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6 Months Ended |
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Jun. 30, 2013
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Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2013 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | UIS |
Entity Registrant Name | UNISYS CORP |
Entity Central Index Key | 0000746838 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 43,642,006 |
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Outsourcing assets include equipment and other assets, as well as software development cost and certain cost incurred upon initiation of customer contracts related to initial customer set up costs, used to provide services to outsourcing customers. No definition available.
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Consolidated Balance Sheets (Parenthetical)
In Millions, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Convertible preferred stock, dividend rate | 6.25% | 6.25% |
Preferred stock, shares issued | 2.6 | 2.6 |
Common stock, shares issued | 44.7 | 44.3 |
Treasury stock, shares | 1.0 | 0.4 |
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Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Revenue | ||||
Services | $ 739.7 | $ 815.7 | $ 1,462.7 | $ 1,638.7 |
Technology | 118.9 | 105.6 | 205.8 | 211.0 |
Total Revenue | 858.6 | 921.3 | 1,668.5 | 1,849.7 |
Cost of revenue: | ||||
Services | 614.0 | 645.9 | 1,216.8 | 1,314.5 |
Technology | 43.9 | 32.2 | 90.2 | 66.2 |
Cost of Revenue, Total | 657.9 | 678.1 | 1,307.0 | 1,380.7 |
Selling, general and administrative | 144.9 | 142.0 | 287.1 | 283.4 |
Research and development | 17.8 | 22.2 | 34.8 | 42.2 |
Costs and Expenses, Total | 820.6 | 842.3 | 1,628.9 | 1,706.3 |
Operating profit | 38.0 | 79.0 | 39.6 | 143.4 |
Interest expense | 2.6 | 7.9 | 5.3 | 17.2 |
Other income (expense), net | 14.1 | 4.1 | 9.2 | (9.1) |
Income before income taxes | 49.5 | 75.2 | 43.5 | 117.1 |
Provision for income taxes | 22.7 | 22.1 | 44.1 | 44.1 |
Consolidated net income (loss) | 26.8 | 53.1 | (0.6) | 73.0 |
Net income attributable to noncontrolling interests | 2.3 | 2.4 | 4.8 | 4.9 |
Net income (loss) attributable to Unisys Corporation | 24.5 | 50.7 | (5.4) | 68.1 |
Preferred stock dividends | 4.1 | 4.1 | 8.1 | 8.1 |
Net income (loss) attributable to Unisys Corporation common shareholders | $ 20.4 | $ 46.6 | $ (13.5) | $ 60.0 |
Earnings (loss) per common share attributable to Unisys Corporation | ||||
Basic | $ 0.47 | $ 1.06 | $ (0.31) | $ 1.37 |
Diluted | $ 0.46 | $ 0.99 | $ (0.31) | $ 1.33 |
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Consolidated Statements Of Comprehensive Income (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Consolidated net income (loss) | $ 26.8 | $ 53.1 | $ (0.6) | $ 73.0 |
Other comprehensive income | ||||
Foreign currency translation | (50.3) | (31.5) | (75.2) | (4.5) |
Postretirement adjustments, net of tax of $2.1 and $13.7 in 2013 and $(3.9) and $(6.9) in 2012 | 44.6 | 28.7 | 135.4 | 47.4 |
Total other comprehensive income (loss) | (5.7) | (2.8) | 60.2 | 42.9 |
Comprehensive income | 21.1 | 50.3 | 59.6 | 115.9 |
Less comprehensive income attributable to noncontrolling interests | (3.2) | (2.8) | (5.5) | (6.8) |
Comprehensive income attributable to Unisys Corporation | $ 17.9 | $ 47.5 | $ 54.1 | $ 109.1 |
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Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified |
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Postretirement adjustments, tax | $ 2.1 | $ (3.9) | $ 13.7 | $ (6.9) |
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The cash outflow associated with the acquisition of assets used to provide services to outsourcing customers. No definition available.
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Basis Of Presentation
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Jun. 30, 2013
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Basis Of Presentation | In the opinion of management, the financial information furnished herein reflects all adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income and cash flows for the interim periods specified. These adjustments consist only of normal recurring accruals except as disclosed herein. Because of seasonal and other factors, results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions about future events. These estimates and assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and the reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, outsourcing assets, marketable software, goodwill and other long-lived assets, legal contingencies, indemnifications, and assumptions used in the calculation for systems integration projects, income taxes and retirement and other post-employment benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. The company’s accounting policies are set forth in detail in note 1 of the notes to the consolidated financial statements in the company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission. Such Annual Report also contains a discussion of the company’s critical accounting policies. The company believes that these critical accounting policies affect its more significant estimates and judgments used in the preparation of the company’s consolidated financial statements. There have been no changes in the company’s critical accounting policies from those disclosed in the company’s Annual Report on Form 10-K for the year ended December 31, 2012. |
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Earnings per Share
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Earnings per Share | a. Earnings per Share. The following table shows how earnings (loss) per common share attributable to Unisys Corporation was computed for the three and six months ended June 30, 2013 and 2012 (dollars in millions, shares in thousands):
In the six months ended June 30, 2013 and 2012, the following weighted-average number of stock options and restricted stock units were antidilutive and therefore excluded from the computation of diluted earnings per share (in thousands): 3,550 and 2,281, respectively. In the six months ended June 30, 2013, the following weighted-average number of mandatory convertible preferred stock was antidilutive and therefore excluded from the computation of diluted earnings per share (in thousands): 2,587. |
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Jun. 30, 2013
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Pension and Postretirement Benefits | b. Pension and Postretirement Benefits. Net periodic pension expense for the three and six months ended June 30, 2013 and 2012 is presented below (in millions of dollars):
In 2013, the company estimates that it will make cash contributions of approximately $140 million to its worldwide defined benefit pension plans, which is comprised of $106 million primarily for non-U.S. defined benefit pension plans and $34 million for the company’s U.S. qualified defined benefit pension plan. In 2012, the company made cash contributions of $201.5 million to its worldwide defined benefit pension plans. For the six months ended June 30, 2013 and 2012, $61.3 million and $118.8 million, respectively, of cash contributions have been made. Net periodic postretirement benefit expense for the three and six months ended June 30, 2013 and 2012 is presented below (in millions of dollars):
The company expects to make cash contributions of approximately $20 million to its postretirement benefit plan in 2013 compared with $20.4 million in 2012. For the six months ended June 30, 2013 and 2012, $7.0 million and $8.2 million, respectively, of cash contributions have been made. |
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Fair Value Measurements
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Jun. 30, 2013
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Fair Value Measurements | c. Fair Value Measurements. Due to its foreign operations, the company is exposed to the effects of foreign currency exchange rate fluctuations on the U.S. dollar, principally related to intercompany account balances. The company uses derivative financial instruments to reduce its exposure to market risks from changes in foreign currency exchange rates on such balances. The company enters into foreign exchange forward contracts, generally having maturities of one month, which have not been designated as hedging instruments. At June 30, 2013 and 2012, the notional amount of these contracts was $469.1 million and $352.7 million, respectively. At June 30, 2013 and 2012, the fair value of such contracts was a net loss of $.9 million and a net gain of $.4 million, respectively, of which $1.8 million and $1.0 million, respectively, has been recognized in “Prepaid expenses and other current assets” and $2.7 and $.6 million, respectively, has been recognized in “Other accrued liabilities” in the company’s consolidated balance sheet. For the six months ended June 30, 2013 and 2012, changes in the fair value of these instruments was a loss of $2.7 million and a gain of $.8 million, respectively, which has been recognized in earnings in “Other income (expense), net” in the company’s consolidated statement of income. The fair value of these forward contracts is based on quoted prices for similar but not identical financial instruments; as such, the inputs are considered Level 2 inputs. Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other accrued liabilities. The carrying amounts of these financial assets and liabilities approximate fair value due to their short maturities. At June 30, 2013 and December 31, 2012, the carrying amount of long-term debt was less than fair value, which is based on market prices (Level 2 inputs), of such debt by approximately $13 million and $15 million, respectively. |
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Stock Options
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Jun. 30, 2013
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Stock Options | d. Stock Options. Under stockholder approved stock-based plans, stock options, stock appreciation rights, restricted stock and restricted stock units may be granted to officers, directors and other key employees. At June 30, 2013, 3.2 million shares of unissued common stock of the company were available for granting under these plans. The fair value of stock option awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted-average fair values:
Restricted stock unit awards may contain time-based units, performance-based units or a combination of both. Each performance-based unit will vest into zero to 1.5 shares depending on the degree to which the performance goals are met. Compensation expense resulting from these awards is recognized as expense ratably for each installment from the date of grant until the date the restrictions lapse and is based on the fair market value at the date of grant and the probability of achievement of the specific performance-related goals. The company records all share-based expense in selling, general and administrative expense. During the six months ended June 30, 2013 and 2012, the company recorded $8.9 million of share-based compensation expense in both periods, which is comprised of $3.1 million and $3.6 million of restricted stock unit expense and $5.8 million and $5.3 million of stock option expense, respectively.
A summary of stock option activity for the six months ended June 30, 2013 follows (shares in thousands):
The aggregate intrinsic value represents the total pretax value of the difference between the company’s closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options that would have been received by the option holders had all option holders exercised their options on June 30, 2013. The intrinsic value of the company’s stock options changes based on the closing price of the company’s stock. The total intrinsic value of options exercised for the six months ended June 30, 2013 and 2012 was $2.1 million and $.6 million, respectively. As of June 30, 2013, $6.4 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.4 years. A summary of restricted stock unit activity for the six months ended June 30, 2013 follows (shares in thousands):
The fair value of restricted stock units is determined based on the trading price of the company’s common shares on the date of grant. The aggregate weighted-average grant-date fair value of restricted stock units granted during the six months ended June 30, 2013 and 2012 was $4.9 million and $3.2 million, respectively. As of June 30, 2013, there was $6.1 million of total unrecognized compensation cost related to outstanding restricted stock units granted under the company’s plans. That cost is expected to be recognized over a weighted-average period of 2.3 years. The aggregate weighted-average grant-date fair value of restricted share units vested during the six months ended June 30, 2013 and 2012 was $4.3 million and $4.1 million, respectively. Common stock issued upon exercise of stock options or upon lapse of restrictions on restricted stock units is newly issued shares. Cash received from the exercise of stock options for the six months ended June 30, 2013 and 2012 was $1.2 million and $.3 million, respectively. In light of its tax position, the company is currently not recognizing any tax benefits from the exercise of stock options or upon issuance of stock upon lapse of restrictions on restricted stock units. Tax benefits resulting from tax deductions in excess of the compensation costs recognized are classified as financing cash flows. |
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No authoritative reference available. No definition available.
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Segment Information
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Jun. 30, 2013
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Segment Information | e. Segment Information. The company has two business segments: Services and Technology. Revenue classifications by segment are as follows: Services – systems integration and consulting, outsourcing, infrastructure services and core maintenance; Technology – enterprise-class software and servers and other technology.
The accounting policies of each business segment are the same as those followed by the company as a whole. Intersegment sales and transfers are priced as if the sales or transfers were to third parties. Accordingly, the Technology segment recognizes intersegment revenue and manufacturing profit on hardware and software shipments to customers under Services contracts. The Services segment, in turn, recognizes customer revenue and marketing profits on such shipments of company hardware and software to customers. The Services segment also includes the sale of hardware and software products sourced from third parties that are sold to customers through the company’s Services channels. In the company’s consolidated statements of income, the manufacturing costs of products sourced from the Technology segment and sold to Services customers are reported in cost of revenue for Services. Also included in the Technology segment’s sales and operating profit are sales of hardware and software sold to the Services segment for internal use in Services engagements. The amount of such profit included in operating income of the Technology segment for the three months ended June 30, 2013 and 2012 was $2.4 million and $8.2 million, respectively. The amount for the six months ended June 30, 2013 and 2012 was $2.7 million and $9.4 million, respectively. The profit on these transactions is eliminated in Corporate. The company evaluates business segment performance based on operating income exclusive of pension income or expense, restructuring charges and unusual and nonrecurring items, which are included in Corporate. All other corporate and centrally incurred costs are allocated to the business segments based principally on revenue, employees, square footage or usage. A summary of the company’s operations by business segment for the three and six month periods ended June 30, 2013 and 2012 is presented below (in millions of dollars):
Presented below is a reconciliation of total business segment operating income to consolidated income before income taxes (in millions of dollars):
Customer revenue by classes of similar products or services, by segment, is presented below (in millions of dollars):
Geographic information about the company’s revenue, which is principally based on location of the selling organization, is presented below (in millions of dollars):
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Accumulated Other Comprehensive Income
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Jun. 30, 2013
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Accumulated Other Comprehensive Income | f. Accumulated Other Comprehensive Income. Accumulated other comprehensive loss as of December 31, 2012 and June 30, 2013 is as follows (in millions of dollars):
Amounts related to postretirement plans not reclassified in their entirety out of accumulated other comprehensive income for the three and six months ended June 30, 2013 were as follows (in millions of dollars):
Noncontrolling interests as of December 31, 2012 and June 30, 2013 are as follows (in millions of dollars):
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Supplemental Cash Flow Information
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6 Months Ended |
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Jun. 30, 2013
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Supplemental Cash Flow Information | g. Supplemental Cash Flow Information. Cash paid, net of refunds, during the six months ended June 30, 2013 and 2012 for income taxes was $33.4 million and $15.7 million, respectively. Cash paid during the six months ended June 30, 2013 and 2012 for interest was $6.4 million and $23.8 million, respectively. |
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No authoritative reference available. No definition available.
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Accounting Standards
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Jun. 30, 2013
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Accounting Standards | h. Accounting Standards. Effective January 1, 2013, the company adopted the Financial Accounting Standards Board authoritative guidance that requires companies to disclose the following: (a) for items reclassified out of accumulated other comprehensive income (AOCI) and into net income in their entirety, the effect of the reclassification on each affected net income line item; and (b) for AOCI reclassification items that are not reclassified in their entirety into net income, a cross reference to other required U.S. GAAP disclosures. The new standard was required to be applied prospectively. Other than additional disclosure, the adoption of the new standard did not have an impact on the company’s consolidated financial statements. |
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Commitments and Contingencies
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Jun. 30, 2013
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Commitments and Contingencies | i. Commitments and Contingencies. There are various lawsuits, claims, investigations and proceedings that have been brought or asserted against the company, which arise in the ordinary course of business, including actions with respect to commercial and government contracts, labor and employment, employee benefits, environmental matters, intellectual property, and non-income tax and employment compensation in Brazil. The company records a provision for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Any provisions are reviewed at least quarterly and are adjusted to reflect the impact and status of settlements, rulings, advice of counsel and other information and events pertinent to a particular matter. The company believes that it has valid defenses with respect to legal matters pending against it. Based on its experience, the company also believes that the damage amounts claimed in the lawsuits disclosed below are not a meaningful indicator of the company’s potential liability. Litigation is inherently unpredictable, however, and it is possible that the company’s results of operations or cash flow could be materially affected in any particular period by the resolution of one or more of the legal matters pending against it. The company had a competitively awarded contract with the Transportation Security Administration (TSA) that provided for the establishment of secure information technology environments in airports. The Civil Division of the Department of Justice, working with the Inspector General’s Office of the Department of Homeland Security, has reviewed issues relating to labor categorization and overtime on the TSA contract. The company is in the process of contract settlement discussions with TSA regarding the labor categorization and overtime issues. The Civil Division is still reviewing issues relating to cyber intrusion protection under the TSA and a follow-on contract. The company is working cooperatively with TSA and the Civil Division on these cyber issues. The company cannot now predict the duration or outcome of these matters. In April 2007, the Ministry of Justice of Belgium sued Unisys Belgium SA-NV, a Unisys subsidiary (Unisys Belgium), in the Court of First Instance of Brussels. The Belgian government had engaged the company to design and develop software for a computerized system to be used to manage the Belgian court system. The Belgian State terminated the contract and in its lawsuit has alleged that the termination was justified because Unisys Belgium failed to deliver satisfactory software in a timely manner. It claims damages of approximately 28 million Euros. Unisys Belgium has filed its defense and counterclaim in the amount of approximately 18.5 million Euros. The company believes it has valid defenses to the claims and contends that the Belgian State’s termination of the contract was unjustified. In December 2007, Lufthansa AG sued Unisys Deutschland GmbH, a Unisys subsidiary (Unisys Germany), in the District Court of Frankfurt, Germany, for allegedly failing to perform properly its obligations during the initial phase of a 2004 software design and development contract relating to a Lufthansa customer loyalty program. Under the contract, either party was free to withdraw from the project at the conclusion of the initial design phase. Rather than withdraw, Lufthansa instead terminated the contract and failed to pay the balance owed to Unisys Germany for the initial phase. Lufthansa’s lawsuit alleges that Unisys Germany breached the contract by failing to deliver a proper design for the new system and seeks approximately 21.4 million Euros in damages. The company believes it has valid defenses and filed its defense and a counterclaim in the amount of approximately 1.5 million Euros. On July 2, 2013, the District Court issued a decision finding Unisys Germany liable for failing to perform its obligations under the initial phase of the contract. It also dismissed Unisys Germany’s counterclaim. The District Court did not conduct the damage phase of the proceeding. Unisys Germany has the right to immediately appeal the decision on liability and will do so promptly. The company and outside counsel believe that the District Court decision is flawed and that there are very good arguments to challenge it. Under German law, the appellate court will review the case de novo without deference to the factual findings or legal conclusions of the District Court. The company’s Brazilian operations, along with those of many other companies doing business in Brazil, are involved in various litigation matters, including numerous governmental assessments related to indirect and other taxes, as well as disputes associated with former employees and contract labor. The tax-related matters pertain to value added taxes, customs, duties, sales and other non-income related tax exposures. The labor-related matters include claims related to compensation matters. The company believes that appropriate accruals have been established for such matters based on information currently available. At June 30, 2013, excluding those matters that have been assessed by management as being remote as to the likelihood of ultimately resulting in a loss, the amount related to unreserved tax-related matters, inclusive of any related interest, is estimated to be up to approximately $130 million. The company is involved in two matters arising from the sale of its Health Information Management (HIM) business to Molina Information Systems, LLC (Molina) under a 2010 Asset Purchase Agreement (APA). The HIM business provided system solutions and services to state governments, including the States of Maine and Idaho, for administering Medicaid programs. In November 2012, Molina advised the company that Maine has demanded payment of about $32 million from Molina for a six month project delay in the implementation of Maine’s new Medicaid management system. Under the indemnity provision in the APA, the company has accepted a partial indemnity obligation and undertaken the defense of the matter. The company believes there are valid defenses to the allegations made by Maine. In August 2012, Molina sued the company in Federal District Court in Delaware alleging breaches of contract, negligent misrepresentation and intentional misrepresentation with respect to the APA and the Medicaid contract with Idaho. Molina sought compensatory damages, punitive damages, lost profits, indemnification, and declaratory relief. Molina alleged losses of approximately $35 million in the complaint. In June 2013, the District Court granted the company’s motion to dismiss the complaint and gave Molina until August 13, 2013 to replead certain claims and file an amended complaint. With respect to the specific legal proceedings and claims described above, except as otherwise noted, either (i) the amount or range of possible losses in excess of amounts accrued, if any, is not reasonably estimable or (ii) the company believes that the amount or range of possible losses in excess of amounts accrued that are estimable would not be material.
Litigation is inherently unpredictable and unfavorable resolutions could occur. Accordingly, it is possible that an adverse outcome from such matters could exceed the amounts accrued in an amount that could be material to the company’s financial condition, results of operations and cash flows in any particular reporting period. Notwithstanding that the ultimate results of the lawsuits, claims, investigations and proceedings that have been brought or asserted against the company are not currently determinable, the company believes that at June 30, 2013, it has adequate provisions for any such matters. |
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- Definition
No authoritative reference available. No definition available.
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Income Taxes
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6 Months Ended |
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Jun. 30, 2013
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Income Taxes | j. Income Taxes. Accounting rules governing income taxes require that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. These rules also require that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or the entire deferred tax asset will not be realized. The company evaluates the realizability of its deferred tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the company’s historical profitability, forecast of future taxable income and available tax-planning strategies that could be implemented to realize the net deferred tax assets. The company uses tax-planning strategies to realize or renew net deferred tax assets to avoid the potential loss of future tax benefits. A full valuation allowance is currently maintained for all U.S. and certain foreign deferred tax assets in excess of deferred tax liabilities. The company will record a tax provision or benefit for those international subsidiaries that do not have a full valuation allowance against their net deferred tax assets. Any profit or loss recorded for the company’s U.S. operations will have no provision or benefit associated with it due to full valuation allowance, except with respect refundable tax credits and withholding taxes not creditable against future taxable income. As a result, the company’s provision or benefit for taxes may vary significantly depending on the geographic distribution of income. Internal Revenue Code Sections 382 and 383 provide annual limitations with respect to the ability of a corporation to utilize its net operating loss (as well as certain built-in losses) and tax credit carryforwards, respectively (Tax Attributes), against future U.S. taxable income, if the corporation experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. The company regularly monitors ownership changes (as calculated for purposes of Section 382). The company has determined that, for purposes of the rules of Section 382 described above, an ownership change occurred in February 2011. Any future transaction or transactions and the timing of such transaction or transactions could trigger additional ownership changes under Section 382. As a result of the ownership change, utilization of the company’s Tax Attributes will be subject to an estimated overall annual limitation determined in part by multiplying the total adjusted aggregate market value of the company’s common stock immediately preceding the ownership change (approximately $1.6 billion) by the applicable long-term tax-exempt rate (4.47% for February 2011), subject to increase or decrease based on the built-in gain or built-in loss, if any, in the company’s assets at the time of the ownership change. Any unused annual limitation may be carried over to later years. Future U.S. taxable income may not be fully offset by existing Tax Attributes, if such income exceeds the company’s annual limitation. However, based on presently available information and the existence of tax planning strategies, the company does not expect to incur a U.S. cash tax liability in the near term. The company maintains a full valuation allowance against the realization of all U.S. deferred tax assets as well as certain foreign deferred tax assets in excess of deferred tax liabilities. |
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- Definition
No authoritative reference available. No definition available.
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Long-Term Debt
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6 Months Ended |
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Jun. 30, 2013
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Long-Term Debt | k. Long-Term Debt. During the six months ended June 30, 2012, the company retired a total of $68.5 million of its long-term debt comprised of all of the then remaining $25.5 million of its 14 1/4% senior secured notes due 2015, $40.0 million of its 12.5% senior notes due 2016 and $3.0 million of its 12.75% senior secured notes due 2014. As a result of these retirements, the company recognized a charge of $7.5 million in “Other income (expense), net” in the six months ended June 30, 2012, which is comprised of $6.5 million of premium and expenses paid and $1.0 million for the write off of unamortized discounts, issuance costs and gain related to the portion of the notes retired. |
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- Definition
No authoritative reference available. No definition available.
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Sale of Business
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6 Months Ended |
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Jun. 30, 2013
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Sale of Business | l. Sale of Business. On March 30, 2012, the company completed the sale of its interest in its South African joint venture and reported a pretax gain of $10.6 million, which was reported as a reduction of selling, general and administrative expense in the company’s consolidated statement of income. Since the sale, the company has served this market through a distributor. The joint venture, which had operations in both of the company’s reporting segments of Services and Technology, generated full year 2011 revenue and pretax income of $39.9 million and $7.9 million, respectively. Principally due to higher project-based revenue, particularly public sector in-quarter sell and bill revenue, the joint venture generated first quarter 2012 revenue and pretax income of $47.6 million and $7.6 million, respectively. |
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- Definition
Business Combination Disposition And Segment Information Disclosure No definition available.
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Foreign Currency Translation
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6 Months Ended |
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Jun. 30, 2013
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Foreign Currency Translation | m. Foreign Currency Translation. Due to inflation rates in recent years, the company’s Venezuelan subsidiary has applied highly inflationary accounting beginning January 1, 2010. For those international subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency, and as such, nonmonetary assets and liabilities are translated at historical exchange rates, and monetary assets and liabilities are translated at current exchange rates. Exchange gains and losses arising from translation are included in other income (expense), net. Effective February 13, 2013, the Venezuelan government devalued its currency (Bolivar Fuerte) by resetting the official exchange rate from 4.30 to the U.S. dollar to 6.30 to the U.S. dollar. As a result, the company recorded a pretax foreign exchange loss in the first quarter of 2013 of $6.5 million. At June 30, 2013, the company’s operations in Venezuela had net monetary assets denominated in local currency of approximately $14 million. |
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- Definition
No authoritative reference available. No definition available.
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Stockholder's Equity
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6 Months Ended |
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Jun. 30, 2013
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Stockholder's Equity | n. Stockholder’s Equity. On December 10, 2012, the company announced that its Board of Directors had authorized the company to purchase up to an aggregate of $50 million of the company’s common stock and mandatory convertible preferred stock through December 31, 2014. During the three months ended June 30, 2013, the company repurchased an aggregate of .6 million shares of common stock for approximately $11.5 million. Actual cash disbursements for repurchased shares may differ if the settlement date for shares repurchased occurs after the end of the quarter. At June 30, 2013, there remained approximately $38.5 million available for future repurchases under the Board authorization. |
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- Definition
No authoritative reference available. No definition available.
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Statement of Cash Flows
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6 Months Ended |
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Jun. 30, 2013
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Statement of Cash Flows | o. Statement of Cash Flows. In 2013, the company began to report its defined benefit pension plans contributions as a separate line item within the operating cash flow section of its consolidated statements of cash flows. The prior period statement of cash flows has been changed to present pension plans contributions separately and to adjust the amounts presented for other assets and liabilities. There was no change to total net cash provided by operating activities in the prior year. |
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- Definition
No authoritative reference available. No definition available.
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Earnings per Share (Tables)
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Jun. 30, 2013
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Computation of Earnings (Loss) Per Common Share Attributable to Unisys Corporation | The following table shows how earnings (loss) per common share attributable to Unisys Corporation was computed for the three and six months ended June 30, 2013 and 2012 (dollars in millions, shares in thousands):
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- Definition
No authoritative reference available. No definition available.
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Pension and Postretirement Benefits (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Pension Plans
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Components of Net Periodic Benefit Expense | Net periodic pension expense for the three and six months ended June 30, 2013 and 2012 is presented below (in millions of dollars):
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Other Postretirement Benefit Plans
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Components of Net Periodic Benefit Expense | Net periodic postretirement benefit expense for the three and six months ended June 30, 2013 and 2012 is presented below (in millions of dollars):
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- Definition
No authoritative reference available. No definition available.
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Stock Options (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value Assumptions on Stock Options | The fair value of stock option awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted-average fair values:
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Summary of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2013 follows (shares in thousands):
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Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for the six months ended June 30, 2013 follows (shares in thousands):
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Segment Information (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Summary of Operations by Business Segment | A summary of the company’s operations by business segment for the three and six month periods ended June 30, 2013 and 2012 is presented below (in millions of dollars):
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Reconciliation of Segment Operating Income to Consolidated Income | Presented below is a reconciliation of total business segment operating income to consolidated income before income taxes (in millions of dollars):
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Customer Revenue by Classes of Similar Products or Services | Customer revenue by classes of similar products or services, by segment, is presented below (in millions of dollars):
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Revenue by Geographic Segment | Geographic information about the company’s revenue, which is principally based on location of the selling organization, is presented below (in millions of dollars):
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Accumulated Other Comprehensive Income (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss as of December 31, 2012 and June 30, 2013 is as follows (in millions of dollars):
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Amounts Related to Postretirement Plans Not Reclassified in Entirely out of Accumulated Other Comprehensive Income | Amounts related to postretirement plans not reclassified in their entirety out of accumulated other comprehensive income for the three and six months ended June 30, 2013 were as follows (in millions of dollars):
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Noncontrolling Interests | Noncontrolling interests as of December 31, 2012 and June 30, 2013 are as follows (in millions of dollars):
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Schedule Of Non Controlling Interest Table [Text Block] No definition available.
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Earnings (Loss) per Share (Detail) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Basic Earnings (Loss) Per Common Share | ||||
Net income (loss) attributable to Unisys Corporation common shareholders | $ 20.4 | $ 46.6 | $ (13.5) | $ 60.0 |
Weighted average shares | 43,780 | 43,905 | 43,918 | 43,758 |
Total | $ 0.47 | $ 1.06 | $ (0.31) | $ 1.37 |
Diluted Earnings (Loss) Per Common Share | ||||
Net income (loss) attributable to Unisys Corporation common shareholders | 20.4 | 46.6 | (13.5) | 60.0 |
Add preferred stock dividends | 4.1 | 8.1 | ||
Net income (loss) attributable to Unisys Corporation for diluted earnings per share | $ 20.4 | $ 50.7 | $ (13.5) | $ 68.1 |
Weighted average shares | 43,780 | 43,905 | 43,918 | 43,758 |
Plus incremental shares from assumed conversions | ||||
Employee stock plans | 415 | 426 | 439 | |
Preferred stock | 6,913 | 6,913 | ||
Adjusted weighted average shares | 44,195 | 51,244 | 43,918 | 51,110 |
Total | $ 0.46 | $ 0.99 | $ (0.31) | $ 1.33 |
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Convertible Preferred Dividends Net of Tax Including Antidilutive Preferred Stock Dividends No definition available.
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Earnings per Share - Additional Information (Detail)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
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Stock Options And Restricted Stock Units
|
||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 3,550 | 2,281 |
Mandatory Convertible Preferred Stock
|
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 2,587 |
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Components of Net Periodic Benefit Expense (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2.6 | $ 2.2 | $ 5.2 | $ 4.2 |
Interest cost | 81.2 | 91.4 | 162.3 | 181.4 |
Expected return on assets | (107.4) | (105.3) | (215.4) | (210.6) |
Amortization of prior service cost | (0.3) | (0.4) | 0.3 | |
Recognized net actuarial loss | 46.7 | 38.5 | 94.3 | 77.2 |
Curtailment gain | (5.7) | (5.7) | ||
Net Periodic Benefit Expense | 22.8 | 21.1 | 46.0 | 46.8 |
U.S. Plans
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Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ||||
Interest cost | 55.0 | 62.7 | 109.8 | 124.4 |
Expected return on assets | (72.7) | (71.3) | (145.7) | (142.9) |
Amortization of prior service cost | 0.1 | 0.2 | 0.3 | 0.4 |
Recognized net actuarial loss | 34.1 | 30.1 | 69.0 | 59.9 |
Net Periodic Benefit Expense | 16.5 | 21.7 | 33.4 | 41.8 |
International Plans
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Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2.6 | 2.2 | 5.2 | 4.2 |
Interest cost | 26.2 | 28.7 | 52.5 | 57.0 |
Expected return on assets | (34.7) | (34.0) | (69.7) | (67.7) |
Amortization of prior service cost | (0.4) | (0.2) | (0.7) | (0.1) |
Recognized net actuarial loss | 12.6 | 8.4 | 25.3 | 17.3 |
Curtailment gain | (5.7) | (5.7) | ||
Net Periodic Benefit Expense | 6.3 | (0.6) | 12.6 | 5.0 |
Other Postretirement Benefit Plans
|
||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.1 | 0.3 | 0.2 |
Interest cost | 2.0 | 2.3 | 4.0 | 4.5 |
Expected return on assets | (0.1) | (0.2) | (0.2) | (0.3) |
Amortization of prior service cost | 0.5 | 0.4 | 0.9 | 0.9 |
Recognized net actuarial loss | 1.3 | 1.1 | 2.7 | 2.2 |
Net Periodic Benefit Expense | $ 3.9 | $ 3.7 | $ 7.7 | $ 7.5 |
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Pension and Postretirement Benefits - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
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Pension Plans
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Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions by the company in 2013 | $ 140 | ||
Cash contributions | 61.3 | 118.8 | 201.5 |
U.S. Plans
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Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions by the company in 2013 | 34 | ||
International Plans
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Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions by the company in 2013 | 106 | ||
Other Postretirement Benefit Plans
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Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions by the company in 2013 | 20 | ||
Cash contributions | $ 7.0 | $ 8.2 | $ 20.4 |
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Fair Value Measurements - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
|
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Fair Value, Measurement Inputs, Disclosure [Line Items] | |||
Maturity period limit of foreign currency exchange instruments (in months) | 1 month | ||
Net fair value gain (loss) on foreign exchange forward contracts | $ (0.9) | $ 0.4 | |
Difference between carrying amount and fair value of long-term debt | 13 | 15 | |
Other Income Expense Net
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Fair Value, Measurement Inputs, Disclosure [Line Items] | |||
Gain (loss) on foreign exchange forward contracts | (2.7) | 0.8 | |
Prepaid Expenses and Other Current Assets
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Fair Value, Measurement Inputs, Disclosure [Line Items] | |||
Net fair value gain (loss) on foreign exchange forward contracts | 1.8 | 1.0 | |
Other Accrued Liabilities
|
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Fair Value, Measurement Inputs, Disclosure [Line Items] | |||
Net fair value gain (loss) on foreign exchange forward contracts | 2.7 | 0.6 | |
Foreign Exchange Contract
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Fair Value, Measurement Inputs, Disclosure [Line Items] | |||
Notional amount of foreign exchange forward contracts not designated as hedging instruments | $ 469.1 | $ 352.7 |
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Foreign Currency Derivatives Increase Decrease In Fair Value No definition available.
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Stock Options - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of unissued common shares available for grant under the plans | 3.2 | |
Share-based compensation expense recognized | $ 8.9 | $ 8.9 |
Cash received from stock options exercised | 1.2 | 0.3 |
Performance Based Unit | Minimum
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares which will vest after achievement of goals | 0 | |
Performance Based Unit | Maximum
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares which will vest after achievement of goals | 1.5 | |
Restricted Stock Units
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense recognized | 3.1 | 3.6 |
Total unrecognized compensation cost | 6.1 | |
Recognition period for remaining unrecognized compensation expense, weighted-average period | 2 years 3 months 18 days | |
Aggregate weighted-average grant-date fair value of units granted | 4.9 | 3.2 |
Aggregate weighted-average grant-date fair value of units vested | 4.3 | 4.1 |
Employee Stock Option
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense recognized | 5.8 | 5.3 |
Total intrinsic value of options exercised | 2.1 | 0.6 |
Total unrecognized compensation cost | $ 6.4 | |
Recognition period for remaining unrecognized compensation expense, weighted-average period | 1 year 4 months 24 days |
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Share Based Compensation Arrangement By Share Based Payment Award Number of Shares Vesting After Achievement of Goals No definition available.
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Share-based compensation arrangement by share-based payment award, other than options, grants in period, weighted average grant date fair value. No definition available.
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Share-based compensation arrangement by share-based payment award, other than options, vested in period, weighted average grant date fair value. No definition available.
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Fair Value Assumptions on Stock Option (Detail) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
|
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Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ||
Weighted-average fair value of grant | $ 8.76 | $ 9.73 |
Risk-free interest rate | 0.54% | 0.54% |
Expected volatility | 50.19% | 71.29% |
Expected life of options in years | 3 years 8 months 9 days | 3 years 7 months 24 days |
Expected dividend yield |
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Summary of Stock Option Activity (Detail) (Employee Stock Option, USD $)
In Millions, except Share data in Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Employee Stock Option
|
|
Shares | |
Outstanding at December 31, 2012, shares | 2,766 |
Granted, shares | 755 |
Exercised, shares | (162) |
Forfeited and expired, shares | (222) |
Outstanding at June 30, 2013, shares | 3,137 |
Expected to vest at June 30, 2013, shares | 1,336 |
Exercisable at June 30, 2013, shares | 1,752 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2012, Weighted-Average Exercise Price | $ 35.50 |
Granted, Weighted-Average Exercise Price | $ 23.64 |
Exercised, Weighted-Average Exercise Price | $ 7.29 |
Forfeited and expired, Weighted-Average Exercise Price | $ 76.40 |
Outstanding at June 30, 2013, Weighted-Average Exercise Price | $ 31.20 |
Expected to vest at June 30, 2013, Weighted-Average Exercise Price | $ 24.38 |
Exercisable at June 30, 2013, Weighted-Average Exercise Price | $ 36.62 |
Weighted-Average Remaining Contractual Term | |
Outstanding at June 30, 2013, Weighted-Average Remaining Contractual Term | 2 years 8 months 16 days |
Expected to vest at June 30, 2013, Weighted-Average Remaining Contractual Term | 4 years 7 days |
Exercisable at June 30, 2013, Weighted-Average Remaining Contractual Term | 1 year 8 months 1 day |
Aggregate Intrinsic Value | |
Outstanding at June 30, 2013, Aggregate Intrinsic Value | $ 8.2 |
Expected to vest at June 30, 2013, Aggregate Intrinsic Value | 1.2 |
Exercisable at June 30, 2013, Aggregate Intrinsic Value | $ 6.9 |
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Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units, USD $)
In Thousands, except Per Share data, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Restricted Stock Units
|
|
Restricted Stock Units | |
Outstanding at December 31, 2012, Restricted Stock Units | 361 |
Granted, Restricted Stock Units | 207 |
Vested, Restricted Stock Units | (150) |
Forfeited and expired, Restricted Stock Units | (5) |
Outstanding at June 30, 2013, Restricted Stock Units | 413 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2012, Weighted-Average Grant-Date Fair Value | $ 25.12 |
Granted, Weighted-Average Grant-Date Fair Value | $ 23.66 |
Vested, Weighted-Average Grant-Date Fair Value | $ 28.84 |
Forfeited and expired, Weighted-Average Grant-Date Fair Value | $ 23.60 |
Outstanding at June 30, 2013, Weighted-Average Grant-Date Fair Value | $ 23.58 |
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Segment Information - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Segment Reporting Information [Line Items] | ||||
Number of operating business segments | 2 | |||
Technology
|
||||
Segment Reporting Information [Line Items] | ||||
Intersegment profit | $ 2.4 | $ 8.2 | $ 2.7 | $ 9.4 |
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Segment Reporting Information, Intersegment Profit No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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Summary of Operations by Segment (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Segment Reporting Information [Line Items] | ||||
Revenue | $ 858.6 | $ 921.3 | $ 1,668.5 | $ 1,849.7 |
Operating income | 38.0 | 79.0 | 39.6 | 143.4 |
Operating Segments
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | 858.6 | 921.3 | 1,668.5 | 1,849.7 |
Corporate
|
||||
Segment Reporting Information [Line Items] | ||||
Operating income | (23.5) | (26.7) | (44.7) | (38.8) |
Corporate | Intersegment Eliminations
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | (16.9) | (37.6) | (34.2) | (69.6) |
Corporate | Operating Segments
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | (16.9) | (37.6) | (34.2) | (69.6) |
Services
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | 739.7 | 815.7 | 1,462.7 | 1,638.7 |
Operating income | 29.2 | 64.9 | 51.8 | 106.4 |
Services | Intersegment Eliminations
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0.4 | 0.6 | 0.9 | 1.4 |
Services | Operating Segments
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | 740.1 | 816.3 | 1,463.6 | 1,640.1 |
Technology
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | 118.9 | 105.6 | 205.8 | 211.0 |
Operating income | 32.3 | 40.8 | 32.5 | 75.8 |
Technology | Intersegment Eliminations
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | 16.5 | 37.0 | 33.3 | 68.2 |
Technology | Operating Segments
|
||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 135.4 | $ 142.6 | $ 239.1 | $ 279.2 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
|
Reconciliation of Total Business Segment Operating Income to Consolidated Income (Loss) Before Income Taxes (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment operating income | $ 38.0 | $ 79.0 | $ 39.6 | $ 143.4 |
Interest expense | (2.6) | (7.9) | (5.3) | (17.2) |
Other income (expense), net | 14.1 | 4.1 | 9.2 | (9.1) |
Total income before income taxes | 49.5 | 75.2 | 43.5 | 117.1 |
Operating Segments
|
||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment operating income | 61.5 | 105.7 | 84.3 | 182.2 |
Corporate and Eliminations
|
||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other income (expense), net | $ (23.5) | $ (26.7) | $ (44.7) | $ (38.8) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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Customer Revenue by Classes of Similar Products or Services (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenue from External Customer [Line Items] | ||||
Customer revenue | $ 858.6 | $ 921.3 | $ 1,668.5 | $ 1,849.7 |
Services
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | 739.7 | 815.7 | 1,462.7 | 1,638.7 |
Technology
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | 118.9 | 105.6 | 205.8 | 211.0 |
Systems Integration and Consulting | Services
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | 234.7 | 263.8 | 446.5 | 571.3 |
Outsourcing | Services
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | 354.7 | 396.2 | 716.0 | 747.6 |
Infrastructure Services | Services
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | 105.5 | 107.6 | 210.6 | 222.9 |
Core Maintenance | Services
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | 44.8 | 48.1 | 89.6 | 96.9 |
Enterprise-Class Software And Servers | Technology
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | 112.2 | 100.8 | 192.2 | 196.5 |
Other Technology | Technology
|
||||
Revenue from External Customer [Line Items] | ||||
Customer revenue | $ 6.7 | $ 4.8 | $ 13.6 | $ 14.5 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Revenue by Geographic Segment (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 858.6 | $ 921.3 | $ 1,668.5 | $ 1,849.7 |
United States
|
||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 344.0 | 367.3 | 671.1 | 750.3 |
United Kingdom
|
||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 95.3 | 115.1 | 197.4 | 211.3 |
Other International
|
||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 419.3 | $ 438.9 | $ 800.0 | $ 888.1 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Accumulated Other Comprehensive Loss (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive loss, beginning balance | $ (4,133.6) |
Accumulated other comprehensive loss, Other comprehensive income before reclassifications | (32.6) |
Accumulated other comprehensive loss, Amounts reclassified from accumulated other comprehensive income | 92.1 |
Accumulated other comprehensive loss, Current period other comprehensive income | 59.5 |
Accumulated other comprehensive loss, ending balance | (4,074.1) |
Translation Adjustments, beginning balance | (634.3) |
Translation Adjustments, Other comprehensive income before reclassifications | (71.5) |
Translation Adjustments, Amounts reclassified from accumulated other comprehensive income | |
Translation Adjustments, Current period other comprehensive income | (71.5) |
Translation Adjustments, ending balance | (705.8) |
Postretirement Plans, beginning balance | (3,499.3) |
Postretirement Plans, Other comprehensive income before reclassifications | 38.9 |
Postretirement Plans, Amounts reclassified from accumulated other comprehensive income | 92.1 |
Postretirement Plans, Current period other comprehensive income | 131.0 |
Postretirement Plans, ending balance | $ (3,368.3) |
X | ||||||||||
- Definition
Other Comprehensive Income Defined Benefit Plans Adjustment Change In Period No definition available.
|
X | ||||||||||
- Definition
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax No definition available.
|
X | ||||||||||
- Definition
Other Comprehensive Income, Reclassification Adjustments Net of Tax No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Amounts Related to Postretirement Plans Not Reclassified in Entirely Out of Accumulated Other Comprehensive Income (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
|||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Amortization of prior service cost | $ 0.3 | [1] | $ 0.5 | [1] | ||
Amortization of actuarial losses | 47.0 | [1] | 95.3 | [1] | ||
Total before tax | 47.3 | 95.8 | ||||
Income tax benefit | (1.9) | (3.7) | ||||
Net of tax | $ 45.4 | $ 92.1 | ||||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Noncontrolling Interests (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Noncontrolling Interest [Line Items] | ||||
Balance at December 31, 2012 | $ 11.5 | |||
Net income | 2.3 | 2.4 | 4.8 | 4.9 |
Translation adjustments | (3.7) | |||
Postretirement plans | 4.4 | |||
Balance at June 30, 2013 | $ 17.0 | $ 17.0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Supplemental Cash Flow Information - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Cash Flow Supplemental Disclosures [Line Items] | ||
Income taxes paid | $ 33.4 | $ 15.7 |
Interest paid | $ 6.4 | $ 23.8 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Commitments And Contingencies - Additional Information (Detail)
In Millions, unless otherwise specified |
1 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
USD ($)
|
Apr. 30, 2007
Ministry Of Justice Of Belgium
EUR (€)
|
Dec. 31, 2007
Lufthansa AG
EUR (€)
|
Nov. 30, 2012
Health Information Management (HIM)
USD ($)
|
Jun. 30, 2013
Health Information Management (HIM)
LegalMatter
|
Aug. 31, 2012
Health Information Management (HIM)
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||
Claim for damages against termination of contract | € 28.0 | € 21.4 | $ 35.0 | |||
Counterclaim against termination of contract | 18.5 | 1.5 | ||||
Unreserved tax-related matters, inclusive of interest | 130 | |||||
Number of matters from sale of asset | 2 | |||||
Demanded payment on project delay | $ 32 | |||||
Project delay | 6 months |
X | ||||||||||
- Definition
Contract Termination Counterclaims Governments Other Than US Federal Government No definition available.
|
X | ||||||||||
- Definition
Period For Delay To Close Deal Than Originally Expected No definition available.
|
X | ||||||||||
- Definition
Unreserved Tax Related Matters Inclusive of Interest No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes - Additional Information (Detail) (USD $)
In Billions, unless otherwise specified |
1 Months Ended | 6 Months Ended |
---|---|---|
Feb. 28, 2011
|
Jun. 30, 2013
Minimum
|
|
Tax Credit Carryforward [Line Items] | ||
Expected change in ownership percentage | 50.00% | |
Aggregate market value of common stock | $ 1.6 | |
Percentage of Income Tax Exemption | 4.47% |
X | ||||||||||
- Definition
Aggregate Value of Stock Issued No definition available.
|
X | ||||||||||
- Definition
Expected Percentage Change In Ownership Interest In Entity Stock No definition available.
|
X | ||||||||||
- Definition
Long Term Tax Exempt Rate For February 2011. No definition available.
|
X | ||||||||||
- Details
|
Long-Term Debt - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Debt Instrument [Line Items] | |
Total Aggregate principal amount redeemed | $ 68.5 |
Charges recognized on debt instruments | 7.5 |
Debt premium and expenses paid | 6.5 |
Write off of debt issuance cost | 1.0 |
14 1/4% Senior Secured Notes Due 2015
|
|
Debt Instrument [Line Items] | |
Senior secured notes | 25.5 |
Interest rate of the debt instruments | 14.25% |
Maturity year of the debt instruments | 2015 |
12.5% Senior Notes Due 2016
|
|
Debt Instrument [Line Items] | |
Senior secured notes | 40.0 |
Interest rate of the debt instruments | 12.50% |
Maturity year of the debt instruments | 2016 |
12 3/4% Senior Secured Notes Due 2014
|
|
Debt Instrument [Line Items] | |
Senior secured notes | $ 3.0 |
Interest rate of the debt instruments | 12.75% |
Maturity year of the debt instruments | 2014 |
X | ||||||||||
- Definition
Debt Instrument Maturity Year No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Premium and Expenses Paid No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Sale of Business - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
1 Months Ended | 3 Months Ended | 12 Months Ended |
---|---|---|---|
Mar. 30, 2012
|
Mar. 31, 2012
Services and Technology
|
Dec. 31, 2011
Services and Technology
|
|
Business Acquisitions and Dispositions [Line Items] | |||
Pretax gain on sale of divested business | $ 10.6 | $ 7.6 | $ 7.9 |
Revenue from divested business | $ 47.6 | $ 39.9 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Foreign Currency Translation - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2013
|
Jun. 30, 2013
|
Feb. 13, 2013
|
Feb. 12, 2013
|
Dec. 31, 2012
|
|
Foreign Currency Translation [Line Items] | |||||
Foreign currency exchange rate | 6.30 | 4.30 | |||
Foreign exchange loss | $ (6.5) | ||||
Assets | 2,275.8 | 2,420.4 | |||
Venezuelan Subsidiary
|
|||||
Foreign Currency Translation [Line Items] | |||||
Assets | $ 14.0 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stockholder's Equity - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
1 Months Ended | 3 Months Ended | 1 Months Ended |
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
Dec. 10, 2012
Board of Directors
|
|
Schedule Of Stockholders Equity [Line Items] | |||
Common stock repurchase authorized amount | $ 50 | ||
Share repurchased | 0.6 | ||
Share repurchased, Value | 11.5 | ||
Remaining authorized shares available for future repurchases | $ 38.5 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|