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Consolidated Statements Of Earnings (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenue:                      
Product                 $ 3,242.3 $ 3,447.5 $ 3,856.9
Service                 425.3 350.1 316.1
Total revenue 1,006.1 890.5 886.7 884.3 967.4 919.2 918.6 992.5 3,667.6 3,797.6 4,173.0
Cost of Revenue:                      
Product                 1,880.3 2,064.0 2,339.2
Service                 321.9 284.0 265.2
Restructuring-related costs                 21.5 47.8 4.5
Total Cost of revenue                 2,223.7 2,395.8 2,608.9
Gross profit 417.8 [1] 347.9 [1] 341.9 [1] 336.4 [1] 338.3 [2] 318.6 [2] 362.1 [2] 382.8 [2] 1,443.9 1,401.8 1,564.1
Research and development                 287.2 369.1 405.9
Selling, general and administrative                 810.1 805.1 788.5
Gain on sale of inkjet-related techology and assets     (73.5)           (73.5) 0 0
Restructuring and related charges                 10.9 36.1 2.0
Operating expense                 1,034.7 1,210.3 1,196.4
Operating income 150.8 [1] 60.6 [1] 135.6 [1] 62.3 [1] 60.6 [2] (30.8) [2] 66.3 [2] 95.4 [2] 409.2 191.5 367.7
Interest expense (income), net                 33.0 29.6 29.9
Other expense (income), net                 4.5 (0.5) (0.6)
Loss on extinguishment of debt                 3.3 0 0
Earnings before income taxes                 368.4 162.4 338.4
Provision for income taxes                 106.6 54.8 63.2
Net earnings $ 94.0 [1] $ 33.7 [1] $ 94.1 [1] $ 40.0 [1] $ 26.3 [2] $ (26.3) [2] $ 43.0 [2] $ 64.6 [2] $ 261.8 $ 107.6 $ 275.2
Net earnings per share:                      
Basic $ 1.51 [1],[3] $ 0.54 [1],[3],[4] $ 1.49 [1],[3],[5] $ 0.63 [1],[3],[6] $ 0.41 [2],[3] $ (0.39) [2],[3] $ 0.61 [2],[3] $ 0.91 [2],[3] $ 4.16 $ 1.57 $ 3.57
Diluted $ 1.48 [1],[3] $ 0.53 [1],[3] $ 1.47 [1],[3] $ 0.62 [1],[3] $ 0.40 [2],[3] $ (0.38) [2],[3] $ 0.60 [2],[3] $ 0.89 [2],[3] $ 4.08 $ 1.55 $ 3.53
Shares used in per share calculation:                      
Basic                 63.0 68.6 77.1
Diluted                 64.1 69.5 77.9
Cash dividends declared per common share $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.25 $ 1.2 $ 1.15 $ 0.25
[1] For the first quarter of 2013, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses increased gross profit by $1.8 million, operating income by $8.3 million, net earnings by $5.2 million, basic EPS by $0.08, and diluted EPS by $0.09. For the second quarter of 2013, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses increased gross profit by $1.7 million, operating income by $8.3 million, net earnings by $5.2 million, basic EPS by $0.08, and diluted EPS by $0.08. For the third quarter of 2013, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses increased gross profit by $1.7 million, operating income by $8.3 million, net earnings by $5.2 million, basic EPS by $0.09, and diluted EPS by $0.08. For the fourth quarter of 2013, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses increased gross profit by $19.2 million, operating income by $90.9 million, net earnings by $55.7 million, basic EPS by $0.89, and diluted EPS by $0.88. Net earnings for the first quarter of 2013 included $9.1 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans and $15.7 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions. Net earnings for the second quarter of 2013 included a $73.5 million pre-tax Gain on sale of inkjet-related technology and assets, $13.3 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans, and $16.2 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions. Net earnings for the third quarter of 2013 included $17.7 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans and $19.1 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions. Net earnings for the fourth quarter of 2013 included $14.4 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans, $23.5 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions, and a pension and other postretirement benefit plan net gain of $83.0 million.
[2] For the first quarter of 2012, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses increased gross profit by $1.4 million, operating income by $6.0 million, net earnings by $3.8 million, basic EPS by $0.06, and diluted EPS by $0.05. For the second quarter of 2012, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses increased gross profit by $1.4 million, operating income by $6.1 million, net earnings by $3.8 million, basic EPS by $0.06, and diluted EPS by $0.05. For the third quarter of 2012, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses decreased gross profit by $9.8 million, operating income by $43.1 million, net earnings by $26.3 million, basic EPS by $0.39, and diluted EPS by $0.38. For the fourth quarter of 2012, the retrospective application of the accounting change for pension and other postretirement benefit plan asset and actuarial gains and losses increased gross profit by $8.8 million, operating income by $35.4 million, net earnings by $20.0 million, basic EPS by $0.31, and diluted EPS by $0.30. Net earnings for the first quarter of 2012 included $10.0 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans and $9.3 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions. Net earnings for the second quarter of 2012 included $9.6 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans and $20.6 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions. Net earnings for the third quarter of 2012 included $69.1 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans, $15.3 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions, and a pension and other postretirement benefit plan net loss upon interim remeasurement of $49.6 million. Net earnings for the fourth quarter of 2012 included $33.1 million of pre-tax restructuring charges and project costs in connection with the Company's restructuring plans, $15.2 million of pre-tax charges in connection with intangible amortization and integration costs associated with the Company's acquisitions, and a pension and other postretirement benefit plan net gain of $27.8 million.
[3] The sum of the quarterly earnings per share amounts does not necessarily equal the annual earnings per share due to changes in average share calculations. This is in accordance with prescribed reporting requirements.
[4] The in-process technology was not subject to amoritzation at the acquisition date, but began amortizing upon completion of the projects in 2012.
[5] Includes $78.6.0 million cash dividend paid in 2012 as well as $2.5 million dividend equivalent units granted
[6] Includes $75.3 million cash dividend paid in 2013 as well as $2.8 million dividend equivalent units granted