XML 1041 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies Schedule of Pension Recasting (Tables)
12 Months Ended
Dec. 31, 2013
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
These changes have been reported through retrospective application of the new policies to all periods presented. The impacts of all adjustments made to the financial statements are summarized below:
Consolidated Statements of Operations
 
Year Ended December 31, 2013
(In millions, except per share amounts)
Previous Method
 
As Reported
 
Effect of Change
Cost of goods sold
$
1,925.3

 
$
1,918.6

 
$
(6.7
)
Gross profit
1,135.4

 
1,142.1

 
6.7

Selling, general and administrative expenses
522.2

 
505.7

 
(16.5
)
Defined benefit pension expense
73.4

 

 
(73.4
)
Total costs and expenses
871.4

 
781.5

 
(89.9
)
Income (loss) before income taxes
264.0

 
360.6

 
96.6

Provision for income taxes
(72.9
)
 
(102.9
)
 
(30.0
)
Net income
191.1

 
257.7

 
66.6

Net income attributable to W. R. Grace & Co. shareholders
189.5

 
256.1

 
66.6

Basic earnings per share
 
 
 
 
 
Net income attributable to W. R. Grace & Co. shareholders
2.48

 
3.35

 
0.87

Diluted earnings per share
 
 
 
 
 
Net income attributable to W. R. Grace & Co. shareholders
2.44

 
3.30

 
0.86

 
Year Ended December 31, 2012
(In millions, except per share amounts)
Previously Reported
 
Revised
 
Effect of Change
Cost of goods sold
$
1,989.2

 
$
2,041.1

 
$
51.9

Gross profit
1,166.3

 
1,114.4

 
(51.9
)
Selling, general and administrative expenses
537.5

 
635.2

 
97.7

Defined benefit pension expense
71.2

 

 
(71.2
)
Total costs and expenses
1,108.5

 
1,135.0

 
26.5

Income (loss) before income taxes
57.8

 
(20.6
)
 
(78.4
)
Benefit from income taxes
37.3

 
61.6

 
24.3

Net income
95.1

 
41.0

 
(54.1
)
Net income attributable to W. R. Grace & Co. shareholders
94.1

 
40.0

 
(54.1
)
Basic earnings per share
 
 
 
 
 
Net income attributable to W. R. Grace & Co. shareholders
1.26

 
0.53

 
(0.72
)
Diluted earnings per share
 
 
 
 
 
Net income attributable to W. R. Grace & Co. shareholders
1.23

 
0.52

 
(0.71
)
 
Year Ended December 31, 2011
(In millions, except per share amounts)
Previously Reported
 
Revised
 
Effect of Change
Cost of goods sold
$
2,050.6

 
$
2,099.0

 
$
48.4

Gross profit
1,161.3

 
1,112.9

 
(48.4
)
Selling, general and administrative expenses
568.4

 
659.9

 
91.5

Defined benefit pension expense
63.4

 

 
(63.4
)
Total costs and expenses
777.8

 
805.9

 
28.1

Income before income taxes
383.5

 
307.0

 
(76.5
)
Benefit from (provision for) income taxes
(114.7
)
 
(87.9
)
 
26.8

Net income
268.8

 
219.1

 
(49.7
)
Net income attributable to W. R. Grace & Co. shareholders
269.4

 
219.7

 
(49.7
)
Basic earnings per share
 
 
 
 
 
Net income attributable to W. R. Grace & Co. shareholders
3.66

 
2.99

 
(0.68
)
Diluted earnings per share
 
 
 
 
 
Net income attributable to W. R. Grace & Co. shareholders
3.57

 
2.91

 
(0.66
)
Consolidated Balance Sheets
 
December 31, 2013
(In millions)
Previous Method
 
As Reported
 
Effect of Change
Inventories
$
294.7

 
$
295.3

 
$
0.6

Total current assets
2,293.8

 
2,294.4

 
0.6

Deferred income taxes
846.1

 
845.9

 
(0.2
)
Overfunded defined benefit pension plans
16.7

 
16.7

 

Total assets
5,395.7

 
5,396.1

 
0.4

Underfunded and unfunded defined benefit pension plans
299.6

 
299.6

 

Total Liabilities Not Subject to Compromise
1,048.8

 
1,048.8

 

Postretirement benefits
176.3

 
176.3

 

Total Liabilities Subject to Compromise
3,776.1

 
3,776.1

 

Total Liabilities
4,824.9

 
4,824.9

 

Accumulated other comprehensive income (loss)
(558.7
)
 
10.6

 
569.3

Retained earnings
584.7

 
15.8

 
(568.9
)
Total W. R. Grace & Co. Shareholders' Equity
560.2

 
560.6

 
0.4

Total Equity
570.8

 
571.2

 
0.4


 
December 31, 2012
(In millions)
Previously Reported
 
Revised
 
Effect of Change
Inventories
$
278.6

 
$
283.6

 
$
5.0

Total current assets
2,440.2

 
2,445.2

 
5.0

Deferred income taxes
956.3

 
953.2

 
(3.1
)
Overfunded defined benefit pension plans
33.8

 
32.1

 
(1.7
)
Total assets
5,090.2

 
5,090.4

 
0.2

Underfunded and unfunded defined benefit pension plans
400.6

 
396.5

 
(4.1
)
Total Liabilities Not Subject to Compromise
1,154.8

 
1,150.7

 
(4.1
)
Postretirement benefits
188.1

 
190.9

 
2.8

Total Liabilities Subject to Compromise
3,617.1

 
3,619.9

 
2.8

Total Liabilities
4,771.9

 
4,770.6

 
(1.3
)
Accumulated other comprehensive income (loss)
(607.3
)
 
29.7

 
637.0

Retained earnings
395.2

 
(240.3
)
 
(635.5
)
Total W. R. Grace & Co. Shareholders' Equity
308.4

 
309.9

 
1.5

Total Equity
318.3

 
319.8

 
1.5

Consolidated Statements of Cash Flows
 
Year Ended December 31, 2013
(In millions)
Previous Method
 
As Reported
 
Effect of Change
Cash flows from operating activities:
 

 
 

 
 

Net income
$
191.1

 
$
257.7

 
$
66.6

(Benefit from) provision for income taxes
72.9

 
102.9

 
30.0

Defined benefit pension expense
73.4

 
(23.2
)
 
(96.6
)
Inventories
4.2

 
8.6

 
4.4

All other items, net(1)
(25.6
)
 
(30.0
)
 
(4.4
)
 
Year Ended December 31, 2012
(In millions)
Previously Reported
 
Revised
 
Effect of Change
Cash flows from operating activities:
 

 
 

 
 

Net income
$
95.1

 
$
41.0

 
$
(54.1
)
(Benefit from) provision for income taxes
(37.3
)
 
(61.6
)
 
(24.3
)
Defined benefit pension expense
71.2

 
149.6

 
78.4

Inventories
53.9

 
53.2

 
(0.7
)
All other items, net(1)
29.2

 
29.9

 
0.7

 
Year Ended December 31, 2011
(In millions)
Previously Reported
 
Revised
 
Effect of Change
Cash flows from operating activities:
 

 
 

 
 

Net income
$
268.8

 
$
219.1

 
$
(49.7
)
(Benefit from) provision for income taxes
114.7

 
87.9

 
(26.8
)
Defined benefit pension expense
63.4

 
139.9

 
76.5

Inventories
(66.9
)
 
(67.9
)
 
(1.0
)
All other items, net(1)
17.4

 
18.4

 
1.0

_______________________________________________________________________________
(1)
Includes only those items which relate to the change in accounting method to mark-to-market accounting.
Consolidated Statements of Equity (Deficit) and Comprehensive Income
 
December 31, 2013
 
Previous Method
 
As Reported
 
Effect of Change
Retained earnings
 

 
 

 
 

Beginning balance
$
395.2

 
$
(240.3
)
 
$
(635.5
)
Net income
189.5

 
256.1

 
66.6

Ending balance
584.7

 
15.8

 
(568.9
)
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
 
 
 
 
Beginning balance
$
(607.3
)
 
$
29.7

 
$
637.0

Other comprehensive income (loss)
48.6

 
(19.1
)
 
(67.7
)
Ending balance
(558.7
)
 
10.6

 
569.3

 
 
 
 
 
 
Total equity
$
570.8

 
$
571.2

 
$
0.4

 
 
 
 
 
 
Comprehensive income
 
 
 
 
 
Net income
$
191.1

 
$
257.7

 
$
66.6

Defined benefit pension and other postretirement plans net of income taxes
72.3

 
4.6

 
(67.7
)
Currency translation adjustments
(23.6
)
 
(23.6
)
 

Total other comprehensive income (loss)
47.7

 
(20.0
)
 
(67.7
)
Comprehensive income
238.8

 
237.7

 
(1.1
)
Comprehensive income attributable to W. R. Grace & Co. shareholders
238.1

 
237.0

 
(1.1
)
 
December 31, 2012
 
Previously Reported
 
Revised
 
Effect of Change
Retained earnings
 

 
 

 
 

Beginning balance
$
301.1

 
$
(280.3
)
 
$
(581.4
)
Net income
94.1

 
40.0

 
(54.1
)
Ending balance
395.2

 
(240.3
)
 
(635.5
)
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
 
 
 
 
Beginning balance
$
(578.5
)
 
$
19.5

 
$
598.0

Other comprehensive income (loss)
(28.8
)
 
10.2

 
39.0

Ending balance
(607.3
)
 
29.7

 
637.0

 
 
 
 
 
 
Total equity
$
318.3

 
$
319.8

 
$
1.5

 
 
 
 
 
 
Comprehensive income
 
 
 
 
 
Net income
$
95.1

 
$
41.0

 
$
(54.1
)
Defined benefit pension and other postretirement plans net of income taxes
(36.6
)
 
2.3

 
38.9

Currency translation adjustments
5.4

 
5.5

 
0.1

Total other comprehensive income (loss)
(28.0
)
 
11.0

 
39.0

Comprehensive income
67.1

 
52.0

 
(15.1
)
Comprehensive income attributable to W. R. Grace & Co. shareholders
65.3

 
50.2

 
(15.1
)
 
December 31, 2011
 
Previously Reported
 
Revised
 
Effect of Change
Retained earnings
 

 
 

 
 

Beginning balance
$
31.7

 
$
(500.0
)
 
$
(531.7
)
Net income
269.4

 
219.7

 
(49.7
)
Ending balance
301.1

 
(280.3
)
 
(581.4
)
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
 
 
 
 
Beginning balance
$
(518.1
)
 
$
26.7

 
$
544.8

Other comprehensive income (loss)
(60.4
)
 
(7.2
)
 
53.2

Ending balance
(578.5
)
 
19.5

 
598.0

 
 
 
 
 
 
Total equity
$
167.5

 
$
184.1

 
$
16.6

 
 
 
 
 
 
Comprehensive income
 

 
 

 
 
Net income
$
268.8

 
$
219.1

 
$
(49.7
)
Defined benefit pension and other postretirement plans net of income taxes
(46.7
)
 
6.2

 
52.9

Currency translation adjustments
(11.6
)
 
(11.3
)
 
0.3

Total other comprehensive income (loss)
(58.6
)
 
(5.4
)
 
53.2

Comprehensive income
210.2

 
213.7

 
3.5

Comprehensive income attributable to W. R. Grace & Co. shareholders
209.0

 
212.5

 
3.5