Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | SCHWEITZER MAUDUIT INTERNATIONAL INC | ||
Entity Central Index Key | 1000623 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 30,526,891 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1.30 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net Sales | $794.30 | $772.80 | $778.50 |
Cost of products sold | 575.5 | 520.1 | 519 |
Gross Profit | 218.8 | 252.7 | 259.5 |
Selling expense | 22 | 20.9 | 21.9 |
Research expense | 15.7 | 15.3 | 9.9 |
General expense | 61.9 | 50.3 | 54.6 |
Total nonmanufacturing expenses | 99.6 | 86.5 | 86.4 |
Restructuring and impairment expense | 13.1 | 41.3 | 21.4 |
Operating Profit | 106.1 | 124.9 | 151.7 |
Interest expense | 7.2 | 2.9 | 3.3 |
Other income (expense), net | 9.3 | 5.7 | 1.2 |
Income from Continuing Operations before Income Taxes and Income from Equity Affiliates | 108.2 | 127.7 | 149.6 |
Provision for income taxes | 20.5 | 53 | 49.5 |
Income from equity affiliates, net of income taxes | 2 | 3.8 | 4 |
Income from Continuing Operations | 89.7 | 78.5 | 104.1 |
Loss from Discontinued Operations | 0 | -2.4 | -24.3 |
Net Income | $89.70 | $76.10 | $79.80 |
Net Income (Loss) per Share - Basic: | |||
Income per share from continuing operations (in dollars per share) | $2.94 | $2.51 | $3.33 |
Loss per share from discontinued operations (in dollars per share) | $0 | ($0.08) | ($0.79) |
Net income per share - basic (in dollars per share) | $2.94 | $2.43 | $2.54 |
Net Income (Loss) per Share – Diluted: | |||
Income per share from continuing operations (in dollars per share) | $2.93 | $2.49 | $3.29 |
Loss per share from discontinued operations (in dollars per share) | $0 | ($0.07) | ($0.78) |
Net income per share - diluted (in dollars per share) | $2.93 | $2.42 | $2.51 |
Weighted Average Shares Outstanding: | |||
Basic (in shares) | 30,238,000 | 31,056,700 | 30,986,200 |
Diluted (in shares) | 30,356,500 | 31,238,300 | 31,341,900 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $89.70 | $76.10 | $79.80 |
Other Comprehensive Income (Loss), net of tax: | |||
Foreign currency translation adjustments | -63 | 5.1 | 9.9 |
Less: Reclassification adjustment for realized translation adjustments | 0 | -1.1 | 0 |
Unrealized (losses) gains on derivative instruments | -4.8 | -7.1 | -0.4 |
Less: Reclassification adjustment for losses (gains) on derivative instruments included in net income | 4.6 | 0.4 | -1.4 |
Net gain (loss) from postretirement benefit plans | -9.8 | 8.4 | -4.5 |
Less: Amortization of postretirement benefit plans' costs included in net periodic benefit cost | 1.5 | 4.7 | 5.5 |
Other Comprehensive Income (Loss) | -71.5 | 10.4 | 9.1 |
Comprehensive Income | $18.20 | $86.50 | $88.90 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $290.30 | $272 |
Accounts receivable, net | 93.9 | 107.6 |
Inventories | 108.4 | 132.8 |
Income taxes receivable | 11.5 | 9.9 |
Current deferred income tax benefits | 9.2 | 10.1 |
Other current assets | 6.1 | 4.7 |
Total Current Assets | 519.4 | 537.1 |
Property, Plant and Equipment, net | 362 | 393.2 |
Investment in Equity Affiliates | 67.8 | 63.1 |
Goodwill | 125.5 | 121.1 |
Intangible Assets | 89.3 | 80.7 |
Other Assets | 22.6 | 31.6 |
Total Assets | 1,186.60 | 1,226.80 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current debt | 2.9 | 4.2 |
Accounts payable | 44.8 | 49.4 |
Accrued expenses | 75.8 | 92.7 |
Total Current Liabilities | 123.5 | 146.3 |
Long-Term Debt | 437.2 | 381.2 |
Pension and Other Postretirement Benefits | 34.1 | 28.7 |
Deferred Income Tax Liabilities | 71.4 | 80.9 |
Other Liabilities | 31.4 | 28.3 |
Total Liabilities | 697.6 | 665.4 |
Stockholders' Equity: | ||
Preferred stock, $0.10 par value per share; 10,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.10 par value per share; 100,000,000 shares authorized; 30,465,522 and 31,423,427 shares issued and outstanding at December 31, 2014 and 2013, respectively | 3 | 3.1 |
Additional paid-in-capital | 49.8 | 43.3 |
Retained earnings | 512.7 | 520 |
Accumulated other comprehensive loss | -76.5 | -5 |
Total Stockholders' Equity | 489 | 561.4 |
Total Liabilities and Stockholders' Equity | $1,186.60 | $1,226.80 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock (dollars per share) | $0.10 | $0.10 |
Preferred shares authorized | 10,000,000 | 10,000,000 |
Common stock (dollars per share) | $0.10 | $0.10 |
Common shares authorized | 100,000,000 | 100,000,000 |
Common shares issued | 30,465,522 | 31,423,427 |
Common stock outstanding | 30,465,522 | 31,423,427 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock Issued [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Millions, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $475.90 | $3.80 | $211.70 | ($132.10) | $417 | ($24.50) |
Balance (in shares) at Dec. 31, 2011 | 37,587,298 | 5,220,414 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 79.8 | 79.8 | ||||
Other comprehensive income (loss), net of tax | 9.1 | 9.1 | ||||
Dividends declared | -14.1 | -14.1 | ||||
Restricted stock issuances, net (in shares) | 137,026 | |||||
Restricted stock issuances, net | 0 | -3.4 | 3.4 | |||
Stock-based employee compensation expense | 6.9 | 6.9 | ||||
Excess tax benefits of stock-based employee compensation | 1.4 | 1.4 | ||||
Stock issued to directors as compensation (in shares) | 1,778 | |||||
Stock issued to directors as compensation | 0 | 0 | ||||
Issuance of shares for options exercised (in shares) | 176,900 | |||||
Issuance of shares for options exercised | 2.8 | 2.8 | ||||
Share reissuance and cancellation to fulfill stock split (in shares) | -6,556,110 | -6,556,110 | ||||
Share reissuance and cancellation to fulfill stock split | 0 | -0.7 | -178.4 | 178.4 | 0.7 | |
Purchases and cancellation of treasury stock (in shares) | 1,481,482 | |||||
Purchases and cancellation of treasury stock | -50 | -50 | ||||
Balance at Dec. 31, 2012 | 511.8 | 3.1 | 41 | -0.3 | 483.4 | -15.4 |
Balance (in shares) at Dec. 31, 2012 | 31,209,866 | 8,760 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 76.1 | 76.1 | ||||
Other comprehensive income (loss), net of tax | 10.4 | 10.4 | ||||
Dividends declared | -39.5 | -39.5 | ||||
Restricted stock issuances, net (in shares) | 226,461 | 5,000 | ||||
Restricted stock issuances, net | 0 | -0.2 | 0.2 | |||
Stock-based employee compensation expense | 3.2 | 3.2 | ||||
Excess tax benefits of stock-based employee compensation | 0.5 | 0.5 | ||||
Stock issued to directors as compensation (in shares) | 1,318 | |||||
Stock issued to directors as compensation | 0.1 | 0.1 | ||||
Issuance of shares for options exercised (in shares) | 33,000 | |||||
Issuance of shares for options exercised | 0.5 | 0.5 | ||||
Share reissuance and cancellation to fulfill stock split (in shares) | -47,218 | -47,218 | ||||
Share reissuance and cancellation to fulfill stock split | 0 | 0 | -1.8 | 1.8 | ||
Purchases and cancellation of treasury stock (in shares) | 43,458 | |||||
Purchases and cancellation of treasury stock | -1.7 | -1.7 | ||||
Balance at Dec. 31, 2013 | 561.4 | 3.1 | 43.3 | 0 | 520 | -5 |
Balance (in shares) at Dec. 31, 2013 | 31,423,427 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 89.7 | 89.7 | ||||
Other comprehensive income (loss), net of tax | -71.5 | -71.5 | ||||
Dividends declared | -44.5 | -44.5 | ||||
Restricted stock issuances, net (in shares) | 201,005 | |||||
Restricted stock issuances, net | 0 | 0 | ||||
Stock-based employee compensation expense | 5.8 | 5.8 | ||||
Excess tax benefits of stock-based employee compensation | 0.6 | 0.6 | ||||
Stock issued to directors as compensation (in shares) | 2,902 | |||||
Stock issued to directors as compensation | 0.1 | 0.1 | ||||
Purchases and cancellation of treasury stock (in shares) | 1,161,812 | |||||
Purchases and cancellation of treasury stock | -52.6 | -0.1 | -52.5 | |||
Balance at Dec. 31, 2014 | $489 | $3 | $49.80 | $0 | $512.70 | ($76.50) |
Balance (in shares) at Dec. 31, 2014 | 30,465,522 | 0 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared | $1.46 | $1.26 | $0.45 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operations | |||
Net Income | $89.70 | $76.10 | $79.80 |
Less: (Loss) income from discontinued operations | 0 | -2.4 | -24.3 |
Income from Continuing Operations | 89.7 | 78.5 | 104.1 |
Non-cash items included in net income: | |||
Depreciation and amortization | 45.1 | 37.3 | 38.5 |
Impairment | 0 | 37.2 | 20.2 |
Deferred income tax provision (benefit) | 3.3 | 17.3 | 13.1 |
Pension and other postretirement benefits | 1.2 | 1.1 | 1 |
Stock-based compensation | 5.9 | 3.2 | 6.9 |
Income from equity affiliates | -2 | -3.8 | -4 |
Excess tax benefits of stock-based awards | -0.6 | -0.5 | -1.4 |
Cash dividends received from equity affiliates | 4.4 | 3.7 | 3 |
Other items | 0.8 | 1 | -0.1 |
Changes in operating working capital: | |||
Accounts receivable | 13.3 | 4.4 | 14.3 |
Inventories | 14.9 | -1 | -6.1 |
Prepaid expenses | -0.6 | 0.1 | -1 |
Accounts payable | 3.1 | -1.5 | -7 |
Accrued expenses | -8 | 3.4 | -8.1 |
Accrued income taxes | -4.1 | -4.6 | 4.7 |
Net changes in operating working capital | 18.6 | 0.8 | -3.2 |
Net cash provided (used) by operating activities of: | |||
- Continuing operations | 166.4 | 175.8 | 178.1 |
- Discontinued operations | -0.5 | 2.3 | -3.5 |
Cash Provided by Operations | 165.9 | 178.1 | 174.6 |
Investing | |||
Capital spending | -35.1 | -29.1 | -27.2 |
Capitalized software costs | -1 | -0.5 | -0.9 |
Acquisitions, net of cash acquired | -32.6 | -229.7 | 0 |
Investment in equity affiliates | -8.8 | 0 | -21 |
Other investing | 3 | 5.6 | -2.6 |
Cash Used for Investing | -74.5 | -253.7 | -51.7 |
Financing | |||
Cash dividends paid to SWM stockholders | -44.5 | -39.5 | -14.1 |
Changes in short-term debt | -0.4 | 0 | -1.9 |
Proceeds from issuances of long-term debt | 228.3 | 455.6 | 43 |
Payments on long-term debt | -170.6 | -228.1 | -31.8 |
Purchases of common stock | -52.5 | -1.7 | -50 |
Excess tax benefits of stock-based awards | 0.6 | 0.5 | 1.4 |
Proceeds from exercise of stock options | 0 | 0.5 | 2.8 |
Cash (Used in) Provided by Financing | -39.1 | 187.3 | -50.6 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -34 | 9.1 | 2.4 |
Increase in Cash and Cash Equivalents | 18.3 | 120.8 | 74.7 |
Cash and Cash Equivalents at beginning of period | 272 | 151.2 | 76.5 |
Cash and Cash Equivalents at end of period | $290.30 | $272 | $151.20 |
General
General | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General |
Nature of Business | |
Schweitzer-Mauduit International, Inc., or SWM or the Company, is a multinational diversified producer of premium specialty papers and plastic nettings headquartered in the United States of America. The Company manufactures and sells paper and reconstituted tobacco products to the tobacco industry as well as specialized paper products for use in other applications. We manufacture lightweight specialty papers, which are used in manufacturing ventilated cigarettes, and banded papers for the production of lower ignition propensity, or LIP, cigarettes and are the leading independent producer of RTL used in producing blended cigarettes. We also manufacture resin-based plastic netting through an extrusion process, as well as certain meltblown products and machined plastic core tubes. | |
Our primary products sold to the tobacco industry include cigarette, plug wrap and base tipping papers, or Cigarette Papers, used to wrap various parts of a cigarette and reconstituted tobacco leaf, or RTL, which is used as a blend with virgin tobacco in cigarettes, reconstituted tobacco wrappers and binders for cigars. These products are sold directly to the major tobacco companies or their designated converters in the Americas, Europe, Asia and elsewhere. Our non-tobacco industry products are a diverse mix of products that includes low volume, high-value engineered papers as well as commodity paper grades produced to maximize our machine utilization. In December 2013, we acquired DelStar, Inc. ("DelStar"), a manufacturer of plastic netting and other resin-based products focused on the filtration and medical markets. In December 2014, we acquired certain assets from Pronamic Industries, Inc., or Pronamic, and from Smith & Nephew's, or SNN, Advanced Wound Management Division which have been incorporated into our Filtration operating segment. | |
We conduct business in over 90 countries and operate 16 production locations worldwide, with facilities in the United States, Canada, United Kingdom, France, Luxembourg, Russia, Brazil, China and Poland. We also have a 50% equity interest in two joint ventures in China. The first, China Tobacco Mauduit (Jiangmen) Paper Industry Ltd., or CTM, produces cigarette and porous plug wrap papers and the second, which began operations in the third quarter of 2014, China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. Ltd., or CTS, which produces RTL. | |
As used in this 2014 Annual Report on Form 10-K, unless the context indicates otherwise, references to "we," "us," "our," "SWM," "Schweitzer-Mauduit" or similar terms include Schweitzer-Mauduit International, Inc. and its consolidated subsidiaries. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||||||||||||||
The accompanying consolidated financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances. Actual results may differ from those estimates and assumptions as a result of a number of factors, including those discussed elsewhere in this report and in its other public filings from time to time. | ||||||||||||||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and wholly-owned, majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated. | ||||||||||||||||||||||||||||||||||||
The Company has two joint ventures with China National Tobacco Corporation, or CNTC. CNTC is the principal operating Company under China's State Tobacco Monopoly Administration. CNTC and our subsidiary, SM-China, each own 50% of the joint ventures. The paper joint venture China Tobacco Mauduit (Jiangmen) Paper Industry Co. LTD, or CTM, produces tobacco-related papers in China. The second joint venture China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. LTD., or CTS, produces reconstituted tobacco leaf products. The Company uses the equity method to account for both joint ventures. Investment in equity affiliates represents the Company's investment in its China joint ventures. The Company's share of the net income of its 50% owned joint ventures in China are included in the consolidated statements of income as income from equity affiliates. | ||||||||||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||||||||||
The Company recognizes revenue and the related accounts receivable when the following four criteria are met: (1) persuasive evidence of an arrangement exists; (2) ownership has transferred to the customer; (3) the selling price is fixed or determinable; and (4) collection is reasonably assured based on the Company's judgment regarding the collectability of its accounts receivable. Generally, the Company recognizes revenue when it ships its manufactured product and title and risk of loss passes to its customer in accordance with the terms of sale of the product. Revenue is recorded at the time of shipment for terms designated f.o.b., or free on board, shipping point. For sales transactions designated f.o.b. destination, revenue is recorded when the product is delivered to the customer's delivery site, at which time title and risk of loss are transferred. Provisions for discounts, returns, allowances, customer rebates and other adjustments are provided for in the same period the related revenue is recorded. Deferred revenue represents advance payments from customers which are earned based upon a mutually agreed-upon amount per unit of future product sales. | ||||||||||||||||||||||||||||||||||||
Freight Costs | ||||||||||||||||||||||||||||||||||||
The cost of delivering finished goods to the Company's customers is recorded as a component of cost of products sold. Those costs include the amounts paid to a third party to deliver the finished goods. Any freight costs billed to and paid by a customer are included in revenue. | ||||||||||||||||||||||||||||||||||||
Royalty Income | ||||||||||||||||||||||||||||||||||||
Royalties from non-exclusive, third-party patent licenses are recognized when earned, including monies received at an agreement's initiation attributable to past sales. The Company recognizes up-front payments upon receipt when it has no future performance requirement or ongoing obligation arising from its agreements and the payment is for a separate earnings process. Minimum annual royalties received in advance are deferred and are recognized in the period earned. The Company recognized $11.1 million, $11.2 million and $12.4 million of royalty income during 2014, 2013 and 2012 respectively, which is included in net sales in the consolidated statements of income. | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||||||||||||
The income statements of foreign entities are translated into U.S. dollars at average exchange rates prevailing during the periods presented. The balance sheets of these entities are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in a separate component of accumulated other comprehensive income (loss) as unrealized foreign currency translation adjustments. | ||||||||||||||||||||||||||||||||||||
Foreign currency risks arise from transactions and balances denominated in non-local currencies. Gains and losses resulting from re-measurement and settlement of such transactions and balances, included in other income (expense), net, were gain of $1.5 million and $1.3 million in 2014 and 2013, respectively, and loss of $1.4 million in 2012. | ||||||||||||||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||||||||||||
The Company is exposed to changes in foreign currency exchange rates, interest rates and commodity prices. The Company utilizes a variety of practices to manage these market risks, including where considered appropriate, derivative instruments. The Company uses derivative instruments only for risk management purposes and not for trading or speculation. All derivative instruments the Company uses are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The Company believes the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contracts, are not material in view of its understanding of the financial strength of the counterparties. | ||||||||||||||||||||||||||||||||||||
Gains and losses on instruments that hedge firm commitments are deferred and included in the basis of the underlying hedged items. All other hedging gains and losses are included in period income or expense based on the period-end market price of the instrument and are included in the Company's operating cash flows. See Note 13. Derivatives, for additional information. | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||
The Company considers all highly liquid, unrestricted investments with remaining maturities of three months or less to be cash equivalents, including money market funds with no restrictions on withdrawals. | ||||||||||||||||||||||||||||||||||||
Business Combinations | ||||||||||||||||||||||||||||||||||||
The Company uses the acquisition method of accounting for business combinations. At the acquisition date, the Company records assets acquired and liabilities assumed at their respective fair market values. The Company estimates fair value using the exit price approach which is the price that would be received to sell an asset or paid to transfer a liability in an orderly market. An exit price is determined from a market participant's viewpoint in the principal or most advantageous market and may result in the Company valuing assets or liabilities at a fair value that is not reflective of the Company's intended use of the assets or liabilities. Any excess consideration above the estimated fair values of the net assets acquired is recognized as goodwill on the Company's Consolidated Balance Sheets. The operating results of acquired businesses are included in the Company's results of operations beginning as of their effective acquisition dates. Acquisition costs are expensed as incurred and were $2.6 million and $1.1 million in 2014 and 2013, respectively, and were not material in 2012. | ||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets, Goodwill and Intangible Assets | ||||||||||||||||||||||||||||||||||||
The Company evaluates the carrying value of long-lived assets, including property and equipment, goodwill and intangible assets when events and circumstances warrant a review. Goodwill is also tested for impairment annually during the fourth quarter. Goodwill may be evaluated using a qualitative evaluation and/or a two-step test at the reporting unit level. The first step compares the book value of the reporting unit to its fair value. If the book value of a reporting unit exceeds its fair value, we perform the second step. In the second step, we determine an implied fair value of the reporting unit's goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill. The difference between the total fair value of the reporting unit and the fair value of all the assets and liabilities other than goodwill is the implied fair value of that goodwill. Any impairment loss is measured as the excess of the book value of the goodwill over the implied fair value of that goodwill. See Note 8. Goodwill for further discussion of the Company's annual impairment test results. | ||||||||||||||||||||||||||||||||||||
We have acquired trade names that have been determined to have indefinite lives. We evaluate a number of factors to determine whether an indefinite life is appropriate, including the competitive environment, category share, business history, product life cycle and operating plans. Indefinite-lived intangibles are evaluated for impairment annually during the fourth quarter. Additionally, when certain events or changes in operating conditions occur, an impairment assessment is performed and indefinite-lived trade names may be adjusted to a determinable life or an impairment charge may be recorded. | ||||||||||||||||||||||||||||||||||||
The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, which approximates a straight-line basis, over the estimated periods benefited. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. | ||||||||||||||||||||||||||||||||||||
The carrying value of long-lived assets is reviewed to determine if events or circumstances have changed which may indicate that the assets may be impaired or the useful life may need to be changed. Upon occurrence of such a triggering event, the Company considers internal and external factors relating to each asset group, including expectation of future profitability, undiscounted cash flows and its plans with respect to the operations. If impairment is indicated, an impairment loss is measured by the amount the net carrying value of the asset exceeds its estimated fair value. | ||||||||||||||||||||||||||||||||||||
Environmental Spending | ||||||||||||||||||||||||||||||||||||
Environmental spending is capitalized if such spending qualifies as property, plant and equipment, substantially increases the economic value or extends the useful life of an asset. All other such spending is expensed as incurred, including fines and penalties incurred in connection with environmental violations. Environmental spending relating to an existing condition caused by past operations is expensed. Liabilities are accrued when environmental assessments are probable and the costs can be reasonably estimated. Generally, timing of these accruals coincides with completion of a feasibility study or commitment to a formal plan of action. | ||||||||||||||||||||||||||||||||||||
Capitalized Software Costs | ||||||||||||||||||||||||||||||||||||
The Company capitalizes certain purchases of software and software development costs in connection with major projects of software development for internal use. These costs are included in other assets on the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life not to exceed seven years. Costs associated with business process redesign, end-user training, system start-up and ongoing software maintenance are expensed as incurred. Amortization of capitalized software was $3.4 million, $4.8 million and $6.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Accumulated amortization of capitalized software costs was $60.5 million and $60.9 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Business Tax Credits | ||||||||||||||||||||||||||||||||||||
Business tax credits represent value added tax credits receivable and similar assets, such as Imposto sobre Circulação de Mercadorias e Serviços, or ICMS, in Brazil. Business tax credits are generated when value-added taxes, or VAT, are paid on purchases. VAT and similar taxes are collected from customers on certain sales. In some jurisdictions, export sales do not require VAT collection. See Note 10. Other Assets for additional information. | ||||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||||
The Company uses an asset and liability approach to account for and report income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Income tax expense (benefit) is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Valuation allowances are recognized to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, the Company considers sources of future taxable income. | ||||||||||||||||||||||||||||||||||||
In connection with income tax assessments or unrecognized tax benefits, the Company classifies penalties as provision for income taxes and interest as interest expense in its consolidated statements of income. | ||||||||||||||||||||||||||||||||||||
The Company files income tax returns in the U.S. Federal and several state jurisdictions as well as in many foreign jurisdictions. In France, the Company reorganized its legal entities to maximize utilization of its net operating loss carryforwards. With certain exceptions, the Company is no longer subject to U.S. Federal, state and local, or foreign income tax examinations for years before 2011. | ||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Accounting | ||||||||||||||||||||||||||||||||||||
The Company recognizes the estimated compensation cost of employees' pension and other postretirement benefits over their approximate period of service. The Company's earnings are impacted by amounts of expense recorded related to these benefits, which primarily consist of U.S. and French pension benefits and U.S. other postretirement benefits, or OPEBs. Each year's recorded expenses are estimates based on actuarial calculations of the Company's accumulated and projected benefit obligations, or PBOs, for the Company's various plans. | ||||||||||||||||||||||||||||||||||||
Suspension of additional benefits for future service is considered a curtailment, and if material, necessitates a re-measurement of plan assets and PBO. As part of a re-measurement, the Company adjusts its discount rates and other actuarial assumptions, such as retirement, turnover and mortality table assumptions, as appropriate. See Note 16. Postretirement and Other Benefits for additional information. | ||||||||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||||||
Comprehensive income includes net income, as well as items charged and credited directly to stockholders' equity, which are excluded from net income. The Company has presented comprehensive income in the consolidated statements of comprehensive income (loss). Reclassification adjustments of derivative instruments are presented in Net Sales in the consolidated statements of income. See Note 13. Derivatives for additional information. Amortization of accumulated pension and other post-employment benefit (OPEB) liabilities are included in the computation of net periodic pension and OPEB costs, which are more fully discussed in Note 16. Postretirement and Other Benefits. | ||||||||||||||||||||||||||||||||||||
Components of accumulated other comprehensive loss were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Accumulated pension and OPEB liability adjustments, net of income tax impact of $21.0 million and $16.6 million at December 31, 2014 and 2013, respectively | $ | (38.4 | ) | $ | (30.1 | ) | ||||||||||||||||||||||||||||||
Accumulated unrealized loss on derivative instruments, net of income tax impact of $0 and $0.3 million at December 31, 2014 and 2013, respectively | (8.3 | ) | (8.1 | ) | ||||||||||||||||||||||||||||||||
Accumulated unrealized foreign currency translation adjustments | (29.8 | ) | 33.2 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | (76.5 | ) | $ | (5.0 | ) | ||||||||||||||||||||||||||||||
Changes in the components of accumulated other comprehensive loss were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Pre-tax | Tax | Net of | Pre-tax | Tax | Net of | Pre-tax | Tax | Net of | ||||||||||||||||||||||||||||
Tax | Tax | Tax | ||||||||||||||||||||||||||||||||||
Pension and OPEB liability adjustments | $ | (12.7 | ) | $ | 4.4 | $ | (8.3 | ) | $ | 19.8 | $ | (6.7 | ) | $ | 13.1 | $ | 2.5 | $ | (1.5 | ) | $ | 1 | ||||||||||||||
Unrealized loss on derivative instruments | (0.4 | ) | 0.2 | (0.2 | ) | (4.9 | ) | (1.8 | ) | (6.7 | ) | (2.7 | ) | 0.9 | (1.8 | ) | ||||||||||||||||||||
Unrealized foreign currency translation adjustments | (63.0 | ) | — | (63.0 | ) | 4 | — | 4 | 9.9 | — | 9.9 | |||||||||||||||||||||||||
Total | $ | (76.1 | ) | $ | 4.6 | $ | (71.5 | ) | $ | 18.9 | $ | (8.5 | ) | $ | 10.4 | $ | 9.7 | $ | (0.6 | ) | $ | 9.1 | ||||||||||||||
Restricted Stock | ||||||||||||||||||||||||||||||||||||
All of the Company's restricted stock grants, including those that have been earned in the case of performance-based shares and cliff-vesting grants that are not performance based, vest upon completion of a specified period of time. The fair value of each award is equal to the share price of the Company's stock on the date of the grant. This cost is recognized over the vesting period of the respective award. A summary of outstanding restricted stock awards as of December 31, 2014 and 2013 is included in Note 17, Stockholders' Equity. | ||||||||||||||||||||||||||||||||||||
Restricted Stock Plan Performance Based Shares | ||||||||||||||||||||||||||||||||||||
The Company's long-term incentive compensation program, or LTIP, for key employees includes an equity-based award component that is provided through its Restricted Stock Plan, or RSP. The objectives under the LTIP are established for the immediate following year at the beginning of a performance cycle and are intended to focus management on longer-term strategic goals. The Compensation Committee of the Board of Directors designates participants in the LTIP and RSP and determines the equity-based award opportunity in the form of restricted stock for each performance cycle, which is generally measured on the basis of a one or two-year performance period. Performance is measured on a cumulative basis and each performance cycle's restricted stock award opportunity is earned annually. The restricted shares are considered issued and outstanding when the number of shares becomes fixed, after the annual performance is determined, and such awards vest at the end of the performance cycle or some predetermined period thereafter. The Company recognizes compensation expense with an offsetting credit to additional paid-in-capital over the performance period based on the fair value of the award at the date of grant, with compensation expense being adjusted cumulatively based on the number of shares expected to be earned according to the level of achievement of performance goals. | ||||||||||||||||||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||||||||||||||||||
The Company has elected not to measure its financial instruments or certain commitments at fair value. | ||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||||||||||||||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-08 (ASU 2014-08) "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014. The Company adopted this guidance as of January 1, 2015. Adoption of ASU 2014-08 did not have an impact on our consolidated financial statements. | ||||||||||||||||||||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606). The new guidance specifies how and when an entity will recognize revenue arising from contracts with customers and requires entities to disclose information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for annual periods beginning on or after December 15, 2016 and may be implemented using a full retrospective or a modified retrospective application. The Company is currently in the process of evaluating the impact the adoption will have on our consolidated financial statements. | ||||||||||||||||||||||||||||||||||||
In June 2014, the FASB issued Accounting Standard Update ("ASU") No 2014-12, "Compensation - Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. Compensation cost should be recognized in the period in which it becomes probably that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendment is effective for annual reporting periods including interim reporting within those periods beginning after December 15, 2015. Earlier adoption is permitted. The Company is currently in the process of evaluating the impact the adoption will have on our consolidated financial statements. | ||||||||||||||||||||||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going Concern" (Subtopic 205-40). The Update provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. This update is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company adopted this guidance as of December 31, 2014. Adoption of ASU 2014-15 did not have an impact on our consolidated financial statements. | ||||||||||||||||||||||||||||||||||||
In November 2014, the FASB released Accounting Standards Update (ASU) 2014-17, "Business Combinations (Topic 805): Pushdown Accounting, a consensus of the FASB Emerging Issues Task Force. This ASU amends FASB Accounting Standards Codification (FASB ASC) 805, Business Combinations", to provide guidance on whether and at what threshold an acquired entity that is a business or not-for-profit (NFP) entity can apply pushdown accounting in its separate financial statements. The amendments in this ASU provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this ASU are effective on November 18, 2014, or upon issuance. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The Company adopted this guidance as of December 31, 2014. Adoption of ASU 2014-17 did not have a material impact on our consolidated financial statements. | ||||||||||||||||||||||||||||||||||||
In November 2014, the FASB issued ASU 2014-16, "Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity." The update requires an entity to determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of the relevant facts and circumstances (commonly referred to as the whole-instrument approach). This guidance is effective for annual periods beginning after December 15, 2015, and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption will have on our consolidated financial statements. |
Business_Acquisitions
Business Acquisitions | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Business Combinations [Abstract] | |||||||
Business Acquisitions | Business Acquisitions | ||||||
In December 2014, the Company acquired certain assets from Pronamic Industries, Inc., or Pronamic and Smith & Nephew, or SNN. As a result of the acquisition, these assets were incorporated into SWM's Filtration segment. The acquisition of these assets provides further opportunities for growth into the filtration and healthcare industries. These acquisitions are being treated as business combinations and accounted for in accordance with the guidance provided by ASC 805, Business Combinations. The purchase price included initial cash payments of $30.7 million, net of $0.7 million in working capital adjustments. An additional variable payment of up to $3.5 million may be due based on the performance of the assets over a period from the acquisition date through December 31, 2015. An additional $1.0 million payable was recorded based on management's estimate of the fair value of the variable consideration payable. | |||||||
As of December 31, 2014, the fair values of the assets acquired and liabilities assumed for the acquisition of assets from Pronamic and SNN are provisional because final appraisals have not yet been completed. The cash paid for these acquisitions and the preliminary fair values of the assets acquired and liabilities assumed as of the December 19, 2014 and December 31, 2014 acquisition dates for Pronamic assets and SNN assets, respectively, are as follows ($ in millions): | |||||||
Preliminary Fair Value as Acquisition Date | |||||||
Accounts receivable | $ | 3.5 | |||||
Inventory | 3.2 | ||||||
Other current assets | 0.2 | ||||||
Property, plant and equipment | 9.3 | ||||||
Identifiable intangible assets | 11.6 | ||||||
Total Assets | 27.8 | ||||||
Accounts payable | 1.4 | ||||||
Accrued expenses | 1.4 | ||||||
Net assets acquired | 25 | ||||||
Goodwill | 5 | ||||||
Cash paid | $ | 30 | |||||
The Company used the income, market, or cost approach (or a combination thereof) for the preliminary valuation as appropriate, and used valuation inputs in these models and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers in the principal or most advantageous market for the asset or liability. For certain items, the carrying amount was determined to be a reasonable approximation of fair value based on information available to SWM management. | |||||||
Properties acquired included two manufacturing and related facilities, land and leased sites that include leasehold improvements, and machinery and equipment for use in manufacturing operations. Management valued properties using the cost approach supported where available by observable market data which included consideration of obsolescence. | |||||||
Intangible assets acquired included contracts with significant customers, technology related to products subject to a number of existing patents and trade know-how, and a number of customer relationships in water filtration, industrial filtration and healthcare industries. Management valued intangible assets using the relief from royalty and multi-period excess earnings methods, both forms of the income approach supported by observable market data for peer companies. The following table shows the preliminary fair values assigned to intangible assets ($ in millions): | |||||||
Preliminary | Weighted-Average Amortization Period (Years) | ||||||
Fair Value as of December 31, 2014 | |||||||
Amortizable intangible assets: | |||||||
Customer relationships | $ | 6.1 | 15 | ||||
Developed Technology | 2.1 | 20 | |||||
Patents | 1.5 | 17 | |||||
Customer contracts | 1.9 | 6 | |||||
Total | $ | 11.6 | 15 | ||||
In connection with the acquisitions, the Company recorded goodwill, which represents the excess of the consideration transferred over the estimated preliminary fair value of tangible and intangible assets acquired, net of liabilities assumed. The goodwill is attributed primarily to incremental revenue growth from combining the acquired assets with DelStar's existing business and workforce as well as the benefits of access to different markets and customers. Goodwill from these acquisitions will be assigned to the Filtration segment. None of the goodwill is expected to be deductible for tax purposes. | |||||||
The goodwill was determined on the basis of the provisional fair values of the assets and liabilities identified as of the acquisition date. It may be adjusted, within a period of no more than 12 months from the acquisition date, if the provisional fair values change as a result of circumstances existing at the acquisition date. Such fair value adjustments may arise in respect to property, plant and equipment, intangible assets and inventories, upon completion of the necessary valuations and physical verifications of such assets. The amount of provisions may also be adjusted as a result of ongoing procedures to identify and measure liabilities and contingent liabilities, including tax, environmental risks and litigation. The amount of deferred taxes may also be adjusted during the measurement period. | |||||||
In 2014, the Company recognized $1.3 million in direct and indirect acquisition-related costs related to the acquisitions. Direct and indirect acquisition-related costs were expensed as incurred and are included in the General Expense line item in the Consolidated Statements of Income. | |||||||
The amounts of the combined acquisitions' Net Sales and Income from Continuing Operations included in the Company's Consolidated Statements of Income for the year ended December 31, 2014, and the unaudited pro forma Net Sales and Income from Continuing Operations of the combined entity had the acquisition date been January 1, 2013, including the proforma 2013 and actual 2014 results of DelStar, are as follows ($ in millions): | |||||||
Net Sales | (Loss) Income from Continuing Operations | ||||||
Actual from December 19, 2014 - December 31, 2014 | 0.2 | (0.4 | ) | ||||
2014 Supplemental Pro Forma from January 1, 2014 - December 31, 2014 | 823.6 | 92.4 | |||||
2013 Supplemental Pro Forma from January 1, 2013 - December 31, 2013 | 904.3 | 86.4 | |||||
On December 12, 2013, the Company completed the acquisition of DelStar, Inc., or DelStar, through a merger of SWM Acquisition Corp. II, an indirect wholly-owned subsidiary of the Company, or SWM II, with and into DelStar, pursuant to the November 18, 2013 Agreement and Plan of Merger. As a result of the merger, DelStar became a wholly-owned, indirect subsidiary of the Company. The acquisition of DelStar diversified SWM's global presence in advanced materials, focused in large part in filtration. | |||||||
As consideration, the Company paid $233.7 million in cash, including $2.4 million paid in March 2014, primarily for the adjusted value of working capital at the acquisition date. The acquisition was financed using borrowings under the revolving credit facility, or Credit Agreement, see Note 12. Debt, for additional information. | |||||||
The consideration paid for DelStar and the final fair values of the assets acquired and liabilities assumed as of the December 12, 2013 acquisition date are as follows ($ in millions): | |||||||
Fair value as of December 12, 2013 | |||||||
Cash and cash equivalents | $ | 1.6 | |||||
Accounts receivable | 17.3 | ||||||
Inventory | 21.2 | ||||||
Income taxes receivable | 5.7 | ||||||
Deferred income tax benefits | 1.5 | ||||||
Other current assets | 0.8 | ||||||
Property, plant and equipment | 41.5 | ||||||
Other noncurrent assets | 0.7 | ||||||
Identifiable intangible assets | 80.9 | ||||||
Total Assets | 171.2 | ||||||
Accounts payable | 4.8 | ||||||
Accrued expenses | 6.7 | ||||||
Deferred income tax liabilities | 40.4 | ||||||
Other liabilities | 0.7 | ||||||
Net assets acquired | 118.6 | ||||||
Goodwill | 115.1 | ||||||
Cash paid | $ | 233.7 | |||||
The Company used the income, market, or cost approach (or a combination thereof) for the valuation as appropriate, and used valuation inputs in these models and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers in the principal or most advantageous market for the asset or liability. For certain items, the carrying amount was determined to be a reasonable approximation of fair value based on information available to SWM management. The fair value of receivables acquired from DelStar on December 12, 2013 was $17.3 million, with gross contractual amounts receivable of $17.6 million. Acquired inventories and property, plant and equipment were recorded at their fair values. Acquired intangible assets are primarily trade names, customer relationships and developed technology. | |||||||
Properties acquired included a number of manufacturing and related facilities, land and leased sites that include leasehold improvements, and machinery and equipment for use in manufacturing operations. Management valued properties using the cost approach supported where available by observable market data which included consideration of obsolescence. | |||||||
Intangible assets acquired included a number of trade names that are both business-to-business and business-to-consumer. Also acquired was technology related to products subject to a number of existing patents and trade know-how. In addition to these intangible assets, the Company acquired a number of customer relationships in water filtration, industrial filtration and healthcare industries. Management valued intangible assets using the relief from royalty and multi-period excess earnings methods, both forms of the income approach supported by observable market data for peer companies. The following table shows the fair values assigned to intangible assets ($ in millions): | |||||||
Fair Value as of December 12, 2013 | Weighted-Average Amortization Period (Years) | ||||||
Amortizable intangible assets: | |||||||
Customer relationships | $ | 45.3 | 23 | ||||
Developed Technology | 13.8 | 12.8 | |||||
Indefinite-lived intangible assets: | |||||||
Trade names | 21.8 | Indefinite | |||||
Total | $ | 80.9 | 21 | ||||
In connection with the acquisition, the Company recorded goodwill, which represents the excess of the consideration transferred over the estimated preliminary fair value of tangible and intangible assets acquired, net of liabilities assumed. The goodwill is attributed primarily to DelStar's revenue growth from combining the SWM and DelStar business and workforce as well as the benefits of access to different markets and customers. Goodwill from the DelStar acquisition was assigned to its own reportable segment Filtration. None of the goodwill is expected to be deductible for tax purposes. The goodwill was determined on the basis of the final fair values of the assets and liabilities identified as part of the transaction. | |||||||
In 2014 and 2013, the Company recognized $1.3 million and $1.1 million, respectively, in direct and indirect acquisition-related costs. In 2013, the Company incurred $2.0 million in financing costs related to the acquisition. Direct and indirect acquisition-related costs were expensed as incurred and are included in the General Expense line item in the Consolidated Statements of Income. Financing costs related to expanding the Credit Agreement have been capitalized and will be amortized in Interest Expense over the life of the Credit Agreement. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||
The Company's former paper mill in Medan, Indonesia and closed paper mill in San Pedro, Philippines have been reported as discontinued operations. The sale of the Indonesia mill was finalized in the second quarter of 2013 and a $1.6 million non-cash loss was recorded in discontinued operations. The sale of the Philippines mill was finalized in the fourth quarter of 2013 and resulted in a gain of $1.6 million. For all periods presented, results of these mills have been removed from each individual line within the statements of income and the operating activities section of the statements of cash flow. In each case, a separate line has been added for the net results of discontinued operations. | ||||||||||||
In the consolidated balance sheets, the assets and liabilities of the Indonesia mill were classified as Held-for-Sale as of December 31, 2012 and therefore, except for cash and cash equivalents, assets and liabilities of the Indonesian mill have been included in other current assets and accrued expenses, respectively, since December 31, 2012. Property, plant and equipment, net, of the Philippines mill was classified as Held-for-Sale and has been included in other current assets since March 31, 2013. Prior year balances have not been reclassified in the consolidated balance sheets. | ||||||||||||
Included in Other Assets and Accrued Expenses within the consolidated balance sheets were the following major classes of assets and liabilities, respectively, associated with the discontinued operations ($ in millions): | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Assets of discontinued operations: | ||||||||||||
Current assets | $ | 1.6 | $ | 2 | ||||||||
Other assets | 2.3 | 3.1 | ||||||||||
Liabilities of discontinued operations: | ||||||||||||
Current liabilities | 0.1 | 0.6 | ||||||||||
Summary financial results of discontinued operations were as follows ($ in millions): | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 7.1 | $ | 24.8 | ||||||
Restructuring and impairment expense | — | 1.4 | 14 | |||||||||
Loss from discontinued operations before income taxes | — | (2.6 | ) | (23.2 | ) | |||||||
Income tax benefit (provision) | — | 0.2 | (1.1 | ) | ||||||||
(Loss) income from discontinued operations | — | (2.4 | ) | (24.3 | ) | |||||||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable [Abstract] | ||||||||
Accounts Receivable | Accounts Receivable | |||||||
Accounts receivable are summarized as follows ($ in millions): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Trade receivables | $ | 69.8 | $ | 78 | ||||
Business tax credits, including VAT | 4.2 | 5.4 | ||||||
Hedge contracts receivable | 0.4 | — | ||||||
Other receivables | 19.8 | 24.6 | ||||||
Less allowance for doubtful accounts and sales discounts | (0.3 | ) | (0.4 | ) | ||||
Total accounts receivable | $ | 93.9 | $ | 107.6 | ||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories are valued at the lower of cost using the First-In, First-Out, or FIFO, and weighted average methods, or market. The Company's costs included in inventory primarily consist of pulp, chemicals, direct labor, utilities, maintenance, depreciation, finishing supplies and an allocation of mill overhead costs. Machine start-up costs or abnormal machine shut downs are expensed in the period incurred and are not reflected in inventory. The definition of market value, with respect to all inventories, is replacement cost or net realizable value. The Company reviews inventories at least quarterly to determine the necessity of write-offs for excess, obsolete or unsalable inventory. The Company estimates write-offs for inventory obsolescence and shrinkage based on its judgment of future realization. These reviews require the Company to assess customer and market demand. The following schedule details inventories by major class ($ in millions): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 35.1 | $ | 39.2 | ||||
Work in process | 17.4 | 24.4 | ||||||
Finished goods | 40.4 | 50.9 | ||||||
Supplies and other | 15.5 | 18.3 | ||||||
Total | $ | 108.4 | $ | 132.8 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||
Property, plant and equipment are stated at cost, less accumulated depreciation. Interest is capitalized as a component of the cost of construction for large projects. Expenditures for betterments are capitalized whereas normal repairs and maintenance are expensed as incurred. Property, other than land, is depreciated on a straight-line basis for financial reporting purposes. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the balance sheet, and any gain or loss on the transaction is normally included in cost of products sold. | ||||||||
Property, plant and equipment (and related depreciable lives) consisted of the following ($ in millions): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land and improvements | $ | 19.3 | $ | 21.2 | ||||
Buildings and improvements (20 to 40 years or remaining life of relevant lease) | 131.3 | 135.1 | ||||||
Machinery and equipment (5 to 20 years) | 540.6 | 564.9 | ||||||
Construction in progress | 42.1 | 53.7 | ||||||
Gross Property, Plant and Equipment | 733.3 | 774.9 | ||||||
Less: Accumulated Depreciation | 371.3 | 381.7 | ||||||
Property, Plant and Equipment, net | $ | 362 | $ | 393.2 | ||||
Depreciation expense was $35.3 million, $31.1 million and $30.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill | Goodwill | |||||||||||
The Company evaluates goodwill for impairment at least annually during the fourth quarter. The annual tests during the fourth quarters of 2014, 2013 and 2012 resulted in no impairment. The Company has two reporting units with goodwill - Reconstituted Tobacco and Filtration - which are also reportable segments. The Paper segment has no remaining goodwill after $2.7 million in accumulated impairment losses. There are no accumulated impairment losses in the Filtration or Reconstituted Tobacco segments as of December 31, 2014. | ||||||||||||
The changes in the carrying amount of goodwill for each segment were as follows ($ in millions): | ||||||||||||
Reconstituted Tobacco | Filtration | Total | ||||||||||
Goodwill as of December 31, 2012 | $ | 5.7 | $ | — | $ | 5.7 | ||||||
Goodwill acquired during the year | — | 115.1 | 115.1 | |||||||||
Foreign currency translation adjustments | 0.3 | — | 0.3 | |||||||||
Goodwill as of December 31, 2013 | 6 | 115.1 | 121.1 | |||||||||
Goodwill acquired during the year | — | 5 | 5 | |||||||||
Foreign currency translation adjustments | (0.7 | ) | 0.1 | (0.6 | ) | |||||||
Goodwill as of December 31, 2014 | $ | 5.3 | $ | 120.2 | $ | 125.5 | ||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Intangible Assets | Intangible Assets | |||||||||||||||||||||||
The gross carrying amount and accumulated amortization for intangible assets consisted of the following ($ in millions): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization* | Carrying | Carrying | Amortization* | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized intangible assets | ||||||||||||||||||||||||
Customer-related intangibles | $ | 10 | $ | 10 | $ | — | $ | 10 | $ | 10 | $ | — | ||||||||||||
(Reconstituted Tobacco) | ||||||||||||||||||||||||
Customer Relationships (Filtration) | 51.4 | 2.1 | 49.3 | 45.3 | 0.1 | 45.2 | ||||||||||||||||||
Developed Technology | 16 | 1.2 | 14.8 | 13.8 | 0.1 | 13.7 | ||||||||||||||||||
(Filtration) | ||||||||||||||||||||||||
Customer Contracts (Filtration) | 1.9 | — | 1.9 | — | — | — | ||||||||||||||||||
Patents (Filtration) | 1.5 | — | 1.5 | — | — | — | ||||||||||||||||||
Total | $ | 80.8 | $ | 13.3 | $ | 67.5 | $ | 69.1 | $ | 10.2 | $ | 58.9 | ||||||||||||
Unamortized intangible assets (Filtration) | ||||||||||||||||||||||||
Trade names | $ | 21.8 | $ | 21.8 | ||||||||||||||||||||
* Accumulated amortization also includes adjustments for foreign currency translation. | ||||||||||||||||||||||||
Amortization expense of intangible assets was $3.1 million, $0.6 million and $1.1 million and for the years ended December 31, 2014, 2013 and 2012, respectively. Finite-lived intangibles in the Filtration segment are expensed using the straight-line amortization method. The following table shows the estimated aggregate amortization expense for the next five years ($ in millions): | ||||||||||||||||||||||||
For the year ended December 31, | Estimated Amortization Expense | |||||||||||||||||||||||
2015 | $ | 4.2 | ||||||||||||||||||||||
2016 | 4.2 | |||||||||||||||||||||||
2017 | 3.8 | |||||||||||||||||||||||
2018 | 3.8 | |||||||||||||||||||||||
2019 | 3.8 | |||||||||||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Other Assets | Other Assets | |||||||
Other assets consisted of the following ($ in millions): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Capitalized software costs, net of accumulated amortization | $ | 3.8 | $ | 7 | ||||
Business tax credits, including VAT and ICMS (net of $11.7 million and $13.8 million reserve as of December 31, 2014 and 2013, respectively) | 2.5 | 3.1 | ||||||
Grantor trust assets | 10.3 | 10 | ||||||
Net pension assets | — | 4.4 | ||||||
Other assets | 6 | 7.1 | ||||||
Total | $ | 22.6 | $ | 31.6 | ||||
The Company's ICMS credits in Brazil are fully reserved. These credits do not expire. The Company is still pursuing other actions to utilize the credits. Charges and credits associated with normal ongoing activity are included in Cost of Products Sold in the Consolidated Statements of Income. Future material changes as a result of new legislation or a change in our operations will be reported separately. | ||||||||
Grantor trust assets consist primarily of cash surrender values in Company-owned life insurance policies held by a trust to be used for the eventual payment of employee deferred compensation. These assets are restricted from Company use until all obligations are satisfied. |
Restructuring_and_Impairment_A
Restructuring and Impairment Activities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Restructuring and Impairment Activities | Restructuring and Impairment Activities | |||||||
The Company incurred restructuring and impairment expenses of $13.1 million, $41.3 million and $21.4 million in the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
In the Paper segment, restructuring and impairment expenses were $4.5 million, $2.4 million and $17.9 million during the years ended December 31, 2014, 2013 and 2012, respectively. During 2014, restructuring and impairment expenses primarily included $2.6 million related to severance expenses in the French, Brazilian and U.S. operations for ongoing accruals over the remaining service lives of affected employees related to previously announced actions as well as losses on disposal of our Lee Mills and Golden Hills manufacturing facilities of $1.0 million and asset impairment expenses at our Canada manufacturing facility of $0.9 million. During 2013, restructuring and impairment expenses primarily included $1.6 million related to severance and early retirement expenses in the French operations for ongoing accruals over the remaining service lives of affected employees related to new as well as previously announced actions and terminating a third-party printing agreement in Europe. During 2012, expenses for the Paper segment were primarily related to the Company's amendment of a supply agreement with Philip Morris-USA, a subsidiary of Altria Group Inc. The amended agreement eliminated the Company's contractual commitment to stand ready to produce commercial quantities of banded cigarette paper even in the absence of firm orders. The Company considered these new terms to be a triggering event requiring evaluation of the recoverability of our Spotswood mill's banded cigarette paper production assets. Based on this analysis, which reflected management's assessment of the most likely future utilization of the mill, the Company in 2012 recorded a $16.9 million impairment charge to reduce the carrying value of these assets to their fair value. | ||||||||
The Reconstituted Tobacco segment restructuring and impairment expenses were $6.8 million, $38.6 million and $4.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Restructuring expenses incurred in 2014 related to severance expenses in the French operations for ongoing accruals over the remaining service lives of affected employees related to new as well as previously announced actions. During 2013 and 2012, the Company recorded $37.2 million and $3.1 million, respectively, of impairment expenses related to the Company's RTL facility in the Philippines. In January 2011, the Company learned of decreased RTL needs of a major customer and suspended construction of the RTL facility. The Company conducted an impairment analysis at each reporting period on the mothballed assets. At the end of 2013, the Company's estimates of near-term, cyclical RTL demand decreased such that cash flows from the potential restart of the facility were weighted less in management's assessment of the most likely future operation of the site. The 2013 charge reduced the carrying value of these assets, primarily construction-in-progress, to their fair value at December 31, 2013. | ||||||||
Fair value of the RTL Philippines facility and the Spotswood, New Jersey mill was determined by using management's estimates of market participants' discounted future cash flows and independent appraisals of certain assets, both which are considered significant unobservable inputs, or Level 3 inputs. Management used significant judgment to develop assumptions, including forecasted sales volumes, allocation of certain overhead costs attributable to the Spotswood mill and weighted average cost of capital, based on historical and projected operational performance. | ||||||||
Remaining restructuring expense for the Reconstituted Tobacco segment for the years ended December 31, 2013 and 2012 related to severance expenses in the French operations for ongoing accruals over the remaining service lives of affected employees related to previously announced actions. | ||||||||
The Filtration segment restructuring expenses were $0.4 million in 2014 and $0 in 2013 and 2012. The expenses incurred in 2014 related to severance expenses incurred during the acquisition of the assets from SNN in December 2014. | ||||||||
Additionally, the Company incurred $1.4 million in restructuring expenses related to accruals for severance expenses within supporting overhead departments during 2014 which were not allocated to a specific segment. | ||||||||
Restructuring liabilities were classified within Accrued expenses in each of the consolidated balance sheets as of December 31, 2014 and 2013. Changes in the restructuring liabilities, substantially all of which are employee-related, are summarized as follows ($ in millions): | ||||||||
2014 | 2013 | |||||||
Balance at beginning of year | $ | 4.7 | $ | 3.4 | ||||
Accruals for announced programs | 11.2 | 3.9 | ||||||
Cash payments | (6.3 | ) | (2.7 | ) | ||||
Exchange rate impacts | (0.9 | ) | 0.1 | |||||
Balance at end of period | $ | 8.7 | $ | 4.7 | ||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Total debt is summarized in the following table ($ in millions): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving Credit Agreement - U.S. dollar borrowings | $ | 354 | $ | 367.7 | ||||
Revolving Credit Agreement - euro borrowings | 71.1 | — | ||||||
French Employee Profit Sharing | 14.6 | 15.8 | ||||||
Bank Overdrafts | 0.4 | 1.7 | ||||||
Other | — | 0.2 | ||||||
Total Debt | 440.1 | 385.4 | ||||||
Less: Current debt | (2.9 | ) | (4.2 | ) | ||||
Long-Term Debt | $ | 437.2 | $ | 381.2 | ||||
Credit Agreement | ||||||||
In December 2013, the Company amended and restated its unsecured revolving credit facility, or Credit Agreement. The five-year revolving Credit Agreement provides for borrowing capacity of $500.0 million in either U.S. Dollars or a $300.0 million equivalent sublimit in euros with an option to increase borrowing capacity by $200 million. The Credit Agreement contains representations and warranties which are customary for facilities of this type and covenants and provisions that, among other things, require the Company to maintain (a) a maximum net debt to EBITDA ratio of 3.00 and (b) a minimum interest coverage ratio of 3.50. The Company was in compliance with all of its covenants under the Credit Agreement at December 31, 2014. | ||||||||
Under the Credit Agreement, interest rates are based on the London Interbank Offered Rate plus an applicable margin that varies from 1.25% to 2.00% depending on the Net Debt to EBITDA Ratio, as defined in the Credit Agreement. The Company will incur commitment fees at an annual rate of 0.20% to 0.30% of the applicable margin on the committed amounts not drawn, depending on the Net Debt to EBITDA Ratio. As of December 31, 2014, the applicable interest rate on Credit Agreement borrowings was 1.48% on US Dollar borrowings and 1.55% on Euro borrowings. The balance of the facility is due upon maturity in December 2018. | ||||||||
French Employee Profit Sharing | ||||||||
At both December 31, 2014 and 2013, long-term debt other than the Credit Agreement primarily consisted of obligations of the French operations related to government-mandated profit sharing. Each year, representatives of the workers at each of the French businesses can make an election for the profit sharing amounts from the most recent year ended to be invested in a financial institution or with their respective employer. To the extent that funds are invested with the Company, these amounts bear interest at 2.28% and 2.43% at December 31, 2014 and 2013, respectively, and are generally payable in the fifth year subsequent to the year the profit sharing is accrued. | ||||||||
Bank Overdrafts and Other | ||||||||
The Company also had bank overdraft facilities of $30.8 million and $28.3 million, at December 31, 2014 and 2013, respectively, of which $0.4 million and $1.7 million were outstanding at December 31, 2014 and 2013, respectively, and reported as current debt on the consolidated balance sheet. Interest is incurred on outstanding amounts at market rates and was 0.55% and 0.74%, respectively, at December 31, 2014 and 2013. No commitment fees are paid on the unused portion of these facilities. | ||||||||
Other debt consists of non-interest bearing debt with deferred capital repayment from governmental and commercial institutions primarily related to environmental capital improvements. | ||||||||
Rate Swap Agreement | ||||||||
The Company maintained a forward interest rate swap agreement on a portion of its long-term debt as of December 31, 2014 that will fix the LIBOR rate on $50.0 million of the Company's variable-rate long-term debt as of October 2014 at a predetermined rate plus a credit spread through the end of October 2018. The impact of swap agreements on the consolidated financial statements was not material for the years ended December 31, 2014 and 2013. See Note 13. Derivatives for more information. | ||||||||
Principal Repayments | ||||||||
Under the Credit Agreement, the Company selects an "interest period" for each of its borrowings. The Company can repay such borrowings and borrow again at a subsequent date if it chooses to do so, providing it flexibility and efficient use of any excess cash. The Company expects to continue to file notices of continuation related to its borrowings outstanding at December 31, 2014 such that those amounts are not expected to be repaid prior to the December 2018 expiration of the Credit Agreement. Following are the expected maturities for the Company's debt obligations as of December 31, 2014 ($ in millions): | ||||||||
2015 | $ | 2.9 | ||||||
2016 | 3 | |||||||
2017 | 2.9 | |||||||
2018 | 428.5 | |||||||
2019 | 2.8 | |||||||
Thereafter | — | |||||||
Total | $ | 440.1 | ||||||
Fair Value of Debt | ||||||||
At December 31, 2014 and 2013, the estimated fair values of the Company's current and long-term debt approximated the respective carrying amounts since the interest rates were variable and based on current market indices. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||||||||||
In the normal course of business, the Company is exposed to foreign currency exchange rate risk and interest rate risk on its variable-rate debt. To manage these risks, the Company utilizes a variety of practices including, where considered appropriate, derivative instruments. The Company has no derivative instruments for trading or speculative purposes nor any derivatives with credit risk-related contingent features. All derivative instruments used by the Company are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The fair values of the Company's derivative instruments are determined using observable inputs and are considered Level 2 assets or liabilities. | |||||||||||||||||||||||||
The Company utilizes currency forward, swap and, to a lesser extent, option contracts to selectively hedge its exposure to foreign currency risk when it is practical and economical to do so. The use of these contracts minimizes transactional exposure to exchange rate changes. We designate certain of our foreign currency hedges as cash flow hedges. Changes in the fair value of cash flow hedges are reported as a component of other comprehensive income (loss) and reclassified into earnings when the forecasted transaction affects earnings. For foreign exchange contracts not designated as cash flow hedges, changes in the contracts' fair value are recorded to net income each period. | |||||||||||||||||||||||||
The Company selectively hedges its exposure to interest rate increases on variable-rate, long-term debt when it is practical and economical to do so. Changes in the fair value of interest rate contracts considered cash flow hedges are reported as a component of other comprehensive income (loss) and reclassified into earnings when the forecasted transaction affects earnings. | |||||||||||||||||||||||||
The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2014 ($ in millions): | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange contracts | Accounts Receivable | $ | 0.4 | Accrued Expenses | $ | 4.8 | |||||||||||||||||||
Foreign exchange contracts | Other Assets | — | Other Liabilities | 4 | |||||||||||||||||||||
Interest rate contracts | Other Assets | — | Other Liabilities | 0.5 | |||||||||||||||||||||
Total derivatives designated as hedges | $ | 0.4 | $ | 9.3 | |||||||||||||||||||||
The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2013 ($ in millions): | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange contracts | Accounts Receivable | $ | — | Accrued Expenses | $ | 6.5 | |||||||||||||||||||
Foreign exchange contracts | Other Assets | — | Other Liabilities | 2.1 | |||||||||||||||||||||
Interest rate contracts | Other Assets | 0.5 | Other Liabilities | — | |||||||||||||||||||||
Total derivatives designated as hedges | $ | 0.5 | $ | 8.6 | |||||||||||||||||||||
The following table provides the effect derivative instruments in cash flow hedging relationships had on accumulated other comprehensive income (loss), or AOCI, and results of operations ($ in millions): | |||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Relationships | (Loss) Gain Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | Location of Reclassification | (Loss) Gain Reclassified | ||||||||||||||||||||||
from AOCI | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Foreign exchange contracts | $ | 0.5 | $ | (7.0 | ) | $ | (1.8 | ) | Net Sales | $ | (4.6 | ) | $ | (0.4 | ) | $ | 1.4 | ||||||||
Interest rate contracts | (0.7 | ) | 0.3 | — | Interest Expense | — | — | — | |||||||||||||||||
Total | $ | (0.2 | ) | $ | (6.7 | ) | $ | (1.8 | ) | Total | $ | (4.6 | ) | $ | (0.4 | ) | $ | 1.4 | |||||||
The Company's designated derivative instruments are highly effective. As such, related to the hedge ineffectiveness or amounts excluded from hedge effectiveness testing, there were no gains or losses recognized immediately in income for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||||||||||||||
The following table provides the effect derivative instruments not designated as hedging instruments had on net income ($ in millions): | |||||||||||||||||||||||||
Derivatives Not Designated as Cash Flow Hedging Instruments | Amount of Gain / (Loss) Recognized in Other Income / Expense | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | (0.1 | ) | ||||||||||||||||||
Foreign exchange contracts | (0.7 | ) | (0.1 | ) | (1.0 | ) | |||||||||||||||||||
Total | $ | (0.7 | ) | $ | (0.1 | ) | $ | (1.1 | ) |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Expenses [Abstract] | ||||||||
Accrued Expenses | Accrued Expenses | |||||||
Accrued expenses consisted of the following ($ in millions): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Accrued salaries, wages and employee benefits | $ | 26.9 | $ | 49 | ||||
Other accrued expenses | 48.9 | 43.7 | ||||||
Total | $ | 75.8 | $ | 92.7 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
An analysis of the provision (benefit) for income taxes from continuing operations follows ($ in millions): | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current income taxes: | |||||||||||||||||||||
U.S. Federal | $ | 6.6 | $ | 13.6 | $ | 16.2 | |||||||||||||||
U.S. State | 0.6 | 0.9 | 1.5 | ||||||||||||||||||
Foreign | 10 | 21.2 | 18.7 | ||||||||||||||||||
17.2 | 35.7 | 36.4 | |||||||||||||||||||
Deferred income taxes: | |||||||||||||||||||||
U.S. Federal | 3 | (0.2 | ) | (4.6 | ) | ||||||||||||||||
U.S. State | (0.8 | ) | — | (0.4 | ) | ||||||||||||||||
Foreign | 1.1 | 17.5 | 18.1 | ||||||||||||||||||
3.3 | 17.3 | 13.1 | |||||||||||||||||||
Total | $ | 20.5 | $ | 53 | $ | 49.5 | |||||||||||||||
Income from continuing operations before income taxes and income from equity affiliates included income of $77.2 million in 2014, $70.0 million in 2013, and $104.4 million in 2012 from operations outside the United States. | |||||||||||||||||||||
A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the provision for income taxes is as follows ($ in millions): | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
Tax provision at U.S. statutory rate | $ | 37.9 | 35 | % | $ | 44.7 | 35 | % | $ | 52.4 | 35 | % | |||||||||
Foreign income tax rate differential | (16.1 | ) | (14.9 | ) | 8.2 | 6.4 | (4.5 | ) | (3.0 | ) | |||||||||||
Tax effect of foreign legal structure | (0.4 | ) | (0.4 | ) | — | — | — | — | |||||||||||||
Domestic production deduction | (1.0 | ) | (0.9 | ) | (0.9 | ) | (0.7 | ) | (1.0 | ) | (0.7 | ) | |||||||||
Adjustments to valuation allowances | 0.4 | 0.4 | 1.2 | 0.9 | — | — | |||||||||||||||
French business tax classified as income tax | 1.7 | 1.6 | 2.2 | 1.7 | 2.4 | 1.6 | |||||||||||||||
Other foreign taxes, net | (0.6 | ) | (0.6 | ) | (1.4 | ) | (1.1 | ) | (0.7 | ) | (0.5 | ) | |||||||||
Other, net | (1.4 | ) | (1.3 | ) | (1.0 | ) | (0.7 | ) | 0.9 | 0.7 | |||||||||||
Provision for income taxes | $ | 20.5 | 18.9 | % | $ | 53 | 41.5 | % | $ | 49.5 | 33.1 | % | |||||||||
The decrease in our 2014 effective tax rate reflects the change in our geographic mix of earnings with a concentration of earnings from lower taxed jurisdictions. The lower rate was also driven primarily by global asset realignment actions taken during the early part of 2014 to improve the Company's use of critical assets along with a reorganization of foreign operations under a new holding company structure. The 2013 and 2012 foreign income tax rate differential includes the effect of not recognizing the tax benefits of a tax holiday at the RTL Philippines facility attributable to asset impairment charges. The amount of unrecognized tax benefits was $13.4 million and $2.0 million during the years ended December 31, 2013 and 2012, respectively. The RTL Philippines tax holiday expired in December 2013. The effect of not recognizing a tax benefit due to the tax holiday on net income per share (diluted) was $0.43 and $0.06 for 2013 and 2012, respectively. During 2013, the Company increased its valuation allowances by $1.2 million primarily attributed to partially reserving the net deferred tax assets in Poland due to the change in tax status for that entity in early 2014. | |||||||||||||||||||||
The Company considers the undistributed earnings of certain foreign subsidiaries to be indefinitely reinvested. Accordingly, no provision for U.S. federal and state income taxes has been made thereon. Upon distribution of those earnings in the form of dividends, loans to the U.S. parent, or otherwise, the Company could be liable for both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to foreign tax authorities. Determination of the amount of unrecognized deferred U.S. tax liability is not practicable because of the complexities associated with this hypothetical calculation. | |||||||||||||||||||||
Net deferred income tax assets (liabilities) were comprised of the following ($ in millions): | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Current deferred income tax assets attributable to: | 2014 | 2013 | |||||||||||||||||||
Inventories | $ | 0.6 | $ | (1.0 | ) | ||||||||||||||||
Postretirement and other employee benefits | 3.1 | 1.9 | |||||||||||||||||||
Other accrued liabilities | 4.3 | 6 | |||||||||||||||||||
Valuation allowances | (0.7 | ) | (3.0 | ) | |||||||||||||||||
Foreign tax incentives | — | 2.3 | |||||||||||||||||||
Other | 1.9 | 3.9 | |||||||||||||||||||
Net current deferred income tax assets | $ | 9.2 | $ | 10.1 | |||||||||||||||||
Noncurrent deferred income tax assets attributable to: | |||||||||||||||||||||
Operating loss carryforwards | $ | 17.7 | $ | 8.8 | |||||||||||||||||
Tax credit carryforwards | — | — | |||||||||||||||||||
Postretirement and other employee benefits | 0.3 | — | |||||||||||||||||||
Accumulated depreciation, amortization and impairment | 10.8 | — | |||||||||||||||||||
Valuation allowances | (28.7 | ) | (9.8 | ) | |||||||||||||||||
Other | (0.1 | ) | 1 | ||||||||||||||||||
Net noncurrent deferred income tax assets | $ | — | $ | — | |||||||||||||||||
Noncurrent deferred income tax liabilities attributable to: | |||||||||||||||||||||
Accumulated depreciation and amortization | $ | (70.3 | ) | $ | (74.3 | ) | |||||||||||||||
Operating loss carryforwards | 8.9 | 14.3 | |||||||||||||||||||
Valuation allowance | (7.8 | ) | (7.5 | ) | |||||||||||||||||
Postretirement and other employee benefits | 16.2 | 13.1 | |||||||||||||||||||
Basis difference of acquired intangible assets | (22.1 | ) | (29.9 | ) | |||||||||||||||||
Other | 3.7 | 3.4 | |||||||||||||||||||
Net noncurrent deferred income tax liabilities | $ | (71.4 | ) | $ | (80.9 | ) | |||||||||||||||
Net deferred tax assets in Brazil, the Philippines and Spain tax jurisdictions are fully reserved by valuation allowances. Total gross deferred income tax assets were $90.1 million and $43.1 million at December 31, 2014 and 2013, respectively. Total gross deferred income tax liabilities were $152.3 million and $113.9 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
The net operating loss carryforward balances, or NOLs, were primarily generated due to operating losses incurred in Brazil and as a result of lower operating earnings together with substantial restructuring expenses incurred in Brazil and France. Also, NOLs had been generated since 2003 by the SMH tax group in France and by SM-Spain since its formation in 1997. | |||||||||||||||||||||
As of December 31, 2014 the Company had approximately $97.5 million of operating loss carryforwards available to reduce future taxable income. Under current tax laws, remaining NOLs in France, Spain and Brazil carry forward indefinitely and NOLs in the Philippines expire 3 years subsequent to year generated. NOLs of approximately $18.4 million in the Philippines will expire from 2015 through 2017 and NOLs in the United States totaling $11.7 million related to various states will expire from 2022 through 2032 if not utilized against taxable income. The remaining $3.3 million, $20.7 million, and $43.4 million of NOLs are related to France, Brazil and Spain, respectively, and have no expiration date. | |||||||||||||||||||||
The Company's deferred tax asset valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards for certain entities. The valuation allowance on deferred tax assets associated with NOLs in Spain totaled $12.2 million as of December 31, 2014, fully reserving the related deferred tax asset. The valuation allowances in Brazil and the Philippines totaled $7.9 million and $16.5 million, respectively, fully reserving the net deferred tax asset balances. The Company's assumptions, judgments and estimates relative to the valuation of these net deferred tax assets take into account available positive and negative evidence of realizability, including recent financial performance, the ability to realize benefits of restructuring and other recent actions, projections of the amount and category of future taxable income and tax planning strategies. Actual future operating results and the underlying amount and category of income in future periods could differ from the Company's current assumptions, judgments and estimates. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets, including the deferred tax assets associated with the NOLs in France. | |||||||||||||||||||||
The following table summarizes the activity related to the Company's unrecognized tax benefits related to income taxes ($ in millions): | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Uncertain tax position balance at beginning of year | $ | 1.8 | |||||||||||||||||||
Increases related to current year tax positions | — | ||||||||||||||||||||
Uncertain tax position balance at end of year | $ | 1.8 | |||||||||||||||||||
All unrecognized tax positions would impact the Company's effective tax rate if recognized. The Company's policy with respect to penalties and interest in connection with income tax assessments or related to unrecognized tax benefits is to classify penalties as provision for income taxes and interest as interest expense in its consolidated income statement. There were no material income tax penalties or interest accrued during the years ended December 31, 2014, 2013 or 2012. | |||||||||||||||||||||
The Company files income tax returns in the U.S. Federal and several state jurisdictions as well as in many foreign jurisdictions. With certain exceptions, the Company is no longer subject to U.S. Federal, state and local, or foreign income tax examinations for years before 2011. |
Postretirement_and_Other_Benef
Postretirement and Other Benefits | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Postretirement and Other Benefits | Postretirement and Other Benefits | |||||||||||||||||||||||||||||||||||
North American Pension and Postretirement Healthcare and Life Insurance Benefits | ||||||||||||||||||||||||||||||||||||
The U.S. operations have defined benefit retirement plans that cover certain full-time employees. Retirement benefits are based on either a cash balance benefit formula or a final average pay formula for certain employees who were "grandfathered" and retained retirement benefits under the terms of the plan prior to its amendment to include a cash balance benefit formula. Benefits related to the U.S. defined benefit and pension plan are frozen for all employees. | ||||||||||||||||||||||||||||||||||||
The U.S. operations also have unfunded healthcare and life insurance benefit plans, or OPEB plans, which cover certain of its retirees through age 65. Some employees who retained benefits under the terms of the Company's plans prior to certain past amendments receive retiree healthcare coverage at rates subsidized by the Company. For other eligible employees, retiree healthcare coverage access is offered at full cost to the retiree. The postretirement healthcare plans include a limit on the Company's share of costs for current and future retirees. The U.S. operations' retiree life insurance plans are noncontributory. The Company's Canadian postretirement benefits liability is immaterial and therefore is not included in these disclosures. | ||||||||||||||||||||||||||||||||||||
French Pension Benefits | ||||||||||||||||||||||||||||||||||||
In France, employees are covered under a government-administered program. In addition, the Company's French operations sponsor retirement indemnity plans, which pay a lump sum retirement benefit to all of its permanent employees who retire. In addition, the Company's French operations sponsor a supplemental executive pension plan. Plan assets are principally invested in the general asset portfolio of a French insurance company. | ||||||||||||||||||||||||||||||||||||
U.S. and French Pension and U.S. Other Postretirement Benefit Disclosures | ||||||||||||||||||||||||||||||||||||
The U.S. pension and OPEB plans and French pension plans accounted for the majority of the Company's total plan assets and total ABO at December 31, 2014 for the Company and all of its consolidated subsidiaries. | ||||||||||||||||||||||||||||||||||||
The Company uses a measurement date of December 31 for its pension plans in the United States and France and other postretirement healthcare and life insurance benefit plans in the United States. The funded status of these plans as of December 31, 2014 and 2013 was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation, or PBO: | ||||||||||||||||||||||||||||||||||||
PBO at beginning of year | $ | 121.6 | $ | 132.6 | $ | 37.7 | $ | 33.6 | $ | 2.8 | $ | 5.4 | ||||||||||||||||||||||||
Service cost | — | — | 1.3 | 1.3 | — | 0.1 | ||||||||||||||||||||||||||||||
Interest cost | 5.6 | 5.1 | 0.8 | 0.8 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | 14.6 | (8.8 | ) | 4.4 | 2.6 | (0.1 | ) | (0.7 | ) | |||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 0.2 | 0.3 | ||||||||||||||||||||||||||||||
Plan amendment | (2.1 | ) | — | — | — | (0.6 | ) | (1.7 | ) | |||||||||||||||||||||||||||
Gross benefits paid | (7.3 | ) | (7.3 | ) | (1.7 | ) | (2.0 | ) | (0.6 | ) | (0.7 | ) | ||||||||||||||||||||||||
Currency translation effect | — | — | (5.2 | ) | 1.4 | — | — | |||||||||||||||||||||||||||||
PBO at end of year | $ | 132.4 | $ | 121.6 | $ | 37.3 | $ | 37.7 | $ | 1.8 | $ | 2.8 | ||||||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 126 | 120.4 | 12.3 | 13.4 | — | — | ||||||||||||||||||||||||||||||
Actual return on plan assets | 12.3 | 12.2 | 0.5 | (0.4 | ) | — | — | |||||||||||||||||||||||||||||
Employer contributions | — | 0.7 | 1 | 0.8 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 0.2 | 0.3 | ||||||||||||||||||||||||||||||
Plan amendment | (2.1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Gross benefits paid | (7.3 | ) | (7.3 | ) | (2.2 | ) | (2.0 | ) | (0.6 | ) | (0.7 | ) | ||||||||||||||||||||||||
Currency translation effect | — | — | (1.4 | ) | 0.5 | — | — | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 128.9 | $ | 126 | $ | 10.2 | $ | 12.3 | $ | — | $ | — | ||||||||||||||||||||||||
Funded status at end of year | $ | (3.5 | ) | $ | 4.4 | $ | (27.1 | ) | $ | (25.4 | ) | $ | (1.8 | ) | $ | (2.8 | ) | |||||||||||||||||||
The PBO and Accumulated Benefit Obligations (ABO) exceeded the fair value of pension plan assets for the Company's French defined benefit pension plans as of December 31, 2014 and 2013 and U.S. defined benefit plan as of December 31, 2014 as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
PBO | $ | 132.4 | $ | 121.6 | $ | 37.3 | $ | 37.7 | ||||||||||||||||||||||||||||
ABO | 132.4 | 121.6 | 32.2 | 31.2 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 128.9 | 126 | 10.2 | 12.3 | ||||||||||||||||||||||||||||||||
As of December 31, 2014, the pre-tax amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost for the U.S. and French pension plans and other postretirement benefit plans in the United States are as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
Accumulated loss | $ | 42.1 | $ | 19 | $ | 1 | ||||||||||||||||||||||||||||||
Prior service credit | — | (4.4 | ) | (1.1 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income) | $ | 42.1 | $ | 14.6 | $ | (0.1 | ) | |||||||||||||||||||||||||||||
The amounts in accumulated other comprehensive loss at December 31, 2014, which are expected to be recognized as components of U.S. and French net periodic benefit cost in 2015 are as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
Amortization of accumulated loss | $ | (5.5 | ) | $ | (1.5 | ) | $ | (0.3 | ) | |||||||||||||||||||||||||||
Amortization of prior service credit | — | 0.3 | 0.6 | |||||||||||||||||||||||||||||||||
Total | $ | (5.5 | ) | $ | (1.2 | ) | $ | 0.3 | ||||||||||||||||||||||||||||
Actuarial assumptions are used to determine the Company's benefit obligations. The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle pension obligations. The discount rate fluctuates from year to year based on current market interest rates for high-quality, fixed-income investments. The Company also evaluates the expected average duration of its pension obligations in determining its discount rate. An assumed long-term rate of compensation increase is also used to determine the PBO. The weighted average assumptions used to determine benefit obligations as of December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Discount rate | 3.94 | % | 4.78 | % | 1.17 | % | 2.38 | % | 3.82 | % | 4.3 | % | ||||||||||||||||||||||||
Rate of compensation increase | — | % | — | % | 1.9 | % | 2.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||||||
The U.S. postretirement healthcare plan provides for benefits to be limited to a cost ceiling which has already been reached. Therefore, no increases in the health care cost trend rates are included in the measurement of the plan's benefit obligation. | ||||||||||||||||||||||||||||||||||||
The components of net pension and OPEB benefit costs for U.S. employees and net pension benefit costs for French employees during the years ended December 31, 2014, 2013 and 2012 were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | French Pension Benefits | U.S. OPEB Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 1.3 | $ | 1.3 | $ | 0.9 | $ | — | $ | 0.1 | $ | 0.1 | ||||||||||||||||||
Interest cost | 5.6 | 5.1 | 5.5 | 0.8 | 0.8 | 1 | 0.1 | 0.1 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (7.4 | ) | (7.1 | ) | (7.6 | ) | (0.4 | ) | (0.4 | ) | (0.6 | ) | — | — | — | |||||||||||||||||||||
Amortizations and other | 4.2 | 6.7 | 5.9 | 0.7 | 0.5 | 0.4 | (0.5 | ) | (0.7 | ) | (0.3 | ) | ||||||||||||||||||||||||
Curtailment benefit | — | — | — | — | — | — | (2.7 | ) | (3.2 | ) | — | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.4 | $ | 4.7 | $ | 3.8 | $ | 2.4 | $ | 2.2 | $ | 1.7 | $ | (3.1 | ) | $ | (3.7 | ) | $ | 0.2 | ||||||||||||||||
Assumptions are used to determine net periodic benefit costs. In addition to the discount rate and rate of compensation increase, which are used to determine benefit obligations, an expected long-term rate of return on plan assets is also used to determine net periodic pension benefit costs. The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4 | % | 4.5 | % | 1.17 | % | 2.38 | % | 4.4 | % | 4.02 | % | 3.25 | % | 4.5 | % | ||||||||||||||||||
Expected long-term rate of return on plan assets | 6.48 | % | 6.5 | % | 7 | % | 3 | % | 3.25 | % | 3.25 | % | — | — | — | |||||||||||||||||||||
Rate of compensation increase | — | — | — | % | 1.9 | % | 2.5 | % | 2.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||
The Company's investment strategy with respect to its U.S. pension plan assets is to maximize the return on investment of plan assets at an acceptable level of risk and to assure the plans' fiscal health. The target asset allocation varies based on the funded status of the plan in an effort to match the duration of the plan's liabilities to investments in long duration fixed income assets over time. The Company's investments under the French pension plans are primarily invested as directed by governmental authorities, their contracted providers or the participants without direction from the Company. The primary goal of the Company's pension plans is to maintain the highest probability of assuring future benefit payments to participants while providing growth of capital in real terms. To achieve this goal, the investment philosophy is to protect plan assets from large investment losses, particularly over time, while steadily growing the assets in a prudent manner. While there cannot be complete assurance that the objectives will be realized, the Company believes that the likelihood of realizing the objectives are reasonable based upon this investment philosophy. The Company has an investment committee that meets on a periodic basis to review the portfolio returns and to determine asset mix targets. The U.S. and French pension plans' asset target allocations by asset category for 2015 and actual allocations by asset category at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
2015 Target | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | % | 1 | % | 3 | % | 11 | % | 25 | % | ||||||||||||||||||||||||||
Equity securities* | ||||||||||||||||||||||||||||||||||||
Domestic Large Cap | 8 | 5 | 25 | 17 | 19 | |||||||||||||||||||||||||||||||
Domestic Small Cap | 2 | 4 | 8 | |||||||||||||||||||||||||||||||||
International | 17 | 17 | 12 | |||||||||||||||||||||||||||||||||
Fixed income securities | 67 | 68 | 47 | 71 | 55 | |||||||||||||||||||||||||||||||
Alternative investments** | 5 | 5 | 5 | 1 | 1 | |||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||
* | None of the Company's pension plan assets are targeted for investment in SWM stock, except that it is possible that one or more mutual funds held by the plan could hold shares of SWM. | |||||||||||||||||||||||||||||||||||
** | Investments in this category under the U.S. pension plan only may include hedge funds, and may include real estate under the French pension plan. | |||||||||||||||||||||||||||||||||||
The Company's pension assets are classified according to an established fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: | ||||||||||||||||||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||||||||||||||||||||
Level 2 | Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; | |||||||||||||||||||||||||||||||||||
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2014 ($ in millions): | ||||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
Plan Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||
Cash equivalents | $ | 1.1 | $ | 1.1 | $ | — | $ | — | $ | 1.1 | $ | 1.1 | $ | — | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||
Domestic Large Cap | 7.2 | — | 7.2 | — | 1.7 | 1.7 | — | |||||||||||||||||||||||||||||
Domestic Small Cap | 5.5 | — | 5.5 | — | — | — | — | |||||||||||||||||||||||||||||
International | 21.3 | — | 21.3 | — | — | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 87 | — | 87 | — | 7.3 | — | 7.3 | |||||||||||||||||||||||||||||
Alternative investments* | 6.8 | — | — | 6.8 | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||
Total | $ | 128.9 | $ | 1.1 | $ | 121 | $ | 6.8 | $ | 10.2 | $ | 2.8 | $ | 7.4 | ||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2013 ($ in millions): | ||||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
Plan Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||
Cash equivalents | $ | 3.6 | $ | 3.6 | $ | — | $ | — | $ | 3.1 | $ | 3.1 | $ | — | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||
Domestic Large Cap | 31.1 | 31.1 | — | — | 2.3 | 2.3 | — | |||||||||||||||||||||||||||||
Domestic Small Cap | 10.1 | 10.1 | — | — | — | — | — | |||||||||||||||||||||||||||||
International | 15.2 | 10 | 5.2 | — | — | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 59.6 | 59.6 | — | — | 6.8 | — | 6.8 | |||||||||||||||||||||||||||||
Alternative investments* | 6.4 | — | — | 6.4 | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||
Total | $ | 126 | $ | 114.4 | $ | 5.2 | $ | 6.4 | $ | 12.3 | $ | 5.4 | $ | 6.9 | ||||||||||||||||||||||
* Alternative investments include ownership interests in shares of registered investment companies. | ||||||||||||||||||||||||||||||||||||
Values for Level 3 assets may be determined through appraisals and models for illiquid assets. The following table shows the changes in Level 3 asset values ($ in millions): | ||||||||||||||||||||||||||||||||||||
U.S. | Alternative | |||||||||||||||||||||||||||||||||||
Level 3 Asset Reconciliation | Investments | |||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 6 | ||||||||||||||||||||||||||||||||||
Realized and unrealized gains | 0.6 | |||||||||||||||||||||||||||||||||||
Purchases | — | |||||||||||||||||||||||||||||||||||
Sales | (0.2 | ) | ||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | 6.4 | |||||||||||||||||||||||||||||||||||
Realized and unrealized gains | 0.5 | |||||||||||||||||||||||||||||||||||
Purchases | — | |||||||||||||||||||||||||||||||||||
Sales | (0.1 | ) | ||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 6.8 | ||||||||||||||||||||||||||||||||||
The Company expects the following estimated undiscounted future pension benefit payments for the United States and France and future postretirement healthcare and life insurance benefit payments for the United States, which are to be made from pension plan and employer assets, net of amounts that will be funded from retiree contributions, and which reflect expected future service, as appropriate ($ in millions): | ||||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
Pension | Healthcare | Pension | ||||||||||||||||||||||||||||||||||
Benefits | and Life | Benefits | ||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2015 | $ | 8 | $ | 0.4 | $ | 1.8 | ||||||||||||||||||||||||||||||
2016 | 8 | 0.3 | 1.8 | |||||||||||||||||||||||||||||||||
2017 | 8.1 | 0.2 | 4 | |||||||||||||||||||||||||||||||||
2018 | 8.3 | 0.1 | 1.2 | |||||||||||||||||||||||||||||||||
2019 | 8.3 | 0.1 | 2.5 | |||||||||||||||||||||||||||||||||
2020 - 2024 | 41.7 | 0.4 | 7.7 | |||||||||||||||||||||||||||||||||
The Company is not required to contribute during 2015 to its U.S. and French pension plans; although, it may make discretionary contributions dependent on market conditions to remain aligned with its investment policy statement. | ||||||||||||||||||||||||||||||||||||
Other Foreign Pension Benefits | ||||||||||||||||||||||||||||||||||||
In Brazil and Poland, employees are covered under government-administered programs. In Poland and Canada, the employee pension benefits are not significant and therefore are not included in the above disclosures. | ||||||||||||||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||||||
We sponsor a qualified defined contribution plan covering substantially all U.S. employees. Under the plan, the Company matches a portion of employee contributions. The Company's cost under the plan was $2.0 million, $1.8 million and $1.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
The Company provides U.S. executives, certain other key personnel and its directors the opportunity to participate in deferred compensation plans. Participating employees can elect to defer a portion of their salaries and certain other compensation. Participating directors can elect to defer their meeting fees, as a cash deferral, as well as their quarterly retainer fees, as deferred stock unit credits. The Company's liability balance under these deferred compensation plans totaled $13.1 million and $13.4 million at December 31, 2014 and 2013, respectively, which were included in the consolidated balance sheet in other liabilities. In connection with these plans, the Company has a grantor trust into which it has contributed funds toward its future obligations under the various plans (See Note 10, Other Assets). The balance of grantor trust assets totaled $10.3 million and $10.0 million at December 31, 2014 and 2013, respectively, which were included in other assets in the consolidated balance sheets. These assets are restricted from Company use until all obligations are satisfied. | ||||||||||||||||||||||||||||||||||||
In accordance with French law, certain salaried employees in France may accumulate unused regular vacation and supplemental hours of paid leave that can be credited to an individual's Compte Epargne Temps, or CET. The CET account may grow over an individual's career and the hours accumulated may be withdrawn upon retirement or under other special circumstances at the individual's then current rate of pay. The balance of the Company's liability for this program reflected in the accompanying consolidated balance sheets in other liabilities was $8.1 million and $8.9 million at December 31, 2014 and 2013, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity | ||||||||||||||||||||
Restricted Stock Plan | |||||||||||||||||||||
The Company's Restricted Stock Plan, or RSP, is intended to promote the Company's long-term financial success by attracting and retaining outstanding executive personnel and to motivate such personnel by means of restricted stock grants. The Compensation Committee of the Company's Board of Directors selects participants and establishes the terms of any grant of restricted stock. The Company's RSP provides that issuance of restricted stock immediately transfers ownership rights in shares of its Common Stock to the recipient of the grant, including the right to vote the shares and to receive dividends thereon. The recipient's continued ownership of and right to freely transfer the restricted stock is subject to such conditions on transferability and to such risks of forfeiture as are established by the Compensation Committee at the time of the grant, which may include continued employment with the Company for a defined period, achievement of specified management performance objectives or other conditions established by the Compensation Committee. The number of shares, which may be issued under this RSP, is limited to 2,000,000 shares. No single participant may be awarded, in the aggregate, more than 50% of the shares authorized to be issued under the RSP. | |||||||||||||||||||||
As of December 31, 2014, 1,226,112 restricted shares had been issued under the RSP of which 366,363 shares of issued restricted stock were not yet vested and for which $2.8 million in unrecognized compensation expense is expected to be recognized over a weighted average period of 2.0 years. The following table presents restricted stock activity for the years 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
# of Shares | Weighted Average Fair Value at Date of Grant | # of Shares | Weighted Average Fair Value at Date of Grant | # of Shares | Weighted Average Fair Value at Date of Grant | ||||||||||||||||
Nonvested restricted shares outstanding at January 1 | 318,561 | $ | 35.82 | 433,382 | $ | 18.94 | 359,306 | $ | 13.79 | ||||||||||||
Granted | 201,680 | 39.55 | 274,172 | 36.47 | 137,026 | 29.56 | |||||||||||||||
Forfeited | (675 | ) | 48.68 | (42,711 | ) | 33.71 | — | — | |||||||||||||
Vested | (153,203 | ) | 34.89 | (346,282 | ) | 15.33 | (62,950 | ) | 12.84 | ||||||||||||
Nonvested restricted shares outstanding at December 31 | 366,363 | $ | 38.24 | 318,561 | $ | 35.82 | 433,382 | $ | 18.94 | ||||||||||||
Restricted Stock Plan Performance Based Shares | |||||||||||||||||||||
During 2014, the Company recognized $1.1 million for 43,842 shares earned under the 2014-2015 award opportunity and $3.1 million of compensation expense earned under the 2013-2014 award opportunity. During 2013 and 2012, the Company recognized $2.9 million and $6.2 million, respectively, of compensation expense for 159,940 and 177,034 shares, respectively, earned under the 2013-2014 and 2012-2013 award opportunities under the Restricted Stock Plan, with an offsetting credit to additional paid-in capital. | |||||||||||||||||||||
Basic and Diluted Shares Reconciliation | |||||||||||||||||||||
The Company uses the two-class method to calculate earnings per share. The Company has granted restricted stock that contains nonforfeitable rights to dividends on unvested shares. Since these unvested shares are considered participating securities under the two-class method, the Company allocates earnings per share to common stock and participating securities according to dividends declared and participation rights in undistributed earnings. | |||||||||||||||||||||
Diluted net income per common share is computed based on net income divided by the weighted average number of common and potential common shares outstanding. Potential common shares during the respective periods are those related to dilutive stock-based compensation, including long-term share-based incentive compensation, stock options outstanding, and directors' accumulated deferred stock compensation which may be received by the directors in the form of stock or cash. A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net income per share follows ($ in millions, shares in thousands): | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Numerator (basic and diluted): | |||||||||||||||||||||
Net income | $ | 89.7 | $ | 76.1 | $ | 79.8 | |||||||||||||||
Less: Dividends paid to participating securities | (0.3 | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||
Less: Undistributed earnings available to participating securities | (0.5 | ) | (0.4 | ) | (0.9 | ) | |||||||||||||||
Undistributed and distributed earnings available to common stockholders | $ | 88.9 | $ | 75.5 | $ | 78.7 | |||||||||||||||
Denominator: | |||||||||||||||||||||
Average number of common shares outstanding | 30,238.00 | 31,056.70 | 30,986.20 | ||||||||||||||||||
Effect of dilutive stock-based compensation | 118.5 | 181.6 | 355.7 | ||||||||||||||||||
Average number of common and potential common shares outstanding | 30,356.50 | 31,238.30 | 31,341.90 | ||||||||||||||||||
There were no anti-dilutive stock options during the years ended December 31, 2014, 2013 or 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
Leases | ||||
Future minimum obligations under non-cancelable operating leases having an initial or remaining term in excess of one year as of December 31, 2014 are as follows ($ in millions): | ||||
2015 | $ | 2.9 | ||
2016 | 2.8 | |||
2017 | 2.1 | |||
2018 | 1.6 | |||
2019 | 1.5 | |||
Thereafter | 0.5 | |||
Total | $ | 11.4 | ||
Rental expense under operating leases was $6.1 million during 2014, $5.3 million during 2013 and $5.3 million during 2012. | ||||
Other Commitments | ||||
The Paper segment has minimum purchase agreements during 2015 for flax fiber of approximately $3 million. The Paper segment's PdM mill has a minimum annual commitment of approximately $2 million per year for calcium carbonate purchases, a raw material used in the manufacturing of some paper products, which totals approximately $18 million through 2024. Future purchases are expected to be at levels that exceed such minimum levels under these contracts. | ||||
The Company enters into certain other immaterial contracts from time to time for the purchase of certain raw materials. The Company also enters into certain contracts for the purchase of equipment and related costs in connection with its ongoing capital projects. | ||||
The Company has agreements with an energy cogeneration supplier in France whereby the supplier constructed and operates a cogeneration facility at certain mills and supplies steam that is used in the operation of these mills. The Company is committed to purchasing minimum annual amounts of steam generated by these facilities under the agreements through 2024. These minimum annual commitments total approximately $4 million. The Company's current and expected requirements for steam at these facilities are at levels that exceed the minimum levels under the contracts. | ||||
The Paper segment's Brazilian mill, SWM-B, has an agreement for the transmission and distribution of energy that covers all of the mill's consumption of electrical energy valued at approximately $4 million annually through 2015. The French mills have contracts for natural gas to be distributed to and consumed at PdM, LTRI and St. Girons. The value of the natural gas and distribution to be provided under these contracts is estimated at approximately $16 million in 2015. | ||||
The Company has certain other letters of credit, guarantees and surety bonds outstanding at December 31, 2014, which are not material either individually or in the aggregate. | ||||
Litigation | ||||
Imposto sobre Circulação de Mercadorias e Serviços, or ICMS, a form of value-added tax in Brazil, was assessed to our Brazilian subsidiary Schweitzer-Mauduit do Brasil Indústria e Comércio de Papel Ltda. in December of 2000. SWM-B received two assessments from the tax authorities of the State of Rio de Janeiro for unpaid ICMS taxes on certain raw materials from January 1995 through November 2000, collectively the Raw Materials Assessment. | ||||
The Raw Materials Assessment concerned the accrual and use by SWM-B of ICMS tax credits generated from the production and sale of certain non-tobacco related grades of paper sold domestically that are immune from the tax to offset ICMS taxes otherwise owed on the sale of products that are not immune. One of the two assessments, or Assessment 1 (case number 2001.001.115144-5), related in part to tax periods that predated our acquisition of the Pirahy mill in Pirai, Brazil and is covered in part by an indemnification from the sellers of the Pirahy mill. The second assessment, or Assessment 2 (case number 2001.001.064544-6), pertains exclusively to periods that SWM-B owned the Pirahy mill. While SWM-B would be primarily responsible for the full payment of the Assessment in the event of an ultimate unfavorable outcome, SWM-B is not aware of any difficulties that would be encountered in obtaining reimbursement of that portion of any payment resulting from Assessment 1 from the previous owners of the Pirahy mill under the indemnification. | ||||
SWM-B has contested the Raw Materials Assessment based on Article 150, VI of the Brazilian Federal Constitution of 1988, which grants immunity from ICMS taxes to papers used in the production of books, newspapers and periodicals, or immune papers, and the raw material inputs used to produce immune papers. | ||||
Both Raw Materials Assessments are presently on appeal in separate chambers of the Federal Supreme Court of Brazil. SWM-B won a favorable ruling in both assessments at the first level, then lost Assessment 1 on appeal and won Assessment 2 on appeal. Assessment 1 is before the court on SWM-B's appeal of a procedural question which, if decided favorably, would invalidate Assessment 1. If decided against SWM-B, the lower court would be notified to send the case records to the Federal Supreme Court for a decision on the merits. Assessment 2 is before the Federal Supreme Court of Brazil on the State's appeal on the merits and will be finally decided by the action of the chamber of the court hearing the matter, unless there is a prior decision by a chamber of the Federal Supreme Court on Assessment 1 that is in contradiction, in which case the conflict between the rulings of the different chambers would be decided by the Federal Supreme Court sitting as a whole. No docket entry has been made yet regarding argument on either assessment. Based on the foreign currency exchange rate at December 31, 2014, the Raw Materials Assessment totaled approximately $38 million, of which approximately $17 million is covered by the above-discussed indemnification. | ||||
More recently, SWM-B has received assessments from the tax authorities of the State of Rio de Janeiro for unpaid ICMS and Fundo Estadual de Combate à Pobreza (FECP) taxes on interstate purchases of electricity. The state issued three assessments against SWM-B, one for May 2006 - November 2007, a second for January 2008 - December 2010, and in October 2013, a third assessment for September 2011 - September 2013, collectively the Electricity Assessment. SWM-B has challenged all three Electricity Assessments in administrative proceedings before the state tax council (Junta de Revisão Fiscal) based on Resolution 1.610/89, which defers these taxes on electricity purchased by an "electricity-intensive consumer." | ||||
SWM-B's challenges to the first two Electricity Assessments were unsuccessful at the first administrative level, but different appeals chambers of the Conselho de Contribuintes have reached different conclusions about the assessments. On the first electricity assessment, one chamber of the Conselho de Contribuintes recognized that SWM-B is an electricity-intensive consumer but denied applicability of the tax deferral resolution. On the second electricity assessment, a different chamber of the Conselho de Contribuintes recognized that SWM-B is an electricity-intensive consumer and agreed that the tax deferral resolution applies. In October and November 2014, the full administrative council of the Conselho de Contribuintes announced a decision against SWM-B in both the first and second electricity assessments. The first and second electricity assessment totaled approximately $14.0 million as of December 31, 2014. SWM-B intends to challenge the ruling in court proceedings if the full administrative council's decision becomes final. SWM-B's challenge to the third electricity assessment is pending at the first administrative level (Junta de Revisão Fiscal). Based on the foreign currency exchange rate at December 31, 2014, the electricity assessments totaled approximately $18.0 million. | ||||
SWM-B believes that both the Raw Materials Assessments and the Electricity Assessments will ultimately be resolved in its favor. No liability has been recorded in our consolidated financial statements for these assessments based on our evaluation of these matters under the facts and law as presently understood. The Company can give no assurance as to the ultimate outcome of such proceedings. | ||||
Environmental Matters | ||||
The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, it believes that its future cost of compliance with environmental laws, regulations and ordinances, and its exposure to liability for environmental claims and its obligation to participate in the remediation and monitoring of certain hazardous waste disposal sites, will not have a material effect on its financial condition or results of operations. However, future events, such as changes in existing laws and regulations, or unknown contamination of sites owned, operated or used for waste disposal by the Company (including contamination caused by prior owners and operators of such sites or other waste generators) may give rise to additional costs which could have a material effect on its financial condition or results of operations. | ||||
The Company incurs spending necessary to meet legal requirements and otherwise relating to the protection of the environment at its facilities in the United States, France, Poland, Brazil, China and Canada. For these purposes, the Company incurred total capital expenditures of $1.4 million in 2014, and expects to incur less than $2.0 million in each of 2015 and 2016, of which no material amount is the result of environmental fines or settlements. The foregoing capital expenditures are not expected to reduce the Company's ability to invest in other appropriate and necessary capital projects and are not expected to have a material adverse effect on its financial condition or results of operations. | ||||
Indemnification Matters | ||||
In connection with its spin-off from Kimberly-Clark in 1995, the Company undertook to indemnify and hold Kimberly-Clark harmless from claims and liabilities related to the businesses transferred to it that were not identified as excluded liabilities in the related agreements. As of December 31, 2014, there are no claims pending under this indemnification that the Company deems to be material. | ||||
General Matters | ||||
In the ordinary course of conducting business activities, the Company and its subsidiaries become involved in certain other judicial, administrative and regulatory proceedings involving both private parties and governmental authorities. These proceedings include insured and uninsured regulatory, employment, intellectual property, general and commercial liability, environmental and other matters. At this time, the Company does not expect any of these proceedings to have a material effect on its reputation, business, financial condition, results of operations or cash flows. However, the Company can give no assurance that the results of any such proceedings will not materially affect its reputation, business, financial condition, results of operations or cash flows. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||||
The Company's three operating product line segments are also the Company's reportable segments: Paper, Reconstituted Tobacco and Filtration. The Paper segment primarily produces Cigarette Papers such as cigarette papers, including LIP papers, plug wrap papers and base tipping papers used to wrap various parts of a cigarette for sale to cigarette manufacturers. The Paper segment also includes commercial and industrial products such as lightweight printing and writing papers, battery separator paper, drinking straw wrap, filter paper and other specialized papers. These non-tobacco industry products are generally sold directly to converters and other end-users or brokers. The Reconstituted Tobacco segment produces reconstituted tobacco leaf, or RTL, and wrapper and binder products for sale to cigarette and cigar manufacturers. The Filtration segment primarily produces nonwoven materials which are critical components performing support, separation or filtration functions. | ||||||||||||||||||||||||
Information about Net Sales and Operating Profit | ||||||||||||||||||||||||
The accounting policies of these segments are the same as those described in Note 2. Summary of Significant Accounting Policies. The Company primarily evaluates segment performance and allocates resources based on operating profit. Expense amounts not associated with segments are referred to as unallocated expenses. Certain of the Company's assets are used in the production of both the Paper and Reconstituted Tobacco segments' products. Due to these shared assets, management does not evaluate assets by segment. | ||||||||||||||||||||||||
($ in millions) | Net Sales | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Paper | $ | 496.3 | 62.5 | % | $ | 543.4 | 70.3 | % | $ | 545 | 70 | % | ||||||||||||
Reconstituted Tobacco | 170.6 | 21.5 | 225.2 | 29.1 | 233.5 | 30 | ||||||||||||||||||
Filtration | 127.4 | 16 | 4.2 | 0.6 | — | — | ||||||||||||||||||
Total Consolidated | $ | 794.3 | 100 | % | $ | 772.8 | 100 | % | $ | 778.5 | 100 | % | ||||||||||||
($ in millions) | Operating Profit | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Paper | $ | 74.5 | 70.2 | % | $ | 102.5 | 82.1 | % | $ | 84.4 | 55.7 | % | ||||||||||||
Reconstituted Tobacco | 50 | 47.1 | 46.4 | 37.1 | 90.3 | 59.5 | ||||||||||||||||||
Filtration | 10.2 | 9.6 | (1.1 | ) | (0.9 | ) | — | — | ||||||||||||||||
Unallocated | (28.6 | ) | (26.9 | ) | (22.9 | ) | (18.3 | ) | (23.0 | ) | (15.2 | ) | ||||||||||||
Total Consolidated | $ | 106.1 | 100 | % | $ | 124.9 | 100 | % | $ | 151.7 | 100 | % | ||||||||||||
($ in millions) | Segment Assets | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Paper | $ | 425.6 | $ | 462.4 | ||||||||||||||||||||
Reconstituted Tobacco | 186.3 | 411.4 | ||||||||||||||||||||||
Filtration | 319.5 | 286.3 | ||||||||||||||||||||||
Unallocated | 255.2 | 66.7 | ||||||||||||||||||||||
Consolidated | $ | 1,186.60 | $ | 1,226.80 | ||||||||||||||||||||
($ in millions) | Capital Spending | Depreciation | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Paper | $ | 20.3 | $ | 19.8 | $ | 19.8 | $ | 20.9 | $ | 20 | $ | 20 | ||||||||||||
Reconstituted Tobacco | 5.8 | 8.6 | 7.4 | 10.1 | 10.5 | 10 | ||||||||||||||||||
Filtration | 8.7 | 0.7 | — | 3.9 | 0.1 | — | ||||||||||||||||||
Unallocated | 0.3 | — | — | 0.4 | 0.5 | 0.8 | ||||||||||||||||||
Consolidated | $ | 35.1 | $ | 29.1 | $ | 27.2 | $ | 35.3 | $ | 31.1 | $ | 30.8 | ||||||||||||
Information about Geographic Areas | ||||||||||||||||||||||||
Long-lived assets by geographic area, excluding deferred income tax assets and certain other deferred charges, as of year-end were as follows ($ in millions): | ||||||||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
United States | $ | 75.5 | $ | 86.8 | ||||||||||||||||||||
France | 187.2 | 210.2 | ||||||||||||||||||||||
The Philippines | 30.8 | 31.5 | ||||||||||||||||||||||
Brazil | 27.8 | 35.1 | ||||||||||||||||||||||
Poland | 29 | 32.8 | ||||||||||||||||||||||
Other foreign countries | 15.5 | 3.6 | ||||||||||||||||||||||
For the geographic disclosure in the following table, net sales are attributed to geographic locations based on the location of the Company's direct customers ($ in millions): | ||||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Europe and the former Commonwealth of Independent States | $ | 304.6 | $ | 343 | $ | 349.4 | ||||||||||||||||||
United States | 263.7 | 223.1 | 227.2 | |||||||||||||||||||||
Asia/Pacific (including China) | 125.3 | 113.6 | 107.4 | |||||||||||||||||||||
Latin America | 54.9 | 49.6 | 54.2 | |||||||||||||||||||||
Other foreign countries | 45.8 | 43.5 | 40.3 | |||||||||||||||||||||
Consolidated | $ | 794.3 | $ | 772.8 | $ | 778.5 | ||||||||||||||||||
Major_Customers
Major Customers | 12 Months Ended |
Dec. 31, 2014 | |
Major Customers [Abstract] | |
Major Customers | Major Customers |
Philip Morris-USA, Philip Morris International, or PMI, British American Tobacco, or BAT, and Japan Tobacco Inc. together with their respective affiliates and designated converters, each accounted for 10% or more of the Company's consolidated net sales for each of the periods presented and together accounted for 46%, 57% and 55% of the Company's 2014, 2013 and 2012 consolidated net sales, respectively. The loss of one or more such customers, or a significant reduction in one or more of these customers' purchases, could have a material adverse effect on the Company's results of operations. | |
Philip Morris-USA, PMI, BAT and Japan Tobacco Inc., together with their respective affiliates and designated converters accounted for 29% and 25% of consolidated accounts receivable at December 31, 2014 and 2013, respectively. | |
The Company performs ongoing credit evaluations on all of its customers' financial condition and generally does not require collateral or other security to support customer receivables. Substantial portions of the Company's consolidated accounts receivable are due from companies in the tobacco industry, which has been and continues to be under substantial pressure from legal, regulatory and tax developments. It is not possible to predict the outcome of such litigation or what effect adverse developments in pending or future litigation, regulatory actions and additional taxes may have on the tobacco industry, its financial liquidity or relationships with its suppliers. Nor is it possible to predict what additional legislation or regulations relating to tobacco products will be enacted, or to what extent, if any, such legislation or regulations might affect the tobacco products industry in general. |
Supplemental_Disclosures
Supplemental Disclosures | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
SUPPLEMENTAL DISCLOSURES [Abstract] | ||||||||||||
Supplemental Disclosures | Supplemental Disclosures | |||||||||||
Analysis of Allowances for Doubtful Accounts: | ||||||||||||
($ in millions) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Allowance for doubtful accounts | ||||||||||||
Beginning balance | $ | 0.4 | $ | 0.7 | $ | 0.7 | ||||||
Bad debt expense | 0.3 | — | 0.1 | |||||||||
Write-offs and discounts | (0.4 | ) | (0.2 | ) | (0.1 | ) | ||||||
Currency translation | — | (0.1 | ) | — | ||||||||
Ending balance | $ | 0.3 | $ | 0.4 | $ | 0.7 | ||||||
Supplemental Cash Flow Information | ||||||||||||
($ in millions) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest paid | $ | 6 | $ | 2.5 | $ | 2.6 | ||||||
Income taxes paid | 17.6 | 69.8 | 33.7 | |||||||||
At December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capital spending in accounts payable and accrued liabilities | 2.5 | 3.6 | 4.3 | |||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) | |||||||||||||||||||
The following tables summarize the Company's unaudited quarterly financial data for the years ended December 31, 2014 and 2013 ($ in millions, except per share amounts): | ||||||||||||||||||||
2014 | ||||||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Net Sales | $ | 204.7 | $ | 203.6 | $ | 204.3 | $ | 181.7 | $ | 794.3 | ||||||||||
Gross Profit | 57.6 | 59.2 | 52.9 | 49.1 | 218.8 | |||||||||||||||
Restructuring and Impairment Expense | 0.1 | 3.2 | 3.3 | 6.5 | 13.1 | |||||||||||||||
Operating Profit (loss) | 33.1 | 30.5 | 25.2 | 17.3 | 106.1 | |||||||||||||||
Income (loss) from continuing operations | 23.2 | 25 | 23.1 | 18.4 | 89.7 | |||||||||||||||
(Loss) income from discontinued operations | — | — | (0.1 | ) | 0.1 | — | ||||||||||||||
Net Income (loss) | $ | 23.2 | $ | 25 | $ | 23 | $ | 18.5 | $ | 89.7 | ||||||||||
Net Income (Loss) Per Share: | ||||||||||||||||||||
Income (loss) per share from continuing operations - basic | $ | 0.75 | $ | 0.82 | $ | 0.76 | $ | 0.61 | $ | 2.94 | ||||||||||
(Loss) income per share from discontinued operations - basic | — | — | — | — | $ | — | ||||||||||||||
Net Income (loss) per Share - Basic | $ | 0.75 | $ | 0.82 | $ | 0.76 | $ | 0.61 | $ | 2.94 | ||||||||||
Income (loss) per share from continuing operations - diluted | $ | 0.75 | $ | 0.81 | $ | 0.76 | $ | 0.61 | $ | 2.93 | ||||||||||
(Loss) income per share from discontinued operations - diluted | — | — | — | — | $ | — | ||||||||||||||
Net Income (loss) per Share - Diluted | $ | 0.75 | $ | 0.81 | $ | 0.76 | $ | 0.61 | $ | 2.93 | ||||||||||
2013 | ||||||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Net Sales | $ | 194.5 | $ | 196.5 | $ | 185.3 | $ | 196.5 | $ | 772.8 | ||||||||||
Gross Profit | 62.7 | 64.9 | 63.2 | 61.9 | 252.7 | |||||||||||||||
Restructuring and Impairment Expense | 1.6 | 0.7 | 0.6 | 38.4 | 41.3 | |||||||||||||||
Operating Profit | 41.7 | 42.1 | 41.8 | (0.7 | ) | 124.9 | ||||||||||||||
Income from continuing operations | 30.7 | 29.4 | 29.6 | (11.2 | ) | 78.5 | ||||||||||||||
Loss from discontinued operations | (0.6 | ) | (2.8 | ) | (0.5 | ) | 1.5 | (2.4 | ) | |||||||||||
Net Income | $ | 30.1 | $ | 26.6 | $ | 29.1 | $ | (9.7 | ) | $ | 76.1 | |||||||||
Net Income Per Share: | ||||||||||||||||||||
Income per share from continuing operations - basic | $ | 0.98 | $ | 0.94 | $ | 0.94 | $ | (0.35 | ) | $ | 2.51 | |||||||||
Loss per share from discontinued operations - basic | (0.02 | ) | (0.09 | ) | (0.01 | ) | 0.04 | (0.08 | ) | |||||||||||
Net Income per Share - Basic | $ | 0.96 | $ | 0.85 | $ | 0.93 | $ | (0.31 | ) | $ | 2.43 | |||||||||
Income per share from continuing operations - diluted | $ | 0.98 | $ | 0.93 | $ | 0.93 | $ | (0.35 | ) | $ | 2.49 | |||||||||
Loss per share from discontinued operations - diluted | (0.02 | ) | (0.09 | ) | (0.01 | ) | 0.05 | (0.07 | ) | |||||||||||
Net Income per Share - Diluted | $ | 0.96 | $ | 0.84 | $ | 0.92 | $ | (0.30 | ) | $ | 2.42 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying consolidated financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances. Actual results may differ from those estimates and assumptions as a result of a number of factors, including those discussed elsewhere in this report and in its other public filings from time to time. | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of the Company and wholly-owned, majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated. | |
The Company has two joint ventures with China National Tobacco Corporation, or CNTC. CNTC is the principal operating Company under China's State Tobacco Monopoly Administration. CNTC and our subsidiary, SM-China, each own 50% of the joint ventures. The paper joint venture China Tobacco Mauduit (Jiangmen) Paper Industry Co. LTD, or CTM, produces tobacco-related papers in China. The second joint venture China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. LTD., or CTS, produces reconstituted tobacco leaf products. The Company uses the equity method to account for both joint ventures. Investment in equity affiliates represents the Company's investment in its China joint ventures. The Company's share of the net income of its 50% owned joint ventures in China are included in the consolidated statements of income as income from equity affiliates. | |
Revenue Recognition | Revenue Recognition |
The Company recognizes revenue and the related accounts receivable when the following four criteria are met: (1) persuasive evidence of an arrangement exists; (2) ownership has transferred to the customer; (3) the selling price is fixed or determinable; and (4) collection is reasonably assured based on the Company's judgment regarding the collectability of its accounts receivable. Generally, the Company recognizes revenue when it ships its manufactured product and title and risk of loss passes to its customer in accordance with the terms of sale of the product. Revenue is recorded at the time of shipment for terms designated f.o.b., or free on board, shipping point. For sales transactions designated f.o.b. destination, revenue is recorded when the product is delivered to the customer's delivery site, at which time title and risk of loss are transferred. Provisions for discounts, returns, allowances, customer rebates and other adjustments are provided for in the same period the related revenue is recorded. Deferred revenue represents advance payments from customers which are earned based upon a mutually agreed-upon amount per unit of future product sales. | |
Freight Costs | |
The cost of delivering finished goods to the Company's customers is recorded as a component of cost of products sold. Those costs include the amounts paid to a third party to deliver the finished goods. Any freight costs billed to and paid by a customer are included in revenue. | |
Royalty Income | |
Royalties from non-exclusive, third-party patent licenses are recognized when earned, including monies received at an agreement's initiation attributable to past sales. The Company recognizes up-front payments upon receipt when it has no future performance requirement or ongoing obligation arising from its agreements and the payment is for a separate earnings process. Minimum annual royalties received in advance are deferred and are recognized in the period earned. | |
Foreign Currency Translation | Foreign Currency Translation |
The income statements of foreign entities are translated into U.S. dollars at average exchange rates prevailing during the periods presented. The balance sheets of these entities are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in a separate component of accumulated other comprehensive income (loss) as unrealized foreign currency translation adjustments. | |
Foreign currency risks arise from transactions and balances denominated in non-local currencies. | |
Derivative Instruments | Derivative Instruments |
The Company is exposed to changes in foreign currency exchange rates, interest rates and commodity prices. The Company utilizes a variety of practices to manage these market risks, including where considered appropriate, derivative instruments. The Company uses derivative instruments only for risk management purposes and not for trading or speculation. All derivative instruments the Company uses are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The Company believes the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contracts, are not material in view of its understanding of the financial strength of the counterparties. | |
Gains and losses on instruments that hedge firm commitments are deferred and included in the basis of the underlying hedged items. All other hedging gains and losses are included in period income or expense based on the period-end market price of the instrument and are included in the Company's operating cash flows. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid, unrestricted investments with remaining maturities of three months or less to be cash equivalents, including money market funds with no restrictions on withdrawals. | |
Business Combinations | Business Combinations |
The Company uses the acquisition method of accounting for business combinations. At the acquisition date, the Company records assets acquired and liabilities assumed at their respective fair market values. The Company estimates fair value using the exit price approach which is the price that would be received to sell an asset or paid to transfer a liability in an orderly market. An exit price is determined from a market participant's viewpoint in the principal or most advantageous market and may result in the Company valuing assets or liabilities at a fair value that is not reflective of the Company's intended use of the assets or liabilities. Any excess consideration above the estimated fair values of the net assets acquired is recognized as goodwill on the Company's Consolidated Balance Sheets. The operating results of acquired businesses are included in the Company's results of operations beginning as of their effective acquisition dates. | |
Impairment of Long-Lived Assets, Goodwill and Intangible Assets | Impairment of Long-Lived Assets, Goodwill and Intangible Assets |
The Company evaluates the carrying value of long-lived assets, including property and equipment, goodwill and intangible assets when events and circumstances warrant a review. Goodwill is also tested for impairment annually during the fourth quarter. Goodwill may be evaluated using a qualitative evaluation and/or a two-step test at the reporting unit level. The first step compares the book value of the reporting unit to its fair value. If the book value of a reporting unit exceeds its fair value, we perform the second step. In the second step, we determine an implied fair value of the reporting unit's goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill. The difference between the total fair value of the reporting unit and the fair value of all the assets and liabilities other than goodwill is the implied fair value of that goodwill. Any impairment loss is measured as the excess of the book value of the goodwill over the implied fair value of that goodwill. See Note 8. Goodwill for further discussion of the Company's annual impairment test results. | |
We have acquired trade names that have been determined to have indefinite lives. We evaluate a number of factors to determine whether an indefinite life is appropriate, including the competitive environment, category share, business history, product life cycle and operating plans. Indefinite-lived intangibles are evaluated for impairment annually during the fourth quarter. Additionally, when certain events or changes in operating conditions occur, an impairment assessment is performed and indefinite-lived trade names may be adjusted to a determinable life or an impairment charge may be recorded. | |
The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, which approximates a straight-line basis, over the estimated periods benefited. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. | |
The carrying value of long-lived assets is reviewed to determine if events or circumstances have changed which may indicate that the assets may be impaired or the useful life may need to be changed. Upon occurrence of such a triggering event, the Company considers internal and external factors relating to each asset group, including expectation of future profitability, undiscounted cash flows and its plans with respect to the operations. If impairment is indicated, an impairment loss is measured by the amount the net carrying value of the asset exceeds its estimated fair value. | |
Environmental Spending | Environmental Spending |
Environmental spending is capitalized if such spending qualifies as property, plant and equipment, substantially increases the economic value or extends the useful life of an asset. All other such spending is expensed as incurred, including fines and penalties incurred in connection with environmental violations. Environmental spending relating to an existing condition caused by past operations is expensed. Liabilities are accrued when environmental assessments are probable and the costs can be reasonably estimated. Generally, timing of these accruals coincides with completion of a feasibility study or commitment to a formal plan of action. | |
Capitalized Software Costs | Capitalized Software Costs |
The Company capitalizes certain purchases of software and software development costs in connection with major projects of software development for internal use. These costs are included in other assets on the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life not to exceed seven years. Costs associated with business process redesign, end-user training, system start-up and ongoing software maintenance are expensed as incurred. | |
Business Tax Credits | Business Tax Credits |
Business tax credits represent value added tax credits receivable and similar assets, such as Imposto sobre Circulação de Mercadorias e Serviços, or ICMS, in Brazil. Business tax credits are generated when value-added taxes, or VAT, are paid on purchases. VAT and similar taxes are collected from customers on certain sales. In some jurisdictions, export sales do not require VAT collection. | |
Income Taxes | Income Taxes |
The Company uses an asset and liability approach to account for and report income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Income tax expense (benefit) is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Valuation allowances are recognized to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, the Company considers sources of future taxable income. | |
In connection with income tax assessments or unrecognized tax benefits, the Company classifies penalties as provision for income taxes and interest as interest expense in its consolidated statements of income. | |
The Company files income tax returns in the U.S. Federal and several state jurisdictions as well as in many foreign jurisdictions. In France, the Company reorganized its legal entities to maximize utilization of its net operating loss carryforwards. With certain exceptions, the Company is no longer subject to U.S. Federal, state and local, or foreign income tax examinations for years before 2011. | |
Pensions and Other Postretirement Benefit Accounting | Pension and Other Postretirement Benefits Accounting |
The Company recognizes the estimated compensation cost of employees' pension and other postretirement benefits over their approximate period of service. The Company's earnings are impacted by amounts of expense recorded related to these benefits, which primarily consist of U.S. and French pension benefits and U.S. other postretirement benefits, or OPEBs. Each year's recorded expenses are estimates based on actuarial calculations of the Company's accumulated and projected benefit obligations, or PBOs, for the Company's various plans. | |
Suspension of additional benefits for future service is considered a curtailment, and if material, necessitates a re-measurement of plan assets and PBO. As part of a re-measurement, the Company adjusts its discount rates and other actuarial assumptions, such as retirement, turnover and mortality table assumptions, as appropriate. | |
Comprehensive Income | Comprehensive Income |
Comprehensive income includes net income, as well as items charged and credited directly to stockholders' equity, which are excluded from net income. The Company has presented comprehensive income in the consolidated statements of comprehensive income (loss). Reclassification adjustments of derivative instruments are presented in Net Sales in the consolidated statements of income. See Note 13. Derivatives for additional information. Amortization of accumulated pension and other post-employment benefit (OPEB) liabilities are included in the computation of net periodic pension and OPEB costs, which are more fully discussed in Note 16. Postretirement and Other Benefits. | |
Restricted Stock | Restricted Stock |
All of the Company's restricted stock grants, including those that have been earned in the case of performance-based shares and cliff-vesting grants that are not performance based, vest upon completion of a specified period of time. The fair value of each award is equal to the share price of the Company's stock on the date of the grant. This cost is recognized over the vesting period of the respective award. | |
Restricted Stock Plan Performance Based Shares | Restricted Stock Plan Performance Based Shares |
The Company's long-term incentive compensation program, or LTIP, for key employees includes an equity-based award component that is provided through its Restricted Stock Plan, or RSP. The objectives under the LTIP are established for the immediate following year at the beginning of a performance cycle and are intended to focus management on longer-term strategic goals. The Compensation Committee of the Board of Directors designates participants in the LTIP and RSP and determines the equity-based award opportunity in the form of restricted stock for each performance cycle, which is generally measured on the basis of a one or two-year performance period. Performance is measured on a cumulative basis and each performance cycle's restricted stock award opportunity is earned annually. The restricted shares are considered issued and outstanding when the number of shares becomes fixed, after the annual performance is determined, and such awards vest at the end of the performance cycle or some predetermined period thereafter. The Company recognizes compensation expense with an offsetting credit to additional paid-in-capital over the performance period based on the fair value of the award at the date of grant, with compensation expense being adjusted cumulatively based on the number of shares expected to be earned according to the level of achievement of performance goals. | |
Fair Value Option | Fair Value Option |
The Company has elected not to measure its financial instruments or certain commitments at fair value. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-08 (ASU 2014-08) "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014. The Company adopted this guidance as of January 1, 2015. Adoption of ASU 2014-08 did not have an impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606). The new guidance specifies how and when an entity will recognize revenue arising from contracts with customers and requires entities to disclose information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for annual periods beginning on or after December 15, 2016 and may be implemented using a full retrospective or a modified retrospective application. The Company is currently in the process of evaluating the impact the adoption will have on our consolidated financial statements. | |
In June 2014, the FASB issued Accounting Standard Update ("ASU") No 2014-12, "Compensation - Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. Compensation cost should be recognized in the period in which it becomes probably that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendment is effective for annual reporting periods including interim reporting within those periods beginning after December 15, 2015. Earlier adoption is permitted. The Company is currently in the process of evaluating the impact the adoption will have on our consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going Concern" (Subtopic 205-40). The Update provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. This update is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company adopted this guidance as of December 31, 2014. Adoption of ASU 2014-15 did not have an impact on our consolidated financial statements. | |
In November 2014, the FASB released Accounting Standards Update (ASU) 2014-17, "Business Combinations (Topic 805): Pushdown Accounting, a consensus of the FASB Emerging Issues Task Force. This ASU amends FASB Accounting Standards Codification (FASB ASC) 805, Business Combinations", to provide guidance on whether and at what threshold an acquired entity that is a business or not-for-profit (NFP) entity can apply pushdown accounting in its separate financial statements. The amendments in this ASU provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this ASU are effective on November 18, 2014, or upon issuance. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The Company adopted this guidance as of December 31, 2014. Adoption of ASU 2014-17 did not have a material impact on our consolidated financial statements. | |
In November 2014, the FASB issued ASU 2014-16, "Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity." The update requires an entity to determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of the relevant facts and circumstances (commonly referred to as the whole-instrument approach). This guidance is effective for annual periods beginning after December 15, 2015, and interim periods thereafter. Early adoption is permitted. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | Components of accumulated other comprehensive loss were as follows ($ in millions): | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Accumulated pension and OPEB liability adjustments, net of income tax impact of $21.0 million and $16.6 million at December 31, 2014 and 2013, respectively | $ | (38.4 | ) | $ | (30.1 | ) | ||||||||||||||||||||||||||||||
Accumulated unrealized loss on derivative instruments, net of income tax impact of $0 and $0.3 million at December 31, 2014 and 2013, respectively | (8.3 | ) | (8.1 | ) | ||||||||||||||||||||||||||||||||
Accumulated unrealized foreign currency translation adjustments | (29.8 | ) | 33.2 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | (76.5 | ) | $ | (5.0 | ) | ||||||||||||||||||||||||||||||
Schedule of Comprehensive Loss | Changes in the components of accumulated other comprehensive loss were as follows ($ in millions): | |||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Pre-tax | Tax | Net of | Pre-tax | Tax | Net of | Pre-tax | Tax | Net of | ||||||||||||||||||||||||||||
Tax | Tax | Tax | ||||||||||||||||||||||||||||||||||
Pension and OPEB liability adjustments | $ | (12.7 | ) | $ | 4.4 | $ | (8.3 | ) | $ | 19.8 | $ | (6.7 | ) | $ | 13.1 | $ | 2.5 | $ | (1.5 | ) | $ | 1 | ||||||||||||||
Unrealized loss on derivative instruments | (0.4 | ) | 0.2 | (0.2 | ) | (4.9 | ) | (1.8 | ) | (6.7 | ) | (2.7 | ) | 0.9 | (1.8 | ) | ||||||||||||||||||||
Unrealized foreign currency translation adjustments | (63.0 | ) | — | (63.0 | ) | 4 | — | 4 | 9.9 | — | 9.9 | |||||||||||||||||||||||||
Total | $ | (76.1 | ) | $ | 4.6 | $ | (71.5 | ) | $ | 18.9 | $ | (8.5 | ) | $ | 10.4 | $ | 9.7 | $ | (0.6 | ) | $ | 9.1 | ||||||||||||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Business Combinations [Abstract] | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The consideration paid for DelStar and the final fair values of the assets acquired and liabilities assumed as of the December 12, 2013 acquisition date are as follows ($ in millions): | ||||||
Fair value as of December 12, 2013 | |||||||
Cash and cash equivalents | $ | 1.6 | |||||
Accounts receivable | 17.3 | ||||||
Inventory | 21.2 | ||||||
Income taxes receivable | 5.7 | ||||||
Deferred income tax benefits | 1.5 | ||||||
Other current assets | 0.8 | ||||||
Property, plant and equipment | 41.5 | ||||||
Other noncurrent assets | 0.7 | ||||||
Identifiable intangible assets | 80.9 | ||||||
Total Assets | 171.2 | ||||||
Accounts payable | 4.8 | ||||||
Accrued expenses | 6.7 | ||||||
Deferred income tax liabilities | 40.4 | ||||||
Other liabilities | 0.7 | ||||||
Net assets acquired | 118.6 | ||||||
Goodwill | 115.1 | ||||||
Cash paid | $ | 233.7 | |||||
The cash paid for these acquisitions and the preliminary fair values of the assets acquired and liabilities assumed as of the December 19, 2014 and December 31, 2014 acquisition dates for Pronamic assets and SNN assets, respectively, are as follows ($ in millions): | |||||||
Preliminary Fair Value as Acquisition Date | |||||||
Accounts receivable | $ | 3.5 | |||||
Inventory | 3.2 | ||||||
Other current assets | 0.2 | ||||||
Property, plant and equipment | 9.3 | ||||||
Identifiable intangible assets | 11.6 | ||||||
Total Assets | 27.8 | ||||||
Accounts payable | 1.4 | ||||||
Accrued expenses | 1.4 | ||||||
Net assets acquired | 25 | ||||||
Goodwill | 5 | ||||||
Cash paid | $ | 30 | |||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table shows the preliminary fair values assigned to intangible assets ($ in millions): | ||||||
Preliminary | Weighted-Average Amortization Period (Years) | ||||||
Fair Value as of December 31, 2014 | |||||||
Amortizable intangible assets: | |||||||
Customer relationships | $ | 6.1 | 15 | ||||
Developed Technology | 2.1 | 20 | |||||
Patents | 1.5 | 17 | |||||
Customer contracts | 1.9 | 6 | |||||
Total | $ | 11.6 | 15 | ||||
The following table shows the fair values assigned to intangible assets ($ in millions): | |||||||
Fair Value as of December 12, 2013 | Weighted-Average Amortization Period (Years) | ||||||
Amortizable intangible assets: | |||||||
Customer relationships | $ | 45.3 | 23 | ||||
Developed Technology | 13.8 | 12.8 | |||||
Indefinite-lived intangible assets: | |||||||
Trade names | 21.8 | Indefinite | |||||
Total | $ | 80.9 | 21 | ||||
Business Acquisition, Pro Forma Information | The amounts of the combined acquisitions' Net Sales and Income from Continuing Operations included in the Company's Consolidated Statements of Income for the year ended December 31, 2014, and the unaudited pro forma Net Sales and Income from Continuing Operations of the combined entity had the acquisition date been January 1, 2013, including the proforma 2013 and actual 2014 results of DelStar, are as follows ($ in millions): | ||||||
Net Sales | (Loss) Income from Continuing Operations | ||||||
Actual from December 19, 2014 - December 31, 2014 | 0.2 | (0.4 | ) | ||||
2014 Supplemental Pro Forma from January 1, 2014 - December 31, 2014 | 823.6 | 92.4 | |||||
2013 Supplemental Pro Forma from January 1, 2013 - December 31, 2013 | 904.3 | 86.4 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of disposal groups, including discontinued operations, balance sheet | Included in Other Assets and Accrued Expenses within the consolidated balance sheets were the following major classes of assets and liabilities, respectively, associated with the discontinued operations ($ in millions): | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Assets of discontinued operations: | ||||||||||||
Current assets | $ | 1.6 | $ | 2 | ||||||||
Other assets | 2.3 | 3.1 | ||||||||||
Liabilities of discontinued operations: | ||||||||||||
Current liabilities | 0.1 | 0.6 | ||||||||||
Discontinued operations, income (loss) from discontinued operation | Summary financial results of discontinued operations were as follows ($ in millions): | |||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 7.1 | $ | 24.8 | ||||||
Restructuring and impairment expense | — | 1.4 | 14 | |||||||||
Loss from discontinued operations before income taxes | — | (2.6 | ) | (23.2 | ) | |||||||
Income tax benefit (provision) | — | 0.2 | (1.1 | ) | ||||||||
(Loss) income from discontinued operations | — | (2.4 | ) | (24.3 | ) | |||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable [Abstract] | ||||||||
Schedule of Accounts Receivable | Accounts receivable are summarized as follows ($ in millions): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Trade receivables | $ | 69.8 | $ | 78 | ||||
Business tax credits, including VAT | 4.2 | 5.4 | ||||||
Hedge contracts receivable | 0.4 | — | ||||||
Other receivables | 19.8 | 24.6 | ||||||
Less allowance for doubtful accounts and sales discounts | (0.3 | ) | (0.4 | ) | ||||
Total accounts receivable | $ | 93.9 | $ | 107.6 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of inventories by major class | The following schedule details inventories by major class ($ in millions): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 35.1 | $ | 39.2 | ||||
Work in process | 17.4 | 24.4 | ||||||
Finished goods | 40.4 | 50.9 | ||||||
Supplies and other | 15.5 | 18.3 | ||||||
Total | $ | 108.4 | $ | 132.8 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, plant and equipment (and related depreciable lives) consisted of the following ($ in millions): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land and improvements | $ | 19.3 | $ | 21.2 | ||||
Buildings and improvements (20 to 40 years or remaining life of relevant lease) | 131.3 | 135.1 | ||||||
Machinery and equipment (5 to 20 years) | 540.6 | 564.9 | ||||||
Construction in progress | 42.1 | 53.7 | ||||||
Gross Property, Plant and Equipment | 733.3 | 774.9 | ||||||
Less: Accumulated Depreciation | 371.3 | 381.7 | ||||||
Property, Plant and Equipment, net | $ | 362 | $ | 393.2 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill for each segment were as follows ($ in millions): | |||||||||||
Reconstituted Tobacco | Filtration | Total | ||||||||||
Goodwill as of December 31, 2012 | $ | 5.7 | $ | — | $ | 5.7 | ||||||
Goodwill acquired during the year | — | 115.1 | 115.1 | |||||||||
Foreign currency translation adjustments | 0.3 | — | 0.3 | |||||||||
Goodwill as of December 31, 2013 | 6 | 115.1 | 121.1 | |||||||||
Goodwill acquired during the year | — | 5 | 5 | |||||||||
Foreign currency translation adjustments | (0.7 | ) | 0.1 | (0.6 | ) | |||||||
Goodwill as of December 31, 2014 | $ | 5.3 | $ | 120.2 | $ | 125.5 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Intangible Assets | The gross carrying amount and accumulated amortization for intangible assets consisted of the following ($ in millions): | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization* | Carrying | Carrying | Amortization* | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized intangible assets | ||||||||||||||||||||||||
Customer-related intangibles | $ | 10 | $ | 10 | $ | — | $ | 10 | $ | 10 | $ | — | ||||||||||||
(Reconstituted Tobacco) | ||||||||||||||||||||||||
Customer Relationships (Filtration) | 51.4 | 2.1 | 49.3 | 45.3 | 0.1 | 45.2 | ||||||||||||||||||
Developed Technology | 16 | 1.2 | 14.8 | 13.8 | 0.1 | 13.7 | ||||||||||||||||||
(Filtration) | ||||||||||||||||||||||||
Customer Contracts (Filtration) | 1.9 | — | 1.9 | — | — | — | ||||||||||||||||||
Patents (Filtration) | 1.5 | — | 1.5 | — | — | — | ||||||||||||||||||
Total | $ | 80.8 | $ | 13.3 | $ | 67.5 | $ | 69.1 | $ | 10.2 | $ | 58.9 | ||||||||||||
Unamortized intangible assets (Filtration) | ||||||||||||||||||||||||
Trade names | $ | 21.8 | $ | 21.8 | ||||||||||||||||||||
* Accumulated amortization also includes adjustments for foreign currency translation. | ||||||||||||||||||||||||
Schedule of Future Amortization Expense | The following table shows the estimated aggregate amortization expense for the next five years ($ in millions): | |||||||||||||||||||||||
For the year ended December 31, | Estimated Amortization Expense | |||||||||||||||||||||||
2015 | $ | 4.2 | ||||||||||||||||||||||
2016 | 4.2 | |||||||||||||||||||||||
2017 | 3.8 | |||||||||||||||||||||||
2018 | 3.8 | |||||||||||||||||||||||
2019 | 3.8 | |||||||||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Schedule of Other Assets | Other assets consisted of the following ($ in millions): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Capitalized software costs, net of accumulated amortization | $ | 3.8 | $ | 7 | ||||
Business tax credits, including VAT and ICMS (net of $11.7 million and $13.8 million reserve as of December 31, 2014 and 2013, respectively) | 2.5 | 3.1 | ||||||
Grantor trust assets | 10.3 | 10 | ||||||
Net pension assets | — | 4.4 | ||||||
Other assets | 6 | 7.1 | ||||||
Total | $ | 22.6 | $ | 31.6 | ||||
Restructuring_and_Impairment_A1
Restructuring and Impairment Activities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Changes in restructuring liabilities | Changes in the restructuring liabilities, substantially all of which are employee-related, are summarized as follows ($ in millions): | |||||||
2014 | 2013 | |||||||
Balance at beginning of year | $ | 4.7 | $ | 3.4 | ||||
Accruals for announced programs | 11.2 | 3.9 | ||||||
Cash payments | (6.3 | ) | (2.7 | ) | ||||
Exchange rate impacts | (0.9 | ) | 0.1 | |||||
Balance at end of period | $ | 8.7 | $ | 4.7 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Total Debt | Total debt is summarized in the following table ($ in millions): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving Credit Agreement - U.S. dollar borrowings | $ | 354 | $ | 367.7 | ||||
Revolving Credit Agreement - euro borrowings | 71.1 | — | ||||||
French Employee Profit Sharing | 14.6 | 15.8 | ||||||
Bank Overdrafts | 0.4 | 1.7 | ||||||
Other | — | 0.2 | ||||||
Total Debt | 440.1 | 385.4 | ||||||
Less: Current debt | (2.9 | ) | (4.2 | ) | ||||
Long-Term Debt | $ | 437.2 | $ | 381.2 | ||||
Schedule of Maturities of Long-term Debt | Following are the expected maturities for the Company's debt obligations as of December 31, 2014 ($ in millions): | |||||||
2015 | $ | 2.9 | ||||||
2016 | 3 | |||||||
2017 | 2.9 | |||||||
2018 | 428.5 | |||||||
2019 | 2.8 | |||||||
Thereafter | — | |||||||
Total | $ | 440.1 | ||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Fair value of asset and liability derivatives and the respective balance sheet locations | The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2014 ($ in millions): | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange contracts | Accounts Receivable | $ | 0.4 | Accrued Expenses | $ | 4.8 | |||||||||||||||||||
Foreign exchange contracts | Other Assets | — | Other Liabilities | 4 | |||||||||||||||||||||
Interest rate contracts | Other Assets | — | Other Liabilities | 0.5 | |||||||||||||||||||||
Total derivatives designated as hedges | $ | 0.4 | $ | 9.3 | |||||||||||||||||||||
The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2013 ($ in millions): | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange contracts | Accounts Receivable | $ | — | Accrued Expenses | $ | 6.5 | |||||||||||||||||||
Foreign exchange contracts | Other Assets | — | Other Liabilities | 2.1 | |||||||||||||||||||||
Interest rate contracts | Other Assets | 0.5 | Other Liabilities | — | |||||||||||||||||||||
Total derivatives designated as hedges | $ | 0.5 | $ | 8.6 | |||||||||||||||||||||
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) | The following table provides the effect derivative instruments in cash flow hedging relationships had on accumulated other comprehensive income (loss), or AOCI, and results of operations ($ in millions): | ||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Relationships | (Loss) Gain Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | Location of Reclassification | (Loss) Gain Reclassified | ||||||||||||||||||||||
from AOCI | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Foreign exchange contracts | $ | 0.5 | $ | (7.0 | ) | $ | (1.8 | ) | Net Sales | $ | (4.6 | ) | $ | (0.4 | ) | $ | 1.4 | ||||||||
Interest rate contracts | (0.7 | ) | 0.3 | — | Interest Expense | — | — | — | |||||||||||||||||
Total | $ | (0.2 | ) | $ | (6.7 | ) | $ | (1.8 | ) | Total | $ | (4.6 | ) | $ | (0.4 | ) | $ | 1.4 | |||||||
Schedule of derivative instruments, gain (loss) in income statement | The following table provides the effect derivative instruments not designated as hedging instruments had on net income ($ in millions): | ||||||||||||||||||||||||
Derivatives Not Designated as Cash Flow Hedging Instruments | Amount of Gain / (Loss) Recognized in Other Income / Expense | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | (0.1 | ) | ||||||||||||||||||
Foreign exchange contracts | (0.7 | ) | (0.1 | ) | (1.0 | ) | |||||||||||||||||||
Total | $ | (0.7 | ) | $ | (0.1 | ) | $ | (1.1 | ) |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Expenses [Abstract] | ||||||||
Schedule of Accrued Liabilities | Accrued expenses consisted of the following ($ in millions): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Accrued salaries, wages and employee benefits | $ | 26.9 | $ | 49 | ||||
Other accrued expenses | 48.9 | 43.7 | ||||||
Total | $ | 75.8 | $ | 92.7 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | An analysis of the provision (benefit) for income taxes from continuing operations follows ($ in millions): | ||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current income taxes: | |||||||||||||||||||||
U.S. Federal | $ | 6.6 | $ | 13.6 | $ | 16.2 | |||||||||||||||
U.S. State | 0.6 | 0.9 | 1.5 | ||||||||||||||||||
Foreign | 10 | 21.2 | 18.7 | ||||||||||||||||||
17.2 | 35.7 | 36.4 | |||||||||||||||||||
Deferred income taxes: | |||||||||||||||||||||
U.S. Federal | 3 | (0.2 | ) | (4.6 | ) | ||||||||||||||||
U.S. State | (0.8 | ) | — | (0.4 | ) | ||||||||||||||||
Foreign | 1.1 | 17.5 | 18.1 | ||||||||||||||||||
3.3 | 17.3 | 13.1 | |||||||||||||||||||
Total | $ | 20.5 | $ | 53 | $ | 49.5 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the provision for income taxes is as follows ($ in millions): | ||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
Tax provision at U.S. statutory rate | $ | 37.9 | 35 | % | $ | 44.7 | 35 | % | $ | 52.4 | 35 | % | |||||||||
Foreign income tax rate differential | (16.1 | ) | (14.9 | ) | 8.2 | 6.4 | (4.5 | ) | (3.0 | ) | |||||||||||
Tax effect of foreign legal structure | (0.4 | ) | (0.4 | ) | — | — | — | — | |||||||||||||
Domestic production deduction | (1.0 | ) | (0.9 | ) | (0.9 | ) | (0.7 | ) | (1.0 | ) | (0.7 | ) | |||||||||
Adjustments to valuation allowances | 0.4 | 0.4 | 1.2 | 0.9 | — | — | |||||||||||||||
French business tax classified as income tax | 1.7 | 1.6 | 2.2 | 1.7 | 2.4 | 1.6 | |||||||||||||||
Other foreign taxes, net | (0.6 | ) | (0.6 | ) | (1.4 | ) | (1.1 | ) | (0.7 | ) | (0.5 | ) | |||||||||
Other, net | (1.4 | ) | (1.3 | ) | (1.0 | ) | (0.7 | ) | 0.9 | 0.7 | |||||||||||
Provision for income taxes | $ | 20.5 | 18.9 | % | $ | 53 | 41.5 | % | $ | 49.5 | 33.1 | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities | Net deferred income tax assets (liabilities) were comprised of the following ($ in millions): | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
Current deferred income tax assets attributable to: | 2014 | 2013 | |||||||||||||||||||
Inventories | $ | 0.6 | $ | (1.0 | ) | ||||||||||||||||
Postretirement and other employee benefits | 3.1 | 1.9 | |||||||||||||||||||
Other accrued liabilities | 4.3 | 6 | |||||||||||||||||||
Valuation allowances | (0.7 | ) | (3.0 | ) | |||||||||||||||||
Foreign tax incentives | — | 2.3 | |||||||||||||||||||
Other | 1.9 | 3.9 | |||||||||||||||||||
Net current deferred income tax assets | $ | 9.2 | $ | 10.1 | |||||||||||||||||
Noncurrent deferred income tax assets attributable to: | |||||||||||||||||||||
Operating loss carryforwards | $ | 17.7 | $ | 8.8 | |||||||||||||||||
Tax credit carryforwards | — | — | |||||||||||||||||||
Postretirement and other employee benefits | 0.3 | — | |||||||||||||||||||
Accumulated depreciation, amortization and impairment | 10.8 | — | |||||||||||||||||||
Valuation allowances | (28.7 | ) | (9.8 | ) | |||||||||||||||||
Other | (0.1 | ) | 1 | ||||||||||||||||||
Net noncurrent deferred income tax assets | $ | — | $ | — | |||||||||||||||||
Noncurrent deferred income tax liabilities attributable to: | |||||||||||||||||||||
Accumulated depreciation and amortization | $ | (70.3 | ) | $ | (74.3 | ) | |||||||||||||||
Operating loss carryforwards | 8.9 | 14.3 | |||||||||||||||||||
Valuation allowance | (7.8 | ) | (7.5 | ) | |||||||||||||||||
Postretirement and other employee benefits | 16.2 | 13.1 | |||||||||||||||||||
Basis difference of acquired intangible assets | (22.1 | ) | (29.9 | ) | |||||||||||||||||
Other | 3.7 | 3.4 | |||||||||||||||||||
Net noncurrent deferred income tax liabilities | $ | (71.4 | ) | $ | (80.9 | ) | |||||||||||||||
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company's unrecognized tax benefits related to income taxes ($ in millions): | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Uncertain tax position balance at beginning of year | $ | 1.8 | |||||||||||||||||||
Increases related to current year tax positions | — | ||||||||||||||||||||
Uncertain tax position balance at end of year | $ | 1.8 | |||||||||||||||||||
Postretirement_and_Other_Benef1
Postretirement and Other Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The funded status of these plans as of December 31, 2014 and 2013 was as follows ($ in millions): | |||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation, or PBO: | ||||||||||||||||||||||||||||||||||||
PBO at beginning of year | $ | 121.6 | $ | 132.6 | $ | 37.7 | $ | 33.6 | $ | 2.8 | $ | 5.4 | ||||||||||||||||||||||||
Service cost | — | — | 1.3 | 1.3 | — | 0.1 | ||||||||||||||||||||||||||||||
Interest cost | 5.6 | 5.1 | 0.8 | 0.8 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | 14.6 | (8.8 | ) | 4.4 | 2.6 | (0.1 | ) | (0.7 | ) | |||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 0.2 | 0.3 | ||||||||||||||||||||||||||||||
Plan amendment | (2.1 | ) | — | — | — | (0.6 | ) | (1.7 | ) | |||||||||||||||||||||||||||
Gross benefits paid | (7.3 | ) | (7.3 | ) | (1.7 | ) | (2.0 | ) | (0.6 | ) | (0.7 | ) | ||||||||||||||||||||||||
Currency translation effect | — | — | (5.2 | ) | 1.4 | — | — | |||||||||||||||||||||||||||||
PBO at end of year | $ | 132.4 | $ | 121.6 | $ | 37.3 | $ | 37.7 | $ | 1.8 | $ | 2.8 | ||||||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 126 | 120.4 | 12.3 | 13.4 | — | — | ||||||||||||||||||||||||||||||
Actual return on plan assets | 12.3 | 12.2 | 0.5 | (0.4 | ) | — | — | |||||||||||||||||||||||||||||
Employer contributions | — | 0.7 | 1 | 0.8 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 0.2 | 0.3 | ||||||||||||||||||||||||||||||
Plan amendment | (2.1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Gross benefits paid | (7.3 | ) | (7.3 | ) | (2.2 | ) | (2.0 | ) | (0.6 | ) | (0.7 | ) | ||||||||||||||||||||||||
Currency translation effect | — | — | (1.4 | ) | 0.5 | — | — | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 128.9 | $ | 126 | $ | 10.2 | $ | 12.3 | $ | — | $ | — | ||||||||||||||||||||||||
Funded status at end of year | $ | (3.5 | ) | $ | 4.4 | $ | (27.1 | ) | $ | (25.4 | ) | $ | (1.8 | ) | $ | (2.8 | ) | |||||||||||||||||||
Schedule of Accumulated Benefit Obligations and PBO excess of Fair Value of Pension Plan Assets | The PBO and Accumulated Benefit Obligations (ABO) exceeded the fair value of pension plan assets for the Company's French defined benefit pension plans as of December 31, 2014 and 2013 and U.S. defined benefit plan as of December 31, 2014 as follows ($ in millions): | |||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
PBO | $ | 132.4 | $ | 121.6 | $ | 37.3 | $ | 37.7 | ||||||||||||||||||||||||||||
ABO | 132.4 | 121.6 | 32.2 | 31.2 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 128.9 | 126 | 10.2 | 12.3 | ||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income | As of December 31, 2014, the pre-tax amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost for the U.S. and French pension plans and other postretirement benefit plans in the United States are as follows ($ in millions): | |||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
Accumulated loss | $ | 42.1 | $ | 19 | $ | 1 | ||||||||||||||||||||||||||||||
Prior service credit | — | (4.4 | ) | (1.1 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income) | $ | 42.1 | $ | 14.6 | $ | (0.1 | ) | |||||||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The amounts in accumulated other comprehensive loss at December 31, 2014, which are expected to be recognized as components of U.S. and French net periodic benefit cost in 2015 are as follows ($ in millions): | |||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
Amortization of accumulated loss | $ | (5.5 | ) | $ | (1.5 | ) | $ | (0.3 | ) | |||||||||||||||||||||||||||
Amortization of prior service credit | — | 0.3 | 0.6 | |||||||||||||||||||||||||||||||||
Total | $ | (5.5 | ) | $ | (1.2 | ) | $ | 0.3 | ||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net pension and OPEB benefit costs for U.S. employees and net pension benefit costs for French employees during the years ended December 31, 2014, 2013 and 2012 were as follows ($ in millions): | |||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | French Pension Benefits | U.S. OPEB Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 1.3 | $ | 1.3 | $ | 0.9 | $ | — | $ | 0.1 | $ | 0.1 | ||||||||||||||||||
Interest cost | 5.6 | 5.1 | 5.5 | 0.8 | 0.8 | 1 | 0.1 | 0.1 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (7.4 | ) | (7.1 | ) | (7.6 | ) | (0.4 | ) | (0.4 | ) | (0.6 | ) | — | — | — | |||||||||||||||||||||
Amortizations and other | 4.2 | 6.7 | 5.9 | 0.7 | 0.5 | 0.4 | (0.5 | ) | (0.7 | ) | (0.3 | ) | ||||||||||||||||||||||||
Curtailment benefit | — | — | — | — | — | — | (2.7 | ) | (3.2 | ) | — | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.4 | $ | 4.7 | $ | 3.8 | $ | 2.4 | $ | 2.2 | $ | 1.7 | $ | (3.1 | ) | $ | (3.7 | ) | $ | 0.2 | ||||||||||||||||
Schedule of Allocation of Plan Assets | The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2014 ($ in millions): | |||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
Plan Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||
Cash equivalents | $ | 1.1 | $ | 1.1 | $ | — | $ | — | $ | 1.1 | $ | 1.1 | $ | — | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||
Domestic Large Cap | 7.2 | — | 7.2 | — | 1.7 | 1.7 | — | |||||||||||||||||||||||||||||
Domestic Small Cap | 5.5 | — | 5.5 | — | — | — | — | |||||||||||||||||||||||||||||
International | 21.3 | — | 21.3 | — | — | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 87 | — | 87 | — | 7.3 | — | 7.3 | |||||||||||||||||||||||||||||
Alternative investments* | 6.8 | — | — | 6.8 | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||
Total | $ | 128.9 | $ | 1.1 | $ | 121 | $ | 6.8 | $ | 10.2 | $ | 2.8 | $ | 7.4 | ||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2013 ($ in millions): | ||||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
Plan Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||
Cash equivalents | $ | 3.6 | $ | 3.6 | $ | — | $ | — | $ | 3.1 | $ | 3.1 | $ | — | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||
Domestic Large Cap | 31.1 | 31.1 | — | — | 2.3 | 2.3 | — | |||||||||||||||||||||||||||||
Domestic Small Cap | 10.1 | 10.1 | — | — | — | — | — | |||||||||||||||||||||||||||||
International | 15.2 | 10 | 5.2 | — | — | — | — | |||||||||||||||||||||||||||||
Fixed income securities | 59.6 | 59.6 | — | — | 6.8 | — | 6.8 | |||||||||||||||||||||||||||||
Alternative investments* | 6.4 | — | — | 6.4 | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||
Total | $ | 126 | $ | 114.4 | $ | 5.2 | $ | 6.4 | $ | 12.3 | $ | 5.4 | $ | 6.9 | ||||||||||||||||||||||
* Alternative investments include ownership interests in shares of registered investment companies. | ||||||||||||||||||||||||||||||||||||
The U.S. and French pension plans' asset target allocations by asset category for 2015 and actual allocations by asset category at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
2015 Target | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | % | 1 | % | 3 | % | 11 | % | 25 | % | ||||||||||||||||||||||||||
Equity securities* | ||||||||||||||||||||||||||||||||||||
Domestic Large Cap | 8 | 5 | 25 | 17 | 19 | |||||||||||||||||||||||||||||||
Domestic Small Cap | 2 | 4 | 8 | |||||||||||||||||||||||||||||||||
International | 17 | 17 | 12 | |||||||||||||||||||||||||||||||||
Fixed income securities | 67 | 68 | 47 | 71 | 55 | |||||||||||||||||||||||||||||||
Alternative investments** | 5 | 5 | 5 | 1 | 1 | |||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||
* | None of the Company's pension plan assets are targeted for investment in SWM stock, except that it is possible that one or more mutual funds held by the plan could hold shares of SWM. | |||||||||||||||||||||||||||||||||||
** | Investments in this category under the U.S. pension plan only may include hedge funds, and may include real estate under the French pension plan. | |||||||||||||||||||||||||||||||||||
Schedule of Changes in Plan Assets | The following table shows the changes in Level 3 asset values ($ in millions): | |||||||||||||||||||||||||||||||||||
U.S. | Alternative | |||||||||||||||||||||||||||||||||||
Level 3 Asset Reconciliation | Investments | |||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 6 | ||||||||||||||||||||||||||||||||||
Realized and unrealized gains | 0.6 | |||||||||||||||||||||||||||||||||||
Purchases | — | |||||||||||||||||||||||||||||||||||
Sales | (0.2 | ) | ||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | 6.4 | |||||||||||||||||||||||||||||||||||
Realized and unrealized gains | 0.5 | |||||||||||||||||||||||||||||||||||
Purchases | — | |||||||||||||||||||||||||||||||||||
Sales | (0.1 | ) | ||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 6.8 | ||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The Company expects the following estimated undiscounted future pension benefit payments for the United States and France and future postretirement healthcare and life insurance benefit payments for the United States, which are to be made from pension plan and employer assets, net of amounts that will be funded from retiree contributions, and which reflect expected future service, as appropriate ($ in millions): | |||||||||||||||||||||||||||||||||||
United States | France | |||||||||||||||||||||||||||||||||||
Pension | Healthcare | Pension | ||||||||||||||||||||||||||||||||||
Benefits | and Life | Benefits | ||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2015 | $ | 8 | $ | 0.4 | $ | 1.8 | ||||||||||||||||||||||||||||||
2016 | 8 | 0.3 | 1.8 | |||||||||||||||||||||||||||||||||
2017 | 8.1 | 0.2 | 4 | |||||||||||||||||||||||||||||||||
2018 | 8.3 | 0.1 | 1.2 | |||||||||||||||||||||||||||||||||
2019 | 8.3 | 0.1 | 2.5 | |||||||||||||||||||||||||||||||||
2020 - 2024 | 41.7 | 0.4 | 7.7 | |||||||||||||||||||||||||||||||||
Benefit Obligations [Member] | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | The weighted average assumptions used to determine benefit obligations as of December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Discount rate | 3.94 | % | 4.78 | % | 1.17 | % | 2.38 | % | 3.82 | % | 4.3 | % | ||||||||||||||||||||||||
Rate of compensation increase | — | % | — | % | 1.9 | % | 2.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||||||
Net Periodic Benfit Cost [Member] | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB Benefits | |||||||||||||||||||||||||||||||||||
United States | France | United States | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4 | % | 4.5 | % | 1.17 | % | 2.38 | % | 4.4 | % | 4.02 | % | 3.25 | % | 4.5 | % | ||||||||||||||||||
Expected long-term rate of return on plan assets | 6.48 | % | 6.5 | % | 7 | % | 3 | % | 3.25 | % | 3.25 | % | — | — | — | |||||||||||||||||||||
Rate of compensation increase | — | — | — | % | 1.9 | % | 2.5 | % | 2.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Activity | The following table presents restricted stock activity for the years 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
# of Shares | Weighted Average Fair Value at Date of Grant | # of Shares | Weighted Average Fair Value at Date of Grant | # of Shares | Weighted Average Fair Value at Date of Grant | ||||||||||||||||
Nonvested restricted shares outstanding at January 1 | 318,561 | $ | 35.82 | 433,382 | $ | 18.94 | 359,306 | $ | 13.79 | ||||||||||||
Granted | 201,680 | 39.55 | 274,172 | 36.47 | 137,026 | 29.56 | |||||||||||||||
Forfeited | (675 | ) | 48.68 | (42,711 | ) | 33.71 | — | — | |||||||||||||
Vested | (153,203 | ) | 34.89 | (346,282 | ) | 15.33 | (62,950 | ) | 12.84 | ||||||||||||
Nonvested restricted shares outstanding at December 31 | 366,363 | $ | 38.24 | 318,561 | $ | 35.82 | 433,382 | $ | 18.94 | ||||||||||||
Reconciliation of the Common and Potential Common Shares Outstanding Used in Earnings Per Share Calculation | A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net income per share follows ($ in millions, shares in thousands): | ||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Numerator (basic and diluted): | |||||||||||||||||||||
Net income | $ | 89.7 | $ | 76.1 | $ | 79.8 | |||||||||||||||
Less: Dividends paid to participating securities | (0.3 | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||
Less: Undistributed earnings available to participating securities | (0.5 | ) | (0.4 | ) | (0.9 | ) | |||||||||||||||
Undistributed and distributed earnings available to common stockholders | $ | 88.9 | $ | 75.5 | $ | 78.7 | |||||||||||||||
Denominator: | |||||||||||||||||||||
Average number of common shares outstanding | 30,238.00 | 31,056.70 | 30,986.20 | ||||||||||||||||||
Effect of dilutive stock-based compensation | 118.5 | 181.6 | 355.7 | ||||||||||||||||||
Average number of common and potential common shares outstanding | 30,356.50 | 31,238.30 | 31,341.90 | ||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Future minimum rental payments for operating leases | Future minimum obligations under non-cancelable operating leases having an initial or remaining term in excess of one year as of December 31, 2014 are as follows ($ in millions): | |||
2015 | $ | 2.9 | ||
2016 | 2.8 | |||
2017 | 2.1 | |||
2018 | 1.6 | |||
2019 | 1.5 | |||
Thereafter | 0.5 | |||
Total | $ | 11.4 | ||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segments | ||||||||||||||||||||||||
($ in millions) | Net Sales | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Paper | $ | 496.3 | 62.5 | % | $ | 543.4 | 70.3 | % | $ | 545 | 70 | % | ||||||||||||
Reconstituted Tobacco | 170.6 | 21.5 | 225.2 | 29.1 | 233.5 | 30 | ||||||||||||||||||
Filtration | 127.4 | 16 | 4.2 | 0.6 | — | — | ||||||||||||||||||
Total Consolidated | $ | 794.3 | 100 | % | $ | 772.8 | 100 | % | $ | 778.5 | 100 | % | ||||||||||||
($ in millions) | Operating Profit | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Paper | $ | 74.5 | 70.2 | % | $ | 102.5 | 82.1 | % | $ | 84.4 | 55.7 | % | ||||||||||||
Reconstituted Tobacco | 50 | 47.1 | 46.4 | 37.1 | 90.3 | 59.5 | ||||||||||||||||||
Filtration | 10.2 | 9.6 | (1.1 | ) | (0.9 | ) | — | — | ||||||||||||||||
Unallocated | (28.6 | ) | (26.9 | ) | (22.9 | ) | (18.3 | ) | (23.0 | ) | (15.2 | ) | ||||||||||||
Total Consolidated | $ | 106.1 | 100 | % | $ | 124.9 | 100 | % | $ | 151.7 | 100 | % | ||||||||||||
($ in millions) | Segment Assets | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Paper | $ | 425.6 | $ | 462.4 | ||||||||||||||||||||
Reconstituted Tobacco | 186.3 | 411.4 | ||||||||||||||||||||||
Filtration | 319.5 | 286.3 | ||||||||||||||||||||||
Unallocated | 255.2 | 66.7 | ||||||||||||||||||||||
Consolidated | $ | 1,186.60 | $ | 1,226.80 | ||||||||||||||||||||
($ in millions) | Capital Spending | Depreciation | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Paper | $ | 20.3 | $ | 19.8 | $ | 19.8 | $ | 20.9 | $ | 20 | $ | 20 | ||||||||||||
Reconstituted Tobacco | 5.8 | 8.6 | 7.4 | 10.1 | 10.5 | 10 | ||||||||||||||||||
Filtration | 8.7 | 0.7 | — | 3.9 | 0.1 | — | ||||||||||||||||||
Unallocated | 0.3 | — | — | 0.4 | 0.5 | 0.8 | ||||||||||||||||||
Consolidated | $ | 35.1 | $ | 29.1 | $ | 27.2 | $ | 35.3 | $ | 31.1 | $ | 30.8 | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Long-lived assets by geographic area, excluding deferred income tax assets and certain other deferred charges, as of year-end were as follows ($ in millions): | |||||||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
United States | $ | 75.5 | $ | 86.8 | ||||||||||||||||||||
France | 187.2 | 210.2 | ||||||||||||||||||||||
The Philippines | 30.8 | 31.5 | ||||||||||||||||||||||
Brazil | 27.8 | 35.1 | ||||||||||||||||||||||
Poland | 29 | 32.8 | ||||||||||||||||||||||
Other foreign countries | 15.5 | 3.6 | ||||||||||||||||||||||
For the geographic disclosure in the following table, net sales are attributed to geographic locations based on the location of the Company's direct customers ($ in millions): | ||||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Europe and the former Commonwealth of Independent States | $ | 304.6 | $ | 343 | $ | 349.4 | ||||||||||||||||||
United States | 263.7 | 223.1 | 227.2 | |||||||||||||||||||||
Asia/Pacific (including China) | 125.3 | 113.6 | 107.4 | |||||||||||||||||||||
Latin America | 54.9 | 49.6 | 54.2 | |||||||||||||||||||||
Other foreign countries | 45.8 | 43.5 | 40.3 | |||||||||||||||||||||
Consolidated | $ | 794.3 | $ | 772.8 | $ | 778.5 | ||||||||||||||||||
Supplemental_Disclosures_Table
Supplemental Disclosures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Cash Flow Information | |||||||||||
($ in millions) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest paid | $ | 6 | $ | 2.5 | $ | 2.6 | ||||||
Income taxes paid | 17.6 | 69.8 | 33.7 | |||||||||
At December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capital spending in accounts payable and accrued liabilities | 2.5 | 3.6 | 4.3 | |||||||||
Allowance for Doubtful Accounts [Member] | ||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||
Allowance for Doubtful Accounts | Analysis of Allowances for Doubtful Accounts: | |||||||||||
($ in millions) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Allowance for doubtful accounts | ||||||||||||
Beginning balance | $ | 0.4 | $ | 0.7 | $ | 0.7 | ||||||
Bad debt expense | 0.3 | — | 0.1 | |||||||||
Write-offs and discounts | (0.4 | ) | (0.2 | ) | (0.1 | ) | ||||||
Currency translation | — | (0.1 | ) | — | ||||||||
Ending balance | $ | 0.3 | $ | 0.4 | $ | 0.7 | ||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables summarize the Company's unaudited quarterly financial data for the years ended December 31, 2014 and 2013 ($ in millions, except per share amounts): | |||||||||||||||||||
2014 | ||||||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Net Sales | $ | 204.7 | $ | 203.6 | $ | 204.3 | $ | 181.7 | $ | 794.3 | ||||||||||
Gross Profit | 57.6 | 59.2 | 52.9 | 49.1 | 218.8 | |||||||||||||||
Restructuring and Impairment Expense | 0.1 | 3.2 | 3.3 | 6.5 | 13.1 | |||||||||||||||
Operating Profit (loss) | 33.1 | 30.5 | 25.2 | 17.3 | 106.1 | |||||||||||||||
Income (loss) from continuing operations | 23.2 | 25 | 23.1 | 18.4 | 89.7 | |||||||||||||||
(Loss) income from discontinued operations | — | — | (0.1 | ) | 0.1 | — | ||||||||||||||
Net Income (loss) | $ | 23.2 | $ | 25 | $ | 23 | $ | 18.5 | $ | 89.7 | ||||||||||
Net Income (Loss) Per Share: | ||||||||||||||||||||
Income (loss) per share from continuing operations - basic | $ | 0.75 | $ | 0.82 | $ | 0.76 | $ | 0.61 | $ | 2.94 | ||||||||||
(Loss) income per share from discontinued operations - basic | — | — | — | — | $ | — | ||||||||||||||
Net Income (loss) per Share - Basic | $ | 0.75 | $ | 0.82 | $ | 0.76 | $ | 0.61 | $ | 2.94 | ||||||||||
Income (loss) per share from continuing operations - diluted | $ | 0.75 | $ | 0.81 | $ | 0.76 | $ | 0.61 | $ | 2.93 | ||||||||||
(Loss) income per share from discontinued operations - diluted | — | — | — | — | $ | — | ||||||||||||||
Net Income (loss) per Share - Diluted | $ | 0.75 | $ | 0.81 | $ | 0.76 | $ | 0.61 | $ | 2.93 | ||||||||||
2013 | ||||||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Net Sales | $ | 194.5 | $ | 196.5 | $ | 185.3 | $ | 196.5 | $ | 772.8 | ||||||||||
Gross Profit | 62.7 | 64.9 | 63.2 | 61.9 | 252.7 | |||||||||||||||
Restructuring and Impairment Expense | 1.6 | 0.7 | 0.6 | 38.4 | 41.3 | |||||||||||||||
Operating Profit | 41.7 | 42.1 | 41.8 | (0.7 | ) | 124.9 | ||||||||||||||
Income from continuing operations | 30.7 | 29.4 | 29.6 | (11.2 | ) | 78.5 | ||||||||||||||
Loss from discontinued operations | (0.6 | ) | (2.8 | ) | (0.5 | ) | 1.5 | (2.4 | ) | |||||||||||
Net Income | $ | 30.1 | $ | 26.6 | $ | 29.1 | $ | (9.7 | ) | $ | 76.1 | |||||||||
Net Income Per Share: | ||||||||||||||||||||
Income per share from continuing operations - basic | $ | 0.98 | $ | 0.94 | $ | 0.94 | $ | (0.35 | ) | $ | 2.51 | |||||||||
Loss per share from discontinued operations - basic | (0.02 | ) | (0.09 | ) | (0.01 | ) | 0.04 | (0.08 | ) | |||||||||||
Net Income per Share - Basic | $ | 0.96 | $ | 0.85 | $ | 0.93 | $ | (0.31 | ) | $ | 2.43 | |||||||||
Income per share from continuing operations - diluted | $ | 0.98 | $ | 0.93 | $ | 0.93 | $ | (0.35 | ) | $ | 2.49 | |||||||||
Loss per share from discontinued operations - diluted | (0.02 | ) | (0.09 | ) | (0.01 | ) | 0.05 | (0.07 | ) | |||||||||||
Net Income per Share - Diluted | $ | 0.96 | $ | 0.84 | $ | 0.92 | $ | (0.30 | ) | $ | 2.42 | |||||||||
General_Details
General (Details) | Dec. 31, 2014 |
production_locations | |
country | |
Nature of Business [Line Items] | |
Number of Countries in which Entity Operates | 90 |
Number of production locations | 16 |
China [Member] | |
Nature of Business [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Number of Joint Ventures | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Royalty Income [Abstract] | |||
Royalty Income | $11.10 | $11.20 | $12.40 |
Foreign Currency Translation [Abstract] | |||
Foreign Currency Transaction Gain From Remeasurement and Settlement | 1.5 | 1.3 | |
Foreign Currency Transaction Loss From Remeasurement and Settlement | 1.4 | ||
Acquisition Costs | 2.6 | 1.1 | |
Capitalized Computer Software [Abstract] | |||
Capitalized Computer Software, Useful Life | 7 years | ||
Capitalized Computer Software, Amortization | 3.4 | 4.8 | 6.6 |
Capitalized Computer Software, Accumulated Amortization | $60.50 | $60.90 | |
China [Member] | |||
Principles of Consolidation [Abstract] | |||
Number of Joint Ventures | 2 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
China [Member] | CTM [Member] | |||
Principles of Consolidation [Abstract] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Restricted Stock Performance Plan [Member] | Minimum [Member] | |||
Capitalized Computer Software [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | 1 year | ||
Restricted Stock Performance Plan [Member] | Maximum [Member] | |||
Capitalized Computer Software [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | 2 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Components of Accumulated Comprehensive Income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Accumulated pension and OPEB liability adjustments, net of income tax impact of $21.0 million and $16.6 million at December 31, 2014 and 2013, respectively | ($38.40) | ($30.10) |
Accumulated unrealized loss on derivative instruments, net of income tax impact of $0 and $0.3 million at December 31, 2014 and 2013, respectively | -8.3 | -8.1 |
Accumulated unrealized foreign currency translation adjustments | -29.8 | 33.2 |
Accumulated other comprehensive loss | -76.5 | -5 |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans, Tax | 21 | 16.6 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax | $0 | $0.30 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Changes in Components of Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Pension and OPEB liability adjustments, pre-tax | ($12.70) | $19.80 | $2.50 |
Unrealized gain (loss) on financial instruments, pre-tax | -0.4 | -4.9 | -2.7 |
Unrealized foreign currency translation adjustments, pre-tax | -63 | 4 | 9.9 |
Total other comprehensive income (loss), pre-tax | -76.1 | 18.9 | 9.7 |
Pension and OPEB liability adjustments, Tax | 4.4 | -6.7 | -1.5 |
Unrealized gain (loss) on financial instruments, Tax | 0.2 | -1.8 | 0.9 |
Unrealized foreign currency translation adjustments, Tax | 0 | 0 | 0 |
Total other comprehensive income (loss), Tax | 4.6 | -8.5 | -0.6 |
Pension and OPEB liability adjustments, Net of Tax | -8.3 | 13.1 | 1 |
Unrealized gain (loss) on financial instruments, Net of Tax | -0.2 | -6.7 | -1.8 |
Unrealized foreign currency translation adjustments, Net of Tax | -63 | 4 | 9.9 |
Other Comprehensive Income (Loss) | ($71.50) | $10.40 | $9.10 |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||||
Dec. 19, 2014 | Dec. 12, 2013 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $125,500,000 | $121,100,000 | $5,700,000 | |||
Pronamic And SNN [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | 30,700,000 | |||||
Business Combination, Working Capital Adjustments | 700,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,500,000 | |||||
Business Combination, Contingent Consideration, Liability | 1,000,000 | |||||
Accounts receivable | 3,500,000 | |||||
Inventory | 3,200,000 | |||||
Other current assets | 200,000 | |||||
Property, plant and equipment | 9,300,000 | |||||
Identifiable intangible assets | 11,600,000 | |||||
Total Assets | 27,800,000 | |||||
Accounts payable | 1,400,000 | |||||
Accrued expenses | 1,400,000 | |||||
Net assets acquired | 25,000,000 | |||||
Goodwill | 5,000,000 | |||||
Cash paid | 30,000,000 | |||||
DelStar [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | 233,700,000 | 2,400,000 | ||||
Cash and cash equivalents | 1,600,000 | |||||
Accounts receivable | 17,300,000 | |||||
Inventory | 21,200,000 | |||||
Income taxes receivable | 5,700,000 | |||||
Deferred income tax benefits | 1,500,000 | |||||
Other current assets | 800,000 | |||||
Property, plant and equipment | 41,500,000 | |||||
Other noncurrent assets | 700,000 | |||||
Identifiable intangible assets | 80,900,000 | |||||
Total Assets | 171,200,000 | |||||
Accounts payable | 4,800,000 | |||||
Accrued expenses | 6,700,000 | |||||
Deferred income tax liabilities | 40,400,000 | |||||
Other liabilities | 700,000 | |||||
Net assets acquired | 118,600,000 | |||||
Goodwill | 115,100,000 | |||||
Cash paid | 233,700,000 | |||||
Current Assets, contractual receivables | $17,600,000 |
Business_Acquisitions_Acquired
Business Acquisitions - Acquired Intangible Assets (Details) (USD $) | 0 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 12, 2013 | Dec. 31, 2013 |
Pronamic And SNN [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | $11.60 | ||
Weighted-Average Amortization Period (Years) | 15 years | ||
Pronamic And SNN [Member] | Customer relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | 6.1 | ||
Weighted-Average Amortization Period (Years) | 15 years | ||
Pronamic And SNN [Member] | Developed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | 2.1 | ||
Weighted-Average Amortization Period (Years) | 20 years | ||
Pronamic And SNN [Member] | Patents [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | 1.5 | ||
Weighted-Average Amortization Period (Years) | 17 years | ||
Pronamic And SNN [Member] | Customer contracts [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | 1.9 | ||
Weighted-Average Amortization Period (Years) | 6 years | ||
DelStar [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | 80.9 | ||
Weighted-Average Amortization Period (Years) | 21 years | ||
Acquisition Costs | |||
Business Acquisition, Transaction Costs | 1.3 | 1.1 | |
Business Combination, Financing Costs | 2 | ||
DelStar [Member] | Trade names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | 21.8 | ||
DelStar [Member] | Customer relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | 45.3 | ||
Weighted-Average Amortization Period (Years) | 23 years | ||
DelStar [Member] | Developed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Preliminary Fair Value | $13.80 | ||
Weighted-Average Amortization Period (Years) | 12 years 9 months 18 days |
Business_Acquisitions_Pro_Form
Business Acquisitions - Pro Forma Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||||||
Income (loss) from continuing operations | $18.40 | $23.10 | $25 | $23.20 | ($11.20) | $29.60 | $29.40 | $30.70 | $89.70 | $78.50 | $104.10 | |
DelStar [Member] | ||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||||||
Net Sales, Actual | 0.2 | |||||||||||
Net Sales, Pro Forma | 823.6 | 0 | ||||||||||
(Loss) Income from Continuing Operations, Actual | -0.4 | |||||||||||
(Loss) Income from Continuing Operations, Pro Forma | 92.4 | 86.4 | ||||||||||
DelStar [Member] | Acquisition-related Costs [Member] | ||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||||||
Income (loss) from continuing operations | ($1.30) |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 |
Assets of discontinued operations: | |||||
Current assets | $1.60 | $2 | $2 | ||
Other assets | 2.3 | 3.1 | 3.1 | ||
Liabilities of discontinued operations: | |||||
Current liabilities | 0.1 | 0.6 | 0.6 | ||
Restructuring and impairment expense | 11.2 | 3.9 | |||
Philippines Paper & Indonesia [Member] | |||||
Liabilities of discontinued operations: | |||||
Net sales | 0 | 7.1 | 24.8 | ||
Restructuring and impairment expense | 0 | 1.4 | 14 | ||
Loss from discontinued operations before income taxes | 0 | -2.6 | -23.2 | ||
Income tax benefit (provision) | 0 | 0.2 | -1.1 | ||
(Loss) income from discontinued operations | 0 | -2.4 | -24.3 | ||
Indonesia Mill [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -1.6 | ||||
Philippines Mill [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $1.60 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Receivable [Line Items] | ||
Less allowance for doubtful accounts and sales discounts | ($0.30) | ($0.40) |
Accounts receivable, net | 93.9 | 107.6 |
Trade receivables [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 69.8 | 78 |
Business tax credits, including VAT [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 4.2 | 5.4 |
Hedge contracts receivable [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 0.4 | 0 |
Other receivables [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | $19.80 | $24.60 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $35.10 | $39.20 |
Work in process | 17.4 | 24.4 |
Finished goods | 40.4 | 50.9 |
Supplies and other | 15.5 | 18.3 |
Total | $108.40 | $132.80 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | $733.30 | $774.90 | |
Less: Accumulated Depreciation | 371.3 | 381.7 | |
Property, Plant and Equipment, net | 362 | 393.2 | |
Depreciation expense | 35.3 | 31.1 | 30.8 |
Land and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | 19.3 | 21.2 | |
Buildings and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | 131.3 | 135.1 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | 540.6 | 564.9 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | $42.10 | $53.70 | |
Minimum [Member] | Buildings and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Minimum [Member] | Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum [Member] | Buildings and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years |
Goodwill_Carrying_Amount_of_Go
Goodwill - Carrying Amount of Goodwill By Segment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
reportable_unit | ||
Goodwill [Line Items] | ||
Number of reportable units with goodwill | 2 | |
Goodwill [Roll Forward] | ||
Goodwill beginning of period, net | $121,100,000 | $5,700,000 |
Goodwill acquired during the year | 5,000,000 | 115,100,000 |
Foreign currency translation adjustments | -600,000 | 300,000 |
Goodwill end of period, net | 125,500,000 | 121,100,000 |
Paper [Member] | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | 2,700,000 | |
Reconstituted Tobacco [Member] | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | 0 | |
Goodwill [Roll Forward] | ||
Goodwill beginning of period, net | 6,000,000 | 5,700,000 |
Goodwill acquired during the year | 0 | 0 |
Foreign currency translation adjustments | -700,000 | 300,000 |
Goodwill end of period, net | 5,300,000 | 6,000,000 |
Filtration [Member] | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | 0 | |
Goodwill [Roll Forward] | ||
Goodwill beginning of period, net | 115,100,000 | 0 |
Goodwill acquired during the year | 5,000,000 | 115,100,000 |
Foreign currency translation adjustments | 100,000 | 0 |
Goodwill end of period, net | $120,200,000 | $115,100,000 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $80.80 | $69.10 | |||
Accumulated Amortization | 13.3 | [1] | 10.2 | [1] | |
Net Carrying Amount | 67.5 | 58.9 | |||
Amortization Expense of Intangible Assets | 3.1 | 0.6 | 1.1 | ||
Estimated Amortization Expense | |||||
2015 | 4.2 | ||||
2016 | 4.2 | ||||
2017 | 3.8 | ||||
2018 | 3.8 | ||||
2019 | 3.8 | ||||
Filtration [Member] | Trade names [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Unamortized intangible assets | 21.8 | 21.8 | |||
Customer-related intangibles [Member] | Reconstituted Tobacco [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 10 | 10 | |||
Accumulated Amortization | 10 | [1] | 10 | [1] | |
Net Carrying Amount | 0 | 0 | |||
Customer Relationships [Member] | Filtration [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 51.4 | 45.3 | |||
Accumulated Amortization | 2.1 | [1] | 0.1 | [1] | |
Net Carrying Amount | 49.3 | 45.2 | |||
Developed Technology [Member] | Filtration [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 16 | 13.8 | |||
Accumulated Amortization | 1.2 | [1] | 0.1 | [1] | |
Net Carrying Amount | 14.8 | 13.7 | |||
Customer Contracts [Member] | Filtration [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1.9 | 0 | |||
Accumulated Amortization | 0 | [1] | 0 | [1] | |
Net Carrying Amount | 1.9 | 0 | |||
Patents [Member] | Filtration [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1.5 | 0 | |||
Accumulated Amortization | 0 | [1] | 0 | [1] | |
Net Carrying Amount | $1.50 | $0 | |||
[1] | Accumulated amortization also includes adjustments for foreign currency translation. |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Assets [Abstract] | ||
Capitalized software costs, net of accumulated amortization | $3.80 | $7 |
Business tax credits, including VAT and ICMS (net of $11.7 million and $13.8 million reserve as of December 31, 2014 and 2013, respectively) | 2.5 | 3.1 |
Grantor trust assets | 10.3 | 10 |
Net pension assets | 0 | 4.4 |
Other assets | 6 | 7.1 |
Total | 22.6 | 31.6 |
Additional Information | ||
Reserve for losses on business tax credits | $11.70 | $13.80 |
Restructuring_and_Impairment_A2
Restructuring and Impairment Activities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | $6,500,000 | $3,300,000 | $3,200,000 | $100,000 | $38,400,000 | $600,000 | $700,000 | $1,600,000 | $13,100,000 | $41,300,000 | $21,400,000 |
Restructuring Reserve [Roll Forward] | |||||||||||
Balance at beginning of year | 4,700,000 | 3,400,000 | 4,700,000 | 3,400,000 | |||||||
Accruals for announced programs | 11,200,000 | 3,900,000 | |||||||||
Cash payments | -6,300,000 | -2,700,000 | |||||||||
Exchange rate impacts | -900,000 | 100,000 | |||||||||
Balance at end of period | 8,700,000 | 4,700,000 | 8,700,000 | 4,700,000 | 3,400,000 | ||||||
Employee Severance [Member] | France, Brazil, And United States [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | 2,600,000 | ||||||||||
Employee Severance [Member] | France [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | 1,600,000 | ||||||||||
Facility Closing [Member] | Lee Mills And Golden Hills Manufacturing Facilities [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | 1,000,000 | ||||||||||
Other Restructuring [Member] | Canada Manufacturing Facility [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | 900,000 | ||||||||||
Paper [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | 4,500,000 | 2,400,000 | 17,900,000 | ||||||||
Paper [Member] | Spotswood Mill [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | 16,900,000 | ||||||||||
Reconstituted Tobacco [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | 6,800,000 | 38,600,000 | 4,100,000 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 37,200,000 | 3,100,000 | |||||||||
Filtration [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | 400,000 | 0 | 0 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Impairment | $1,400,000 |
Debt_Schedule_of_Debt_Summariz
Debt - Schedule of Debt Summarized (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total | $440.10 | $385.40 |
Less: Current debt | -2.9 | -4.2 |
Long-Term Debt | 437.2 | 381.2 |
French Employee Profit Sharing [Member] | ||
Debt Instrument [Line Items] | ||
Total | 14.6 | 15.8 |
Bank Overdrafts [Member] | ||
Debt Instrument [Line Items] | ||
Total | 0.4 | 1.7 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total | 0 | 0.2 |
Revolving Credit Agreement - U.S. dollar borrowings [Member] | Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total | 354 | 367.7 |
Revolving Credit Agreement - euro borrowings [Member] | Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total | $71.10 | $0 |
Debt_Details
Debt (Details) (USD $) | 1 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Long-term debt | $385,400,000 | $440,100,000 |
Amount of long term debt covered by interest rate swaps | 50,000,000 | |
French Employee Profit Sharing [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 2.43% | 2.28% |
Long-term debt | 15,800,000 | 14,600,000 |
Bank Overdrafts [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 0.74% | 0.55% |
Bank overdraft facilities | 28,300,000 | 30,800,000 |
Long-term debt | 1,700,000 | 400,000 |
Revolving Credit Agreement - U.S. dollar borrowings [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 5 years | |
Maximum borrowings under credit facility | 500,000,000 | |
Credit facility accordion feature | 200,000,000 | |
Covenant provisions | the Company to maintain (a) a maximum net debt to EBITDA ratio of 3.00 and (b) a minimum interest coverage ratio of 3.50. The Company was in compliance with all of its covenants under the Credit Agreement at December 31, 2014. | |
Minimum margin on borrowings (in hundredths) | 1.25% | |
Maximum margin on borrowings (in hundredths) | 2.00% | |
Minimum annual commitment fees on undrawn amounts (in hundredths) | 0.20% | |
Maximum annual commitment fees on undrawn amounts (in hundredths) | 0.30% | |
Applicable interest rate (in hundredths) | 1.48% | |
Long-term debt | 367,700,000 | 354,000,000 |
Revolving Credit Agreement - U.S. dollar borrowings [Member] | Line of Credit [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
EBITDA ratio | 3 | |
Revolving Credit Agreement - U.S. dollar borrowings [Member] | Line of Credit [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate coverage | 3.5 | |
Revolving Credit Agreement - U.S. dollar borrowings [Member] | Line of Credit, Sublimit In Euro [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowings under credit facility | 300,000,000 | |
Revolving Credit Agreement - euro borrowings [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Applicable interest rate (in hundredths) | 1.55% | |
Long-term debt | $0 | $71,100,000 |
Debt_Schedule_of_Long_Term_Deb
Debt - Schedule of Long Term Debt Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | $2.90 | |
2016 | 3 | |
2017 | 2.9 | |
2018 | 428.5 | |
2019 | 2.8 | |
Thereafter | 0 | |
Total | $440.10 | $385.40 |
Derivatives_Derivatives_by_Bal
Derivatives - Derivatives by Balance Sheet Location (Details) (Designated as hedges [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $0.40 | $0.50 |
Liability Derivatives | 9.3 | 8.6 |
Foreign exchange contracts [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.4 | 0 |
Foreign exchange contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Foreign exchange contracts [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4.8 | 6.5 |
Foreign exchange contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4 | 2.1 |
Interest rate contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0.5 |
Interest rate contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $0.50 |
Derivatives_Derivatives_by_Inc
Derivatives - Derivatives by Income Statement Location (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | ($0.20) | ($6.70) | ($1.80) |
(Loss) Gain Reclassified from AOCI | -4.6 | -0.4 | 1.4 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain / (Loss) Recognized in Other Income / Expense | -0.7 | -0.1 | -1.1 |
Foreign exchange contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | 0.5 | -7 | -1.8 |
Foreign exchange contracts [Member] | Cash Flow Hedging [Member] | Net Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Reclassified from AOCI | -4.6 | -0.4 | 1.4 |
Foreign exchange contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income/Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain / (Loss) Recognized in Other Income / Expense | -0.7 | -0.1 | -1 |
Interest rate contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | -0.7 | 0.3 | 0 |
Interest rate contracts [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain Reclassified from AOCI | 0 | 0 | 0 |
Interest rate contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income/Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain / (Loss) Recognized in Other Income / Expense | $0 | $0 | ($0.10) |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Accrued salaries, wages and employee benefits | $26.90 | $49 |
Other accrued expenses | 48.9 | 43.7 |
Total | $75.80 | $92.70 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit), Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current income taxes: | |||
U.S. Federal | $6.60 | $13.60 | $16.20 |
U.S. State | 0.6 | 0.9 | 1.5 |
Foreign | 10 | 21.2 | 18.7 |
Current income taxes | 17.2 | 35.7 | 36.4 |
Deferred income taxes: | |||
U.S. Federal | 3 | -0.2 | -4.6 |
U.S. State | -0.8 | 0 | -0.4 |
Foreign | 1.1 | 17.5 | 18.1 |
Deferred income taxes | 3.3 | 17.3 | 13.1 |
Provision for income taxes | 20.5 | 53 | 49.5 |
Income from continuing operations before income taxes from operations outside the United States | $77.20 | $70 | $104.40 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Rate (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amount [Abstract] | |||
Tax provision at U.S. statutory rate | $37.90 | $44.70 | $52.40 |
Foreign income tax rate differential | -16.1 | 8.2 | -4.5 |
Tax effect of foreign legal structure | -0.4 | 0 | 0 |
Domestic production deduction | -1 | -0.9 | -1 |
Adjustments to valuation allowances | 0.4 | 1.2 | 0 |
French business tax classified as income tax | 1.7 | 2.2 | 2.4 |
Other foreign taxes, net | -0.6 | -1.4 | -0.7 |
Other, net | -1.4 | -1 | 0.9 |
Provision for income taxes | 20.5 | 53 | 49.5 |
Percent [Abstract] | |||
Tax provision at U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Foreign income tax rate differential | -14.90% | 6.40% | -3.00% |
Tax effect of foreign legal structure | -0.40% | 0.00% | 0.00% |
Domestic production deduction | -0.90% | -0.70% | -0.70% |
Adjustments to valuation allowances | 0.40% | 0.90% | 0.00% |
French business tax classified as income tax | 1.60% | 1.70% | 1.60% |
Other foreign taxes, net | -0.60% | -1.10% | -0.50% |
Other, net | -1.30% | -0.70% | 0.70% |
Provision for income taxes | 18.90% | 41.50% | 33.10% |
Poland Tax Credit Carryforwards [Member] | |||
Percent [Abstract] | |||
Increase in valuation allowance | $1.20 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets (Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Income Tax Holiday, Aggregate Dollar Amount | $13.40 | $2 | |
Income Tax Holiday, Income Tax Benefits Per Share (in dollars per share) | $0.43 | $0.06 | |
Components of Deferred Tax Assets and Liabilities | |||
Inventories | 0.6 | -1 | |
Postretirement and other employee benefits | 3.1 | 1.9 | |
Other accrued liabilities | 4.3 | 6 | |
Valuation allowances | -0.7 | -3 | |
Foreign tax incentives | 0 | 2.3 | |
Other | 1.9 | 3.9 | |
Net current deferred income tax assets | 9.2 | 10.1 | |
Operating loss carryforwards | 17.7 | 8.8 | |
Tax credit carryforwards | 0 | 0 | |
Postretirement and other employee benefits | 0.3 | 0 | |
Accumulated depreciation, amortization and impairment | 10.8 | 0 | |
Valuation allowances | -28.7 | -9.8 | |
Other | -0.1 | 1 | |
Net noncurrent deferred income tax assets | 0 | 0 | |
Accumulated depreciation and amortization | -70.3 | -74.3 | |
Operating loss carryforwards | 8.9 | 14.3 | |
Valuation allowance | -7.8 | -7.5 | |
Postretirement and other employee benefits | 16.2 | 13.1 | |
Basis difference of acquired intangible assets | -22.1 | -29.9 | |
Other | 3.7 | 3.4 | |
Net noncurrent deferred income tax liabilities | -71.4 | -80.9 | |
Deferred income tax assets | 90.1 | 43.1 | |
Deferred income tax liabilities | 152.3 | 113.9 | |
Operating loss carryforwards | 97.5 | ||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Uncertain tax position balance at beginning of year | 1.8 | ||
Increases related to current year tax positions | 0 | ||
Uncertain tax position balance at end of year | 1.8 | 1.8 | |
Internal Revenue Service (IRS) [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Operating loss carryforwards | 11.7 | ||
Spain NOLs [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Operating loss carryforwards | 43.4 | ||
Philippines NOLs [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Operating loss carryforwards | 18.4 | ||
Expiration period of operating loss carryforwards | 3 years | ||
France NOL [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Operating loss carryforwards | 3.3 | ||
Brazil NOL [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Operating loss carryforwards | 20.7 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | Spain NOLs [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Deferred tax asset valuation allowance | 12.2 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | Philippines NOLs [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Deferred tax asset valuation allowance | 16.5 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | Brazil NOL [Member] | |||
Components of Deferred Tax Assets and Liabilities | |||
Deferred tax asset valuation allowance | $7.90 |
Postretirement_and_Other_Benef2
Postretirement and Other Benefits - Funded Status (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
United States, Pension Benefits [Member] | |||
Change in Projected Benefit Obligation, or PBO: | |||
PBO at beginning of year | $121.60 | $132.60 | |
Service cost | 0 | 0 | 0 |
Interest cost | 5.6 | 5.1 | 5.5 |
Actuarial (gain) loss | 14.6 | -8.8 | |
Participant contributions | 0 | 0 | |
Plan amendment | -2.1 | 0 | |
Gross benefits paid | -7.3 | -7.3 | |
Currency translation effect | 0 | 0 | |
PBO at end of year | 132.4 | 121.6 | 132.6 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 126 | 120.4 | |
Actual return on plan assets | 12.3 | 12.2 | |
Employer contributions | 0 | 0.7 | |
Participant contributions | 0 | 0 | |
Plan amendment | -2.1 | 0 | |
Gross benefits paid | -7.3 | -7.3 | |
Currency translation effect | 0 | 0 | |
Fair value of plan assets at end of year | 128.9 | 126 | 120.4 |
Funded status at end of year | -3.5 | 4.4 | |
France, Pension Benefits [Member] | |||
Change in Projected Benefit Obligation, or PBO: | |||
PBO at beginning of year | 37.7 | 33.6 | |
Service cost | 1.3 | 1.3 | 0.9 |
Interest cost | 0.8 | 0.8 | 1 |
Actuarial (gain) loss | 4.4 | 2.6 | |
Participant contributions | 0 | 0 | |
Plan amendment | 0 | 0 | |
Gross benefits paid | -1.7 | -2 | |
Currency translation effect | -5.2 | 1.4 | |
PBO at end of year | 37.3 | 37.7 | 33.6 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 12.3 | 13.4 | |
Actual return on plan assets | 0.5 | -0.4 | |
Employer contributions | 1 | 0.8 | |
Participant contributions | 0 | 0 | |
Plan amendment | 0 | 0 | |
Gross benefits paid | -2.2 | -2 | |
Currency translation effect | -1.4 | 0.5 | |
Fair value of plan assets at end of year | 10.2 | 12.3 | 13.4 |
Funded status at end of year | -27.1 | -25.4 | |
United States, OPEB [Member] | |||
Change in Projected Benefit Obligation, or PBO: | |||
PBO at beginning of year | 2.8 | 5.4 | |
Service cost | 0 | 0.1 | 0.1 |
Interest cost | 0.1 | 0.1 | 0.4 |
Actuarial (gain) loss | -0.1 | -0.7 | |
Participant contributions | 0.2 | 0.3 | |
Plan amendment | -0.6 | -1.7 | |
Gross benefits paid | -0.6 | -0.7 | |
Currency translation effect | 0 | 0 | |
PBO at end of year | 1.8 | 2.8 | 5.4 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0.4 | 0.4 | |
Participant contributions | 0.2 | 0.3 | |
Plan amendment | 0 | 0 | |
Gross benefits paid | -0.6 | -0.7 | |
Currency translation effect | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | ($1.80) | ($2.80) |
Postretirement_and_Other_Benef3
Postretirement and Other Benefits - PBO and ABO in Excess of Fair Value of Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
United States, Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | $132.40 | $121.60 | |
ABO | 132.4 | 121.6 | |
Fair value of plan assets | 128.9 | 126 | 120.4 |
France, Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | 37.3 | 37.7 | |
ABO | 32.2 | 31.2 | |
Fair value of plan assets | $10.20 | $12.30 | $13.40 |
Postretirement_and_Other_Benef4
Postretirement and Other Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
United States, Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Accumulated loss | $42.10 |
Prior service credit | 0 |
Accumulated other comprehensive loss (income) | 42.1 |
France, Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Accumulated loss | 19 |
Prior service credit | -4.4 |
Accumulated other comprehensive loss (income) | 14.6 |
United States, OPEB [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Accumulated loss | 1 |
Prior service credit | -1.1 |
Accumulated other comprehensive loss (income) | ($0.10) |
Postretirement_and_Other_Benef5
Postretirement and Other Benefits - Amortization of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
United States, Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of accumulated loss | ($5.50) |
Amortization of prior service credit | 0 |
Total | -5.5 |
France, Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of accumulated loss | -1.5 |
Amortization of prior service credit | 0.3 |
Total | -1.2 |
United States, OPEB [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of accumulated loss | -0.3 |
Amortization of prior service credit | 0.6 |
Total | $0.30 |
Postretirement_and_Other_Benef6
Postretirement and Other Benefits - Weighted Average Assumption of Projected Benefit Obligations (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
United States, Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.94% | 4.78% |
Rate of compensation increase | 0.00% | 0.00% |
France, Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 1.17% | 2.38% |
Rate of compensation increase | 1.90% | 2.50% |
United States, OPEB [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.82% | 4.30% |
Rate of compensation increase | 3.50% | 3.50% |
Postretirement_and_Other_Benef7
Postretirement and Other Benefits - Net Pension Benefit Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
United States, Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $0 | $0 | $0 |
Interest cost | 5.6 | 5.1 | 5.5 |
Expected return on plan assets | -7.4 | -7.1 | -7.6 |
Amortizations and other | 4.2 | 6.7 | 5.9 |
Curtailment benefit | 0 | 0 | 0 |
Net periodic benefit cost | 2.4 | 4.7 | 3.8 |
France, Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1.3 | 1.3 | 0.9 |
Interest cost | 0.8 | 0.8 | 1 |
Expected return on plan assets | -0.4 | -0.4 | -0.6 |
Amortizations and other | 0.7 | 0.5 | 0.4 |
Curtailment benefit | 0 | 0 | 0 |
Net periodic benefit cost | 2.4 | 2.2 | 1.7 |
United States, OPEB [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 0.1 | 0.1 |
Interest cost | 0.1 | 0.1 | 0.4 |
Expected return on plan assets | 0 | 0 | 0 |
Amortizations and other | -0.5 | -0.7 | -0.3 |
Curtailment benefit | -2.7 | -3.2 | 0 |
Net periodic benefit cost | ($3.10) | ($3.70) | $0.20 |
Postretirement_and_Other_Benef8
Postretirement and Other Benefits - Weighted Average Assumptions - Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
United States, Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.78% | 4.00% | 4.50% |
Expected long-term rate of return on plan assets | 6.48% | 6.50% | 7.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
France, Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 1.17% | 2.38% | 4.40% |
Expected long-term rate of return on plan assets | 3.00% | 3.25% | 3.25% |
Rate of compensation increase | 1.90% | 2.50% | 2.50% |
United States, OPEB [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.02% | 3.25% | 4.50% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Postretirement_and_Other_Benef9
Postretirement and Other Benefits - Target Allocations (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
United States, Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations 2015 | 100.00% | |||
Actual allocations | 100.00% | 100.00% | ||
United States, Pension Benefits [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations 2015 | 1.00% | |||
Actual allocations | 1.00% | 3.00% | ||
United States, Pension Benefits [Member] | Domestic Large Cap [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations 2015 | 8.00% | [1] | ||
Actual allocations | 5.00% | [1] | 25.00% | [1] |
United States, Pension Benefits [Member] | Domestic Small Cap [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations 2015 | 2.00% | [1] | ||
Actual allocations | 4.00% | [1] | 8.00% | [1] |
United States, Pension Benefits [Member] | International [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations 2015 | 17.00% | [1] | ||
Actual allocations | 17.00% | [1] | 12.00% | [1] |
United States, Pension Benefits [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations 2015 | 67.00% | |||
Actual allocations | 68.00% | 47.00% | ||
United States, Pension Benefits [Member] | Alternative Investment [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations 2015 | 5.00% | [2] | ||
Actual allocations | 5.00% | [2] | 5.00% | [2] |
France, Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Actual allocations | 100.00% | 100.00% | ||
France, Pension Benefits [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Actual allocations | 11.00% | 25.00% | ||
France, Pension Benefits [Member] | Domestic Large Cap [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Actual allocations | 17.00% | [1] | 19.00% | [1] |
France, Pension Benefits [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Actual allocations | 71.00% | 55.00% | ||
France, Pension Benefits [Member] | Alternative Investment [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Actual allocations | 1.00% | [2] | 1.00% | [2] |
[1] | None of the Company's pension plan assets are targeted for investment in SWM stock, except that it is possible that one or more mutual funds held by the plan could hold shares of SWM. | |||
[2] | Investments in this category under the U.S. pension plan only may include hedge funds, and may include real estate under the French pension plan. |
Recovered_Sheet1
Postretirement and Other Benefits - Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
United States, Pension Benefits [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | $128.90 | $126 | $120.40 | ||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at beginning of year | 120.4 | ||||
Fair value of plan assets at end of year | 128.9 | 126 | 120.4 | ||
United States, Pension Benefits [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 1.1 | 3.6 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 1.1 | 3.6 | |||
United States, Pension Benefits [Member] | Domestic Large Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 7.2 | 31.1 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 7.2 | 31.1 | |||
United States, Pension Benefits [Member] | Domestic Small Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 5.5 | 10.1 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 5.5 | 10.1 | |||
United States, Pension Benefits [Member] | International [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 21.3 | 15.2 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 21.3 | 15.2 | |||
United States, Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 87 | 59.6 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 87 | 59.6 | |||
United States, Pension Benefits [Member] | Alternative Investment [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 6.8 | [1] | 6.4 | [1] | |
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 6.8 | [1] | 6.4 | [1] | |
United States, Pension Benefits [Member] | Level 1 [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 1.1 | 114.4 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 1.1 | 114.4 | |||
United States, Pension Benefits [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 1.1 | 3.6 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 1.1 | 3.6 | |||
United States, Pension Benefits [Member] | Level 1 [Member] | Domestic Large Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 31.1 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 31.1 | |||
United States, Pension Benefits [Member] | Level 1 [Member] | Domestic Small Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 10.1 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 10.1 | |||
United States, Pension Benefits [Member] | Level 1 [Member] | International [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 10 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 10 | |||
United States, Pension Benefits [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 59.6 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 59.6 | |||
United States, Pension Benefits [Member] | Level 1 [Member] | Alternative Investment [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | [1] | 0 | [1] | |
United States, Pension Benefits [Member] | Level 2 [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 121 | 5.2 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 121 | 5.2 | |||
United States, Pension Benefits [Member] | Level 2 [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
United States, Pension Benefits [Member] | Level 2 [Member] | Domestic Large Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 7.2 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 7.2 | 0 | |||
United States, Pension Benefits [Member] | Level 2 [Member] | Domestic Small Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 5.5 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 5.5 | 0 | |||
United States, Pension Benefits [Member] | Level 2 [Member] | International [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 21.3 | 5.2 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 21.3 | 5.2 | |||
United States, Pension Benefits [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 87 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 87 | 0 | |||
United States, Pension Benefits [Member] | Level 2 [Member] | Alternative Investment [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | [1] | 0 | [1] | |
United States, Pension Benefits [Member] | Level 3 [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 6.8 | 6.4 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at beginning of year | 6.4 | 6 | |||
Realized and unrealized gains | 0.5 | 0.6 | |||
Purchases | 0 | 0 | |||
Sales | -0.1 | -0.2 | |||
Fair value of plan assets at end of year | 6.8 | 6.4 | |||
United States, Pension Benefits [Member] | Level 3 [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
United States, Pension Benefits [Member] | Level 3 [Member] | Domestic Large Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
United States, Pension Benefits [Member] | Level 3 [Member] | Domestic Small Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
United States, Pension Benefits [Member] | Level 3 [Member] | International [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
United States, Pension Benefits [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
United States, Pension Benefits [Member] | Level 3 [Member] | Alternative Investment [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 6.8 | [1] | 6.4 | [1] | |
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 6.8 | [1] | 6.4 | [1] | |
France, Pension Benefits [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 10.2 | 12.3 | 13.4 | ||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at beginning of year | 13.4 | ||||
Fair value of plan assets at end of year | 10.2 | 12.3 | 13.4 | ||
France, Pension Benefits [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 1.1 | 3.1 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 1.1 | 3.1 | |||
France, Pension Benefits [Member] | Domestic Large Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 1.7 | 2.3 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 1.7 | 2.3 | |||
France, Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 7.3 | 6.8 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 7.3 | 6.8 | |||
France, Pension Benefits [Member] | Alternative Investment [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0.1 | [1] | 0.1 | [1] | |
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0.1 | [1] | 0.1 | [1] | |
France, Pension Benefits [Member] | Level 1 [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 2.8 | 5.4 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 2.8 | 5.4 | |||
France, Pension Benefits [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 1.1 | 3.1 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 1.1 | 3.1 | |||
France, Pension Benefits [Member] | Level 1 [Member] | Domestic Large Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 1.7 | 2.3 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 1.7 | 2.3 | |||
France, Pension Benefits [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
France, Pension Benefits [Member] | Level 1 [Member] | Alternative Investment [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | [1] | 0 | [1] | |
France, Pension Benefits [Member] | Level 2 [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 7.4 | 6.9 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 7.4 | 6.9 | |||
France, Pension Benefits [Member] | Level 2 [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
France, Pension Benefits [Member] | Level 2 [Member] | Domestic Large Cap [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 0 | 0 | |||
France, Pension Benefits [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 7.3 | 6.8 | |||
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | 7.3 | 6.8 | |||
France, Pension Benefits [Member] | Level 2 [Member] | Alternative Investment [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fair value of plan assets | 0.1 | [1] | 0.1 | [1] | |
Change in Level 3 Asset Values | |||||
Fair value of plan assets at end of year | $0.10 | [1] | $0.10 | [1] | |
[1] | Alternative investments include ownership interests in shares of registered investment companies. |
Recovered_Sheet2
Postretirement and Other Benefits - Expected Future Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
United States, Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $8 |
2016 | 8 |
2017 | 8.1 |
2018 | 8.3 |
2019 | 8.3 |
2020 - 2024 | 41.7 |
Healthcare and Life Insurance Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 0.4 |
2016 | 0.3 |
2017 | 0.2 |
2018 | 0.1 |
2019 | 0.1 |
2020 - 2024 | 0.4 |
France, Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 1.8 |
2016 | 1.8 |
2017 | 4 |
2018 | 1.2 |
2019 | 2.5 |
2020 - 2024 | $7.70 |
Recovered_Sheet3
Postretirement and Other Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $2 | $1.80 | $1.70 |
Deferred Compensation Liability, Classified, Noncurrent | 13.1 | 13.4 | |
Deferred Compensation Plan Assets | 10.3 | 10 | |
Other Liabilities, French Law CET Account | $8.10 | $8.90 |
Restricted_Stock_Plan_Details
Restricted Stock Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, issued during period | 1,226,112 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, number of shares authorized | 2,000,000 | ||
Share-based payment award, limitation on single participant award (more than) | 50.00% | ||
Unrecognized compensation expense | $2.80 | ||
Unrecognized compensation expense, recognition weighted average period | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares outstanding at beginning of year | 318,561 | 433,382 | 359,306 |
Nonvested restricted shares granted | 201,680 | 274,172 | 137,026 |
Nonvested restricted shares forfeited | -675 | -42,711 | 0 |
Nonvested restricted shares vested | -153,203 | -346,282 | -62,950 |
Nonvested restricted shares outstanding at end of year | 366,363 | 318,561 | 433,382 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Outstanding at beginning of year (in dollars per share) | $35.82 | $18.94 | $13.79 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $39.55 | $36.47 | $29.56 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $48.68 | $33.71 | $0 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $34.89 | $15.33 | $12.84 |
Weighted Average Grant Date Fair Value, Outstanding at end of year (in dollars per share) | $38.24 | $35.82 | $18.94 |
Restricted Stock Performance Plan [Member] | Award Opportunity 2014-2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares granted | 43,842 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Compensation expense | 1.1 | ||
Restricted Stock Performance Plan [Member] | Award Opportunity 2013-2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares granted | 159,940 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Compensation expense | 3.1 | 2.9 | |
Restricted Stock Performance Plan [Member] | Award Opportunity 2012-2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares granted | 177,034 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Compensation expense | $6.20 |
Stockholders_Equity_Basic_and_
Stockholders' Equity - Basic and Diluted Shares Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator (basic and diluted): | |||||||||||
Net income | $18.50 | $23 | $25 | $23.20 | ($9.70) | $29.10 | $26.60 | $30.10 | $89.70 | $76.10 | $79.80 |
Less: Dividends paid to participating securities | -0.3 | -0.2 | -0.2 | ||||||||
Less: Undistributed earnings available to participating securities | -0.5 | -0.4 | -0.9 | ||||||||
Undistributed and distributed earnings available to common stockholders | $88.90 | $75.50 | $78.70 | ||||||||
Denominator: | |||||||||||
Average number of common shares outstanding (shares) | 30,238,000 | 31,056,700 | 30,986,200 | ||||||||
Effect of dilutive stock-based compensation (shares) | 118,500 | 181,600 | 355,700 | ||||||||
Average number of common and potential common shares outstanding (shares) | 30,356,500 | 31,238,300 | 31,341,900 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2000 |
assessment | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2015 | $2.90 | |||
2016 | 2.8 | |||
2017 | 2.1 | |||
2018 | 1.6 | |||
2019 | 1.5 | |||
Thereafter | 0.5 | |||
Total | 11.4 | |||
Operating Leases, Rent Expense | 6.1 | 5.3 | 5.3 | |
Loss Contingencies [Line Items] | ||||
Capital Expenditures for Environmental Matters | 1.4 | |||
Expected Capital Expenditures for Environmental Matters In the Next Fiscal Year (less than) | 2 | |||
Expected Capital Expenditures for Environmental Matters Due In Two Years (less than) | 1 | |||
Unfavorable Regulatory Action [Member] | Raw Materials Assessment [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of assessments from the tax authorities regarding ICMS taxes | 2 | |||
Number of tax assessments related to periods that predated acquisition and are covered by indemnification | 1 | |||
Loss Contingency, Range of Possible Loss, Maximum | 38 | |||
Portion covered by indemnification | 17 | |||
Unfavorable Regulatory Action [Member] | Electricity Assessment One And Two [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Range of Possible Loss, Maximum | 14 | |||
Unfavorable Regulatory Action [Member] | Electricity Assessment Three [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Range of Possible Loss, Maximum | 18 | |||
LTRI and PdM Subsidiaries [Member] | Energy Cogeneration Steam Supply Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Long-term Purchase Commitment, Amount | 4 | |||
SWM-B Brazilian Mill [Member] | Transmission and Distribution of Energy Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Long-term Contract for Purchase of Electric Power, Estimated Annual Cost | 4 | |||
French Mills [Member] | Transmission and Distribution of Energy Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Long-term Contract for Purchase of Electric Power, Due Within One Year | 16 | |||
Other Fibers [Member] | Paper [Member] | ||||
Loss Contingencies [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | 3 | |||
Calcium Carbonate [Member] | PdM Subsidiary [Member] | ||||
Loss Contingencies [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | 2 | |||
Calcium Carbonate, Through 2024 [Member] | PdM Subsidiary [Member] | ||||
Loss Contingencies [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | $18 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Operating Segments | 3 | ||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | $181.70 | $204.30 | $203.60 | $204.70 | $196.50 | $185.30 | $196.50 | $194.50 | $794.30 | $772.80 | $778.50 |
Percentage of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||
Operating Profit [Abstract] | |||||||||||
Operating Profit (loss) | 17.3 | 25.2 | 30.5 | 33.1 | -0.7 | 41.8 | 42.1 | 41.7 | 106.1 | 124.9 | 151.7 |
Percentage of Operating Profit | 100.00% | 100.00% | 100.00% | ||||||||
Segment Assets | 1,186.60 | 1,226.80 | 1,186.60 | 1,226.80 | |||||||
Capital Spending | 35.1 | 29.1 | 27.2 | ||||||||
Depreciation | 35.3 | 31.1 | 30.8 | ||||||||
Europe and the former Commonwealth of Independent States [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 304.6 | 343 | 349.4 | ||||||||
United States [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 263.7 | 223.1 | 227.2 | ||||||||
Operating Profit [Abstract] | |||||||||||
Long-Lived Assets | 75.5 | 86.8 | 75.5 | 86.8 | |||||||
France [Member] | |||||||||||
Operating Profit [Abstract] | |||||||||||
Long-Lived Assets | 187.2 | 210.2 | 187.2 | 210.2 | |||||||
Philippines [Member] | |||||||||||
Operating Profit [Abstract] | |||||||||||
Long-Lived Assets | 30.8 | 31.5 | 30.8 | 31.5 | |||||||
Brazil [Member] | |||||||||||
Operating Profit [Abstract] | |||||||||||
Long-Lived Assets | 27.8 | 35.1 | 27.8 | 35.1 | |||||||
Poland [Member] | |||||||||||
Operating Profit [Abstract] | |||||||||||
Long-Lived Assets | 29 | 32.8 | 29 | 32.8 | |||||||
Asia/Pacific (including China) [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 125.3 | 113.6 | 107.4 | ||||||||
Latin America [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 54.9 | 49.6 | 54.2 | ||||||||
Other foreign countries [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 45.8 | 43.5 | 40.3 | ||||||||
Operating Profit [Abstract] | |||||||||||
Long-Lived Assets | 15.5 | 3.6 | 15.5 | 3.6 | |||||||
Paper [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 496.3 | 543.4 | 545 | ||||||||
Percentage of Net Sales | 62.50% | 70.30% | 70.00% | ||||||||
Operating Profit [Abstract] | |||||||||||
Operating Profit (loss) | 74.5 | 102.5 | 84.4 | ||||||||
Percentage of Operating Profit | 70.20% | 82.10% | 55.70% | ||||||||
Segment Assets | 425.6 | 462.4 | 425.6 | 462.4 | |||||||
Capital Spending | 20.3 | 19.8 | 19.8 | ||||||||
Depreciation | 20.9 | 20 | 20 | ||||||||
Reconstituted Tobacco [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 170.6 | 225.2 | 233.5 | ||||||||
Percentage of Net Sales | 21.50% | 29.10% | 30.00% | ||||||||
Operating Profit [Abstract] | |||||||||||
Operating Profit (loss) | 50 | 46.4 | 90.3 | ||||||||
Percentage of Operating Profit | 47.10% | 37.10% | 59.50% | ||||||||
Segment Assets | 186.3 | 411.4 | 186.3 | 411.4 | |||||||
Capital Spending | 5.8 | 8.6 | 7.4 | ||||||||
Depreciation | 10.1 | 10.5 | 10 | ||||||||
Filtration [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net Sales | 127.4 | 4.2 | 0 | ||||||||
Percentage of Net Sales | 16.00% | 0.60% | 0.00% | ||||||||
Operating Profit [Abstract] | |||||||||||
Operating Profit (loss) | 10.2 | -1.1 | 0 | ||||||||
Percentage of Operating Profit | 9.60% | -0.90% | 0.00% | ||||||||
Segment Assets | 319.5 | 286.3 | 319.5 | 286.3 | |||||||
Capital Spending | 8.7 | 0.7 | 0 | ||||||||
Depreciation | 3.9 | 0.1 | 0 | ||||||||
Unallocated [Member] | |||||||||||
Operating Profit [Abstract] | |||||||||||
Operating Profit (loss) | -28.6 | -22.9 | -23 | ||||||||
Percentage of Operating Profit | -26.90% | -18.30% | -15.20% | ||||||||
Segment Assets | 255.2 | 66.7 | 255.2 | 66.7 | |||||||
Capital Spending | 0.3 | 0 | 0 | ||||||||
Depreciation | $0.40 | $0.50 | $0.80 |
Major_Customers_Details
Major Customers (Details) (Customer Concentration Risk [Member], Phillip Morris, British American, and Japan Tobacco [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Sales [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 46.00% | 57.00% | 55.00% |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 29.00% | 25.00% |
Supplemental_Disclosures_Detai
Supplemental Disclosures (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts | |||
Interest paid | $6 | $2.50 | $2.60 |
Income taxes paid | 17.6 | 69.8 | 33.7 |
Capital spending in accounts payable and accrued liabilities | 2.5 | 3.6 | 4.3 |
Allowance for Doubtful Accounts [Member] | |||
Allowance for doubtful accounts | |||
Beginning balance | 0.4 | 0.7 | 0.7 |
Bad debt expense | 0.3 | 0 | 0.1 |
Write-offs and discounts | -0.4 | -0.2 | -0.1 |
Currency translation | 0 | -0.1 | 0 |
Ending balance | $0.30 | $0.40 | $0.70 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $181.70 | $204.30 | $203.60 | $204.70 | $196.50 | $185.30 | $196.50 | $194.50 | $794.30 | $772.80 | $778.50 |
Gross Profit | 49.1 | 52.9 | 59.2 | 57.6 | 61.9 | 63.2 | 64.9 | 62.7 | 218.8 | 252.7 | 259.5 |
Restructuring and Impairment Expense | 6.5 | 3.3 | 3.2 | 0.1 | 38.4 | 0.6 | 0.7 | 1.6 | 13.1 | 41.3 | 21.4 |
Operating Profit (loss) | 17.3 | 25.2 | 30.5 | 33.1 | -0.7 | 41.8 | 42.1 | 41.7 | 106.1 | 124.9 | 151.7 |
Income (loss) from continuing operations | 18.4 | 23.1 | 25 | 23.2 | -11.2 | 29.6 | 29.4 | 30.7 | 89.7 | 78.5 | 104.1 |
Loss from Discontinued Operations | 0.1 | -0.1 | 0 | 0 | 1.5 | -0.5 | -2.8 | -0.6 | 0 | -2.4 | -24.3 |
Net Income | $18.50 | $23 | $25 | $23.20 | ($9.70) | $29.10 | $26.60 | $30.10 | $89.70 | $76.10 | $79.80 |
Income (loss) per share from continuing operations - basic (in dollars per share) | $0.61 | $0.76 | $0.82 | $0.75 | ($0.35) | $0.94 | $0.94 | $0.98 | $2.94 | $2.51 | $3.33 |
(Loss) income per share from discontinued operations - basic (in dollars per share) | $0 | $0 | $0 | $0 | $0.04 | ($0.01) | ($0.09) | ($0.02) | $0 | ($0.08) | ($0.79) |
Net income per share - basic (in dollars per share) | $0.61 | $0.76 | $0.82 | $0.75 | ($0.31) | $0.93 | $0.85 | $0.96 | $2.94 | $2.43 | $2.54 |
Income (loss) per share from continuing operations - diluted (in dollars per share) | $0.61 | $0.76 | $0.81 | $0.75 | ($0.35) | $0.93 | $0.93 | $0.98 | $2.93 | $2.49 | $3.29 |
(Loss) income per share from discontinued operations - diluted (in dollars per share) | $0 | $0 | $0 | $0 | $0.05 | ($0.01) | ($0.09) | ($0.02) | $0 | ($0.07) | ($0.78) |
Net income per share - diluted (in dollars per share) | $0.61 | $0.76 | $0.81 | $0.75 | ($0.30) | $0.92 | $0.84 | $0.96 | $2.93 | $2.42 | $2.51 |