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Accounting Policies (Policies) | 3 Months Ended
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Apr. 03, 2016
Accounting Policies |
Estimates | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Actual results could differ from those estimates.
Goodwill and Long-Lived Assets | Goodwill and Long-Lived Assets The changes in the carrying amount of goodwill by geographic segment are as follows:
|  | April 3, 2016 |
|  | Gross Balance |  | Accumulated Impairment Losses |  | Net Goodwill |
|  | Balance January 1, 2016 |  | Acquired During the Period |  | Foreign Currency Translation and Other |  | Balance April 3, 2016 |  | Balance January 1, 2016 |  | Impairment Loss During the Period |  | Balance April 3, 2016 |  | April 3, 2016 |
|  | (in millions ) |
Americas |  | $ | 391.2 |  | $ | — |  | $ | 0.6 |  | $ | 391.8 |  | $ | (24.5 | ) | $ | — |  | $ | (24.5 | ) | $ | 367.3 |
Europe, Middle East and Africa (EMEA) |  | 238.6 |  | — |  | 4.4 |  | 243.0 |  | (129.7 | ) | — |  | (129.7 | ) | 113.3 |
Asia-Pacific |  | 26.3 |  | 3.3 |  | 0.3 |  | 29.9 |  | (12.9 | ) | — |  | (12.9 | ) | 17.0 |
Total |  | $ | 656.1 |  | $ | 3.3 |  | $ | 5.3 |  | $ | 664.7 |  | $ | (167.1 | ) | $ | — |  | $ | (167.1 | ) | $ | 497.6 |
|  | December 31, 2015 |
|  | Gross Balance |  | Accumulated Impairment Losses |  | Net Goodwill |
|  | Balance January 1, 2015 |  | Acquired During the Period |  | Foreign Currency Translation and Other |  | Balance December 31, 2015 |  | Balance January 1, 2015 |  | Impairment Loss During the Period |  | Balance December 31, 2015 |  | December 31, 2015 |
|  | (in millions) |
Americas |  | $ | 398.0 |  | $ | — |  | $ | (6.8 | ) | $ | 391.2 |  | $ | (24.5 | ) | $ | — |  | $ | (24.5 | ) | $ | 366.7 |
EMEA |  | 265.5 |  | — |  | (26.9 | ) | 238.6 |  | — |  | (129.7 | ) | (129.7 | ) | 108.9 |
Asia-Pacific |  | 12.9 |  | 12.9 |  | 0.5 |  | 26.3 |  | (12.9 | ) | — |  | (12.9 | ) | 13.4 |
Total |  | $ | 676.4 |  | $ | 12.9 |  | $ | (33.2 | ) | $ | 656.1 |  | $ | (37.4 | ) | $ | (129.7 | ) | $ | (167.1 | ) | $ | 489.0 |
Goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year. On February 26, 2016, the Company acquired an additional 50% of the outstanding shares of AERCO Korea Co., Ltd., (“AERCO Korea”) for an aggregate purchase price of approximately $4 million. Prior to February 26, 2016, the Company held a 40% interest in AERCO Korea, which operated as a joint venture. The Company completed a preliminary purchase price allocation that resulted in the recognition of $3.3 million in goodwill and $1.6 million in intangible assets. In the fourth quarter of 2015, the Company performed a quantitative impairment analysis for the EMEA reporting unit in connection with the annual strategic plan and due to the underperformance to budget, primarily caused by the continued challenging European macroeconomic environment. The Company estimated the fair value of the reporting unit using a weighted calculation of the income approach and the market approach. In the second step of the impairment test, the carrying value of the goodwill exceeded the implied fair value of goodwill, resulting in a pre-tax impairment charge of $129.7 million. On November 30, 2015, the Company completed the acquisition of 80% of the outstanding shares of Apex Valves Limited (“Apex”), a New Zealand company, with a commitment to purchase the remaining 20% ownership within three years of closing. The aggregate purchase price was approximately $20.4 million. The Company accounted for the transaction as a business combination. The Company completed a purchase price allocation that resulted in the recognition of $12.9 million in goodwill and $10.1 million in intangible assets. Intangible assets with estimable lives and other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of intangible assets with estimable lives and other long-lived assets are measured by a comparison of the carrying amount of an asset or asset group to future net undiscounted pretax cash flows expected to be generated by the asset or asset group. If these comparisons indicate that an asset is not recoverable, the impairment loss recognized is the amount by which the carrying amount of the asset or asset group exceeds the related estimated fair value. Estimated fair value is based on either discounted future pretax operating cash flows or appraised values, depending on the nature of the asset. The Company determines the discount rate for this analysis based on the weighted average cost of capital based on the market and guideline public companies for the related business, and does not allocate interest charges to the asset or asset group being measured. Judgment is required to estimate future operating cash flows. Intangible assets include the following:
|  | April 3, 2016 |  | December 31, 2015 |
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |
|  | (in millions) |
Patents |  | $ | 16.1 |  | $ | (14.3 | ) | $ | 1.8 |  | $ | 16.1 |  | $ | (14.1 | ) | $ | 2.0 |
Customer relationships |  | 215.2 |  | (105.8 | ) | 109.4 |  | 212.5 |  | (102.1 | ) | 110.4 |
Technology |  | 41.6 |  | (16.8 | ) | 24.8 |  | 41.3 |  | (16.1 | ) | 25.2 |
Trade Names |  | 22.1 |  | (6.8 | ) | 15.3 |  | 21.9 |  | (6.4 | ) | 15.5 |
Other |  | 6.9 |  | (5.9 | ) | 1.0 |  | 9.4 |  | (5.9 | ) | 3.5 |
Total amortizable intangibles |  | 301.9 |  | (149.6 | ) | 152.3 |  | 301.2 |  | (144.6 | ) | 156.6 |
Indefinite-lived intangible assets |  | 36.9 |  | — |  | 36.9 |  | 36.2 |  | — |  | 36.2 |
Total |  | $ | 338.8 |  | $ | (149.6 | ) | $ | 189.2 |  | $ | 337.4 |  | $ | (144.6 | ) | $ | 192.8 |
The Company acquired $1.6 million in intangible assets as part of the AERCO Korea acquisition, consisting entirely of customer relationships. The amortization period of these customer relationships is 10 years. Aggregate amortization expense for amortizable intangible assets for both the first quarters of 2016 and 2015 was $5.1 million. Additionally, future amortization expense for the next five years on amortizable intangible assets is expected to be approximately $15.3 million for the remainder of 2016, $19.5 million for 2017, $16.6 million for 2018, $12.6 million for 2019 and $12.2 million for 2020. Amortization expense is recorded on a straight-line basis over the estimated useful lives of the intangible assets. The weighted-average remaining life of total amortizable intangible assets is 11.3 years. Patents, customer relationships, technology, trade names and other amortizable intangibles have weighted-average remaining lives of 3.8 years, 11.3 years, 9.3 years, 14.3 years and 20.6 years, respectively. Indefinite-lived intangible assets primarily include trademarks and trade names.
Stock-Based Compensation | Stock-Based Compensation The Company maintains one stock incentive plan, the Second Amended and Restated 2004 Stock Incentive Plan (the “2004 Stock Incentive Plan”). Under this plan, key employees have been granted nonqualified stock options to purchase the Company’s Class A common stock. Options typically become exercisable over a four-year period at the rate of 25% per year and expire ten years after the grant date. However, most options granted in 2014 become exercisable over a three-year period at the rate of one-third per year. Options granted under the plan may have exercise prices of not less than 100% of the fair market value of the Class A common stock on the date of grant. The Company’s practice has been to grant all options at fair market value on the grant date. Beginning in 2015, the Company stopped granting stock options as part of its annual equity awards to employees and the Company did not issue any stock options in the first three months of 2016 or 2015. The Company grants shares of restricted stock and deferred shares to key employees and stock awards to non-employee members of the Company’s Board of Directors under the 2004 Stock Incentive Plan. Stock awards to non-employee members of the Company’s Board of Directors are fully vested upon grant. Employees’ restricted stock awards and deferred shares typically vest over a three-year period at the rate of one-third per year, except that most restricted stock awards and deferred shares granted in 2014 vest over a two-year period at the rate of 50% per year. The restricted stock awards and deferred shares are amortized to expense on a straight-line basis over the vesting period. In 2016, the Company changed the timing of its annual grant to the first quarter compared to past annual grants in the third quarter. The Company issued 110,295 shares of restricted stock awards and deferred shares in the first three months of 2016 related to the annual grant. The Company also grants performance stock units to key employees under the 2004 Stock Incentive Plan. Performance stock units vest at the end of the performance period set by the Compensation Committee of our Board of Directors at the time of grant. Upon vesting, the number of shares of the Company’s Class A common stock awarded to each performance stock unit recipient will be determined based on the Company’s performance relative to certain performance goals set at the time the performance stock units were granted. The recipient of a performance stock unit award may earn from no shares to twice the number of target shares awarded to such recipient. The performance stock units are amortized to expense over the vesting period, and based on the Company’s performance relative to the performance goals, may be adjusted. If the performance goals are not met, no awards are earned and previously recognized compensation expense is reversed. The Company granted 106,724 of annual awards for performance stock units during the first three months of 2016 and did not issue any performance stock units in the first three months of 2015. The Company has a Management Stock Purchase Plan that allows for the purchase of restricted stock units (RSUs) by key employees. On an annual basis, key employees may elect to receive a portion of their annual incentive compensation in RSUs instead of cash. Each RSU represents one share of Class A common stock and is purchased by the employee at 67% of the fair market value of the Company’s Class A common stock on the date of grant. Beginning with annual incentive compensation for 2016, the purchase price for RSUs has been increased to 80% of the fair market value of the Company’s Class A common stock. RSUs vest either annually over a three-year period from the grant date or upon the third anniversary of the grant date and receipt of the shares underlying RSUs is deferred for a minimum of three years or such greater number of years as is chosen by the employee. An aggregate of 2,000,000 shares of Class A common stock may be issued under the Management Stock Purchase Plan. The Company granted 88,882 RSUs and 59,995 RSUs in the first three months of 2016 and 2015, respectively. The fair value of each RSU issued under the Management Stock Purchase Plan is estimated on the date of grant using the Black-Scholes-Merton Model based on the following weighted average assumptions:
|  | 2016 |  | 2015 |
Expected life (years) |  | 3.0 |  | 3.0 |
Expected stock price volatility |  | 24.8 | % | 23.4 | %
Expected dividend yield |  | 1.3 | % | 1.2 | %
Risk-free interest rate |  | 0.9 | % | 1.1 | %
The above assumptions were used to determine the weighted average grant-date fair value of RSUs of $18.15 and $19.04 in 2016 and 2015, respectively. A more detailed description of each of these plans can be found in Note 13 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
Shipping and Handling | Shipping and Handling The Company’s shipping and handling costs included in selling, general and administrative expenses were $11.4 million and $14.4 million for the first quarters of 2016 and 2015, respectively.
Research and Development | Research and Development Research and development costs included in selling, general and administrative expenses were $6.6 million and $6.4 million for the first quarters of 2016 and 2015, respectively.
Taxes, Other than Income Taxes | Taxes, Other than Income Taxes Taxes assessed by governmental authorities on sale transactions are recorded on a net basis and excluded from sales in the Company’s consolidated statements of operations.
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
New Accounting Standards | New Accounting Standards In April 2016, the FASB issued ASU2016-10, “Revenue from Contracts with Customers-Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies the guidance on identifying performance obligations and licensing implementation guidance determined in ASU 2014-09 “Revenue from Contracts with Customers (Topic 606),” which is not yet affective. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as equity or liabilities, forfeitures, and classification on the statement of cash flows. ASU 2016-09 is effective for financial statements issued for annual periods beginning after December 15, 2016 and all interim periods thereafter. Amendments related to the timing of income tax consequences and forfeitures should be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory requirement should be applied retrospectively. Amendments requiring recognition of income tax consequences in the income statement should be applied prospectively. The Company is assessing the impact of this standard on the Company’s financial statements. In March 2016, the FASB issued ASU2016-08, “Revenue from Contracts with Customers-Principal versus Agent Consideration.” ASU 2016-08 clarifies the guidance on principal versus agent considerations determined in ASU 2014-09 “Revenue from Contracts with Customers (Topic 606),” which is not yet affective. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In March 2016, the FASB issued ASU2016-06, “Contingent Put and Call Options in Debt Instruments”. ASU 2016-06 clarifies the requirements for assessing whether a contingent put (call) options that can accelerate the principal on debt instruments are clearly and closely related to their debt hosts. ASU 2016-06 is effective for financial statements issued for annual periods beginning after December 15, 2016 and all interim periods thereafter. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In February 2016, the FASB issued ASU2016-02, “Leases (Topic 842)”. ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term for both finance and operating leases. ASU 2016-02 is effective for financial statements issued for annual periods beginning after December 15, 2018 and all interim periods thereafter. Earlier application is permitted for all entities. The Company is assessing the impact of this standard on the Company’s financial statements.

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- Definition Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 730 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Research and Development -URI http://asc.fasb.org/extlink&oid=6523717 + Details
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