December 31, | |||||||
(millions of dollars) | 2013 | 2012 | |||||
Receivables, net: | |||||||
Customers | $ | 1,067.5 | $ | 1,014.6 | |||
Other | 183.1 | 134.8 | |||||
Gross receivables | 1,250.6 | 1,149.4 | |||||
Bad debt allowance(a) | (2.1 | ) | (2.1 | ) | |||
Total receivables, net | $ | 1,248.5 | $ | 1,147.3 | |||
Inventories, net: | |||||||
Raw material and supplies | $ | 279.8 | $ | 264.0 | |||
Work in progress | 78.0 | 82.0 | |||||
Finished goods | 116.3 | 117.6 | |||||
FIFO inventories | 474.1 | 463.6 | |||||
LIFO reserve | (16.0 | ) | (16.0 | ) | |||
Total inventories, net | $ | 458.1 | $ | 447.6 | |||
Prepayments and other current assets: | |||||||
Prepaid tooling | $ | 37.1 | $ | 39.1 | |||
Prepaid taxes | 12.3 | 0.7 | |||||
Derivatives | 3.4 | 5.7 | |||||
Other | 30.9 | 22.0 | |||||
Total prepayments and other current assets | $ | 83.7 | $ | 67.5 | |||
Property, plant and equipment, net: | |||||||
Land and land use rights | $ | 87.2 | $ | 76.4 | |||
Buildings | 666.7 | 640.8 | |||||
Machinery and equipment | 1,897.5 | 2,282.4 | |||||
Capital leases | 2.4 | 2.3 | |||||
Construction in progress | 272.3 | 243.7 | |||||
Property, plant and equipment, gross | 2,926.1 | 3,245.6 | |||||
Accumulated depreciation | (1,099.3 | ) | (1,567.0 | ) | |||
Property, plant & equipment, net, excluding tooling | 1,826.8 | 1,678.6 | |||||
Tooling, net of amortization | 112.6 | 109.4 | |||||
Property, plant & equipment, net | $ | 1,939.4 | $ | 1,788.0 | |||
Investments and advances: | |||||||
Investment in equity affiliates | $ | 201.5 | $ | 217.7 | |||
Other investments and advances | 203.6 | 165.0 | |||||
Total investments and advances | $ | 405.1 | $ | 382.7 | |||
Other non-current assets: | |||||||
Deferred income taxes | $ | 257.6 | $ | 244.1 | |||
Other intangible assets | 169.5 | 206.3 | |||||
Product liability insurance asset | 96.7 | 85.6 | |||||
Other | 53.2 | 39.9 | |||||
Total other non-current assets | $ | 577.0 | $ | 575.9 |
December 31, | |||||||
(millions of dollars) | 2013 | 2012 | |||||
Accounts payable and accrued expenses: | |||||||
Trade payables | $ | 872.6 | $ | 815.4 | |||
Trade payables for capital expenditures | 62.8 | 39.8 | |||||
Payroll and employee related | 184.6 | 180.7 | |||||
Customer related | 49.7 | 36.3 | |||||
Product liability | 41.1 | 36.5 | |||||
Product warranties | 38.4 | 33.1 | |||||
Retirement related | 21.8 | 27.9 | |||||
Dividends payable to noncontrolling shareholders | 16.7 | 9.5 | |||||
Interest | 12.0 | 11.7 | |||||
Severance | 11.3 | 8.9 | |||||
Insurance | 8.2 | 9.2 | |||||
Legal and professional fees | 7.8 | 4.2 | |||||
Derivatives | 7.4 | 9.8 | |||||
Current deferred income taxes | 3.9 | 1.4 | |||||
Environmental | 1.1 | 1.6 | |||||
Other | 44.4 | 61.2 | |||||
Total accounts payable and accrued expenses | $ | 1,383.8 | $ | 1,287.2 | |||
Other non-current liabilities: | |||||||
Deferred income taxes | $ | 81.3 | $ | 89.4 | |||
Product liability | 55.6 | 49.1 | |||||
Deferred revenue | 46.2 | 30.5 | |||||
Product warranties | 34.3 | 31.8 | |||||
Cross-currency swaps and derivatives | 24.3 | 58.1 | |||||
Environmental | 2.9 | 2.3 | |||||
Other | 82.2 | 56.9 | |||||
Total other non-current liabilities | $ | 326.8 | $ | 318.1 |
(a) Bad debt allowance: | 2013 | 2012 | 2011 | ||||||||
Beginning balance, January 1 | $ | (2.1 | ) | $ | (4.3 | ) | $ | (4.0 | ) | ||
Provision | (0.3 | ) | (0.8 | ) | (1.4 | ) | |||||
Write-offs | 0.4 | 3.0 | 1.0 | ||||||||
Translation adjustment and other | (0.1 | ) | — | 0.1 | |||||||
Ending balance, December 31 | $ | (2.1 | ) | $ | (2.1 | ) | $ | (4.3 | ) |
November 30, | |||||||||||
(millions of dollars) | 2013 | 2012 | |||||||||
Balance sheets: | |||||||||||
Cash and securities | $ | 118.3 | $ | 123.3 | |||||||
Current assets, including cash and securities | 313.6 | 320.0 | |||||||||
Non-current assets | 156.1 | 175.3 | |||||||||
Current liabilities | 166.8 | 147.4 | |||||||||
Non-current liabilities | 40.7 | 50.2 | |||||||||
Total equity | 262.2 | 297.7 | |||||||||
Year Ended November 30, | |||||||||||
(millions of dollars) | 2013 | 2012 | 2011 | ||||||||
Statements of operations: | |||||||||||
Net sales | $ | 604.0 | $ | 696.7 | $ | 655.2 | |||||
Gross profit | 126.6 | 138.2 | 128.5 | ||||||||
Net earnings | 68.3 | 68.5 | 61.6 |