount of the appreciation (loss) in the value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments amount of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect, net of reclassification adjustments, of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassifications amount of pension and other postretirement benefit plans (gain) loss included in accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect, net of reclassification adjustments, of pension and other postretirement benefit plans (gain) loss included in accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The value of restricted shares issued as compensation, net of the value of shares for the payment of withholding taxes. This element is to be used only if shares are used in lieu of cash to satisfy all or a portion of withholding taxes. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONTINGENT LIABILITIES AND OTHER MATTERS (Details)
In Millions, unless otherwise specified |
9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
USD ($)
|
Sep. 28, 2013
GBP (£)
|
Dec. 31, 2012
USD ($)
|
Dec. 22, 2011
Clyde Union
Minimum
GBP (£)
|
Dec. 22, 2011
Clyde Union
Maximum
GBP (£)
|
Sep. 28, 2013
Flow Technology Reportable Segment
Clyde Union
GBP (£)
item
|
Dec. 22, 2011
Flow Technology Reportable Segment
Clyde Union
GBP (£)
|
Sep. 28, 2013
Risk management matters
USD ($)
|
Dec. 31, 2012
Risk management matters
USD ($)
|
|
| Contingencies and other matters | |||||||||
| Carrying values of accruals | $ 548.8 | $ 548.6 | $ 502.5 | $ 501.3 | |||||
| Accruals included in other long-term liabilities | 499.8 | 497.0 | |||||||
| Insurance recovery assets | 432.8 | 430.6 | |||||||
| Initial payment | 500.0 | ||||||||
| Debt assumed and other adjustments | 11.0 | ||||||||
| Potential earn-out payment equal to number of times of Group EBITDA | 10 | ||||||||
| Deduction from Group EBITDA x 10 | 475.0 | ||||||||
| Earn-out payment | £ 0 | £ 0 | £ 250.0 | ||||||
| X | ||||||||||
|
- Definition
Represents the initial payment to acquire the entity. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of deduction from Group EBITDA multiplied by ten. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the potential earn-out payment equal to number of times of Group EBITDA. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of acquisition cost of a business combination allocated to the debt assumed and other adjustments from the acquired entity. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of potential cash payments that could result from the contingent consideration arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The carrying amount as of the balance sheet date of the combined total of loss contingency liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the carrying amount as of the balance sheet date of the combined total of loss contingency liabilities which is expected to be resolved after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the carrying amount as of the balance sheet date of a recorded receivable related to a loss contingency accrual that is expected to be collected after one year or beyond the normal operating cycle, if longer. For example, an insurance recovery receivable to the extent that the insurance recovery is probable and does not exceed the amount of the loss previously recognized in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONTINGENT LIABILITIES AND OTHER MATTERS (Details 2) (Site investigation and remediation)
|
Sep. 28, 2013
site
|
Dec. 31, 2012
site
|
|---|---|---|
|
Site investigation and remediation
|
||
| Environmental Matters | ||
| Number of sites | 94 | 95 |
| Number of third-party disposal sites for which entity is potentially responsible | 23 | 23 |
| Number of active sites | 6 | 6 |
| X | ||||||||||
|
- Definition
Represents the number of offsite, third-party disposal sites which have been active in the past few years. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of sites which have liabilities for site investigation and remediation. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of offsite, third-party disposal sites for which the entity is potentially responsible and have received notices of potential liability pursuant to various environmental laws. No definition available.
|
| X | ||||||||||
|
- Details
|
|
CONTINGENT LIABILITIES AND OTHER MATTERS (Details 3) (Consortium arrangements, Thermal Equipment and Services reportable segment, USD $)
In Millions, unless otherwise specified |
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Sep. 28, 2013
|
Dec. 31, 2012
|
|
|
Consortium arrangements | Thermal Equipment and Services reportable segment
|
||
| Collaborative Arrangements | ||
| Entity's share of the aggregate contract value on open consortium arrangements | $ 257.5 | $ 264.4 |
| Percentage of entity's share of the aggregate contract value, recognized as revenue | 68.00% | 62.00% |
| Aggregate contract value on open consortium arrangements | 697.3 | 740.9 |
| Estimated fair value of potential obligation recorded as a liabilities | $ 1.5 | $ 1.5 |
| X | ||||||||||
|
- Definition
Represents the aggregate contract value on open consortium arrangements. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the entity's share of aggregate contract value on open consortium arrangements. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the estimated fair value of potential obligation under the joint and several liability provisions associated with consortium arrangements, recorded as a liability. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of entity's share of aggregate contract value which had been recognized as revenue. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the period (in months) within which the audit for prior year federal income tax returns is not expected to be concluded. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the maximum period for which the impact on state income tax returns of any federal changes remains subject to examination by various states, after formal notification to the states. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of expense or benefit from audit settlements and statute expirations. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the income tax expense or benefit associated with the deconsolidation of the foreign business. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the income tax (expense) benefits resulting from the lapse of applicable statutes of limitations. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the income tax expense or benefit associated with the foreign tax credits. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the income tax expense or benefit associated with reduction in deferred tax liabilities resulting from the newly enacted corporate tax rate in the United Kingdom. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the income tax expense or benefit associated with research and experimentation credits. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the income tax expense or benefit associated with valuation Allowances recorded against deferred income tax assets. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the period during which state income tax returns are subject to examination after filing of the tax returns. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the net (net of applicable income tax effect) amount of interest expense accrued as of the date of statement of financial position for underpayment of income taxes, computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity. No definition available.
|
| X | ||||||||||
|
- Definition
The net amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The estimated lower bound of the reasonably possible change in the total amount of the unrecognized tax benefit (that will significantly increase or decrease within twelve months of the balance sheet date) for a tax position taken. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated upper bound of the reasonably possible change in the total amount of the unrecognized tax benefit (that will significantly increase or decrease within twelve months of the balance sheet date) for a tax position taken. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the amount of interest expense accrued as of the date of the statement of financial position for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
FAIR VALUE (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
|
Sep. 29, 2012
|
Sep. 28, 2013
Senior notes
Carrying Amount
Nonrecurring basis
|
Dec. 31, 2012
Senior notes
Carrying Amount
Nonrecurring basis
|
Sep. 28, 2013
Senior notes
Fair Value
Nonrecurring basis
|
Dec. 31, 2012
Senior notes
Fair Value
Nonrecurring basis
|
Sep. 28, 2013
Term loan
Carrying Amount
Nonrecurring basis
|
Dec. 31, 2012
Term loan
Carrying Amount
Nonrecurring basis
|
Sep. 28, 2013
Term loan
Fair Value
Nonrecurring basis
|
Dec. 31, 2012
Term loan
Fair Value
Nonrecurring basis
|
Sep. 28, 2013
Other indebtedness
Carrying Amount
Nonrecurring basis
|
Dec. 31, 2012
Other indebtedness
Carrying Amount
Nonrecurring basis
|
Sep. 28, 2013
Other indebtedness
Fair Value
Nonrecurring basis
|
Dec. 31, 2012
Other indebtedness
Fair Value
Nonrecurring basis
|
Sep. 28, 2013
Quoted Prices in Active Markets for Identical Assets (Level 1)
Other assets - Investments in equity securities and FX embedded derivatives
Recurring basis
|
Dec. 31, 2012
Quoted Prices in Active Markets for Identical Assets (Level 1)
Other assets - Investments in equity securities
Recurring basis
|
Sep. 28, 2013
Significant Observable Inputs (Level 2)
Other current assets - FX embedded derivatives, FX forward contracts and commodity contracts
Recurring basis
|
Dec. 31, 2012
Significant Observable Inputs (Level 2)
Other current assets - FX embedded derivatives, FX forward contracts and commodity contracts
Recurring basis
|
Sep. 28, 2013
Significant Observable Inputs (Level 2)
Other assets - Investments in equity securities and FX embedded derivatives
Recurring basis
|
Sep. 28, 2013
Significant Observable Inputs (Level 2)
Accrued expenses - FX embedded derivatives and FX forward contracts
Recurring basis
|
Dec. 31, 2012
Significant Observable Inputs (Level 2)
Accrued expenses - FX embedded derivatives and FX forward contracts
Recurring basis
|
Sep. 28, 2013
Significant Observable Inputs (Level 2)
Other long-term liabilities - FX embedded derivatives
Recurring basis
|
Dec. 31, 2012
Significant Observable Inputs (Level 2)
Other long-term liabilities - FX embedded derivatives
Recurring basis
|
Sep. 28, 2013
Significant Unobservable Inputs (Level 3)
Recurring basis
|
Sep. 29, 2012
Significant Unobservable Inputs (Level 3)
Recurring basis
|
Sep. 28, 2013
Significant Unobservable Inputs (Level 3)
Other assets - Investments in equity securities and FX embedded derivatives
Recurring basis
|
Dec. 31, 2012
Significant Unobservable Inputs (Level 3)
Other assets - Investments in equity securities
Recurring basis
|
|
| FAIR VALUE | |||||||||||||||||||||||||||||
| Asset transfers between levels | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
| Liability transfers between levels | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
| Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||||||||
| Fair value of derivative assets | 2.1 | 3.6 | 1.2 | 0.7 | 0.8 | 1.7 | 7.5 | ||||||||||||||||||||||
| Fair value of derivative liability | 6.6 | 1.3 | 0.6 | 9.8 | |||||||||||||||||||||||||
| Reconciliation of investment in equity securities measured at fair value using significant unobservable inputs | |||||||||||||||||||||||||||||
| Balance at beginning of period | 7.5 | 7.8 | |||||||||||||||||||||||||||
| Cash consideration received | (5.2) | ||||||||||||||||||||||||||||
| Unrealized losses recorded to earnings | (0.6) | (0.2) | |||||||||||||||||||||||||||
| Balance at end of period | 1.7 | 7.6 | |||||||||||||||||||||||||||
| Fair value of other financial liabilities | |||||||||||||||||||||||||||||
| Fair value of debt instruments | $ 1,100.0 | $ 1,100.0 | $ 1,202.9 | $ 1,217.8 | $ 475.0 | $ 475.0 | $ 475.0 | $ 475.0 | $ 36.2 | $ 34.7 | $ 36.2 | $ 34.7 | |||||||||||||||||
| X | ||||||||||
|
- Definition
Represents the transfer of assets between the levels of fair value hierarchy that have taken place during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the transfer of liabilities between the levels of fair value hierarchy that have taken place during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of sales and settlements of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in earnings, arising from assets measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents an asset measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|