2013 Q2 Form 10-K Financial Statement

#000119312514287164 Filed on July 30, 2014

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2013
Revenue $704.1M $619.5M $2.612B
YoY Change -6.8% 1.35% 3.06%
Cost Of Revenue $593.0M $522.5M $2.216B
YoY Change -6.45% -1.03% 0.63%
Gross Profit $111.1M $97.03M $396.6M
YoY Change -8.53% 16.43% 19.16%
Gross Profit Margin 15.78% 15.66% 15.18%
Selling, General & Admin $70.60M $63.22M $258.3M
YoY Change 9.8% 1.17% 14.78%
% of Gross Profit 63.54% 65.16% 65.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.40M $17.05M $66.47M
YoY Change 20.26% 16.34% 18.96%
% of Gross Profit 16.56% 17.57% 16.76%
Operating Expenses $70.50M $63.22M $258.3M
YoY Change 9.47% 1.17% 14.78%
Operating Profit $40.61M $33.41M $129.1M
YoY Change -28.84% 84.82% 27.1%
Interest Expense $14.30M $6.158M $23.92M
YoY Change -32.55% 21.39% 22.68%
% of Operating Profit 35.21% 18.43% 18.52%
Other Income/Expense, Net $400.0K -$500.0K $1.500M
YoY Change -55.56% -171.43% -34.78%
Pretax Income $48.80M $53.56M $201.3M
YoY Change -37.11% 41.94% 13.56%
Income Tax $16.70M $16.23M $64.47M
% Of Pretax Income 34.22% 30.3% 32.02%
Net Earnings $33.52M $37.13M $136.4M
YoY Change -35.63% 43.47% 18.03%
Net Earnings / Revenue 4.76% 5.99% 5.22%
Basic Earnings Per Share $0.48 $0.53 $1.97
Diluted Earnings Per Share $0.46 $0.52 $1.91
COMMON SHARES
Basic Shares Outstanding 69.79M shares 69.30M shares
Diluted Shares Outstanding 71.91M shares 71.31M shares

Balance Sheet

Concept 2013 Q2 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.40M $37.40M $51.40M
YoY Change 25.37% 5.95% 25.37%
Cash & Equivalents $51.39M $37.36M $51.40M
Short-Term Investments
Other Short-Term Assets $64.40M $62.30M $64.40M
YoY Change -7.34% -22.61% -7.34%
Inventory $356.8M $373.4M $356.8M
Prepaid Expenses
Receivables $393.6M $375.5M $393.6M
Other Receivables $700.0K $15.10M $700.0K
Total Short-Term Assets $866.9M $863.6M $866.9M
YoY Change -5.18% -2.82% -5.17%
LONG-TERM ASSETS
Property, Plant & Equipment $459.4M $454.6M $459.4M
YoY Change 3.69% -0.1% 3.68%
Goodwill $213.9M $179.7M
YoY Change 36.49%
Intangibles $147.1M $112.2M
YoY Change 46.66%
Long-Term Investments $246.1M $256.3M $246.1M
YoY Change 2.18% 7.67% 2.16%
Other Assets $17.42M $18.86M $17.40M
YoY Change -22.88% -18.73% -23.01%
Total Long-Term Assets $1.084B $1.022B $1.084B
YoY Change 12.5% 5.23% 12.49%
TOTAL ASSETS
Total Short-Term Assets $866.9M $863.6M $866.9M
Total Long-Term Assets $1.084B $1.022B $1.084B
Total Assets $1.951B $1.885B $1.951B
YoY Change 3.89% 1.39% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $222.7M $245.9M $216.8M
YoY Change -11.75% -6.98% -14.07%
Accrued Expenses $36.54M $36.76M $104.6M
YoY Change -4.43% -62.41% -4.47%
Deferred Revenue
YoY Change
Short-Term Debt $113.7M $30.59M $113.7M
YoY Change -58.63% -89.3% -58.64%
Long-Term Debt Due $1.092M $1.111M $1.100M
YoY Change -17.83% 85.17% -15.38%
Total Short-Term Liabilities $448.9M $380.7M $448.9M
YoY Change -31.8% -42.05% -31.81%
LONG-TERM LIABILITIES
Long-Term Debt $406.2M $406.5M $406.2M
YoY Change 57.78% 61.0% 57.75%
Other Long-Term Liabilities $70.88M $72.56M $134.1M
YoY Change -2.06% -40.96% -5.23%
Total Long-Term Liabilities $477.1M $479.1M $540.3M
YoY Change 44.65% 27.62% 35.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $448.9M $380.7M $448.9M
Total Long-Term Liabilities $477.1M $479.1M $540.3M
Total Liabilities $1.079B $1.024B $1.120B
YoY Change -4.58% -12.33% -5.13%
SHAREHOLDERS EQUITY
Retained Earnings $598.0M
YoY Change 13.86%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $830.8M $816.9M $830.8M
YoY Change
Total Liabilities & Shareholders Equity $1.951B $1.885B $1.951B
YoY Change 3.89% 1.39% 3.89%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2013
OPERATING ACTIVITIES
Net Income $33.52M $37.13M $136.4M
YoY Change -35.63% 43.47% 18.03%
Depreciation, Depletion And Amortization $18.40M $17.05M $66.47M
YoY Change 20.26% 16.34% 18.96%
Cash From Operating Activities $77.30M $36.30M $273.0M
YoY Change 111.2% -58.48% 57.2%
INVESTING ACTIVITIES
Capital Expenditures -$10.20M $9.786M $44.59M
YoY Change -35.85% 69.63% 40.6%
Acquisitions $175.2M
YoY Change -26.94%
Other Investing Activities -$111.5M $500.0K -$863.0K
YoY Change -737.14% -100.48% -98.12%
Cash From Investing Activities -$121.7M -$9.234M -$202.0M
YoY Change -7706.25% -91.68% 7.09%
FINANCING ACTIVITIES
Cash Dividend Paid $27.04M $44.14M
YoY Change 226.85% 37.36%
Common Stock Issuance & Retirement, Net $17.33M -$7.497M
YoY Change 1361.38% -112.03%
Debt Paid & Issued, Net $365.0K $1.480M
YoY Change 284.21% 332.75%
Cash From Financing Activities 58.50M -22.60M -60.64M
YoY Change -279.45% -553.91% 31485.42%
NET CHANGE
Cash From Operating Activities 77.30M 36.30M 273.0M
Cash From Investing Activities -121.7M -9.234M -202.0M
Cash From Financing Activities 58.50M -22.60M -60.64M
Net Change In Cash 14.10M 4.470M 10.36M
YoY Change 151.79% -124.11% -168.41%
FREE CASH FLOW
Cash From Operating Activities $77.30M $36.30M $273.0M
Capital Expenditures -$10.20M $9.786M $44.59M
Free Cash Flow $87.50M $26.52M $228.4M
YoY Change 66.67% -67.53% 60.91%

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CY2013 us-gaap Profit Loss
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CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2013 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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CY2013 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2013 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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CY2013 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2013 us-gaap Gain Loss On Disposition Of Assets1
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CY2013 us-gaap Equity Method Investment Summarized Financial Information Revenue
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CY2013 us-gaap Repayments Of Long Term Debt
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CY2013 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
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CY2013 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
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CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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CY2013 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
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CY2013 us-gaap Interest Paid Net
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CY2013 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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CY2013 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
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CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2013 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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863000
CY2013 us-gaap Cost Of Goods Sold
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CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2013 us-gaap Deferred Income Tax Expense Benefit
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CY2013 us-gaap Goodwill Acquired During Period
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CY2013 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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406000
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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4559000
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CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
783000
CY2013 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2013 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2013 us-gaap Defined Benefit Plan Benefits Paid
DefinedBenefitPlanBenefitsPaid
644000
CY2013 us-gaap Current State And Local Tax Expense Benefit
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4109000
CY2013 us-gaap Operating Leases Rent Expense Net
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13831000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2013 us-gaap Advertising Expense
AdvertisingExpense
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CY2013 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
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CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2013 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2013 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
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CY2013 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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CY2013 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
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CY2013 us-gaap Related Party Transaction Purchases From Related Party
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CY2013 us-gaap Defined Benefit Plan Actual Return On Plan Assets
DefinedBenefitPlanActualReturnOnPlanAssets
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CY2013 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
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CY2013 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2013 us-gaap Interest Expense
InterestExpense
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CY2013 us-gaap Defined Benefit Plan Interest Cost
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CY2013 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2013 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2013 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
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CY2013 us-gaap Amortization Of Intangible Assets
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CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2013 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2013 us-gaap Depreciation
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CY2013 us-gaap Allocated Share Based Compensation Expense
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CY2013 us-gaap Dividends Cash
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CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2013 wor Joint Venture Transactions
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CY2013 wor Income Loss From Continuing Operations Before Income Taxes
IncomeLossFromContinuingOperationsBeforeIncomeTaxes
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CY2013 wor Impact To Fair Value Of Derivative Assets And Liabilities As Result Of Recognition On Net Basis
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CY2013 wor Effective Income Tax Reconciliation Tax Write Off Of Investment In Foreign Subsidiary
EffectiveIncomeTaxReconciliationTaxWriteOffOfInvestmentInForeignSubsidiary
0.000 pure
CY2014 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
16748000
CY2014 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4618000
CY2014 dei Trading Symbol
TradingSymbol
WOR
CY2014 dei Entity Registrant Name
EntityRegistrantName
WORTHINGTON INDUSTRIES INC
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2013 wor Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss And Net Periodic Benefit Credit Cost
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossAndNetPeriodicBenefitCreditCost
4804000
CY2013 wor Equity Method Investment Summarized Financial Information Interest Expense
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8894000
CY2013 wor Effective Income Tax Rate From Continuing Operations Including Noncontrolling Interests
EffectiveIncomeTaxRateFromContinuingOperationsIncludingNoncontrollingInterests
0.320 pure
CY2013 wor Restructuring And Other Expense Income
RestructuringAndOtherExpenseIncome
3293000
CY2013 wor Equity Method Investment Summarized Financial Information Operating Income Loss
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230924000
CY2013 wor Retirement Plan Cost
RetirementPlanCost
10149000
CY2013 wor Equity Method Investment Summarized Financial Information Depreciation And Amortization
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40712000
CY2013 wor Effective Income Tax Rate Reconciliation Acquisitions
EffectiveIncomeTaxRateReconciliationAcquisitions
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CY2013 wor Equity Method Investment Summarized Financial Information Income Tax Expense Benefit
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6856000
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-05-31
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0000108516
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-31
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
16.13
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.19
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
5.45
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y6M
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.11
CY2014 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.60
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71664000 shares
CY2014 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Economic (Non-designated) Hedges</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We enter into foreign currency contracts to manage our foreign exchange exposure related to inter-company and financing transactions that do not meet the requirements for hedge accounting treatment. We also enter into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings.</font></p> </div>
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2720000 shares
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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32.21
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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229046000
CY2014 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.005 pure
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1.00 pure
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DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
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CY2014 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
6.02
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.011 pure
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275 pure
CY2014 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3380500 shares
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.009 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.92
CY2014 us-gaap Defined Benefit Plan Investment Policies And Strategies Narrative Description
DefinedBenefitPlanInvestmentPoliciesAndStrategiesNarrativeDescription
The investment policy and strategy for the defined benefit plan is: (i) long-term in nature with liquidity requirements that are anticipated to be minimal due to the projected normal retirement date of the average employee and the current average age of participants; (ii) to earn nominal returns, net of investment fees, equal to or in excess of the actuarial assumptions of the plan; and (iii) to include a strategic asset allocation of 60-80% equities, including international, and 20-40% fixed income investments.
CY2014 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
-0.039 pure
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
828000 shares
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.020 pure
CY2014 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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P3Y
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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68944000 shares
CY2014 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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-365000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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67000 shares
CY2014 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Cash Flow Hedges</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We enter into derivative instruments to hedge our exposure to changes in cash flows attributable to interest rate and commodity price fluctuations associated with certain forecasted transactions. These derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (&#x201C;OCI&#x201D;) and reclassified into earnings in the same line associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in earnings immediately.</font></p> </div>
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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7945 shares
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8713000
CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates:</i>&#xA0;&#xA0;&#xA0;&#xA0;The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#x201C;U.S. GAAP&#x201D;) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></p> </div>
CY2014 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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17.39
CY2014 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
67000 shares
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M1D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1142000 shares
CY2014 us-gaap Payments For Restructuring
PaymentsForRestructuring
7724000
CY2014 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
91456000
CY2014 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-290000
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
3126426000
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4618000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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71338000
CY2014 us-gaap Unusual Or Infrequent Item Gain Gross
UnusualOrInfrequentItemGainGross
5500000
CY2014 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
9611000
CY2014 us-gaap Payments Of Dividends
PaymentsOfDividends
31198000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
210783000
CY2014 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
16963000
CY2014 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
7115000
CY2014 us-gaap Profit Loss
ProfitLoss
160152000
CY2014 us-gaap Increase Decrease In Other Operating Assets
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5278000
CY2014 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
169235000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
217501000
CY2014 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-10589000
CY2014 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
81997000
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
7618000
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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