Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 15, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CAMERON INTERNATIONAL CORP | ' |
Entity Central Index Key | '0000941548 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 204,188,177 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) [Abstract] | ' | ' |
REVENUES | $2,431.50 | $2,060.90 |
COSTS AND EXPENSES: | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 1,765.10 | 1,453 |
Selling and administrative expenses | 328.3 | 303.3 |
Depreciation and amortization | 86.8 | 67.3 |
Interest, net | 32.1 | 25.8 |
Other costs (see Note 3) | 49 | 31 |
Total costs and expenses | 2,261.30 | 1,880.40 |
Income from continuing operations before income taxes | 170.2 | 180.5 |
Income tax provision | -48.5 | -34.1 |
Income from continuing operations | 121.7 | 146.4 |
Income (loss) from discontinued operations, net of income taxes | -5.6 | 1.9 |
Net income | 116.1 | 148.3 |
Net income attributable to noncontrolling interests | 5 | 0 |
Net income attributable to Cameron stockholders | 111.1 | 148.3 |
Amounts attributable to Cameron stockholders: | ' | ' |
Income from continuing operations | 116.7 | 146.4 |
Income (loss) from discontinued operations | -5.6 | 1.9 |
Net income attributable to Cameron stockholders | 111.1 | 148.3 |
Basic | ' | ' |
Continuing operations (in dollars per share) | $0.54 | $0.59 |
Discontinued operations (in dollars per share) | ($0.03) | $0.01 |
Basic (in dollars per share) | $0.51 | $0.60 |
Diluted | ' | ' |
Continuing operations (in dollars per share) | $0.54 | $0.59 |
Discontinued operations (in dollars per share) | ($0.03) | $0.01 |
Diluted (in dollars per share) | $0.51 | $0.60 |
Shares used in computing earnings per common share: | ' | ' |
Basic (in shares) | 214.9 | 247.5 |
Diluted (in shares) | 216.2 | 249 |
Comprehensive income | 141.3 | 71.4 |
Comprehensive income attributable to noncontrolling interests | 19.8 | 0 |
Comprehensive income attributable to Cameron stockholders | $121.50 | $71.40 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $972.10 | $1,812.90 |
Short-term investments | 41 | 41 |
Receivables, net | 2,668.50 | 2,719.10 |
Inventories, net | 3,193 | 3,132.40 |
Other | 448.1 | 463.2 |
Assets of discontinued operations | 483 | 0 |
Total current assets | 7,805.70 | 8,168.60 |
Plant and equipment, net | 1,995.30 | 2,036.90 |
Goodwill | 2,693.20 | 2,924.80 |
Intangibles, net | 892 | 903.7 |
Other assets | 254.3 | 214.5 |
TOTAL ASSETS | 13,640.50 | 14,248.50 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Short-term debt | 626.7 | 297 |
Accounts payable and accrued liabilities | 3,633.90 | 3,883.40 |
Accrued income taxes | 87.8 | 80.1 |
Liabilities of discontinued operations | 60.7 | 0 |
Total current liabilities | 4,409.10 | 4,260.50 |
Long-term debt | 2,563.10 | 2,562.80 |
Deferred income taxes | 273.5 | 276.8 |
Other long-term liabilities | 239 | 233 |
Total liabilities | 7,484.70 | 7,333.10 |
Stockholders' Equity: | ' | ' |
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at March 31, 2014 and December 31, 2013 | 2.6 | 2.6 |
Capital in excess of par value | 3,207.50 | 3,206.90 |
Retained earnings | 4,931 | 4,819.90 |
Accumulated other elements of comprehensive income (loss) | -69.1 | -79.5 |
Less: Treasury stock, 56,109,636 shares at March 31, 2014 (41,683,164 shares at December 31, 2013) | -2,999.50 | -2,098 |
Total Cameron stockholders' equity | 5,072.50 | 5,851.90 |
Noncontrolling interests | 1,083.30 | 1,063.50 |
Total equity | 6,155.80 | 6,915.40 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $13,640.50 | $14,248.50 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 263,111,472 | 263,111,472 |
Treasury common stock at cost (in shares) | 56,109,636 | 41,683,164 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $116.10 | $148.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 67.8 | 56.1 |
Amortization | 19 | 13.9 |
Non-cash stock compensation expense | 14 | 13.4 |
Deferred income taxes and tax benefit of employee stock compensation plan transactions | -16.5 | 14 |
Changes in assets and liabilities, net of translation and non-cash items: | ' | ' |
Receivables | -60.3 | 165.2 |
Inventories | -174.7 | -215.5 |
Accounts payable and accrued liabilities | -213.3 | -204.5 |
Other assets and liabilities, net | 73.4 | -13.6 |
Net cash used for operating activities | -174.5 | -22.7 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales and maturities of short-term investments | 5 | 275.2 |
Purchases of short-term investments | -5 | -286.9 |
Capital expenditures | -104.8 | -83.7 |
Proceeds from sales of plant and equipment | 6.3 | 3 |
Net cash used for investing activities | -98.5 | -92.4 |
Cash flows from financing activities: | ' | ' |
Short-term loan borrowings (repayments), net | 330.1 | 36.9 |
Purchase of treasury stock | -902 | -32.1 |
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions | 9 | 22.2 |
Excess tax benefits from stock compensation plan transactions | 2 | 5.6 |
Principal payments on capital leases | -2.8 | -2.7 |
Net cash provided by (used for) financing activities | -563.7 | 29.9 |
Effect of translation on cash | -4.1 | -18.2 |
Decrease in cash and cash equivalents | -840.8 | -103.4 |
Cash and cash equivalents, beginning of period | 1,812.90 | 1,185.80 |
Cash and cash equivalents, end of period | $972.10 | $1,082.40 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (Unaudited) (USD $) | Common Stock [Member] | Capital in Excess of Par value [Member] | Retained Earnings [Member] | Accumulated Other Elements of Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] | Total |
In Millions | |||||||
Balance at Dec. 31, 2013 | $2.60 | $3,206.90 | $4,819.90 | ($79.50) | ($2,098) | $1,063.50 | $6,915.40 |
Net income | 0 | 0 | 111.1 | 0 | 0 | 5 | 116.1 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 10.4 | 0 | 14.8 | ' |
Non-cash stock compensation expense | 0 | 14 | 0 | 0 | 0 | 0 | 14 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | -925.6 | 0 | ' |
Treasury stock issued under stock compensation plans | 0 | -15.1 | 0 | 0 | 24.1 | 0 | ' |
Tax benefit of stock compensation plan transactions | 0 | 1.7 | 0 | 0 | 0 | 0 | ' |
Balance at Mar. 31, 2014 | $2.60 | $3,207.50 | $4,931 | ($69.10) | ($2,999.50) | $1,083.30 | $6,155.80 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1: Basis of Presentation | |
The accompanying Unaudited Consolidated Condensed Financial Statements of Cameron International Corporation (the Company) have been prepared in accordance with Rule 10-01 of Regulation S-X and do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Those adjustments, consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial information for the interim periods, have been made. The results of operations for such interim periods are not necessarily indicative of the results of operations for a full year. The Unaudited Consolidated Condensed Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto filed by the Company on Form 10-K for the year ended December 31, 2013. | |
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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, estimates of total contract profit or loss on certain long-term production contracts, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, contingencies, including tax contingencies, estimated liabilities for litigation exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of reporting units for purposes of assessing goodwill for impairment, estimated proceeds from assets held for sale and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ materially from these estimates. | |
Certain prior year amounts have been reclassified to conform to the current year presentation. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
Note 2: Discontinued Operations | |||||||||
On January 20, 2014, the Company announced it had entered into a definitive agreement to sell its Reciprocating Compression business, a division of the Process and Compression Systems (PCS) segment, to General Electric for cash consideration of approximately $550 million, subject to closing adjustments. The sale is expected to close in the second quarter of 2014. As a result of this agreement, the Reciprocating Compression business is being reported as a discontinued operation in the Company's results of operations for the three month periods ended March 31, 2014 and 2013. | |||||||||
Summarized financial information for the Reciprocating Compression business is as follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Results of Operations: | |||||||||
Revenues | $ | 47.8 | $ | 56.8 | |||||
Cost of sales (excluding depreciation and amortization) | 37.1 | 41.1 | |||||||
All other costs | 18 | 13.3 | |||||||
Income (loss) before income taxes | (7.3 | ) | 2.4 | ||||||
Income tax benefit (provision) | 1.7 | (0.5 | ) | ||||||
Income (loss) from discontinued operations, net of income taxes | $ | (5.6 | ) | $ | 1.9 | ||||
Balance sheet (as of period end): | |||||||||
Receivables, net | $ | 83.2 | |||||||
Inventories, net | 114.9 | ||||||||
Other | 12.9 | ||||||||
Total current assets | 211 | ||||||||
Plant and equipment, net | 51.2 | ||||||||
Goodwill | 213.3 | ||||||||
Intangibles, net | 1.1 | ||||||||
Other assets | 6.4 | ||||||||
Assets of discontinued operations | $ | 483 | |||||||
Short-term debt | $ | 0.9 | |||||||
Accounts payable and accrued liabilities | 58 | ||||||||
Total current liabilities | 58.9 | ||||||||
Long-term debt | 1.5 | ||||||||
Other long-term liabilities | 0.3 | ||||||||
Liabilities of discontinued operations | $ | 60.7 |
Other_Costs
Other Costs | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Costs [Abstract] | ' | ||||||||
Other Costs | ' | ||||||||
Note 3: Other Costs | |||||||||
Other costs consisted of the following (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Goodwill impairment | $ | 39.9 | $ | – | |||||
Acquisition and other integration costs | 2.3 | 18.4 | |||||||
Currency devaluation | – | 7.5 | |||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges | 0.1 | 2.7 | |||||||
Severance, restructuring and other costs | 6.7 | 2.4 | |||||||
$ | 49 | $ | 31 | ||||||
As described further in Note 2 of the Notes to Consolidated Condensed Financial Statements, the Company entered into a definitive agreement in January 2014 to sell its Reciprocating Compression business to General Electric. Reciprocating Compression had previously been combined with the Process Systems and Equipment (PSE) business in the Process Systems & Reciprocating Compression reporting unit for goodwill impairment evaluation purposes. As a result of the classification of Reciprocating Compression as a discontinued operation in the first quarter of 2014, total reporting unit goodwill was allocated between the two businesses. Following this, the PSE business was evaluated as a separate reporting unit in connection with the Company's annual goodwill impairment review conducted prior to the end of the first quarter of 2014. As a result of this review, the PSE goodwill amount was deemed impaired. |
Receivables
Receivables | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Note 4: Receivables | |||||||||
Receivables consisted of the following (in millions): | |||||||||
March 31, | December 31, | ||||||||
2013 | 2013 | ||||||||
Trade receivables | $ | 2,524.80 | $ | 2,621.50 | |||||
Other receivables | 162.2 | 118.5 | |||||||
Allowance for doubtful accounts | (18.5 | ) | (20.9 | ) | |||||
Total receivables | $ | 2,668.50 | $ | 2,719.10 |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5: Inventories | |||||||||
Inventories consisted of the following (in millions): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 227.7 | $ | 237.7 | |||||
Work-in-process | 935.2 | 894.4 | |||||||
Finished goods, including parts and subassemblies | 2,213.90 | 2,207.80 | |||||||
Other | 20.1 | 21.5 | |||||||
3,396.90 | 3,361.40 | ||||||||
Excess of current standard costs over LIFO costs | (93.3 | ) | (120.0 | ) | |||||
Allowances | (110.6 | ) | (109.0 | ) | |||||
Total inventories | $ | 3,193.00 | $ | 3,132.40 |
Plant_and_Equipment_and_Goodwi
Plant and Equipment and Goodwill | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Plant and Equipment and Goodwill [Abstract] | ' | ||||||||
Plant and Equipment and Goodwill | ' | ||||||||
Note 6: Plant and Equipment and Goodwill | |||||||||
Plant and equipment consisted of the following (in millions): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Plant and equipment, at cost | $ | 3,589.90 | $ | 3,670.10 | |||||
Accumulated depreciation | (1,594.6 | ) | (1,633.2 | ) | |||||
Total plant and equipment | $ | 1,995.30 | $ | 2,036.90 | |||||
Changes in goodwill during the three months ended March 31, 2014 were as follows (in millions): | |||||||||
Balance at December 31, 2013 | $ | 2,924.80 | |||||||
Reclassification to assets of discontinued operations | (213.3 | ) | |||||||
Adjustments to the purchase price allocation for prior year acquisitions | 9.1 | ||||||||
Impairment | (39.9 | ) | |||||||
Translation effect of currency changes | 12.5 | ||||||||
Balance at March 31, 2014 | $ | 2,693.20 | |||||||
See Note 3 of the Notes to Consolidated Condensed Financial Statements for further information regarding the impairment of goodwill. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||||||||||||||||
Note 7: Accounts Payable and Accrued Liabilities | |||||||||||||||||||||||
Accounts payable and accrued liabilities consisted of the following (in millions): | |||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Trade accounts payable and accruals | $ | 829 | $ | 1,184.40 | |||||||||||||||||||
Advances from customers | 1,777.80 | 1,675.80 | |||||||||||||||||||||
Other accruals | 1,027.10 | 1,023.20 | |||||||||||||||||||||
Total accounts payable and accrued liabilities | $ | 3,633.90 | $ | 3,883.40 | |||||||||||||||||||
Activity during the three months ended March 31, 2014 associated with the Company's product warranty accruals was as follows (in millions): | |||||||||||||||||||||||
Balance | Net | Charges | Reclassification to discontinued operations | Translation | Balance | ||||||||||||||||||
December 31, | warranty | against | and other | March 31, | |||||||||||||||||||
2013 | provisions | accrual | 2014 | ||||||||||||||||||||
$ | 45.6 | $ | 11.8 | $ | (10.2 | ) | $ | (4.5 | ) | $ | 1.4 | $ | 44.1 |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note 8: Debt | |||||||||
The Company's debt obligations were as follows (in millions): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Senior notes: | |||||||||
Floating rate notes due June 2, 2014 | $ | 250 | $ | 250 | |||||
1.6% notes due April 30, 2015 | 250 | 250 | |||||||
1.15% notes due December 15, 2016 | 250 | 250 | |||||||
6.375% notes due July 15, 2018 | 450 | 450 | |||||||
4.5% notes due June 1, 2021 | 250 | 250 | |||||||
3.6% notes due April 30, 2022 | 250 | 250 | |||||||
4.0% notes due December 15, 2023 | 250 | 250 | |||||||
7.0% notes due July 15, 2038 | 300 | 300 | |||||||
5.95% notes due June 1, 2041 | 250 | 250 | |||||||
5.125% notes due December 15, 2043 | 250 | 250 | |||||||
Commercial paper (0.3% weighted average rate) | 325 | – | |||||||
Unamortized original issue discount | (6.8 | ) | (7.0 | ) | |||||
Other debt | 62.3 | 56.6 | |||||||
Obligations under capital leases | 59.3 | 60.2 | |||||||
3,189.80 | 2,859.80 | ||||||||
Current maturities | (626.7 | ) | (297.0 | ) | |||||
Long-term maturities | $ | 2,563.10 | $ | 2,562.80 | |||||
During the first quarter of 2014, the Company's Board of Directors authorized the establishment of a $500.0 million commercial paper program. This program will allow for issuances of commercial paper with maturities of up to 364 days and will be used for general corporate purposes. | |||||||||
At March 31, 2014, the Company had no amounts outstanding under its $835.0 million Amended Credit Agreement, and a total of $122.0 million of letters of credit issued and outstanding under its $170.0 million bi-lateral letter of credit facility, leaving $48.0 million remaining available for use under this facility. | |||||||||
On April 11, 2014, the Company entered into a new $750.0 million three-year multi-currency syndicated Revolving Credit Facility expiring April 11, 2017. Up to $200.0 million of this new facility may be used for letters of credit and $92.4 million of letters of credit issued and outstanding under the $170.0 million bi-lateral facility were transferred to the new Revolving Credit Facility at close and concurrently the $170.0 million bi-lateral facility was amended to reduce its capacity to $40.0 million of which $31.7 million was used for letters of credits issued but not transferred to the new Revolving Credit Facility. The new Revolving Credit Facility contains covenants and terms consistent with the Company's existing Amended Credit Agreement. It will serve as the primary backstop to the commercial paper program. A total of $657.6 million of the new Revolving Credit Facility was available for future use at close after the assumption of $92.4 million of letters of credit from the bi-lateral facility. This facility is in addition to the $835.0 million Amended Credit Agreement referred to above. | |||||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Note 9: Income Taxes | |||||||||||||||||
The Company's effective tax rate on income from continuing operations for the first quarter of 2014 was 28.5% compared to 18.9% for the first quarter of 2013. The components of the effective tax rates for both periods were as follows (dollars in millions): | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Tax Provision | Tax Rate | Tax Provision | Tax Rate | ||||||||||||||
Forecasted tax expense by jurisdiction | $ | 40.8 | 24 | % | $ | 41.5 | 23 | % | |||||||||
Adjustments to income tax provision: | |||||||||||||||||
Tax effect of goodwill impairment | 9.6 | 5.6 | – | – | |||||||||||||
Finalization of prior year returns | (2.7 | ) | (1.6 | ) | (0.3 | ) | (0.2 | ) | |||||||||
Tax effects of changes in legislation | – | – | (7.1 | ) | (3.9 | ) | |||||||||||
Accrual adjustments and other | 0.8 | 0.5 | – | – | |||||||||||||
Tax provision | $ | 48.5 | 28.5 | % | $ | 34.1 | 18.9 | % |
Business_Segments
Business Segments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Segments [Abstract] | ' | ||||||||
Business Segments | ' | ||||||||
Note 10: Business Segments | |||||||||
The Company's operations are organized into three separate business segments – Drilling & Production Systems (DPS), Valves & Measurement (V&M) and PCS. Summary financial data by segment follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
DPS | $ | 1,705.10 | $ | 1,269.00 | |||||
V&M | 492.3 | 521.5 | |||||||
PCS | 234.1 | 270.4 | |||||||
Total revenues | $ | 2,431.50 | $ | 2,060.90 | |||||
Income (loss) from continuing operations before income taxes: | |||||||||
DPS | $ | 183 | $ | 154.4 | |||||
V&M | 94.1 | 113.4 | |||||||
PCS | 15.5 | 19.6 | |||||||
Corporate & other | (122.4 | ) | (106.9 | ) | |||||
Income (loss) from continuing operations before income taxes | $ | 170.2 | $ | 180.5 | |||||
Corporate & other includes expenses associated with the Company's back office support and public company costs, all of the Company's interest income and interest expense, and other costs as described further in Note 3 of the Notes to the Consolidated Condensed Financial Statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Note 11: Earnings Per Share | |||||||||
The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in millions, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income from continuing operations | $ | 121.7 | $ | 146.4 | |||||
Net income attributable to noncontrolling interests | 5 | – | |||||||
Net income from continuing operations attributable to Cameron | 116.7 | 146.4 | |||||||
Income (loss) from discontinued operations, net of taxes | (5.6 | ) | 1.9 | ||||||
Net income attributable to Cameron | $ | 111.1 | $ | 148.3 | |||||
Average shares outstanding (basic) | 214.9 | 247.5 | |||||||
Common stock equivalents | 1.3 | 1.5 | |||||||
Diluted shares | 216.2 | 249 | |||||||
Basic earnings (loss) per share: | |||||||||
Continuing operations | $ | 0.54 | $ | 0.59 | |||||
Discontinued operations | (0.03 | ) | 0.01 | ||||||
$ | 0.51 | $ | 0.6 | ||||||
Diluted earnings (loss) per share: | |||||||||
Continuing operations | $ | 0.54 | $ | 0.59 | |||||
Discontinued operations | (0.03 | ) | 0.01 | ||||||
$ | 0.51 | $ | 0.6 | ||||||
The Company's Board of Directors has given management the authority to purchase the Company's common stock. Under this authorization, which was increased by $500.0 million in February 2014, the Company may purchase shares directly or indirectly by way of open market transactions or structured programs, including the use of derivatives, for the Company's own account or through commercial banks or financial institutions. At March 31, 2014, the Company had remaining authority for future stock purchases totaling approximately $420.5 million. | |||||||||
The average cost of treasury shares acquired for the three-month periods ended March 31, 2014 and 2013 was $60.91 and $63.84, respectively. Total treasury share purchases during the three months ended March 31, 2014 and 2013 were 15,198,264 and 613,453, respectively. Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units during the three months ended March 31, 2014 and 2013 were 770,393 and 1,313,132, respectively. Remaining activity in treasury shares involved the Company's nonqualified deferred compensation plans. | |||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Note 12: Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
The changes in the components of accumulated other elements of comprehensive income (loss) for the three months ended March 31, 2014 and 2013 were as follows (in millions): | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Accumulated Foreign Currency Translation | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Three Months Ended March 31, 2013 | |||||||||||||||||
Gain (Loss) | |||||||||||||||||||||
Balance at beginning of year | $ | (48.4 | ) | $ | (45.0 | ) | $ | 13.9 | $ | (79.5 | ) | $ | (30.0 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Pre-tax | 8.8 | – | 6.7 | 15.5 | (81.3 | ) | |||||||||||||||
Tax effect | – | – | (3.5 | ) | (3.5 | ) | 4.1 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income to: | |||||||||||||||||||||
Revenues | – | – | (2.7 | ) | (2.7 | ) | – | ||||||||||||||
Cost of sales | – | – | (0.3 | ) | (0.3 | ) | (1.2 | ) | |||||||||||||
Selling and administrative expense | – | 0.1 | – | 0.1 | 1.7 | ||||||||||||||||
Tax effect | – | – | 1.3 | 1.3 | (0.2 | ) | |||||||||||||||
Net current period other comprehensive income | 8.8 | 0.1 | 1.5 | 10.4 | (76.9 | ) | |||||||||||||||
Balance at end of period | $ | (39.6 | ) | $ | (44.9 | ) | $ | 15.4 | $ | (69.1 | ) | $ | (106.9 | ) |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 13: Contingencies | |
The Company is subject to a number of contingencies, including litigation, tax contingencies and environmental matters. | |
Litigation | |
The Company has been and continues to be named as a defendant in a number of multi-defendant, multi-plaintiff tort lawsuits. At March 31, 2014, the Company's Consolidated Condensed Balance Sheet included a liability of approximately $14.9 million for such cases. The Company believes, based on its review of the facts and law, that the potential exposure from these suits will not have a material adverse effect on its consolidated results of operations, financial condition or liquidity. | |
Tax and Other Contingencies | |
The Company has legal entities in over 50 countries. As a result, the Company is subject to various tax filing requirements in these countries. The Company prepares its tax filings in a manner which it believes is consistent with such filing requirements. However, some of the tax laws and regulations to which the Company is subject require interpretation and/or judgment. Although the Company believes the tax liabilities for periods ending on or before the balance sheet date have been adequately provided for in the financial statements, to the extent a taxing authority believes the Company has not prepared its tax filings in accordance with the authority's interpretation of the tax laws and regulations, the Company could be exposed to additional taxes. | |
The Company has been assessed customs duties and penalties by the government of Brazil totaling almost $56.0 million at March 31, 2014, including interest accrued at local country rates, following a customs audit for the years 2003-2010. The Company filed an administrative appeal and believes a majority of this assessment will ultimately be proven to be incorrect because of numerous errors in the assessment, and because the government has not provided appropriate supporting documentation for the assessment. As a result, the Company currently expects no material adverse impact on its results of operations or cash flows as a result of the ultimate resolution of this matter. No amounts have been accrued for this assessment as of March 31, 2014 as no loss is currently considered probable. | |
Environmental Matters | |
The Company is currently identified as a potentially responsible party (PRP) with respect to two sites designated for cleanup under the Comprehensive Environmental Response Compensation and Liability Act (CERCLA) or similar state laws. One of these sites is Osborne, Pennsylvania (a landfill into which a predecessor of the PCS operation in Grove City, Pennsylvania deposited waste), where remediation was completed in 2011 and remaining costs relate to ongoing ground water monitoring. The other is believed to be a de minimis exposure. The Company is also engaged in site cleanup under the Voluntary Cleanup Plan of the Texas Commission on Environmental Quality ("TCEQ") at former manufacturing locations in Houston and Missouri City, Texas. | |
In 2001, the Company discovered that contaminated underground water from the former manufacturing site in Houston referenced above had migrated under an adjacent residential area. Pursuant to applicable state regulations, the Company notified the affected homeowners. Concerns over the impact on property values of the underground water contamination and its public disclosure led to a number of claims by homeowners. The Company has settled these claims, primarily as a result of the settlement of a class action lawsuit, and is obligated to reimburse approximately 190 homeowners for any diminution in value of their property due to contamination concerns at the time of the property's sale. Test results of monitoring wells on the southeastern border of the plume indicate that the plume is moving in a new direction, likely as a result of a ground water drainage system completed as part of an interstate highway improvement project. As a result, the Company notified 39 additional homeowners, and may provide notice to additional homeowners, whose property is adjacent to the class area that their property may be affected. The Company is reviewing whether additional remedial measures are appropriate. The Company believes, based on its review of the facts and law, that any potential exposure from existing agreements as well as any possible new claims that may be filed with respect to this underground water contamination will not have a material adverse effect on its financial position or results of operations. The Company's Consolidated Balance Sheet included a noncurrent liability of approximately $7.1 million for these matters as of March 31, 2014. | |
With respect to the Missouri City site, during the first quarter of 2014, the Company was notified by the TCEQ that it may discontinue and decommission the ground-water treatment system there in preparation for site closure. Additionally, the Company has discontinued operations at a number of other sites which had been active for many years and which may have yet undiscovered contamination. The Company does not believe, based upon information currently available, that there are any material environmental liabilities existing at these locations. At March 31, 2014, the Company's Consolidated Balance Sheet included a noncurrent liability of approximately $2.9 million for these environmental matters. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||||||
Note 14: Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
The Company's financial instruments consist primarily of cash and cash equivalents, short-term investments, trade receivables, trade payables, derivative instruments and debt instruments. The book values of trade receivables, trade payables and floating-rate debt instruments are considered to be representative of their respective fair values. | |||||||||||||||||||||||||||||||||
Following is a summary of the Company's financial instruments which have been valued at fair value in the Company's Consolidated Balance Sheets at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Fair Value Based on Quoted Prices in Active Markets for Identical Assets | Fair Value Based on Significant Other Observable Inputs | Total | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||
Cash | $ | 448.2 | $ | 617.8 | $ | – | $ | – | $ | 448.2 | $ | 617.8 | |||||||||||||||||||||
Money market funds | 503.8 | 1,172.40 | – | – | 503.8 | 1,172.40 | |||||||||||||||||||||||||||
Commercial paper | – | – | 5.8 | 3.9 | 5.8 | 3.9 | |||||||||||||||||||||||||||
Non-U.S. bank and other obligations | 14.3 | 18.8 | – | – | 14.3 | 18.8 | |||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||
U.S. Treasury securities | 41 | 41 | – | – | 41 | 41 | |||||||||||||||||||||||||||
Non-qualified plan assets: | |||||||||||||||||||||||||||||||||
Money market funds | 1.1 | 1 | – | – | 1.1 | 1 | |||||||||||||||||||||||||||
Domestic bond funds | 3 | 2.9 | – | – | 3 | 2.9 | |||||||||||||||||||||||||||
International bond fund | 0.4 | 0.3 | – | – | 0.4 | 0.3 | |||||||||||||||||||||||||||
Domestic equity funds | 5.8 | 5.5 | – | – | 5.8 | 5.5 | |||||||||||||||||||||||||||
International equity funds | 2.7 | 2.7 | – | – | 2.7 | 2.7 | |||||||||||||||||||||||||||
Blended equity funds | 4.1 | 3.8 | – | – | 4.1 | 3.8 | |||||||||||||||||||||||||||
Common stock | 2.2 | 2.3 | – | – | 2.2 | 2.3 | |||||||||||||||||||||||||||
Derivatives, net asset (liability): | |||||||||||||||||||||||||||||||||
Foreign currency contracts | – | – | 21 | 19 | 21 | 19 | |||||||||||||||||||||||||||
$ | 1,026.60 | $ | 1,868.50 | $ | 26.8 | $ | 22.9 | $ | 1,053.40 | $ | 1,891.40 | ||||||||||||||||||||||
Fair values for financial instruments utilizing level 2 inputs were determined from information obtained from third party pricing sources, broker quotes or calculations involving the use of market indices. | |||||||||||||||||||||||||||||||||
At March 31, 2014, the fair value of the Company's fixed-rate debt (based on Level 1 quoted market rates) was approximately $2.69 billion as compared to the $2.50 billion face value of the debt recorded, net of original issue discounts, in the Company's Consolidated Condensed Balance Sheet. At December 31, 2013, the fair value of the Company's fixed-rate debt (based on Level 1 quoted market rates) was approximately $2.66 billion as compared to the $2.50 billion face value of the debt. | |||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||
In order to mitigate the effect of exchange rate changes, the Company will often attempt to structure sales contracts to provide for collections from customers in the currency in which the Company incurs its manufacturing costs. In certain instances, the Company will enter into foreign currency forward contracts to hedge specific large anticipated receipts or disbursements in currencies for which the Company does not expect to have fully offsetting local currency expenditures or receipts. The Company was party to a number of long-term foreign currency forward contracts at March 31, 2014. The purpose of the majority of these contracts was to hedge large anticipated non-functional currency cash flows on major subsea, drilling, valve or other equipment contracts involving the Company's United States operations and its wholly-owned subsidiaries in Australia, Brazil, France, Italy, Malaysia, Norway, Singapore and the United Kingdom. Many of these contracts have been designated as and are accounted for as cash flow hedges with changes in the fair value of those contracts recorded in accumulated other comprehensive income (loss) in the period such change occurs. Certain other contracts, many of which are centrally managed, are intended to offset other foreign currency exposures but have not been designated as hedges for accounting purposes and, therefore, any change in the fair value of those contracts is reflected in earnings in the period such change occurs. The Company determines the fair value of its outstanding foreign currency forward contracts based on quoted exchange rates for the respective currencies applicable to similar instruments. | |||||||||||||||||||||||||||||||||
The Company manages its debt portfolio to achieve an overall desired position of fixed and floating rates and employs from time to time interest rate swaps as a tool to achieve that goal. | |||||||||||||||||||||||||||||||||
Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at March 31, 2014 was as follows (in millions): | |||||||||||||||||||||||||||||||||
Notional Amount - Buy | Notional Amount - Sell | ||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | Total | 2014 | 2015 | 2016 | Total | ||||||||||||||||||||||||||
Foreign exchange forward contracts - | |||||||||||||||||||||||||||||||||
Notional currency in: | |||||||||||||||||||||||||||||||||
Chinese yuan | 54.5 | – | – | 54.5 | – | – | – | – | |||||||||||||||||||||||||
Euro | 121.4 | 28 | 10.2 | 159.6 | (29.7 | ) | – | – | (29.7 | ) | |||||||||||||||||||||||
Malaysian ringgit | 64.7 | 215 | 3.5 | 283.2 | – | – | – | – | |||||||||||||||||||||||||
Norwegian krone | 994.5 | 360.3 | 10.6 | 1,365.40 | (371.5 | ) | (64.4 | ) | – | (435.9 | ) | ||||||||||||||||||||||
Pound sterling | 131.6 | 17.3 | 0.8 | 149.7 | (89.5 | ) | – | – | (89.5 | ) | |||||||||||||||||||||||
U.S. dollar | 86.2 | 2.8 | – | 89 | (569.1 | ) | (205.1 | ) | (46.6 | ) | (820.8 | ) | |||||||||||||||||||||
While the Company reports and generally settles its individual derivative financial instruments on a gross basis, the agreements between the Company and its third party financial counterparties to the derivative contracts generally provide both the Company and its counterparties with the legal right to net settle contracts that are in an asset position with other contracts that are in an offsetting liability position, if required. The fair values of derivative financial instruments recorded in the Company's Consolidated Condensed Balance Sheets at March 31, 2014 and December 31, 2013 were as follows (in millions): | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Current | $ | 29.2 | $ | 8 | $ | 28.3 | $ | 10.4 | |||||||||||||||||||||||||
Non-current | 3.2 | 1.1 | 2.8 | 1.7 | |||||||||||||||||||||||||||||
Total derivatives designated as hedges | 32.4 | 9.1 | 31.1 | 12.1 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Current | 1.4 | 3.7 | 5.6 | 5.6 | |||||||||||||||||||||||||||||
Non-current | – | – | – | – | |||||||||||||||||||||||||||||
Total derivatives not designated as hedges | 1.4 | 3.7 | 5.6 | 5.6 | |||||||||||||||||||||||||||||
Total derivatives | $ | 33.8 | $ | 12.8 | $ | 36.7 | $ | 17.7 | |||||||||||||||||||||||||
The amount of pre-tax gain (loss) from the ineffective portion of derivatives designated as hedging instruments and from derivatives not designated as hedging instruments was (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments - | |||||||||||||||||||||||||||||||||
Cost of sales | $ | 1.4 | $ | (4.7 | ) | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments - | |||||||||||||||||||||||||||||||||
Cost of sales | 1.4 | – | |||||||||||||||||||||||||||||||
Other costs | (0.1 | ) | (2.7 | ) | |||||||||||||||||||||||||||||
$ | 2.7 | $ | (7.4 | ) |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended | ||
Mar. 31, 2014 | |||
Recently Issued Accounting Pronouncements [Abstract] | ' | ||
Recently Issued Accounting Pronouncements | ' | ||
Note 15: Recently Issued Accounting Pronouncements | |||
The U.S. Financial Accounting Standards Board issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08) in April 2014. | |||
This new standard: | |||
• | raises the threshold for disposals to qualify as discontinued operations, | ||
• | allows companies to have significant continuing involvement and continuing cash flows with the discontinued operation, and | ||
• | provides for new and additional disclosures of discontinued operations and individually material disposal transactions. | ||
The Company anticipates adopting the new standard when it becomes effective in the first quarter of 2015. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Summarized financial information for the Reciprocating Compression business | ' | ||||||||
Summarized financial information for the Reciprocating Compression business is as follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Results of Operations: | |||||||||
Revenues | $ | 47.8 | $ | 56.8 | |||||
Cost of sales (excluding depreciation and amortization) | 37.1 | 41.1 | |||||||
All other costs | 18 | 13.3 | |||||||
Income (loss) before income taxes | (7.3 | ) | 2.4 | ||||||
Income tax benefit (provision) | 1.7 | (0.5 | ) | ||||||
Income (loss) from discontinued operations, net of income taxes | $ | (5.6 | ) | $ | 1.9 | ||||
Balance sheet (as of period end): | |||||||||
Receivables, net | $ | 83.2 | |||||||
Inventories, net | 114.9 | ||||||||
Other | 12.9 | ||||||||
Total current assets | 211 | ||||||||
Plant and equipment, net | 51.2 | ||||||||
Goodwill | 213.3 | ||||||||
Intangibles, net | 1.1 | ||||||||
Other assets | 6.4 | ||||||||
Assets of discontinued operations | $ | 483 | |||||||
Short-term debt | $ | 0.9 | |||||||
Accounts payable and accrued liabilities | 58 | ||||||||
Total current liabilities | 58.9 | ||||||||
Long-term debt | 1.5 | ||||||||
Other long-term liabilities | 0.3 | ||||||||
Liabilities of discontinued operations | $ | 60.7 |
Other_Costs_Tables
Other Costs (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Costs [Abstract] | ' | ||||||||
Other costs | ' | ||||||||
Other costs consisted of the following (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Goodwill impairment | $ | 39.9 | $ | – | |||||
Acquisition and other integration costs | 2.3 | 18.4 | |||||||
Currency devaluation | – | 7.5 | |||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges | 0.1 | 2.7 | |||||||
Severance, restructuring and other costs | 6.7 | 2.4 | |||||||
$ | 49 | $ | 31 |
Receivables_Tables
Receivables (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Receivables consisted of the following (in millions): | |||||||||
March 31, | December 31, | ||||||||
2013 | 2013 | ||||||||
Trade receivables | $ | 2,524.80 | $ | 2,621.50 | |||||
Other receivables | 162.2 | 118.5 | |||||||
Allowance for doubtful accounts | (18.5 | ) | (20.9 | ) | |||||
Total receivables | $ | 2,668.50 | $ | 2,719.10 |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consisted of the following (in millions): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 227.7 | $ | 237.7 | |||||
Work-in-process | 935.2 | 894.4 | |||||||
Finished goods, including parts and subassemblies | 2,213.90 | 2,207.80 | |||||||
Other | 20.1 | 21.5 | |||||||
3,396.90 | 3,361.40 | ||||||||
Excess of current standard costs over LIFO costs | (93.3 | ) | (120.0 | ) | |||||
Allowances | (110.6 | ) | (109.0 | ) | |||||
Total inventories | $ | 3,193.00 | $ | 3,132.40 |
Plant_and_Equipment_and_Goodwi1
Plant and Equipment and Goodwill (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Plant and Equipment and Goodwill [Abstract] | ' | ||||||||
Plant and equipment | ' | ||||||||
Plant and equipment consisted of the following (in millions): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Plant and equipment, at cost | $ | 3,589.90 | $ | 3,670.10 | |||||
Accumulated depreciation | (1,594.6 | ) | (1,633.2 | ) | |||||
Total plant and equipment | $ | 1,995.30 | $ | 2,036.90 | |||||
Changes in goodwill | ' | ||||||||
Changes in goodwill during the three months ended March 31, 2014 were as follows (in millions): | |||||||||
Balance at December 31, 2013 | $ | 2,924.80 | |||||||
Reclassification to assets of discontinued operations | (213.3 | ) | |||||||
Adjustments to the purchase price allocation for prior year acquisitions | 9.1 | ||||||||
Impairment | (39.9 | ) | |||||||
Translation effect of currency changes | 12.5 | ||||||||
Balance at March 31, 2014 | $ | 2,693.20 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||||||||||||||||
Accounts payable and accrued liabilities | ' | ||||||||||||||||||||||
Accounts payable and accrued liabilities consisted of the following (in millions): | |||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Trade accounts payable and accruals | $ | 829 | $ | 1,184.40 | |||||||||||||||||||
Advances from customers | 1,777.80 | 1,675.80 | |||||||||||||||||||||
Other accruals | 1,027.10 | 1,023.20 | |||||||||||||||||||||
Total accounts payable and accrued liabilities | $ | 3,633.90 | $ | 3,883.40 | |||||||||||||||||||
Company's product warranty accruals | ' | ||||||||||||||||||||||
Activity during the three months ended March 31, 2014 associated with the Company's product warranty accruals was as follows (in millions): | |||||||||||||||||||||||
Balance | Net | Charges | Reclassification to discontinued operations | Translation | Balance | ||||||||||||||||||
December 31, | warranty | against | and other | March 31, | |||||||||||||||||||
2013 | provisions | accrual | 2014 | ||||||||||||||||||||
$ | 45.6 | $ | 11.8 | $ | (10.2 | ) | $ | (4.5 | ) | $ | 1.4 | $ | 44.1 | ||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt [Abstract] | ' | ||||||||
Debt Obligations | ' | ||||||||
The Company's debt obligations were as follows (in millions): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Senior notes: | |||||||||
Floating rate notes due June 2, 2014 | $ | 250 | $ | 250 | |||||
1.6% notes due April 30, 2015 | 250 | 250 | |||||||
1.15% notes due December 15, 2016 | 250 | 250 | |||||||
6.375% notes due July 15, 2018 | 450 | 450 | |||||||
4.5% notes due June 1, 2021 | 250 | 250 | |||||||
3.6% notes due April 30, 2022 | 250 | 250 | |||||||
4.0% notes due December 15, 2023 | 250 | 250 | |||||||
7.0% notes due July 15, 2038 | 300 | 300 | |||||||
5.95% notes due June 1, 2041 | 250 | 250 | |||||||
5.125% notes due December 15, 2043 | 250 | 250 | |||||||
Commercial paper (0.3% weighted average rate) | 325 | – | |||||||
Unamortized original issue discount | (6.8 | ) | (7.0 | ) | |||||
Other debt | 62.3 | 56.6 | |||||||
Obligations under capital leases | 59.3 | 60.2 | |||||||
3,189.80 | 2,859.80 | ||||||||
Current maturities | (626.7 | ) | (297.0 | ) | |||||
Long-term maturities | $ | 2,563.10 | $ | 2,562.80 |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||
Effective income tax rate reconciliation | ' | ||||||||||||||||
The components of the effective tax rates for both periods were as follows (dollars in millions): | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Tax Provision | Tax Rate | Tax Provision | Tax Rate | ||||||||||||||
Forecasted tax expense by jurisdiction | $ | 40.8 | 24 | % | $ | 41.5 | 23 | % | |||||||||
Adjustments to income tax provision: | |||||||||||||||||
Tax effect of goodwill impairment | 9.6 | 5.6 | – | – | |||||||||||||
Finalization of prior year returns | (2.7 | ) | (1.6 | ) | (0.3 | ) | (0.2 | ) | |||||||||
Tax effects of changes in legislation | – | – | (7.1 | ) | (3.9 | ) | |||||||||||
Accrual adjustments and other | 0.8 | 0.5 | – | – | |||||||||||||
Tax provision | $ | 48.5 | 28.5 | % | $ | 34.1 | 18.9 | % |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Segments [Abstract] | ' | ||||||||
Summarized financial data by segment | ' | ||||||||
The Company's operations are organized into three separate business segments – Drilling & Production Systems (DPS), Valves & Measurement (V&M) and PCS. Summary financial data by segment follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
DPS | $ | 1,705.10 | $ | 1,269.00 | |||||
V&M | 492.3 | 521.5 | |||||||
PCS | 234.1 | 270.4 | |||||||
Total revenues | $ | 2,431.50 | $ | 2,060.90 | |||||
Income (loss) from continuing operations before income taxes: | |||||||||
DPS | $ | 183 | $ | 154.4 | |||||
V&M | 94.1 | 113.4 | |||||||
PCS | 15.5 | 19.6 | |||||||
Corporate & other | (122.4 | ) | (106.9 | ) | |||||
Income (loss) from continuing operations before income taxes | $ | 170.2 | $ | 180.5 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per share [Abstract] | ' | ||||||||
Calculation of basic and diluted earnings per share | ' | ||||||||
The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in millions, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income from continuing operations | $ | 121.7 | $ | 146.4 | |||||
Net income attributable to noncontrolling interests | 5 | – | |||||||
Net income from continuing operations attributable to Cameron | 116.7 | 146.4 | |||||||
Income (loss) from discontinued operations, net of taxes | (5.6 | ) | 1.9 | ||||||
Net income attributable to Cameron | $ | 111.1 | $ | 148.3 | |||||
Average shares outstanding (basic) | 214.9 | 247.5 | |||||||
Common stock equivalents | 1.3 | 1.5 | |||||||
Diluted shares | 216.2 | 249 | |||||||
Basic earnings (loss) per share: | |||||||||
Continuing operations | $ | 0.54 | $ | 0.59 | |||||
Discontinued operations | (0.03 | ) | 0.01 | ||||||
$ | 0.51 | $ | 0.6 | ||||||
Diluted earnings (loss) per share: | |||||||||
Continuing operations | $ | 0.54 | $ | 0.59 | |||||
Discontinued operations | (0.03 | ) | 0.01 | ||||||
$ | 0.51 | $ | 0.6 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Rollforward of accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||
The changes in the components of accumulated other elements of comprehensive income (loss) for the three months ended March 31, 2014 and 2013 were as follows (in millions): | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Accumulated Foreign Currency Translation | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Three Months Ended March 31, 2013 | |||||||||||||||||
Gain (Loss) | |||||||||||||||||||||
Balance at beginning of year | $ | (48.4 | ) | $ | (45.0 | ) | $ | 13.9 | $ | (79.5 | ) | $ | (30.0 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Pre-tax | 8.8 | – | 6.7 | 15.5 | (81.3 | ) | |||||||||||||||
Tax effect | – | – | (3.5 | ) | (3.5 | ) | 4.1 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income to: | |||||||||||||||||||||
Revenues | – | – | (2.7 | ) | (2.7 | ) | – | ||||||||||||||
Cost of sales | – | – | (0.3 | ) | (0.3 | ) | (1.2 | ) | |||||||||||||
Selling and administrative expense | – | 0.1 | – | 0.1 | 1.7 | ||||||||||||||||
Tax effect | – | – | 1.3 | 1.3 | (0.2 | ) | |||||||||||||||
Net current period other comprehensive income | 8.8 | 0.1 | 1.5 | 10.4 | (76.9 | ) | |||||||||||||||
Balance at end of period | $ | (39.6 | ) | $ | (44.9 | ) | $ | 15.4 | $ | (69.1 | ) | $ | (106.9 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair value of financial instruments | ' | ||||||||||||||||||||||||||||||||
Following is a summary of the Company's financial instruments which have been valued at fair value in the Company's Consolidated Balance Sheets at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Fair Value Based on Quoted Prices in Active Markets for Identical Assets | Fair Value Based on Significant Other Observable Inputs | Total | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||
Cash | $ | 448.2 | $ | 617.8 | $ | – | $ | – | $ | 448.2 | $ | 617.8 | |||||||||||||||||||||
Money market funds | 503.8 | 1,172.40 | – | – | 503.8 | 1,172.40 | |||||||||||||||||||||||||||
Commercial paper | – | – | 5.8 | 3.9 | 5.8 | 3.9 | |||||||||||||||||||||||||||
Non-U.S. bank and other obligations | 14.3 | 18.8 | – | – | 14.3 | 18.8 | |||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||
U.S. Treasury securities | 41 | 41 | – | – | 41 | 41 | |||||||||||||||||||||||||||
Non-qualified plan assets: | |||||||||||||||||||||||||||||||||
Money market funds | 1.1 | 1 | – | – | 1.1 | 1 | |||||||||||||||||||||||||||
Domestic bond funds | 3 | 2.9 | – | – | 3 | 2.9 | |||||||||||||||||||||||||||
International bond fund | 0.4 | 0.3 | – | – | 0.4 | 0.3 | |||||||||||||||||||||||||||
Domestic equity funds | 5.8 | 5.5 | – | – | 5.8 | 5.5 | |||||||||||||||||||||||||||
International equity funds | 2.7 | 2.7 | – | – | 2.7 | 2.7 | |||||||||||||||||||||||||||
Blended equity funds | 4.1 | 3.8 | – | – | 4.1 | 3.8 | |||||||||||||||||||||||||||
Common stock | 2.2 | 2.3 | – | – | 2.2 | 2.3 | |||||||||||||||||||||||||||
Derivatives, net asset (liability): | |||||||||||||||||||||||||||||||||
Foreign currency contracts | – | – | 21 | 19 | 21 | 19 | |||||||||||||||||||||||||||
$ | 1,026.60 | $ | 1,868.50 | $ | 26.8 | $ | 22.9 | $ | 1,053.40 | $ | 1,891.40 | ||||||||||||||||||||||
Open derivative contracts | ' | ||||||||||||||||||||||||||||||||
Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at March 31, 2014 was as follows (in millions): | |||||||||||||||||||||||||||||||||
Notional Amount - Buy | Notional Amount - Sell | ||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | Total | 2014 | 2015 | 2016 | Total | ||||||||||||||||||||||||||
Foreign exchange forward contracts - | |||||||||||||||||||||||||||||||||
Notional currency in: | |||||||||||||||||||||||||||||||||
Chinese yuan | 54.5 | – | – | 54.5 | – | – | – | – | |||||||||||||||||||||||||
Euro | 121.4 | 28 | 10.2 | 159.6 | (29.7 | ) | – | – | (29.7 | ) | |||||||||||||||||||||||
Malaysian ringgit | 64.7 | 215 | 3.5 | 283.2 | – | – | – | – | |||||||||||||||||||||||||
Norwegian krone | 994.5 | 360.3 | 10.6 | 1,365.40 | (371.5 | ) | (64.4 | ) | – | (435.9 | ) | ||||||||||||||||||||||
Pound sterling | 131.6 | 17.3 | 0.8 | 149.7 | (89.5 | ) | – | – | (89.5 | ) | |||||||||||||||||||||||
U.S. dollar | 86.2 | 2.8 | – | 89 | (569.1 | ) | (205.1 | ) | (46.6 | ) | (820.8 | ) | |||||||||||||||||||||
Fair values of derivative financial instruments | ' | ||||||||||||||||||||||||||||||||
The fair values of derivative financial instruments recorded in the Company's Consolidated Condensed Balance Sheets at March 31, 2014 and December 31, 2013 were as follows (in millions): | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Current | $ | 29.2 | $ | 8 | $ | 28.3 | $ | 10.4 | |||||||||||||||||||||||||
Non-current | 3.2 | 1.1 | 2.8 | 1.7 | |||||||||||||||||||||||||||||
Total derivatives designated as hedges | 32.4 | 9.1 | 31.1 | 12.1 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Current | 1.4 | 3.7 | 5.6 | 5.6 | |||||||||||||||||||||||||||||
Non-current | – | – | – | – | |||||||||||||||||||||||||||||
Total derivatives not designated as hedges | 1.4 | 3.7 | 5.6 | 5.6 | |||||||||||||||||||||||||||||
Total derivatives | $ | 33.8 | $ | 12.8 | $ | 36.7 | $ | 17.7 | |||||||||||||||||||||||||
Pre-tax gain (loss) from ineffective portion of derivatives | ' | ||||||||||||||||||||||||||||||||
The amount of pre-tax gain (loss) from the ineffective portion of derivatives designated as hedging instruments and from derivatives not designated as hedging instruments was (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments - | |||||||||||||||||||||||||||||||||
Cost of sales | $ | 1.4 | $ | (4.7 | ) | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments - | |||||||||||||||||||||||||||||||||
Cost of sales | 1.4 | – | |||||||||||||||||||||||||||||||
Other costs | (0.1 | ) | (2.7 | ) | |||||||||||||||||||||||||||||
$ | 2.7 | $ | (7.4 | ) |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 20, 2014 | Dec. 31, 2013 |
Discontinued Operations [Abstract] | ' | ' | ' | ' |
Cash consideration | ' | ' | $550 | ' |
Results of Operations [Abstract] | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | -5.6 | 1.9 | ' | ' |
Balance sheet (as of period end) [Abstract] | ' | ' | ' | ' |
Assets of discontinued operations | 483 | ' | ' | 0 |
Liabilities of discontinued operations | 60.7 | ' | ' | 0 |
Reciprocating Compression business [Member] | ' | ' | ' | ' |
Results of Operations [Abstract] | ' | ' | ' | ' |
Revenues | 47.8 | 56.8 | ' | ' |
Cost of sales (excluding depreciation and amortization) | 37.1 | 41.1 | ' | ' |
All other costs | 18 | 13.3 | ' | ' |
Income (loss) before income taxes | -7.3 | 2.4 | ' | ' |
Income tax benefit (provision) | 1.7 | -0.5 | ' | ' |
Income (loss) from discontinued operations, net of income taxes | -5.6 | 1.9 | ' | ' |
Balance sheet (as of period end) [Abstract] | ' | ' | ' | ' |
Receivables, net | 83.2 | ' | ' | ' |
Inventories, net | 114.9 | ' | ' | ' |
Other | 12.9 | ' | ' | ' |
Total current assets | 211 | ' | ' | ' |
Plant and equipment, net | 51.2 | ' | ' | ' |
Goodwill | 213.3 | ' | ' | ' |
Intangibles, net | 1.1 | ' | ' | ' |
Other assets | 6.4 | ' | ' | ' |
Assets of discontinued operations | 483 | ' | ' | ' |
Short-term debt | 0.9 | ' | ' | ' |
Accounts payable and accrued liabilities | 58 | ' | ' | ' |
Total current liabilities | 58.9 | ' | ' | ' |
Long-term debt | 1.5 | ' | ' | ' |
Other long-term liabilities | 0.3 | ' | ' | ' |
Liabilities of discontinued operations | $60.70 | ' | ' | ' |
Other_Costs_Details
Other Costs (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Costs [Abstract] | ' | ' |
Goodwill impairment | $39.90 | $0 |
Acquisition and other integration costs | 2.3 | 18.4 |
Currency devaluation | 0 | 7.5 |
Mark-to-market impact on currency derivatives not designated as accounting hedges | 0.1 | 2.7 |
Severance, restructuring and other costs | 6.7 | 2.4 |
Total other costs | $49 | $31 |
Receivables_Details
Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade receivables | $2,524.80 | $2,621.50 |
Other receivables | 162.2 | 118.5 |
Allowance for doubtful accounts | -18.5 | -20.9 |
Total receivables | $2,668.50 | $2,719.10 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $227.70 | $237.70 |
Work-in-process | 935.2 | 894.4 |
Finished goods, including parts and subassemblies | 2,213.90 | 2,207.80 |
Other | 20.1 | 21.5 |
Gross Inventories | 3,396.90 | 3,361.40 |
Excess of current standard costs over LIFO costs | -93.3 | -120 |
Allowances | -110.6 | -109 |
Total inventories | $3,193 | $3,132.40 |
Plant_and_Equipment_and_Goodwi2
Plant and Equipment and Goodwill (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Plant and Equipment and Goodwill [Abstract] | ' | ' | ' |
Plant and equipment, at cost | $3,589.90 | ' | $3,670.10 |
Accumulated depreciation | -1,594.60 | ' | -1,633.20 |
Total plant and equipment | 1,995.30 | ' | 2,036.90 |
Goodwill [Roll Forward] | ' | ' | ' |
Balance at December 31, 2013 | 2,924.80 | ' | ' |
Reclassification to assets of discontinued operations | -213.3 | ' | ' |
Adjustments to the purchase price allocation for prior year acquisitions | 9.1 | ' | ' |
Impairment | -39.9 | 0 | ' |
Translation effect of currency changes | 12.5 | ' | ' |
Balance at March 31, 2014 | $2,693.20 | ' | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Trade accounts payable and accruals | $829 | $1,184.40 |
Advances from customers | 1,777.80 | 1,675.80 |
Other accruals | 1,027.10 | 1,023.20 |
Total accounts payable and accrued liabilities | 3,633.90 | 3,883.40 |
Product Warranty Accrual [Roll Forward] | ' | ' |
Balance, beginning | 45.6 | ' |
Net warranty provisions | 11.8 | ' |
Charges against accrual | -10.2 | ' |
Reclassification to discontinued operations | -4.5 | ' |
Translation and Other | 1.4 | ' |
Balance, ending | $44.10 | ' |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 11, 2014 | Mar. 31, 2014 | Apr. 11, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Senior Notes Payable Due 2014 [Member] | Senior Notes Payable Due 2014 [Member] | Senior Notes Payable Due 2015 [Member] | Senior Notes Payable Due 2015 [Member] | Senior Notes Payable Due 2016 [Member] | Senior Notes Payable Due 2016 [Member] | Senior Notes Payable Due 2018 [Member] | Senior Notes Payable Due 2018 [Member] | Senior Notes Payable Due 2021 [Member] | Senior Notes Payable Due 2021 [Member] | Senior Notes Payable Due 2022 [Member] | Senior Notes Payable Due 2022 [Member] | Senior Notes Payable Due 2023 [Member] | Senior Notes Payable Due 2023 [Member] | Senior Notes Payable Due 2038 [Member] | Senior Notes Payable Due 2038 [Member] | Senior Notes Payable Due 2041 [Member] | Senior Notes Payable Due 2041 [Member] | Senior Notes Payable Due 2043 [Member] | Senior Notes Payable Due 2043 [Member] | Senior Notes Payable [Member] | Senior Notes Payable [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Other Debt [Member] | Other Debt [Member] | Obligations Under Capital Leases [Member] | Obligations Under Capital Leases [Member] | Amended Line of Credit [Member] | Line of Credit Multi Currency [Member] | Line of Credit Multi Currency [Member] | New Line Of Credit Multi Currency [Member] | New Line Of Credit Multi Currency [Member] | Letter of Credit [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal outstanding, net of unamortized discount | $3,189.80 | $2,859.80 | $250 | $250 | $250 | $250 | $250 | $250 | $450 | $450 | $250 | $250 | $250 | $250 | $250 | $250 | $300 | $300 | $250 | $250 | $250 | $250 | ' | ' | $325 | $0 | $62.30 | $56.60 | $59.30 | $60.20 | ' | ' | ' | ' | ' | ' |
Unamortized original issue discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6.8 | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities | -626.7 | -297 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term maturities | 2,563.10 | 2,562.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 2-Jun-14 | ' | 30-Apr-15 | ' | 15-Dec-16 | ' | 15-Jul-18 | ' | 1-Jun-21 | ' | 30-Apr-22 | ' | 15-Dec-23 | ' | 15-Jul-38 | ' | 1-Jun-41 | ' | 15-Dec-43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Apr-17 | ' | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | 1.60% | 1.60% | 1.15% | 1.15% | 6.38% | 6.38% | 4.50% | 4.50% | 3.60% | 3.60% | 4.00% | 4.00% | 7.00% | 7.00% | 5.95% | 5.95% | 5.13% | 5.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days in which commercial paper matures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 31.7 | ' | 92.4 | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | 835 | 170 | 40 | 750 | ' | 200 |
Remaining capacity under revolving line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48 | ' | ' | $657.60 | ' |
Term of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Tax Provision [Abstract] | ' | ' |
Forecasted tax expense by jurisdiction | $40.80 | $41.50 |
Adjustments to income tax provision [Abstract] | ' | ' |
Tax effect of goodwill impairment | 9.6 | 0 |
Finalization of prior year returns | -2.7 | -0.3 |
Tax effects of changes in legislation | 0 | -7.1 |
Accrual adjustments and other | 0.8 | 0 |
Tax provision | $48.50 | $34.10 |
Tax Rate [Abstract] | ' | ' |
Forecasted tax expense by jurisdiction (in hundredths) | 24.00% | 23.00% |
Adjustments to income tax provision [Abstract] | ' | ' |
Tax effect of goodwill impairment (in hundredths) | 5.60% | 0.00% |
Finalization of prior year returns (in hundredths) | -1.60% | -0.20% |
Tax effects of changes in legislation (in hundredths) | 0.00% | -3.90% |
Accrual adjustments and other (in hundredths) | 0.50% | 0.00% |
Tax provision (in hundredths) | 28.50% | 18.90% |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment | ||
Business Segments [Abstract] | ' | ' |
Number of business segments | 3 | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | $2,431.50 | $2,060.90 |
Income (loss) from continuing operations before income taxes: | 170.2 | 180.5 |
DPS [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | 1,705.10 | 1,269 |
Income (loss) from continuing operations before income taxes: | 183 | 154.4 |
V&M [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | 492.3 | 521.5 |
Income (loss) from continuing operations before income taxes: | 94.1 | 113.4 |
PCS [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | 234.1 | 270.4 |
Income (loss) from continuing operations before income taxes: | 15.5 | 19.6 |
Corporate and Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations before income taxes: | ($122.40) | ($106.90) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per share [Abstract] | ' | ' | ' |
Net income from continuing operations | ' | $121.70 | $146.40 |
Net income attributable to noncontrolling interests | ' | 5 | 0 |
Net income from continuing operations attributable to Cameron | ' | 116.7 | 146.4 |
Income (loss) from discontinued operations, net of taxes | ' | -5.6 | 1.9 |
Net income attributable to Cameron stockholders | ' | 111.1 | 148.3 |
Average shares outstanding (basic) (in shares) | ' | 214,900,000 | 247,500,000 |
Common stock equivalents (in shares) | ' | 1,300,000 | 1,500,000 |
Diluted shares (in shares) | ' | 216,200,000 | 249,000,000 |
Basic earnings (loss) per share [Abstract] | ' | ' | ' |
Continuing operations (in dollars per share) | ' | $0.54 | $0.59 |
Discontinued operations (in dollars per share) | ' | ($0.03) | $0.01 |
Basic (in dollars per share) | ' | $0.51 | $0.60 |
Diluted earnings (loss) per share [Abstract] | ' | ' | ' |
Continuing operations (in dollars per share) | ' | $0.54 | $0.59 |
Discontinued operations (in dollars per share) | ' | ($0.03) | $0.01 |
Diluted (in dollars per share) | ' | $0.51 | $0.60 |
Stock repurchase, increase in authorized amount | 500 | ' | ' |
Remaining authority for future stock purchase | ' | $420.50 | ' |
Average cost of treasury shares acquired (in dollars per share) | ' | $60.91 | $63.84 |
Purchase of treasury shares (in shares) | ' | 15,198,264 | 613,453 |
Treasury shares issued in satisfaction of stock option exercises and vesting of stock units (in shares) | ' | 770,393 | 1,313,132 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | ($79.50) | ($30) |
Net current period other comprehensive income | 10.4 | -76.9 |
Balance at end of period | -69.1 | -106.9 |
Other comprehensive income (loss) before reclassifications [Abstract] | ' | ' |
Pre-tax | 15.5 | -81.3 |
Tax effect | -3.5 | 4.1 |
Amounts reclassified from accumulated other comprehensive income (loss) to [Abstract] | ' | ' |
Revenues | 2,431.50 | 2,060.90 |
Cost of sales | 1,765.10 | 1,453 |
Selling and administrative expenses | 328.3 | 303.3 |
Amounts reclassified from accumulated other comprehensive income to [Member] | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to [Abstract] | ' | ' |
Revenues | -2.7 | 0 |
Cost of sales | -0.3 | -1.2 |
Selling and administrative expenses | 0.1 | 1.7 |
Tax effect | 1.3 | -0.2 |
Accumulated Foreign Currency Translation Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | -48.4 | ' |
Net current period other comprehensive income | 8.8 | ' |
Balance at end of period | -39.6 | ' |
Other comprehensive income (loss) before reclassifications [Abstract] | ' | ' |
Pre-tax | 8.8 | ' |
Tax effect | 0 | ' |
Accumulated Foreign Currency Translation Gain (Loss) [Member] | Amounts reclassified from accumulated other comprehensive income to [Member] | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to [Abstract] | ' | ' |
Revenues | 0 | ' |
Cost of sales | 0 | ' |
Selling and administrative expenses | 0 | ' |
Tax effect | 0 | ' |
Prior Service Credits and Net Actuarial Losses [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | -45 | ' |
Net current period other comprehensive income | 0.1 | ' |
Balance at end of period | -44.9 | ' |
Other comprehensive income (loss) before reclassifications [Abstract] | ' | ' |
Pre-tax | 0 | ' |
Tax effect | 0 | ' |
Prior Service Credits and Net Actuarial Losses [Member] | Amounts reclassified from accumulated other comprehensive income to [Member] | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to [Abstract] | ' | ' |
Revenues | 0 | ' |
Cost of sales | 0 | ' |
Selling and administrative expenses | 0.1 | ' |
Tax effect | 0 | ' |
Accumulated Gain (Loss) on Cash Flow Hedge Derivatives [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 13.9 | ' |
Net current period other comprehensive income | 1.5 | ' |
Balance at end of period | 15.4 | ' |
Other comprehensive income (loss) before reclassifications [Abstract] | ' | ' |
Pre-tax | 6.7 | ' |
Tax effect | -3.5 | ' |
Accumulated Gain (Loss) on Cash Flow Hedge Derivatives [Member] | Amounts reclassified from accumulated other comprehensive income to [Member] | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to [Abstract] | ' | ' |
Revenues | -2.7 | ' |
Cost of sales | -0.3 | ' |
Selling and administrative expenses | 0 | ' |
Tax effect | $1.30 | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Site | |
Homeowner | |
Country | |
Contingencies [Abstract] | ' |
Accrued liability for claims of other litigation | $14.90 |
Number of countries where company has legal entities | 50 |
Customs duties, penalties and interest by the government of Brazil | 56 |
Number of sites designated for cleanup under the Comprehensive Environmental Response Compensation and Liability Act or similar state law where Company is identified as a potentially responsible party | 2 |
Number of homeowners covered by class action lawsuit settlement on contaminated underground water from Houston manufacturing site (in number of homeowners) | 190 |
Number of homeowners whose property is adjacent to the class area and may be affected by underground water contamination (in number of homeowners) | 39 |
Accrued liability for claims for contaminated underground water from Houston manufacturing site | 7.1 |
Accrued environmental loss contingencies, noncurrent | $2.90 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents [Abstract] | ' | ' |
Cash | $448,200,000 | $617,800,000 |
Money market funds | 503,800,000 | 1,172,400,000 |
Commercial paper | 5,800,000 | 3,900,000 |
Non-U.S. bank and other obligations | 14,300,000 | 18,800,000 |
Short-term investments [Abstract] | ' | ' |
U.S. Treasury securities | 41,000,000 | 41,000,000 |
Non-qualified plan assets [Abstract] | ' | ' |
Money market funds | 1,100,000 | 1,000,000 |
Domestic bond funds | 3,000,000 | 2,900,000 |
International bond fund | 400,000 | 300,000 |
Domestic equity funds | 5,800,000 | 5,500,000 |
International equity funds | 2,700,000 | 2,700,000 |
Blended equity funds | 4,100,000 | 3,800,000 |
Common stock | 2,200,000 | 2,300,000 |
Derivatives, net asset (liability) [Abstract] | ' | ' |
Foreign currency contracts | 21,000,000 | 19,000,000 |
Total financial instruments | 1,053,400,000 | 1,891,400,000 |
Fair value of the fixed-rate debt | 2,690,000,000 | 2,660,000,000 |
Face value of the fixed-rate debt | 2,500,000,000 | 2,500,000,000 |
Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Cash and cash equivalents [Abstract] | ' | ' |
Cash | 448,200,000 | 617,800,000 |
Money market funds | 503,800,000 | 1,172,400,000 |
Commercial paper | 0 | 0 |
Non-U.S. bank and other obligations | 14,300,000 | 18,800,000 |
Short-term investments [Abstract] | ' | ' |
U.S. Treasury securities | 41,000,000 | 41,000,000 |
Non-qualified plan assets [Abstract] | ' | ' |
Money market funds | 1,100,000 | 1,000,000 |
Domestic bond funds | 3,000,000 | 2,900,000 |
International bond fund | 400,000 | 300,000 |
Domestic equity funds | 5,800,000 | 5,500,000 |
International equity funds | 2,700,000 | 2,700,000 |
Blended equity funds | 4,100,000 | 3,800,000 |
Common stock | 2,200,000 | 2,300,000 |
Derivatives, net asset (liability) [Abstract] | ' | ' |
Foreign currency contracts | 0 | 0 |
Total financial instruments | 1,026,600,000 | 1,868,500,000 |
Fair Value Based on Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Cash and cash equivalents [Abstract] | ' | ' |
Cash | 0 | 0 |
Money market funds | 0 | 0 |
Commercial paper | 5,800,000 | 3,900,000 |
Non-U.S. bank and other obligations | 0 | 0 |
Short-term investments [Abstract] | ' | ' |
U.S. Treasury securities | 0 | 0 |
Non-qualified plan assets [Abstract] | ' | ' |
Money market funds | 0 | 0 |
Domestic bond funds | 0 | 0 |
International bond fund | 0 | 0 |
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Blended equity funds | 0 | 0 |
Common stock | 0 | 0 |
Derivatives, net asset (liability) [Abstract] | ' | ' |
Foreign currency contracts | 21,000,000 | 19,000,000 |
Total financial instruments | $26,800,000 | $22,900,000 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments-Derivative Contracts (Details) (FX Forward Contracts [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Buy Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | $54.50 |
Buy Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 159.6 |
Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 283.2 |
Buy Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 1,365.40 |
Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 149.7 |
Buy U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 89 |
Sell Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
Sell Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -29.7 |
Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
Sell Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -435.9 |
Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -89.5 |
Sell U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -820.8 |
2014 [Member] | Buy Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 54.5 |
2014 [Member] | Buy Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 121.4 |
2014 [Member] | Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 64.7 |
2014 [Member] | Buy Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 994.5 |
2014 [Member] | Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 131.6 |
2014 [Member] | Buy U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 86.2 |
2014 [Member] | Sell Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2014 [Member] | Sell Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -29.7 |
2014 [Member] | Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2014 [Member] | Sell Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -371.5 |
2014 [Member] | Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -89.5 |
2014 [Member] | Sell U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -569.1 |
2015 [Member] | Buy Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Buy Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 28 |
2015 [Member] | Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 215 |
2015 [Member] | Buy Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 360.3 |
2015 [Member] | Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 17.3 |
2015 [Member] | Buy U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 2.8 |
2015 [Member] | Sell Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -64.4 |
2015 [Member] | Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2015 [Member] | Sell U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | -205.1 |
2016 [Member] | Buy Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Buy Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 10.2 |
2016 [Member] | Buy Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 3.5 |
2016 [Member] | Buy Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 10.6 |
2016 [Member] | Buy Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0.8 |
2016 [Member] | Buy U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Chinese yuan [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Euros [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Malaysian ringgit [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Norwegian kroner [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 0 |
2016 [Member] | Sell U.S. dollars [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | ($46.60) |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments, Balance Sheet Classification (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | $33.80 | $36.70 |
Liabilities | 12.8 | 17.7 |
Derivatives Designated as Hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 32.4 | 31.1 |
Liabilities | 9.1 | 12.1 |
Derivatives Designated as Hedges [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 29.2 | 28.3 |
Derivatives Designated as Hedges [Member] | Non-Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 3.2 | 2.8 |
Derivatives Designated as Hedges [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | 8 | 10.4 |
Derivatives Designated as Hedges [Member] | Non-Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | 1.1 | 1.7 |
Derivatives not Designated as Hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 1.4 | 5.6 |
Liabilities | 3.7 | 5.6 |
Derivatives not Designated as Hedges [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 1.4 | 5.6 |
Derivatives not Designated as Hedges [Member] | Non-Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 0 | 0 |
Derivatives not Designated as Hedges [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | 3.7 | 5.6 |
Derivatives not Designated as Hedges [Member] | Non-Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | $0 | $0 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments-Derivative Instruments, Gain (Loss) by Hedging Relationship, Income Statement Location (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total pre-tax gain (loss) | $2.70 | ($7.40) |
Cost of Sales [Member] | Derivatives Designated as Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total pre-tax gain (loss) | 1.4 | -4.7 |
Cost of Sales [Member] | Derivatives not Designated as Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total pre-tax gain (loss) | 1.4 | 0 |
Other Costs [Member] | Derivatives not Designated as Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total pre-tax gain (loss) | ($0.10) | ($2.70) |