X | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CLARCOR Inc. | ||
(Exact name of registrant as specified in its charter) |
Delaware | 1-11024 | 36-0922490 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
840 Crescent Centre Drive, Suite 600, Franklin, Tennessee 37067 | ||
(Address of principal executive offices) |
Registrant’s telephone number, including area code: | 615-771-3100 |
No Change |
(Former name, former address and former fiscal year, if changed since last report.) |
Large accelerated filer | X | Accelerated filer | Non-accelerated filer | Smaller reporting company |
TABLE OF CONTENTS | PAGE | ||
Part I. FINANCIAL INFORMATION | |||
Financial Statements | |||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||
Quantitative and Qualitative Disclosures About Market Risk | |||
Controls and Procedures | |||
Part II. OTHER INFORMATION | |||
Legal Proceedings | |||
Risk Factors | |||
Unregistered Sales of Equity Securities and Use of Proceeds | |||
Item 3. | Defaults Upon Senior Securities | * | |
Item 4. | Mine Safety Disclosures | * | |
Item 5. | Other Information | * | |
Exhibits |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Net sales | $ | 287,583 | $ | 284,855 | $ | 543,854 | $ | 542,119 | ||||||||
Cost of sales | 189,369 | 186,670 | 364,154 | 357,719 | ||||||||||||
Gross profit | 98,214 | 98,185 | 179,700 | 184,400 | ||||||||||||
Selling and administrative expenses | 48,813 | 49,074 | 96,484 | 100,977 | ||||||||||||
Operating profit | 49,401 | 49,111 | 83,216 | 83,423 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (162 | ) | (88 | ) | (312 | ) | (188 | ) | ||||||||
Interest income | 168 | 169 | 307 | 303 | ||||||||||||
Other, net | (223 | ) | (117 | ) | (223 | ) | 495 | |||||||||
(217 | ) | (36 | ) | (228 | ) | 610 | ||||||||||
Earnings before income taxes | 49,184 | 49,075 | 82,988 | 84,033 | ||||||||||||
Provision for income taxes | 16,031 | 15,996 | 26,307 | 27,462 | ||||||||||||
Net earnings | 33,153 | 33,079 | 56,681 | 56,571 | ||||||||||||
Net earnings attributable to noncontrolling interests | (102 | ) | (152 | ) | (168 | ) | (165 | ) | ||||||||
Net earnings attributable to CLARCOR Inc. | $ | 33,051 | $ | 32,927 | $ | 56,513 | $ | 56,406 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Basic | $ | 0.66 | $ | 0.65 | $ | 1.13 | $ | 1.12 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Diluted | $ | 0.66 | $ | 0.65 | $ | 1.12 | $ | 1.11 | ||||||||
Weighted average number of shares outstanding - Basic | 49,826,567 | 50,378,164 | 49,830,634 | 50,394,680 | ||||||||||||
Weighted average number of shares outstanding - Diluted | 50,428,875 | 50,980,347 | 50,419,170 | 51,037,366 | ||||||||||||
Dividends paid per share | $ | 0.1350 | $ | 0.1200 | $ | 0.2700 | $ | 0.2400 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Net earnings | $ | 33,153 | $ | 33,079 | $ | 56,681 | $ | 56,571 | ||||||||
Other comprehensive income: | ||||||||||||||||
Pension and other postretirement benefits -- | ||||||||||||||||
Pension and other postretirement benefits liability adjustments | 1,321 | 1,727 | 2,642 | 3,454 | ||||||||||||
Pension and other postretirement benefits liability adjustments tax amounts | (432 | ) | (643 | ) | (942 | ) | (1,289 | ) | ||||||||
Pension and other postretirement benefits liability adjustments, net of tax | 889 | 1,084 | 1,700 | 2,165 | ||||||||||||
Foreign currency translation -- | ||||||||||||||||
Translation adjustments | (1,710 | ) | (12,646 | ) | (3,935 | ) | (10,636 | ) | ||||||||
Translation adjustments tax amounts | — | — | — | — | ||||||||||||
Translation adjustments, net of tax | (1,710 | ) | (12,646 | ) | (3,935 | ) | (10,636 | ) | ||||||||
Comprehensive earnings | 32,332 | 21,517 | 54,446 | 48,100 | ||||||||||||
Comprehensive earnings attributable to non-redeemable noncontrolling interests | (79 | ) | 73 | (141 | ) | 57 | ||||||||||
Comprehensive earnings attributable to redeemable noncontrolling interests | (11 | ) | (30 | ) | (32 | ) | (58 | ) | ||||||||
Comprehensive earnings attributable to CLARCOR Inc. | $ | 32,242 | $ | 21,560 | $ | 54,273 | $ | 48,099 | ||||||||
June 1, 2013 | December 1, 2012 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 190,539 | $ | 185,496 | |||
Restricted cash | 219 | 566 | |||||
Accounts receivable, less allowance for losses of $9,715 and $9,554, respectively | 205,183 | 214,474 | |||||
Inventories | 224,951 | 211,251 | |||||
Deferred income taxes | 25,806 | 34,693 | |||||
Income taxes receivable | 155 | — | |||||
Prepaid expenses and other current assets | 10,313 | 8,114 | |||||
Total current assets | 657,166 | 654,594 | |||||
Property, plant and equipment, at cost, less accumulated depreciation of $324,196 and $315,018, respectively | 199,052 | 195,101 | |||||
Assets held for sale | — | 2,000 | |||||
Goodwill | 240,928 | 241,924 | |||||
Acquired intangible assets, less accumulated amortization | 92,479 | 95,681 | |||||
Other noncurrent assets | 14,811 | 16,202 | |||||
Total assets | $ | 1,204,436 | $ | 1,205,502 | |||
LIABILITIES | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 213 | $ | 201 | |||
Accounts payable and accrued liabilities | 141,692 | 172,262 | |||||
Income taxes payable | — | 2,428 | |||||
Total current liabilities | 141,905 | 174,891 | |||||
Long-term debt, less current portion | 16,441 | 16,391 | |||||
Long-term pension and postretirement healthcare benefits liabilities | 47,608 | 50,680 | |||||
Deferred income taxes | 50,759 | 51,385 | |||||
Other long-term liabilities | 6,079 | 8,571 | |||||
Total liabilities | 262,792 | 301,918 | |||||
Contingencies (Note 11) | |||||||
Redeemable noncontrolling interests | 1,786 | 1,754 | |||||
SHAREHOLDERS' EQUITY | |||||||
Capital stock | 49,709 | 49,653 | |||||
Capital in excess of par value | 238 | — | |||||
Accumulated other comprehensive loss | (53,948 | ) | (51,708 | ) | |||
Retained earnings | 942,732 | 902,899 | |||||
Total CLARCOR Inc. equity | 938,731 | 900,844 | |||||
Noncontrolling interests | 1,127 | 986 | |||||
Total shareholders' equity | 939,858 | 901,830 | |||||
Total liabilities and shareholders' equity | $ | 1,204,436 | $ | 1,205,502 |
Six Months Ended | |||||||
June 1, 2013 | June 2, 2012 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 56,681 | $ | 56,571 | |||
Depreciation | 13,542 | 13,192 | |||||
Amortization | 2,980 | 2,877 | |||||
Other noncash items | 48 | (67 | ) | ||||
Net gain on disposition of assets | (849 | ) | (553 | ) | |||
Stock-based compensation expense | 3,090 | 4,152 | |||||
Excess tax benefit from stock-based compensation | (4,267 | ) | (2,487 | ) | |||
Deferred income taxes | 7,265 | 8,890 | |||||
Change in assets and liabilities | (35,280 | ) | (49,197 | ) | |||
Net cash provided by operating activities | 43,210 | 33,378 | |||||
Cash flows from investing activities: | |||||||
Restricted cash | 368 | 91 | |||||
Business acquisitions, net of cash acquired | (3,811 | ) | (10,510 | ) | |||
Additions to plant assets | (17,165 | ) | (19,398 | ) | |||
Proceeds from disposition of plant assets | 2,952 | 446 | |||||
Investment in affiliates | (459 | ) | (357 | ) | |||
Net cash used in investing activities | (18,115 | ) | (29,728 | ) | |||
Cash flows from financing activities: | |||||||
Cash dividends paid | (13,461 | ) | (12,096 | ) | |||
Payments on long-term debt | (110 | ) | (79 | ) | |||
Payment of financing costs | — | (564 | ) | ||||
Sale of capital stock under stock option and employee purchase plans | 7,811 | 3,864 | |||||
Payments for repurchase of common stock | (17,364 | ) | (11,383 | ) | |||
Excess tax benefit from stock-based compensation | 4,267 | 2,487 | |||||
Net cash used in financing activities | (18,857 | ) | (17,771 | ) | |||
Net effect of exchange rate changes on cash | (1,195 | ) | (1,304 | ) | |||
Net change in cash and cash equivalents | 5,043 | (15,425 | ) | ||||
Cash and cash equivalents, beginning of period | 185,496 | 155,999 | |||||
Cash and cash equivalents, end of period | $ | 190,539 | $ | 140,574 | |||
Cash paid during the period for: | |||||||
Interest | $ | 228 | $ | 144 | |||
Income taxes, net of refunds | $ | 15,032 | $ | 18,849 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
1. | CONSOLIDATED CONDENSED FINANCIAL STATEMENTS |
June 1, 2013 | December 1, 2012 | ||||||
Raw materials | $ | 80,640 | $ | 75,928 | |||
Work in process | 39,330 | 34,996 | |||||
Finished products | 104,981 | 100,327 | |||||
Inventories | $ | 224,951 | $ | 211,251 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
June 1, 2013 | December 1, 2012 | ||||||
Pension liability, net of tax | $ | (49,190 | ) | $ | (50,890 | ) | |
Translation adjustments, net of tax | (4,758 | ) | (818 | ) | |||
Accumulated other comprehensive loss | $ | (53,948 | ) | $ | (51,708 | ) |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
2. | BUSINESS ACQUISITIONS AND INVESTMENTS |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Net sales | $ | 2,911 | $ | 572 | $ | 3,627 | $ | 572 | ||||||||
Operating profit (loss) | (256 | ) | 32 | (967 | ) | 32 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
3. | INCENTIVE PLANS AND STOCK-BASED COMPENSATION |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Pre-tax compensation expense | $ | 774 | $ | 1,091 | $ | 1,661 | $ | 3,218 | ||||||||
Deferred tax benefits | (275 | ) | (401 | ) | (591 | ) | (1,183 | ) | ||||||||
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | 1,168 | 260 | 2,899 | 2,487 | ||||||||||||
Fair value of stock options on date of grant | — | 867 | 3,836 | 6,413 | ||||||||||||
Total intrinsic value of stock options exercised | 3,594 | 746 | 8,880 | 7,746 | ||||||||||||
Cash received upon exercise of stock options | 3,859 | 576 | 7,184 | 3,251 | ||||||||||||
Addition to capital in excess of par value due to exercise of stock options | 4,887 | 772 | 8,813 | 4,059 |
Options Granted Under Incentive Plans | Weighted Average Exercise Price | ||||
Outstanding at beginning of year | 3,037,151 | $ | 36.09 | ||
Granted | 385,000 | $ | 45.19 | ||
Exercised | (354,979) | $ | 26.79 | ||
Surrendered | (18,573) | $ | 42.40 | ||
Outstanding at end of period | 3,048,599 | $ | 38.29 | ||
Exercisable at end of period | 2,249,924 | $ | 35.80 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted Average Exercise Price | Intrinsic Value | Weighted Average Remaining Life in Years | Number | Weighted Average Exercise Price | Intrinsic Value | Weighted Average Remaining Life in Years | ||||||||||||||||
$20.57 - $28.79 | 416,000 | $ | 26.89 | $ | 11,379 | 2.53 | 416,000 | $ | 26.89 | $ | 11,379 | 2.53 | ||||||||||||
$31.96 - $38.06 | 1,301,400 | $ | 33.84 | 26,544 | 4.97 | 1,247,266 | $ | 33.91 | 25,359 | 4.90 | ||||||||||||||
$40.73 - $49.91 | 1,331,199 | $ | 46.19 | 10,717 | 8.69 | 586,658 | $ | 46.15 | 4,748 | 8.20 | ||||||||||||||
3,048,599 | $ | 38.29 | $ | 48,640 | 6.26 | 2,249,924 | $ | 35.80 | $ | 41,486 | 5.32 |
Six Months Ended | ||||||||
June 1, 2013 | June 2, 2012 | |||||||
Weighted average fair value per option at the date of grant for options granted | $ | 9.96 | $ | 12.49 | ||||
Risk-free interest rate | 1.19 | % | 1.38 | % | ||||
Expected dividend yield | 1.19 | % | 0.96 | % | ||||
Expected volatility factor | 25.81 | % | 26.52 | % | ||||
Expected option term in years | 5.4 | 6.1 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Pre-tax compensation expense | $ | 210 | $ | 155 | $ | 469 | $ | 934 | ||||||||
Deferred tax benefits | (75 | ) | (57 | ) | (167 | ) | (343 | ) | ||||||||
Excess tax (expense) benefits associated with tax deductions under the amount of compensation expense recognized in the consolidated condensed financial statements | 1,258 | (99 | ) | 1,354 | (24 | ) | ||||||||||
Fair value of restricted stock unit awards on date of grant | — | — | 1,068 | 1,489 | ||||||||||||
Fair value of restricted stock unit awards vested | — | — | 621 | 997 |
Units | Weighted Average Grant Date Fair Value | ||||
Nonvested at beginning of year | 39,945 | $ | 43.16 | ||
Granted | 23,624 | $ | 45.19 | ||
Vested | (15,525) | $ | 40.01 | ||
Nonvested at end of period | 48,044 | $ | 45.18 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
4. | NONCONTROLLING INTERESTS |
Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | ||||||||||||||
Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | ||||||||||||
Noncontrolling interests at beginning of period | $ | 1,754 | $ | 986 | $ | 1,557 | $ | 831 | |||||||
Noncontrolling interests earnings (loss) | 31 | 137 | 170 | (5 | ) | ||||||||||
Foreign currency translation | 1 | 4 | (112 | ) | (52 | ) | |||||||||
Noncontrolling interests at end of period | $ | 1,786 | $ | 1,127 | $ | 1,615 | $ | 774 | |||||||
5. | GOODWILL AND ACQUIRED INTANGIBLE ASSETS |
Engine/Mobile Filtration | Industrial/ Environmental Filtration | Packaging | Total | ||||||||||||
Goodwill at beginning of year | $ | 21,593 | $ | 220,331 | $ | — | $ | 241,924 | |||||||
Currency translation adjustments | (392 | ) | (604 | ) | — | (996 | ) | ||||||||
Goodwill at end of period | $ | 21,201 | $ | 219,727 | $ | — | $ | 240,928 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Engine/Mobile Filtration | Industrial/ Environmental Filtration | Packaging | Total | ||||||||||||
June 1, 2013 | |||||||||||||||
Indefinite Lived Intangibles: | |||||||||||||||
Trademarks - indefinite lived | $ | 603 | $ | 41,659 | $ | — | $ | 42,262 | |||||||
Finite Lived Intangibles: | |||||||||||||||
Trademarks, gross - finite lived | $ | 300 | $ | 488 | $ | — | $ | 788 | |||||||
Accumulated amortization | (97 | ) | (322 | ) | — | (419 | ) | ||||||||
Trademarks, net - finite lived | $ | 203 | $ | 166 | $ | — | $ | 369 | |||||||
Customer relationships, gross | $ | 4,290 | $ | 45,664 | $ | — | $ | 49,954 | |||||||
Accumulated amortization | (1,785 | ) | (18,493 | ) | — | (20,278 | ) | ||||||||
Customer relationships, net | $ | 2,505 | $ | 27,171 | $ | — | $ | 29,676 | |||||||
Other acquired intangibles, gross | $ | 243 | $ | 39,574 | $ | — | $ | 39,817 | |||||||
Accumulated amortization | (243 | ) | (19,402 | ) | — | (19,645 | ) | ||||||||
Other acquired intangibles, net | $ | — | $ | 20,172 | $ | — | $ | 20,172 | |||||||
Total finite lived intangible assets, net | $ | 2,708 | $ | 47,509 | $ | — | $ | 50,217 | |||||||
Acquired intangible assets, less accumulated amortization | $ | 3,311 | $ | 89,168 | $ | — | $ | 92,479 |
Fiscal year 2013 | $ | 5,908 | |
Fiscal year 2014 | 5,696 | ||
Fiscal year 2015 | 5,633 | ||
Fiscal year 2016 | 5,499 | ||
Fiscal year 2017 | 5,261 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
6. | FAIR VALUE MEASUREMENTS |
• | Level 1 – Quoted active market prices for identical assets |
• | Level 2 – Significant other observable inputs, such as quoted prices for similar (but not identical) instruments in active markets, quoted prices for identical or similar instruments in markets which are not active and model determined valuations in which all significant inputs or significant value-drivers are observable in active markets |
• | Level 3 – Significant unobservable inputs, such as model determined valuations in which one or more significant inputs or significant value-drivers are unobservable |
Fair Value Measurements at Reporting Date | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
June 1, 2013 | |||||||||||||||
Restricted trust, included in Other noncurrent assets | |||||||||||||||
Mutual fund investments - equities | $ | 607 | $ | 607 | $ | — | $ | — | |||||||
Mutual fund investments - bonds | 419 | 419 | — | — | |||||||||||
Cash and equivalents | 28 | 28 | — | — | |||||||||||
Total restricted trust | $ | 1,054 | $ | 1,054 | $ | — | $ | — | |||||||
TransWeb contingent earn-out, included in Other long-term liabilities | $ | 1,367 | $ | — | $ | — | $ | 1,367 |
Fair Value Measurements at Reporting Date | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
December 1, 2012 | |||||||||||||||
Restricted trust, included in Other noncurrent assets | |||||||||||||||
Mutual fund investments - equities | $ | 614 | $ | 614 | $ | — | $ | — | |||||||
Mutual fund investments - bonds | 425 | 425 | — | — | |||||||||||
Cash and equivalents | 31 | 31 | — | — | |||||||||||
Total restricted trust | $ | 1,070 | $ | 1,070 | $ | — | $ | — | |||||||
TransWeb contingent earn-out, included in Other long-term liabilities | $ | 1,292 | $ | — | $ | — | $ | 1,292 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
7. | ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND GUARANTEES |
June 1, 2013 | December 1, 2012 | ||||||
Accounts payable | $ | 67,415 | $ | 69,206 | |||
Accrued salaries, wages and commissions | 11,004 | 16,884 | |||||
Pension and postretirement healthcare benefits liabilities | 7,876 | 21,442 | |||||
Compensated absences | 8,636 | 9,010 | |||||
Accrued insurance liabilities | 7,203 | 7,733 | |||||
Customer deposits | 14,419 | 14,207 | |||||
Other accrued liabilities | 25,139 | 33,780 | |||||
Accounts payable and accrued liabilities | $ | 141,692 | $ | 172,262 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Six Months Ended | |||||||
June 1, 2013 | June 2, 2012 | ||||||
Warranty accrual at beginning of period | $ | 1,533 | $ | 2,580 | |||
Warranty accrual added through business acquisitions | — | 32 | |||||
Accruals for warranties issued during the period | 104 | 91 | |||||
Adjustments related to pre-existing warranties | (39 | ) | 23 | ||||
Settlements made during the period | (225 | ) | (400 | ) | |||
Other adjustments, including currency translation | (9 | ) | (45 | ) | |||
Warranty accrual at end of period | $ | 1,364 | $ | 2,281 |
8. | LONG-TERM DEBT |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
9. | PENSION AND OTHER POSTRETIREMENT PLANS |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Pension Benefits: | ||||||||||||||||
Components of net periodic benefit cost (income): | ||||||||||||||||
Service cost | $ | 621 | $ | 530 | $ | 1,243 | $ | 1,060 | ||||||||
Interest cost | 1,726 | 1,980 | 3,456 | 3,959 | ||||||||||||
Expected return on plan assets | (2,693 | ) | (2,105 | ) | (5,392 | ) | (4,208 | ) | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | (2 | ) | (3 | ) | (5 | ) | (6 | ) | ||||||||
Net actuarial loss (gain) | 1,515 | 1,909 | 3,031 | 3,818 | ||||||||||||
Net periodic benefit cost (income) | $ | 1,167 | $ | 2,311 | $ | 2,333 | $ | 4,623 | ||||||||
Cash contributions | $ | 1,565 | $ | 1,575 | $ | 16,507 | $ | 14,928 | ||||||||
Postretirement Healthcare Benefits: | ||||||||||||||||
Components of net periodic benefit cost (income): | ||||||||||||||||
Interest cost | $ | 2 | $ | 4 | $ | 4 | $ | 8 | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | (31 | ) | (31 | ) | (62 | ) | (62 | ) | ||||||||
Net actuarial loss (gain) | (37 | ) | (30 | ) | (74 | ) | (60 | ) | ||||||||
Net periodic benefit cost (income) | $ | (66 | ) | $ | (57 | ) | $ | (132 | ) | $ | (114 | ) | ||||
Cash contributions | $ | 18 | $ | 25 | $ | 36 | $ | 50 |
U.S. Qualified Plans | $ | 6,156 | |
U.S. Combined Nonqualified Plans | 21,372 | ||
Non-U.S. Plan | 340 | ||
Postretirement Healthcare Benefit Plan | 70 | ||
Total expected contributions | $ | 27,938 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
10. | INCOME TAXES |
Six Months Ended | |||||||
June 1, 2013 | June 2, 2012 | ||||||
Unrecognized tax benefits at beginning of year | $ | 2,209 | $ | 3,015 | |||
Additions for current period tax positions | 151 | 179 | |||||
Reductions for lapse of statue of limitations / settlements | (334 | ) | — | ||||
Changes in interest and penalties | (213 | ) | 123 | ||||
Unrecognized tax benefits at end of period | $ | 1,813 | $ | 3,317 |
11. | CONTINGENCIES |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
12. | EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Weighted average number of shares outstanding - Basic | 49,826,567 | 50,378,164 | 49,830,634 | 50,394,680 | ||||||||||||
Dilutive effect of stock-based arrangements | 602,308 | 602,183 | 588,536 | 642,686 | ||||||||||||
Weighted average number of shares outstanding - Diluted | 50,428,875 | 50,980,347 | 50,419,170 | 51,037,366 | ||||||||||||
Net earnings attributable to CLARCOR Inc. | $ | 33,051 | $ | 32,927 | $ | 56,513 | $ | 56,406 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Basic | $ | 0.66 | $ | 0.65 | $ | 1.13 | $ | 1.12 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Diluted | $ | 0.66 | $ | 0.65 | $ | 1.12 | $ | 1.11 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share | — | 510,850 | 249,019 | 510,850 | ||||||||||||
Common stock repurchased and retired pursuant to the Company's stock repurchase program | $ | 11,400 | $ | 7,748 | $ | 17,364 | $ | 11,383 | ||||||||
Number of shares repurchased and retired pursuant to the Company's stock repurchase program | 224,100 | 157,500 | 346,100 | 227,500 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
13. | SEGMENT INFORMATION |
Quarter Ended | Six Months Ended | |||||||||||||||
June 1, 2013 | June 2, 2012 | June 1, 2013 | June 2, 2012 | |||||||||||||
Net sales: | ||||||||||||||||
Engine/Mobile Filtration | $ | 132,372 | $ | 130,677 | $ | 250,047 | $ | 250,960 | ||||||||
Industrial/Environmental Filtration | 136,660 | 134,629 | 259,286 | 255,743 | ||||||||||||
Packaging | 18,551 | 19,549 | 34,521 | 35,416 | ||||||||||||
$ | 287,583 | $ | 284,855 | $ | 543,854 | $ | 542,119 | |||||||||
Operating profit: | ||||||||||||||||
Engine/Mobile Filtration | $ | 29,096 | $ | 29,628 | $ | 52,545 | $ | 52,925 | ||||||||
Industrial/Environmental Filtration | 18,411 | 17,747 | 28,089 | 28,452 | ||||||||||||
Packaging | 1,894 | 1,736 | 2,582 | 2,046 | ||||||||||||
49,401 | 49,111 | 83,216 | 83,423 | |||||||||||||
Other income (expense), net | (217 | ) | (36 | ) | (228 | ) | 610 | |||||||||
Earnings before income taxes | $ | 49,184 | $ | 49,075 | $ | 82,988 | $ | 84,033 |
June 1, 2013 | December 1, 2012 | ||||||
Identifiable assets: | |||||||
Engine/Mobile Filtration | $ | 377,557 | $ | 372,011 | |||
Industrial/Environmental Filtration | 706,979 | 706,610 | |||||
Packaging | 48,541 | 36,350 | |||||
Corporate | 71,359 | 90,531 | |||||
$ | 1,204,436 | $ | 1,205,502 |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
2013 | 2012 | $ | % | 2013 | 2012 | $ | % | ||||||||||||||||||||||||
Net sales | $ | 287,583 | $ | 284,855 | $ | 2,728 | 1 | % | $ | 543,854 | $ | 542,119 | $ | 1,735 | — | % | |||||||||||||||
Cost of sales | 189,369 | 186,670 | 2,699 | 1 | % | 364,154 | 357,719 | 6,435 | 2 | % | |||||||||||||||||||||
Gross profit | 98,214 | 98,185 | 29 | — | % | 179,700 | 184,400 | (4,700 | ) | (3 | )% | ||||||||||||||||||||
Selling and administrative expenses | 48,813 | 49,074 | (261 | ) | (1 | )% | 96,484 | 100,977 | (4,493 | ) | (4 | )% | |||||||||||||||||||
Operating profit | 49,401 | 49,111 | 290 | 1 | % | 83,216 | 83,423 | (207 | ) | — | % | ||||||||||||||||||||
Other income (expense) | (217 | ) | (36 | ) | (181 | ) | (228 | ) | 610 | (838 | ) | ||||||||||||||||||||
Provision for income taxes | 16,031 | 15,996 | 35 | — | % | 26,307 | 27,462 | (1,155 | ) | (4 | )% | ||||||||||||||||||||
Net earnings attributable to CLARCOR | 33,051 | 32,927 | 124 | — | % | 56,513 | 56,406 | 107 | — | % | |||||||||||||||||||||
Weighted average diluted shares | 50,429 | 50,980 | (551 | ) | (1 | )% | 50,419 | 51,037 | (618 | ) | (1 | )% | |||||||||||||||||||
Diluted earnings per share attributable to CLARCOR | $ | 0.66 | $ | 0.65 | $ | 0.01 | 2 | % | $ | 1.12 | $ | 1.11 | $ | 0.01 | 1 | % | |||||||||||||||
Percentages: | |||||||||||||||||||||||||||||||
Gross margin | 34.2 | % | 34.5 | % | (0.3 | ) | pt | 33.0 | % | 34.0 | % | (1.0 | ) | pt | |||||||||||||||||
Selling and administrative percentage | 17.0 | % | 17.2 | % | (0.2 | ) | pt | 17.7 | % | 18.6 | % | (0.9 | ) | pt | |||||||||||||||||
Operating margin | 17.2 | % | 17.2 | % | — | pt | 15.3 | % | 15.4 | % | (0.1 | ) | pt | ||||||||||||||||||
Effective tax rate | 32.6 | % | 32.6 | % | — | pt | 31.7 | % | 32.7 | % | (1.0 | ) | pt | ||||||||||||||||||
Net earnings margin | 11.5 | % | 11.6 | % | (0.1 | ) | pt | 10.4 | % | 10.4 | % | — | pt |
Volume | — | % | |
Pricing | — | % | |
Modular acquisition | 1 | % | |
Foreign exchange | — | % | |
1 | % |
• | The $2.0 million, or 2%, increase in net sales at our Industrial/Environmental Filtration segment was driven by $2.3 million in higher sales arising from our acquisition of Modular Engineering Pty Ltd in Australia in the second quarter of 2012. Excluding the impact of the Modular acquisition, net sales at our Industrial/Environmental Filtration segment declined $0.3 million, or less than one percent, due to lower oil and gas filtration sales in Europe, lower sales of commercial and industrial air filters in the U.S. and lower sales of filtration media at TransWeb. Lower oil and gas filtration sales in Europe were driven by a decline in military aviation and marine filtration sales as a result of government budget constraints, and the timing of several large natural gas and petrochemical system orders in the second quarter of 2012 that did not repeat this year. These lower sales were partly offset by growth in natural gas vessels and aftermarket filter sales in the U.S. and Brazil, as well as growth in aviation, aerospace and off-shore oil drilling filtration sales. |
• | The $1.7 million, or 1%, increase in net sales at our Engine/Mobile Filtration segment was driven by $1.7 million, or 2%, higher sales within the U.S. and $0.4 million, or 1%, higher foreign sales, partly offset by a $0.4 million decrease due to changes in foreign currency exchange rates. The 2% increase in U.S. sales in this segment was driven by a 4% increase in sales of heavy-duty engine filters to the U.S. aftermarket, partially offset by lower sales to original equipment customers. The slight increase in foreign sales was driven by a 19% increase in sales of heavy-duty engine filters in China, partially offset by a 13% decline in sales of heavy-duty engine filters in Europe. |
• | The $1.0 million, or 5%, decrease in net sales at our Packaging segment was driven primarily by lower sales of confection packaging products and film packaging products, partially offset by higher sales of spice containers and packaging sales to customers in the health & beauty and pharmaceutical markets. |
Volume | (1 | )% | |
Pricing | — | % | |
Modular acquisition | 1 | % | |
Foreign exchange | — | % | |
— | % |
• | The $3.5 million, or 1%, increase in net sales at our Industrial/Environmental Filtration segment was driven by $3.1 million in higher sales arising from our acquisition of Modular Engineering Pty Ltd in Australia in the second quarter of 2012. Excluding the impact of the Modular acquisition, net sales at our Industrial/Environmental Filtration segment increased $0.4 million, or less than one percent, as strong growth in natural gas vessels and aftermarket filter sales in the U.S. and Latin America, as well as growth in aviation filter sales and filter sales through our Total Filtration Services ("TFS") distribution business were partially offset by lower sales of military aviation and marine filters and dust collection systems in Europe, lower sales of commercial and industrial air filters in the U.S. and lower filtration media sales at TransWeb. |
• | The $0.9 million, or less than one percent, decline in net sales at our Engine/Mobile Filtration segment was driven by a 1% reduction in foreign sales. This reduction in foreign sales was due primarily to a 10% decline in heavy-duty engine filter sales in Europe, partially offset by a 6% increase in sales of heavy-duty engine filters in China. |
• | The $0.9 million, or 3%, decrease in net sales at our Packaging segment was driven primarily by lower sales of confection packaging products and film packaging products, partly offset by growth in packaging sales to the smokeless tobacco market. |
• | Acquisitions |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
Net sales | $ | 2,339 | $ | 3,055 | ||||
Operating loss | (287 | ) | (999 | ) |
• | Foreign Exchange |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
Net sales | $ | (680 | ) | $ | (394 | ) | ||
Operating loss | (179 | ) | (187 | ) |
• | Other income (expense) |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
2013 | $ | (188 | ) | $ | (232 | ) | ||
2012 | (16 | ) | (517 | ) |
• | Provisions for income taxes |
• | Shares outstanding |
Second Quarter | First Six Months | |||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | % Total | 2012 | % Total | 2013 | % Total | 2012 | % Total | ||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | $ | 132,372 | 46 | % | $ | 130,677 | 46 | % | $ | 250,047 | 46 | % | $ | 250,960 | 46 | % | ||||||||||||
Industrial/Environmental Filtration | 136,660 | 48 | % | 134,629 | 47 | % | 259,286 | 48 | % | 255,743 | 47 | % | ||||||||||||||||
Packaging | 18,551 | 6 | % | 19,549 | 7 | % | 34,521 | 6 | % | 35,416 | 7 | % | ||||||||||||||||
$ | 287,583 | 100 | % | $ | 284,855 | 100 | % | $ | 543,854 | 100 | % | $ | 542,119 | 100 | % | |||||||||||||
Gross profit: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | $ | 47,316 | 48 | % | $ | 47,755 | 49 | % | $ | 88,339 | 49 | % | $ | 91,735 | 50 | % | ||||||||||||
Industrial/Environmental Filtration | 47,084 | 48 | % | 46,550 | 47 | % | 84,972 | 47 | % | 86,168 | 47 | % | ||||||||||||||||
Packaging | 3,814 | 4 | % | 3,880 | 4 | % | 6,389 | 4 | % | 6,497 | 3 | % | ||||||||||||||||
$ | 98,214 | 100 | % | $ | 98,185 | 100 | % | $ | 179,700 | 100 | % | $ | 184,400 | 100 | % | |||||||||||||
Operating profit: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | $ | 29,096 | 59 | % | $ | 29,628 | 60 | % | $ | 52,545 | 63 | % | $ | 52,925 | 63 | % | ||||||||||||
Industrial/Environmental Filtration | 18,411 | 37 | % | 17,747 | 36 | % | 28,089 | 34 | % | 28,452 | 34 | % | ||||||||||||||||
Packaging | 1,894 | 4 | % | 1,736 | 4 | % | 2,582 | 3 | % | 2,046 | 3 | % | ||||||||||||||||
$ | 49,401 | 100 | % | $ | 49,111 | 100 | % | $ | 83,216 | 100 | % | $ | 83,423 | 100 | % | |||||||||||||
Gross margin: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | 35.7 | % | 36.5 | % | 35.3 | % | 36.6 | % | ||||||||||||||||||||
Industrial/Environmental Filtration | 34.5 | % | 34.6 | % | 32.8 | % | 33.7 | % | ||||||||||||||||||||
Packaging | 20.6 | % | 19.8 | % | 18.5 | % | 18.3 | % | ||||||||||||||||||||
34.2 | % | 34.5 | % | 33.0 | % | 34.0 | % | |||||||||||||||||||||
Operating margin: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | 22.0 | % | 22.7 | % | 21.0 | % | 21.1 | % | ||||||||||||||||||||
Industrial/Environmental Filtration | 13.5 | % | 13.2 | % | 10.8 | % | 11.1 | % | ||||||||||||||||||||
Packaging | 10.2 | % | 8.9 | % | 7.5 | % | 5.8 | % | ||||||||||||||||||||
17.2 | % | 17.2 | % | 15.3 | % | 15.4 | % |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | |||||||||||||||||||||||
Net sales | $ | 132,372 | $ | 130,677 | $ | 1,695 | 1 | % | $ | 250,047 | $ | 250,960 | $ | (913 | ) | — | % | ||||||||||||||
Cost of sales | 85,056 | 82,922 | 2,134 | 3 | % | 161,708 | 159,225 | 2,483 | 2 | % | |||||||||||||||||||||
Gross profit | 47,316 | 47,755 | (439 | ) | (1 | )% | 88,339 | 91,735 | (3,396 | ) | (4 | )% | |||||||||||||||||||
Selling and administrative expenses | 18,220 | 18,127 | 93 | 1 | % | 35,794 | 38,810 | (3,016 | ) | (8 | )% | ||||||||||||||||||||
Operating profit | 29,096 | 29,628 | (532 | ) | (2 | )% | 52,545 | 52,925 | (380 | ) | (1 | )% | |||||||||||||||||||
Gross margin | 35.7% | 36.5% | (0.8) | pt | 35.3% | 36.6% | (1.3) | pt | |||||||||||||||||||||||
Selling and administrative percentage | 13.8% | 13.9% | (0.1) | pt | 14.3% | 15.5% | (1.2) | pt | |||||||||||||||||||||||
Operating margin | 22.0% | 22.7% | (0.7) | pt | 21.0% | 21.1% | (0.1) | pt |
Second Quarter | First Six Months | |||||
Volume | 2 | % | — | % | ||
Pricing | — | % | — | % | ||
Foreign exchange | (1 | )% | — | % | ||
1 | % | — | % |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
2012 | $ | 130,677 | $ | 250,960 | ||||
U.S. net sales | 1,756 | 136 | ||||||
Foreign net sales (including export) | 372 | (731 | ) | |||||
Foreign exchange | (433 | ) | (319 | ) | ||||
Net increase (decrease) | 1,695 | (913 | ) | |||||
2013 | $ | 132,372 | $ | 250,047 |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
Heavy-duty engine filters | $ | 1,374 | $ | (524 | ) | |||
Locomotive filters | 188 | 165 | ||||||
Other | 194 | 495 | ||||||
Increase in U.S. net sales | $ | 1,756 | $ | 136 |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
Heavy-duty engine filter sales in China | $ | 1,222 | $ | 701 | ||||
Export sales primarily to Southeast Asia, South America and the Middle East | 562 | 338 | ||||||
Heavy-duty engine filter sales in Europe | (1,324 | ) | (2,090 | ) | ||||
Other | (88 | ) | 320 | |||||
Increase (decrease) in foreign net sales | $ | 372 | $ | (731 | ) |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | |||||||||||||||||||||||
Net sales | $ | 136,660 | $ | 134,629 | $ | 2,031 | 2 | % | $ | 259,286 | $ | 255,743 | $ | 3,543 | 1 | % | |||||||||||||||
Cost of sales | 89,576 | 88,079 | 1,497 | 2 | % | 174,314 | 169,575 | 4,739 | 3 | % | |||||||||||||||||||||
Gross profit | 47,084 | 46,550 | 534 | 1 | % | 84,972 | 86,168 | (1,196 | ) | (1 | )% | ||||||||||||||||||||
Selling and administrative expenses | 28,673 | 28,803 | (130 | ) | — | % | 56,883 | 57,716 | (833 | ) | (1 | )% | |||||||||||||||||||
Operating profit | 18,411 | 17,747 | 664 | 4 | % | 28,089 | 28,452 | (363 | ) | (1 | )% | ||||||||||||||||||||
Gross margin | 34.5% | 34.6% | (0.1) | pt | 32.8% | 33.7% | (0.9) | pt | |||||||||||||||||||||||
Selling and administrative percentage | 21.0% | 21.4% | (0.4) | pt | 21.9% | 22.6% | (0.7) | pt | |||||||||||||||||||||||
Operating margin | 13.5% | 13.2% | 0.3 | pt | 10.8% | 11.1% | (0.3) | pt |
Second Quarter | First Six Months | |||||
Volume | — | % | (1 | )% | ||
Pricing | — | % | 1 | % | ||
Modular acquisition | 2 | % | 1 | % | ||
Foreign exchange | — | % | — | % | ||
2 | % | 1 | % |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
2012 | $ | 134,629 | $ | 255,743 | ||||
U.S. net sales | (28 | ) | 1,724 | |||||
Foreign net sales (including export) | 2,306 | 1,895 | ||||||
Foreign exchange | (247 | ) | (76 | ) | ||||
Net increase | 2,031 | 3,543 | ||||||
2013 | $ | 136,660 | $ | 259,286 |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
Natural gas - vessels and aftermarket filters | $ | 1,069 | $ | 5,141 | ||||
Aviation - vessels and aftermarket filters | 1,440 | 1,539 | ||||||
Dust collection systems | 613 | 166 | ||||||
Filter sales through Total Filtration Services (TFS) | (82 | ) | 1,055 | |||||
Filtration media sales through TransWeb | (927 | ) | (2,716 | ) | ||||
Air filtration | (1,817 | ) | (3,161 | ) | ||||
Other | (324 | ) | (300 | ) | ||||
(Decrease) increase in U.S. net sales | $ | (28 | ) | $ | 1,724 |
• | Higher sales in the natural gas market in the second quarter and first six months of 2013 from the comparable periods of 2012 were driven by an increase in natural gas vessel and replacement element sales arising from increased natural gas extraction and transportation activity throughout the U.S., including at various shale gas basins. |
• | Higher sales in the aviation market in the second quarter and first six months of 2013 from the comparable periods of 2012 were driven by increased sales of commercial and military aviation filtration products, including filter separators, coalescers, and replacement cartridges used at various filtration points related to the storage, transportation and dispensing of aviation fuel. |
• | Higher dust collection system sales in the second quarter of 2013 from the comparable period in 2012 were primarily the result of higher sales of kitchen emission ventilation systems and Dust Hog® weld fume collection systems by our United Air Specialists subsidiary. |
• | Sales through our TFS distribution subsidiary were roughly flat in the second quarter of 2013 compared to the second quarter of 2012. Higher sales at TFS in the first six months of 2013 from the comparable period in 2012 were the result of higher liquid and air filter sales to a variety of customers, including those in the automotive, food and beverage and power generation markets. |
• | Lower sales of filtration media at TransWeb in the second quarter and first six months of 2013 from the comparable periods of 2012 were primarily the result of lower order volume from a significant customer, which we believe was influenced by slower industry demand in the end-markets it serves, as well as uncertainty surrounding the TransWeb/3M litigation. |
• | Lower sales of air filtration products in the second quarter and first six months of 2013 from the comparable periods of 2012 were driven by lower sales of heating, ventilation and air conditioning filters to various commercial and industrial customers. |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
Acquisition of Modular Engineering (Australia) | $ | 2,375 | $ | 3,096 | ||||
Natural gas vessels and aftermarket filters (Middle East, Asia, South America, Canada) | 2,945 | 2,360 | ||||||
Aerospace, oil drilling and other industrial filter export sales (Europe, Asia) | 1,861 | 580 | ||||||
Petrochemical vessels and aftermarket filters (Europe) | (2,060 | ) | 417 | |||||
Dust collector systems (Europe) | (746 | ) | (1,220 | ) | ||||
Military aviation and marine filters (Europe) | (2,853 | ) | (3,886 | ) | ||||
Other | 784 | 548 | ||||||
Increase in foreign net sales | $ | 2,306 | $ | 1,895 |
• | Higher sales of natural gas vessels and aftermarket filters in the second quarter and first six months of 2013 from the comparable prior year periods were driven by increased natural gas extraction, processing and transportation activity in Brazil, partially offset by lower sales in Canada, where oversupply conditions in the natural gas market have led to decreased customer activity. |
• | Higher export sales of aerospace, off-shore oil drilling and other industrial filters in the second quarter of 2013 from the comparable prior year period were driven by higher sales of sand control screen filters to the oil and gas drilling industry and higher sales of cabin air, hydraulic and waste tank filters to the aerospace industry. |
• | Lower sales of petrochemical vessels and aftermarket filters in the second quarter of 2013 compared to the same period last year were driven by the timing of several large petrochemical system orders in last year's second quarter that did not repeat in the second quarter of 2013. |
• | Lower sales of dust collector systems in the second quarter and first six months of 2013 from the comparable prior year periods were driven by lower demand for industrial dust, fume and oil mist collectors which we believe was primarily due to weak macroeconomic conditions in Europe. |
• | Lower sales of military aviation and marine filtration products in the second quarter and first six months of 2013 compared to the same periods last year were driven by lower government military spending in Europe, which we believe was primarily driven by lingering macroeconomic conditions in Europe. |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | |||||||||||||||||||||||
Net sales | $ | 18,551 | $ | 19,549 | $ | (998 | ) | (5 | )% | $ | 34,521 | $ | 35,416 | $ | (895 | ) | (3 | )% | |||||||||||||
Cost of sales | 14,737 | 15,669 | (932 | ) | (6 | )% | 28,132 | 28,919 | (787 | ) | (3 | )% | |||||||||||||||||||
Gross profit | 3,814 | 3,880 | (66 | ) | (2 | )% | 6,389 | 6,497 | (108 | ) | (2 | )% | |||||||||||||||||||
Selling and administrative expenses | 1,920 | 2,144 | (224 | ) | (10 | )% | 3,807 | 4,451 | (644 | ) | (14 | )% | |||||||||||||||||||
Operating profit | 1,894 | 1,736 | 158 | 9 | % | 2,582 | 2,046 | 536 | 26 | % | |||||||||||||||||||||
Gross margin | 20.6% | 19.8% | 0.8 | pt | 18.5% | 18.3% | 0.2 | pt | |||||||||||||||||||||||
Selling and administrative percentage | 10.4% | 11.0% | (0.6) | pt | 11.0% | 12.6% | (1.6) | pt | |||||||||||||||||||||||
Operating margin | 10.2% | 8.9% | 1.3 | pt | 7.5% | 5.8% | 1.7 | pt |
(Dollars in thousands) | Second Quarter | First Six Months | ||||||
Confection packaging | $ | (1,463 | ) | $ | (1,353 | ) | ||
Film packaging | (595 | ) | (1,142 | ) | ||||
Health & beauty and pharmaceutical packaging | 315 | 465 | ||||||
Spice packaging | 718 | 1,655 | ||||||
Other | 27 | (520 | ) | |||||
Decrease in U.S. net sales | $ | (998 | ) | $ | (895 | ) |
• | physical damage to and complete or partial closure of one or more of our manufacturing facilities |
• | temporary or long-term disruption in the supply of raw materials from our suppliers |
• | disruption in the transport of our products to customers and end users |
• | delay in the delivery of our products to our customers |
• | statements and assumptions relating to anticipated future growth, earnings, earnings per share and other financial performance measures; |
• | statements regarding management's short-term and long-term performance goals; |
• | statements regarding anticipated order patterns from our customers or the anticipated economic conditions of the industries and markets that we serve; |
• | statements related to the performance of the U.S., European and other economies generally; |
• | statements relating to the anticipated effects on results of operations or financial condition from recent and expected developments or events, including acquisitions; |
• | statements regarding our current cost structure positions and ability to capitalize on anticipated growth initiatives, including the expansion of facilities; |
• | statements related to future dividends or repurchases of our common stock; |
• | statements related to tax positions and unrecognized tax benefits; |
• | statements related to our cash resources, borrowing capacity and compliance with financial covenants under the Credit Facility; |
• | statements regarding anticipated payments pursuant to our pension plans and for other post-retirement benefits; |
• | statements related to potential liability for environmental matters; and |
• | any other statements or assumptions that are not historical facts. |
COMPANY PURCHASES OF EQUITY SECURITIES | ||||||||||||
(a) | (b) | (c) | (d) | |||||||||
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the Company's publicly announced plan | Maximum approximate dollar value of shares that may yet be purchased under the Plan | ||||||||
March 3, 2013 through April 6, 2013 | 48,000 | $ | 52.35 | 48,000 | $158,609,120 | |||||||
April 7, 2013 through May 4, 2013 | 138,100 | $ | 49.45 | 138,100 | $151,779,616 | |||||||
May 5, 2013 through June 1, 2013 | 38,000 | $ | 54.15 | 38,000 | $149,721,868 | |||||||
Total | 224,100 | 224,100 |
a. | Exhibits: | |
* 31.1 | Certification of Christopher L. Conway pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
* 31.2 | Certification of David J. Fallon pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
** 32 | Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
*** 101.INS | XBRL Instance Document | |
*** 101.SCH | XBRL Taxonomy Extension Schema Document | |
*** 101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
*** 101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
*** 101.LAB | XBRL Taxonomy Extension Label Linkbase | |
*** 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
* | Filed herewith. | |
** | Furnished herewith. | |
*** | Submitted electronically with this 2013 Quarterly Report on Form 10-Q. | |
June 21, 2013 | By | /s/ Christopher L. Conway | |
(Date) | Christopher L. Conway | ||
President and Chief Executive Officer | |||
June 21, 2013 | By | /s/ David J. Fallon | |
(Date) | David J. Fallon | ||
Chief Financial Officer and Chief Accounting Officer |
1. | I have reviewed this quarterly report on Form 10-Q of CLARCOR Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | June 21, 2013 | /s/ Christopher L. Conway |
Christopher L. Conway | ||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of CLARCOR Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | June 21, 2013 | /s/ David J. Fallon |
David J. Fallon | ||
Chief Financial Officer and Chief Accounting Officer |
June 21, 2013 | By | /s/ Christopher L. Conway | |
(Date) | Christopher L. Conway | ||
President and Chief Executive Officer | |||
June 21, 2013 | By | /s/ David J. Fallon | |
(Date) | David J. Fallon | ||
Chief Financial Officer and Chief Accounting Officer |
Contingencies (Note)
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6 Months Ended |
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Jun. 01, 2013
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Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES Legal Contingencies From time to time, the Company is subject to lawsuits, investigations and disputes (some of which involve substantial claimed amounts) arising out of the conduct of its business, including matters relating to commercial transactions, product liability, intellectual property and other matters. Items included in these other matters are discussed below. The Company believes recorded reserves in its Consolidated Condensed Financial Statements are adequate in light of the probable and estimable outcomes of the items discussed below and other matters. Any recorded liabilities were not material to the Company’s financial position, results of operation or liquidity and the Company does not currently believe that any pending claims or litigation, including those identified below, will materially affect its financial position, results of operations or liquidity. TransWeb/3M On May 21, 2010, 3M Company and 3M Innovative Properties (“3M”) brought a lawsuit against TransWeb, LLC ("TransWeb") in the United States District Court for the District of Minnesota, alleging that certain TransWeb products infringe multiple claims of certain 3M patents. Shortly after receiving service of process in this litigation, TransWeb filed its own complaint against 3M in the United States District Court for the District of New Jersey, seeking a declaratory judgment that the asserted patents are invalid and that the products in question do not infringe. 3M withdrew its Minnesota action, and the parties are currently litigating the matter in New Jersey. The litigation in question was filed and underway before the Company acquired TransWeb in December 2010, but the Company assumed the risk of this litigation as a result of the acquisition. On June 3, 2011, TransWeb filed a Second Amended Complaint against 3M, (i) seeking declaratory judgment that the asserted 3M patents are invalid, the TransWeb products in question do not infringe, and the 3M patents are unenforceable due to inequitable conduct by 3M in obtaining the patents, (ii) alleging patent infringement by 3M of a patent held by TransWeb, and (iii) alleging antitrust violations by 3M in connection with certain upstream and downstream markets for fluorinated polymeric filtration media under theories of Walker Process fraud and sham litigation. TransWeb later dropped its patent infringement allegations against 3M, but continued to allege and pursue its inequitable conduct and antitrust claims. Prior to trial, 3M voluntarily dismissed with prejudice the majority of the patent claims 3M had originally brought against TransWeb, but continued to allege infringement by TransWeb of two claims of one of the patents in suit. A jury trial commenced on November 13, 2012. After 10 days of testimony and deliberation, on November 30, 2012, a six-member jury unanimously found that (i) TransWeb does not infringe the asserted claims of the 3M patent in suit, (ii) the asserted claims of the patent in suit are invalid as being obvious, (iii) 3M violated the antitrust laws in trying to enforce patents obtained through fraud on the United States Patent Office (i.e., Walker Process fraud), (iv) TransWeb is entitled to recoup lost profits of approximately $34 plus its attorneys' fees as damages, and (v) 3M did not engage in "sham" litigation. The jury also rendered a unanimous advisory verdict, which is not binding on the court, that 3M's asserted patents were obtained through inequitable conduct, and thus unenforceable. The court has not yet decided whether to accept the jury's verdict on inequitable conduct and has not yet issued a final judgment in the case, pending (i) resolution of various post-trial motions made by 3M to set aside the jury verdicts adverse to 3M, and (ii) a separate procedure before a third party Special Master to quantify and qualify TransWeb's attorneys' fees that may be awarded as damages, including those subject to potential trebling under the antitrust laws. Such procedure is anticipated to take until at least July 2013 to resolve. The Company acquired TransWeb on December 29, 2010. Of the base purchase price, the Company withheld payment of $17,000 pending resolution of the 3M litigation, which funds may be used by the Company in connection with the same. Any litigation related amounts incurred in excess of the amount withheld will be expensed and paid by the Company. During the three months ended June 1, 2013, the Company did not apply any legal charges against the withheld payment as the limit had been reached. During the six months ended June 1, 2013, the Company applied legal charges of $531 against the withheld payment. Since the acquisition, the Company has incurred legal charges of $17,874 related to the 3M litigation, of which $17,000 has been applied against the withheld portion of the TransWeb purchase price as noted above. During the three and six months ended June 1, 2013, the Company expensed $418 and $874, respectively, related to the 3M litigation, which is included in Selling and administrative expenses in the Consolidated Condensed Statements of Earnings. Other Additionally, the Company is party to various proceedings relating to environmental issues. The U.S. Environmental Protection Agency and/or other responsible state agencies have designated the Company as a potentially responsible party, along with other companies, in remedial activities for the cleanup of waste sites under the Comprehensive Environmental Response, Compensation, and Liability Act (“the federal Superfund statute”). Although it is not certain what future environmental claims, if any, may be asserted, the Company currently believes that its potential liability for known environmental matters is not material. However, environmental and related remediation costs are difficult to quantify for a number of reasons, including the number of parties involved, the difficulty in determining the nature and extent of the contamination at issue, the length of time remediation may require, the complexity of the environmental regulation and the continuing advancement of remediation technology. Applicable federal law may impose joint and several liability on each potentially responsible party for the cleanup. In addition to the matters cited above, the Company is involved in legal actions arising in the normal course of business. The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. Other Contingencies In the event of a change in control of the Company, termination benefits are likely to be required for certain executive officers and other employees. |
Long-Term Debt (Details 1) (USD $)
In Thousands, unless otherwise specified |
0 Months Ended | ||||||||
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Jun. 01, 2013
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Dec. 01, 2012
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Apr. 05, 2012
Credit Facility 2012 [Member]
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Jun. 01, 2013
Credit Facility 2012 [Member]
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Apr. 05, 2012
Credit Facility 2012 [Member]
Credit Facility - Swing Line [Member]
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Apr. 05, 2012
Credit Facility 2012 [Member]
Credit Facility - Accordion [Member]
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Jun. 01, 2013
Credit Facility 2012 [Member]
Letter of Credit Sub-Facility [Member]
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Dec. 01, 2012
Credit Facility 2012 [Member]
Letter of Credit Sub-Facility [Member]
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Apr. 05, 2012
Credit Facility 2012 [Member]
Letter of Credit Sub-Facility [Member]
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Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Initiation Date | Apr. 05, 2012 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | $ 10,000 | $ 100,000 | ||||||
Line of Credit Facility, Description | five-year multicurrency revolving credit agreement (“Credit Facility”) with a group of financial institutions | ||||||||
Line of Credit Facility, Interest Rate Description | the Credit Facility bear interest at either (1) a defined base rate, which varies with the highest of the defined prime rate, the federal funds rate, or a specified margin over the one-month London Interbank Offered Rate (“LIBOR”), or (2) LIBOR plus an applicable margin. Swing line loans bear interest at the defined base rate plus an applicable margin | ||||||||
Line of Credit Facility, Commitment Fee Description | Commitment fees and letter of credit fees are also payable under the Credit Facility | ||||||||
Line of Credit Facility, Amount Outstanding | 0 | ||||||||
Sub-Facility Letters of Credit Maximum Capacity | 50,000 | ||||||||
Letters of Credit Outstanding, Amount | $ 29,890 | $ 23,307 | $ 16,012 | $ 16,012 |
Noncontrolling Interests (Note)
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Jun. 01, 2013
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | NONCONTROLLING INTERESTS Noncontrolling interests changed as follows during the six months ended June 1, 2013 and June 2, 2012:
Redeemable Noncontrolling Interests In March 2007, the Company acquired an 80% ownership share in Sinfa SA (“SINFA”), a manufacturer of automotive and heavy-duty engine filters based in Casablanca, Morocco. As part of the purchase agreement, the Company and the noncontrolling owners each have an option to require the purchase of the remaining 20% ownership shares by the Company after December 31, 2012 which would result in SINFA becoming a wholly owned subsidiary. As of June 1, 2013, neither the Company nor the noncontrolling owners have exercised the purchase option. The remaining 20% of SINFA owned by the noncontrolling owners has been reported as Redeemable noncontrolling interests and classified as mezzanine equity in the Consolidated Condensed Balance Sheets. The Redeemable noncontrolling interests is reflected at its carrying value, which is greater than its estimated redemption price. The Redeemable noncontrolling interests will be accreted to the redemption price, through equity, at the point at which the redemption becomes probable. The Company has not recorded any accretion to date. |
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Business Acquisitions and Investments Business Acquisitions and Investments (Tables)
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Jun. 01, 2013
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Business Combination, Revenue and Operating Profit (Loss) of Acquiree since Acquisition Date, Actual [Table Text Block] | Net sales and Operating profit (loss) attributable to Modular for the three and six months ended June 1, 2013 and June 2, 2012 were as follows:
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Income Taxes (Details 1) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
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Jun. 01, 2013
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Jun. 02, 2012
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Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at beginning of year | $ 2,209 | $ 3,015 |
Additions for current period tax positions | 151 | 179 |
Reductions for lapse of statute of limitations / settlements | (334) | 0 |
Changes in interest and penalties | (213) | 123 |
Unrecognized tax benefits at end of period | $ 1,813 | $ 3,317 |
Earnings Per Share and Stock Repurchase Activity (Note)
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Jun. 01, 2013
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Earnings Per Share and Stock Repurchase Activity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Stock Repurchase Activity | EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY The Company calculates basic earnings per share by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share reflects the impact of outstanding stock options, restricted stock and other stock-based arrangements. The FASB has issued guidance requiring unvested share-based payment awards containing nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) be considered participating securities and included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock unit awards discussed in Note 3 qualify as participating securities under this guidance. However, the unvested restricted stock unit awards do not materially impact the calculation of basic or diluted earnings per share; therefore, the Company does not present the two-class method computation. The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share.
The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity.
At June 1, 2013, there remained $149,722 authorized for future purchases under the Company’s $250,000 stock repurchase program. |
Goodwill and Acquired Intangible Assets (Details 3) (USD $)
In Thousands, unless otherwise specified |
Jun. 01, 2013
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Expected Amortization [Line Items] | |
Fiscal year 2011 | $ 5,908 |
Fiscal year 2012 | 5,696 |
Fiscal year 2013 | 5,633 |
Fiscal year 2014 | 5,499 |
Fiscal year 2015 | $ 5,261 |
Income Taxes (Details 2) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
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Jun. 01, 2013
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Income Tax Contingency [Line Items] | |
Unrecognized tax benefits that would impact the effective tax rate if recognized | $ 1,238 |
Accrued for the payment of interest and panalties | 228 |
Income Tax Reconciliation, Tax Credits, Research | $ 855 |
Business Acquisitions and Investments (Details 3) (BioProcess Algae [Member], USD $)
In Thousands, unless otherwise specified |
0 Months Ended | 3 Months Ended | 6 Months Ended | |||
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May 01, 2008
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Jun. 01, 2013
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Jun. 02, 2012
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Dec. 01, 2012
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BioProcess Algae [Member]
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Schedule of Cost-method Investments [Line Items] | ||||||
Name of Investment | BioProcess Algae LLC | |||||
Cost Method Investment, Ownership Percentage | 15.63% | 15.63% | ||||
Cost Method Investment, Additional Amount Invested | $ 236 | $ 225 | $ 459 | $ 324 | ||
Investment-related Liabilities | 0 | 0 | 223 | |||
Cost Method Investments, Carrying Amount | 2,048 | 2,048 | 1,812 | |||
Investment Income, Dividend | $ 0 | $ 0 | $ 0 | $ 1,200 |
Goodwill and Acquired Intangible Assets (Tables)
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following table reconciles the activity for goodwill by segment for the six months ended June 1, 2013.
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Schedule of Intangible Assets by Segment [Table Text Block] | The following table summarizes acquired intangibles by segment. Other acquired intangibles include parts manufacturer regulatory approvals, developed technology, patents and non-compete agreements.
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Schedule of Expected Amortization Expense [Table Text Block] | The following table summarizes estimated amortization expense.
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Noncontrolling Interests (Tables)
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Jun. 01, 2013
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable and Non-Redeemable Noncontrolling Interests [Table Text Block] |
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Goodwill and Acquired Intangible Assets (Details 1) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
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Jun. 01, 2013
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Goodwill [Roll Forward] | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 |
Goodwill at beginning of year | 241,924 |
Currency translation adjustments | (996) |
Goodwill at end of period | 240,928 |
Engine Mobile Filtration [Member]
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Goodwill [Roll Forward] | |
Goodwill at beginning of year | 21,593 |
Currency translation adjustments | (392) |
Goodwill at end of period | 21,201 |
Industrial Environmental Filtration [Member]
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Goodwill [Roll Forward] | |
Goodwill at beginning of year | 220,331 |
Currency translation adjustments | (604) |
Goodwill at end of period | 219,727 |
Packaging [Member]
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Goodwill [Roll Forward] | |
Goodwill at beginning of year | 0 |
Currency translation adjustments | 0 |
Goodwill at end of period | $ 0 |
Consolidated Condensed Financial Statements (Details 1) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||
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Jun. 01, 2013
segments
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Mar. 29, 2013
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Dec. 01, 2012
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Schedule Consolidated Condensed Financial Disclosures [Line Items] | |||
Number of segments | 3 | ||
Restricted cash, noncurrent | $ 1,823 | $ 1,839 | |
Raw materials | 80,640 | 75,928 | |
Work in process | 39,330 | 34,996 | |
Finished products | 104,981 | 100,327 | |
Inventories | 224,951 | 211,251 | |
Assets held for sale | 0 | 2,000 | |
Long Lived Assets Held-for-sale, Proceeds from Sale | 2,211 | ||
Long Lived Assets Held-for-sale, Gain (Loss) on Sale | 211 | ||
Land [Member]
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Schedule Consolidated Condensed Financial Disclosures [Line Items] | |||
Assets held for sale | 0 | 398 | |
Building and Building Improvements [Member]
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Schedule Consolidated Condensed Financial Disclosures [Line Items] | |||
Assets held for sale | $ 0 | $ 1,602 |
Incentive Plans and Stock-Based Compensation (Details 2)
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6 Months Ended | |
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Jun. 01, 2013
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Mar. 23, 2009
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Stock Options [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of years which shares can be granted under the Plan | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,800,000 | |
Incentive Plan End Date | Dec. 01, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Policy for Issuing Shares upon Exercise | Upon share option exercise or restricted stock unit award conversion, the Company issues new shares unless treasury shares are available | |
Share-based Compensation Arrangement by Share-based Payment Award, Description | Nonqualified stock options are granted at exercise prices equal to the market price of CLARCOR common stock at the date of grant, which is the date the Company’s Board of Directors approves the grant and the participants receive it. The Company’s Board of Directors determines the vesting requirements for stock options at the time of grant and may accelerate vesting | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | vest 25% per year beginning at the end of the first year; therefore, they become fully exercisable at the end of four years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Expiration period and term of equity award in years | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Vesting may be accelerated in the event of retirement, disability or death of a participant or change in control of the Company. Options granted to non-employee directors vest immediately | |
Restricted Stock Units (RSUs) [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The restricted stock unit awards require no payment from the employee. Compensation cost is recorded based on the market price of the stock on the grant date and is recorded equally over the vesting period of four years. During the vesting period, officers and key employees receive compensation equal to the amount of dividends declared on common shares they would have been entitled to receive had the shares been issued. Upon vesting, employees may elect to defer receipt of their shares |
Fair Value Measurements (Details 1) (USD $)
In Thousands, unless otherwise specified |
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Jun. 01, 2013
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Dec. 01, 2012
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Jun. 01, 2013
Mutual fund investments - equities [Member]
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Dec. 01, 2012
Mutual fund investments - equities [Member]
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Jun. 01, 2013
Mutual fund investments - bonds [Member]
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Dec. 01, 2012
Mutual fund investments - bonds [Member]
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Jun. 01, 2013
Cash and Cash Equivalents [Member]
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Dec. 01, 2012
Cash and Cash Equivalents [Member]
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Jun. 01, 2013
Level 1 [Member]
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Dec. 01, 2012
Level 1 [Member]
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Jun. 01, 2013
Level 1 [Member]
Mutual fund investments - equities [Member]
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Dec. 01, 2012
Level 1 [Member]
Mutual fund investments - equities [Member]
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Jun. 01, 2013
Level 1 [Member]
Mutual fund investments - bonds [Member]
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Dec. 01, 2012
Level 1 [Member]
Mutual fund investments - bonds [Member]
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Jun. 01, 2013
Level 1 [Member]
Cash and Cash Equivalents [Member]
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Dec. 01, 2012
Level 1 [Member]
Cash and Cash Equivalents [Member]
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Jun. 01, 2013
Level 2 [Member]
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Dec. 01, 2012
Level 2 [Member]
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Jun. 01, 2013
Level 2 [Member]
Mutual fund investments - equities [Member]
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Dec. 01, 2012
Level 2 [Member]
Mutual fund investments - equities [Member]
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Jun. 01, 2013
Level 2 [Member]
Mutual fund investments - bonds [Member]
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Dec. 01, 2012
Level 2 [Member]
Mutual fund investments - bonds [Member]
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Jun. 01, 2013
Level 2 [Member]
Cash and Cash Equivalents [Member]
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Dec. 01, 2012
Level 2 [Member]
Cash and Cash Equivalents [Member]
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Jun. 01, 2013
Level 3 [Member]
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Dec. 01, 2012
Level 3 [Member]
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Jun. 01, 2013
Level 3 [Member]
Mutual fund investments - equities [Member]
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Dec. 01, 2012
Level 3 [Member]
Mutual fund investments - equities [Member]
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Jun. 01, 2013
Level 3 [Member]
Mutual fund investments - bonds [Member]
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Dec. 01, 2012
Level 3 [Member]
Mutual fund investments - bonds [Member]
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Jun. 01, 2013
Level 3 [Member]
Cash and Cash Equivalents [Member]
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Dec. 01, 2012
Level 3 [Member]
Cash and Cash Equivalents [Member]
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Dec. 29, 2010
TransWeb [Member]
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Jun. 01, 2013
TransWeb [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||
Restricted trust, included in Other noncurrent assets | $ 1,054 | $ 1,070 | $ 607 | $ 614 | $ 419 | $ 425 | $ 28 | $ 31 | $ 1,054 | $ 1,070 | $ 607 | $ 614 | $ 419 | $ 425 | $ 28 | $ 31 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Contingent earn-out, included in Other long-term liabilities | 1,367 | 1,292 | 0 | 0 | 0 | 0 | 1,367 | 1,292 | 1,018 | |||||||||||||||||||||||||
Contingent earn-out, Contingent Consideration, Accounting Treatment | The contingent liability for the earn-out payment will continue to be accounted for and measured at fair value until the contingency is settled during fiscal year 2016 | |||||||||||||||||||||||||||||||||
Fair Value, Other Liabilities, Valuation Techniques | The contingent consideration payment is revalued to its current fair value at each reporting date. Any increase or decrease in the fair value, as a result of changes in significant inputs such as the discount rate, the discount period or other factors used in the calculation, is recognized in Selling and administrative expenses in the Consolidated Condensed Statements of Earnings in the period the estimated fair value changes. The fair value of the contingent consideration was estimated using a probability-weighted discounted cash flow model with a discount rate | |||||||||||||||||||||||||||||||||
Contingent earn-out, Fair Value, Other Liabilities, Valuation Discount Rate | 11.90% | |||||||||||||||||||||||||||||||||
Change in fair value of TransWeb contingent earn-out | $ 75 |
Income Taxes (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 01, 2013
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following is a reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits.
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Incentive Plans and Stock-Based Compensation Incentive Plans and Stock-Based Compensation (Details 5) (Restricted Stock Units (RSUs) [Member], USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
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Jun. 01, 2013
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Jun. 02, 2012
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Jun. 01, 2013
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Jun. 02, 2012
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Dec. 01, 2012
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Restricted Stock Units (RSUs) [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The restricted stock unit awards require no payment from the employee. Compensation cost is recorded based on the market price of the stock on the grant date and is recorded equally over the vesting period of four years. During the vesting period, officers and key employees receive compensation equal to the amount of dividends declared on common shares they would have been entitled to receive had the shares been issued. Upon vesting, employees may elect to defer receipt of their shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Restricted Stock Unit Awards - Shares Vested And Deferred | 14,760 | 14,760 | 131,197 | ||
Pre-tax compensation expense | $ 210 | $ 155 | $ 469 | $ 934 | |
Deferred tax benefits | (75) | (57) | (167) | (343) | |
Excess tax (expense) benefits associated with tax deductions under the amount of compensation expense recognized in the consolidated condensed financial statements | 1,258 | (99) | 1,354 | (24) | |
Fair value of restricted stock unit awards on date of grant | 0 | 0 | 1,068 | 1,489 | |
Fair value of restricted stock unit awards vested | 0 | 0 | 621 | 997 | |
Unrecognized compensation cost related to share-based arrangements which the Company expects to recognize | $ 1,596 | $ 1,596 | |||
Weighted-average period in years, over which the Company expects to recognize compensation cost related to share-based arrangements | 3 years |
Incentive Plans and Stock-Based Compensation (Tables)
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Jun. 01, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table summarizes information related to stock options and stock option exercises during the three and six months ended June 1, 2013 and June 2, 2012.
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Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | The following table summarizes activity for the six months ended June 1, 2013 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan and the 2009 Incentive Plan.
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Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about the Company’s outstanding and exercisable options at June 1, 2013.
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year.
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Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes information related to restricted stock unit awards during the three and six months ended June 1, 2013 and June 2, 2012.
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes activity for the six months ended June 1, 2013 with respect to the restricted stock unit awards.
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Business Acquisitions and Investments (Note)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 01, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions and Investments | BUSINESS ACQUISITIONS AND INVESTMENTS Business Acquisitions On May 9, 2012, the Company acquired 100% of the shares in Modular Engineering Company Pty Ltd. ("Modular") for $7,875. An initial payment of $5,237 was made at closing. On May 8, 2013, another installment of the purchase price in the amount of $1,530 was paid. The remaining purchase price will be paid on the second anniversary of the closing date. Modular, a manufacturer of pressure vessels, process and storage tanks and other natural gas filtration products and distributor of aftermarket elements is located in Henderson, Western Australia. The acquisition of Modular gave the Company first-fit manufacturing capabilities in Western Australia, as well as a platform for aftermarket growth throughout the region. Modular has been combined into an existing Company subsidiary, which is part of the Company's Industrial/Environmental Filtration segment. An allocation of the purchase price for the acquisition has been made to major categories of assets and liabilities. Acquired finite-lived intangible assets of $2,552 were recorded in connection with the purchase. The $5,339 excess of the initial purchase price over the estimated fair value of the assets acquired and liabilities assumed was recorded as goodwill, which is not deductible for income tax purposes. Net sales and Operating profit (loss) attributable to Modular for the three and six months ended June 1, 2013 and June 2, 2012 were as follows:
Investments Effective May 1, 2008, the Company acquired a 30% share in BioProcessH2O LLC (“BPH”), a Rhode Island-based manufacturer of industrial waste water and water reuse filtration systems, for $4,000. During the three and six months ended June 1, 2013, the Company did not make any additional investments. During the three months ended June 2, 2012, the Company did not make any additional investments. During the six months ended June 2, 2012, the Company invested an additional $33. The Company also has $21 accrued which has not yet been funded and is included in Accounts payable and accrued liabilities in the accompanying Consolidated Condensed Balance Sheets at both June 1, 2013 and December 1, 2012. Under the terms of the agreement with BPH, the Company has the right, but not the obligation, to acquire additional ownership shares and eventually complete ownership of BPH over several years at a price based on, among other factors, BPH’s operating income. The investment, with a carrying amount of $3,069 and $3,137, at June 1, 2013 and December 1, 2012, respectively, included in Other noncurrent assets in the Consolidated Condensed Balance Sheets, is being accounted for under the equity method of accounting. The carrying amount is adjusted each period to recognize the Company’s share of the earnings or losses of BPH, included in Other, net in the Consolidated Condensed Statements of Earnings, based on the percentage of ownership, as well as the receipt of any dividends. During the three and six months ended June 1, 2013 and June 2, 2012, the Company did not receive any dividends from BPH. The equity investment is periodically reviewed for indicators of impairment. The Company also owns a 15.63% share in BioProcess Algae LLC (“Algae”), a Delaware-based company developing technology to grow and harvest algae which can be used to consume carbon dioxide and also be used as a renewable energy source. During the three and six months ended June 1, 2013, the Company invested an additional $236 and $459, respectively, into Algae, of which $223 had been accrued and included in Accounts payable and accrued liabilities at December 1, 2012 in the accompanying Consolidated Condensed Balance Sheets. During the three and six months ended June 2, 2012, the Company invested an additional $225 and $324, respectively, into Algae. The investment, with a carrying amount of $2,048 and $1,812 at June 1, 2013 and December 1, 2012, respectively, included in Other noncurrent assets, is being accounted for under the cost method of accounting. Under the cost method, the Company recognizes dividends as income when received and reviews the cost basis of the investment for impairment if factors indicate that a decrease in value of the investment has occurred. During the three and six months ended June 1, 2013, the Company did not receive any dividends from Algae. During the three months ended June 2, 2012, the Company did not receive any dividends from Algae. During the six months ended June 2, 2012, the Company received dividends from Algae of $1,200, which is included in Other, net in the Consolidated Condensed Statements of Earnings. |
Goodwill and Acquired Intangible Assets (Note)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 01, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Acquired Intangible Assets | GOODWILL AND ACQUIRED INTANGIBLE ASSETS All goodwill is stated on a gross basis, as the Company has not recorded any impairment charges against goodwill. The following table reconciles the activity for goodwill by segment for the six months ended June 1, 2013.
The following table summarizes acquired intangibles by segment. Other acquired intangibles include parts manufacturer regulatory approvals, developed technology, patents and non-compete agreements.
The following table summarizes estimated amortization expense.
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Incentive Plans and Stock-Based Compensation (Note)
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Jun. 01, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Plans and Stock-Based Compensation | INCENTIVE PLANS AND STOCK-BASED COMPENSATION On March 23, 2009, the shareholders of CLARCOR approved the 2009 Incentive Plan, which replaced the 2004 Incentive Plan. The 2009 Incentive Plan allows the Company to grant stock options, restricted stock unit awards, restricted stock, performance awards and other awards to officers, directors and key employees of up to 3,800,000 shares during a ten-year period that ends in December 2019. Upon share option exercise or restricted stock unit award conversion, the Company issues new shares unless treasury shares are available. The key provisions of the Company’s stock-based incentive plans are described in Note M of the Company’s Consolidated Financial Statements included in the 2012 Form 10-K. Stock Options Nonqualified stock options are granted at exercise prices equal to the market price of CLARCOR common stock at the date of grant, which is the date the Company’s Board of Directors approves the grant and the participants receive it. The Company’s Board of Directors determines the vesting requirements for stock options at the time of grant and may accelerate vesting. In general, options granted to key employees vest 25% per year beginning at the end of the first year; therefore, they become fully exercisable at the end of four years. Vesting may be accelerated in the event of retirement, disability or death of a participant or change in control of the Company. Options granted to non-employee directors vest immediately. All options expire ten years from the date of grant unless otherwise terminated. The following table summarizes information related to stock options and stock option exercises during the three and six months ended June 1, 2013 and June 2, 2012.
The following table summarizes activity for the six months ended June 1, 2013 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan and the 2009 Incentive Plan.
At June 1, 2013, there was $6,906 of unrecognized compensation cost related to option awards which the Company expects to recognize over a weighted-average period of 2.74 years. The following table summarizes information about the Company’s outstanding and exercisable options at June 1, 2013.
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year.
The expected option term in years selected for options granted during each period presented represents the period of time that the options are expected to be outstanding based on historical data of option holder exercise and termination behavior. Expected volatilities are based upon historical volatility of the Company’s monthly stock closing prices over a period equal to the expected life of each option grant. The risk-free interest rate is selected based on yields from U.S. Treasury zero-coupon issues with a remaining term approximately equal to the expected term of the options being valued. Expected dividend yield is based on the estimated dividend yield determined on the date of issuance. Restricted Stock Unit Awards The Company’s restricted stock unit awards are considered nonvested share awards. The restricted stock unit awards require no payment from the employee. Compensation cost is recorded based on the market price of the stock on the grant date and is recorded equally over the vesting period of four years. During the vesting period, officers and key employees receive compensation equal to the amount of dividends declared on common shares they would have been entitled to receive had the shares been issued. Upon vesting, employees may elect to defer receipt of their shares. There were 14,760 and 131,197 vested and deferred shares at June 1, 2013 and December 1, 2012, respectively. The following table summarizes information related to restricted stock unit awards during the three and six months ended June 1, 2013 and June 2, 2012.
The following table summarizes activity for the six months ended June 1, 2013 with respect to the restricted stock unit awards.
As of June 1, 2013, there was $1,596 of total unrecognized compensation cost related to restricted stock unit awards which the Company expects to recognize over a weighted-average period of 3.00 years. |
Incentive Plans and Stock-Based Compensation (Details 3) (USD $)
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6 Months Ended |
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Jun. 01, 2013
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Stock Option Activity in Shares [Abstract] | |
Outstanding at beginning of year | 3,037,151 |
Granted | 385,000 |
Exercised | (354,979) |
Surrendered | (18,573) |
Outstanding at end of period | 3,048,599 |
Exercisable at end of period | 2,249,924 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price - Outstanding Beginning of Year | $ 36.09 |
Weighted Average Exercise Price - Granted | $ 45.19 |
Weighted Average Exercise Price - Exercised | $ 26.79 |
Weighted Average Exercise Price - Surrendered | $ 42.40 |
Weighted Average Exercise Price - Outstanding End of Period | $ 38.29 |
Weighted Average Exercise Price - Exercisable | $ 35.80 |
Fair Value Measurements(Tables)
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Fair Value, Measurement Inputs, Disclosure [Table Text Block] | Assets or liabilities that have recurring fair value measurements are shown below:
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Earnings Per Share and Stock Repurchase Activity (Tables)
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Schedule of Weighted Average Number of Shares [Table Text Block] | The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share.
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Additional Information Earnings Per Share and Stock Repurchase Activity [Table Text Block] | The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity.
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Business Acquisitions and Investments (Details 2) (USD $)
In Thousands, unless otherwise specified |
0 Months Ended | 3 Months Ended | 6 Months Ended | |||
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May 01, 2008
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Jun. 01, 2013
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Jun. 02, 2012
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Jun. 01, 2013
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Jun. 02, 2012
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Dec. 01, 2012
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Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 459 | $ 357 | ||||
BioProcessH2O [Member]
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Schedule of Equity Method Investments [Line Items] | ||||||
Name of Investment | BioProcessH2O LLC | |||||
Significant Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | May 01, 2008 | |||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||
Equity Method Investment, Aggregate Cost | 4,000 | |||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | 0 | 33 | ||
Investment-related Liabilities | 21 | 21 | 21 | |||
Equity Method Investments, Carrying Amount | 3,069 | 3,069 | 3,137 | |||
Equity Method Investment, Dividends or Distributions | $ 0 | $ 0 | $ 0 | $ 0 |
Pension and Other Postretirement Plans (Details 2) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
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Jun. 01, 2013
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Jun. 01, 2013
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Dec. 01, 2012
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Jun. 01, 2013
U.S. Qualified Plans [Member]
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Jun. 01, 2013
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Jun. 01, 2013
Non-U.S. Plan [Member]
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Jun. 01, 2013
Postretirement Healthcare Benefit Plan [Member]
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Jun. 02, 2012
Postretirement Healthcare Benefit Plan [Member]
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Postretirement Healthcare Benefit Plan [Member]
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Jun. 02, 2012
Postretirement Healthcare Benefit Plan [Member]
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Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Cash contributions | $ 1,583 | $ 16,543 | $ 18 | $ 25 | $ 36 | $ 50 | ||||
Defined Benefit Plan Estimated Employer Contributions In Current Fiscal Year | 27,938 | 27,938 | 6,156 | 21,372 | 340 | 70 | 70 | |||
Restricted trust, included in Other noncurrent assets | $ 1,054 | $ 1,054 | $ 1,070 |