XML 39 R57.htm IDEA: XBRL DOCUMENT v2.4.0.8
Significant Accounting Policies (Accounting Methodology Change For Pension And Other Postretirement Benefit Plans) (Details) (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
Consolidated Statements Of Comprehensive Earnings [Abstract]                      
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
Other comprehensive earnings (loss):                      
Foreign currency translation adjustment (net of tax benefit (liability))                 (32.0) 14.7 (29.2)
Pension or other postretirement benefits, net of reclassifications (net of tax benefit (liability))                 2.1 0.2 (2.7)
Total other comprehensive (loss) earnings                 (30.1) 16.0 (33.0)
Foreign currency translation adjustment, net of reclassification, tax benefit (liability)                 3.5 (0.6) 5.8
Pension or other postretirement benefits, net of reclassifications, tax benefit (liability)                 (0.8) 0.1 1.4
Consolidated Statements Of Financial Position [Abstract]                      
Retained earnings 1,413.1       1,229.4       1,413.1 1,229.4 1,202.9
Accumulated other comprehensive (loss) earnings (35.2)       (5.1)       (35.2) (5.1) (21.1)
Cash flows from operating activities:                      
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
Adjustments to reconcile net earnings to net cash provided by operating activities:                      
Deferred taxes                 41.2 20.6 11.8
Pension and other postretirement (income) expense                 (87.9) 26.7 92.5
Retained earnings:                      
Beginning balance       1,229.4       1,202.9 1,229.4 1,202.9 946.1
Net earnings (loss) 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
Ending balance 1,413.1       1,229.4       1,413.1 1,229.4 1,202.9
Accumulated other comprehensive earnings (loss):                      
Balance at beginning of period       (5.1)       (21.1) (5.1) (21.1) 11.9
Other comprehensive earnings (loss)                 (30.1) 16.0 (33.0)
Balance at end of period (35.2)       (5.1)       (35.2) (5.1) (21.1)
Historical Accounting Method : As Previously Reported [Member]
                      
Revenue:                      
Product                 3,242.3 3,447.5 3,856.9
Service                 425.3 350.1 316.1
Total revenue                 3,667.6 3,797.6 4,173.0
Cost of Revenue:                      
Product                 1,903.1 2,064.5 2,321.5
Service                 323.5 285.3 266.4
Restructuring-related costs                 21.5 47.8 4.5
Total Cost of revenue                 2,248.1 2,397.6 2,592.4
Gross profit                 1,419.5 1,400.0 1,580.6
Research and development                 336.2 372.7 374.5
Selling, general and administrative                 852.4 804.1 761.2
Gain on sale of inkjet-related techology and assets                 (73.5)    
Restructuring and related charges                 10.9 36.1 2.0
Operating expense                 1,126.0 1,212.9 1,137.7
Operating income                 293.5 187.1 442.9
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    
Earnings before income taxes                 252.7 158.0 413.6
Provision for income taxes                 62.1 51.7 92.7
Net earnings                 190.6 106.3 320.9
Net earnings per share:                      
Basic                 $ 3.02 $ 1.55 $ 4.16
Diluted                 $ 2.97 $ 1.53 $ 4.12
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                 $ 1.2 $ 1.15 $ 0.25
Consolidated Statements Of Comprehensive Earnings [Abstract]                      
Net earnings                 190.6 106.3 320.9
Other comprehensive earnings (loss):                      
Foreign currency translation adjustment (net of tax benefit (liability))                 (31.8) 15.5 (29.6)
Pension or other postretirement benefits, net of reclassifications (net of tax benefit (liability))                 73.1 0.7 (48.0)
Total other comprehensive (loss) earnings                 41.1 17.3 (78.7)
Foreign currency translation adjustment, net of reclassification, tax benefit (liability)                 3.5 (0.6) 5.8
Pension or other postretirement benefits, net of reclassifications, tax benefit (liability)                 (45.2) (2.5) 30.8
Consolidated Statements Of Financial Position [Abstract]                      
Retained earnings 1,620.0       1,507.5       1,620.0 1,507.5 1,482.3
Accumulated other comprehensive (loss) earnings (242.1)       (283.2)       (242.1) (283.2) (300.5)
Cash flows from operating activities:                      
Net earnings                 190.6 106.3 320.9
Adjustments to reconcile net earnings to net cash provided by operating activities:                      
Deferred taxes                 (3.3) 17.5 41.3
Pension and other postretirement (income) expense                 27.8 31.1 17.3
Retained earnings:                      
Beginning balance       1,507.5       1,482.3 1,507.5 1,482.3 1,179.8
Net earnings (loss)                 190.6 106.3 320.9
Ending balance 1,620.0       1,507.5       1,620.0 1,507.5 1,482.3
Accumulated other comprehensive earnings (loss):                      
Balance at beginning of period       (283.2)       (300.5) (283.2) (300.5) (221.8)
Other comprehensive earnings (loss)                 41.1 17.3 (78.7)
Balance at end of period (242.1)       (283.2)       (242.1) (283.2) (300.5)
Effect Of Accounting Change [Member]
                      
Revenue:                      
Product                 0 0 0
Service                 0 0 0
Total revenue                 0 0 0
Cost of Revenue:                      
Product                 (22.8) (0.5) 17.7
Service                 (1.6) (1.3) (1.2)
Restructuring-related costs                 0 0 0
Total Cost of revenue                 (24.4) (1.8) 16.5
Gross profit 19.2 1.7 1.7 1.8 8.8 (9.8) 1.4 1.4 24.4 1.8 (16.5)
Research and development                 (49.0) (3.6) 31.4
Selling, general and administrative                 (42.3) 1.0 27.3
Gain on sale of inkjet-related techology and assets                 0    
Restructuring and related charges                 0 0 0
Operating expense                 (91.3) (2.6) 58.7
Operating income 90.9 8.3 8.3 8.3 35.4 (43.1) 6.1 6.0 115.7 4.4 (75.2)
Interest expense (income), net                 0 0 0
Other expense (income), net                 0 0 0
Loss on extinguishment of debt                 0    
Earnings before income taxes                 115.7 4.4 (75.2)
Provision for income taxes                 44.5 3.1 (29.5)
Net earnings 55.7 5.2 5.2 5.2 20.0 (26.3) 3.8 3.8 71.2 1.3 (45.7)
Net earnings per share:                      
Basic $ 0.89 $ 0.09 $ 0.08 $ 0.08 $ 0.31 $ (0.39) $ 0.06 $ 0.06 $ 1.14 $ 0.02 $ (0.59)
Diluted $ 0.88 $ 0.08 $ 0.08 $ 0.09 $ 0.30 $ (0.38) $ 0.05 $ 0.05 $ 1.11 $ 0.02 $ (0.59)
Consolidated Statements Of Comprehensive Earnings [Abstract]                      
Net earnings 55.7 5.2 5.2 5.2 20.0 (26.3) 3.8 3.8 71.2 1.3 (45.7)
Other comprehensive earnings (loss):                      
Foreign currency translation adjustment (net of tax benefit (liability))                 (0.2) (0.8) 0.4
Pension or other postretirement benefits, net of reclassifications (net of tax benefit (liability))                 (71.0) (0.5) 45.3
Total other comprehensive (loss) earnings                 (71.2) (1.3) 45.7
Foreign currency translation adjustment, net of reclassification, tax benefit (liability)                 0 0 0
Pension or other postretirement benefits, net of reclassifications, tax benefit (liability)                 44.4 2.6 (29.4)
Consolidated Statements Of Financial Position [Abstract]                      
Retained earnings (206.9)       (278.1)       (206.9) (278.1) (279.4)
Accumulated other comprehensive (loss) earnings 206.9       278.1       206.9 278.1 279.4
Cash flows from operating activities:                      
Net earnings 55.7 5.2 5.2 5.2 20.0 (26.3) 3.8 3.8 71.2 1.3 (45.7)
Adjustments to reconcile net earnings to net cash provided by operating activities:                      
Deferred taxes                 44.5 3.1 (29.5)
Pension and other postretirement (income) expense                 (115.7) (4.4) 75.2
Retained earnings:                      
Beginning balance       (278.1)       (279.4) (278.1) (279.4) (233.7)
Net earnings (loss) 55.7 5.2 5.2 5.2 20.0 (26.3) 3.8 3.8 71.2 1.3 (45.7)
Ending balance (206.9)       (278.1)       (206.9) (278.1) (279.4)
Accumulated other comprehensive earnings (loss):                      
Balance at beginning of period       278.1       279.4 278.1 279.4 233.7
Other comprehensive earnings (loss)                 (71.2) (1.3) 45.7
Balance at end of period $ 206.9       $ 278.1       $ 206.9 $ 278.1 $ 279.4
[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