Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 17, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'CHART INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000892553 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 30,401,573 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,821,977,295 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $137,345 | $141,498 | ||
Accounts receivable, less allowances of $5,654 and $4,080 | 224,114 | 150,296 | ||
Inventories, net | 213,004 | 196,501 | ||
Unbilled contract revenue | 31,976 | 25,302 | ||
Prepaid expenses | 12,257 | 11,560 | ||
Deferred income taxes | 14,675 | 15,282 | ||
Other current assets | 16,072 | 15,985 | ||
Total Current Assets | 649,443 | 556,424 | ||
Property, plant and equipment, net | 224,205 | 169,776 | ||
Goodwill | 398,905 | 398,941 | ||
Identifiable intangible assets, net | 172,142 | 189,463 | ||
Other assets | 16,935 | 13,237 | ||
TOTAL ASSETS | 1,461,630 | [1] | 1,327,841 | [1] |
Current Liabilities | ' | ' | ||
Accounts payable | 101,805 | 100,528 | ||
Customer advances and billings in excess of contract revenue | 102,048 | 89,081 | ||
Accrued salaries, wages and benefits | 39,961 | 30,815 | ||
Current portion of warranty reserve | 19,567 | 19,131 | ||
Short-term debt | 3,280 | 0 | ||
Current convertible notes | 193,437 | 0 | ||
Current portion of long-term debt | 3,750 | 3,750 | ||
Other current liabilities | 35,456 | 30,470 | ||
Total Current Liabilities | 499,304 | 273,775 | ||
Long-term debt | 64,688 | 252,021 | ||
Long-term deferred tax liabilities | 47,716 | 46,285 | ||
Long-term portion of warranty reserve | 14,260 | 25,355 | ||
Accrued pension liabilities | 7,719 | 19,327 | ||
Other long-term liabilities | 9,360 | 11,295 | ||
Total Liabilities | 643,047 | 628,058 | ||
Convertible notes conversion feature | 56,563 | 0 | ||
Equity | ' | ' | ||
Common stock, par value $.01 per share — 150,000,000 shares authorized, as of December 31, 2013 and 2012, respectively; 30,378,502 and 30,041,584 shares issued and outstanding at December 31, 2013 and 2012, respectively | 304 | 300 | ||
Additional paid-in capital | 311,972 | 348,526 | ||
Retained earnings | 429,187 | 346,011 | ||
Accumulated other comprehensive income | 13,322 | 1,641 | ||
Total Chart Industries, Inc. Shareholders’ Equity | 754,785 | 696,478 | ||
Noncontrolling interests | 7,235 | 3,305 | ||
Total Equity | 762,020 | 699,783 | ||
TOTAL LIABILITIES AND EQUITY | 1,461,630 | 1,327,841 | ||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ||
Common Stock, Shares, Outstanding | 30,378,502 | 30,041,584 | ||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ||
Common Stock, Shares, Issued | 30,378,502 | 30,041,584 | ||
Allowances for doubtful accounts | 5,654 | 4,080 | ||
Additional Paid-in Capital [Member] | ' | ' | ||
Equity | ' | ' | ||
Total Equity | 311,972 | 348,526 | ||
Retained Earnings [Member] | ' | ' | ||
Equity | ' | ' | ||
Total Equity | 429,187 | 346,011 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ||
Equity | ' | ' | ||
Total Equity | 13,322 | 1,641 | ||
Noncontrolling Interest [Member] | ' | ' | ||
Equity | ' | ' | ||
Total Equity | 7,235 | 3,305 | ||
Common Stock [Member] | ' | ' | ||
Equity | ' | ' | ||
Total Equity | $304 | $300 | ||
Common Stock, Shares, Outstanding | 30,379,000 | 30,042,000 | ||
[1] | Corporate assets consist primarily of cash, cash equivalents and deferred income taxes. |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales | $1,177,438,000 | $1,014,152,000 | $794,585,000 |
Cost of sales | 825,715,000 | 708,989,000 | 549,139,000 |
Gross profit | 351,723,000 | 305,163,000 | 245,446,000 |
Selling, general and administrative expenses | 196,496,000 | 165,488,000 | 140,535,000 |
Amortization expense | 19,230,000 | 14,792,000 | 13,376,000 |
Impairment of intangible assets | 0 | 3,070,000 | 0 |
Loss on disposal of assets | 0 | 0 | 1,541,000 |
Operating expenses | 215,726,000 | 183,350,000 | 155,452,000 |
Operating income | 135,997,000 | 121,813,000 | 89,994,000 |
Other expenses (income): | ' | ' | ' |
Interest expense, net | 16,275,000 | 15,679,000 | 23,371,000 |
Financing costs amortization | 1,306,000 | 1,530,000 | 4,383,000 |
Foreign currency (gain) loss | -242,000 | 1,498,000 | -734,000 |
Other expenses, net | 17,339,000 | 18,707,000 | 27,020,000 |
Income before income taxes | 118,658,000 | 103,106,000 | 62,974,000 |
Income tax expense (benefit): | ' | ' | ' |
Current | 32,903,000 | 35,300,000 | 21,221,000 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Deferred | -1,607,000 | -4,518,000 | -2,491,000 |
Income tax expense, net | 31,296,000 | 30,782,000 | 18,730,000 |
Net income | 87,362,000 | 72,324,000 | 44,244,000 |
Noncontrolling interests, net of taxes | 4,186,000 | 1,029,000 | 168,000 |
Net income attributable to Chart Industries, Inc. | 83,176,000 | 71,295,000 | 44,076,000 |
Net income attributable to Chart Industries, Inc. per common share: | ' | ' | ' |
Basic | $2.75 | $2.39 | $1.51 |
Diluted | $2.60 | $2.36 | $1.47 |
Weighted average number of common shares outstanding: | ' | ' | ' |
Basic | 30,209 | 29,786 | 29,165 |
Diluted | 31,931 | 30,194 | 29,913 |
Retained Earnings [Member] | ' | ' | ' |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Net income attributable to Chart Industries, Inc. | $83,176,000 | $71,295,000 | $44,076,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $87,362 | $72,324 | $44,244 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | 4,362 | 1,575 | -2,169 |
Defined benefit pension plan: | ' | ' | ' |
Actuarial gain (loss) on remeasurement | 10,380 | -5,597 | -7,513 |
Amortization of prior service cost included in net periodic pension cost | 1,348 | 974 | 365 |
Defined benefit pension plan | 11,728 | -4,623 | -7,148 |
Other comprehensive income (loss), before tax | 16,090 | -3,048 | -9,317 |
Income tax (expense) benefit related to defined benefit pension plan | -4,265 | 1,699 | 2,633 |
Other comprehensive income (loss), net of taxes | 11,825 | -1,349 | -6,684 |
Comprehensive income | 99,187 | 70,975 | 37,560 |
Less: comprehensive income attributable to noncontrolling interests, net of taxes | -4,330 | -1,032 | -302 |
Comprehensive income attributable to Chart Industries, Inc. | $94,857 | $69,943 | $37,258 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $87,362 | $72,324 | $44,244 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 40,389 | 32,196 | 27,915 |
Interest accretion of convertible notes discount | 9,854 | 9,109 | 3,589 |
Financing costs amortization | 1,306 | 1,530 | 4,383 |
Call premium related to redemption of long-term debt | 0 | 0 | 4,964 |
Employee share-based compensation expense | 9,989 | 7,461 | 5,433 |
Loss on disposal of assets | 0 | 0 | 1,541 |
Impairment of intangible assets | 0 | 3,070 | 0 |
Unrealized foreign currency transaction (gain) loss | -3,388 | 96 | -180 |
Deferred income tax benefit | -1,607 | -4,518 | -2,491 |
Reversal of contingent consideration liability | 0 | -4,620 | 0 |
Other non-cash operating activities | 4,514 | 6,165 | -536 |
Changes in assets and liabilities, net of acquisitions: | ' | ' | ' |
Accounts receivable | -69,287 | 3,422 | -34,359 |
Inventory | -12,679 | -15,777 | -31,628 |
Unbilled contract revenues and other current assets | -10,875 | -7,465 | -10,479 |
Accounts payable and other liabilities | -5,259 | 2,936 | 18,129 |
Deferred income taxes | -793 | 663 | 138 |
Customer advances and billings in excess of contract revenue | 10,137 | -18,951 | 50,995 |
Net Cash Provided By Operating Activities | 59,663 | 87,641 | 81,658 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -72,585 | -43,685 | -22,380 |
Proceeds from sale of assets | 569 | 2,073 | 0 |
Acquisition of businesses, net of cash acquired | -2,965 | -182,450 | -37,680 |
Other investing activities | 0 | -285 | 388 |
Net Cash Used In Investing Activities | -74,981 | -224,347 | -59,672 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from long-term debt | 0 | 21,375 | 0 |
Borrowings on revolving credit facilities | 214,623 | 73,012 | 4,758 |
Repayments on revolving credit facilities | -211,403 | -77,770 | 0 |
Principal payments on long-term debt | -3,750 | -4,438 | -6,500 |
Payment of deferred financing costs | 0 | -1,445 | -7,277 |
Retirement of long-term debt, including call premium | 0 | 0 | -168,139 |
Proceeds from issuance of convertible notes | 0 | 0 | 250,000 |
Proceeds from issuance of warrants | 0 | 0 | 48,848 |
Payment for call options related to convertible notes | 0 | 0 | -66,486 |
Payment of contingent consideration | 0 | -1,300 | -1,300 |
Proceeds from exercise of stock options | 5,335 | 3,519 | 7,027 |
Tax benefit from exercise of stock options | 6,673 | 8,972 | 7,879 |
Common stock repurchases | -2,002 | -4,484 | -1,099 |
Dividend distribution to noncontrolling interest | -1,369 | 0 | 0 |
Net Cash Provided By Financing Activities | 8,107 | 17,441 | 67,711 |
Effect of exchange rate changes on cash | 3,058 | 3,902 | 2,052 |
Net (decrease) increase in cash and cash equivalents | -4,153 | -115,363 | 91,749 |
Cash and cash equivalents at beginning of period | 141,498 | 256,861 | 165,112 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $137,345 | $141,498 | $256,861 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance, beginning of period at Dec. 31, 2010 | $501,374,000 | $288,000 | $258,425,000 | $230,640,000 | $9,811,000 | $2,210,000 |
Shares outstanding, beginning of period at Dec. 31, 2010 | ' | 28,832,000 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | -6,818,000 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 44,244,000 | 0 | 0 | ' | ' | ' |
Net income attributable to Chart Industries, Inc. | 44,076,000 | ' | ' | 44,076,000 | ' | ' |
Noncontrolling interests, net of taxes | 168,000 | ' | ' | ' | ' | 168,000 |
Other Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | 134,000 |
Other comprehensive (loss) income | -6,684,000 | ' | ' | ' | ' | ' |
Equity component of convertible notes issuance, net of deferred financing fees and deferred taxes | 48,521,000 | 0 | 48,521,000 | ' | ' | ' |
Proceeds from issuance of warrants | 48,848,000 | 0 | 48,848,000 | ' | ' | ' |
Purchase of call options net of deferred taxes | -41,993,000 | 0 | -41,993,000 | ' | ' | ' |
Share-based compensation expense | 5,433,000 | 0 | 5,433,000 | ' | ' | ' |
Common stock issued from share-based compensation plans, shares | ' | 814,000 | ' | ' | ' | ' |
Common stock issued from share-based compensation plans, amount | 7,027,000 | 8,000 | 7,019,000 | ' | ' | ' |
Tax benefit from exercise of stock options | 7,879,000 | 0 | 7,879,000 | ' | ' | ' |
Common stock repurchases, shares | ' | -33,000 | ' | ' | ' | ' |
Common stock repurchases, amount | -1,099,000 | 0 | -1,099,000 | ' | ' | ' |
Other | -1,000 | 0 | 1,000 | ' | ' | ' |
Balance, end of period at Dec. 31, 2011 | 613,551,000 | 296,000 | 333,034,000 | 274,716,000 | 2,993,000 | 2,512,000 |
Shares outstanding, end of period at Dec. 31, 2011 | ' | 29,613,000 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -1,352,000 | ' | ' | ' | -1,352,000 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 72,324,000 | 0 | 0 | ' | ' | ' |
Net income attributable to Chart Industries, Inc. | 71,295,000 | ' | ' | 71,295,000 | ' | ' |
Noncontrolling interests, net of taxes | 1,029,000 | ' | ' | ' | ' | 1,029,000 |
Other Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | 3,000 |
Other comprehensive (loss) income | -1,349,000 | ' | ' | ' | ' | ' |
Proceeds from issuance of warrants | 0 | ' | ' | ' | ' | ' |
Share-based compensation expense | 7,461,000 | 0 | 7,461,000 | ' | ' | ' |
Common stock issued from share-based compensation plans, shares | ' | 499,000 | ' | ' | ' | ' |
Common stock issued from share-based compensation plans, amount | 3,520,000 | 5,000 | 3,515,000 | ' | ' | ' |
Tax benefit from exercise of stock options | 8,972,000 | 0 | 8,972,000 | ' | ' | ' |
Common stock repurchases, shares | ' | -70,000 | ' | ' | ' | ' |
Common stock repurchases, amount | -4,485,000 | -1,000 | -4,484,000 | ' | ' | ' |
Other | 211,000 | 0 | 28,000 | 0 | 0 | -239,000 |
Balance, end of period at Dec. 31, 2012 | 699,783,000 | 300,000 | 348,526,000 | 346,011,000 | 1,641,000 | 3,305,000 |
Shares outstanding, end of period at Dec. 31, 2012 | 30,041,584 | 30,042,000 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 11,681,000 | ' | ' | ' | 11,681,000 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 87,362,000 | 0 | 0 | ' | ' | ' |
Net income attributable to Chart Industries, Inc. | 83,176,000 | ' | ' | 83,176,000 | ' | ' |
Noncontrolling interests, net of taxes | 4,186,000 | ' | ' | ' | ' | 4,186,000 |
Other Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | 144,000 |
Other comprehensive (loss) income | 11,825,000 | ' | ' | ' | ' | ' |
Proceeds from issuance of warrants | 0 | ' | ' | ' | ' | ' |
Share-based compensation expense | 9,989,000 | 0 | 9,989,000 | ' | ' | ' |
Common stock issued from share-based compensation plans, shares | ' | 367,000 | ' | ' | ' | ' |
Common stock issued from share-based compensation plans, amount | 5,339,000 | 4,000 | 5,335,000 | ' | ' | ' |
Tax benefit from exercise of stock options | 6,673,000 | 0 | 6,673,000 | ' | ' | ' |
Common stock repurchases, shares | ' | -30,000 | ' | ' | ' | ' |
Common stock repurchases, amount | -2,002,000 | 0 | -2,002,000 | ' | ' | ' |
Convertible notes conversion feature | -56,563,000 | ' | -56,563,000 | ' | ' | ' |
Acquisition of business, noncontrolling interest | 969,000 | ' | ' | ' | ' | 969,000 |
Dividend distribution to noncontrolling interest | -1,369,000 | ' | ' | ' | ' | -1,369,000 |
Other | -14,000 | 0 | 14,000 | 0 | 0 | 0 |
Balance, end of period at Dec. 31, 2013 | $762,020,000 | $304,000 | $311,972,000 | $429,187,000 | $13,322,000 | $7,235,000 |
Shares outstanding, end of period at Dec. 31, 2013 | 30,378,502 | 30,379,000 | ' | ' | ' | ' |
Nature_of_Operations_and_Princ
Nature of Operations and Principles of Consolidation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | ' |
Nature of Operations and Principles of Consolidation | |
Nature of Operations: Chart Industries, Inc. and its consolidated subsidiaries (herein referred to as the “Company,” “Chart” or “we”), is a leading global manufacturer of standard and custom-engineered products and systems serving a wide variety of low-temperature and cryogenic applications. The Company has developed an expertise in medical respiratory equipment and cryogenic systems and equipment, which operate at low temperatures sometimes approaching absolute zero. The majority of the Company’s products, including vacuum insulated containment vessels, heat exchangers, cold boxes and other cryogenic components, are used throughout the liquid-gas supply chain for the purification, liquefaction, distribution, storage and end-use of industrial gases and hydrocarbons. The Company has domestic operations located across the United States, including principal executive offices located in Ohio, and an international presence in Asia, Australia and Europe. | |
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation. Investments in affiliates where the Company’s ownership is between 20 percent and 50 percent, or where the Company does not have control but has the ability to exercise significant influence over operations or financial policy, are accounted for under the equity method. | |
Significant Accounting Policies | |
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They may also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions. | |
Cash and Cash Equivalents: The Company considers all investments with an initial maturity of three months or less when purchased to be cash equivalents. | |
Accounts Receivable, Net of Allowances: The Company evaluates the collectibility of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filings, or substantial downgrading of credit scores), a specific reserve is recorded to reduce the receivable to the amount the Company believes will be collected. The Company also records allowances for doubtful accounts based on historical experience. If circumstances change (e.g., higher than expected defaults or an unexpected material adverse change in a customer’s ability to meet its financial obligations), the Company's estimates of the collectibility of amounts due could be changed by a material amount. When collection of a specific amount due is deemed remote, the account is written off against the allowance. | |
Inventories: Inventories are stated at the lower of cost or market with cost being determined by the first-in, first-out (“FIFO”) method. The Company determines inventory valuation reserves based on a combination of factors. In circumstances where the Company is aware of a specific problem in the valuation of a certain item, a specific reserve is recorded to reduce the item to its net realizable value. The Company also recognizes reserves based on the actual usage in recent history and projected usage in the near-term. If circumstances change (e.g., lower-than-expected or higher-than-expected usage), estimates of the net realizable value could be changed by a material amount. | |
Property, Plant and Equipment: Capital expenditures for property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements are capitalized. The cost of applicable assets is depreciated over their estimated useful lives. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. | |
Long-lived Assets: The Company monitors its property, plant and equipment, and finite-lived intangible assets for impairment indicators on an ongoing basis. If impairment indicators exist, the Company performs the required analysis and records impairment charges. In conducting its analysis, the Company compares the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the undiscounted cash flows exceed the net book value, the long-lived assets are considered not to be impaired. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon either discounted cash flow analyses or estimated salvage values. Cash flows are estimated using internal forecasts as well as assumptions related to discount rates. Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of long-lived assets. The Company amortizes intangible assets that have finite lives over their estimated useful lives. | |
Goodwill and Indefinite-Lived Intangible Assets: Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. The Company does not amortize goodwill or indefinite-lived intangible assets, but reviews them for impairment annually as of October 1 or whenever events or changes in circumstances indicate that an evaluation should be completed. | |
With respect to goodwill, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The reporting units are the same as our operating segments, which are also the reportable segments: Energy & Chemicals, Distribution & Storage, and BioMedical. Alternatively, the Company may also bypass such a qualitative assessment and proceed directly to the goodwill test utilizing a two-step approach. Under the qualitative assessment, the Company first evaluates relevant events and circumstances, such as macroeconomic conditions and the Company's overall financial performance to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company then evaluates how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weighs these factors in totality in forming a conclusion whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the first and second steps of the goodwill impairment test are not necessary. Otherwise, the Company would perform the first step of the two-step goodwill impairment test. If the carrying amount of the reporting unit goodwill exceeds its fair value, further analysis is performed to measure the amount of impairment loss, if any. | |
Similar to the qualitative goodwill impairment testing screen, the Company may first evaluate relevant events and circumstances to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. Alternatively, the Company also may bypass such a qualitative assessment and proceed directly to the quantitative assessment. If, in weighing all relevant events and circumstances in totality, the Company determines that it is not more likely than not that an indefinite-lived intangible asset is impaired, no further action is necessary. Otherwise, the Company would determine the fair value of indefinite-lived intangible assets and perform a quantitative impairment assessment by comparing the indefinite-lived asset's fair value to its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess. | |
The Company estimates the fair value of its reporting units by using income and market approaches to develop fair value estimates, which are weighted equally to arrive at a fair value estimate for each reporting unit. With respect to the income approach, a model has been developed to estimate the fair value of each reporting unit. This fair value model incorporates estimates of future cash flows, estimates of allocations of certain assets and cash flows among reporting units, estimates of future growth rates and management’s judgment regarding the applicable discount rates to use to discount those estimated cash flows. With respect to the market approach, a guideline company method is used selecting companies with similar assets or businesses to estimate fair value of each reporting unit. Changes to these judgments and estimates could result in a significantly different estimate of the fair value of the reporting units, which could result in a different assessment of the recoverability of goodwill. The Company estimates the fair value of its indefinite-lived assets using the relief-from-royalty method within the income approach. Under this method, fair value is estimated by discounting the royalty savings as well as any tax benefits related to ownership to a present value. | |
Convertible Debt: The Company determined that the embedded conversion feature within the Company's 2.0% Convertible Senior Subordinated Notes due 2018 (the “Convertible Notes”) was clearly and closely related to the Company’s common stock and therefore exempt from separate accounting treatment. Convertible Notes exempt from derivative accounting are recognized by bifurcating the principal balance into a liability component and an equity component where the fair value of the liability component is estimated by calculating the present value of its cash flows discounted at an interest rate that the Company would have received for similar debt instruments that have no conversion rights (the “straight-debt rate”), and the equity component is the residual amount, net of tax, which creates a discount on the Convertible Notes. The Company recognizes non-cash interest accretion expense related to the carrying amount of the Convertible Notes which is accreted back to its principal amount over the expected life of the debt, which is also the stated life of the debt. | |
Financial Instruments: The fair values of cash equivalents, accounts receivable, accounts payable and short-term bank debt approximate their carrying amount because of the short maturity of these instruments. | |
To minimize credit risk from trade receivables, the Company reviews the financial condition of potential customers in relation to established credit requirements before sales credit is extended and monitors the financial condition of customers to help ensure timely collections and to minimize losses. Additionally, for certain domestic and foreign customers, particularly in the Energy & Chemicals segment, the Company requires advance payments, letters of credit and other such guarantees of payment. Certain customers also require the Company to issue letters of credit or performance bonds, particularly in instances where advance payments are involved, as a condition of placing the order. | |
Derivative Financial Instruments: The Company utilizes certain derivative financial instruments to enhance its ability to manage foreign currency risk that exists as part of ongoing business operations. Derivative instruments are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes, nor is it a party to any leveraged derivative instrument. The Company is exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. The Company utilizes foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency purchases and certain intercompany transactions in the normal course of business. Contracts typically have maturities of less than one year. Principal currencies include the U.S. dollar, the euro, the Japanese yen, the Czech koruna, the Australian dollar, the Norwegian krone, the Canadian dollar and the Chinese yuan. The Company’s foreign currency forward contracts do not qualify as hedges as defined by accounting guidance. Foreign currency forward contracts are measured at fair value and recorded on the consolidated balance sheets as other current liabilities or assets. Changes in their fair value are recorded in the consolidated statements of income as foreign currency gains or losses. The Company's foreign currency forward contracts are not exchange traded instruments and, accordingly, the valuation is performed using Level 2 inputs as defined in Note 11. Gains or losses on settled or expired contracts are recorded in the consolidated statements of income as foreign currency gains or losses. | |
Product Warranties: The Company provides product warranties with varying terms and durations for the majority of its products. The Company calculates its warranty reserve by considering historical warranty experience and specifically identified warranty issues. The Company records warranty expense in cost of sales. Product warranty claims not expected to occur within one year are recorded in the long-term portion of the warranty reserve in the consolidated balance sheets. Actual experience could differ from the amounts estimated requiring adjustments to the liability in future periods. | |
Revenue Recognition: For the majority of the Company’s products, revenue is recognized when products are shipped, title has transferred and collection is reasonably assured. For these products, there is also persuasive evidence of an arrangement and the selling price to the buyer is fixed or determinable. For brazed aluminum heat exchangers, cold boxes, liquefied natural gas fueling stations, engineered tanks and commercial oxygen generation systems, the Company primarily uses the percentage of completion method of accounting. Earned revenue is based on the percentage of incurred costs to date compared to total estimated costs at completion after giving effect to the most current estimates. Timing of amounts billed on contracts varies from contract to contract and could cause significant variation in working capital needs. The Company reports sales net of tax assessed by qualifying governmental authorities. The cumulative impact of revisions in total cost estimates during the progress of work is reflected in the period in which these changes become known. Earned revenue reflects the original contract price adjusted for agreed upon claims and change orders, if any. Losses expected to be incurred on contracts in process, after consideration of estimated minimum recoveries from claims and change orders, are charged to operations as soon as such losses are known. Pre-contract costs relate primarily to salaries and benefits incurred to support the selling effort and are expensed as incurred. Change orders resulting in additional revenue and profit are recognized upon approval by the customer based on the percentage of incurred costs to date compared to total estimated costs at completion. Certain contracts include incentive-fee arrangements. The incentive fees in such contracts can be based on a variety of factors, but the most common are the achievement of target completion dates, target costs, and/or other performance criteria. Incentive-fee revenue is not recognized until it is earned. | |
Cost of Sales: Manufacturing expenses associated with sales are included in cost of sales. Cost of sales includes all materials, direct and indirect labor, inbound freight, purchasing and receiving, inspection, internal transfers and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs, manufacturing engineering, project management and depreciation expense for assets used in the manufacturing process are included in cost of sales on the consolidated statements of income. | |
Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses include selling, marketing, customer service, product management, design engineering, and other administrative expenses not directly supporting the manufacturing process as well as depreciation and amortization expense associated with non-manufacturing assets. In addition, SG&A expenses include corporate operating expenses for executive management, accounting, tax, treasury, human resources, information technology, legal, internal audit, risk management and share-based compensation expense. | |
Shipping and Handling Costs: Amounts billed to customers for shipping are classified as sales, and the related costs are classified as cost of sales on the consolidated statements of income. Shipping revenue of $12,213, $10,111 and $8,595 for the years ended December 31, 2013, 2012 and 2011, respectively, are included in sales. Shipping costs of $15,927, $13,344, and $11,443 for the years ended December 31, 2013, 2012 and 2011, respectively, are included in cost of sales. | |
Advertising Costs: The Company incurred advertising costs of $4,515, $4,828 and $4,548 for the years ended December 31, 2013, 2012 and 2011, respectively. Such costs are expensed as incurred and included in SG&A expenses on the consolidated statements of income. | |
Research and Development Costs: The Company incurred research and development costs of $14,941, $14,398 and $11,253 for the years ended December 31, 2013, 2012 and 2011, respectively. Such costs are expensed as incurred and included in SG&A expenses on the consolidated statements of income. | |
Foreign Currency Translation: The functional currency for the majority of the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for asset and liability accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the period. The resulting translation adjustments are recorded as a component of other comprehensive income (loss) in the consolidated statements of comprehensive income. Gains or losses resulting from foreign currency transactions are charged to operations as incurred. | |
Income Taxes: The Company and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial reporting and the consolidated tax return in accordance with the liability method. A valuation allowance is provided against net deferred tax assets when conditions indicate that it is more likely than not that the benefit related to such assets will not be realized. | |
The Company utilizes a two-step approach for the recognition and measurement of uncertain tax positions. The first step is to evaluate the tax position and determine whether it is more likely than not that the position will be sustained upon examination by tax authorities. The second step is to measure the tax benefit as the largest amount that is more likely than not of being realized upon settlement. | |
Interest and penalties related to income taxes are accounted for as income tax expense on the consolidated statements of income. | |
Share-based Compensation: The Company measures share-based compensation expense for share-based payments to employees and directors, including grants of employee stock options, restricted stock awards, performance stock units, and leveraged restricted stock units based on the grant-date fair value net of estimated forfeitures. Fair value of stock options is calculated using the Black-Scholes pricing model. Fair value of restricted stock awards is based on the Company's market price on the date of grant. Fair value of performance stock units is based on the Company's market price on the date of grant and pre-determined performance condition targets as determined by the Compensation Committee of the Board of Directors. Fair value of leveraged restricted stock units is based on market conditions and calculated using a Monte Carlo simulation model. The grant-date fair value calculation requires the use of variables such as exercise term of the option, future volatility, dividend yield and risk-free interest rate. Share-based compensation expense is recognized over the requisite service period, which is generally the vesting period. | |
During the year, the Company may repurchase shares of common stock from equity plan participants to satisfy tax withholding obligations relating to the vesting or payment of equity awards. All such repurchased shares are subsequently retired during the period in which they occur. | |
Recently Adopted Accounting Pronouncement: In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments require entities to provide additional disclosures about reclassifications out of accumulated other comprehensive income. The adoption of this guidance did not have a material impact on the financial statements of the Company. |
Significant_Accounting_Policie
Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | ' |
Nature of Operations and Principles of Consolidation | |
Nature of Operations: Chart Industries, Inc. and its consolidated subsidiaries (herein referred to as the “Company,” “Chart” or “we”), is a leading global manufacturer of standard and custom-engineered products and systems serving a wide variety of low-temperature and cryogenic applications. The Company has developed an expertise in medical respiratory equipment and cryogenic systems and equipment, which operate at low temperatures sometimes approaching absolute zero. The majority of the Company’s products, including vacuum insulated containment vessels, heat exchangers, cold boxes and other cryogenic components, are used throughout the liquid-gas supply chain for the purification, liquefaction, distribution, storage and end-use of industrial gases and hydrocarbons. The Company has domestic operations located across the United States, including principal executive offices located in Ohio, and an international presence in Asia, Australia and Europe. | |
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation. Investments in affiliates where the Company’s ownership is between 20 percent and 50 percent, or where the Company does not have control but has the ability to exercise significant influence over operations or financial policy, are accounted for under the equity method. | |
Significant Accounting Policies | |
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They may also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions. | |
Cash and Cash Equivalents: The Company considers all investments with an initial maturity of three months or less when purchased to be cash equivalents. | |
Accounts Receivable, Net of Allowances: The Company evaluates the collectibility of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filings, or substantial downgrading of credit scores), a specific reserve is recorded to reduce the receivable to the amount the Company believes will be collected. The Company also records allowances for doubtful accounts based on historical experience. If circumstances change (e.g., higher than expected defaults or an unexpected material adverse change in a customer’s ability to meet its financial obligations), the Company's estimates of the collectibility of amounts due could be changed by a material amount. When collection of a specific amount due is deemed remote, the account is written off against the allowance. | |
Inventories: Inventories are stated at the lower of cost or market with cost being determined by the first-in, first-out (“FIFO”) method. The Company determines inventory valuation reserves based on a combination of factors. In circumstances where the Company is aware of a specific problem in the valuation of a certain item, a specific reserve is recorded to reduce the item to its net realizable value. The Company also recognizes reserves based on the actual usage in recent history and projected usage in the near-term. If circumstances change (e.g., lower-than-expected or higher-than-expected usage), estimates of the net realizable value could be changed by a material amount. | |
Property, Plant and Equipment: Capital expenditures for property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements are capitalized. The cost of applicable assets is depreciated over their estimated useful lives. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. | |
Long-lived Assets: The Company monitors its property, plant and equipment, and finite-lived intangible assets for impairment indicators on an ongoing basis. If impairment indicators exist, the Company performs the required analysis and records impairment charges. In conducting its analysis, the Company compares the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the undiscounted cash flows exceed the net book value, the long-lived assets are considered not to be impaired. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon either discounted cash flow analyses or estimated salvage values. Cash flows are estimated using internal forecasts as well as assumptions related to discount rates. Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of long-lived assets. The Company amortizes intangible assets that have finite lives over their estimated useful lives. | |
Goodwill and Indefinite-Lived Intangible Assets: Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. The Company does not amortize goodwill or indefinite-lived intangible assets, but reviews them for impairment annually as of October 1 or whenever events or changes in circumstances indicate that an evaluation should be completed. | |
With respect to goodwill, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The reporting units are the same as our operating segments, which are also the reportable segments: Energy & Chemicals, Distribution & Storage, and BioMedical. Alternatively, the Company may also bypass such a qualitative assessment and proceed directly to the goodwill test utilizing a two-step approach. Under the qualitative assessment, the Company first evaluates relevant events and circumstances, such as macroeconomic conditions and the Company's overall financial performance to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company then evaluates how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weighs these factors in totality in forming a conclusion whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the first and second steps of the goodwill impairment test are not necessary. Otherwise, the Company would perform the first step of the two-step goodwill impairment test. If the carrying amount of the reporting unit goodwill exceeds its fair value, further analysis is performed to measure the amount of impairment loss, if any. | |
Similar to the qualitative goodwill impairment testing screen, the Company may first evaluate relevant events and circumstances to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. Alternatively, the Company also may bypass such a qualitative assessment and proceed directly to the quantitative assessment. If, in weighing all relevant events and circumstances in totality, the Company determines that it is not more likely than not that an indefinite-lived intangible asset is impaired, no further action is necessary. Otherwise, the Company would determine the fair value of indefinite-lived intangible assets and perform a quantitative impairment assessment by comparing the indefinite-lived asset's fair value to its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess. | |
The Company estimates the fair value of its reporting units by using income and market approaches to develop fair value estimates, which are weighted equally to arrive at a fair value estimate for each reporting unit. With respect to the income approach, a model has been developed to estimate the fair value of each reporting unit. This fair value model incorporates estimates of future cash flows, estimates of allocations of certain assets and cash flows among reporting units, estimates of future growth rates and management’s judgment regarding the applicable discount rates to use to discount those estimated cash flows. With respect to the market approach, a guideline company method is used selecting companies with similar assets or businesses to estimate fair value of each reporting unit. Changes to these judgments and estimates could result in a significantly different estimate of the fair value of the reporting units, which could result in a different assessment of the recoverability of goodwill. The Company estimates the fair value of its indefinite-lived assets using the relief-from-royalty method within the income approach. Under this method, fair value is estimated by discounting the royalty savings as well as any tax benefits related to ownership to a present value. | |
Convertible Debt: The Company determined that the embedded conversion feature within the Company's 2.0% Convertible Senior Subordinated Notes due 2018 (the “Convertible Notes”) was clearly and closely related to the Company’s common stock and therefore exempt from separate accounting treatment. Convertible Notes exempt from derivative accounting are recognized by bifurcating the principal balance into a liability component and an equity component where the fair value of the liability component is estimated by calculating the present value of its cash flows discounted at an interest rate that the Company would have received for similar debt instruments that have no conversion rights (the “straight-debt rate”), and the equity component is the residual amount, net of tax, which creates a discount on the Convertible Notes. The Company recognizes non-cash interest accretion expense related to the carrying amount of the Convertible Notes which is accreted back to its principal amount over the expected life of the debt, which is also the stated life of the debt. | |
Financial Instruments: The fair values of cash equivalents, accounts receivable, accounts payable and short-term bank debt approximate their carrying amount because of the short maturity of these instruments. | |
To minimize credit risk from trade receivables, the Company reviews the financial condition of potential customers in relation to established credit requirements before sales credit is extended and monitors the financial condition of customers to help ensure timely collections and to minimize losses. Additionally, for certain domestic and foreign customers, particularly in the Energy & Chemicals segment, the Company requires advance payments, letters of credit and other such guarantees of payment. Certain customers also require the Company to issue letters of credit or performance bonds, particularly in instances where advance payments are involved, as a condition of placing the order. | |
Derivative Financial Instruments: The Company utilizes certain derivative financial instruments to enhance its ability to manage foreign currency risk that exists as part of ongoing business operations. Derivative instruments are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes, nor is it a party to any leveraged derivative instrument. The Company is exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. The Company utilizes foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency purchases and certain intercompany transactions in the normal course of business. Contracts typically have maturities of less than one year. Principal currencies include the U.S. dollar, the euro, the Japanese yen, the Czech koruna, the Australian dollar, the Norwegian krone, the Canadian dollar and the Chinese yuan. The Company’s foreign currency forward contracts do not qualify as hedges as defined by accounting guidance. Foreign currency forward contracts are measured at fair value and recorded on the consolidated balance sheets as other current liabilities or assets. Changes in their fair value are recorded in the consolidated statements of income as foreign currency gains or losses. The Company's foreign currency forward contracts are not exchange traded instruments and, accordingly, the valuation is performed using Level 2 inputs as defined in Note 11. Gains or losses on settled or expired contracts are recorded in the consolidated statements of income as foreign currency gains or losses. | |
Product Warranties: The Company provides product warranties with varying terms and durations for the majority of its products. The Company calculates its warranty reserve by considering historical warranty experience and specifically identified warranty issues. The Company records warranty expense in cost of sales. Product warranty claims not expected to occur within one year are recorded in the long-term portion of the warranty reserve in the consolidated balance sheets. Actual experience could differ from the amounts estimated requiring adjustments to the liability in future periods. | |
Revenue Recognition: For the majority of the Company’s products, revenue is recognized when products are shipped, title has transferred and collection is reasonably assured. For these products, there is also persuasive evidence of an arrangement and the selling price to the buyer is fixed or determinable. For brazed aluminum heat exchangers, cold boxes, liquefied natural gas fueling stations, engineered tanks and commercial oxygen generation systems, the Company primarily uses the percentage of completion method of accounting. Earned revenue is based on the percentage of incurred costs to date compared to total estimated costs at completion after giving effect to the most current estimates. Timing of amounts billed on contracts varies from contract to contract and could cause significant variation in working capital needs. The Company reports sales net of tax assessed by qualifying governmental authorities. The cumulative impact of revisions in total cost estimates during the progress of work is reflected in the period in which these changes become known. Earned revenue reflects the original contract price adjusted for agreed upon claims and change orders, if any. Losses expected to be incurred on contracts in process, after consideration of estimated minimum recoveries from claims and change orders, are charged to operations as soon as such losses are known. Pre-contract costs relate primarily to salaries and benefits incurred to support the selling effort and are expensed as incurred. Change orders resulting in additional revenue and profit are recognized upon approval by the customer based on the percentage of incurred costs to date compared to total estimated costs at completion. Certain contracts include incentive-fee arrangements. The incentive fees in such contracts can be based on a variety of factors, but the most common are the achievement of target completion dates, target costs, and/or other performance criteria. Incentive-fee revenue is not recognized until it is earned. | |
Cost of Sales: Manufacturing expenses associated with sales are included in cost of sales. Cost of sales includes all materials, direct and indirect labor, inbound freight, purchasing and receiving, inspection, internal transfers and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs, manufacturing engineering, project management and depreciation expense for assets used in the manufacturing process are included in cost of sales on the consolidated statements of income. | |
Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses include selling, marketing, customer service, product management, design engineering, and other administrative expenses not directly supporting the manufacturing process as well as depreciation and amortization expense associated with non-manufacturing assets. In addition, SG&A expenses include corporate operating expenses for executive management, accounting, tax, treasury, human resources, information technology, legal, internal audit, risk management and share-based compensation expense. | |
Shipping and Handling Costs: Amounts billed to customers for shipping are classified as sales, and the related costs are classified as cost of sales on the consolidated statements of income. Shipping revenue of $12,213, $10,111 and $8,595 for the years ended December 31, 2013, 2012 and 2011, respectively, are included in sales. Shipping costs of $15,927, $13,344, and $11,443 for the years ended December 31, 2013, 2012 and 2011, respectively, are included in cost of sales. | |
Advertising Costs: The Company incurred advertising costs of $4,515, $4,828 and $4,548 for the years ended December 31, 2013, 2012 and 2011, respectively. Such costs are expensed as incurred and included in SG&A expenses on the consolidated statements of income. | |
Research and Development Costs: The Company incurred research and development costs of $14,941, $14,398 and $11,253 for the years ended December 31, 2013, 2012 and 2011, respectively. Such costs are expensed as incurred and included in SG&A expenses on the consolidated statements of income. | |
Foreign Currency Translation: The functional currency for the majority of the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for asset and liability accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the period. The resulting translation adjustments are recorded as a component of other comprehensive income (loss) in the consolidated statements of comprehensive income. Gains or losses resulting from foreign currency transactions are charged to operations as incurred. | |
Income Taxes: The Company and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial reporting and the consolidated tax return in accordance with the liability method. A valuation allowance is provided against net deferred tax assets when conditions indicate that it is more likely than not that the benefit related to such assets will not be realized. | |
The Company utilizes a two-step approach for the recognition and measurement of uncertain tax positions. The first step is to evaluate the tax position and determine whether it is more likely than not that the position will be sustained upon examination by tax authorities. The second step is to measure the tax benefit as the largest amount that is more likely than not of being realized upon settlement. | |
Interest and penalties related to income taxes are accounted for as income tax expense on the consolidated statements of income. | |
Share-based Compensation: The Company measures share-based compensation expense for share-based payments to employees and directors, including grants of employee stock options, restricted stock awards, performance stock units, and leveraged restricted stock units based on the grant-date fair value net of estimated forfeitures. Fair value of stock options is calculated using the Black-Scholes pricing model. Fair value of restricted stock awards is based on the Company's market price on the date of grant. Fair value of performance stock units is based on the Company's market price on the date of grant and pre-determined performance condition targets as determined by the Compensation Committee of the Board of Directors. Fair value of leveraged restricted stock units is based on market conditions and calculated using a Monte Carlo simulation model. The grant-date fair value calculation requires the use of variables such as exercise term of the option, future volatility, dividend yield and risk-free interest rate. Share-based compensation expense is recognized over the requisite service period, which is generally the vesting period. | |
During the year, the Company may repurchase shares of common stock from equity plan participants to satisfy tax withholding obligations relating to the vesting or payment of equity awards. All such repurchased shares are subsequently retired during the period in which they occur. | |
Recently Adopted Accounting Pronouncement: In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments require entities to provide additional disclosures about reclassifications out of accumulated other comprehensive income. The adoption of this guidance did not have a material impact on the financial statements of the Company. |
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | |||||||
Balance Sheet Components | ||||||||
The following table summarizes the components of other current assets, other assets, other current liabilities and other long-term liabilities on the Company’s consolidated balance sheets: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Other current assets: | ||||||||
Deposits | $ | 255 | $ | 244 | ||||
Assets held for sale | 650 | 650 | ||||||
Other receivables | 15,167 | 15,091 | ||||||
Other current assets | $ | 16,072 | $ | 15,985 | ||||
Other assets: | ||||||||
Deferred financing costs | $ | 5,240 | $ | 6,546 | ||||
Cash value of life insurance | 1,691 | 1,488 | ||||||
Other | 10,004 | 5,203 | ||||||
Other assets | $ | 16,935 | $ | 13,237 | ||||
Other current liabilities: | ||||||||
Accrued interest | $ | 2,120 | $ | 2,170 | ||||
Accrued other taxes | 3,318 | 2,556 | ||||||
Accrued income taxes | 4,470 | 2,244 | ||||||
Accrued rebates | 8,048 | 7,242 | ||||||
Accrued employee separation and plant closure costs | 1,175 | 1,102 | ||||||
Accrued other | 16,325 | 15,156 | ||||||
Other current liabilities | $ | 35,456 | $ | 30,470 | ||||
Other long-term liabilities: | ||||||||
Accrued environmental | $ | 3,871 | $ | 4,586 | ||||
Accrued contingent consideration (1) | 1,518 | 1,898 | ||||||
Accrued contingencies and other | 3,971 | 4,811 | ||||||
Other long-term liabilities | $ | 9,360 | $ | 11,295 | ||||
_______________ | ||||||||
(1) | Represents the long-term portion of accrued contingent consideration. |
Inventories_Notes
Inventories (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Inventories | ||||||||
The following table summarizes the components of inventory: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 93,014 | $ | 85,726 | ||||
Work in process | 42,996 | 40,945 | ||||||
Finished goods | 76,994 | 69,830 | ||||||
Total inventories, net | $ | 213,004 | $ | 196,501 | ||||
The allowance for excess and obsolete inventory balance at December 31, 2013 and 2012 was 6,556 and 4,078, respectively. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||
Property, Plant and Equipment | |||||||||||
The following table summarizes the components of property, plant and equipment: | |||||||||||
December 31, | |||||||||||
Classification | Estimated Useful Life | 2013 | 2012 | ||||||||
Land and buildings | 20-35 years | $ | 139,962 | $ | 107,410 | ||||||
Machinery and equipment | 3-12 years | 124,023 | 96,362 | ||||||||
Computer equipment, furniture and fixtures | 3-7 years | 24,659 | 20,238 | ||||||||
Construction in process | 37,249 | 25,070 | |||||||||
Total property, plant and equipment, gross | 325,893 | 249,080 | |||||||||
Less: Accumulated depreciation | (101,688 | ) | (79,304 | ) | |||||||
Total property, plant and equipment, net | $ | 224,205 | $ | 169,776 | |||||||
Depreciation expense was $21,159, $17,404 and $14,539 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Goodwill [Line Items] | ' | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||
The Company performed the impairment tests using quantitative assessments as of October 1, 2013. With respect to goodwill, the estimated fair values substantially exceeded the carrying amounts for all reporting units. Therefore, there was no goodwill impairment in 2013. Furthermore, the fair values of each indefinite-lived intangible asset exceeded its carrying amount. Therefore, there was no impairment of indefinite-lived intangible assets in 2013. | ||||||||||||||||||
Goodwill | ||||||||||||||||||
The following table represents the changes in goodwill: | ||||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Beginning balance | $ | 398,941 | $ | 288,770 | ||||||||||||||
Foreign currency translation adjustments and other | (344 | ) | 408 | |||||||||||||||
Goodwill acquired during the year | 308 | 109,763 | ||||||||||||||||
Ending balance | $ | 398,905 | $ | 398,941 | ||||||||||||||
Intangible Assets | ||||||||||||||||||
The Company recorded an impairment loss of $3,070 during 2012 resulting in the elimination of in-process research & development ("IPR&D") indefinite-lived intangible assets related to a prior BioMedical segment acquisition. Higher forecasted costs and project delays represented impairment indicators requiring the Company to re-evaluate the fair value of the IPR&D indefinite-lived intangible assets. The Company conducted an impairment test based on the multi-period excess earnings valuation method which determines fair value based on the present value of the prospective net cash flow attributable to the intangible asset (Level 3 in the fair value hierarchy). The Company determined that the fair value of the IPR&D indefinite-lived intangible assets was zero and impaired the intangible assets by a value equal to their carrying amount. | ||||||||||||||||||
The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill)(1): | ||||||||||||||||||
Weighted-average | December 31, 2013 | December 31, 2012 | ||||||||||||||||
Estimated | ||||||||||||||||||
Useful Life | Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||
Amount | Amount | |||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
Unpatented technology | 16.0 years | $ | 43,133 | $ | (11,776 | ) | $ | 45,078 | $ | (11,286 | ) | |||||||
Patents | 11.0 years | 7,904 | (5,397 | ) | 9,880 | (6,664 | ) | |||||||||||
Product names | 9.0 years | 9,244 | (4,525 | ) | 9,068 | (2,712 | ) | |||||||||||
Customer relations | 13.0 years | 159,143 | (73,460 | ) | 158,005 | (59,668 | ) | |||||||||||
Total finite-lived intangible assets | 13.6 years | $ | 219,424 | $ | (95,158 | ) | $ | 222,031 | $ | (80,330 | ) | |||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
Trademarks and trade names | $ | 47,876 | $ | 47,762 | ||||||||||||||
_______________ | ||||||||||||||||||
(1) | Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. | |||||||||||||||||
Amortization expense for intangible assets subject to amortization was $19,230, $14,792 and $13,376 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company estimates amortization expense to be recognized during the next five years as follows: | ||||||||||||||||||
For the Year Ending December 31, | ||||||||||||||||||
2014 | $ | 17,800 | ||||||||||||||||
2015 | 16,200 | |||||||||||||||||
2016 | 14,300 | |||||||||||||||||
2017 | 13,400 | |||||||||||||||||
2018 | 12,700 | |||||||||||||||||
Debt_And_Credit_Arrangements
Debt And Credit Arrangements | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt And Credit Arrangements | ' | |||||||
Debt and Credit Arrangements | ||||||||
Summary of Outstanding Borrowings | ||||||||
The following table shows the components of the Company’s borrowings: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Convertible notes, due August 2018, effective interest rate of 7.9% | $ | 193,437 | $ | 183,583 | ||||
Term loan, due April 2017, average interest rate of 2.54% | 68,438 | 72,188 | ||||||
Foreign facilities | 3,280 | — | ||||||
Total debt | 265,155 | 255,771 | ||||||
Less: current maturities (1) | (200,467 | ) | (3,750 | ) | ||||
Long-term debt | $ | 64,688 | $ | 252,021 | ||||
_______________ | ||||||||
(1) | Current maturities includes $193,437 current convertible notes at December 31, 2013. | |||||||
Convertible Notes | ||||||||
The outstanding aggregate principal amount of the Company's Convertible Notes is $250,000. The Convertible Notes bear interest at a fixed rate of 2.0% per year, payable semiannually in arrears on February 1 and August 1 of each year, and will mature on August 1, 2018. The effective interest rate at issuance was 7.9%. | ||||||||
The Convertible Notes are senior subordinated unsecured obligations of the Company and are not guaranteed by any of the Company's subsidiaries. The Convertible Notes are subordinated in right of payment to the Company's existing and future senior indebtedness, including indebtedness under the Company's existing credit agreement, and rank equally in right of payment with any future senior subordinated debt. The Convertible Notes rank senior in right of payment to the Company's future subordinated debt. | ||||||||
In connection with the issuance of the Convertible Notes, the Company entered into privately-negotiated convertible note hedge and capped call transactions with affiliates of certain of the underwriters (the “Option Counterparties”). The convertible note hedge and capped call transactions relate to, collectively, 3,622 shares, which represents the number of shares of the Company’s common stock underlying the Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes. These convertible note hedge and capped call transactions are expected to reduce the potential dilution with respect to the Company’s common stock upon conversion of the Convertible Notes and/or reduce the Company’s exposure to potential cash or stock payments that may be required upon conversion of the Convertible Notes, except, in the case of the capped call transactions, to the extent that the market price per share of the Company’s common stock exceeds the cap price of the capped call transactions. The Company also entered into separate warrant transactions with the Option Counterparties initially relating to the number of shares of the Company’s common stock underlying the convertible note hedge transactions, subject to customary anti-dilution adjustments. The warrant transactions will have a dilutive effect with respect to the Company’s common stock to the extent that the price per share of the Company common stock exceeds the strike price of the warrants unless the Company elects, subject to certain conditions, to settle the warrants in cash. These warrants were exercisable as of the issuance date of the Convertible Notes. The cap price of the capped call transactions and the strike price of the warrant transactions was initially $84.96 per share. Proceeds received from the issuance of the warrants totaled approximately $48,848 and were recorded as an addition to additional paid-in-capital. The net cost of the convertible note hedge and capped call transactions, taking into account the proceeds from the issuance of the warrants, was approximately $17,638. | ||||||||
In accordance with Accounting Standards Codification (“ASC”) 815, contracts are initially classified as equity if (1) the contract requires physical settlement or net-share settlement, or (2) the contract gives the entity a choice of net-cash settlement in its own shares (physical settlement or net-share settlement). The Company concluded that the settlement terms of the convertible note hedge, capped call and warrant transactions permit net-share settlement. As such, the convertible note hedge, capped call and warrant transactions were recorded in equity. | ||||||||
Upon issuance of the Convertible Notes, the Company bifurcated the $250,000 principal balance of the Convertible Notes into a liability component of $170,885, which was recorded as long-term debt, and an equity component of $79,115, which was recorded as additional paid-in-capital. The liability component was recognized at the present value of its associated cash flows using a 7.9% straight-debt rate which represented the Company’s interest rate for similar debt instruments at that time without a conversion feature and is being accreted to interest expense over the term of the Convertible Notes. At December 31, 2013 and 2012, the unamortized debt discount of the Convertible Notes was $56,563 and $66,417, respectively. | ||||||||
For the years ended December 31, 2013, 2012 and 2011, interest expense for the Convertible Notes was $14,854, $14,109 and $5,672, respectively, which included $9,854, $9,109 and $3,589 of non-cash interest accretion expense related to the carrying amount of the Convertible Notes, respectively, and $5,000, $5,000 and $2,083 of 2.0% cash interest, respectively. In accordance with ASC 470-20, which requires issuers to separately account for the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, the Company allocated debt issuance costs to the liability and equity components in proportion to their allocated value. Debt issuance costs were $7,277, with $2,303 recorded as a reduction in additional paid-in-capital. This balance of $4,974 is being amortized over the term of the Convertible Notes. For the years ended December 31, 2013, 2012 and 2011, total expense associated with the amortization of debt issuance costs was $711, $711 and $296, respectively. | ||||||||
Prior to May 1, 2018, the Convertible Notes will be convertible at the option of the holders thereof only under the following circumstances: (1) during any fiscal quarter commencing after September 30, 2011 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price (currently $69.03) for the Convertible Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which, as determined following a request by a holder of Convertible Notes as provided in the bond indenture (the “Indenture”), the trading price per $1,000 principal amount of Convertible Notes for each trading day of such Measurement Period was less than 97% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate for the Convertible Notes on each such trading day; or (3) upon the occurrence of specified corporate events pursuant to the terms of the Indenture. On or after May 1, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Convertible Notes, holders of the Convertible Notes may convert their Convertible Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. It is the Company’s intention to settle any excess conversion value in shares of the Company’s common stock. Since the Company's closing common stock price of $95.64 at the end of the period exceeded the conversion price of $69.03, the if-converted value exceeded the principal amount of the Convertible Notes by approximately $96,371 at December 31, 2013. As described above, the convertible note hedge and capped call transactions are expected to reduce the potential dilution with respect to the Company’s common stock upon conversion of the Convertible Notes. | ||||||||
The conversion rate on the Convertible Notes will be subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. In addition, following the occurrence of a make-whole fundamental change, the Company will, in certain circumstances, increase the conversion rate for a holder that converts its Convertible Notes in connection with such make-whole fundamental change. The Company may not redeem the Convertible Notes prior to maturity. If the Company undergoes a fundamental change, subject to certain conditions, holders may require the Company to purchase the Convertible Notes in whole or in part for cash at a fundamental change purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date. For purposes of calculating earnings per share, if the market price of the Company's common stock exceeds the applicable conversion price, as was the case at December 31, 2013, shares contingently issuable under the Convertible Notes will have a dilutive effect with respect to the Company’s common stock. | ||||||||
As of January 1, 2014, the Convertible Notes were again convertible at the option of the shareholders. This conversion right, which will remain available until March 31, 2014, was triggered since the closing price of the Company's common stock was greater than or equal to $89.74 (130% of the conversion price of the Convertible Notes) for at least 20 trading days during the last 30 consecutive trading days ending on December 31, 2013. Since the Company would be required to pay cash and issue stock to holders if they elect to convert their Convertible Notes during the first fiscal quarter of 2014, the $193,437 long-term liability component of the Convertible Notes was classified as a current liability in the consolidated balance sheet at December 31, 2013. In addition, a portion of the equity component of the Convertible Notes, calculated as the difference between the $250,000 principal amount of the Convertible Notes and the $193,437 liability component of the Convertible Notes, was considered redeemable and, as such, $56,563 was classified as temporary equity in the consolidated balance sheet at December 31, 2013. In the event that holders of Convertible Notes elect to convert, the Company expects to fund any resultant cash settlement from either working capital, borrowings under its credit facility, or both. The Company will reassess the convertibility of the Convertible Notes and the related balance sheet classification on a quarterly basis. There have been no conversions as of the date of this filing. | ||||||||
Senior Credit Facility | ||||||||
The Company entered into an amended and restated Senior Credit Facility on April 25, 2012, which replaced the prior senior secured credit facility (“Prior Credit Facility”) with a five-year $375,000 senior secured credit facility (“Senior Credit Facility”), which consisted of a $75,000 term loan (“Term Loan”) and a $300,000 revolving credit facility (“Revolving Credit Facility”), and the maturity date was extended two years until April 25, 2017. The Revolving Credit Facility includes a $25,000 sub-limit for the issuance of swingline loans and a $100,000 sub-limit to be used for letters of credit. There is a foreign currency limit of $50,000 under the Revolving Credit Facility which could be used for foreign currency denominated letters of credit and borrowings in a foreign currency, in each case in currencies agreed upon with the lenders. In addition, the facility permits borrowings up to $50,000 under the Revolving Credit Facility made by the Company's wholly-owned subsidiary, Chart Industries Luxembourg S.à r.l. | ||||||||
The Company recorded $1,445 in deferred financing costs related to the Senior Credit Facility which are being amortized over the five-year term of the loan. For the years ended December 31, 2013 and 2012, financing costs amortization associated with the Senior Credit Facility was $595 and $587, respectively, while financing costs amortization associated with the Prior Credit Facility was $1,178 for the year ended December 31, 2011. The Senior Credit Facility also includes an expansion option permitting the Company to add up to an aggregate of $150,000 in term loans or revolving credit commitments from its existing and potential new lenders. | ||||||||
Loans under the Senior Credit Facility bear interest, at the applicable Borrower's election, at either LIBOR or the greatest of (a) the JPMorgan prime rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% or (c) the Adjusted LIBOR Rate (as defined in the Senior Credit Facility) for a one month interest period on such day (or if such day is not a business day, the immediately preceding business day) plus 1%, plus a margin that varies with the Company's net debt to EBITDA ratio. In addition, the Company is required to pay a commitment fee of between 0.25% and 0.40% of the unused Revolver balance and a letter of credit participation fee equal to the daily aggregate letter of credit exposure at the rate per annum equal to the Applicable Margin for Eurocurrency Revolving Facility Borrowings (ranging from 1.5% to 3.0%, depending on the leverage ratio calculated at each fiscal quarter end). A fronting fee must be paid on each letter of credit that is issued equal to 0.125% per annum of the stated dollar amount of the letter of credit. Under the terms of the Senior Credit Facility, 5% of the $75,000 Term Loan is payable annually in quarterly installments over the first three years, 10% is payable annually in quarterly installments over the final two years, and the remaining balance is due on April 25, 2017. | ||||||||
The Senior Credit Facility contains a number of customary covenants, including but not limited to restrictions on the Company's ability to incur additional indebtedness, create liens or other encumbrances, sell assets, enter into sale and lease-back transactions, make certain payments, investments, loans, advances or guarantees, make acquisitions and engage in mergers or consolidations, pay dividends or distributions, and make capital expenditures. Significant financial covenants for the Senior Credit Facility include a maximum net debt to EBITDA ratio of 3.25 and a minimum interest coverage to EBITDA ratio of 3.0, which are the same limits that applied under the Prior Credit Facility. At December 31, 2013, the Company was in compliance with all covenants. | ||||||||
At December 31, 2013, there was $68,438 outstanding under the Term Loan and $24,761 in letters of credit issued. Although there were no borrowings outstanding under the Revolving Credit Facility at December 31, 2013, the Company had borrowed against this facility to fund working capital needs during the year, and incurred additional interest on interim amounts outstanding. At December 31, 2013, availability under the Revolving Credit Facility was $275,239. The obligations under the Senior Credit Facility are guaranteed by the Company and substantially all of its U.S. subsidiaries and secured by substantially all of the assets of the Company and its U.S. subsidiaries and 65% of the capital stock of the Company’s material non-U.S. subsidiaries (as defined by the Senior Credit Facility) that are owned by U.S. subsidiaries. | ||||||||
Foreign Facilities – China | ||||||||
Chart Cryogenic Engineering Systems (Changzhou) Company Limited (“CCESC”), a wholly-owned subsidiary of the Company, and Chart Cryogenic Distribution Equipment (Changzhou) Company Limited (“CCDEC”), a joint venture of the Company, maintain joint banking facilities (the “China D&S Facilities”) which include a revolving line with 30.0 million Chinese yuan (equivalent to $4,921) in borrowing capacity, a bonding/guarantee facility with up to 50.0 million Chinese yuan (equivalent to $8,201) in borrowing capacity, and an overdraft facility with 10.0 million Chinese yuan (equivalent to $1,640) in borrowing capacity. Any drawings made by CCESC and CCDEC under the China D&S Facilities are guaranteed by the Company. | ||||||||
CCDEC also maintains a facility with Bank of China with capacity of up to 20.0 million Chinese yuan (equivalent to $3,280). At December 31, 2013, there was 20.0 million Chinese yuan (equivalent to $3,280) outstanding under this facility, bearing interest at 6.6%. The facility matures on March 19, 2014. | ||||||||
At December 31, 2013, CCESC and CCDEC had 8.0 million Chinese yuan (equivalent to $1,306) and 5.6 million Chinese yuan (equivalent to $921) in bank guarantees, respectively. | ||||||||
Foreign Facilities – Ferox | ||||||||
Chart Ferox, a.s. (“Ferox”), a wholly-owned subsidiary of the Company, maintains two secured credit facilities with capacity of up to 175.0 million Czech koruna (equivalent to $8,799). Both of the facilities allow Ferox to request issuance of bank guarantees and letters of credit. Neither of the facilities allows revolving credit borrowings, including overdraft protection. Under both facilities, Ferox must pay letter of credit and guarantee fees equal to 0.70% p.a. on the face amount of each guarantee or letter of credit. Ferox’s land, buildings and accounts receivable secure the credit facilities. At December 31, 2013, there were bank guarantees of 77.1 million Czech koruna (equivalent to $3,876) supported by the Ferox credit facilities. | ||||||||
Scheduled Annual Maturities | ||||||||
The scheduled annual maturities of long-term debt at December 31, 2013, are as follows: | ||||||||
Year | Amount | |||||||
2014 | $ | 7,030 | ||||||
2015 | 6,563 | |||||||
2016 | 7,500 | |||||||
2017 | 50,625 | |||||||
2018 | 250,000 | |||||||
Total | $ | 321,718 | ||||||
Cash paid for interest during the years ended December 31, 2013, 2012 and 2011 was $7,233, $6,604 and $16,608, respectively. | ||||||||
Fair Value Disclosures | ||||||||
The fair value of the term loan portion of the Company’s Senior Credit Facility was estimated based on the present value of the underlying cash flows discounted using market interest rates. Under this method, the fair value of the Company’s Term Loan approximated its carrying amount as of December 31, 2013 and 2012. The Company’s Term Loan was valued using observable inputs and, accordingly, the valuation is performed using Level 2 inputs as defined in Note 11. | ||||||||
The fair value of the Convertible Notes was valued at approximately 154% of its par value as of December 31, 2013 and approximately 124% of its par value as of December 31, 2012. The Convertible Notes are actively quoted instruments and, accordingly, the valuation is performed using Level 1 inputs as defined in Note 11. |
Financial_Instruments_and_Deri
Financial Instruments and Derivative Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative [Line Items] | ' |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' |
Financial Instruments and Derivative Financial Instruments | |
Concentrations of Credit Risks: The Company sells its products to gas producers, distributors and end-users across the industrial gas, hydrocarbon, chemical processing and medical industries in countries all over the world. Approximately 59%, 56% and 58% of sales were to foreign countries in 2013, 2012 and 2011, respectively. No single customer exceeded ten percent of consolidated sales in 2013, 2012 and 2011. Sales to the Company’s top ten customers accounted for 37%, 38% and 36% of consolidated sales in 2013, 2012 and 2011, respectively. The Company’s sales to particular customers fluctuate from period to period, but the large industrial gas producer and distributor customers of the Company tend to be a consistently large source of revenue for the Company. | |
The Company is also subject to concentrations of credit risk with respect to its cash and cash equivalents and forward foreign currency exchange contracts. To minimize credit risk from these financial instruments, the Company enters into arrangements with major banks and other quality financial institutions and invests only in high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations in this area. | |
The changes in fair value with respect to the Company's foreign currency forward contracts generated net losses of $2,940 and $780 for the years ended December 31, 2013 and 2012 and a net gain of $1,233 for the year ended December 31, 2011. |
Product_Warranties_Notes
Product Warranties (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Product Warranties [Abstract] | ' | |||||||||||
Product Warranty Disclosure [Text Block] | ' | |||||||||||
Product Warranties | ||||||||||||
The changes in the Company’s consolidated warranty reserve are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 44,486 | $ | 13,181 | $ | 12,101 | ||||||
Warranty expense | 17,486 | 12,494 | 7,420 | |||||||||
Warranty usage | (28,359 | ) | (18,222 | ) | (8,085 | ) | ||||||
Acquired warranty reserves | 214 | 37,033 | 1,745 | |||||||||
Ending balance | $ | 33,827 | $ | 44,486 | $ | 13,181 | ||||||
Business_Combinations_Notes
Business Combinations (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||
Business Combinations | ||||||||||||
Xinye Acquisition | ||||||||||||
On June 8, 2013, Chart Asia Investment Company Limited (“Chart Asia”), a wholly-owned subsidiary of the Company, acquired 80% of the shares of Nanjing Xinye Electric Engineering Co., Ltd. (“Xinye”) for an aggregate cash purchase price of 18.3 million Chinese yuan (equivalent to $2,965), net of cash acquired. The remaining 20% will be retained by one of the original shareholders. The fair value of the net assets acquired and goodwill at the date of acquisition was 16.4 million Chinese yuan and 1.9 million Chinese yuan, respectively. Xinye, located in Nanjing, Jiangsu Province, China, designs, manufactures and sells control systems and dispensers for the liquefied natural gas, compressed natural gas, and industrial gas markets. It also engages in the design and production of integrated circuit card systems and remote monitoring systems for natural gas mobile equipment. Xinye provides the Company localized dispensing and control technology and increases its penetration into the high growth natural gas markets in the Asian region. Xinye's results are included in the Company's Distribution & Storage business segment. | ||||||||||||
AirSep Acquisition | ||||||||||||
On August 30, 2012, the Company acquired 100% of the equity interests of AirSep Corporation (“AirSep”) for an aggregate cash purchase price of $182,450 (including approximately $2,800 in acquisition-related tax benefits acquired and $10,000 of debt which was retired upon completion of the acquisition). AirSep, located in Amherst, New York, designs, manufactures, sells and services stationary, transportable and portable oxygen concentrators and self-contained generators, standard generators, and packaged systems for industrial and medical oxygen generating systems. AirSep's results are included in the Company’s BioMedical segment. | ||||||||||||
The fair value of the net assets acquired and goodwill at the date of acquisition was $72,687 and $109,763, respectively. The allocation of the purchase price is based on the fair value of assets acquired and liabilities assumed, and the related income tax impact of the acquisition adjustments. The acquisition was made and goodwill was established due to the benefits that will be derived from the expansion of the oxygen concentrator business in the U.S., Europe and Asia, and the growth potential for the Company's commercial oxygen generation systems business. | ||||||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed in the AirSep acquisition on August 30, 2012: | ||||||||||||
Net assets acquired: | ||||||||||||
Accounts receivable, net | $ | 24,280 | ||||||||||
Inventories, net | 34,553 | |||||||||||
Prepaid expenses | 615 | |||||||||||
Other current assets | 3,837 | |||||||||||
Property, plant and equipment | 5,342 | |||||||||||
Other assets | 976 | |||||||||||
Accounts payable | (13,728 | ) | ||||||||||
Customer advances and billings in excess of contract revenue | (4,782 | ) | ||||||||||
Accrued salaries, wages and benefits | (1,837 | ) | ||||||||||
Other current liabilities | (254 | ) | ||||||||||
Current portion of warranty reserve | (10,562 | ) | ||||||||||
Long-term portion of warranty reserve | (26,471 | ) | ||||||||||
Net tangible assets acquired | 11,969 | |||||||||||
Deferred income tax assets | 9,262 | |||||||||||
Goodwill | 109,763 | |||||||||||
Identifiable intangible assets | 67,000 | |||||||||||
Long-term deferred tax liability | (15,544 | ) | ||||||||||
Net assets acquired | $ | 182,450 | ||||||||||
AirSep provides warranties on certain of its products, generally for periods of five years or less. The warranty reserve is calculated considering historical warranty experience (general portion of the reserve) and specifically identified warranty issues (specific portion of the reserve). To calculate the general reserve, actual warranty claims are used to calculate an average experience rate to be applied against sales. This experience rate is used to record an estimated accrual at the time of the sale. The accrual is reviewed and adjusted periodically to reflect current information including costs to repair or replace the units. The Company reviews other factors to determine if there are any specific factors which could change the reserve. AirSep has experienced a significant number of warranty claims in one of its product lines. To calculate the specific reserve associated with this product line, the Company isolated the specific units which were being returned with identified warranty issues at significantly higher rates than normal. The entire population of these units was excluded from the general reserve and is considered in a specific reserve. The specific reserve considers the identified population, less units already returned, to estimate potential units that will be returned. Management then estimated the expected number of additional product returns based on historical returns experience for this product line. These expected future returns were multiplied by the estimated cost to replace the unit to establish a specific warranty reserve. | ||||||||||||
AirSep's identifiable intangible assets mainly include customer relationships and technology and are also comprised of product names, trademarks and trade names. | ||||||||||||
Incremental sales and operating income related to the AirSep acquisition were $71,043 and $3,195, respectively, in the year ended December 31, 2013, the latter of which included $2,638 in cost of goods sold to amortize the remaining portion of the write-up of inventory to fair value, $4,570 of intangible asset amortization expense and $2,726 in management retention expenses and severance costs. | ||||||||||||
For the period August 31, 2012 through December 31, 2012, AirSep added $40,317 to sales. For the same period, the acquisition of AirSep reduced operating income by $4,026 which included $3,270 recorded in cost of goods sold to amortize a portion of the write-up of inventory to fair value, $2,285 of intangible asset amortization expense and $1,111 in management retention expenses. For the year ended December 31, 2012, the Company recognized $1,164 of AirSep acquisition related costs, respectively, that were expensed in the current year. These costs are included in the consolidated statements of income in selling, general and administrative expenses. | ||||||||||||
2011 Acquisitions | ||||||||||||
In August 2011, the Company completed the acquisition of GOFA Gocher Fahrzeugbau GmbH and related companies (“GOFA”) for a total purchase price of €26,261, net of cash acquired, including a final working capital adjustment of €947. The fair value of the net assets acquired and goodwill at the date of acquisition was $28,372 and $11,438, respectively. GOFA, located in Goch, Germany, designs, manufactures, sells and services cryogenic and noncryogenic mobile equipment. GOFA's results are included in the Company’s Distribution & Storage segment. | ||||||||||||
In April 2011, the Company completed the acquisition of Clever Fellows Innovation Consortium, Inc. (“CFIC”) for a total potential purchase price of $5,000 in cash, of which $2,000 has been paid. The remaining portion of the potential total purchase price represents contingent consideration based on the attainment of certain revenue targets. The fair value of the net assets acquired and goodwill at the date of acquisition was $732 and $2,938, respectively. CFIC is located in Troy, New York and develops and manufactures thermoacoustic technology products for cryogenic, heat transfer and related applications. CFIC’s results are included in the Company’s BioMedical segment. | ||||||||||||
Pro-forma information related to these acquisitions has not been presented because the impact on the Company’s consolidated results of operations is not material. | ||||||||||||
Contingent Consideration | ||||||||||||
The estimated fair value of contingent consideration relating to a prior acquisition was valued using a discounted cash flow approach, which includes assumptions for the probabilities of achieving gross sales or gross profit targets and the discount rate applied to the projected payments. The valuation is performed using Level 3 inputs as defined in Note 11. Changes in fair value of contingent consideration are recorded as selling, general and administrative expenses in the consolidated statements of income. | ||||||||||||
Potential payments may be paid between January 1, 2014 and March 31, 2016 based on the attainment of certain revenue targets. Based on achieving certain revenue targets, the remaining maximum potential payout related to total contingent consideration is $3,000. | ||||||||||||
The changes in the Company's contingent consideration liabilities are summarized below: | ||||||||||||
Distribution & Storage | BioMedical | Total | ||||||||||
Balance at January 1, 2012 | $ | 841 | $ | 6,226 | $ | 7,067 | ||||||
Increase (decrease) in contingent consideration liabilities | 459 | (4,236 | ) | (3,777 | ) | |||||||
Payment | (1,300 | ) | — | (1,300 | ) | |||||||
Balance at December 31, 2012 | — | 1,990 | 1,990 | |||||||||
Increase in contingent consideration liabilities | — | 299 | 299 | |||||||||
Balance at December 31, 2013 | $ | — | $ | 2,289 | $ | 2,289 | ||||||
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||
NOTE 11 — Fair Value Measurements | ||||||||||||
The Company measures its financial assets and liabilities at fair value on a recurring basis using a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies. The three levels of inputs used to measure fair value are as follows: | ||||||||||||
Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. | ||||||||||||
Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||
Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | ||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis and presented in the Company's consolidated balance sheets are as follows: | ||||||||||||
December 31, 2013 | ||||||||||||
Total | Level 2 | Level 3 | ||||||||||
Foreign currency forward contracts | $ | 13 | $ | 13 | $ | — | ||||||
Total financial assets | $ | 13 | $ | 13 | $ | — | ||||||
Foreign currency forward contracts | $ | 394 | $ | 394 | $ | — | ||||||
Contingent consideration liabilities | 2,289 | — | 2,289 | |||||||||
Total financial liabilities | $ | 2,683 | $ | 394 | $ | 2,289 | ||||||
December 31, 2012 | ||||||||||||
Total | Level 2 | Level 3 | ||||||||||
Foreign currency forward contracts | $ | 31 | $ | 31 | $ | — | ||||||
Total financial assets | $ | 31 | $ | 31 | $ | — | ||||||
Foreign currency forward contracts | $ | 433 | $ | 433 | $ | — | ||||||
Contingent consideration liabilities | 1,990 | — | 1,990 | |||||||||
Total financial liabilities | $ | 2,423 | $ | 433 | $ | 1,990 | ||||||
Refer to Note 8 for further information regarding foreign currency forward contracts and Note 10 for further information regarding contingent consideration liabilities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
The components of accumulated other comprehensive income are as follows: | ||||||||||||
December 31, 2013 | ||||||||||||
Foreign currency translation adjustments | Pension liability adjustments, net of taxes | Accumulated other comprehensive income | ||||||||||
Beginning Balance | $ | 14,207 | $ | (12,566 | ) | $ | 1,641 | |||||
Other comprehensive income before reclassifications, net of taxes of $3,769 | 4,218 | 6,611 | 10,829 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of taxes of $496 (1) | — | 852 | 852 | |||||||||
Net current-period other comprehensive income, net of taxes | 4,218 | 7,463 | 11,681 | |||||||||
Ending Balance | $ | 18,425 | $ | (5,103 | ) | $ | 13,322 | |||||
31-Dec-12 | ||||||||||||
Foreign currency translation adjustments | Pension liability adjustments, net of taxes | Accumulated other comprehensive income | ||||||||||
Beginning Balance | $ | 12,635 | $ | (9,642 | ) | $ | 2,993 | |||||
Other comprehensive income (loss) before reclassifications, net of a tax benefit of $1,698 | 1,572 | (3,899 | ) | (2,327 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (1) | — | 975 | 975 | |||||||||
Net current-period other comprehensive income (loss), net of taxes | 1,572 | (2,924 | ) | (1,352 | ) | |||||||
Ending Balance | $ | 14,207 | $ | (12,566 | ) | $ | 1,641 | |||||
_______________ | ||||||||||||
(1) | Amounts reclassified from accumulated other comprehensive income were expensed and included in cost of sales ($530 and $411 for the years ended December 31, 2013 and 2012, respectively) and selling, general and administrative expenses ($818 and $564 for the years ended December 31, 2013 and 2012, respectively) in the consolidated statements of income. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
Earnings Per Share | ||||||||||||
The following table presents calculations of net income per share of common stock: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to Chart Industries, Inc. | $ | 83,176 | $ | 71,295 | $ | 44,076 | ||||||
Net income attributable to Chart Industries, Inc. per common share: | ||||||||||||
Basic | $ | 2.75 | $ | 2.39 | $ | 1.51 | ||||||
Diluted | $ | 2.6 | $ | 2.36 | $ | 1.47 | ||||||
Weighted average number of common shares outstanding — basic | 30,209 | 29,786 | 29,165 | |||||||||
Incremental shares issuable upon assumed conversion and exercise of share-based awards | 411 | 408 | 748 | |||||||||
Incremental shares issuable due to dilutive effect of the Convertible Notes | 974 | — | — | |||||||||
Incremental shares issuable due to dilutive effect of warrants | 337 | — | — | |||||||||
Weighted average number of common shares outstanding — diluted | 31,931 | 30,194 | 29,913 | |||||||||
Diluted earnings per share does not reflect the following potential common shares as the effect would be anti-dilutive: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Share-based awards | 1 | 109 | 107 | |||||||||
Convertible note hedge and capped call transactions (1) | 948 | — | — | |||||||||
Warrants | — | 3,368 | 3,368 | |||||||||
_______________ | ||||||||||||
(1) | The convertible note hedge and capped call transactions offset any dilution upon actual conversion of the Convertible Notes up to a common stock price of $84.96. See Note 7 for further information. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income Before Income Taxes | ||||||||||||
Income before income taxes consists of the following: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 67,355 | $ | 79,812 | $ | 42,429 | ||||||
Foreign | 51,303 | 23,294 | 20,545 | |||||||||
Income before income taxes | $ | 118,658 | $ | 103,106 | $ | 62,974 | ||||||
Provision | ||||||||||||
Significant components of the provision for income taxes are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 19,421 | $ | 28,076 | $ | 14,369 | ||||||
State and local | 1,618 | 1,768 | 876 | |||||||||
Foreign | 11,864 | 5,456 | 5,976 | |||||||||
Total current | 32,903 | 35,300 | 21,221 | |||||||||
Deferred: | ||||||||||||
Federal | 21 | (3,477 | ) | (962 | ) | |||||||
State and local | (364 | ) | (684 | ) | (66 | ) | ||||||
Foreign | (1,264 | ) | (357 | ) | (1,463 | ) | ||||||
Total deferred | (1,607 | ) | (4,518 | ) | (2,491 | ) | ||||||
Total provision | $ | 31,296 | $ | 30,782 | $ | 18,730 | ||||||
Effective Tax Rate Reconciliation | ||||||||||||
The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense at U.S. federal statutory rate | $ | 41,530 | $ | 36,087 | $ | 22,041 | ||||||
State income taxes, net of federal tax benefit | 757 | 711 | 810 | |||||||||
Foreign income, net of credit on foreign taxes | 501 | 48 | 137 | |||||||||
Effective tax rate differential of earnings outside of U.S. | (8,257 | ) | (4,983 | ) | (1,901 | ) | ||||||
Foreign investment tax credit | — | (406 | ) | (777 | ) | |||||||
Research & experimentation credits | (2,105 | ) | — | (350 | ) | |||||||
Non-deductible (taxable) items | 865 | 2,885 | 424 | |||||||||
Change in uncertain tax positions | (347 | ) | (394 | ) | (28 | ) | ||||||
Domestic production activities deduction | (2,237 | ) | (2,490 | ) | (1,626 | ) | ||||||
Other items | 589 | (676 | ) | — | ||||||||
Income tax expense | $ | 31,296 | $ | 30,782 | $ | 18,730 | ||||||
Deferred Taxes | ||||||||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Accruals and reserves | $ | 25,478 | $ | 27,625 | ||||||||
Pensions | 2,536 | 7,019 | ||||||||||
Inventory | 4,350 | 2,775 | ||||||||||
Share-based compensation | 6,107 | 5,220 | ||||||||||
Tax credit carryforwards | — | 2,662 | ||||||||||
Foreign net operating loss carryforwards | 594 | 1,440 | ||||||||||
State net operating loss carryforward | 1,610 | 1,517 | ||||||||||
Other — net | 844 | 1,331 | ||||||||||
Total deferred tax assets before valuation allowance | 41,519 | 49,589 | ||||||||||
Valuation allowance | (1,250 | ) | (1,766 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | $ | 40,269 | $ | 47,823 | ||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | $ | 17,248 | $ | 15,705 | ||||||||
Intangibles | 53,314 | 59,396 | ||||||||||
Convertible notes | 2,623 | 3,071 | ||||||||||
Total deferred tax liabilities | $ | 73,185 | $ | 78,172 | ||||||||
Net deferred tax liabilities | $ | 32,916 | $ | 30,349 | ||||||||
The net deferred tax liability is classified as follows: | ||||||||||||
Deferred income taxes | $ | (14,675 | ) | $ | (15,282 | ) | ||||||
Other assets | (125 | ) | (654 | ) | ||||||||
Long-term deferred tax liabilities | 47,716 | 46,285 | ||||||||||
Net deferred tax liabilities | $ | 32,916 | $ | 30,349 | ||||||||
Federal, State and Local Net Operating Loss Carryforwards: As a result of the SeQual acquisition, the Company has $19,552 of state net operating losses. California tax law will limit the use of these state net operating losses. The remaining state net operating losses expire between 2014 and 2031. In addition, the Company has state net operating losses in various other states which begin to expire in 2017. The gross deferred tax asset for the state net operating losses of $1,610 is partially offset by a valuation allowance of $740. | ||||||||||||
Foreign Net Operating Loss Carryforwards: As of December 31, 2013, cumulative foreign operating losses of $2,010 generated by the Company were available to reduce future taxable income. Approximately $451 of these operating losses expire between 2016 and 2021. The remaining $1,559 can be carried forward indefinitely. The deferred tax asset for the foreign operating losses of $594 is partially offset by a valuation allowance of $511. | ||||||||||||
Other Tax Information | ||||||||||||
The Company has not provided for income taxes on approximately $159,962 of foreign subsidiaries' undistributed earnings as of December 31, 2013, since the earnings retained have been reinvested indefinitely by the subsidiaries. It is not practicable to estimate the additional income taxes and applicable foreign withholding taxes that would be payable on the remittance of such undistributed earnings. | ||||||||||||
Cash paid for income taxes during the years ended December 31, 2013, 2012 and 2011 was $24,977, $19,193 and $17,130, respectively. | ||||||||||||
Unrecognized Income Tax Benefits | ||||||||||||
The reconciliation of beginning to ending unrecognized tax benefits is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of the year | $ | 3,339 | $ | 2,440 | $ | 2,468 | ||||||
Additions for tax positions of prior years | 299 | 1,921 | 128 | |||||||||
Reductions for tax positions of prior years | (1,921 | ) | — | (22 | ) | |||||||
Reductions for settlements | — | (905 | ) | — | ||||||||
Lapse of statutes of limitation | (776 | ) | (117 | ) | (134 | ) | ||||||
Unrecognized tax benefits at end of the year | $ | 941 | $ | 3,339 | $ | 2,440 | ||||||
Included in the balance of unrecognized tax benefits at December 31, 2013 and 2012 were $410 and $851, respectively, of income tax benefits which, if ultimately recognized, would impact the Company’s annual effective tax rate. | ||||||||||||
The Company had accrued approximately $93 and $106 for the payment of interest and penalties at December 31, 2013 and 2012, respectively. The Company recorded a net benefit of $8 for interest expense in the year ended December 31, 2013 due to the filing of an amended tax return which offset the accrual of interest expense related to existing uncertain tax positions. The Company accrued approximately $42 for both years ended December 31, 2012 and 2011 in additional interest associated with uncertain tax positions. | ||||||||||||
The Company is subject to income taxes in the U.S. federal jurisdiction, and various state and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years prior to 2009. | ||||||||||||
Due to the potential resolution of the federal examination and the expiration of various statutes of limitation, it is reasonably possible the Company's unrecognized tax benefits at December 31, 2013 may decrease within the next twelve months by approximately $22. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||
Defined Benefit Plan | |||||||||||||||||||||||
The Company has a defined benefit pension plan which is frozen, that covers certain U.S. hourly and salary employees. The defined benefit plan provides benefits based primarily on the participants’ years of service and compensation. | |||||||||||||||||||||||
The components of net periodic pension expense are as follows: | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Interest cost | $ | 2,112 | $ | 2,206 | $ | 2,409 | |||||||||||||||||
Expected return on plan assets | (2,705 | ) | (2,648 | ) | (2,575 | ) | |||||||||||||||||
Amortization of net loss | 1,348 | 974 | 365 | ||||||||||||||||||||
Total net periodic pension expense | $ | 755 | $ | 532 | $ | 199 | |||||||||||||||||
The changes in the projected benefit obligation and plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets are as follows: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 57,268 | $ | 49,925 | |||||||||||||||||||
Interest cost | 2,112 | 2,206 | |||||||||||||||||||||
Benefits paid | (1,813 | ) | (1,710 | ) | |||||||||||||||||||
Actuarial (gains) losses | (6,883 | ) | 6,847 | ||||||||||||||||||||
Projected benefit obligation at year end | $ | 50,684 | $ | 57,268 | |||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 37,941 | $ | 34,020 | |||||||||||||||||||
Actual return (loss) | 6,202 | 3,899 | |||||||||||||||||||||
Employer contributions | 635 | 1,732 | |||||||||||||||||||||
Benefits paid | (1,813 | ) | (1,710 | ) | |||||||||||||||||||
Fair value of plan assets at year end | $ | 42,965 | $ | 37,941 | |||||||||||||||||||
Funded status (Accrued pension liabilities) | $ | (7,719 | ) | $ | (19,327 | ) | |||||||||||||||||
Unrecognized actuarial loss recognized in accumulated other comprehensive income | $ | 8,250 | $ | 19,978 | |||||||||||||||||||
The estimated net loss for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $320. | |||||||||||||||||||||||
The actuarial assumptions used in determining pension plan information are as follows: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Assumptions used to determine benefit obligation at year end: | |||||||||||||||||||||||
Discount rate | 4.75 | % | 3.75 | % | 4.5 | % | |||||||||||||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||
Discount rate | 3.75 | % | 4.5 | % | 5.5 | % | |||||||||||||||||
Expected long-term weighted-average rate of return on plan assets | 7.25 | % | 7.75 | % | 7.75 | % | |||||||||||||||||
The discount rate reflects the current rate at which the pension liabilities could be effectively settled at year end. In estimating this rate, the Company looks to rates of return on high quality, fixed-income investments that receive one of the two highest ratings given by a recognized rating agency and the expected timing of benefit payments under the plan. | |||||||||||||||||||||||
The expected return assumptions were developed using an averaging formula based upon the plans’ investment guidelines, mix of asset classes, historical returns of equities and bonds, and expected future returns. The Company employs a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of short and long-term plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed-income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value, and small and large capitalizations. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies. | |||||||||||||||||||||||
The target asset allocations and fair values by asset category at December 31 are as follows: | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Total | Level 2 | Level 3 | |||||||||||||||||||||
Asset category: | Target | 2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Equity | 55 | % | $ | 26,668 | $ | 21,265 | $ | 26,668 | $ | 21,265 | $ | — | |||||||||||
Fixed income funds | 43 | % | 12,527 | 16,650 | 12,527 | 16,650 | — | ||||||||||||||||
Cash and cash equivalents | 2 | % | — | 26 | — | 26 | — | ||||||||||||||||
Other investments | — | % | 3,770 | — | 1,609 | — | 2,161 | ||||||||||||||||
Total | 100 | % | $ | 42,965 | $ | 37,941 | $ | 40,804 | $ | 37,941 | $ | 2,161 | |||||||||||
The plan assets are primarily invested in pooled separate accounts. The fair values of participation units held in pooled separate accounts are based on their net asset values, as reported by the managers of the pooled separate accounts as supported by the unit prices of actual purchase and sale transactions occurring as of or near to the financial statement date. These plan assets are valued using Level 2 inputs as defined in Note 11. Certain plan assets in the other investments asset category are invested in a general investment fund where the fair value is derived from the liquidation value based on an actuarial formula as defined under terms of the investment contract. These plan assets were valued using unobservable inputs and, accordingly, the valuation was performed using Level 3 inputs as defined in Note 11. | |||||||||||||||||||||||
The following table represents changes in the fair value of plan assets categorized as Level 3 from the preceding table: | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Balance at beginning of year | $ | — | |||||||||||||||||||||
Return on plan assets | 30 | ||||||||||||||||||||||
Purchases, sales and settlements, net | (1,925 | ) | |||||||||||||||||||||
Transfers, net | 4,056 | ||||||||||||||||||||||
Balance at end of year | $ | 2,161 | |||||||||||||||||||||
The Company’s funding policy is to contribute at least the minimum funding amounts required by law. Based upon current actuarial estimates, the Company expects to contribute $1,729 to its defined benefit pension plan in 2014. The following benefit payments are expected to be paid by the plan in each of the next five years and in the aggregate for the subsequent five years: | |||||||||||||||||||||||
2014 | $ | 2,000 | |||||||||||||||||||||
2015 | 2,100 | ||||||||||||||||||||||
2016 | 2,200 | ||||||||||||||||||||||
2017 | 2,400 | ||||||||||||||||||||||
2018 | 2,600 | ||||||||||||||||||||||
In aggregate during five years thereafter | 15,000 | ||||||||||||||||||||||
Multi-Employer Plan | |||||||||||||||||||||||
The Company contributes to a multi-employer plan for certain collective bargaining U.S. employees. The risks of participating in this multi-employer plan are different from a single employer plan in the following aspects: | |||||||||||||||||||||||
(a) | Assets contributed to the multi-employer by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||||||
(b) | If a participating employer ceases contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers. | ||||||||||||||||||||||
(c) | If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||
The Company has assessed and determined that the multi-employer plan to which it contributes is not significant to the Company's financial statements. The Company does not expect to incur a withdrawal liability or expect to significantly increase its contribution over the remainder of the current contract period which ends in February 2018. The Company made contributions to the bargaining unit supported multi-employer pension plan resulting in expense of $908, $760 and $518 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
Defined Contribution Savings Plan | |||||||||||||||||||||||
The Company has a defined contribution savings plan that covers most of its U.S. employees. Company contributions to the plan are based on employee contributions, and a Company match and discretionary contributions. Expenses under the plan totaled $9,814, $8,011 and $6,241 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
Voluntary Deferred Income Plan | |||||||||||||||||||||||
The Company provides additional retirement plan benefits to certain members of management under the Amended and Restated Chart Industries, Inc. Voluntary Deferred Income Plan; this is an unfunded plan. The Company recorded $276 and $507 of expense associated with this plan for the years ended December 31, 2013 and 2012, respectively. |
Sharebased_Compensation
Share-based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | ' | ||||||||||||
Share-based Compensation | |||||||||||||
Under the Amended and Restated 2005 Stock Incentive Plan (“Stock Incentive Plan”) which became effective in October 2005, the Company could grant stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), stock awards and performance based stock awards to employees and directors. The Stock Incentive Plan had reserved 3,421 shares of the Company's common stock for issuance. As of December 31, 2013, 139 options were outstanding under the Stock Incentive Plan. The Company no longer grants stock options or awards under this plan. | |||||||||||||
Under the Amended and Restated 2009 Omnibus Equity Plan (“Omnibus Equity Plan”) which was originally approved by the shareholders in May 2009 and reapproved by shareholders in May 2012 as amended and restated, the Company may grant stock options, SARs, RSUs, restricted stock, performance shares, leveraged restricted shares, and common shares to employees and directors. The maximum number of shares available for grant is 3,350, which may be treasury shares or unissued shares. As of December 31, 2013, 371 options, 97 restricted stock awards, 86 performance stock units, and 40 leveraged restricted share units were outstanding under the Omnibus Equity Plan. | |||||||||||||
The Company recognized share-based compensation expense of $9,989, $7,461 and $5,433 for the years ended December 31, 2013, 2012 and 2011, respectively. This expense is included in selling, general and administrative expenses in the consolidated statements of income. The Company also recognized related tax benefits of $6,673, $8,972 and $7,879 for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, total share-based compensation of $9,146 is expected to be recognized over the remaining weighted-average period of approximately 1.9 years assuming performance units are earned at their maximum payout potential. | |||||||||||||
Stock Options | |||||||||||||
The Company uses a Black-Scholes option pricing model to estimate the fair value of stock options. The expected volatility and expected term of the options are based on historical information. The risk free rate is based on the U.S. Treasury yield in effect at the time of the grant. Weighted-average grant-date fair values of stock options and the assumptions used in estimating the fair values are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average grant-date fair value per share | $ | 41.52 | $ | 35.69 | $ | 24.33 | |||||||
Expected term (years) | 6.25 | 6.25 | 6.25 | ||||||||||
Risk-free interest rate | 1 | % | 1.15 | % | 2.43 | % | |||||||
Expected volatility | 66.8 | % | 70.71 | % | 72.47 | % | |||||||
Under the terms of the Omnibus Equity Plan, stock options generally have a 4 year graded vesting period, an exercise price equal to the fair market value of a share of common stock on the date of grant, and a contractual term of 10 years. The following table summarizes the Company’s stock option activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-average | Aggregate Intrinsic Value | Weighted- average Remaining Contractual Term | ||||||||||
of Shares | Exercise | ||||||||||||
Price | |||||||||||||
Outstanding at beginning of year | 749 | $ | 24.21 | ||||||||||
Granted | 82 | 68.21 | |||||||||||
Exercised | (315 | ) | 16.97 | ||||||||||
Forfeited | (6 | ) | 43.17 | ||||||||||
Outstanding at end of year | 510 | $ | 35.54 | $ | 30,676 | 6.5 years | |||||||
Vested and expected to vest at end of year | 504 | $ | 35.27 | $ | 30,446 | 6.5 years | |||||||
Exercisable at end of year | 236 | $ | 21.61 | $ | 17,460 | 5.1 years | |||||||
As of December 31, 2013, total unrecognized compensation cost related to stock options expected to be recognized over the weighted-average period of approximately 2.3 years is $2,222. | |||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $21,199, $18,310 and $28,784, respectively. The total fair value of stock options vested during the years ended December 31, 2013, 2012 and 2011 was $2,673, $2,216 and $1,957, respectively. | |||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||
Restricted stock and restricted stock unit awards generally vest ratably over a three-year period and are valued based on the Company's market price on the date of grant. The following table summarizes the Company’s unvested restricted stock and restricted stock unit awards activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-Average | ||||||||||||
of Shares | Grant-Date Fair Value | ||||||||||||
Unvested at beginning of year | 132 | $ | 36.6 | ||||||||||
Granted | 49 | 69.72 | |||||||||||
Forfeited | (2 | ) | 56.06 | ||||||||||
Vested | (82 | ) | 26.61 | ||||||||||
Unvested at end of year | 97 | $ | 61.48 | ||||||||||
As of December 31, 2013, total unrecognized compensation cost related to unvested restricted stock and restricted stock unit awards expected to be recognized over the weighted-average period of approximately 1.8 years is $2,529. | |||||||||||||
The weighted-average grant-date fair value of restricted stock and restricted stock unit awards granted during the years ended December 31, 2013, 2012 and 2011 was $69.72, $60.80 and $36.75, respectively. The total fair value of restricted stock and restricted stock unit awards that vested during the years ended December 31, 2013, 2012 and 2011 was $5,782, $4,654 and $2,755, respectively. | |||||||||||||
Performance Units | |||||||||||||
Performance unit awards are earned over a three-year period. Based on the attainment of pre-determined performance condition targets as determined by the Compensation Committee of the Board of Directors, units earned may be in the range of between 0% and 200% for 2012 and 2013 awards and 0% to 150% for 2011 awards. The probability of units being earned is evaluated each reporting period, and the fair value of the awards is adjusted accordingly. The following table summarizes the Company’s performance unit awards activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-Average | ||||||||||||
of Shares | Grant-Date Fair Value | ||||||||||||
Unvested at beginning of year | 68 | $ | 41.07 | ||||||||||
Granted | 19 | 68.21 | |||||||||||
Forfeited | (1 | ) | 36.45 | ||||||||||
Unvested at end of year | 86 | $ | 46.94 | ||||||||||
As of December 31, 2013, total unrecognized compensation cost related to performance unit awards expected to be recognized over the weighted-average period of approximately 1.7 years is $2,597 assuming performance units are earned at their maximum payout potential. | |||||||||||||
The weighted-average grant-date fair value of performance unit awards granted during the years ended December 31, 2013, 2012 and 2011 was $68.21, $55.93 and $36.45, respectively. The total fair value of performance unit awards that vested during the year ended December 31, 2012 was $9,386. | |||||||||||||
Leveraged Restricted Share Units | |||||||||||||
Leveraged restricted share unit awards vest based on the attainment of pre-determined market condition targets as determined by the Compensation Committee of the Board of Directors over a three-year performance period. Units earned may be in the range of between 50% and 150%. The Company valued the leverage restricted share unit awards based on market conditions using a Monte Carlo Simulation model. The following table summarizes the Company’s leveraged restricted share unit awards activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-average | ||||||||||||
of Shares | Grant-Date Fair Value | ||||||||||||
Unvested at beginning of year | 18 | $ | 67.05 | ||||||||||
Granted | 22 | 80.34 | |||||||||||
Unvested at end of year | 40 | $ | 74.36 | ||||||||||
As of December 31, 2013, total unrecognized compensation cost related to leveraged restricted share awards expected to be recognized over the weighted-average period of approximately 1.7 years is $1,798. | |||||||||||||
The weighted-average grant-date fair value of leveraged restricted share awards granted during the years ended December 31, 2013 and 2012 was $80.34 and $67.05, respectively. | |||||||||||||
Directors' Stock Grants | |||||||||||||
In 2013, 2012 and 2011, the Company granted the non-employee directors stock awards covering 4, 5 and 8 shares of common stock, respectively, which had fair market values of $393, $368 and $360, respectively. These stock awards were fully vested on the date of grant. |
Lease_Commitments
Lease Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Leases of Lessee Disclosure | ' | |||
Lease Commitments | ||||
The Company incurred $10,581, $9,980, and $8,817 of rental expense under operating leases for the years ended December 31, 2013, 2012 and 2011, respectively. Certain leases contain rent escalation clauses and lease concessions that require additional rental payments in the later years of the term. Rent expense for these types of leases is recognized on a straight-line basis over the minimum lease term. In addition, the Company has the right, but no obligation, to renew certain leases for various renewal terms. | ||||
The following table summarizes the future minimum lease payments for non-cancelable operating leases as of December 31, 2013: | ||||
2014 | $ | 10,195 | ||
2015 | 6,700 | |||
2016 | 5,011 | |||
2017 | 4,181 | |||
2018 | 3,146 | |||
Thereafter | 9,183 | |||
Total future minimum lease payments | $ | 38,416 | ||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure | ' |
Contingencies | |
Environmental | |
The Company is subject to federal, state and local environmental laws and regulations concerning, among other matters, waste water effluents, air emissions and handling and disposal of hazardous materials such as cleaning fluids. The Company is involved with environmental compliance, investigation, monitoring and remediation activities at certain of its owned and formerly owned manufacturing facilities and at one owned facility that is leased to a third party, and, except for these continuing remediation efforts, believes it is currently in substantial compliance with all known environmental regulations. At December 31, 2013 and 2012, the Company had undiscounted accrued environmental reserves of $3,871 and $4,586, respectively, recorded in other long-term liabilities. The Company accrues for certain environmental remediation-related activities for which commitments or remediation plans have been developed and for which costs can be reasonably estimated. These estimates are determined based upon currently available facts and circumstances regarding each facility. Actual costs incurred may vary from these estimates due to the inherent uncertainties involved. Future expenditures relating to these environmental remediation efforts are expected to be made over the next 14 years as ongoing costs of remediation programs. | |
Although the Company believes it has adequately provided for the cost of all known environmental conditions, the applicable regulatory agencies could insist upon different and more costly remediation than those the Company believes are adequate or required by existing law or third parties may seek to impose environmental liabilities on the Company. The Company believes that any additional liability in excess of amounts accrued which may result from the resolution of such matters will not have a material adverse effect on the Company’s financial position, liquidity, cash flows or results of operations. | |
Legal Proceedings | |
In November 2012, Chart Energy & Chemicals, Inc. (“CEC”), a subsidiary of the Company, filed a declaratory judgment action in the United States District Court for the Western District of Oklahoma (the “Federal Court”) seeking a judgment that certain claims for damages alleged by Enogex Holdings LLC, Enogex Gathering & Processing, LLC and affiliated companies with respect to a December 2010 fire at the Enogex natural gas processing plant in Cox City, Oklahoma were barred based on multiple defenses, including Oklahoma's statute of repose. This action was precipitated by the receipt of a letter from Enogex alleging that CEC was responsible for damages in excess of $75,000 with respect to the fire as a result of the alleged failure of CEC's equipment that was a component of the unit involved in the fire. Subsequent to the filing of CEC's declaratory judgment action, in December 2012, Enogex filed suit in the District Court of Tulsa County, State of Oklahoma (the “State Court”) against the Company, CEC and its predecessors, a former employee of a predecessor of CEC, as well as other entities and an individual not affiliated with the Company, formalizing the allegations and claims contained in the November demand letter. Each party filed one or more motions to dismiss the other's lawsuit. Enogex's motion to dismiss initially was denied by the Federal Court in February 2013, but Enogex moved for rehearing on its motion to dismiss, which the Federal Court granted on May 17, 2013 based on a lack of jurisdictional diversity. The Company's and CEC's motions to dismiss were denied by the State Court on April 10, 2013. Accordingly, litigation continues in the State Court, and Enogex has asserted damages of approximately $105,000, including investigation and repair costs and business interruption losses, some of which may be offset by Enogex's saved costs and mitigation efforts. The Company continues to believe that the allegations against the Company, CEC and their affiliates lack merit. The Company believes that it, CEC and their affiliates have strong factual and legal defenses to Enogex's claims and intends to vigorously assert such defenses. Accordingly, an accrual related to any damages that may result from the lawsuit has not been recorded because a potential loss is not currently probable. Furthermore, the Company believes that its existing product liability insurance is adequate for potential losses associated with these claims. While the Company cannot predict with certainty the ultimate result of these proceedings, the Company does not believe that the final outcome of these proceedings will have a material adverse effect on the Company's financial position, results of operations, or cash flows. | |
The Company is occasionally subject to various legal actions related to performance under contracts, product liability, taxes, employment matters, environmental matters, intellectual property and other matters incidental to the normal course of its business. Based on the Company’s historical experience in litigating these actions, as well as the Company’s current assessment of the underlying merits of the actions and applicable insurance, if any, management believes that the final resolution of these matters will not have a material adverse effect on the Company’s financial position, liquidity, cash flows or results of operations. Future developments may, however, result in resolution of these legal claims in a way that could have a material adverse effect. |
Segment_and_Geographic_Informa
Segment and Geographic Information (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reporting Segments | ' | |||||||||||||||||||
The structure of the Company’s internal organization is divided into the following reportable segments, which are also the Company's operating segments: Energy & Chemicals (“E&C”), Distribution & Storage (“D&S”) and BioMedical. The Company’s reportable segments are business units that are each managed separately because they manufacture, offer and distribute distinct products with different production processes and sales and marketing approaches. The E&C segment sells brazed aluminum and air-cooled heat exchangers and cold boxes to natural gas, petrochemical processing and industrial gas companies who use them for the liquefaction and separation of natural and industrial gases. The D&S segment sells cryogenic bulk storage systems, cryogenic packaged gas systems, cryogenic systems and components, beverage liquid CO2 systems, cryogenic flow meter systems and cryogenic services to various companies for the storage and transportation of both industrial and natural gases. The BioMedical segment sells medical respiratory products, biological storage systems and other oxygen products. Due to the nature of the products that each segment sells, there are no intersegment sales. Corporate includes operating expenses for executive management, accounting, tax, treasury, development, human resources, information technology, investor relations, legal, internal audit, risk management and share-based compensation expenses that are not allocated to the reporting segments. | ||||||||||||||||||||
The Company evaluates performance and allocates resources based on operating income or loss from continuing operations before interest expense, net, amortization of deferred financing costs, foreign currency gain (loss), income taxes and noncontrolling interests. The accounting policies of the reportable segments are the same as those described in Note 2. | ||||||||||||||||||||
Segment Financial Information | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Energy & | Distribution & | BioMedical | Corporate | Total | ||||||||||||||||
Chemicals | Storage | |||||||||||||||||||
Sales to external customers | $ | 318,510 | $ | 592,616 | $ | 266,312 | $ | — | $ | 1,177,438 | ||||||||||
Depreciation and amortization expense | 8,564 | 15,237 | 14,618 | 1,970 | 40,389 | |||||||||||||||
Operating income (loss) | 59,671 | 93,560 | 33,039 | (50,273 | ) | 135,997 | ||||||||||||||
Total assets (1) | 277,760 | 676,484 | 431,763 | 75,623 | 1,461,630 | |||||||||||||||
Capital expenditures | 34,194 | 32,039 | 3,370 | 2,982 | 72,585 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Energy & | Distribution & | BioMedical | Corporate | Total | ||||||||||||||||
Chemicals | Storage | |||||||||||||||||||
Sales to external customers | $ | 323,676 | $ | 475,576 | $ | 214,900 | $ | — | $ | 1,014,152 | ||||||||||
Depreciation and amortization expense | 7,877 | 12,599 | 10,204 | 1,516 | 32,196 | |||||||||||||||
Operating income (loss) | 64,931 | 79,175 | 24,079 | (46,372 | ) | 121,813 | ||||||||||||||
Total assets (1) | 203,044 | 607,252 | 447,792 | 69,753 | 1,327,841 | |||||||||||||||
Capital expenditures | 9,519 | 30,048 | 2,717 | 1,401 | 43,685 | |||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Energy & | Distribution & | BioMedical | Corporate | Total | ||||||||||||||||
Chemicals | Storage | |||||||||||||||||||
Sales to external customers | $ | 205,033 | $ | 390,332 | $ | 199,220 | $ | — | $ | 794,585 | ||||||||||
Depreciation and amortization expense | 7,417 | 11,767 | 7,588 | 1,143 | 27,915 | |||||||||||||||
Operating income (loss) | 27,489 | 61,415 | 35,911 | (34,821 | ) | 89,994 | ||||||||||||||
Total assets (1) | 203,067 | 556,688 | 226,729 | 187,991 | 1,174,475 | |||||||||||||||
Capital expenditures | 5,228 | 7,808 | 6,692 | 2,652 | 22,380 | |||||||||||||||
_______________ | ||||||||||||||||||||
(1) | Corporate assets consist primarily of cash, cash equivalents and deferred income taxes. | |||||||||||||||||||
The following table represents the changes in goodwill by segment: | ||||||||||||||||||||
Energy & | Distribution & Storage | BioMedical | Total | |||||||||||||||||
Chemicals | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 83,215 | $ | 158,381 | $ | 47,174 | $ | 288,770 | ||||||||||||
Foreign currency translation adjustments and other | — | 408 | — | 408 | ||||||||||||||||
Goodwill acquired during the year | — | — | 109,763 | 109,763 | ||||||||||||||||
Balance at December 31, 2012 | 83,215 | 158,789 | 156,937 | 398,941 | ||||||||||||||||
Foreign currency translation adjustments and other | — | 957 | (1,301 | ) | (344 | ) | ||||||||||||||
Goodwill acquired during the year | — | 308 | — | 308 | ||||||||||||||||
Balance at December 31, 2013 | $ | 83,215 | $ | 160,054 | $ | 155,636 | $ | 398,905 | ||||||||||||
Product Sales Information | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Energy & Chemicals | ||||||||||||||||||||
Heat exchangers – Brazed aluminum | $ | 170,104 | $ | 146,110 | $ | 92,013 | ||||||||||||||
Heat exchangers – Air cooled | 54,275 | 69,977 | 66,962 | |||||||||||||||||
Cold boxes | 94,131 | 107,589 | 46,058 | |||||||||||||||||
Energy & Chemicals Total | 318,510 | 323,676 | 205,033 | |||||||||||||||||
Distribution & Storage | ||||||||||||||||||||
Cryogenic bulk storage systems | 175,123 | 153,372 | 153,518 | |||||||||||||||||
Cryogenic packaged gas systems and beverage liquid CO2 systems | 152,922 | 143,548 | 142,262 | |||||||||||||||||
LNG applications | 193,032 | 107,231 | 35,678 | |||||||||||||||||
Cryogenic systems, components and services | 71,539 | 71,425 | 58,874 | |||||||||||||||||
Distribution & Storage Total | 592,616 | 475,576 | 390,332 | |||||||||||||||||
BioMedical | ||||||||||||||||||||
Medical respiratory products | 175,233 | 143,878 | 138,411 | |||||||||||||||||
Biological storage systems | 61,493 | 64,449 | 60,809 | |||||||||||||||||
On-site oxygen generation systems | 29,586 | 6,573 | — | |||||||||||||||||
BioMedical Total | 266,312 | 214,900 | 199,220 | |||||||||||||||||
Total | $ | 1,177,438 | $ | 1,014,152 | $ | 794,585 | ||||||||||||||
Geographic Information | ||||||||||||||||||||
Net sales by geographic area are reported by the destination of sales. Net property, plant and equipment by geographic area are reported by country of domicile. | ||||||||||||||||||||
Sales for the Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
United States | $ | 479,067 | $ | 438,294 | $ | 334,517 | ||||||||||||||
China | 231,143 | 149,010 | 92,142 | |||||||||||||||||
Rest of World | 467,228 | 426,848 | 367,926 | |||||||||||||||||
Total | $ | 1,177,438 | $ | 1,014,152 | $ | 794,585 | ||||||||||||||
Property, plant and equipment, net as of December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
United States | $ | 146,610 | $ | 98,425 | $ | 75,848 | ||||||||||||||
Czech Republic | 23,623 | 21,559 | 21,805 | |||||||||||||||||
China | 38,569 | 34,158 | 23,410 | |||||||||||||||||
Germany | 14,618 | 14,402 | 14,672 | |||||||||||||||||
Other foreign countries | 785 | 1,232 | 1,566 | |||||||||||||||||
Total | $ | 224,205 | $ | 169,776 | $ | 137,301 | ||||||||||||||
Quarterly_Data_unaudited
Quarterly Data (unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||||||
Quarterly Data (Unaudited) | ||||||||||||||||||||
Selected quarterly data for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Sales (1) | $ | 273,648 | $ | 298,266 | $ | 301,757 | $ | 303,767 | $ | 1,177,438 | ||||||||||
Gross profit | 79,450 | 89,806 | 88,645 | 93,822 | 351,723 | |||||||||||||||
Operating income | 27,351 | 32,979 | 35,886 | 39,781 | 135,997 | |||||||||||||||
Net income | 16,108 | 20,603 | 24,847 | 25,804 | 87,362 | |||||||||||||||
Net income attributable to Chart Industries, Inc. | 15,535 | 20,000 | 24,445 | 23,196 | 83,176 | |||||||||||||||
Net income attributable to Chart Industries, Inc. per share—basic | $ | 0.52 | $ | 0.66 | $ | 0.81 | $ | 0.76 | $ | 2.75 | ||||||||||
Net income attributable to Chart Industries, Inc. per share—diluted | $ | 0.51 | $ | 0.64 | $ | 0.74 | $ | 0.71 | $ | 2.6 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Sales (2) | $ | 216,106 | $ | 239,939 | $ | 254,249 | $ | 303,858 | $ | 1,014,152 | ||||||||||
Gross profit | 67,557 | 74,129 | 78,012 | 85,465 | 305,163 | |||||||||||||||
Operating income | 23,861 | 33,083 | 32,032 | 32,837 | 121,813 | |||||||||||||||
Net income | 14,152 | 18,136 | 18,885 | 21,151 | 72,324 | |||||||||||||||
Net income attributable to Chart Industries, Inc. | 14,083 | 17,936 | 18,516 | 20,760 | 71,295 | |||||||||||||||
Net income attributable to Chart Industries, Inc. per share—basic | $ | 0.48 | $ | 0.6 | $ | 0.62 | $ | 0.69 | $ | 2.39 | ||||||||||
Net income attributable to Chart Industries, Inc. per share—diluted | $ | 0.47 | $ | 0.59 | $ | 0.61 | $ | 0.69 | $ | 2.36 | ||||||||||
_______________ | ||||||||||||||||||||
(1) | During the first and second quarters of 2013, AirSep added sales of $27,014 and $29,855, respectively. During the third quarter of 2013, incremental sales related to AirSep were $14,174. | |||||||||||||||||||
(2) | During the fourth quarter of 2012, AirSep added sales of $31,679. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | |||||||||||||||||||||||||
CHART INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Balance | Charged to | Charged | Deductions | Translations | Balance | |||||||||||||||||||||
at | costs and | to other | at end | |||||||||||||||||||||||
beginning | expenses | accounts | of | |||||||||||||||||||||||
of period | period | |||||||||||||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,080 | $ | 2,447 | $ | 199 | (1) | $ | (1,149 | ) | (2) | $ | 77 | $ | 5,654 | |||||||||||
Allowance for obsolete and excess inventory | 4,078 | 2,010 | 675 | (1) | (313 | ) | (3) | 106 | 6,556 | |||||||||||||||||
Deferred tax assets valuation allowance | 1,766 | 339 | — | (879 | ) | (4) | 24 | 1,250 | ||||||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 2,360 | $ | 3,067 | $ | 930 | (1) | $ | (2,289 | ) | (2) | $ | 12 | $ | 4,080 | |||||||||||
Allowance for obsolete and excess inventory | 3,191 | 2,507 | 1,085 | (1) | (2,732 | ) | (3) | 27 | 4,078 | |||||||||||||||||
Deferred tax assets valuation allowance | 1,869 | 1,251 | — | (1,362 | ) | (4) | 8 | 1,766 | ||||||||||||||||||
Year Ended December 31, 2011: | ||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,008 | $ | 4,205 | $ | 52 | (1) | $ | (4,919 | ) | (2) | $ | 14 | $ | 2,360 | |||||||||||
Allowance for obsolete and excess inventory | 3,181 | 3,331 | — | (3,398 | ) | (3) | 77 | 3,191 | ||||||||||||||||||
Deferred tax assets valuation allowance | 758 | 1,111 | — | — | — | 1,869 | ||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||
(1) | Reserves at date of acquisition of subsidiary or subsidiaries. | |||||||||||||||||||||||||
(2) | Reversal of amounts previously recorded as bad debt and uncollectible accounts written off. | |||||||||||||||||||||||||
(3) | Inventory items written off against the allowance. | |||||||||||||||||||||||||
(4) | Deductions to the deferred tax assets valuation allowance relate to decreased deferred tax assets and the release of the valuation allowance. |
Nature_of_Operations_and_Princ1
Nature of Operations and Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Nature of Operations: Chart Industries, Inc. and its consolidated subsidiaries (herein referred to as the “Company,” “Chart” or “we”), is a leading global manufacturer of standard and custom-engineered products and systems serving a wide variety of low-temperature and cryogenic applications. The Company has developed an expertise in medical respiratory equipment and cryogenic systems and equipment, which operate at low temperatures sometimes approaching absolute zero. The majority of the Company’s products, including vacuum insulated containment vessels, heat exchangers, cold boxes and other cryogenic components, are used throughout the liquid-gas supply chain for the purification, liquefaction, distribution, storage and end-use of industrial gases and hydrocarbons. The Company has domestic operations located across the United States, including principal executive offices located in Ohio, and an international presence in Asia, Australia and Europe. | |
Principles of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation. Investments in affiliates where the Company’s ownership is between 20 percent and 50 percent, or where the Company does not have control but has the ability to exercise significant influence over operations or financial policy, are accounted for under the equity method. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They may also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: The Company considers all investments with an initial maturity of three months or less when purchased to be cash equivalents. | |
Accounts Receivable, Net of Allowances | ' |
Accounts Receivable, Net of Allowances: The Company evaluates the collectibility of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filings, or substantial downgrading of credit scores), a specific reserve is recorded to reduce the receivable to the amount the Company believes will be collected. The Company also records allowances for doubtful accounts based on historical experience. If circumstances change (e.g., higher than expected defaults or an unexpected material adverse change in a customer’s ability to meet its financial obligations), the Company's estimates of the collectibility of amounts due could be changed by a material amount. When collection of a specific amount due is deemed remote, the account is written off against the allowance. | |
Inventories | ' |
Inventories: Inventories are stated at the lower of cost or market with cost being determined by the first-in, first-out (“FIFO”) method. The Company determines inventory valuation reserves based on a combination of factors. In circumstances where the Company is aware of a specific problem in the valuation of a certain item, a specific reserve is recorded to reduce the item to its net realizable value. The Company also recognizes reserves based on the actual usage in recent history and projected usage in the near-term. If circumstances change (e.g., lower-than-expected or higher-than-expected usage), estimates of the net realizable value could be changed by a material amount. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment: Capital expenditures for property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements are capitalized. The cost of applicable assets is depreciated over their estimated useful lives. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Long-lived Assets: The Company monitors its property, plant and equipment, and finite-lived intangible assets for impairment indicators on an ongoing basis. If impairment indicators exist, the Company performs the required analysis and records impairment charges. In conducting its analysis, the Company compares the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the undiscounted cash flows exceed the net book value, the long-lived assets are considered not to be impaired. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon either discounted cash flow analyses or estimated salvage values. Cash flows are estimated using internal forecasts as well as assumptions related to discount rates. Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of long-lived assets. The Company amortizes intangible assets that have finite lives over their estimated useful lives. | |
Goodwill and Intangible Assets | ' |
Goodwill and Indefinite-Lived Intangible Assets: Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. The Company does not amortize goodwill or indefinite-lived intangible assets, but reviews them for impairment annually as of October 1 or whenever events or changes in circumstances indicate that an evaluation should be completed. | |
With respect to goodwill, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The reporting units are the same as our operating segments, which are also the reportable segments: Energy & Chemicals, Distribution & Storage, and BioMedical. Alternatively, the Company may also bypass such a qualitative assessment and proceed directly to the goodwill test utilizing a two-step approach. Under the qualitative assessment, the Company first evaluates relevant events and circumstances, such as macroeconomic conditions and the Company's overall financial performance to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company then evaluates how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weighs these factors in totality in forming a conclusion whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the first and second steps of the goodwill impairment test are not necessary. Otherwise, the Company would perform the first step of the two-step goodwill impairment test. If the carrying amount of the reporting unit goodwill exceeds its fair value, further analysis is performed to measure the amount of impairment loss, if any. | |
Similar to the qualitative goodwill impairment testing screen, the Company may first evaluate relevant events and circumstances to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. Alternatively, the Company also may bypass such a qualitative assessment and proceed directly to the quantitative assessment. If, in weighing all relevant events and circumstances in totality, the Company determines that it is not more likely than not that an indefinite-lived intangible asset is impaired, no further action is necessary. Otherwise, the Company would determine the fair value of indefinite-lived intangible assets and perform a quantitative impairment assessment by comparing the indefinite-lived asset's fair value to its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess. | |
The Company estimates the fair value of its reporting units by using income and market approaches to develop fair value estimates, which are weighted equally to arrive at a fair value estimate for each reporting unit. With respect to the income approach, a model has been developed to estimate the fair value of each reporting unit. This fair value model incorporates estimates of future cash flows, estimates of allocations of certain assets and cash flows among reporting units, estimates of future growth rates and management’s judgment regarding the applicable discount rates to use to discount those estimated cash flows. With respect to the market approach, a guideline company method is used selecting companies with similar assets or businesses to estimate fair value of each reporting unit. Changes to these judgments and estimates could result in a significantly different estimate of the fair value of the reporting units, which could result in a different assessment of the recoverability of goodwill. The Company estimates the fair value of its indefinite-lived assets using the relief-from-royalty method within the income approach. Under this method, fair value is estimated by discounting the royalty savings as well as any tax benefits related to ownership to a present value. | |
Convertible Debt [Policy Text Block] | ' |
Convertible Debt: The Company determined that the embedded conversion feature within the Company's 2.0% Convertible Senior Subordinated Notes due 2018 (the “Convertible Notes”) was clearly and closely related to the Company’s common stock and therefore exempt from separate accounting treatment. Convertible Notes exempt from derivative accounting are recognized by bifurcating the principal balance into a liability component and an equity component where the fair value of the liability component is estimated by calculating the present value of its cash flows discounted at an interest rate that the Company would have received for similar debt instruments that have no conversion rights (the “straight-debt rate”), and the equity component is the residual amount, net of tax, which creates a discount on the Convertible Notes. The Company recognizes non-cash interest accretion expense related to the carrying amount of the Convertible Notes which is accreted back to its principal amount over the expected life of the debt, which is also the stated life of the debt. | |
Fair Value of Financial Instruments, Policy | ' |
Financial Instruments: The fair values of cash equivalents, accounts receivable, accounts payable and short-term bank debt approximate their carrying amount because of the short maturity of these instruments. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
To minimize credit risk from trade receivables, the Company reviews the financial condition of potential customers in relation to established credit requirements before sales credit is extended and monitors the financial condition of customers to help ensure timely collections and to minimize losses. Additionally, for certain domestic and foreign customers, particularly in the Energy & Chemicals segment, the Company requires advance payments, letters of credit and other such guarantees of payment. Certain customers also require the Company to issue letters of credit or performance bonds, particularly in instances where advance payments are involved, as a condition of placing the order. | |
Derivative Instruments | ' |
Derivative Financial Instruments: The Company utilizes certain derivative financial instruments to enhance its ability to manage foreign currency risk that exists as part of ongoing business operations. Derivative instruments are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes, nor is it a party to any leveraged derivative instrument. The Company is exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. The Company utilizes foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency purchases and certain intercompany transactions in the normal course of business. Contracts typically have maturities of less than one year. Principal currencies include the U.S. dollar, the euro, the Japanese yen, the Czech koruna, the Australian dollar, the Norwegian krone, the Canadian dollar and the Chinese yuan. The Company’s foreign currency forward contracts do not qualify as hedges as defined by accounting guidance. Foreign currency forward contracts are measured at fair value and recorded on the consolidated balance sheets as other current liabilities or assets. Changes in their fair value are recorded in the consolidated statements of income as foreign currency gains or losses. The Company's foreign currency forward contracts are not exchange traded instruments and, accordingly, the valuation is performed using Level 2 inputs as defined in Note 11. Gains or losses on settled or expired contracts are recorded in the consolidated statements of income as foreign currency gains or losses. | |
Product Warranties | ' |
Product Warranties: The Company provides product warranties with varying terms and durations for the majority of its products. The Company calculates its warranty reserve by considering historical warranty experience and specifically identified warranty issues. The Company records warranty expense in cost of sales. Product warranty claims not expected to occur within one year are recorded in the long-term portion of the warranty reserve in the consolidated balance sheets. Actual experience could differ from the amounts estimated requiring adjustments to the liability in future periods. | |
Revenue Recognition | ' |
Revenue Recognition: For the majority of the Company’s products, revenue is recognized when products are shipped, title has transferred and collection is reasonably assured. For these products, there is also persuasive evidence of an arrangement and the selling price to the buyer is fixed or determinable. For brazed aluminum heat exchangers, cold boxes, liquefied natural gas fueling stations, engineered tanks and commercial oxygen generation systems, the Company primarily uses the percentage of completion method of accounting. Earned revenue is based on the percentage of incurred costs to date compared to total estimated costs at completion after giving effect to the most current estimates. Timing of amounts billed on contracts varies from contract to contract and could cause significant variation in working capital needs. The Company reports sales net of tax assessed by qualifying governmental authorities. The cumulative impact of revisions in total cost estimates during the progress of work is reflected in the period in which these changes become known. Earned revenue reflects the original contract price adjusted for agreed upon claims and change orders, if any. Losses expected to be incurred on contracts in process, after consideration of estimated minimum recoveries from claims and change orders, are charged to operations as soon as such losses are known. Pre-contract costs relate primarily to salaries and benefits incurred to support the selling effort and are expensed as incurred. Change orders resulting in additional revenue and profit are recognized upon approval by the customer based on the percentage of incurred costs to date compared to total estimated costs at completion. Certain contracts include incentive-fee arrangements. The incentive fees in such contracts can be based on a variety of factors, but the most common are the achievement of target completion dates, target costs, and/or other performance criteria. Incentive-fee revenue is not recognized until it is earned. | |
Cost of Sales | ' |
Cost of Sales: Manufacturing expenses associated with sales are included in cost of sales. Cost of sales includes all materials, direct and indirect labor, inbound freight, purchasing and receiving, inspection, internal transfers and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs, manufacturing engineering, project management and depreciation expense for assets used in the manufacturing process are included in cost of sales on the consolidated statements of income. | |
Selling, General and Administrative Costs (SG&A) | ' |
Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses include selling, marketing, customer service, product management, design engineering, and other administrative expenses not directly supporting the manufacturing process as well as depreciation and amortization expense associated with non-manufacturing assets. In addition, SG&A expenses include corporate operating expenses for executive management, accounting, tax, treasury, human resources, information technology, legal, internal audit, risk management and share-based compensation expense. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs: Amounts billed to customers for shipping are classified as sales, and the related costs are classified as cost of sales on the consolidated statements of income. Shipping revenue of $12,213, $10,111 and $8,595 for the years ended December 31, 2013, 2012 and 2011, respectively, are included in sales. Shipping costs of $15,927, $13,344, and $11,443 for the years ended December 31, 2013, 2012 and 2011, respectively, are included in cost of sales. | |
Advertising Costs | ' |
Advertising Costs: The Company incurred advertising costs of $4,515, $4,828 and $4,548 for the years ended December 31, 2013, 2012 and 2011, respectively. Such costs are expensed as incurred and included in SG&A expenses on the consolidated statements of income. | |
Research and Development Costs | ' |
Research and Development Costs: The Company incurred research and development costs of $14,941, $14,398 and $11,253 for the years ended December 31, 2013, 2012 and 2011, respectively. Such costs are expensed as incurred and included in SG&A expenses on the consolidated statements of income. | |
Foreign Currency Translation | ' |
Foreign Currency Translation: The functional currency for the majority of the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for asset and liability accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the period. The resulting translation adjustments are recorded as a component of other comprehensive income (loss) in the consolidated statements of comprehensive income. Gains or losses resulting from foreign currency transactions are charged to operations as incurred. | |
Income Taxes | ' |
Income Taxes: The Company and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial reporting and the consolidated tax return in accordance with the liability method. A valuation allowance is provided against net deferred tax assets when conditions indicate that it is more likely than not that the benefit related to such assets will not be realized. | |
The Company utilizes a two-step approach for the recognition and measurement of uncertain tax positions. The first step is to evaluate the tax position and determine whether it is more likely than not that the position will be sustained upon examination by tax authorities. The second step is to measure the tax benefit as the largest amount that is more likely than not of being realized upon settlement. | |
Interest and penalties related to income taxes are accounted for as income tax expense on the consolidated statements of income. | |
Share-based Compensation | ' |
Share-based Compensation: The Company measures share-based compensation expense for share-based payments to employees and directors, including grants of employee stock options, restricted stock awards, performance stock units, and leveraged restricted stock units based on the grant-date fair value net of estimated forfeitures. Fair value of stock options is calculated using the Black-Scholes pricing model. Fair value of restricted stock awards is based on the Company's market price on the date of grant. Fair value of performance stock units is based on the Company's market price on the date of grant and pre-determined performance condition targets as determined by the Compensation Committee of the Board of Directors. Fair value of leveraged restricted stock units is based on market conditions and calculated using a Monte Carlo simulation model. The grant-date fair value calculation requires the use of variables such as exercise term of the option, future volatility, dividend yield and risk-free interest rate. Share-based compensation expense is recognized over the requisite service period, which is generally the vesting period. | |
During the year, the Company may repurchase shares of common stock from equity plan participants to satisfy tax withholding obligations relating to the vesting or payment of equity awards. All such repurchased shares are subsequently retired during the period in which they occur. | |
New Accounting Pronouncement, Policy [Policy Text Block] | ' |
Recently Adopted Accounting Pronouncement: In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments require entities to provide additional disclosures about reclassifications out of accumulated other comprehensive income. The adoption of this guidance did not have a material impact on the financial statements of the Company. |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | |||||||
The following table summarizes the components of other current assets, other assets, other current liabilities and other long-term liabilities on the Company’s consolidated balance sheets: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Other current assets: | ||||||||
Deposits | $ | 255 | $ | 244 | ||||
Assets held for sale | 650 | 650 | ||||||
Other receivables | 15,167 | 15,091 | ||||||
Other current assets | $ | 16,072 | $ | 15,985 | ||||
Other assets: | ||||||||
Deferred financing costs | $ | 5,240 | $ | 6,546 | ||||
Cash value of life insurance | 1,691 | 1,488 | ||||||
Other | 10,004 | 5,203 | ||||||
Other assets | $ | 16,935 | $ | 13,237 | ||||
Other current liabilities: | ||||||||
Accrued interest | $ | 2,120 | $ | 2,170 | ||||
Accrued other taxes | 3,318 | 2,556 | ||||||
Accrued income taxes | 4,470 | 2,244 | ||||||
Accrued rebates | 8,048 | 7,242 | ||||||
Accrued employee separation and plant closure costs | 1,175 | 1,102 | ||||||
Accrued other | 16,325 | 15,156 | ||||||
Other current liabilities | $ | 35,456 | $ | 30,470 | ||||
Other long-term liabilities: | ||||||||
Accrued environmental | $ | 3,871 | $ | 4,586 | ||||
Accrued contingent consideration (1) | 1,518 | 1,898 | ||||||
Accrued contingencies and other | 3,971 | 4,811 | ||||||
Other long-term liabilities | $ | 9,360 | $ | 11,295 | ||||
_______________ | ||||||||
(1) | Represents the long-term portion of accrued contingent consideration. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
The following table summarizes the components of inventory: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 93,014 | $ | 85,726 | ||||
Work in process | 42,996 | 40,945 | ||||||
Finished goods | 76,994 | 69,830 | ||||||
Total inventories, net | $ | 213,004 | $ | 196,501 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||
The following table summarizes the components of property, plant and equipment: | |||||||||||
December 31, | |||||||||||
Classification | Estimated Useful Life | 2013 | 2012 | ||||||||
Land and buildings | 20-35 years | $ | 139,962 | $ | 107,410 | ||||||
Machinery and equipment | 3-12 years | 124,023 | 96,362 | ||||||||
Computer equipment, furniture and fixtures | 3-7 years | 24,659 | 20,238 | ||||||||
Construction in process | 37,249 | 25,070 | |||||||||
Total property, plant and equipment, gross | 325,893 | 249,080 | |||||||||
Less: Accumulated depreciation | (101,688 | ) | (79,304 | ) | |||||||
Total property, plant and equipment, net | $ | 224,205 | $ | 169,776 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||
The following table represents the changes in goodwill: | ||||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Beginning balance | $ | 398,941 | $ | 288,770 | ||||||||||||||
Foreign currency translation adjustments and other | (344 | ) | 408 | |||||||||||||||
Goodwill acquired during the year | 308 | 109,763 | ||||||||||||||||
Ending balance | $ | 398,905 | $ | 398,941 | ||||||||||||||
The following table represents the changes in goodwill by segment: | ||||||||||||||||||
Energy & | Distribution & Storage | BioMedical | Total | |||||||||||||||
Chemicals | ||||||||||||||||||
Balance at January 1, 2012 | $ | 83,215 | $ | 158,381 | $ | 47,174 | $ | 288,770 | ||||||||||
Foreign currency translation adjustments and other | — | 408 | — | 408 | ||||||||||||||
Goodwill acquired during the year | — | — | 109,763 | 109,763 | ||||||||||||||
Balance at December 31, 2012 | 83,215 | 158,789 | 156,937 | 398,941 | ||||||||||||||
Foreign currency translation adjustments and other | — | 957 | (1,301 | ) | (344 | ) | ||||||||||||
Goodwill acquired during the year | — | 308 | — | 308 | ||||||||||||||
Balance at December 31, 2013 | $ | 83,215 | $ | 160,054 | $ | 155,636 | $ | 398,905 | ||||||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||
The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill)(1): | ||||||||||||||||||
Weighted-average | December 31, 2013 | December 31, 2012 | ||||||||||||||||
Estimated | ||||||||||||||||||
Useful Life | Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||
Amount | Amount | |||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
Unpatented technology | 16.0 years | $ | 43,133 | $ | (11,776 | ) | $ | 45,078 | $ | (11,286 | ) | |||||||
Patents | 11.0 years | 7,904 | (5,397 | ) | 9,880 | (6,664 | ) | |||||||||||
Product names | 9.0 years | 9,244 | (4,525 | ) | 9,068 | (2,712 | ) | |||||||||||
Customer relations | 13.0 years | 159,143 | (73,460 | ) | 158,005 | (59,668 | ) | |||||||||||
Total finite-lived intangible assets | 13.6 years | $ | 219,424 | $ | (95,158 | ) | $ | 222,031 | $ | (80,330 | ) | |||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
Trademarks and trade names | $ | 47,876 | $ | 47,762 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||
The Company estimates amortization expense to be recognized during the next five years as follows: | ||||||||||||||||||
For the Year Ending December 31, | ||||||||||||||||||
2014 | $ | 17,800 | ||||||||||||||||
2015 | 16,200 | |||||||||||||||||
2016 | 14,300 | |||||||||||||||||
2017 | 13,400 | |||||||||||||||||
2018 | 12,700 | |||||||||||||||||
Debt_And_Credit_Arrangements_T
Debt And Credit Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
The following table shows the components of the Company’s borrowings: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Convertible notes, due August 2018, effective interest rate of 7.9% | $ | 193,437 | $ | 183,583 | ||||
Term loan, due April 2017, average interest rate of 2.54% | 68,438 | 72,188 | ||||||
Foreign facilities | 3,280 | — | ||||||
Total debt | 265,155 | 255,771 | ||||||
Less: current maturities (1) | (200,467 | ) | (3,750 | ) | ||||
Long-term debt | $ | 64,688 | $ | 252,021 | ||||
Schedule of Maturities of Long-term Debt | ' | |||||||
The scheduled annual maturities of long-term debt at December 31, 2013, are as follows: | ||||||||
Year | Amount | |||||||
2014 | $ | 7,030 | ||||||
2015 | 6,563 | |||||||
2016 | 7,500 | |||||||
2017 | 50,625 | |||||||
2018 | 250,000 | |||||||
Total | $ | 321,718 | ||||||
Product_Warranties_Tables
Product Warranties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Product Warranties [Abstract] | ' | |||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||
The changes in the Company’s consolidated warranty reserve are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 44,486 | $ | 13,181 | $ | 12,101 | ||||||
Warranty expense | 17,486 | 12,494 | 7,420 | |||||||||
Warranty usage | (28,359 | ) | (18,222 | ) | (8,085 | ) | ||||||
Acquired warranty reserves | 214 | 37,033 | 1,745 | |||||||||
Ending balance | $ | 33,827 | $ | 44,486 | $ | 13,181 | ||||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||||||||||
Net assets acquired: | ||||||||||||
Accounts receivable, net | $ | 24,280 | ||||||||||
Inventories, net | 34,553 | |||||||||||
Prepaid expenses | 615 | |||||||||||
Other current assets | 3,837 | |||||||||||
Property, plant and equipment | 5,342 | |||||||||||
Other assets | 976 | |||||||||||
Accounts payable | (13,728 | ) | ||||||||||
Customer advances and billings in excess of contract revenue | (4,782 | ) | ||||||||||
Accrued salaries, wages and benefits | (1,837 | ) | ||||||||||
Other current liabilities | (254 | ) | ||||||||||
Current portion of warranty reserve | (10,562 | ) | ||||||||||
Long-term portion of warranty reserve | (26,471 | ) | ||||||||||
Net tangible assets acquired | 11,969 | |||||||||||
Deferred income tax assets | 9,262 | |||||||||||
Goodwill | 109,763 | |||||||||||
Identifiable intangible assets | 67,000 | |||||||||||
Long-term deferred tax liability | (15,544 | ) | ||||||||||
Net assets acquired | $ | 182,450 | ||||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | |||||||||||
The changes in the Company's contingent consideration liabilities are summarized below: | ||||||||||||
Distribution & Storage | BioMedical | Total | ||||||||||
Balance at January 1, 2012 | $ | 841 | $ | 6,226 | $ | 7,067 | ||||||
Increase (decrease) in contingent consideration liabilities | 459 | (4,236 | ) | (3,777 | ) | |||||||
Payment | (1,300 | ) | — | (1,300 | ) | |||||||
Balance at December 31, 2012 | — | 1,990 | 1,990 | |||||||||
Increase in contingent consideration liabilities | — | 299 | 299 | |||||||||
Balance at December 31, 2013 | $ | — | $ | 2,289 | $ | 2,289 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||
Financial assets and liabilities measured at fair value on a recurring basis and presented in the Company's consolidated balance sheets are as follows: | ||||||||||||
December 31, 2013 | ||||||||||||
Total | Level 2 | Level 3 | ||||||||||
Foreign currency forward contracts | $ | 13 | $ | 13 | $ | — | ||||||
Total financial assets | $ | 13 | $ | 13 | $ | — | ||||||
Foreign currency forward contracts | $ | 394 | $ | 394 | $ | — | ||||||
Contingent consideration liabilities | 2,289 | — | 2,289 | |||||||||
Total financial liabilities | $ | 2,683 | $ | 394 | $ | 2,289 | ||||||
December 31, 2012 | ||||||||||||
Total | Level 2 | Level 3 | ||||||||||
Foreign currency forward contracts | $ | 31 | $ | 31 | $ | — | ||||||
Total financial assets | $ | 31 | $ | 31 | $ | — | ||||||
Foreign currency forward contracts | $ | 433 | $ | 433 | $ | — | ||||||
Contingent consideration liabilities | 1,990 | — | 1,990 | |||||||||
Total financial liabilities | $ | 2,423 | $ | 433 | $ | 1,990 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ' | ||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||
Foreign currency translation adjustments | Pension liability adjustments, net of taxes | Accumulated other comprehensive income | Foreign currency translation adjustments | Pension liability adjustments, net of taxes | Accumulated other comprehensive income | |||||||||||||||||||
Beginning Balance | $ | 14,207 | $ | (12,566 | ) | $ | 1,641 | Beginning Balance | $ | 12,635 | $ | (9,642 | ) | $ | 2,993 | |||||||||
Other comprehensive income before reclassifications, net of taxes of $3,769 | 4,218 | 6,611 | 10,829 | Other comprehensive income (loss) before reclassifications, net of a tax benefit of $1,698 | 1,572 | (3,899 | ) | (2,327 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of taxes of $496 (1) | — | 852 | 852 | Amounts reclassified from accumulated other comprehensive income (1) | — | 975 | 975 | |||||||||||||||||
Net current-period other comprehensive income, net of taxes | 4,218 | 7,463 | 11,681 | Net current-period other comprehensive income (loss), net of taxes | 1,572 | (2,924 | ) | (1,352 | ) | |||||||||||||||
Ending Balance | $ | 18,425 | $ | (5,103 | ) | $ | 13,322 | Ending Balance | $ | 14,207 | $ | (12,566 | ) | $ | 1,641 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The following table presents calculations of net income per share of common stock: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to Chart Industries, Inc. | $ | 83,176 | $ | 71,295 | $ | 44,076 | ||||||
Net income attributable to Chart Industries, Inc. per common share: | ||||||||||||
Basic | $ | 2.75 | $ | 2.39 | $ | 1.51 | ||||||
Diluted | $ | 2.6 | $ | 2.36 | $ | 1.47 | ||||||
Weighted average number of common shares outstanding — basic | 30,209 | 29,786 | 29,165 | |||||||||
Incremental shares issuable upon assumed conversion and exercise of share-based awards | 411 | 408 | 748 | |||||||||
Incremental shares issuable due to dilutive effect of the Convertible Notes | 974 | — | — | |||||||||
Incremental shares issuable due to dilutive effect of warrants | 337 | — | — | |||||||||
Weighted average number of common shares outstanding — diluted | 31,931 | 30,194 | 29,913 | |||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||
Diluted earnings per share does not reflect the following potential common shares as the effect would be anti-dilutive: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Share-based awards | 1 | 109 | 107 | |||||||||
Convertible note hedge and capped call transactions (1) | 948 | — | — | |||||||||
Warrants | — | 3,368 | 3,368 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
Income before income taxes consists of the following: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 67,355 | $ | 79,812 | $ | 42,429 | ||||||
Foreign | 51,303 | 23,294 | 20,545 | |||||||||
Income before income taxes | $ | 118,658 | $ | 103,106 | $ | 62,974 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Significant components of the provision for income taxes are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 19,421 | $ | 28,076 | $ | 14,369 | ||||||
State and local | 1,618 | 1,768 | 876 | |||||||||
Foreign | 11,864 | 5,456 | 5,976 | |||||||||
Total current | 32,903 | 35,300 | 21,221 | |||||||||
Deferred: | ||||||||||||
Federal | 21 | (3,477 | ) | (962 | ) | |||||||
State and local | (364 | ) | (684 | ) | (66 | ) | ||||||
Foreign | (1,264 | ) | (357 | ) | (1,463 | ) | ||||||
Total deferred | (1,607 | ) | (4,518 | ) | (2,491 | ) | ||||||
Total provision | $ | 31,296 | $ | 30,782 | $ | 18,730 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense at U.S. federal statutory rate | $ | 41,530 | $ | 36,087 | $ | 22,041 | ||||||
State income taxes, net of federal tax benefit | 757 | 711 | 810 | |||||||||
Foreign income, net of credit on foreign taxes | 501 | 48 | 137 | |||||||||
Effective tax rate differential of earnings outside of U.S. | (8,257 | ) | (4,983 | ) | (1,901 | ) | ||||||
Foreign investment tax credit | — | (406 | ) | (777 | ) | |||||||
Research & experimentation credits | (2,105 | ) | — | (350 | ) | |||||||
Non-deductible (taxable) items | 865 | 2,885 | 424 | |||||||||
Change in uncertain tax positions | (347 | ) | (394 | ) | (28 | ) | ||||||
Domestic production activities deduction | (2,237 | ) | (2,490 | ) | (1,626 | ) | ||||||
Other items | 589 | (676 | ) | — | ||||||||
Income tax expense | $ | 31,296 | $ | 30,782 | $ | 18,730 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Accruals and reserves | $ | 25,478 | $ | 27,625 | ||||||||
Pensions | 2,536 | 7,019 | ||||||||||
Inventory | 4,350 | 2,775 | ||||||||||
Share-based compensation | 6,107 | 5,220 | ||||||||||
Tax credit carryforwards | — | 2,662 | ||||||||||
Foreign net operating loss carryforwards | 594 | 1,440 | ||||||||||
State net operating loss carryforward | 1,610 | 1,517 | ||||||||||
Other — net | 844 | 1,331 | ||||||||||
Total deferred tax assets before valuation allowance | 41,519 | 49,589 | ||||||||||
Valuation allowance | (1,250 | ) | (1,766 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | $ | 40,269 | $ | 47,823 | ||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | $ | 17,248 | $ | 15,705 | ||||||||
Intangibles | 53,314 | 59,396 | ||||||||||
Convertible notes | 2,623 | 3,071 | ||||||||||
Total deferred tax liabilities | $ | 73,185 | $ | 78,172 | ||||||||
Net deferred tax liabilities | $ | 32,916 | $ | 30,349 | ||||||||
The net deferred tax liability is classified as follows: | ||||||||||||
Deferred income taxes | $ | (14,675 | ) | $ | (15,282 | ) | ||||||
Other assets | (125 | ) | (654 | ) | ||||||||
Long-term deferred tax liabilities | 47,716 | 46,285 | ||||||||||
Net deferred tax liabilities | $ | 32,916 | $ | 30,349 | ||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||
Unrecognized Income Tax Benefits | ||||||||||||
The reconciliation of beginning to ending unrecognized tax benefits is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of the year | $ | 3,339 | $ | 2,440 | $ | 2,468 | ||||||
Additions for tax positions of prior years | 299 | 1,921 | 128 | |||||||||
Reductions for tax positions of prior years | (1,921 | ) | — | (22 | ) | |||||||
Reductions for settlements | — | (905 | ) | — | ||||||||
Lapse of statutes of limitation | (776 | ) | (117 | ) | (134 | ) | ||||||
Unrecognized tax benefits at end of the year | $ | 941 | $ | 3,339 | $ | 2,440 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||||||||
The components of net periodic pension expense are as follows: | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Interest cost | $ | 2,112 | $ | 2,206 | $ | 2,409 | |||||||||||||||||
Expected return on plan assets | (2,705 | ) | (2,648 | ) | (2,575 | ) | |||||||||||||||||
Amortization of net loss | 1,348 | 974 | 365 | ||||||||||||||||||||
Total net periodic pension expense | $ | 755 | $ | 532 | $ | 199 | |||||||||||||||||
Schedule of Changes in Projected Benefit Obligation and Plan Assets, Funded Status and Amounts Recognized on the Balance Sheet | ' | ||||||||||||||||||||||
The changes in the projected benefit obligation and plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets are as follows: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 57,268 | $ | 49,925 | |||||||||||||||||||
Interest cost | 2,112 | 2,206 | |||||||||||||||||||||
Benefits paid | (1,813 | ) | (1,710 | ) | |||||||||||||||||||
Actuarial (gains) losses | (6,883 | ) | 6,847 | ||||||||||||||||||||
Projected benefit obligation at year end | $ | 50,684 | $ | 57,268 | |||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 37,941 | $ | 34,020 | |||||||||||||||||||
Actual return (loss) | 6,202 | 3,899 | |||||||||||||||||||||
Employer contributions | 635 | 1,732 | |||||||||||||||||||||
Benefits paid | (1,813 | ) | (1,710 | ) | |||||||||||||||||||
Fair value of plan assets at year end | $ | 42,965 | $ | 37,941 | |||||||||||||||||||
Funded status (Accrued pension liabilities) | $ | (7,719 | ) | $ | (19,327 | ) | |||||||||||||||||
Unrecognized actuarial loss recognized in accumulated other comprehensive income | $ | 8,250 | $ | 19,978 | |||||||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||
The actuarial assumptions used in determining pension plan information are as follows: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Assumptions used to determine benefit obligation at year end: | |||||||||||||||||||||||
Discount rate | 4.75 | % | 3.75 | % | 4.5 | % | |||||||||||||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||
Discount rate | 3.75 | % | 4.5 | % | 5.5 | % | |||||||||||||||||
Expected long-term weighted-average rate of return on plan assets | 7.25 | % | 7.75 | % | 7.75 | % | |||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||
The target asset allocations and fair values by asset category at December 31 are as follows: | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Total | Level 2 | Level 3 | |||||||||||||||||||||
Asset category: | Target | 2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Equity | 55 | % | $ | 26,668 | $ | 21,265 | $ | 26,668 | $ | 21,265 | $ | — | |||||||||||
Fixed income funds | 43 | % | 12,527 | 16,650 | 12,527 | 16,650 | — | ||||||||||||||||
Cash and cash equivalents | 2 | % | — | 26 | — | 26 | — | ||||||||||||||||
Other investments | — | % | 3,770 | — | 1,609 | — | 2,161 | ||||||||||||||||
Total | 100 | % | $ | 42,965 | $ | 37,941 | $ | 40,804 | $ | 37,941 | $ | 2,161 | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Balance at beginning of year | $ | — | |||||||||||||||||||||
Return on plan assets | 30 | ||||||||||||||||||||||
Purchases, sales and settlements, net | (1,925 | ) | |||||||||||||||||||||
Transfers, net | 4,056 | ||||||||||||||||||||||
Balance at end of year | $ | 2,161 | |||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||
The Company’s funding policy is to contribute at least the minimum funding amounts required by law. Based upon current actuarial estimates, the Company expects to contribute $1,729 to its defined benefit pension plan in 2014. The following benefit payments are expected to be paid by the plan in each of the next five years and in the aggregate for the subsequent five years: | |||||||||||||||||||||||
2014 | $ | 2,000 | |||||||||||||||||||||
2015 | 2,100 | ||||||||||||||||||||||
2016 | 2,200 | ||||||||||||||||||||||
2017 | 2,400 | ||||||||||||||||||||||
2018 | 2,600 | ||||||||||||||||||||||
In aggregate during five years thereafter | 15,000 | ||||||||||||||||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||
The following table summarizes the Company’s unvested restricted stock and restricted stock unit awards activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-Average | ||||||||||||
of Shares | Grant-Date Fair Value | ||||||||||||
Unvested at beginning of year | 132 | $ | 36.6 | ||||||||||
Granted | 49 | 69.72 | |||||||||||
Forfeited | (2 | ) | 56.06 | ||||||||||
Vested | (82 | ) | 26.61 | ||||||||||
Unvested at end of year | 97 | $ | 61.48 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
Weighted-average grant-date fair values of stock options and the assumptions used in estimating the fair values are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average grant-date fair value per share | $ | 41.52 | $ | 35.69 | $ | 24.33 | |||||||
Expected term (years) | 6.25 | 6.25 | 6.25 | ||||||||||
Risk-free interest rate | 1 | % | 1.15 | % | 2.43 | % | |||||||
Expected volatility | 66.8 | % | 70.71 | % | 72.47 | % | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ||||||||||||
The following table summarizes the Company’s stock option activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-average | Aggregate Intrinsic Value | Weighted- average Remaining Contractual Term | ||||||||||
of Shares | Exercise | ||||||||||||
Price | |||||||||||||
Outstanding at beginning of year | 749 | $ | 24.21 | ||||||||||
Granted | 82 | 68.21 | |||||||||||
Exercised | (315 | ) | 16.97 | ||||||||||
Forfeited | (6 | ) | 43.17 | ||||||||||
Outstanding at end of year | 510 | $ | 35.54 | $ | 30,676 | 6.5 years | |||||||
Vested and expected to vest at end of year | 504 | $ | 35.27 | $ | 30,446 | 6.5 years | |||||||
Exercisable at end of year | 236 | $ | 21.61 | $ | 17,460 | 5.1 years | |||||||
Performance Based Stock Awards [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||
The following table summarizes the Company’s performance unit awards activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-Average | ||||||||||||
of Shares | Grant-Date Fair Value | ||||||||||||
Unvested at beginning of year | 68 | $ | 41.07 | ||||||||||
Granted | 19 | 68.21 | |||||||||||
Forfeited | (1 | ) | 36.45 | ||||||||||
Unvested at end of year | 86 | $ | 46.94 | ||||||||||
Leveraged Restricted Stock Awards [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||
The following table summarizes the Company’s leveraged restricted share unit awards activity: | |||||||||||||
December 31, 2013 | |||||||||||||
Number | Weighted-average | ||||||||||||
of Shares | Grant-Date Fair Value | ||||||||||||
Unvested at beginning of year | 18 | $ | 67.05 | ||||||||||
Granted | 22 | 80.34 | |||||||||||
Unvested at end of year | 40 | $ | 74.36 | ||||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Operating Leases of Lessee Disclosure | ' | |||
The following table summarizes the future minimum lease payments for non-cancelable operating leases as of December 31, 2013: | ||||
2014 | $ | 10,195 | ||
2015 | 6,700 | |||
2016 | 5,011 | |||
2017 | 4,181 | |||
2018 | 3,146 | |||
Thereafter | 9,183 | |||
Total future minimum lease payments | $ | 38,416 | ||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Energy & | Distribution & | BioMedical | Corporate | Total | ||||||||||||||||
Chemicals | Storage | |||||||||||||||||||
Sales to external customers | $ | 318,510 | $ | 592,616 | $ | 266,312 | $ | — | $ | 1,177,438 | ||||||||||
Depreciation and amortization expense | 8,564 | 15,237 | 14,618 | 1,970 | 40,389 | |||||||||||||||
Operating income (loss) | 59,671 | 93,560 | 33,039 | (50,273 | ) | 135,997 | ||||||||||||||
Total assets (1) | 277,760 | 676,484 | 431,763 | 75,623 | 1,461,630 | |||||||||||||||
Capital expenditures | 34,194 | 32,039 | 3,370 | 2,982 | 72,585 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Energy & | Distribution & | BioMedical | Corporate | Total | ||||||||||||||||
Chemicals | Storage | |||||||||||||||||||
Sales to external customers | $ | 323,676 | $ | 475,576 | $ | 214,900 | $ | — | $ | 1,014,152 | ||||||||||
Depreciation and amortization expense | 7,877 | 12,599 | 10,204 | 1,516 | 32,196 | |||||||||||||||
Operating income (loss) | 64,931 | 79,175 | 24,079 | (46,372 | ) | 121,813 | ||||||||||||||
Total assets (1) | 203,044 | 607,252 | 447,792 | 69,753 | 1,327,841 | |||||||||||||||
Capital expenditures | 9,519 | 30,048 | 2,717 | 1,401 | 43,685 | |||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Energy & | Distribution & | BioMedical | Corporate | Total | ||||||||||||||||
Chemicals | Storage | |||||||||||||||||||
Sales to external customers | $ | 205,033 | $ | 390,332 | $ | 199,220 | $ | — | $ | 794,585 | ||||||||||
Depreciation and amortization expense | 7,417 | 11,767 | 7,588 | 1,143 | 27,915 | |||||||||||||||
Operating income (loss) | 27,489 | 61,415 | 35,911 | (34,821 | ) | 89,994 | ||||||||||||||
Total assets (1) | 203,067 | 556,688 | 226,729 | 187,991 | 1,174,475 | |||||||||||||||
Capital expenditures | 5,228 | 7,808 | 6,692 | 2,652 | 22,380 | |||||||||||||||
_______________ | ||||||||||||||||||||
(1) | Corporate assets consist primarily of cash, cash equivalents and deferred income taxes. | |||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||
The following table represents the changes in goodwill: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Beginning balance | $ | 398,941 | $ | 288,770 | ||||||||||||||||
Foreign currency translation adjustments and other | (344 | ) | 408 | |||||||||||||||||
Goodwill acquired during the year | 308 | 109,763 | ||||||||||||||||||
Ending balance | $ | 398,905 | $ | 398,941 | ||||||||||||||||
The following table represents the changes in goodwill by segment: | ||||||||||||||||||||
Energy & | Distribution & Storage | BioMedical | Total | |||||||||||||||||
Chemicals | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 83,215 | $ | 158,381 | $ | 47,174 | $ | 288,770 | ||||||||||||
Foreign currency translation adjustments and other | — | 408 | — | 408 | ||||||||||||||||
Goodwill acquired during the year | — | — | 109,763 | 109,763 | ||||||||||||||||
Balance at December 31, 2012 | 83,215 | 158,789 | 156,937 | 398,941 | ||||||||||||||||
Foreign currency translation adjustments and other | — | 957 | (1,301 | ) | (344 | ) | ||||||||||||||
Goodwill acquired during the year | — | 308 | — | 308 | ||||||||||||||||
Balance at December 31, 2013 | $ | 83,215 | $ | 160,054 | $ | 155,636 | $ | 398,905 | ||||||||||||
Reconciliation of Revenue from Segments to Consolidated | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Energy & Chemicals | ||||||||||||||||||||
Heat exchangers – Brazed aluminum | $ | 170,104 | $ | 146,110 | $ | 92,013 | ||||||||||||||
Heat exchangers – Air cooled | 54,275 | 69,977 | 66,962 | |||||||||||||||||
Cold boxes | 94,131 | 107,589 | 46,058 | |||||||||||||||||
Energy & Chemicals Total | 318,510 | 323,676 | 205,033 | |||||||||||||||||
Distribution & Storage | ||||||||||||||||||||
Cryogenic bulk storage systems | 175,123 | 153,372 | 153,518 | |||||||||||||||||
Cryogenic packaged gas systems and beverage liquid CO2 systems | 152,922 | 143,548 | 142,262 | |||||||||||||||||
LNG applications | 193,032 | 107,231 | 35,678 | |||||||||||||||||
Cryogenic systems, components and services | 71,539 | 71,425 | 58,874 | |||||||||||||||||
Distribution & Storage Total | 592,616 | 475,576 | 390,332 | |||||||||||||||||
BioMedical | ||||||||||||||||||||
Medical respiratory products | 175,233 | 143,878 | 138,411 | |||||||||||||||||
Biological storage systems | 61,493 | 64,449 | 60,809 | |||||||||||||||||
On-site oxygen generation systems | 29,586 | 6,573 | — | |||||||||||||||||
BioMedical Total | 266,312 | 214,900 | 199,220 | |||||||||||||||||
Total | $ | 1,177,438 | $ | 1,014,152 | $ | 794,585 | ||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||||||
Sales for the Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
United States | $ | 479,067 | $ | 438,294 | $ | 334,517 | ||||||||||||||
China | 231,143 | 149,010 | 92,142 | |||||||||||||||||
Rest of World | 467,228 | 426,848 | 367,926 | |||||||||||||||||
Total | $ | 1,177,438 | $ | 1,014,152 | $ | 794,585 | ||||||||||||||
Property, plant and equipment, net as of December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
United States | $ | 146,610 | $ | 98,425 | $ | 75,848 | ||||||||||||||
Czech Republic | 23,623 | 21,559 | 21,805 | |||||||||||||||||
China | 38,569 | 34,158 | 23,410 | |||||||||||||||||
Germany | 14,618 | 14,402 | 14,672 | |||||||||||||||||
Other foreign countries | 785 | 1,232 | 1,566 | |||||||||||||||||
Total | $ | 224,205 | $ | 169,776 | $ | 137,301 | ||||||||||||||
Quarterly_Data_unaudited_Table
Quarterly Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||
Selected quarterly data for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Sales (1) | $ | 273,648 | $ | 298,266 | $ | 301,757 | $ | 303,767 | $ | 1,177,438 | ||||||||||
Gross profit | 79,450 | 89,806 | 88,645 | 93,822 | 351,723 | |||||||||||||||
Operating income | 27,351 | 32,979 | 35,886 | 39,781 | 135,997 | |||||||||||||||
Net income | 16,108 | 20,603 | 24,847 | 25,804 | 87,362 | |||||||||||||||
Net income attributable to Chart Industries, Inc. | 15,535 | 20,000 | 24,445 | 23,196 | 83,176 | |||||||||||||||
Net income attributable to Chart Industries, Inc. per share—basic | $ | 0.52 | $ | 0.66 | $ | 0.81 | $ | 0.76 | $ | 2.75 | ||||||||||
Net income attributable to Chart Industries, Inc. per share—diluted | $ | 0.51 | $ | 0.64 | $ | 0.74 | $ | 0.71 | $ | 2.6 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Sales (2) | $ | 216,106 | $ | 239,939 | $ | 254,249 | $ | 303,858 | $ | 1,014,152 | ||||||||||
Gross profit | 67,557 | 74,129 | 78,012 | 85,465 | 305,163 | |||||||||||||||
Operating income | 23,861 | 33,083 | 32,032 | 32,837 | 121,813 | |||||||||||||||
Net income | 14,152 | 18,136 | 18,885 | 21,151 | 72,324 | |||||||||||||||
Net income attributable to Chart Industries, Inc. | 14,083 | 17,936 | 18,516 | 20,760 | 71,295 | |||||||||||||||
Net income attributable to Chart Industries, Inc. per share—basic | $ | 0.48 | $ | 0.6 | $ | 0.62 | $ | 0.69 | $ | 2.39 | ||||||||||
Net income attributable to Chart Industries, Inc. per share—diluted | $ | 0.47 | $ | 0.59 | $ | 0.61 | $ | 0.69 | $ | 2.36 | ||||||||||
_______________ | ||||||||||||||||||||
Nature_of_Operations_and_Princ2
Nature of Operations and Principles of Consolidation Principles of Consolidation (Details) | Dec. 31, 2013 |
Principles of Consolidation [Abstract] | ' |
Minimum Ownership Percentage Of Investments In Affiliates Required To Be Accounted For Under The Equity Method | 20.00% |
Maximum Ownership Percentage Of Investments In Affiliates Required To Be Accounted For Under The Equity Method | 50.00% |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement Items [Abstract] | ' | ' | ' |
Shipping and Handling Revenue | $12,213 | $10,111 | $8,595 |
Shipping, Handling and Transportation Costs | 15,927 | 13,344 | 11,443 |
Advertising Expense | 4,515 | 4,828 | 4,548 |
Research and Development Expense | $14,941 | $14,398 | $11,253 |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Other current assets: | ' | ' | ||
Deposits | $255 | $244 | ||
Assets held for sale | 650 | 650 | ||
Other receivables | 15,167 | 15,091 | ||
Other current assets | 16,072 | 15,985 | ||
Other assets: | ' | ' | ||
Deferred financing costs | 5,240 | 6,546 | ||
Cash value of life insurance | 1,691 | 1,488 | ||
Other | 10,004 | 5,203 | ||
Other assets | 16,935 | 13,237 | ||
Other current liabilities: | ' | ' | ||
Accrued interest | 2,120 | 2,170 | ||
Accrued other taxes | 3,318 | 2,556 | ||
Accrued income taxes | 4,470 | 2,244 | ||
Accrued rebates | 8,048 | 7,242 | ||
Accrued employee separation and plant closure costs | 1,175 | 1,102 | ||
Accrued other | 16,325 | 15,156 | ||
Other current liabilities | 35,456 | 30,470 | ||
Other long-term liabilities: | ' | ' | ||
Accrued environmental | 3,871 | 4,586 | ||
Accrued contingent consideration (1) | 1,518 | [1] | 1,898 | [1] |
Accrued contingencies and other | 3,971 | 4,811 | ||
Other long-term liabilities | $9,360 | $11,295 | ||
[1] | Represents the long-term portion of accrued contingent consideration. |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Inventory, Raw Materials, Gross | $93,014 | $85,726 |
Inventory, Work in Process, Gross | 42,996 | 40,945 |
Inventory, Finished Goods, Gross | 76,994 | 69,830 |
Inventories, net | 213,004 | 196,501 |
Inventory Valuation Reserves | $6,556 | $4,078 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $325,893 | $249,080 | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -101,688 | -79,304 | ' |
Property, plant and equipment, net | 224,205 | 169,776 | 137,301 |
Depreciation | 21,159 | 17,404 | 14,539 |
Land, Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 139,962 | 107,410 | ' |
Land, Buildings and Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Land, Buildings and Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '35 years | ' | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 124,023 | 96,362 | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '12 years | ' | ' |
Computer equipment, furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 24,659 | 20,238 | ' |
Computer equipment, furniture and fixtures [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Computer equipment, furniture and fixtures [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $37,249 | $25,070 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill Beginning | $398,941 | $288,770 | ' |
Foreign currency translation adjustments and other | -344 | 408 | ' |
Goodwill acquired during the year | 308 | 109,763 | ' |
Goodwill Ending | 398,905 | 398,941 | 288,770 |
Amortization expense | $19,230 | $14,792 | $13,376 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Finite-Lived Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assests Useful Life | '13 years 219 days | ' | ' |
Finite-Lived Intangible Assets, Gross | $219,424 | $222,031 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -95,158 | -80,330 | ' |
Amortization expense | 19,230 | 14,792 | 13,376 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 17,800 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 16,200 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 14,300 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 13,400 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 12,700 | ' | ' |
Unpatented Technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assests Useful Life | '16 years | ' | ' |
Finite-Lived Intangible Assets, Gross | 43,133 | 45,078 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -11,776 | -11,286 | ' |
Patents [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assests Useful Life | '11 years | ' | ' |
Finite-Lived Intangible Assets, Gross | 7,904 | 9,880 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -5,397 | -6,664 | ' |
Product Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assests Useful Life | '9 years | ' | ' |
Finite-Lived Intangible Assets, Gross | 9,244 | 9,068 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -4,525 | -2,712 | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assests Useful Life | '13 years | ' | ' |
Finite-Lived Intangible Assets, Gross | 159,143 | 158,005 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ($73,460) | ($59,668) | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Indefinite-Lived Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Trademarks and Trade Names [Member] | Trademarks and Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | $3,070 | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | $47,876 | $47,762 |
Debt_And_Credit_Arrangements_S
Debt And Credit Arrangements Summary of Outstanding Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | |
Short-term debt | $3,280 | $0 | |
Debt, Long-term and Short-term, Combined Amount | 265,155 | 255,771 | |
Current Maturities Of Long Term Debt Including Short Term Debt | 200,467 | [1] | 3,750 |
Long-term Debt, Excluding Current Maturities | 64,688 | 252,021 | |
Convertible Notes Payable [Member] | Convertible Notes, Due 2018 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Gross | 193,437 | 183,583 | |
Term Loan [Member] | Senior Term Loan Due 2017 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Gross | 68,438 | 72,188 | |
Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Line of Credit [Member] | Foreign Facilities [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Short-term debt | $3,280 | $0 | |
[1] | Current maturities includes $193,437 current convertible notes at December 31, 2013. |
Debt_And_Credit_Arrangements_C
Debt And Credit Arrangements Convertible Notes (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 84.96 | ' | ' |
Proceeds from issuance of warrants | $0 | $0 | $48,848,000 |
Interest accretion of convertible notes discount | 9,854,000 | 9,109,000 | 3,589,000 |
Financing costs amortization | 1,306,000 | 1,530,000 | 4,383,000 |
Minimum Trading Days Required During Thirty Consecutive Trading Days Where Last Reported Sales Price Is At Least 130 Percent Of Conversion Price | '20 days | ' | ' |
Maximum Days After Any Five Trading Day Period In Which Trading Price Was Less Than 97 Percent Of Last Reported Sale Price of Common Stock Times Conversion Rate | '5 days | ' | ' |
Share Price | $95.64 | ' | ' |
Debt Instrument, Convertible, If-converted Value in Excess of Principal | 96,371,000 | ' | ' |
Percent Of The Principal Amount Of The Convertible Notes Plus Accrued Interest To Be Purchased By The Company Subject Company Undergoing A Fundamental Change | 100.00% | ' | ' |
Current convertible notes | 193,437,000 | 0 | ' |
Convertible notes conversion feature | 56,563,000 | 0 | ' |
Assets And Liabilities For Which Fair Value Only Is Disclosed, Fair Value Of Convertible Notes As A Percentage Of Par Value | 154.00% | 124.00% | ' |
Convertible Notes Payable [Member] | Convertible Notes, Due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 250,000,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 7.90% | ' | ' |
Number Of Shares Of Convertible Debt Hedged And Capped Call | 3,622 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 84.96 | ' | ' |
Proceeds from issuance of warrants | 48,848,000 | ' | ' |
Net Cost Of Convertible Note Hedge And All Capped Transactions | 17,638,000 | ' | ' |
Convertible Debt | 170,885,000 | ' | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 79,115,000 | ' | ' |
Debt Instrument, Unamortized Discount | 56,563,000 | 66,417,000 | ' |
Interest Expense, Debt | 14,854,000 | 14,109,000 | 5,672,000 |
Interest accretion of convertible notes discount | 9,854,000 | 9,109,000 | 3,589,000 |
Interest Expense, Debt, Excluding Amortization | 5,000,000 | 5,000,000 | 2,083,000 |
Deferred Finance Costs, Gross | 7,277,000 | ' | ' |
Financing costs amortization | 711,000 | 711,000 | 296,000 |
Minimum Percentage Of Conversion Price Of Convertible Notes On 20 Of 30 Trading Days For The Options To Be Convertible | 130.00% | ' | ' |
Debt Instrument, Convertible, Conversion Price | $69.03 | ' | ' |
Convertible Notes Principal Amount Denominator For Trading Price | 1,000 | ' | ' |
Maximum Allowable Percentage Of The Product Of Last Reported Sale Price of Common Stock And Conversion Rate For Convertible Notes Payable | 97.00% | ' | ' |
Percent Of The Principal Amount Of The Convertible Notes Plus Accrued Interest To Be Purchased By The Company Subject Company Undergoing A Fundamental Change | 100.00% | ' | ' |
Debt Instrument, Convertible, 130% of Conversion Price | $89.74 | ' | ' |
Current convertible notes | 193,437,000 | ' | ' |
Convertible notes conversion feature | 56,563,000 | ' | ' |
Senior Term Loan Due 2017 [Member] | Senior Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Financing costs amortization | 595,000 | 587,000 | ' |
Senior Term Loan, Due 2015 [Member] | Prior Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Financing costs amortization | ' | ' | 1,178,000 |
Additional Paid-in Capital [Member] | Convertible Notes Payable [Member] | Convertible Notes, Due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Deferred Finance Costs, Gross | 2,303,000 | ' | ' |
Carrying Amount, Deferred Financing Fees [Member] | Convertible Notes Payable [Member] | Convertible Notes, Due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Deferred Finance Costs, Gross | $4,974,000 | ' | ' |
Debt_And_Credit_Arrangements_S1
Debt And Credit Arrangements Senior Credit Facility (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Financing costs amortization | $1,306 | $1,530 | $4,383 |
Fronting Fee Percentage Charged For Issuance Of Letters Of Credit | 0.13% | ' | ' |
Senior Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Term of Restated Credit Facility | 'five | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 375,000 | ' | ' |
Line of Credit Facility, Covenant Terms | 'Significant financial covenants for the Senior Credit Facility include a maximum net debt to EBITDA ratio of 3.25 and a minimum interest coverage to EBITDA ratio of 3.0, which are the same limits that applied under the Prior Credit Facility. | ' | ' |
Line of Credit Facility, Interest Rate Description | 'Loans under the Senior Credit Facility bear interest, at the applicable Borrower's election, at either LIBOR or the greatest of (a) the JPMorgan prime rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% or (c) the Adjusted LIBOR Rate (as defined in the Restated Credit Facility) for a one month interest period on such day (or if such day is not a business day, the immediately preceding business day) plus 1%, plus a margin that varies with the Company's net debt to EBITDA ratio. | ' | ' |
Debt Issuance Cost | 1,445 | ' | ' |
Line Of Credit Facility, Amount Of Expansion Option To Increase The Aggregate Principal Amount Of The Term Loan Or Revolving Credity Facility | 150,000 | ' | ' |
Line Of Credit Facility Initial Percentage Of Term Loan Payable Quarterly Due To Restated Credit Facility | 5.00% | ' | ' |
Initial Duration Of Quarterly Payments On Term Loan Under The Terms Of The Restated Credit Facility | '3 years | ' | ' |
Line Of Credit Facility Final Percentage Of Term Loan Payable Quarterly Due To Restated Credit Facility | 10.00% | ' | ' |
Final Duration Of Quarterly Payments On Term Loan Under The Terms Of The Restated Credit Facility | '2 years | ' | ' |
Senior Term Loan, Due 2015 [Member] | Prior Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Financing costs amortization | ' | ' | 1,178 |
Term Loan [Member] | Senior Term Loan Due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Gross | 68,438 | 72,188 | ' |
Letters of Credit Outstanding, Amount | 24,761 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 275,239 | ' | ' |
Senior Term Loan Due 2017 [Member] | Senior Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | ' | ' |
Long-term Debt, Weighted Average Interest Rate | 2.54% | ' | ' |
Financing costs amortization | 595 | 587 | ' |
Line of Credit [Member] | Senior Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | ' | ' |
Maximum Percentage Of Capital Stock Guaranteed By Company's Material Non-U.S. Subsidiaries For Obligations Under The Senior Credit Facility | 65.00% | ' | ' |
Minimum [Member] | Line of Credit [Member] | Revolver [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ' | ' |
Minimum [Member] | Revolving Line of Credit [Member] | Revolver [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Applicable Margin For Eurocurrency Revolving Facility Borrowings | 1.50% | ' | ' |
Maximum [Member] | Line of Credit [Member] | Revolver [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.40% | ' | ' |
Maximum [Member] | Revolving Line of Credit [Member] | Revolver [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Applicable Margin For Eurocurrency Revolving Facility Borrowings | 3.00% | ' | ' |
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | ' | ' |
Sub-limit For Issuance Of Swingline Loans | 25,000 | ' | ' |
Sub-limit For Letters Of Credit | 100,000 | ' | ' |
Maximum Amount For Foreign Currency Denominated Letters Of Credit And Borrowings | 50,000 | ' | ' |
Maximum Amount Of Permitable Subsidiary Borrowings | $50,000 | ' | ' |
Debt_And_Credit_Arrangements_F
Debt And Credit Arrangements Foreign Facilities (Details) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Chart Cryogenic Engineering Systems Co. Ltd. and Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Cryogenic Engineering Systems Co. Ltd. and Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Cryogenic Engineering Systems Co. Ltd. and Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Cryogenic Engineering Systems Co. Ltd. and Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Cryogenic Engineering Systems Co., Ltd. [Member] | Chart Cryogenic Engineering Systems Co., Ltd. [Member] | Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Cryogenic Distribution Equipment Co. Ltd. [Member] | Chart Ferox [Member] | Chart Ferox [Member] | Chart China [Member] | Chart China [Member] | Chart China [Member] | Chart China [Member] | |
Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Bonding Guarantee Facility [Member] | Bonding Guarantee Facility [Member] | Overdraft Facility [Member] | Overdraft Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | CCESC [Member] | CCESC [Member] | CCDEC [Member] [Member] | CCDEC [Member] [Member] | ||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | Foreign Facilities [Member] | Foreign Facilities [Member] | USD ($) | CZK | USD ($) | CNY | USD ($) | CNY | ||||
USD ($) | USD ($) | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | $1,306,000 | $1,530,000 | $4,383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 4,921,000 | 30,000,000 | 8,201,000 | 50,000,000 | 1,640,000 | 10,000,000 | 3,280,000 | 20,000,000 | ' | ' | 8,799,000 | 175,000,000 | ' | ' | ' | ' |
Letter Of Credit And Guarantee Fees Percentage Of Face Amount For Maturities Up To One Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | 0.70% | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt | 3,280,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,280,000 | 0 | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.60% | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Guarantees Supported By Credit Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,876,000 | 77,100,000 | $1,306,000 | 8,000,000 | $921,000 | 5,600,000 |
Debt_And_Credit_Arrangements_S2
Debt And Credit Arrangements Scheduled Annual Maturities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $7,030 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 6,563 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 7,500 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 50,625 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 250,000 | ' | ' |
Long Term Debt Maturities Total Repayments Due | 321,718 | ' | ' |
Interest Paid | $7,233 | $6,604 | $16,608 |
Financial_Instruments_and_Deri1
Financial Instruments and Derivative Financial Instruments Concentration of Credit Risks (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration of Credit Risks [Abstract] | ' | ' | ' |
Percentage of sales to foreign countries | 59.00% | 56.00% | 58.00% |
Maximum percentage of consolidated sales attributable to one customer | 10.00% | ' | ' |
Percentage of sales from top ten customers | 37.00% | 38.00% | 36.00% |
Financial_Instruments_and_Deri2
Financial Instruments and Derivative Financial Instruments Foreign Currency Forward Contracts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives | ($2,940) | ($780) | $1,233 |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Product Warranties [Abstract] | ' | ' | ' |
Standard Product Warranty Accrual Beginning | $44,486 | $13,181 | $12,101 |
Standard Product Warranty Accrual, Warranties Issued | 17,486 | 12,494 | 7,420 |
Standard Product Warranty Accrual, Payments | -28,359 | -18,222 | -8,085 |
Product Warranty Accrual, Additions from Business Acquisition | 214 | 37,033 | 1,745 |
Standard Product Warranty Accrual ending | $33,827 | $44,486 | $13,181 |
Business_Combinations_Xinye_Ac
Business Combinations Xinye Acquisition (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 08, 2013 | Jun. 08, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | Nanjing Xinye [Member] | Nanjing Xinye [Member] |
USD ($) | CNY | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 80.00% | 80.00% |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | $2,965 | 18,300 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | 20.00% | 20.00% |
Business Acquisition, Fair Value Of Net Assets Acquired Excluding Goodwill | ' | ' | ' | ' | 16,400 |
Goodwill | $398,905 | $398,941 | $288,770 | ' | 1,900 |
Business_Combinations_AirSep_A
Business Combinations AirSep Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | 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 | Aug. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 29, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | ||||
AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Standard Product Warranty Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'five | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24,280 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ||||
Goodwill | 398,905 | ' | ' | ' | 398,941 | ' | ' | ' | 398,905 | 398,941 | 288,770 | ' | ' | ' | ' | ' | ' | ' | 109,763 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 182,450 | ||||
Business Acquisition, Purchase Price Allocation, Income Taxes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800 | ||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ||||
Business Acquisition, Fair Value Of Net Assets Acquired Excluding Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,687 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,553 | ||||
Business acquisition, purchase price allocation, current assets, prepaid expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 615 | ||||
Business acquisition, purchase price allocation, current assets, other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,837 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,342 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 976 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,728 | ||||
Business acquisition, purchase price allocation, Customer advances and billings in excess of contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,782 | ||||
Business acquisition, purchase price allocation, Accrued salaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,837 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 254 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Warranty Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,562 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Non-Current Liabilities, Warranty Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,471 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Tangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,969 | ||||
business acquisition, purchase price allocation, current assets, deferred taxes asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,262 | ||||
Business Acquisition, Purchase Price Allocation, Amortizable and Unamortizable Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,000 | ||||
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Deferred Taxes (Liability) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,544 | ||||
Sales | 303,767 | 301,757 | [1] | 298,266 | [1] | 273,648 | [1] | 303,858 | [2] | 254,249 | 239,939 | 216,106 | 1,177,438 | 1,014,152 | 794,585 | 14,174 | 29,855 | 27,014 | 31,679 | 40,317 | 71,043 | ' | ' |
Operating Income (Loss) | 39,781 | 35,886 | 32,979 | 27,351 | 32,837 | 32,032 | 33,083 | 23,861 | 135,997 | 121,813 | 89,994 | ' | ' | ' | ' | 4,026 | 3,195 | ' | ' | ||||
Business Acquisition, Amortization of Stepped Up Inventory Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,270 | 2,638 | ' | ' | ||||
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 19,230 | 14,792 | 13,376 | ' | ' | ' | ' | 2,285 | 4,570 | ' | ' | ||||
Management Retention Expenses and Severance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,111 | 2,726 | ' | ' | ||||
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,164 | ' | ' | ' | ||||
[1] | During the first and second quarters of 2013, AirSep added sales of $27,014 and $29,855, respectively. During the third quarter of 2013, incremental sales related to AirSep were $14,174 | ||||||||||||||||||||||
[2] | During the fourth quarter of 2012, AirSep added sales of $31,679. |
Business_Combinations_2011_Acq
Business Combinations 2011 Acquisitions (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 01, 2011 | Aug. 01, 2011 | Dec. 31, 2011 | Apr. 02, 2011 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | GOFA [Member] | GOFA [Member] | Clever Fellows Innovation Consortium [Member] | Clever Fellows Innovation Consortium [Member] |
USD ($) | EUR (€) | USD ($) | USD ($) | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | ' | € 26,261 | ' | ' |
Business Acquisition, Working Capital Adjustment | ' | ' | ' | ' | 947 | ' | ' |
Business Acquisition, Fair Value Of Net Assets Acquired Excluding Goodwill | ' | ' | ' | 28,372 | ' | ' | 732 |
Goodwill | 398,905 | 398,941 | 288,770 | 11,438 | ' | ' | 2,938 |
Business Acquisition Cost of Acquired Entity Potential Purchase Price | ' | ' | ' | ' | ' | ' | 5,000 |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | $2,000 | ' |
Business_Combinations_Contigen
Business Combinations Contigent Consideration (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Accrued contingent consideration (1) | $2,289 | $1,990 | $7,067 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration Recorded in Income, Liability | 299 | -3,777 | ' |
Payment of Contingent Consideration | ' | 1,300 | ' |
Distribution & Storage [Member] | ' | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Accrued contingent consideration (1) | 0 | 0 | 841 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration Recorded in Income, Liability | 0 | 459 | ' |
Payment of Contingent Consideration | ' | 1,300 | ' |
BioMedical [Member] | ' | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Accrued contingent consideration (1) | 2,289 | 1,990 | 6,226 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration Recorded in Income, Liability | 299 | -4,236 | ' |
Payment of Contingent Consideration | ' | 0 | ' |
Maximum [Member] | BioMedical [Member] | ' | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Accrued contingent consideration (1) | $3,000 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forward contracts | $13 | $31 |
Total financial assets | 13 | 31 |
Foreign currency forward contracts | 394 | 433 |
Contingent consideration liabilities | 2,289 | 1,990 |
Total financial liabilities | 2,683 | 2,423 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forward contracts | 13 | 31 |
Total financial assets | 13 | 31 |
Foreign currency forward contracts | 394 | 433 |
Contingent consideration liabilities | 0 | 0 |
Total financial liabilities | 394 | 433 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forward contracts | 0 | 0 |
Total financial assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Contingent consideration liabilities | 2,289 | 1,990 |
Total financial liabilities | $2,289 | $1,990 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent | $496 | $0 | ' | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 18,425 | 14,207 | 12,635 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -5,103 | -12,566 | -9,642 | ||
Accumulated other comprehensive income | 13,322 | 1,641 | 2,993 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Before Reclassificaions, Net of Tax | 4,218 | 1,572 | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 6,611 | -3,899 | ' | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 10,829 | -2,327 | ' | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 852 | [1] | 975 | [1] | ' |
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax | 852 | 975 | ' | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 4,218 | 1,572 | ' | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 7,463 | -2,924 | ' | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 11,681 | -1,352 | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | 3,769 | -1,698 | ' | ||
Cost of Sales [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 530 | 411 | ' | ||
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | $818 | $564 | ' | ||
[1] | Amounts reclassified from accumulated other comprehensive income were expensed and included in cost of sales ($530 and $411 for the years ended December 31, 2013 and 2012, respectively) and selling, general and administrative expenses ($818 and $564 for the years ended December 31, 2013 and 2012, respectively) in the consolidated statements of income. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | 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 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Chart Industries, Inc. | $23,196 | $24,445 | $20,000 | $15,535 | $20,760 | $18,516 | $17,936 | $14,083 | $83,176 | $71,295 | $44,076 |
Basic | $0.76 | $0.81 | $0.66 | $0.52 | $0.69 | $0.62 | $0.60 | $0.48 | $2.75 | $2.39 | $1.51 |
Diluted | $0.71 | $0.74 | $0.64 | $0.51 | $0.69 | $0.61 | $0.59 | $0.47 | $2.60 | $2.36 | $1.47 |
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 30,209 | 29,786 | 29,165 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 411 | 408 | 748 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | 974 | 0 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | ' | ' | ' | ' | ' | ' | ' | ' | 337 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 31,931 | 30,194 | 29,913 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Securities (Details) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 84.96 | ' | ' | |||
Stock Incentive Plans [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1 | 109 | 107 | |||
Convertible note hedge and capped call transactions [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 948 | [1] | 0 | [1] | 0 | [1] |
Warrant [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 3,368 | 3,368 | |||
[1] | The convertible note hedge and capped call transactions offset any dilution upon actual conversion of the Convertible Notes up to a common stock price of $84.96. See Note 7 for further information. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before taxes | ' | ' | ' |
United States | $67,355 | $79,812 | $42,429 |
Foreign | 51,303 | 23,294 | 20,545 |
Income before income taxes | 118,658 | 103,106 | 62,974 |
Current: | ' | ' | ' |
Federal | 19,421 | 28,076 | 14,369 |
State | 1,618 | 1,768 | 876 |
Foreign | 11,864 | 5,456 | 5,976 |
Current income tax expense (benefit) | 32,903 | 35,300 | 21,221 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Federal | 21 | -3,477 | -962 |
State and local | -364 | -684 | -66 |
Foreign | -1,264 | -357 | -1,463 |
Deferred income tax expense (benefit) | -1,607 | -4,518 | -2,491 |
Income Tax Expense (Benefit), Continuing Operations | 31,296 | 30,782 | 18,730 |
Reconciliation of income taxes | ' | ' | ' |
Income tax expense at U.S. federal statutory rate | 41,530 | 36,087 | 22,041 |
State income taxes, net of federal tax benefit | 757 | 711 | 810 |
Foreign income, net of credit on foreign taxes | 501 | 48 | 137 |
Effective tax rate differential of earnings outside of U.S. | -8,257 | -4,983 | -1,901 |
Foreign investment tax credit | 0 | -406 | -777 |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | -2,105 | 0 | -350 |
Non-deductible (taxable) items | 865 | 2,885 | 424 |
Change in uncertain tax positions | -347 | -394 | -28 |
Domestic production activities deduction | -2,237 | -2,490 | -1,626 |
Other items | 589 | 676 | 0 |
Deferred tax assets: | ' | ' | ' |
Accruals and reserves | 25,478 | 27,625 | ' |
Pensions | 2,536 | 7,019 | ' |
Inventory | 4,350 | 2,775 | ' |
Stock options | 6,107 | 5,220 | ' |
Tax credit carryforwards | 0 | 2,662 | ' |
Foreign net operating loss carryforwards | 594 | 1,440 | ' |
State net operating loss carryforward | 1,610 | 1,517 | ' |
Other - net | 844 | 1,331 | ' |
Total deferred tax assets before valuation allowance | 41,519 | 49,589 | ' |
Valuation allowance | -1,250 | -1,766 | ' |
Total deferred tax assets, net of valuation allowance | 40,269 | 47,823 | ' |
Deferred tax liabilities: | ' | ' | ' |
Property, plant and equipment | 17,248 | 15,705 | ' |
Intangibles | 53,314 | 59,396 | ' |
Deferred Tax Liabilities, Convertible Notes | 2,623 | 3,071 | ' |
Total deferred tax liabilities | 73,185 | 78,172 | ' |
Net deferred tax liabilities | 32,916 | 30,349 | ' |
Deferred Tax Assets, Net, Current | -14,675 | -15,282 | ' |
Deferred Tax Assets, Net, Noncurrent | -125 | -654 | ' |
Long-term deferred tax liabilities | 47,716 | 46,285 | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized Tax Benefits Beginning Balance | 3,339 | 2,440 | 2,468 |
Additions for tax positions of prior years | 299 | 1,921 | 128 |
Reductions for tax positions of prior years | -1,921 | 0 | -22 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 905 | 0 |
Lapse of statutes of limitation | -776 | -117 | -134 |
Unrecognized Tax Benefits Ending Balance | 941 | 3,339 | 2,440 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 410 | 851 | ' |
Undistributed Earnings of Foreign Subsidiaries | 159,962 | ' | ' |
Income Taxes Paid | 24,977 | 19,193 | 17,130 |
Accrual for interest and penalties | 93 | ' | 106 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 8 | 42 | 42 |
Possible future decreases in unrecognized tax benefits | $22 | ' | ' |
Income_Taxes_Operating_Loss_Ca
Income Taxes Operating Loss Carryforwards (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' |
State net operating losses usable after limitations from Internal Revenue Code 382 | $19,552 | ' |
State net operating loss carryforward | 1,610 | 1,517 |
Valuation allowance | 1,250 | 1,766 |
Foreign net operating loss carryforwards | 594 | 1,440 |
State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Valuation allowance | 740 | ' |
Foreign Country [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Valuation allowance | 511 | ' |
Foreign operating losses available to carryforward | 2,010 | ' |
Foreign operating losses expiring between 2014 and 2016 | 451 | ' |
Foreign operating losses to be carried forward indefinitely | $1,559 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of net periodic pension expense: | ' | ' | ' |
Interest cost | $2,112 | $2,206 | $2,409 |
Expected return on plan assets | -2,705 | -2,648 | -2,575 |
Amortization of net loss | 1,348 | 974 | 365 |
Defined Benefit Plan, Net Periodic Benefit Cost | 755 | 532 | 199 |
Change in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 57,268 | 49,925 | ' |
Interest cost | 2,112 | 2,206 | 2,409 |
Benefits paid | -1,813 | -1,710 | ' |
Actuarial (gains) losses | -6,883 | 6,847 | ' |
Projected benefit obligation at year end | 50,684 | 57,268 | 49,925 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 37,941 | 34,020 | ' |
Actual return (loss) | -6,202 | 3,899 | ' |
Employer contributions | 635 | 1,732 | ' |
Benefits paid | -1,813 | -1,710 | ' |
Fair value of plan assets at year end | 42,965 | 37,941 | 34,020 |
Funded status (Accrued pension liabilities) | -7,719 | -19,327 | ' |
Unrecognized actuarial loss recognized in accumulated other comprehensive income | 8,250 | 19,978 | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 320 | ' | ' |
Assumptions used to determine benefit obligation at year end: | ' | ' | ' |
Discount rate | 4.75% | 3.75% | 4.50% |
Assumptions used to determine net periodic benefit cost: | ' | ' | ' |
Discount rate | 3.75% | 4.50% | 5.50% |
Expected long-term weighted average rate of return on plan assets | 7.25% | 7.75% | 7.75% |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 1,729 | ' | ' |
Expected future benefit payments | ' | ' | ' |
2014 | 2,000 | ' | ' |
2015 | 2,100 | ' | ' |
2016 | 2,200 | ' | ' |
2017 | 2,400 | ' | ' |
2018 | 2,600 | ' | ' |
In aggregate during five years thereafter | 15,000 | ' | ' |
Other Plan Information [Abstract] | ' | ' | ' |
Multiemployer Plan, Period Contributions | 908 | 760 | 518 |
Defined Contribution Savings Plan [Member] | ' | ' | ' |
Other Plan Information [Abstract] | ' | ' | ' |
Defined contribution expense | 9,814 | 8,011 | 6,241 |
VDIP [Member] | ' | ' | ' |
Other Plan Information [Abstract] | ' | ' | ' |
Defined contribution expense | $276 | $507 | ' |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) Plan Assets (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $42,965 | $37,941 | $34,020 |
Target asset allocations | 100.00% | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 0 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 30 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | -1,925 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 4,056 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,161 | ' | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 40,804 | 37,941 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,161 | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 26,668 | 21,265 | ' |
Target asset allocations | 55.00% | ' | ' |
Equity Securities [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 26,668 | 21,265 | ' |
Equity Securities [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12,527 | 16,650 | ' |
Target asset allocations | 43.00% | ' | ' |
Fixed Income Funds [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12,527 | 16,650 | ' |
Fixed Income Funds [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 26 | ' |
Target asset allocations | 2.00% | ' | ' |
Cash and Cash Equivalents [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 26 | ' |
Cash and Cash Equivalents [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Other Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,770 | 0 | ' |
Target asset allocations | 0.00% | ' | ' |
Other Investments [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,609 | 0 | ' |
Other Investments [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $2,161 | ' | ' |
Sharebased_Compensation_Overal
Share-based Compensation Overall (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Expense | $9,989 | $7,461 | $5,433 |
Tax benefit from exercise of stock options | 6,673 | 8,972 | 7,879 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 9,146 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 321 days | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 510 | 749 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,222 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 106 days | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonvested, shares | 97 | 132 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,529 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 299 days | ' | ' |
Performance Based Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonvested, shares | 86 | 68 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,597 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 259 days | ' | ' |
Leveraged Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonvested, shares | 40 | 18 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 1,798 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 259 days | ' | ' |
Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,421 | ' | ' |
Stock Incentive Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 139 | ' | ' |
Omnibus Equity Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,350 | ' | ' |
Omnibus Equity Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 371 | ' | ' |
Additional Paid-in Capital [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Tax benefit from exercise of stock options | $6,673 | $8,972 | $7,879 |
Sharebased_Compensation_Stock_
Share-based Compensation Stock Options (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Expense | $9,989 | $7,461 | $5,433 |
Tax benefit from exercise of stock options | 6,673 | 8,972 | 7,879 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 9,146 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 321 days | ' | ' |
Director [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Fair market value of stock awards | 393 | 368 | 360 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,222 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 106 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding at beginning of period, shares | 749 | ' | ' |
Outstanding at beginning of period, price | $24.21 | ' | ' |
Granted, shares | 82 | ' | ' |
Granted, price | $68.21 | ' | ' |
Exercised | -315 | ' | ' |
Exercised, price | $16.97 | ' | ' |
Expired or forfeited, shares | -6 | ' | ' |
Expired or forfeited, price | $43.17 | ' | ' |
Outstanding at end of period, shares | 510 | 749 | ' |
Outstanding at end of period, price | $35.54 | $24.21 | ' |
Exercisable at end of year, shares | 236 | ' | ' |
Exercisable at end of year, price | $21.61 | ' | ' |
Remaining contractual term (in years) | '6 years 190 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 504 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $35.27 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 30,446 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '6 years 179 days | ' | ' |
Intrinsic value of the options oustanding | 30,676 | ' | ' |
Intrinsic value of the options exercisable | 17,460 | ' | ' |
Total intrinsic value of options exercised in period | 21,199 | 18,310 | 28,784 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 2,673 | 2,216 | 1,957 |
Weighted average grant date fair value | $41.52 | $35.69 | $24.33 |
Expected term (years) | '6 years 3 months | '6 years 3 months | '6 years 3 months |
Risk-free interest rate | 1.00% | 1.15% | 2.43% |
Expected volatility | 66.80% | 70.71% | 72.47% |
Award vesting period | '4 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 510 | 749 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '5 years 51 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Contractual Term | '10 years | ' | ' |
Stock Options [Member] | Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding at end of period, shares | 139 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 139 | ' | ' |
Stock Options [Member] | Omnibus Equity Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding at end of period, shares | 371 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 371 | ' | ' |
Performance Share Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Additional Paid-in Capital [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Tax benefit from exercise of stock options | $6,673 | $8,972 | $7,879 |
Maximum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Award vesting period | '5 years | ' | ' |
Sharebased_Compensation_Restri
Share-based Compensation Restricted Stock (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 321 days | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $9,146 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Nonvested, shares | 97,000 | 132,000 | ' |
Nonvested, Weighted Average Grant Date Fair Value | $61.48 | $36.60 | ' |
Granted, shares | 49,000 | ' | ' |
Granted, Weighted Average Grant Date Fair Value | $69.72 | $60.80 | $36.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 5,782 | 4,654 | 2,755 |
Forfeited, shares | -2,000 | ' | ' |
Forfeitured, Weighted Average Grant Date Fair Value | $56.06 | ' | ' |
Vested, shares | -82,000 | ' | ' |
Vested, Weighted Average Grant Date Fair Value | $26.61 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 299 days | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $2,529 | ' | ' |
Sharebased_Compensation_Perfor
Share-based Compensation Performance Units (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $9,146 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 321 days | ' | ' |
Performance Based Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonvested, shares | 86,000 | 68,000 | ' |
Nonvested, Weighted Average Grant Date Fair Value | $46.94 | $41.07 | ' |
Granted, shares | 19,000 | ' | ' |
Granted, Weighted Average Grant Date Fair Value | $68.21 | $55.93 | $36.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | 9,386 | ' |
Forfeited, shares | -1,000 | ' | ' |
Forfeitured, Weighted Average Grant Date Fair Value | $36.45 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $2,597 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 259 days | ' | ' |
Performance Share Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
2011 PSU [Member] | Performance Share Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Performance Share Units Earned Out Of Performance Share Units Granted | 0.00% | ' | ' |
2011 PSU [Member] | Performance Share Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Performance Share Units Earned Out Of Performance Share Units Granted | 150.00% | ' | ' |
2012 PSU [Member] | Performance Share Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Performance Share Units Earned Out Of Performance Share Units Granted | 0.00% | ' | ' |
2012 PSU [Member] | Performance Share Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Performance Share Units Earned Out Of Performance Share Units Granted | 200.00% | ' | ' |
2013 PSU [Member] | Performance Share Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Performance Share Units Earned Out Of Performance Share Units Granted | 0.00% | ' | ' |
2013 PSU [Member] | Performance Share Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Performance Share Units Earned Out Of Performance Share Units Granted | 200.00% | ' | ' |
Sharebased_Compensation_Levera
Share-based Compensation Leveraged Restricted Stock (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 321 days | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $9,146 | ' |
Leveraged Restricted Stock Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting period | '3 years | ' |
Nonvested, shares | 40,000 | 18,000 |
Nonvested, Weighted Average Grant Date Fair Value | $74.36 | $67.05 |
Granted, shares | 22,000 | ' |
Granted, Weighted Average Grant Date Fair Value | $80.34 | $67.05 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 259 days | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $1,798 | ' |
Leveraged Restricted Stock Awards [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Leveraged Restricted Share Units Earned Out Of Leveraged Restricted Share Units Granted | 50.00% | ' |
Leveraged Restricted Stock Awards [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Leveraged Restricted Share Units Earned Out Of Leveraged Restricted Share Units Granted | 150.00% | ' |
Sharebased_Compensation_Direct
Share-based Compensation Directors' Stock Grants (Details) (Director [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Director [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, shares | 4,000 | 5,000 | 8,000 |
Fair market value of directors' stock grants | $393 | $368 | $360 |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rental expense under operating leases | $10,581 | $9,980 | $8,817 |
Future minimum lease payments for non-cancelable operating leases | ' | ' | ' |
2014 | 10,195 | ' | ' |
2015 | 6,700 | ' | ' |
2016 | 5,011 | ' | ' |
2017 | 4,181 | ' | ' |
2018 | 3,146 | ' | ' |
Thereafter | 9,183 | ' | ' |
Operating Leases, Future Minimum Payments Due | $38,416 | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Enogex Federal Court Case [Member] | Enogex State Court Case [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | $75,000 | $105,000 |
Accrued environmental | $3,871 | $4,586 | ' | ' |
Number of years expected for future environmental remediation expenditures | '14 years | ' | ' | ' |
Segment_and_Geographic_Informa2
Segment and Geographic Information Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | 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 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | $1,177,438 | $1,014,152 | $794,585 | |||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 40,389 | 32,196 | 27,915 | |||||
Operating income (loss) | 39,781 | 35,886 | 32,979 | 27,351 | 32,837 | 32,032 | 33,083 | 23,861 | 135,997 | 121,813 | 89,994 | |||||
Total assets (1) | 1,461,630 | [1] | ' | ' | ' | 1,327,841 | [1] | ' | ' | ' | 1,461,630 | [1] | 1,327,841 | [1] | 1,174,475 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 72,585 | 43,685 | 22,380 | |||||
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net | 224,205 | ' | ' | ' | 169,776 | ' | ' | ' | 224,205 | 169,776 | 137,301 | |||||
Energy & Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 318,510 | 323,676 | 205,033 | |||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,564 | 7,877 | 7,417 | |||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 59,671 | 64,931 | 27,489 | |||||
Total assets (1) | 277,760 | [1] | ' | ' | ' | 203,044 | [1] | ' | ' | ' | 277,760 | [1] | 203,044 | [1] | 203,067 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 34,194 | 9,519 | 5,228 | |||||
Distribution & Storage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 592,616 | 475,576 | 390,332 | |||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 15,237 | 12,599 | 11,767 | |||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 93,560 | 79,175 | 61,415 | |||||
Total assets (1) | 676,484 | [1] | ' | ' | ' | 607,252 | [1] | ' | ' | ' | 676,484 | [1] | 607,252 | [1] | 556,688 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 32,039 | 30,048 | 7,808 | |||||
BioMedical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 266,312 | 214,900 | 199,220 | |||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,618 | 10,204 | 7,588 | |||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 33,039 | 24,079 | 35,911 | |||||
Total assets (1) | 431,763 | [1] | ' | ' | ' | 447,792 | [1] | ' | ' | ' | 431,763 | [1] | 447,792 | [1] | 226,729 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,370 | 2,717 | 6,692 | |||||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,970 | 1,516 | 1,143 | |||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -50,273 | -46,372 | -34,821 | |||||
Total assets (1) | 75,623 | [1] | ' | ' | ' | 69,753 | [1] | ' | ' | ' | 75,623 | [1] | 69,753 | [1] | 187,991 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,982 | 1,401 | 2,652 | |||||
Heat exchangers - Brazed aluminum [Member] | Energy & Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 170,104 | 146,110 | 92,013 | |||||
Heat exchangers - Air cooled [Member] | Energy & Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 54,275 | 69,977 | 66,962 | |||||
Cold boxes [Member] | Energy & Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 94,131 | 107,589 | 46,058 | |||||
Cryogenic bulk storage systems [Member] | Distribution & Storage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 175,123 | 153,372 | 153,518 | |||||
Cryogenic packaged gas systems and beverage liquid CO2 systems [Member] | Distribution & Storage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 152,922 | 143,548 | 142,262 | |||||
LNG applications [Member] | Distribution & Storage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 193,032 | 107,231 | 35,678 | |||||
Cryogenic systems, components and services [Member] | Distribution & Storage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 71,539 | 71,425 | 58,874 | |||||
Medical respiratory products [Member] | BioMedical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 175,233 | 143,878 | 138,411 | |||||
Biological storage systems [Member] | BioMedical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 61,493 | 64,449 | 60,809 | |||||
On-site oxygen generation systems [Member] | BioMedical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 29,586 | 6,573 | 0 | |||||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 479,067 | 438,294 | 334,517 | |||||
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net | 146,610 | ' | ' | ' | 98,425 | ' | ' | ' | 146,610 | 98,425 | 75,848 | |||||
China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 231,143 | 149,010 | 92,142 | |||||
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net | 38,569 | ' | ' | ' | 34,158 | ' | ' | ' | 38,569 | 34,158 | 23,410 | |||||
Rest of World [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 467,228 | 426,848 | 367,926 | |||||
Czech Republic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net | 23,623 | ' | ' | ' | 21,559 | ' | ' | ' | 23,623 | 21,559 | 21,805 | |||||
Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net | 14,618 | ' | ' | ' | 14,402 | ' | ' | ' | 14,618 | 14,402 | 14,672 | |||||
Other Non-U.S. Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net | $785 | ' | ' | ' | $1,232 | ' | ' | ' | $785 | $1,232 | $1,566 | |||||
[1] | Corporate assets consist primarily of cash, cash equivalents and deferred income taxes. |
Segment_and_Geographic_Informa3
Segment and Geographic Information Goodwill by Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $398,905 | $398,941 | $288,770 |
Foreign currency translation adjustments and other | -344 | 408 | ' |
Goodwill acquired during the year | 308 | 109,763 | ' |
Energy & Chemicals [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 83,215 | 83,215 | 83,215 |
Foreign currency translation adjustments and other | 0 | 0 | ' |
Goodwill acquired during the year | 0 | 0 | ' |
Distribution & Storage [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 160,054 | 158,789 | 158,381 |
Foreign currency translation adjustments and other | 957 | 408 | ' |
Goodwill acquired during the year | 308 | 0 | ' |
BioMedical [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 155,636 | 156,937 | 47,174 |
Foreign currency translation adjustments and other | -1,301 | 0 | ' |
Goodwill acquired during the year | $0 | $109,763 | ' |
Quarterly_Data_unaudited_Detai
Quarterly Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 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 | Aug. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 29, 2013 | |||||
AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | AirSep [Member] | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Sales | $303,767,000 | $301,757,000 | [1] | $298,266,000 | [1] | $273,648,000 | [1] | $303,858,000 | [2] | $254,249,000 | $239,939,000 | $216,106,000 | $1,177,438,000 | $1,014,152,000 | $794,585,000 | $14,174,000 | $29,855,000 | $27,014,000 | $31,679,000 | $40,317,000 | $71,043,000 |
Gross profit | 93,822,000 | 88,645,000 | 89,806,000 | 79,450,000 | 85,465,000 | 78,012,000 | 74,129,000 | 67,557,000 | 351,723,000 | 305,163,000 | 245,446,000 | ' | ' | ' | ' | ' | ' | ||||
Operating Income (Loss) | 39,781,000 | 35,886,000 | 32,979,000 | 27,351,000 | 32,837,000 | 32,032,000 | 33,083,000 | 23,861,000 | 135,997,000 | 121,813,000 | 89,994,000 | ' | ' | ' | ' | 4,026,000 | 3,195,000 | ||||
Net income | 25,804,000 | 24,847,000 | 20,603,000 | 16,108,000 | 21,151,000 | 18,885,000 | 18,136,000 | 14,152,000 | 87,362,000 | 72,324,000 | 44,244,000 | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to Chart Industries, Inc. | $23,196,000 | $24,445,000 | $20,000,000 | $15,535,000 | $20,760,000 | $18,516,000 | $17,936,000 | $14,083,000 | $83,176,000 | $71,295,000 | $44,076,000 | ' | ' | ' | ' | ' | ' | ||||
Basic | $0.76 | $0.81 | $0.66 | $0.52 | $0.69 | $0.62 | $0.60 | $0.48 | $2.75 | $2.39 | $1.51 | ' | ' | ' | ' | ' | ' | ||||
Diluted | $0.71 | $0.74 | $0.64 | $0.51 | $0.69 | $0.61 | $0.59 | $0.47 | $2.60 | $2.36 | $1.47 | ' | ' | ' | ' | ' | ' | ||||
[1] | During the first and second quarters of 2013, AirSep added sales of $27,014 and $29,855, respectively. During the third quarter of 2013, incremental sales related to AirSep were $14,174 | ||||||||||||||||||||
[2] | During the fourth quarter of 2012, AirSep added sales of $31,679. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves | ' | ' | ' | |||
Balance at beginning of period | $4,080 | $2,360 | $3,008 | |||
Additions - Charged to costs and expenses | 2,447 | 3,067 | 4,205 | |||
Additions - Charged to other accounts | 199 | [1] | 930 | [1] | 52 | |
Deductions | -1,149 | [2] | -2,289 | [2] | -4,919 | [2] |
Translations | -77 | -12 | -14 | |||
Balance at end of period | 5,654 | 4,080 | 2,360 | |||
Inventory Valuation Reserve [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves | ' | ' | ' | |||
Balance at beginning of period | 4,078 | 3,191 | 3,181 | |||
Additions - Charged to costs and expenses | 2,010 | 2,507 | 3,331 | |||
Additions - Charged to other accounts | 675 | 1,085 | [1] | 0 | [1] | |
Deductions | -313 | [3] | -2,732 | [3] | -3,398 | [3] |
Translations | -106 | -27 | 77 | |||
Balance at end of period | 6,556 | 4,078 | 3,191 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves | ' | ' | ' | |||
Balance at beginning of period | 1,766 | 1,869 | 758 | |||
Additions - Charged to costs and expenses | 339 | 1,251 | 1,111 | |||
Additions - Charged to other accounts | 0 | 0 | 0 | |||
Deductions | -879 | [4] | -1,362 | [4] | 0 | |
Translations | -24 | -8 | 0 | |||
Balance at end of period | $1,250 | $1,766 | $1,869 | |||
[1] | Reserves at date of acquisition of subsidiary or subsidiaries. | |||||
[2] | Reversal of amounts previously recorded as bad debt and uncollectible accounts written off. | |||||
[3] | Inventory items written off against the allowance. | |||||
[4] | Deductions to the deferred tax assets valuation allowance relate to decreased deferred tax assets and the release of the valuation allowance. |