Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Feb. 20, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'TUPPERWARE BRANDS CORP | ' | ' |
Entity Central Index Key | '0001008654 | ' | ' |
Trading Symbol | 'TUP | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 50,358,255 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $4,013,944,327 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Net sales | $717.10 | $603.20 | $688.40 | $662.90 | $711 | $594.40 | $638.90 | $639.50 | $2,671.60 | $2,583.80 | $2,585 | |||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | 889.8 | 856.4 | 862.5 | |||
Gross margin | 475.7 | 403.6 | 462.4 | 440.1 | 473.9 | 394.9 | 432.2 | 426.4 | 1,781.80 | 1,727.40 | 1,722.50 | |||
Delivery, sales and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,369.70 | 1,329.50 | 1,340 | |||
Re-engineering and impairment charges | 2.2 | 2.7 | 2.2 | 2.2 | 18.4 | 2 | 1.1 | 0.9 | 9.3 | [1] | 22.4 | [1] | 7.9 | [1] |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 76.9 | [2] | 36.1 | [2] |
Gains on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 7.9 | 3.8 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 403.5 | 306.5 | 342.3 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | 2.5 | 3.2 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 40.2 | 34.9 | 49 | |||
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | 1.3 | 1.2 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360.4 | 272.8 | 295.3 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 86.2 | 79.8 | 77 | |||
Net income | $89.80 | $49.90 | $76.30 | $58.20 | $74.50 | $47.50 | $12.70 | $58.30 | $274.20 | $193 | $218.30 | |||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic earnings per common share | $1.78 | $0.97 | $1.46 | $1.09 | $1.37 | $0.86 | $0.23 | $1.04 | $5.28 | $3.49 | $3.63 | |||
Diluted earnings per common share | $1.74 | $0.95 | $1.43 | $1.06 | $1.34 | $0.85 | $0.22 | $1.02 | $5.17 | $3.42 | $3.55 | |||
[1] | Reviews of the value of the intangible assets related to the acquisition of the Sara Lee direct-to-consumer units acquired in 2005 and BeautiControl acquired in 2000, resulted in the conclusion that certain of the tradenames and goodwill had been impaired in 2012 and 2011. This resulted in charges of $76.9 million related to BeautiControl, NaturCare and Nutrimetics in 2012 and $36.1 million related to Nutrimetics in 2011. | |||||||||||||
[2] | Gains on disposal of assets in 2013 primarily related to the collection of proceeds on land sold in 2006. In 2012, this caption included $7.5 million from the sale of a facility in Belgium, $0.2 million from insurance proceeds due to a flood in Venezuela and $0.2 million from equipment sales. In 2011, the Company recorded a pretax gain from insurance proceeds of $3.0 million, net of cost, related to a flood in Australia, as well as $0.7 million related to the sale of land held for development near the Company's Orlando, Florida headquarters. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net income | $274.20 | $193 | $218.30 |
Foreign currency translation adjustments | -64.9 | 32.2 | -54.2 |
Deferred gain (loss) on cash flow hedges, net of tax provision of $0.8, $0.1 and $8.7, respectively | 2.4 | -0.5 | 14.5 |
Pension and other post-retirement income (costs), net of tax benefit (provision) of ($9.3), $2.9 and $2.9, respectively | 17 | -7.5 | -9.3 |
Other comprehensive income (loss) | -45.5 | 24.2 | -49 |
Total comprehensive income | $228.70 | $217.20 | $169.30 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net deferred gains (losses) on cash flow hedges, tax provision (benefit) | $0.80 | $0.10 | $8.70 |
Pension and post retirement costs, tax provision (benefit) | ($9.30) | $2.90 | $2.90 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $127.30 | $119.80 |
Accounts receivable, less allowances of $32.9 and $30.4, respectively | 168.8 | 173.4 |
Inventories | 313.4 | 313.9 |
Deferred income tax benefits, net | 96.4 | 94.9 |
Non-trade amounts receivable, net | 50.1 | 39 |
Prepaid expenses and other current assets | 23 | 25.5 |
Total current assets | 779 | 766.5 |
Deferred income tax benefits, net | 397.9 | 359.1 |
Property, plant and equipment, net | 300.9 | 298.8 |
Long-term receivables, less allowances of $20.5 and $22.4, respectively | 23.1 | 24.8 |
Trademarks and tradenames, net | 125.7 | 138.4 |
Other intangible assets, net | 3.2 | 5 |
Goodwill | 181.5 | 192.9 |
Other assets, net | 32.6 | 36.3 |
Total assets | 1,843.90 | 1,821.80 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Accounts payable | 149.7 | 154.8 |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 235.4 | 203.4 |
Accrued liabilities | 352.4 | 336.3 |
Total current liabilities | 737.5 | 694.5 |
Long-term debt and capital lease obligations | 619.9 | 414.4 |
Other liabilities | 233.6 | 233.8 |
Shareholders' equity: | ' | ' |
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued | 0.6 | 0.6 |
Paid-in capital | 178.3 | 151.2 |
Retained earnings | 1,289.20 | 1,172.40 |
Treasury stock, 13,282,929 and 9,547,436 shares, respectively, at cost | -898.4 | -573.8 |
Accumulated other comprehensive loss | -316.8 | -271.3 |
Total shareholders' equity | 252.9 | 479.1 |
Total liabilities and shareholders' equity | $1,843.90 | $1,821.80 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $32.90 | $30.40 |
Long-term receivables, allowances | $20.50 | $22.40 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 63,607,090 | 63,607,090 |
Treasury stock, shares | 13,282,929 | 9,547,436 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Paid-In Capital | Retained Earnings [Member] | Accumulated Other Comprehensive Loss |
In Millions | ||||||
Beginning balance at Dec. 25, 2010 | $789.80 | $0.60 | ($41.50) | $108 | $969.20 | ($246.50) |
Beginning balance, shares at Dec. 25, 2010 | ' | 63.6 | 0.9 | ' | ' | ' |
Net income | 218.3 | ' | ' | ' | 218.3 | ' |
Other comprehensive income (loss) | -49 | ' | ' | ' | ' | -49 |
Cash dividends declared | -72.5 | ' | ' | ' | -72.5 | ' |
Repurchase of common stock | -426.1 | ' | -426.1 | ' | ' | ' |
Repurchase of common stock, shares | 7.1 | ' | ' | ' | ' | ' |
Income tax benefit from stock and option awards | 9.3 | ' | ' | 9.3 | ' | ' |
Stock and options issued for incentive plans | -31 | ' | -44.8 | -9.5 | -23.3 | ' |
Stock and options issued for incentive plans, shares | ' | ' | -0.9 | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 500.8 | 0.6 | -422.8 | 126.8 | 1,091.70 | -295.5 |
Ending balance, shares at Dec. 31, 2011 | ' | 63.6 | 7.1 | ' | ' | ' |
Net income | 193 | ' | ' | ' | 193 | ' |
Other comprehensive income (loss) | 24.2 | ' | ' | ' | ' | 24.2 |
Cash dividends declared | -80.4 | ' | ' | ' | -80.4 | ' |
Repurchase of common stock | -200 | ' | -200 | ' | ' | ' |
Repurchase of common stock, shares | 3.3 | ' | ' | ' | ' | ' |
Income tax benefit from stock and option awards | 13.7 | ' | ' | 13.7 | ' | ' |
Stock and options issued for incentive plans | -27.8 | ' | -49 | -10.7 | -31.9 | ' |
Stock and options issued for incentive plans, shares | ' | ' | -0.8 | ' | ' | ' |
Ending balance at Dec. 29, 2012 | 479.1 | 0.6 | -573.8 | 151.2 | 1,172.40 | -271.3 |
Ending balance, shares at Dec. 29, 2012 | ' | 63.6 | 9.6 | ' | ' | ' |
Net income | 274.2 | ' | ' | ' | 274.2 | ' |
Other comprehensive income (loss) | -45.5 | ' | ' | ' | ' | -45.5 |
Cash dividends declared | -129.8 | ' | ' | ' | -129.8 | ' |
Repurchase of common stock | -374.9 | ' | -374.9 | ' | ' | ' |
Repurchase of common stock, shares | 4.6 | ' | ' | ' | ' | ' |
Income tax benefit from stock and option awards | 14.5 | ' | ' | 14.5 | ' | ' |
Stock and options issued for incentive plans | -35.3 | ' | -50.3 | -12.6 | -27.6 | ' |
Stock and options issued for incentive plans, shares | ' | ' | -0.9 | ' | ' | ' |
Ending balance at Dec. 28, 2013 | $252.90 | $0.60 | ($898.40) | $178.30 | $1,289.20 | ($316.80) |
Ending balance, shares at Dec. 28, 2013 | ' | 63.6 | 13.3 | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Cash dividend declared, per share | $0.62 | $0.62 | $0.62 | $0.62 | $0.36 | $0.36 | $0.36 | $0.36 | $2.48 | $1.44 | $1.20 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income | $274.20 | $193 | $218.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 54.8 | 49.6 | 49.8 |
Equity compensation | 19.5 | 20.1 | 18 |
Unrealized foreign exchange losses | 2.5 | 0 | 0 |
Amortization and write-off of deferred debt costs | 0.7 | 1 | 1.4 |
Premium on senior notes | 6.3 | 0 | 0 |
Interest rate swap impairment | 0 | 0 | 18.9 |
Net gains on disposal of assets, including insurance recoveries | -0.3 | -7.9 | -3 |
Provision for bad debts | 11.8 | 10.9 | 11.5 |
Write-down of inventories | 13.3 | 13.6 | 11.2 |
Non-cash impact of impairment costs and re-engineering | 0 | 93.3 | 36.5 |
Net change in deferred income taxes | -29.6 | -30.3 | -8.8 |
Excess tax benefits from share-based payment arrangements | -14.5 | -13.5 | -9 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts and notes receivable | -16.8 | -21 | -1.7 |
Inventories | -33.2 | -23.3 | -49.5 |
Non-trade amounts receivable | -2.5 | 1.1 | -4.2 |
Prepaid expenses | 3.2 | -0.8 | -1.8 |
Other assets | 2.8 | -6.4 | -2 |
Accounts payable and accrued liabilities | 15.7 | 10.6 | -12.1 |
Income taxes payable | 7.8 | 3.8 | -8.9 |
Other liabilities | 4.6 | 2.7 | 1.1 |
Proceeds from insurance recoveries, net of costs | 0 | 0.2 | 3 |
Net cash impact from hedging activity | 3.2 | 2.1 | 6.1 |
Other | 0 | -0.1 | -0.1 |
Net cash provided by operating activities | 323.5 | 298.7 | 274.7 |
Investing Activities: | ' | ' | ' |
Capital expenditures | -69 | -75.6 | -73.9 |
Proceeds from disposal of property, plant and equipment | 8.9 | 10.8 | 5 |
Net cash used in investing activities | -60.1 | -64.8 | -68.9 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | -116.8 | -77.6 | -73.8 |
Net proceeds from issuance of Senior Notes | 200 | 0 | 393.3 |
Proceeds from exercise of stock options | 21 | 12.9 | 16.1 |
Repurchase of common stock | -379.4 | -205 | -428.6 |
Repayment of long-term debt and capital lease obligations | -2.5 | -2.3 | -407.4 |
Net change in short-term debt | 27.8 | 6 | 193.5 |
Debt issuance costs | -2.2 | 0 | -3 |
Excess tax benefits from share-based payment arrangements | 14.5 | 13.5 | 9 |
Net cash used in financing activities | -237.6 | -252.5 | -300.9 |
Effect of exchange rate changes on cash and cash equivalents | -18.3 | 0.2 | -15.4 |
Net change in cash and cash equivalents | 7.5 | -18.4 | -110.5 |
Cash and cash equivalents at beginning of year | 119.8 | 138.2 | 248.7 |
Cash and cash equivalents at end of year | $127.30 | $119.80 | $138.20 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation. The Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and all of its subsidiaries (Tupperware Brands or the Company). All significant intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on the last Saturday of December and, as a result, included 52 weeks during 2013 and 2012 and 53 weeks in 2011. | ||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. | ||||||||||||
Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of December 28, 2013 and December 29, 2012, $31.3 million and $20.8 million, respectively, of the cash and cash equivalents included on the Consolidated Balance Sheets were held in the form of time deposits, certificates of deposit or similar instruments. | ||||||||||||
Allowance for Doubtful Accounts. The Company maintains current receivable amounts with most of its independent distributors and sales force in certain markets. It also maintains long-term receivable amounts with certain of these customers. The Company regularly monitors and assesses its risk of not collecting amounts owed to it by customers. This evaluation is based upon an analysis of amounts current and past due, along with relevant history and facts particular to the customer. It is also based upon estimates of distributor business prospects, particularly related to the evaluation of the recoverability of long-term amounts due. This evaluation is performed market by market and account by account, based upon historical experience, market penetration levels and similar factors. It also considers collateral of the customer that could be recovered to satisfy debts. The Company records its allowance for doubtful accounts based on the results of this analysis. The analysis requires the Company to make significant estimates and as such, changes in facts and circumstances could result in material changes in the allowance for doubtful accounts. The Company considers any receivable balance not collected within its contractual terms past due. | ||||||||||||
Inventories. Inventories are valued at the lower of cost or market on a first-in, first-out basis. Inventory cost includes cost of raw material, labor and overhead. The Company writes down its inventory for obsolescence or unmarketability in an amount equal to the difference between the cost of the inventory and estimated market value based upon expected future demand and pricing. The demand and pricing is estimated based upon the historical success of product lines as well as the projected success of promotional programs, new product introductions and new markets or distribution channels. The Company prepares projections of demand and pricing on an item by item basis for all of its products. If inventory on hand exceeds projected demand or the expected market value is less than the carrying value, the excess is written down to its net realizable value. However, if actual demand or the estimate of market decreases, additional write-downs would be required. | ||||||||||||
Internal Use Software Development Costs. The Company capitalizes internal use software development costs as they are incurred and amortizes such costs over their estimated useful lives of three to five years, beginning when the software is placed in service. Net unamortized costs of such amounts included in property, plant and equipment were $15.0 million and $15.3 million at December 28, 2013 and December 29, 2012, respectively. Amortization cost related to internal use software development costs totaled $4.5 million, $3.5 million and $3.1 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Property, Plant and Equipment. Property, plant and equipment is initially stated at cost. Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: | ||||||||||||
Years | ||||||||||||
Building and improvements | Oct-40 | |||||||||||
Molds | 10-Apr | |||||||||||
Production equipment | 20-Oct | |||||||||||
Distribution equipment | 10-May | |||||||||||
Computer/telecom equipment | 5-Mar | |||||||||||
Capitalized software | 5-Mar | |||||||||||
Depreciation expense was $45.5 million, $44.1 million and $43.8 million in 2013, 2012 and 2011, respectively. The Company considers the need for an impairment review when events occur that indicate that the book value of a long-lived asset may exceed its recoverable value. Upon the sale or retirement of property, plant and equipment, a gain or loss is recognized equal to the difference between sales price and net book value. Expenditures for maintenance and repairs are charged to cost of products sold or delivery, sales and administrative (DS&A) expense, depending on the asset to which the expenditure relates. | ||||||||||||
Goodwill. The Company's recorded goodwill relates primarily to the December 2005 acquisition of the direct-to-consumer businesses of Sara Lee Corporation. The Company does not amortize its goodwill. Instead, the Company performs an annual assessment during the third quarter of each year to test these assets in each of its reporting units for impairment, or more frequently if events or changes in circumstances indicate that a triggering event for impairment testing has occurred. | ||||||||||||
The annual process for evaluating goodwill begins with an assessment for each entity of qualitative factors to determine whether the two-step goodwill impairment test is necessary. Further testing is only performed if the Company determines that it is more likely than not that the reporting unit's fair value is less than its carrying value. The qualitative factors evaluated by the Company include: macro-economic conditions of the local business environment, overall financial performance, sensitivity analysis from the most recent step 1 fair value test, and other entity specific factors as deemed appropriate. When the Company determines the two-step goodwill impairment test is necessary, the first step involves comparing the fair value of a reporting unit to its carrying amount, including goodwill, after any long-lived asset impairment charges. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to determine whether there is a goodwill impairment, and if so, the amount of the loss. This step revalues all assets and liabilities of the reporting unit to their current fair value and then compares the implied fair value of the reporting unit's goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess. Prior to 2012, the Company's annual assessment began with the two-step impairment test. | ||||||||||||
When a determination of fair value of the Company's reporting units is necessary, it is determined by using either the income approach or a combination of the income and market approaches, with generally a greater weighting on the income approach (75 percent). The income approach, or discounted cash flow approach, requires significant assumptions to determine the fair value of each reporting unit. These include estimates regarding future operations and the ability to generate cash flows including projections of revenue, costs, utilization of assets and capital requirements, along with an estimate as to the appropriate discount rates to be used. Goodwill is further discussed in Note 6 to the Consolidated Financial Statements. | ||||||||||||
Intangible Assets. Intangible assets are recorded at their fair market values at the date of acquisition and definite lived intangibles are amortized over their estimated useful lives. The intangible assets included in the Company's Consolidated Financial Statements at December 28, 2013 and December 29, 2012 were related to the acquisition of the Sara Lee direct-to-consumer businesses in December 2005. The weighted average estimated useful lives of the Company's intangible assets were as follows: | ||||||||||||
Weighted Average Estimated Useful Life | ||||||||||||
Indefinite-lived trademarks and tradenames | Indefinite | |||||||||||
Definite-lived trademarks and tradenames | 10 years | |||||||||||
Sales force relationships | 6 - 10 years | |||||||||||
The Company's indefinite lived tradename intangible assets are evaluated for impairment annually similarly to goodwill. The annual process for assessing the carrying value of indefinite-lived tradename intangible assets begins with a qualitative assessment that is similar to the assessment performed for goodwill. When the Company determines it is necessary, the quantitative impairment test for the Company's indefinite-lived tradenames involves comparing the estimated fair value of the assets to the carrying amounts, to determine if fair value is lower and a write-down required. If the carrying amount of a tradename exceeds its estimated fair value, an impairment charge is recognized in an amount equal to the excess. When necessary, the fair value of these assets is determined using the relief from royalty method, which is a form of the income approach. In this method, the value of the asset is calculated by selecting royalty rates, which estimate the amount a company would be willing to pay for the use of the asset. These rates are applied to the Company's projected revenue, tax affected and discounted to present value using an appropriate rate. | ||||||||||||
The Company's definite lived intangible assets consist of the value of the acquired independent sales forces, as well as the Fuller tradename since August 2013. The sales force relationships are amortized to reflect the estimated turnover rates of the sales forces acquired and the Fuller tradename is amortized to reflect the period that it is estimated that the tradename will contribute directly the Company's revenue. Definite lived intangible assets are reviewed for impairment in a similar manner as property, plant and equipment as discussed above. Amortization related to definite lived intangible assets is included in DS&A on the Consolidated Statements of Income. | ||||||||||||
Intangible assets are further discussed in Note 6 to the Consolidated Financial Statements. | ||||||||||||
Promotional and Other Accruals. The Company frequently makes promotional offers to members of its independent sales force to encourage them to fulfill specific goals or targets for sales levels, party attendance, recruiting of new sales force members or other business-critical functions. The awards offered are in the form of cash, product, special prizes or trips. | ||||||||||||
Programs are generally designed to recognize sales force members for achieving a primary objective. An example is to reward the independent sales force for recruiting new sales force members. In this situation, the Company offers a prize to sales force members that achieve a targeted number of recruits over a specified period. The period runs from a couple of weeks to several months. The prizes are generally graded, in that meeting one level may result in receiving a piece of jewelry, with higher achievement resulting in more valuable prizes such as a television set or a trip. Similar programs are designed to reward current sales force members who reach certain goals by promoting them to a higher level in the organization where their earning opportunity would be expanded, and they would take on additional responsibilities for recruiting new sales force members and providing training and motivation to new and existing sales force members. Other business drivers, such as scheduling parties, increasing the number of sales force members, holding parties or increasing end consumer attendance at parties, may also be the focus of a program. | ||||||||||||
The Company also offers cash awards for achieving targeted sales levels. These types of awards are generally based upon the sales achievement of at least a mid-level member of the sales force and her or his down-line members. The down-line consists of those sales force members that have been recruited directly by a given sales force member, as well as those recruited by her or his recruits. In this manner, sales force members can build an extensive organization over time if they are committed to recruiting and developing their units. In addition to the bonus, the positive performance of a unit may also entitle its leader to the use of a company-provided vehicle and in some cases, the permanent awarding of a vehicle. Similar to the prize programs noted earlier, these programs generally offer varying levels of vehicles that are dependent upon performance. | ||||||||||||
The Company accrues for the costs of these awards during the period over which the sales force qualifies for the award and reports these costs primarily as a component of DS&A expense. These accruals require estimates as to the cost of the awards, based upon estimates of achievement and actual cost to be incurred. During the qualification period, actual results are monitored and changes to the original estimates are made when known. Promotional and other sales force compensation expenses included in DS&A expense totaled $445.9 million, $425.3 million and $436.4 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Like promotional accruals, other accruals are recorded at the time when a liability is probable and the amount is reasonably estimable. Adjustments to amounts previously accrued are made when changes occur in the facts and circumstances that generated the accrual. | ||||||||||||
Revenue Recognition. Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer who, in most cases, is one of the Company’s independent distributors or a member of its independent sales force, and when collection is reasonably assured. Depending on the contractual arrangements for each business, revenue is recognized upon either delivery or shipment, which is when title and risk and rewards of ownership have passed to the customer. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Discounts earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. | ||||||||||||
Shipping and Handling Costs. The cost of products sold line item includes costs related to the purchase and manufacture of goods sold by the Company. Among these costs are inbound freight charges, purchasing and receiving costs, inspection costs, depreciation expense, internal transfer costs and warehousing costs of raw material, work in process and packing materials. The warehousing and distribution costs of finished goods are included in DS&A expense. Distribution costs are comprised of outbound freight and associated labor costs. Fees billed to customers associated with the distribution of products are classified as revenue. The distribution costs included in DS&A expense in 2013, 2012 and 2011 were $156.7 million, $148.8 million and $151.7 million, respectively. | ||||||||||||
Advertising and Research and Development Costs. Advertising and research and development costs are charged to expense as incurred. Advertising expense totaled $25.7 million, $31.5 million and $34.2 million in 2013, 2012 and 2011, respectively. Research and development costs totaled $20.0 million, $18.9 million and $19.5 million, in 2013, 2012 and 2011, respectively. Research and development expenses primarily include salaries, contractor costs and facility costs. Both advertising and research and development costs are included in DS&A expense. | ||||||||||||
Accounting for Stock-Based Compensation. The Company has several stock-based employee and director compensation plans, which are described more fully in Note 14 to the Consolidated Financial Statements. The Company records compensation expense using the applicable accounting guidance for share-based payments related to stock options, restricted stock, restricted stock units and performance share awards granted to directors and employees. | ||||||||||||
Compensation cost for share-based awards is recorded on a straight line basis over the required service period. The fair value of the stock option grants is estimated using the Black-Scholes option-pricing model, which requires the input of assumptions, including dividend yield, risk-free interest rate, the estimated length of time employees will retain their stock options before exercising them (expected term) and the estimated volatility of the Company's common stock price over the expected term. These assumptions are generally based on historical averages of the Company. Furthermore, in calculating compensation expense for these awards, the Company is also required to estimate the extent to which options will be forfeited prior to vesting. Many factors are considered when estimating expected forfeitures, including types of awards, employee class and historical experience. To the extent actual results or updated estimates of forfeiture differ from current estimates, such amounts are recorded as a cumulative adjustment to the previously recorded amounts. Compensation expense associated with restricted stock, restricted stock units and performance share awards is equal to the market value of the Company's common stock on the date of grant and is recorded pro rata over the required service period. For those awards with performance criteria, the expense is recorded based on an assessment of achieving the criteria. | ||||||||||||
Current guidance governing share based payments requires the benefits associated with tax deductions in excess of recognized compensation cost, generated upon the exercise of stock options, to be reported as a financing cash flow. For 2013, 2012 and 2011, the Company generated $14.5 million, $13.5 million and $9.0 million of excess tax benefits from option exercises, respectively. | ||||||||||||
Accounting for Asset Retirement Obligations. Asset retirement obligations refer to a company's legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. The obligation to perform the asset retirement activity is unconditional even though uncertainty exists about the timing and (or) method of settlement. Thus, the timing and (or) method of settlement may be conditional on a future event. Accordingly, a company is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated. The fair value of a liability for the conditional asset retirement obligation should be recognized when incurred-generally upon acquisition, construction, or development and (or) through the normal operation of the asset. Uncertainty about the timing and (or) method of settlement of a conditional asset retirement obligation should be factored into the measurement of the liability when sufficient information exists. The Company has recognized a liability for the fair market value of conditional future obligations associated with environmental issues in the United States that the Company will be required to remedy at some future date, when these assets are retired. The Company performs an annual evaluation of its obligations regarding this matter and is required to record depreciation and costs associated with accretion of the obligation. This was not material in 2013, 2012 and 2011, and is not expected to be material in the future. | ||||||||||||
Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets also are recognized for credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates applicable to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. An assessment is made as to whether or not a valuation allowance is required to offset deferred tax assets. This assessment requires estimates as to future operating results as well as an evaluation of the effectiveness of the Company's tax planning strategies. These estimates are made on an ongoing basis based upon the Company's business plans and growth strategies in each market and consequently, future material changes in the valuation allowance are possible. | ||||||||||||
The Company accounts for uncertain tax positions in accordance with ASC 740, Income taxes. This guidance prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. | ||||||||||||
Interest and penalties related to tax contingency or settlement items are recorded as a component of the provision for income taxes in the Company's Consolidated Statements of Income. The Company records accruals for tax contingencies as a component of accrued liabilities or other long-term liabilities on its balance sheet. | ||||||||||||
Net Income Per Common Share. Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding. Diluted per share information is calculated by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. The Company's potential common stock consists of employee and director stock options, restricted stock, restricted stock units and performance share units. Performance share awards are included in the diluted per share calculation when the performance criteria are achieved. The Company's potential common stock is excluded from the basic per share calculation and is included in the diluted per share calculation when doing so would not be anti-dilutive. | ||||||||||||
The elements of the earnings per share computations were as follows (in millions, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 274.2 | $ | 193 | $ | 218.3 | ||||||
Weighted-average shares of common stock outstanding | 51.9 | 55.3 | 60 | |||||||||
Common equivalent shares: | ||||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 1.2 | 1.1 | 1.4 | |||||||||
Weighted-average common and common equivalent shares outstanding | 53.1 | 56.4 | 61.4 | |||||||||
Basic earnings per share | $ | 5.28 | $ | 3.49 | $ | 3.63 | ||||||
Diluted earnings per share | $ | 5.17 | $ | 3.42 | $ | 3.55 | ||||||
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.1 | 0.4 | 0.6 | |||||||||
Derivative Financial Instruments. The Company recognizes all derivative instruments as either assets or liabilities in its Consolidated Balance Sheets and measures those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge. The accounting for changes in the value of a derivative accounted for as a hedge depends on the intended use of the derivative and the resulting designation of the hedge exposure. Depending on how the hedge is used and the designation, the gain or loss due to changes in value is reported either in earnings or initially in other comprehensive income. Gains or losses that are reported in other comprehensive income eventually are recognized in earnings, with the timing of this recognition governed by ASC 815, Derivatives and Hedging. | ||||||||||||
The Company uses derivative financial instruments, principally over-the-counter forward exchange contracts with major international financial institutions, to offset the effects of exchange rate changes on net investments in certain foreign subsidiaries, certain forecasted purchases, certain intercompany loan transactions, and certain accounts payable. Gains and losses on instruments designated as hedges of net investments in a foreign subsidiary or intercompany transactions that are permanent in nature are accrued as exchange rates change, and are recognized in shareholders' equity as a component of foreign currency translation adjustments within accumulated other comprehensive loss. Forward points associated with these net investment hedges are included in interest expense and other expense, respectively. Gains and losses on contracts designated as hedges of intercompany transactions that are not permanent in nature are accrued as exchange rates change and are recognized in income. | ||||||||||||
Gains and losses on contracts designated as hedges of identifiable foreign currency forecasted purchases are deferred and included in other comprehensive income. The Company previously utilized interest rate swap agreements to convert a portion of its floating rate U.S. dollar long-term debt to fixed rate U.S. dollar debt under its credit facility that was terminated in 2011. Changes in the underlying market value of swap arrangements that qualified as cash flow hedging activities were recorded as a component of other comprehensive income. Changes in the market value of swaps that did not qualify as cash flow hedges were recorded in income each period. See Note 8 to the Consolidated Financial Statements. | ||||||||||||
Foreign Currency Translation. Results of operations of foreign subsidiaries are translated into U.S. dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries, other than those of operations in highly inflationary countries, are translated into U.S. dollars using exchange rates at the balance sheet date. The related translation adjustments are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses, as well as re-measurement of financial statements of subsidiaries in highly inflationary countries, are included in income. | ||||||||||||
Inflation in Venezuela has been at relatively high levels over the past few years. The Company uses a blended index of the Consumer Price Index and National Consumer Price Index for determining highly inflationary status in Venezuela. This blended index reached cumulative three-year inflation in excess of 100 percent at November 30, 2009 and as such, the Company transitioned to highly inflationary status at the beginning of its 2010 fiscal year. Gains and losses resulting from the translation of the financial statements of subsidiaries operating in highly inflationary economies are recorded in earnings. | ||||||||||||
In June 2010, several large Venezuelan commercial banks began operating the Transaction System for Foreign Currency Denominated Securities (SITME), which established a “banded” exchange rate of 5.3 bolivars to the U.S. dollar. As the Company believed this would be the primary rate at which it would settle its non-bolivar denominated liabilities and repatriate dividends, it translated its bolivar denominated transactions and balances at this rate in 2011 and 2012. In February 2013, the Venezuelan government set a new official exchange rate of 6.3 bolivars to the U.S. dollar and abolished the banded exchange rate. As a result, the Company has used, and will continue to use, the new official rate to translate sales and profit results of the subsidiary unless a more appropriate rate for settling its non-bolivar denominated liabilities and repatriating dividends becomes available. | ||||||||||||
As of the end of 2013, the Company had approximately $31 million of net monetary assets in Venezuela, which were of a nature that would generate income or expense associated with future exchange rate fluctuations versus the U.S. dollar. At the end of 2013, there was also $13.1 million of inventory on the balance sheet in Venezuela, which when it is sold will be included in cost of sales at the dollar value at which it was originally recorded. | ||||||||||||
Product Warranty. Tupperware® brand products are guaranteed against chipping, cracking, breaking or peeling under normal non-commercial use of the product with certain limitations. The cost of replacing defective products is not material. | ||||||||||||
New Accounting Pronouncements. In March 2013, the FASB issued an amendment to existing guidance regarding a parent's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The amendment is effective prospectively for fiscal years beginning after December 15, 2013, and early adoption was permitted. The Company will adopt the amendment in its 2014 fiscal year, and it will not have an impact on the Company's Consolidated Financial Statements. | ||||||||||||
In July 2013, the FASB issued an amendment to existing guidance regarding inclusion of the Fed Funds effective swap rate as a benchmark interest rate for hedge accounting purposes. The amendment is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. As the Company does not intend to use the Fed Funds rate for any new redesignated hedging relationships, the amendment will not have an impact on its Consolidated Financial Statements. | ||||||||||||
In July 2013, the FASB issued an update to provide explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The amendment is effective for reporting periods beginning after December 15, 2013, and early adoption is permitted. As this update only modifies the current balance sheet presentation of unrecognized tax benefits, it will not have a significant impact on the Company's Consolidated Financial Statements. | ||||||||||||
Reclassifications. Certain prior year amounts have been reclassified in the Consolidated Financial Statements to conform to current year presentation. |
Reengineering_Costs
Re-engineering Costs | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||
Re-engineering Costs | ' | |||||||||||
Re-engineering Costs | ||||||||||||
The Company continually reviews its business models and operating methods for opportunities to increase efficiencies and/or align costs with business performance. Pretax costs incurred in the re-engineering and impairment charges caption by category were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Severance | $ | 7.3 | $ | 5.3 | $ | 5.9 | ||||||
Other | 2 | 17.1 | 2 | |||||||||
Total re-engineering and impairment charges | $ | 9.3 | $ | 22.4 | $ | 7.9 | ||||||
The Company recorded re-engineering and impairment charges of $7.3 million, $5.3 million and $5.9 million in 2013, 2012 and 2011, respectively, related to severance costs incurred to reduce headcount in several of the Company's operations in connection with changes in its management and organizational structures. These charges primarily related to such changes in the Company's European operations in 2013, exiting the Nutrimetics businesses in Greece and the United Kingdom in 2012 and the decision to merge the Nutrimetics and Tupperware businesses in Malaysia in 2011. In 2012, re-engineering and impairment charges included $0.9 million in non-severance exit costs, primarily related to the decision to cease operating the Nutrimetics businesses in Greece and the United Kingdom. Also in connection with the liquidation of the Nutrimetics business in the United Kingdom, the Company incurred a $16.2 million non-cash charge that related to the reclassification of currency translation adjustments from accumulated other comprehensive loss into operating income, as well as a $0.2 million charge in cost of sales for inventory obsolescence. In 2011, re-engineering and impairment charges also included $1.3 million related to the decision to merge the Nutrimetics and Tupperware businesses in Malaysia and $0.7 million related to asset impairments, exit activities and relocation costs as well as a $1.7 million charge to cost of sales for inventory obsolescence. | ||||||||||||
Pretax costs incurred in connection with the re-engineering program included above and allocated to cost of products sold were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Re-engineering and impairment charges | $ | 9.3 | $ | 22.4 | $ | 7.9 | ||||||
Cost of products sold | — | 0.2 | 1.7 | |||||||||
Total pretax re-engineering costs | $ | 9.3 | $ | 22.6 | $ | 9.6 | ||||||
The balances included in accrued liabilities related to re-engineering and impairment charges as of December 28, 2013, December 29, 2012, and December 31, 2011 were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 1.5 | $ | 3 | $ | 2.4 | ||||||
Provision | 9.3 | 22.4 | 7.9 | |||||||||
Non-cash charges | (0.1 | ) | (16.2 | ) | (0.5 | ) | ||||||
Cash expenditures: | ||||||||||||
Severance | (6.1 | ) | (6.0 | ) | (5.7 | ) | ||||||
Other | (2.0 | ) | (1.7 | ) | (1.1 | ) | ||||||
Ending balance | $ | 2.6 | $ | 1.5 | $ | 3 | ||||||
The accrual balance as of December 28, 2013, relates primarily to severance payments expected to be made by the end of the second quarter of 2014. In connection with the decision to cease operating the Nutrimetics businesses in Greece and the United Kingdom in 2012 and Malaysia in 2011, the Company recorded charges of $0.2 million and $1.7 million, respectively, to cost of sales for inventory obsolescence. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
(In millions) | 2013 | 2012 | ||||||
Finished goods | $ | 245 | $ | 251.2 | ||||
Work in process | 27.4 | 22.9 | ||||||
Raw materials and supplies | 41 | 39.8 | ||||||
Total inventories | $ | 313.4 | $ | 313.9 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
(In millions) | 2013 | 2012 | ||||||
Land | $ | 46.9 | $ | 52 | ||||
Buildings and improvements | 221.3 | 220 | ||||||
Molds | 641.3 | 610 | ||||||
Production equipment | 318.7 | 315.2 | ||||||
Distribution equipment | 39.5 | 43.2 | ||||||
Computer/telecom equipment | 55.9 | 60.9 | ||||||
Furniture and fixtures | 23.8 | 24.5 | ||||||
Capitalized software | 71.5 | 69.5 | ||||||
Construction in progress | 36 | 28.7 | ||||||
Total property, plant and equipment | 1,454.90 | 1,424.00 | ||||||
Less accumulated depreciation | (1,154.0 | ) | (1,125.2 | ) | ||||
Property, plant and equipment, net | $ | 300.9 | $ | 298.8 | ||||
Accrued_and_Other_Liabilities
Accrued and Other Liabilities | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued and Other Liabilities | ' | |||||||
Accrued and Other Liabilities | ||||||||
(In millions) | 2013 | 2012 | ||||||
Income taxes payable | $ | 16.9 | $ | 13.8 | ||||
Compensation and employee benefits | 90.8 | 99.4 | ||||||
Advertising and promotion | 74.1 | 69.7 | ||||||
Taxes other than income taxes | 24.9 | 28.3 | ||||||
Pensions | 3.3 | 3.7 | ||||||
Post-retirement benefits | 2.4 | 2.8 | ||||||
Dividends payable | 31.1 | 19.4 | ||||||
Foreign currency contracts | 19.2 | 15.7 | ||||||
Other | 89.7 | 83.5 | ||||||
Total accrued liabilities | $ | 352.4 | $ | 336.3 | ||||
(In millions) | 2013 | 2012 | ||||||
Post-retirement benefits | $ | 26.5 | $ | 30.3 | ||||
Pensions | 128.1 | 143.6 | ||||||
Income taxes | 17.5 | 16.5 | ||||||
Long-term deferred income tax | 30.3 | 11.9 | ||||||
Other | 31.2 | 31.5 | ||||||
Total other liabilities | $ | 233.6 | $ | 233.8 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
The Company's goodwill and intangible assets relate primarily to the December 2005 acquisition of the direct-to-consumer businesses of Sara Lee Corporation. The Company also recorded as assets the fair value of various trademarks and tradenames acquired in conjunction with its purchase of the Sara Lee direct-to-consumer businesses. Certain tradenames are allocated between multiple reporting units. | ||||||||||||||||||||||||
In the third quarter of 2013, the Company completed the annual impairment assessments for all of its reporting units and indefinite lived intangible assets, concluding there were no impairments. The Company considers only the year-end 2013 goodwill balances of $115.5 million and $27.3 million associated with the Fuller Mexico and NaturCare reporting units, respectively, to be significant relative to total equity. In 2013, the Company performed a step 1 impairment test for the goodwill associated with the Fuller Mexico reporting unit. In light of year-to-date results of Fuller Mexico being below previous expectations and current expectations for future results, the amount by which the estimated fair value of the Fuller Mexico reporting unit exceeded its carrying value, at 24 percent, was smaller in 2013 than in previous assessments. This decrease was primarily due to ineffective recruiting and retention of sales force members in light of the competitive environment in that market, as well as the design of certain promotional programs that did not result in the benefits expected. Despite the amount by which the estimated fair value of the reporting unit exceeded its carrying value as of the end of the annual assessment, ineffective recruiting and retention; operating performance below current expectations, including changes in projected future revenue, profitability and cash flow, as well as higher interest rates or cost of capital, could have a further negative effect on the fair value of the reporting unit and therefore reduce the fair value below the carrying value. This would result in an impairment to the goodwill of Fuller Mexico. Also in 2013, the Company performed a qualitative assessment for the goodwill associated with the NaturCare reporting unit and concluded it was more likely than not that the fair value of the reporting unit was greater than its carrying amount. The estimated fair value of the NaturCare reporting unit exceeded the carrying value by 29 percent as of June 2012, the date of its most recent step 1 analysis. Based on the Company's evaluation of the assumptions and sensitivities associated with the step 1 analysis for NaturCare, the Company concluded that the fair value substantially exceeded its carrying value as of June 2012. | ||||||||||||||||||||||||
In August of 2013, the Company concluded it should reclassify its Fuller tradename from indefinite lived to definite lived. This conclusion was primarily reached in light of a long-term transition in the Fuller Mexico business to a new brand name. As a result of this transition, the Company has estimated that the Fuller tradename has a 10 year useful life with amortization to be recorded on a straight-line basis. Amortization expense recorded in 2013 related to the Fuller tradename was $3.4 million. | ||||||||||||||||||||||||
The reclassification of the Fuller tradename from an indefinite-lived to definite-lived asset triggered an impairment review similar to that performed during an annual assessment, as described above. The results of the impairment test demonstrated that the current estimated fair value of the Fuller tradename exceeded its carrying value. The fair value of the Fuller tradenames was determined using the relief from royalty method, which is a form of the income approach. In this method, the value of the asset is calculated using a royalty rate of 4.5 percent, which is an estimate of the amount a company would be willing to pay for the use of the asset. This rate was applied to the asset’s projected revenue, tax affected and discounted to present value. The royalty rate used was selected by reviewing comparable trademark licensing agreements in the market. In estimating the fair value of the tradename, the Company applied a discount rate of 16.9 percent, and revenue growth ranging from 3 to 7 percent, with an average growth rate of 6 percent, and a long-term terminal growth rate of 3 percent. | ||||||||||||||||||||||||
During the second quarter of 2012, the Company completed its annual impairment test of the BeautiControl reporting units, resulting in an impairment charge of $38.9 million, equal to the entire carrying value of the goodwill in the BeautiControl United States and Canada business. This was a result of the rates of growth of sales, profit and cash flow and expectations for future performance that were below the Company's previous projections. Also in the second quarter, the financial performance of the Nutrimetics reporting units fell below their previous trend line and it became apparent that they would fall significantly short of previous expectations for the year. Additionally, reductions in the forecasted operating trends of NaturCare relating to declines in the rates of growth of sales, profit and cash flows in the Japanese market led to interim impairment testing in both these businesses, as of the end of May and June 2012, respectively. The result of these tests was to record tradename impairments of $13.8 million for Nutrimetics and $9.0 million for NaturCare, primarily due to the use of lower estimated royalty rates, 1.5 percent in 2012 versus 3.0 percent in 2011 for Nutrimetics and 3.75 percent in 2012 versus 4.75 percent in 2011 for NaturCare, in light of lower sales and profit forecasts for these units, as well as macroeconomic factors that increased the discount rates used in the valuations versus those used previously. In estimating the fair value of the tradenames, the Company applied discount rates of 15.2 and 13.5 percent, respectively, and annual revenue growth ranging from negative 7.0 percent to positive 7.0 percent, with an average growth rate of positive 2.0 percent, and a long-term terminal growth rate of 3.0 percent. As a result, the tradename intangibles for both Nutrimetics and NaturCare were written down to their implied fair values, totaling $23.0 million, which was considered a Level 3 measurement within the fair value hierarchy. | ||||||||||||||||||||||||
In addition, the Company wrote off the $7.2 million and $7.7 million carrying values of the goodwill of the Nutrimetics Asia Pacific and Nutrimetics Europe reporting units, respectively, in light of then current operating trends and expected future results, as well as the macroeconomic factors that increased the discount rates used in the valuations. | ||||||||||||||||||||||||
In the third quarter of 2011, the Company completed the annual impairment tests for all of the reporting units and tradenames, other than BeautiControl, which was completed in the second quarter. During the third quarter of 2011, the financial results of Nutrimetics were below expectations. The Company also made at that time, the decision to cease operating its Nutrimetics business in Malaysia. As a result, the Company lowered its forecast of future sales and profit. The result of the impairment tests was to record a $31.1 million impairment to the Nutrimetics goodwill in the Asia Pacific reporting unit and a $5.0 million impairment to its tradename. | ||||||||||||||||||||||||
The fair value analysis for Fuller Mexico was completed using a combination of the income and market approach with a 75 percent weighting on the income approach. The income approach, or discounted cash flow approach, requires significant assumptions to determine the fair value of each reporting unit. The significant assumptions used in the income approach included estimates regarding future operations and the ability to generate cash flows, including projections of revenue, costs, utilization of assets and capital requirements. It also requires estimates as to the appropriate discount rate to be used. The most sensitive estimate in this valuation is the projection of operating cash flows, as these provide the basis for the fair market valuation. The Company’s cash flow model used a forecast period of 10 years and a terminal value. The significant assumptions for the forecast included annual revenue growth rates ranging from zero to 5.0 percent with an average growth rate of 3 percent, including a 3 percent growth rate used in calculating the terminal value. The growth rates were determined by reviewing historical results of the operating unit and the historical results of the Company’s other similar business units, along with the expected contribution from growth strategies being implemented in the Fuller Mexico reporting unit. The discount rate used was 15.6 percent. The market approach relies on an analysis of publicly-traded companies similar to Tupperware and deriving a range of revenue and profit multiples. The publicly-traded companies used in the market approach were selected based on their having similar product lines of household durables and non-durables, consumer goods, beauty products and/or companies using a direct-to-consumer and network marketing distribution methods, as well as those marketing branded products in the food and beverage category. The resulting multiples were then applied to the reporting unit to determine fair value. | ||||||||||||||||||||||||
The following table reflects gross goodwill and accumulated impairments allocated to each reporting segment at December 28, 2013, December 29, 2012 and December 31, 2011: | ||||||||||||||||||||||||
(In millions) | Europe | Asia Pacific | TW North America | Beauty North America | South America | Total | ||||||||||||||||||
Gross goodwill balance at December 31, 2011 | $ | 33.1 | $ | 88.7 | $ | 16.3 | $ | 147.6 | $ | 6.6 | $ | 292.3 | ||||||||||||
Effect of changes in exchange rates | (0.8 | ) | (2.3 | ) | — | 8.6 | (0.2 | ) | 5.3 | |||||||||||||||
Gross goodwill balance at December 29, 2012 | 32.3 | 86.4 | 16.3 | 156.2 | 6.4 | 297.6 | ||||||||||||||||||
Effect of changes in exchange rates | (1.3 | ) | (7.4 | ) | — | (1.8 | ) | (0.9 | ) | (11.4 | ) | |||||||||||||
Gross goodwill balance at December 28, 2013 | $ | 31 | $ | 79 | $ | 16.3 | $ | 154.4 | $ | 5.5 | $ | 286.2 | ||||||||||||
(In millions) | Europe | Asia Pacific | TW North America | Beauty North America | South America | Total | ||||||||||||||||||
Accumulated impairment balance at December 31, 2011 | $ | 16.8 | $ | 34.1 | $ | — | $ | — | $ | — | $ | 50.9 | ||||||||||||
Goodwill impairment | 7.7 | 7.2 | — | 38.9 | — | 53.8 | ||||||||||||||||||
Accumulated impairment balance at December 29, 2012 | 24.5 | 41.3 | — | 38.9 | — | 104.7 | ||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | ||||||||||||||||||
Accumulated impairment balance at December 28, 2013 | $ | 24.5 | $ | 41.3 | $ | — | $ | 38.9 | $ | — | $ | 104.7 | ||||||||||||
The gross carrying amount and accumulated amortization of the Company's intangible assets, other than goodwill, were as follows: | ||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||
(In millions) | Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||||||||
Indefinite-lived trademarks and tradenames | $ | 25 | $ | — | $ | 25 | ||||||||||||||||||
Definite-lived trademarks and tradenames | 104.1 | 3.4 | $ | 100.7 | ||||||||||||||||||||
Sales force relationships | 55.3 | 52.1 | 3.2 | |||||||||||||||||||||
Total intangible assets | $ | 184.4 | $ | 55.5 | $ | 128.9 | ||||||||||||||||||
December 29, 2012 | ||||||||||||||||||||||||
(In millions) | Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||||||||
Indefinite-lived trademarks and tradenames | $ | 138.4 | $ | — | $ | 138.4 | ||||||||||||||||||
Sales force relationships | 60.9 | 55.9 | 5 | |||||||||||||||||||||
Total intangible assets | $ | 199.3 | $ | 55.9 | $ | 143.4 | ||||||||||||||||||
A summary of the identifiable intangible asset account activity is as follows: | ||||||||||||||||||||||||
Year Ending | ||||||||||||||||||||||||
(In millions) | December 28, | December 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 199.3 | $ | 219.9 | ||||||||||||||||||||
Impairment of intangible assets | — | (22.8 | ) | |||||||||||||||||||||
Effect of changes in exchange rates | (14.9 | ) | 2.2 | |||||||||||||||||||||
Ending balance | $ | 184.4 | $ | 199.3 | ||||||||||||||||||||
Amortization expense was $4.8 million, $2.0 million and $2.9 million in 2013, 2012 and 2011, respectively. The estimated annual amortization expense associated with the above intangibles for each of the five succeeding years is $12.1 million, $12.0 million, $10.4 million, $10.4 million and $10.4 million, respectively. |
Financing_Obligations
Financing Obligations | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Financing Obligations | ' | |||||||
Financing Obligations | ||||||||
Debt Obligations | ||||||||
Debt obligations consisted of the following: | ||||||||
(In millions) | 2013 | 2012 | ||||||
Fixed rate Senior Notes due 2021 | 602.6 | 396.5 | ||||||
Five year Revolving Credit Agreement | 230.1 | 199 | ||||||
Belgium facility capital lease | 17.5 | 18.8 | ||||||
Other | 5.1 | 3.5 | ||||||
Total debt obligations | 855.3 | 617.8 | ||||||
Less current portion | (235.4 | ) | (203.4 | ) | ||||
Long-term debt and capital lease obligations | $ | 619.9 | $ | 414.4 | ||||
(Dollars in millions) | 2013 | 2012 | ||||||
Total short-term borrowings at year-end | $ | 232.3 | $ | 199 | ||||
Weighted average interest rate at year-end | 2 | % | 2 | % | ||||
Average short-term borrowings during the year | $ | 350.8 | $ | 332.8 | ||||
Weighted average interest rate for the year | 1.8 | % | 2.1 | % | ||||
Maximum short-term borrowings during the year | $ | 559.8 | $ | 384.8 | ||||
Senior Notes | ||||||||
On June 2, 2011, the Company completed the sale of $400 million in aggregate principal amount of 4.750% Senior Notes due June 1, 2021 at an issue price of 98.989% under an indenture, dated as of June 2, 2011 (the "Indenture"), entered into by the Company and its 100% subsidiary, Dart Industries Inc. (the “Guarantor”). | ||||||||
On March 11, 2013, the Company issued and sold an additional $200.0 million in aggregate principal amount of these notes (both issuances together, the "Senior Notes") at an issue price of 103.781% in a registered public offering pursuant to an underwriting agreement, dated March 6, 2013, among the Company, the Guarantor and the representatives of the underwriters. The Senior Notes form a single series under the Indenture. The March 2013 proceeds were used to repay a 90-day $75 million promissory note entered into on February 1, 2013, as well as a portion of outstanding borrowings under the Company's multicurrency credit agreement in place at that time. The remaining net proceeds were used to fund share repurchases in 2013 under the Company's common stock repurchase authorization. As a result of the 2013 issuance, the Company recorded a premium of $7.6 million to be amortized over the life of the Senior Notes. The Company also incurred $1.5 million in deferred financing costs, of which $1.3 million was netted with the premium. | ||||||||
The Senior Notes were issued under an Indenture between the Company, the Guarantor and Wells Fargo Bank, N.A., as trustee. As security for its obligations under the guarantee of the Senior Notes, the Guarantor has granted a security interest in certain "Tupperware" trademarks and service marks. The guarantee and the lien securing the guarantee may be released under certain customary circumstances specified in the Indenture. These customary circumstances include: | ||||||||
• | payment in full of principal of and premium, if any, and interest on the Senior Notes; | |||||||
• | satisfaction and discharge of the Indenture; | |||||||
• | upon legal defeasance or covenant defeasance of the Senior Notes as set forth in the Indenture; | |||||||
• | as to any property or assets constituting Collateral owned by the Guarantor that is released from its Guarantee in accordance with the Indenture; | |||||||
• | with the consent of the Holders of the requisite percentage of Senior Notes in accordance with the Indenture; and | |||||||
• | the rating on the Senior Notes is changed to investment grade in accordance with the Indenture. | |||||||
Prior to March 1, 2021, the Company may redeem the Senior Notes, at its option, at a redemption price equal to accrued and unpaid interest and the greater of i) 100 percent of the principal amount to be redeemed; and ii) the present value of the remaining scheduled payments of principal and interest. In determining the present value of the remaining scheduled payments, such payments shall be discounted to the redemption date using a discount rate equal to the Treasury Rate (as defined in the Indenture) plus 30 basis points. On or after March 1, 2021, the redemption price will equal 100 percent of the principal amount of the Senior Notes redeemed. | ||||||||
The Indenture includes covenants which, subject to certain exceptions, limit the ability of the Company and its subsidiaries to, among other things, (i) incur indebtedness secured by liens on real property, (ii) enter into sale and leaseback transactions, (iii) consolidate or merge with another entity, or sell or transfer all or substantially all of their properties and assets, and (iv) sell the capital stock of the Guarantor. In addition, upon a change of control, as defined in the Indenture, the Company may be required to make an offer to repurchase the Senior Notes at 101 percent of their principal amount, plus accrued and unpaid interest. The Indenture also contains customary events of default. These restrictions are not expected to impact the Company's operations. As of December 28, 2013, the Company was in compliance with all of its covenants. | ||||||||
In January 2012, the Company completed the process to register its Senior Notes under the Securities Act of 1933. | ||||||||
Credit Agreement | ||||||||
In September 2013, the Company and its wholly owned subsidiary Tupperware International Holdings B.V. (the “Subsidiary Borrower”), amended and restated its multicurrency Credit Agreement (the “New Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (the “Administrative Agent”), swingline lender and issuing bank, Crédit Agricole Corporate and Investment Bank, HSBC Bank USA, N.A., KeyBank National Association and the Royal Bank of Scotland, as syndication agents, joint book runners and joint lead arrangers. The New Credit Agreement replaced the Credit Agreement dated June 2, 2011 (the “Old Credit Facility”) and, other than an increased amount that may be borrowed and a more favorable interest rate spread, has terms and conditions similar to that of the Old Credit Facility. The New Credit Agreement makes available to the Company and the Subsidiary Borrower a committed five-year credit facility in an aggregate amount of $650 million (the “Facility Amount”). The New Credit Agreement provides (i) a revolving credit facility, available up to the full amount of the Facility Amount, (ii) a letter of credit facility, available up to $50 million of the Facility Amount, and (iii) a swingline facility, available up to $100 million of the Facility Amount. Each of such facilities is fully available to the Company and is available to the Subsidiary Borrower up to an aggregate amount not to exceed $325 million. With the agreement of its lenders, the Company is permitted to increase, on up to three occasions, the Facility Amount by a total of up to $200 million (for a maximum aggregate Facility Amount of $850 million), subject to certain conditions. As of December 28, 2013, the Company had total borrowings of $230.1 million outstanding under its New Credit Agreement, with $109.1 million of that amount denominated in euros. The Company routinely increases its revolver borrowings under the New Credit Agreement and uncommitted lines, as well as previously under the Old Credit Facility, during each quarter to fund operating, investing and other financing activities and uses cash available at the end of each quarter to reduce borrowing levels. As a result, the Company has higher foreign exchange exposure on the value of its cash during each quarter than at the end of each quarter. | ||||||||
Loans made under the revolving credit facility bear interest under a formula that includes, at the Company's option, one of three different base rates. The Company generally selects the London interbank offered rate ("LIBOR") for the applicable currency and interest period as its base for its interest rate. As provided in the Credit Agreement, a margin is added to the base. The applicable margin is determined by reference to a pricing schedule based upon the ratio (the “Consolidated Leverage Ratio”) of the consolidated funded indebtedness of the Company and its subsidiaries to the consolidated EBITDA (as defined in the New Credit Agreement) of the Company and its subsidiaries for the four fiscal quarters then most recently ended. As of December 28, 2013, the New Credit Agreement dictated a base rate spread of 150 basis points, which gave the Company a weighted average interest rate on LIBOR based borrowings of 1.73 percent on borrowings under the New Credit Agreement. | ||||||||
The New Credit Agreement contains customary covenants that, among other things, generally restrict the Company's ability to incur subsidiary indebtedness, create liens on and sell assets, engage in liquidation or dissolutions, engage in mergers or consolidations, or change lines of business. These covenants are subject to significant exceptions and qualifications. The agreement also has customary financial covenants related to interest coverage and leverage. These restrictions are not expected to impact the Company's operations. As of December 28, 2013, and currently, the Company had considerable cushion under its financial covenants. | ||||||||
The Guarantor unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrower relating to the New Credit Agreement as well as the Senior Notes, supported by a security interest in certain "Tupperware" trademarks and service marks. | ||||||||
At December 28, 2013, the Company had $525.4 million of unused lines of credit, including $417.8 million under the committed, secured New Credit Agreement, and $107.6 million available under various uncommitted lines around the world. Interest paid on total debt in 2013, 2012 and 2011 was $35.3 million, $41.2 million and $36.0 million, respectively. | ||||||||
Contractual Maturities | ||||||||
Contractual maturities for debt obligations at December 28, 2013 are summarized by year as follows (in millions): | ||||||||
Year ending: | Amount | |||||||
December 27, 2014 | $ | 235.4 | ||||||
December 26, 2015 | 3 | |||||||
December 31, 2016 | 3.1 | |||||||
December 30, 2017 | 2.5 | |||||||
December 29, 2018 | 2.3 | |||||||
Thereafter | 609 | |||||||
Total | $ | 855.3 | ||||||
Capital Leases | ||||||||
In 2006, the Company initiated construction of a new Tupperware center of excellence manufacturing facility in Belgium which was completed in 2007 and replaced its existing Belgium facility. Costs related to the new facility and equipment totaled $24.0 million and were financed through a sale lease-back transaction under two separate leases. The two leases are being accounted for as capital leases and have terms of 10 and 15 years and interest rates of 5.1 percent. In 2010, the Company extended a lease on an additional building in Belgium that was previously accounted for as an operating lease. As a result of renegotiating the terms of the agreement, the lease is now classified as capital and had an initial value of $3.8 million with a term of 10 years and an interest rate of 2.9 percent. | ||||||||
Following is a summary of significant capital lease obligations at December 28, 2013 and December 29, 2012: | ||||||||
(In millions) | December 28, | December 29, | ||||||
2013 | 2012 | |||||||
Gross payments | $ | 20.9 | $ | 23 | ||||
Less imputed interest | 3.4 | 4.2 | ||||||
Total capital lease obligation | 17.5 | 18.8 | ||||||
Less current maturity | 2.1 | 1.9 | ||||||
Capital lease obligation - long-term portion | $ | 15.4 | $ | 16.9 | ||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||
The Company is exposed to fluctuations in foreign currency exchange rates on the earnings, cash flows and financial position of its international operations. Although this currency risk is partially mitigated by the natural hedge arising from the Company's local manufacturing in many markets, a strengthening U.S. dollar generally has a negative impact on the Company. In response to this fact, the Company uses financial instruments to hedge certain of its exposures and to manage the foreign exchange impact to its financial statements. At its inception, a derivative financial instrument used for hedging is designated as a fair value, cash flow or net equity hedge. | |||||||||||||||||||||||||||||||||||
Fair value hedges are entered into with financial instruments such as forward contracts with the objective of limiting exposure to certain foreign exchange risks primarily associated with accounts receivable, accounts payable and non-permanent intercompany transactions. For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current earnings. In assessing hedge effectiveness, the Company excludes forward points, which are considered to be a component of interest expense. In 2013, 2012 and 2011, forward points on fair value hedges resulted in pretax gains of $11.1 million, $10.3 million and $8.3 million, respectively. | |||||||||||||||||||||||||||||||||||
The Company also uses derivative financial instruments to hedge foreign currency exposures resulting from certain forecasted purchases and classifies these as cash flow hedges. The Company generally enters into cash flow hedge contracts for periods ranging from three to twelve months. The effective portion of the gain or loss on the hedging instrument is recorded in other comprehensive loss and is reclassified into earnings as the transactions being hedged are recorded. As such, the balance at the end of each reporting period in other comprehensive loss will be reclassified into earnings within the next twelve months. The associated asset or liability on the open hedges is recorded in other current assets or accrued liabilities, as applicable. The balance in accumulated other comprehensive loss, net of tax, resulting from open foreign currency hedges designated as cash flow hedges was a deferred gain/(loss) of $2.2 million, $(0.2) million and $0.3 million as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively. In 2013, 2012 and 2011, the Company recorded, net of tax, net gains/(losses) associated with these types of hedges of $2.4 million, $(0.4) million and $(0.2) million, respectively, in other comprehensive loss. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. In 2013, 2012 and 2011, forward points on cash flow hedges resulted in pretax losses of $2.9 million, $2.5 million and $2.0 million, respectively. | |||||||||||||||||||||||||||||||||||
The Company also uses financial instruments, such as forward contracts, to hedge a portion of its net equity investment in international operations and classifies these as net equity hedges. Changes in the value of these derivative instruments, excluding any ineffective portion of the hedges, are included in foreign currency translation adjustments within accumulated other comprehensive losses. In 2013, 2012 and 2011, the Company recorded, net of tax, net gains/(losses) associated with these hedges of $13.3 million, $(8.9) million and $11.9 million, respectively, in other comprehensive loss. Due to the permanent nature of the investments, the Company does not anticipate reclassifying any portion of these amounts to the income statement in the next 12 months. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. In 2013, 2012 and 2011, forward points on net equity hedges resulted in pretax losses of $13.2 million, $12.9 million and $11.2 million, respectively. | |||||||||||||||||||||||||||||||||||
While the Company's net equity and fair value hedges of non-permanent intercompany balances mitigate its exposure to foreign exchange gains or losses, they result in an impact to operating cash flows as they are settled, whereas the hedged items do not generate offsetting cash flows. For the years ended December 28, 2013, December 29, 2012 and December 31, 2011 the cash flow impact of these currency hedges was an inflow of $3.2 million, an inflow $2.1 million and an inflow of $6.1 million, respectively. | |||||||||||||||||||||||||||||||||||
Following is a listing of the Company's outstanding derivative financial instruments at fair value as of December 28, 2013 and December 29, 2012. Related to the forward contracts, the “buy” amounts represent the U.S. dollar equivalent of commitments to purchase foreign currencies, and the “sell” amounts represent the U.S. dollar equivalent of commitments to sell foreign currencies, all translated at the year-end market exchange rates for the U.S. dollar. All forward contracts are hedging net investments in certain foreign subsidiaries, cross-currency intercompany loans that are not permanent in nature, cross-currency external payables and receivables or forecasted purchases. Some amounts are between two foreign currencies: | |||||||||||||||||||||||||||||||||||
Forward Contracts | 2013 | 2012 | |||||||||||||||||||||||||||||||||
(in millions) | Buy | Sell | Buy | Sell | |||||||||||||||||||||||||||||||
Euro | $ | 157.7 | $ | 66.6 | |||||||||||||||||||||||||||||||
Mexican peso | 18.2 | $ | 22 | ||||||||||||||||||||||||||||||||
Philippine peso | 11.3 | 9.9 | |||||||||||||||||||||||||||||||||
South Korean won | 9.7 | 3 | |||||||||||||||||||||||||||||||||
Chinese renminbi | 8.1 | — | |||||||||||||||||||||||||||||||||
Uruguayan peso | 4.7 | 0.9 | |||||||||||||||||||||||||||||||||
New Zealand dollar | 4.5 | 1.4 | |||||||||||||||||||||||||||||||||
Indonesian rupiah | 2.3 | 11.3 | |||||||||||||||||||||||||||||||||
U.S. dollar | $ | 54.7 | 69.9 | ||||||||||||||||||||||||||||||||
Swiss franc | 49.4 | 53.8 | |||||||||||||||||||||||||||||||||
Russian ruble | 22.9 | 5.7 | |||||||||||||||||||||||||||||||||
Turkish lira | 11.7 | 12.3 | |||||||||||||||||||||||||||||||||
Canadian dollar | 11 | 3.5 | |||||||||||||||||||||||||||||||||
South African rand | 10.4 | 6.8 | |||||||||||||||||||||||||||||||||
Australian dollar | 6.8 | 15.5 | |||||||||||||||||||||||||||||||||
Indian rupee | 6.6 | 3.7 | |||||||||||||||||||||||||||||||||
Brazilian real | 6.6 | 1.7 | |||||||||||||||||||||||||||||||||
Polish zloty | 4.7 | 3.3 | |||||||||||||||||||||||||||||||||
Japanese yen | 3.7 | 32.8 | |||||||||||||||||||||||||||||||||
Argentine peso | 3.7 | — | |||||||||||||||||||||||||||||||||
Danish krone | 3.5 | 0.4 | |||||||||||||||||||||||||||||||||
Malaysian ringgit | 2.7 | 17.2 | |||||||||||||||||||||||||||||||||
Croatian kuna | 2.6 | 2.5 | |||||||||||||||||||||||||||||||||
Hong Kong dollar | 2.6 | 0.4 | |||||||||||||||||||||||||||||||||
Czech koruna | 2.5 | 3.3 | |||||||||||||||||||||||||||||||||
Hungarian forint | 2.4 | 3.3 | |||||||||||||||||||||||||||||||||
Norwegian krone | 1.7 | 1.9 | |||||||||||||||||||||||||||||||||
Swedish krona | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||
Romanian leu | 1.2 | 0.6 | |||||||||||||||||||||||||||||||||
Singapore dollar | 1.7 | 0.4 | |||||||||||||||||||||||||||||||||
British pound | 1 | 4.8 | |||||||||||||||||||||||||||||||||
Thai baht | 0.3 | 3.3 | |||||||||||||||||||||||||||||||||
Other currencies (net) | 1.5 | 2 | |||||||||||||||||||||||||||||||||
$ | 216.5 | $ | 217.6 | $ | 181 | $ | 184.9 | ||||||||||||||||||||||||||||
In agreements to sell foreign currencies in exchange for U.S. dollars, for example, an appreciating dollar versus the opposing currency generates a cash inflow for the Company at settlement, with the opposite result in agreements to buy foreign currencies for U.S. dollars. The above noted notional amounts change based upon changes in the Company's outstanding currency exposures. | |||||||||||||||||||||||||||||||||||
At the time the Company entered into the Old Credit Facility in the second quarter of 2011, it had four out-of-the-money interest rate swaps that were hedging a portion of its borrowing under the Old Credit Facility. As a result of the termination of the Old Credit Facility, the Company recorded $18.9 million in interest expense, which was reclassified from other comprehensive loss as a result of the hedges under related interest rate swaps becoming ineffective. The swaps expired in the third quarter of 2012. | |||||||||||||||||||||||||||||||||||
The following tables summarize the Company's derivative positions and the impact they had on the Company's financial position as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||||||||||||
December 28, 2013 | |||||||||||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||||||||||||||||||||||||||
instruments (in millions) | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Non-trade amounts receivable | $ | 20.3 | Accrued liabilities | $ | 19.2 | |||||||||||||||||||||||||||||
Total derivative instruments | $ | 20.3 | $ | 19.2 | |||||||||||||||||||||||||||||||
December 29, 2012 | |||||||||||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||||||||||||||||||||||||||
instruments (in millions) | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Non-trade amounts receivable | 13.1 | Accrued liabilities | 15.7 | |||||||||||||||||||||||||||||||
Total derivative instruments | $ | 13.1 | $ | 15.7 | |||||||||||||||||||||||||||||||
The following tables summarize the Company's derivative positions and the impact they had on the Company's results of operations and comprehensive income for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||||||||||||||||||||||||
Derivatives designated as | Location of gain or | Amount of gain or | Location of gain or | Amount of gain or (loss) | |||||||||||||||||||||||||||||||
fair value hedges | (loss) recognized in | (loss) recognized in | (loss) recognized in | recognized in income on | |||||||||||||||||||||||||||||||
(in millions) | income on | income on derivatives | income on related | related hedged items | |||||||||||||||||||||||||||||||
derivatives | hedged items | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Other expense | ($17.4 | ) | $11.90 | ($8.6 | ) | Other expense | $16.70 | ($11.9 | ) | $8.50 | ||||||||||||||||||||||||
Derivatives designated as cash flow and net equity hedges (in millions) | Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||||||||||||||||||||
Cash flow hedging relationships | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | 4.1 | Interest expense | $ | — | $ | — | $ | — | Interest expense | $ | — | $ | — | $ | (18.9 | ) | ||||||||||||||
Foreign exchange contracts | 6.5 | (0.9 | ) | 0.2 | Cost of products sold | 3.2 | 1 | (1.9 | ) | Interest expense | (2.9 | ) | (2.5 | ) | (2.0 | ) | |||||||||||||||||||
Net equity hedging relationships | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 20.8 | (13.9 | ) | 18.7 | Other expense | — | — | — | Interest expense | (13.2 | ) | (12.9 | ) | (11.2 | ) | ||||||||||||||||||||
The Company's theoretical credit risk for each derivative instrument is its replacement cost, but management believes that the risk of incurring credit losses is remote and such losses, if any, would not be material. The Company is also exposed to market risk on its derivative instruments due to potential changes in foreign exchange rates; however, such market risk would be fully offset by changes in the valuation of the underlying items being hedged. For all outstanding derivative instruments, the net accrued gain/(loss) was $1.1 million, $(2.6) million and $(7.5) million at December 28, 2013, December 29, 2012 and December 31, 2011, respectively, and were recorded either in other assets or accrued liabilities, depending upon the net position of the individual contracts. While certain of its fair value hedges of non-permanent intercompany loans mitigate its exposure to foreign exchange gains or losses, they result in an impact to operating cash flows as the hedges are settled, as did the Company's impaired interest rate swap before they expired in the third quarter of 2012. However, the cash flow impact of certain of these exposures is in turn partially offset by hedges of net equity and other forward contracts. The notional amounts shown above change based upon the Company's outstanding exposure to fair value fluctuations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
The Company applies the applicable accounting guidance for fair value measurements. This guidance provides the definition of fair value, describes the method used to appropriately measure fair value in accordance with generally accepted accounting principles and outlines fair value disclosure requirements. | |||||||||||||
The fair value hierarchy established under this guidance prioritizes the inputs 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 measurement). The three levels of the fair value hierarchy are as follows: | |||||||||||||
Level 1-Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||
Level 2-Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted prices, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||
Level 3-Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value from the perspective of a market participant. The Company does not have any Level 3 fair value measurements. | |||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||
Some fair value measurements, such as those related to foreign currency forward contracts and interest rate swaps, are performed on a recurring basis, while others, such as those related to evaluating goodwill and other intangibles for impairment, are performed on a nonrecurring basis. | |||||||||||||
Description of Assets (in millions) | December 28, 2013 | Quoted Prices in | Significant | ||||||||||
Active Markets | Other | ||||||||||||
for Identical | Observable | ||||||||||||
Assets | Inputs | ||||||||||||
(Level 1) | (Level 2) | ||||||||||||
Foreign currency derivative contracts | $ | 20.3 | $ | — | $ | 20.3 | |||||||
Total | $ | 20.3 | $ | — | $ | 20.3 | |||||||
Description of Liabilities (in millions) | |||||||||||||
Foreign currency derivative contracts | $ | 19.2 | $ | — | $ | 19.2 | |||||||
Total | $ | 19.2 | $ | — | $ | 19.2 | |||||||
Description of Assets (in millions) | December 29, 2012 | Quoted Prices in | Significant | ||||||||||
Active Markets | Other | ||||||||||||
for Identical | Observable | ||||||||||||
Assets | Inputs | ||||||||||||
(Level 1) | (Level 2) | ||||||||||||
Money market funds | $ | 2.1 | $ | 2.1 | $ | — | |||||||
Foreign currency derivative contracts | 13.1 | — | 13.1 | ||||||||||
Total | $ | 15.2 | $ | 2.1 | $ | 13.1 | |||||||
Description of Liabilities (in millions) | |||||||||||||
Foreign currency derivative contracts | $ | 15.7 | $ | — | $ | 15.7 | |||||||
Total | $ | 15.7 | $ | — | $ | 15.7 | |||||||
The Company is exposed to fluctuations in foreign currency exchange rates on the earnings, cash flows and financial position of its international operations. The Company uses financial instruments to hedge certain of its exposures and to manage the foreign exchange impact to its financial statements. As of December 28, 2013 and December 29, 2012, the Company held foreign currency forward contracts to hedge various currencies which had a net fair value of positive $1.1 million and negative $2.6 million, respectively. The fair values of forward contracts were estimated based on quoted forward foreign exchange prices at the reporting date. Changes in fair market value are recorded either in other comprehensive income or earnings, depending on the designation of the hedge as outlined in Note 8 to the Consolidated Financial Statements. | |||||||||||||
Included in the Company's cash equivalents balances as of December 29, 2012 was $2.1 million in money market funds, which were highly liquid investments with a maturity of three months or less. There were no such amounts as of December 28, 2013. These assets are classified within Level 1 of the fair value hierarchy, as the money market funds are valued using quoted market prices in active markets. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Due to their short maturities or their insignificance, the carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable, accrued liabilities and short-term borrowings approximated their fair values at December 28, 2013 and December 29, 2012. The Company estimates that, based on current market conditions, the value of its 4.750% 2021 Senior Notes debt was $619 million at December 28, 2013 compared with the carrying value of $602.6 million. The higher fair value resulted from changes, since issuance, in the corporate bond market and investor preferences. The fair value of debt is classified as a Level 2 liability and is estimated using quoted market prices as provided in secondary markets that consider the Company's specific credit risk and market related conditions. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
(in millions, net of tax) | Foreign Currency Items | Cash Flow Hedges | Pension and Other Post-retirement Items | Total | ||||||||||||
Balance at December 29, 2012 | $ | (218.2 | ) | $ | (0.2 | ) | $ | (52.9 | ) | $ | (271.3 | ) | ||||
Other comprehensive income (loss) before reclassifications | (64.9 | ) | 4.4 | 10.4 | (50.1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (2.0 | ) | 6.6 | 4.6 | |||||||||||
Net current-period other comprehensive income (loss) | (64.9 | ) | 2.4 | 17 | (45.5 | ) | ||||||||||
Balance at December 28, 2013 | $ | (283.1 | ) | $ | 2.2 | $ | (35.9 | ) | $ | (316.8 | ) | |||||
Pretax amounts reclassified from accumulated other comprehensive loss that relate to cash flow hedges consisted of $3.2 million of net gains. The tax provision associated with these items was $1.2 million. See Note 8 for further discussion of derivatives. | ||||||||||||||||
Pretax amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of $0.7 million of prior service benefit, $4.0 million of pension settlement costs and $5.4 million of actuarial losses. The tax benefit associated with these items was $2.1 million. See Note 13 for further discussion of pension and other post-retirement benefit costs. |
Statements_of_Cash_Flows_Suppl
Statements of Cash Flows Supplemental Disclosure | 12 Months Ended |
Dec. 28, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Statements of Cash Flows Supplemental Disclosure | ' |
Statements of Cash Flows Supplemental Disclosure | |
In 2013 and 2012, the Company acquired $0.3 million and $1.2 million, respectively, of property, plant and equipment under capital lease arrangements. There were no such capital lease arrangements initiated in 2011. Also in 2013, the Company acquired $1.4 million in property, plant and equipment under a non-cash financing arrangement in which the Company will pay equal installments over 3 years. | |
Employees are allowed to use shares to pay withholding taxes up to the statutory minimum. In 2013, 2012 and 2011, 56,856, 83,077 and 45,072 shares, respectively, were retained to fund withholding taxes, with values totaling $4.5 million, $5.1 million and $2.5 million, respectively, which were included as a component of stock repurchases in the Consolidated Statement of Cash Flows. | |
In 2011, in addition to the discount, the $400 million of proceeds from issuance of the Company's Senior Notes was reduced by $2.6 million for non-cash debt issuance costs. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
For income tax purposes, the domestic and foreign components of income (loss) before taxes were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | (18.9 | ) | $ | (57.5 | ) | $ | (15.2 | ) | |||
Foreign | 379.3 | 330.3 | 310.5 | |||||||||
Total | $ | 360.4 | $ | 272.8 | $ | 295.3 | ||||||
The domestic and foreign components of income (loss) before taxes reflect adjustments as required under certain advanced pricing agreements and exclude repatriation of foreign earnings to the United States. | ||||||||||||
The provision (benefit) for income taxes was as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 2.5 | $ | 19.3 | $ | 4.2 | ||||||
Foreign | 106.3 | 110.3 | 79.4 | |||||||||
State | 0.7 | 0.9 | 1.2 | |||||||||
109.5 | 130.5 | 84.8 | ||||||||||
Deferred: | ||||||||||||
Federal | 4.6 | (50.4 | ) | 0.2 | ||||||||
Foreign | (28.0 | ) | 0.2 | (7.5 | ) | |||||||
State | 0.1 | (0.5 | ) | (0.5 | ) | |||||||
(23.3 | ) | (50.7 | ) | (7.8 | ) | |||||||
Total | $ | 86.2 | $ | 79.8 | $ | 77 | ||||||
The differences between the provision for income taxes and income taxes computed using the U.S. federal statutory rate were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Amount computed using statutory rate | $ | 126.1 | $ | 95.5 | $ | 103.4 | ||||||
Increase (reduction) in taxes resulting from: | ||||||||||||
Net impact from repatriating foreign earnings and direct foreign tax credits | (14.7 | ) | (21.5 | ) | 8.4 | |||||||
Foreign income taxes | (24.8 | ) | (26.4 | ) | (24.1 | ) | ||||||
Impact of non-deductible intangible impairments | — | 23.7 | 12.6 | |||||||||
Impact of non-deductible currency translation losses | — | 5.7 | — | |||||||||
Impact of changes in Mexican legislation and revaluation of tax assets | (6.8 | ) | — | (20.4 | ) | |||||||
Other changes in valuation allowances for deferred tax assets | 4.6 | 2.7 | (0.3 | ) | ||||||||
Foreign and domestic tax audit settlement and adjustments | (1.4 | ) | (2.0 | ) | (3.4 | ) | ||||||
Other | 3.2 | 2.1 | 0.8 | |||||||||
Total | $ | 86.2 | $ | 79.8 | $ | 77 | ||||||
The effective tax rates are below the U.S. statutory rate, primarily reflecting the availability of excess foreign tax credits, as well as lower foreign effective tax rates. During 2013, a change in Mexican tax law resulted in additional foreign tax costs that were offset by tax credit benefits resulting in a net benefit of $6.8 million. The Company entered into a statutory restructuring transaction in a foreign jurisdiction during the fourth quarter of 2013, which resulted in a reduction in valuation allowance balances of $59.3 million, of which $19.0 million related to a write off in net operating losses for which a valuation allowance had already been recorded. The restructuring transaction also incurred repatriation costs of $43.5 million. | ||||||||||||
During 2012, the Company recognized a benefit from repatriating current foreign earnings which resulted in an excess credit benefit. The Company also incurred charges related to impairment of goodwill and intangible assets and currency translation adjustments for which no tax benefit can be recognized. As a result of tax law changes in Mexico, a tax election was made in 2011 that resulted in a reduction of $20.4 million of deferred tax liabilities. The Company also incurred in 2011 additional costs of $16.0 million associated with the repatriation of foreign earnings. | ||||||||||||
Deferred tax (liabilities) assets were composed of the following: | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Purchased intangibles | $ | (38.5 | ) | $ | (38.8 | ) | ||||||
Other | (11.5 | ) | (6.6 | ) | ||||||||
Gross deferred tax liabilities | (50.0 | ) | (45.4 | ) | ||||||||
Credit and net operating loss carry forwards (net of unrecognized tax benefits) | 302.9 | 325 | ||||||||||
Employee benefits accruals | 62.4 | 71 | ||||||||||
Deferred costs | 51.7 | 60.1 | ||||||||||
Fixed assets basis differences | 31.2 | 28.2 | ||||||||||
Capitalized intangibles | 29.7 | 26.9 | ||||||||||
Other accruals | 25.7 | 31.6 | ||||||||||
Accounts receivable | 13 | 11.7 | ||||||||||
Postretirement benefits | 11.7 | 12 | ||||||||||
Depreciation | 9.8 | 11.4 | ||||||||||
Inventory | 9.7 | 11.8 | ||||||||||
Gross deferred tax assets | 547.8 | 589.7 | ||||||||||
Valuation allowances | (34.8 | ) | (103.1 | ) | ||||||||
Net deferred tax assets | $ | 463 | $ | 441.2 | ||||||||
At December 28, 2013, the Company had domestic federal and state net operating loss carry forwards of $68.8 million, separate state net operating loss carry forwards of $107.9 million, and foreign net operating loss carry forwards of $417.3 million, of which the Company had included in recognized net deferred tax assets $12.8 million, $0.2 million and $61.1 million, respectively. Of the total foreign and domestic net operating loss carry forwards, $511.0 million expire at various dates from 2014 to 2033, while the remainder have unlimited lives. This balance included net deferred tax assets of $10.1 million for federal net operating losses, which would expire in the years 2020 through 2033 if not utilized, $40.4 million of foreign net operating losses which would expire in 2023 if not utilized and $8.3 million of foreign net operating losses which would expire in 2015 if not utilized. During 2013, the Company realized net cash benefits of $22.8 million related to foreign net operating loss carry forwards. At December 28, 2013 and December 29, 2012, the Company had estimated gross foreign tax credit carry forwards of $202.6 million and $189.0 million, respectively, most of which would expire in 2017 through 2023 if not utilized. Deferred costs in 2013 include assets of $52.2 million related to advanced payment agreements entered into by the Company with its foreign subsidiaries, which are expected to reverse over the next three years. At December 28, 2013 and December 29, 2012, the Company had valuation allowances against certain deferred tax assets totaling $34.8 million and $103.1 million, respectively. The Company entered into a statutory restructuring transaction in a foreign jurisdiction during the fourth quarter of 2013 which resulted in a reduction in valuation allowance balances of $59.3 million, of which $19.0 million related to a write off in net operating losses for which a valuation allowance had already been recorded. The restructuring transaction also incurred repatriation costs of $43.5 million. | ||||||||||||
These valuation allowances relate to tax assets in jurisdictions where it is management's best estimate that there is not a greater than 50 percent probability that the benefit of the assets will be realized in the associated tax returns. This assessment is based upon expected future domestic results, future foreign dividends from then current year earnings and cash flows and other foreign source income, including rents and royalties, as well as anticipated gains related to future sales of land held for development near the Company's Orlando, Florida headquarters. In addition, certain tax planning transactions may be entered into to facilitate realization of these benefits. The likelihood of realizing the benefit of deferred tax assets is assessed on an ongoing basis. Consequently, future material changes in the valuation allowance are possible. The credit and net operating loss carryforwards decreased by $22.1 million, primarily impacted by the reduction in net operating losses for which a valuation allowance had already been recorded. The decrease in deferred costs of $8.4 million is due to the timing of payments received under advanced transaction agreements entered into during the current and prior year. | ||||||||||||
The Company paid income taxes in 2013, 2012 and 2011 of $107.2 million, $106.4 million and $95.4 million, respectively. The Company has a foreign subsidiary which receives a tax holiday that expires in 2020. The net benefit of this and other expired tax holidays was $2.6 million, $4.1 million and $3.6 million in 2013, 2012 and 2011, respectively. | ||||||||||||
As of December 28, 2013 and December 29, 2012, the Company's gross unrecognized tax benefit was $27.4 million and $24.9 million, respectively. The Company estimates that approximately $25.2 million of the unrecognized tax benefits, if recognized, would impact the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Balance, beginning of year | $ | 24.9 | $ | 28.6 | $ | 27.3 | ||||||
Additions based on tax positions related to the current year | 6 | 2.1 | 3.5 | |||||||||
Additions for tax positions of prior year | 4.4 | 2.7 | 4.6 | |||||||||
Reduction for tax positions of prior years | (1.9 | ) | (2.6 | ) | (4.7 | ) | ||||||
Settlements | (1.3 | ) | (1.7 | ) | (0.2 | ) | ||||||
Reductions for lapse in statute of limitations | (4.4 | ) | (4.5 | ) | (1.3 | ) | ||||||
Impact of foreign currency rate changes versus the U.S. dollar | (0.3 | ) | 0.3 | (0.6 | ) | |||||||
Balance, end of year | $ | 27.4 | $ | 24.9 | $ | 28.6 | ||||||
Interest and penalties related to uncertain tax positions in the Company's global operations are recorded as a component of the provision for income taxes. Accrued interest and penalties were $5.9 million as of December 28, 2013 and December 29, 2012. Interest and penalties included in the provision for income taxes totaled $0.5 million, $0.3 million and $1.2 million for 2013, 2012 and 2011, respectively. | ||||||||||||
During the year ended December 28, 2013, the accrual for uncertain tax positions primarily increased primarily due to uncertain positions being taken during the year in various foreign tax jurisdictions, partially offset by a $4.4 million decrease of accruals for uncertain tax positions due to the expiration of the statute of limitations in various jurisdictions. The accrual was further impacted by changes in foreign exchange rates. | ||||||||||||
During the year ended December 29, 2012, the accrual for uncertain tax positions decreased $4.5 million due to the expiration of the statute of limitations in various jurisdictions. The accrual also increased for positions being taken during the year in various tax filings. The accrual is further impacted by changes in foreign exchange rates. | ||||||||||||
During the year ended December 31, 2011, the Company settled certain tax positions in various foreign countries which included a payment of $0.4 million of interest and taxes. As a result of the settlement, the Company's unrecognized tax benefit decreased by $3.2 million, and related accruals for interest and penalties decreased by $0.3 million. Also during 2011, the Company reduced its liability by $1.2 million upon entering into certain advance pricing agreements. | ||||||||||||
The Company operates globally and files income tax returns in the United States federal, various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is no longer subject to income tax examination in the following major jurisdictions: for U.S. federal tax for years before 2002, Australia (2008), Brazil (2005), China (2002), France (2009), Germany (2011), India (2002), Indonesia (2006), Malaysia (2003), Mexico (2009), South Africa (2007) and Venezuela (2008), with limited exceptions. | ||||||||||||
The Company estimates that it may settle one or more foreign audits in the next twelve months that may result in a decrease in the amount of accrual for uncertain tax positions of up to $1.8 million. For the remaining balance as of December 28, 2013, the Company is not able to reliably estimate the timing or ultimate settlement amount. While the Company does not currently expect material changes, it is possible that the amount of unrecognized benefit with respect to the uncertain tax positions will significantly increase or decrease related to audits in various foreign jurisdictions that may conclude during that period or new developments that could also, in turn, impact the Company's assessment relative to the establishment of valuation allowances against certain existing deferred tax assets. At this time, the Company is not able to make a reasonable estimate of the range of impact on the balance of unrecognized tax benefits or the impact on the effective tax rate related to these items. | ||||||||||||
As of December 28, 2013, the Company had foreign undistributed earnings of $1.26 billion where it is the Company's intent that the earnings be reinvested indefinitely. Consequently, the Company has not provided for U.S. deferred income taxes on these undistributed earnings. The determination of the amount of unrecognized deferred U.S. income tax liability associated with these undistributed earnings is not practicable because of the complexities associated with the calculation. | ||||||||||||
The Company recognized $14.5 million, $13.7 million and $9.3 million of benefits for deductions associated with the exercise of employee stock options in 2013, 2012 and 2011, respectively. These benefits were added directly to paid-in capital, and were not reflected in the provision for income taxes. |
Retirement_Benefit_Plans
Retirement Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||||||||||
Retirement Benefit Plans | ' | |||||||||||||||||||||||
Retirement Benefit Plans | ||||||||||||||||||||||||
The Company has various defined benefit pension plans covering substantially all domestic employees employed as of June 30, 2005, except those employed by BeautiControl, and certain employees in other countries. In addition to providing pension benefits, the Company provides certain postretirement healthcare and life insurance benefits for selected U.S. and Canadian employees. Employees may become eligible for these benefits if they reach normal retirement age while working for the Company or satisfy certain age and years of service requirements. The medical plans are contributory for most retirees with contributions adjusted annually, and contain other cost-sharing features, such as deductibles and coinsurance. The medical plans include an allowance for Medicare for post-65 age retirees. Most employees and retirees outside the United States are covered by government healthcare programs. | ||||||||||||||||||||||||
The Company uses its fiscal year end as the measurement date for its plans. The funded status of all of the Company's plans was as follows: | ||||||||||||||||||||||||
U.S. plans | Foreign plans | |||||||||||||||||||||||
Pension benefits | Postretirement benefits | Pension benefits | ||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in benefit obligations: | ||||||||||||||||||||||||
Beginning balance | $ | 67.5 | $ | 63.6 | $ | 33.1 | $ | 38.3 | $ | 198.1 | $ | 176 | ||||||||||||
New Plan, beginning balance | — | — | — | — | 3.6 | — | ||||||||||||||||||
Service cost | 0.3 | 0.8 | 0.2 | 0.1 | 11 | 9.1 | ||||||||||||||||||
Interest cost | 2.1 | 2.3 | 1.1 | 1.2 | 6.3 | 6.6 | ||||||||||||||||||
Actuarial (gain) loss | (9.3 | ) | 5 | (3.2 | ) | (4.0 | ) | (1.9 | ) | 20.3 | ||||||||||||||
Benefits paid | (0.8 | ) | (0.8 | ) | (2.2 | ) | (2.5 | ) | (9.6 | ) | (14.2 | ) | ||||||||||||
Impact of exchange rates | — | — | (0.1 | ) | — | (3.7 | ) | 1.9 | ||||||||||||||||
Plan participant contributions | — | — | — | — | 0.7 | 2.1 | ||||||||||||||||||
Settlements/Curtailments | (3.9 | ) | (3.4 | ) | — | — | (14.1 | ) | (3.7 | ) | ||||||||||||||
Ending balance | $ | 55.9 | $ | 67.5 | $ | 28.9 | $ | 33.1 | $ | 190.4 | $ | 198.1 | ||||||||||||
Change in plan assets at fair value: | ||||||||||||||||||||||||
Beginning balance | $ | 31.7 | $ | 29.8 | $ | — | $ | — | $ | 86.6 | $ | 80.8 | ||||||||||||
Actual return on plan assets | 4.8 | 4.4 | — | — | 7.4 | 5.1 | ||||||||||||||||||
Company contributions | 0.8 | 2.1 | 2.2 | 2.5 | 13.5 | 14.8 | ||||||||||||||||||
Plan participant contributions | — | — | — | — | 1.3 | 2.3 | ||||||||||||||||||
Benefits and expenses paid | (1.1 | ) | (1.2 | ) | (2.2 | ) | (2.5 | ) | (10.0 | ) | (14.1 | ) | ||||||||||||
Impact of exchange rates | — | — | — | — | (2.1 | ) | 0.4 | |||||||||||||||||
Settlements | (3.9 | ) | (3.4 | ) | — | — | (14.1 | ) | (2.7 | ) | ||||||||||||||
Ending balance | $ | 32.3 | $ | 31.7 | $ | — | $ | — | $ | 82.6 | $ | 86.6 | ||||||||||||
Funded status of plans | $ | (23.6 | ) | $ | (35.8 | ) | $ | (28.9 | ) | $ | (33.1 | ) | $ | (107.8 | ) | $ | (111.5 | ) | ||||||
Amounts recognized in the balance sheet consisted of: | ||||||||||||||||||||||||
(In millions) | December 28, | December 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Accrued benefit liability | $ | (160.3 | ) | $ | (180.4 | ) | ||||||||||||||||||
Accumulated other comprehensive loss (pretax) | 49.3 | 75.6 | ||||||||||||||||||||||
Items not yet recognized as a component of pension expense as of December 28, 2013 and December 29, 2012 consisted of: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In millions) | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Transition obligation | $ | 0.3 | $ | — | $ | 0.4 | $ | — | ||||||||||||||||
Prior service cost (benefit) | 3.9 | (4.6 | ) | (0.1 | ) | (5.3 | ) | |||||||||||||||||
Net actuarial loss | 45.6 | 4.1 | 73 | 7.6 | ||||||||||||||||||||
Accumulated other comprehensive loss (pretax) | $ | 49.8 | $ | (0.5 | ) | $ | 73.3 | $ | 2.3 | |||||||||||||||
Components of other comprehensive income (loss) for the years ended December 28, 2013 and December 29, 2012 consisted of the following: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In millions) | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Transition obligation | $ | (0.1 | ) | $ | — | $ | — | $ | — | |||||||||||||||
Net prior service cost | 3.7 | 0.7 | 1.1 | 0.7 | ||||||||||||||||||||
Net actuarial (gain) loss | (26.1 | ) | (3.5 | ) | 13.1 | (4.4 | ) | |||||||||||||||||
Impact of exchange rates | (1.0 | ) | — | — | — | |||||||||||||||||||
Other comprehensive income (gain) loss | $ | (23.5 | ) | $ | (2.8 | ) | $ | 14.2 | $ | (3.7 | ) | |||||||||||||
In 2014, the Company expects to recognize approximately $0.7 million of the prior service benefit and $2.3 million of the net actuarial loss, as components of pension and postretirement expense. | ||||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans at December 28, 2013 and December 29, 2012 was $213.0 million and $230.1 million, respectively. At December 28, 2013 and December 29, 2012, the accumulated benefit obligations of certain pension plans exceeded those respective plans' assets. For those plans, the accumulated benefit obligations were $156.3 million and $224.4 million, and the fair value of their assets was $54.3 million and $109.8 million as of December 28, 2013 and December 29, 2012, respectively. At December 28, 2013 and December 29, 2012, the benefit obligations of the Company's significant pension plans exceeded those respective plans' assets. The accrued benefit cost for the pension plans is reported in accrued liabilities and other long-term liabilities. | ||||||||||||||||||||||||
The costs associated with all of the Company's plans were as follows: | ||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||
Service cost and expenses | $ | 11.5 | $ | 9.9 | $ | 10.3 | $ | 0.2 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 8.4 | 8.9 | 9.9 | 1.1 | 1.2 | 1.7 | ||||||||||||||||||
Return on plan assets | (5.7 | ) | (5.6 | ) | (5.5 | ) | — | — | — | |||||||||||||||
Settlement/Curtailment | 4 | 1.7 | 2.8 | — | — | — | ||||||||||||||||||
Employee contributions | (0.3 | ) | (0.3 | ) | (0.3 | ) | — | — | — | |||||||||||||||
Net deferral | 5 | 4.3 | 3.9 | (0.4 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||
Net periodic benefit cost | $ | 22.9 | $ | 18.9 | $ | 21.1 | $ | 0.9 | $ | 0.9 | $ | 1.4 | ||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||
Discount rate, net periodic benefit cost | 3.3 | % | 3.7 | % | 4.7 | % | 3.5 | % | 4 | % | 5 | % | ||||||||||||
Discount rate, benefit obligations | 4 | 3.3 | 3.7 | 4.5 | 3.5 | 4 | ||||||||||||||||||
Return on plan assets | 8.3 | 8.3 | 8.3 | n/a | n/a | n/a | ||||||||||||||||||
Salary growth rate, net periodic benefit cost | 3 | 3 | 5 | n/a | n/a | n/a | ||||||||||||||||||
Salary growth rate, benefit obligations | 3 | 3 | 3 | n/a | n/a | n/a | ||||||||||||||||||
Foreign plans | ||||||||||||||||||||||||
Discount rate | 3.5 | % | 3.3 | % | 3.9 | % | n/a | n/a | n/a | |||||||||||||||
Return on plan assets | 4.4 | 4.1 | 4.1 | n/a | n/a | n/a | ||||||||||||||||||
Salary growth rate | 3.3 | 3.1 | 3.1 | n/a | n/a | n/a | ||||||||||||||||||
The Company has established strategic asset allocation percentage targets for significant asset classes with the aim of achieving an appropriate balance between risk and return. The Company periodically revises asset allocations, where appropriate, in an effort to improve return and/or manage risk. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The market-related value of plan assets is based on long-term expectations given current investment objectives and historical results. The expected rate of return assumption used by the Company to determine the benefit obligation for its U.S. and foreign plans for 2013 was 8.3 percent and 4.4 percent, respectively, and 8.3 percent and 4.1 percent for 2012, respectively. | ||||||||||||||||||||||||
The Company determines the discount rate primarily by reference to rates of high-quality, long term corporate and government bonds by country that mature in a pattern similar to the expected payments to be made under the plans. The weighted average discount rates used to determine the benefit obligation were 4.0 and 3.5 percent for the U.S. and foreign plans in 2013, respectively, and 3.3 percent for each plan in 2012. | ||||||||||||||||||||||||
The assumed healthcare cost trend rate for 2013 was 7.0 percent for both post-65 age participants and pre-65 age participants, decreasing to 5.0 percent in 2019. The healthcare cost trend rate assumption could have a significant effect on the amounts reported. A one percentage point change in the assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||
One percentage point | ||||||||||||||||||||||||
(In millions) | Increase | Decrease | ||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.1 | $ | (0.1 | ) | |||||||||||||||||||
Effect on post-retirement benefit obligation | 2.1 | (1.8 | ) | |||||||||||||||||||||
The Company sponsors a number of pension plans in the United States and in certain foreign countries. There are separate investment strategies in the United States and for each unit operating internationally that depend on the specific circumstances and objectives of the plans and/or to meet governmental requirements. The Company's overall strategic investment objectives are to preserve the desired funded status of its plans and to balance risk and return through a wide diversification of asset types, fund strategies and investment managers. The asset allocation depends on the specific strategic objectives for each plan and is rebalanced to obtain the target asset mix if the percentages fall outside of the range considered acceptable. The investment policies are reviewed from time to time to ensure consistency with long-term objectives. Options, derivatives, forward and futures contracts, short positions, or margined positions may be held in reasonable amounts as deemed prudent. For plans that are tax-exempt, any transactions that would jeopardize this status are not allowed. Lending of securities is permitted in some cases in which appropriate compensation can be realized. The Company's plans do not invest directly in its own stock; however, this does not mean investment in insurance company accounts or other commingled or mutual funds, or any index funds may not hold securities of the Company. The investment objectives of each unit are more specifically outlined below. | ||||||||||||||||||||||||
The Company's weighted-average asset allocations at December 28, 2013 and December 29, 2012, by asset category, were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Asset Category | U.S. plans | Foreign plans | U.S. plans | Foreign plans | ||||||||||||||||||||
Equity securities | 64 | % | 37 | % | 62 | % | 29 | % | ||||||||||||||||
Fixed income securities | 36 | 15 | 37 | 12 | ||||||||||||||||||||
Cash and money market investments | — | 3 | 1 | 7 | ||||||||||||||||||||
Guaranteed contracts | — | 44 | — | 51 | ||||||||||||||||||||
Other | — | 1 | — | 1 | ||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||
The fair value of the Company's pension plan assets at December 28, 2013 by asset category is as follows: | ||||||||||||||||||||||||
Description of Assets (in millions) | December 28, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Domestic plans: | ||||||||||||||||||||||||
Common/collective trust (a) | $ | 32.3 | $ | — | $ | 32.3 | $ | — | ||||||||||||||||
Foreign plans: | ||||||||||||||||||||||||
Australia | Investment fund (b) | 5.7 | — | 5.7 | — | |||||||||||||||||||
Switzerland | Guaranteed insurance contract (c) | 27 | — | — | 27 | |||||||||||||||||||
Germany | Guaranteed insurance contract (c) | 6 | — | — | 6 | |||||||||||||||||||
Belgium | Mutual fund (d) | 23.6 | 23.6 | — | — | |||||||||||||||||||
Austria | Guaranteed insurance contract (c) | 0.5 | — | — | 0.5 | |||||||||||||||||||
Korea | Guaranteed insurance contract (c) | 2.9 | — | — | 2.9 | |||||||||||||||||||
Japan | Common/collective trust (e) | 12.5 | — | 12.5 | — | |||||||||||||||||||
Philippines | Fixed income securities (f) | 2.3 | 2.3 | — | — | |||||||||||||||||||
Equity fund (f) | 2.1 | 2.1 | — | — | ||||||||||||||||||||
Total | $ | 114.9 | $ | 28 | $ | 50.5 | $ | 36.4 | ||||||||||||||||
The fair value of the Company's pension plan assets at December 29, 2012 by asset category is as follows: | ||||||||||||||||||||||||
Description of Assets (in millions) | December 29, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Domestic plans: | ||||||||||||||||||||||||
Common/collective trust (a) | $ | 31.7 | $ | — | $ | 31.7 | $ | — | ||||||||||||||||
Foreign plans: | ||||||||||||||||||||||||
Australia | Investment fund (b) | 5.6 | — | 5.6 | — | |||||||||||||||||||
Switzerland | Guaranteed insurance contract (c) | 35.2 | — | — | 35.2 | |||||||||||||||||||
Germany | Guaranteed insurance contract (c) | 5.6 | — | — | 5.6 | |||||||||||||||||||
Belgium | Mutual funds (d) | 19.9 | 19.9 | — | — | |||||||||||||||||||
Austria | Guaranteed insurance contract (c) | 0.5 | — | — | 0.5 | |||||||||||||||||||
Korea | Guaranteed insurance contract (c) | 3.1 | — | — | 3.1 | |||||||||||||||||||
Japan | Common/collective trust (e) | 7.3 | — | 7.3 | — | |||||||||||||||||||
Money market fund (e) | 4.8 | 4.8 | — | — | ||||||||||||||||||||
Philippines | Fixed income securities (f) | 2.6 | 2.6 | — | — | |||||||||||||||||||
Equity fund (f) | 2 | 2 | — | — | ||||||||||||||||||||
Total | $ | 118.3 | $ | 29.3 | $ | 44.6 | $ | 44.4 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||
(a) | The investment strategy of the U.S. pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60 percent in equity securities and 40 percent in fixed income securities for both periods. As of each of the years ended December 28, 2013 and December 29, 2012, the common trusts held 64 and 62 percent of its assets in equity securities, 36 and 37 percent in fixed income securities, respectively, and in 2012 the remaining amounts in cash and money markets. The percentage of funds invested in equity securities at the end of 2013 and 2012, included: 33 and 32 percent in large U.S. stocks, 21 and 20 percent small U.S. stocks, respectively, and 10 percent in international stocks in both years. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. | |||||||||||||||||||||||
(b) | For each period presented, the strategy of this fund is to achieve a long-term net return of at least 4 percent above inflation based on the Australian consumer price index over a rolling 5 year period. The investment strategy is to invest mainly in equities and property, which were expected to earn relatively higher returns over the long term. The fair value of the fund was determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 28, 2013 and December 29, 2012, the percentage of funds held in investments included: Australian equities of 31 and 34 percent, government and corporate bonds of 11 percent in each year and cash of 9 and 7 percent, respectively, and other equities of listed companies outside of Australia of 40 and 38 percent, and real estate of 9 and 10 percent. | |||||||||||||||||||||||
(c) | The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. | |||||||||||||||||||||||
(d) | The strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62 percent in equity securities and 38 percent in fixed income securities. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 28, 2013 and December 29, 2012, the percentage of funds held various asset classes included: large-cap equities of European companies of 30 and 34 percent, small-cap equities of European companies of 19 and 18 percent, respectively, equities outside of Europe, mainly in the U.S. and emerging markets, 10 and 11 percent, respectively, and the remaining amount in bonds, primarily from European and U.S. governments, of 41 and 37 percent, respectively. | |||||||||||||||||||||||
(e) | The Company's strategy for each period presented is to invest approximately 62 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 38 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 52 percent equities in Japanese listed securities, 10 percent in equities outside of Japan and 38 percent in cash and other short-term investments. This strategy has been achieved through a collective trust that held 100 percent of total funded assets as of December 28, 2013 and December 29, 2012. As of the end of 2013 and 2012, the allocation of funds within the common collective trust included: 52 percent and 54 percent in Japanese equities and 8 percent and 7 percent in equities of companies based outside of Japan, in 2013 and 2012, respectively. The remaining amounts were invested in cash and other short-term investments. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. | |||||||||||||||||||||||
(f) | In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57 percent in equity securities, 38 percent fixed income securities and 5 percent in cash and deposits. The fixed income securities at year end included assets valued using quoted bid prices on similarly termed government securities, as well as balances invested in short term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded. | |||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): | ||||||||||||||||||||||||
Year Ending | ||||||||||||||||||||||||
December 28, | December 29, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 44.4 | $ | 42.8 | ||||||||||||||||||||
Realized gains | 1.2 | 0.8 | ||||||||||||||||||||||
Purchases, sales and settlements, net | (9.9 | ) | (0.1 | ) | ||||||||||||||||||||
Impact of exchange rates | 0.7 | 0.9 | ||||||||||||||||||||||
Ending balance | $ | 36.4 | $ | 44.4 | ||||||||||||||||||||
The Company expects to contribute $15.6 million to its U.S. and foreign pension plans and $2.4 million to its other U.S. postretirement benefit plan in 2014. | ||||||||||||||||||||||||
The Company also has several savings, thrift and profit-sharing plans. Its contributions to these plans are in part based upon various levels of employee participation. The total cost of these plans was $10.5 million, $10.9 million and $10.7 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the Company's U.S. and foreign plans: | ||||||||||||||||||||||||
Years | Pension benefits | Postretirement benefits | Subsidy receipts | Total | ||||||||||||||||||||
2014 | $14.90 | $2.80 | $0.40 | $17.30 | ||||||||||||||||||||
2015 | 19.4 | 2.9 | 0.4 | 21.9 | ||||||||||||||||||||
2016 | 13.8 | 2.8 | 0.4 | 16.2 | ||||||||||||||||||||
2017 | 27.3 | 2.8 | 0.4 | 29.7 | ||||||||||||||||||||
2018 | 14 | 2.7 | 0.4 | 16.3 | ||||||||||||||||||||
2019-2023 | 81.4 | 12.3 | 1.7 | 92 | ||||||||||||||||||||
Included in the postretirement benefits in the table above are expected payments for prescription drug benefits. As a result of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, the Company expects subsidies of $3.7 million from 2014 through 2023 related to these prescription drug benefits. |
Incentive_Compensation_Plans
Incentive Compensation Plans | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Incentive Compensation Plans | ' | ||||||||||
Incentive Compensation Plans | |||||||||||
On May 12, 2010, the shareholders of the Company approved the adoption of the Tupperware Brands Corporation 2010 Incentive Plan (the “2010 Incentive Plan”). The 2010 Incentive Plan provides for the issuance of cash and stock-based incentive awards to employees, directors and certain non-employee participants. Stock-based awards may be in the form of performance awards, stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards. Under the plan, awards that are canceled or expire are added back to the pool of available shares. When the 2010 Incentive Plan was approved, the number of shares of the Company's common stock available for stock-based awards under the plan totaled 4,750,000, plus any remaining shares available for issuance under the Tupperware Brands Corporation 2006 Incentive Plan and the Tupperware Brands Corporation Director Stock Plan. Shares may no longer be granted under these plans. The total number of shares available for grant under the 2010 Incentive Plan as of December 28, 2013 was 3,393,032. | |||||||||||
Under the 2010 Incentive Plan, non-employee directors receive one-half of their annual retainers in the form of stock and may elect to receive the balance of their annual retainers in the form of stock or cash. In addition, each non-employee director is eligible to receive a stock award in such form, at such time and in such amount as may be determined by the Nominating and Governance Committee of the Board of Directors. | |||||||||||
Stock Options | |||||||||||
Stock options to purchase the Company's common stock are granted to employees, upon approval by the Company's Board of Directors, with an exercise price equal to the fair market value of the stock on the date of grant. Options generally become exercisable in three years, in equal installments beginning one year from the date of grant, and generally expire 10 years from the date of grant. The fair value of the Company's stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used in the last three years: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Dividend yield | 2.9 | % | 2.5 | % | 2.1 | % | |||||
Expected volatility | 41 | % | 39 | % | 40 | % | |||||
Risk-free interest rate | 2 | % | 1.2 | % | 1.6 | % | |||||
Expected life | 7 years | 8 years | 8 years | ||||||||
Stock option activity for 2013, under all of the Company's incentive plans, is summarized in the following table: | |||||||||||
Stock options | Shares subject | Weighted | Aggregate Intrinsic Value (in millions) | ||||||||
to option | average exercise | ||||||||||
price per share | |||||||||||
Outstanding at December 29, 2012 | 2,935,919 | $37.15 | |||||||||
Granted | 210,034 | 85.89 | |||||||||
Expired/Forfeited | (32,585 | ) | 58.08 | ||||||||
Exercised | (753,093 | ) | 27.87 | ||||||||
Outstanding at December 28, 2013 | 2,360,275 | $44.16 | $119.80 | ||||||||
Exercisable at December 28, 2013 | 1,792,319 | $36.25 | $105.10 | ||||||||
The intrinsic value of options exercised during 2013, 2012 and 2011 totaled $38.5 million, $23.5 million and $24.1 million, respectively. The average remaining contractual life on outstanding and exercisable options was 6.2 and 5.3 years, respectively, at the end of 2013. The weighted average estimated grant date fair value of 2013, 2012 and 2011 option grants was $27.61, $19.73 and $19.37 per share, respectively. | |||||||||||
Performance Awards, Restricted Stock and Restricted Stock Units | |||||||||||
The Company also grants performance awards, restricted stock and restricted stock units to employees and directors. The Company has time-vested and performance-vested awards, which typically have initial vesting periods ranging from one to six years. Compensation expense associated with restricted stock and restricted stock units is equal to the market value of the Company's common stock on the date of grant, and for time-vested awards, is recorded on a straight-line basis over the required service period. | |||||||||||
The Company's performance-vested awards, granted under its performance share plan, provide incentive opportunity based on the overall success of the Company, as reflected through cash flow and earnings per share achieved over a three-year performance period. The program is based upon a pre-defined number of performance share units, and depending on achievement under the performance measures, the number of shares actually vested can be up to 150 percent of shares initially granted. The awards have been made in the Company's common stock, and the Company records expense on these awards based on the probability of achieving the performance conditions over the three-year performance period. | |||||||||||
In 2013, as a result of improved performance, the Company increased the estimated number of shares expected to vest by a total of 13,365 shares for the three performance share plans running during 2013. | |||||||||||
Restricted stock, restricted stock units, and performance share award activity for 2013 under all of the Company's incentive plans is summarized in the following table: | |||||||||||
Non-vested Shares | Weighted average | ||||||||||
outstanding | grant date fair value | ||||||||||
Outstanding at December 29, 2012 | 800,041 | $43.01 | |||||||||
Granted | 225,419 | 82.62 | |||||||||
Performance share adjustments | 13,365 | 64.44 | |||||||||
Vested | (182,860 | ) | 50.21 | ||||||||
Forfeited | (42,233 | ) | 55.81 | ||||||||
Outstanding at December 28, 2013 | 813,732 | $51.92 | |||||||||
The fair value of performance awards, restricted stock and restricted stock units vested in 2013, 2012 and 2011 was $14.8 million, $19.6 million and $17.3 million, respectively. The weighted-average grant-date fair value per share of these awards in 2013, 2012 and 2011 was $82.62, $60.69 and $56.26, respectively. | |||||||||||
Compensation expense associated with performance awards, restricted stock and restricted stock units that settle in stock is equal to the market value of the shares on the date of grant and is recorded pro rata over the requisite service period. For awards which are paid in cash, compensation expense is remeasured each reporting period based on the market value of the shares and is included as a liability on the Consolidated Balance Sheets. Shares outstanding with cash settled awards totaled 19,099, 7,071 and 7,530 shares as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively. These cash settled awards had a fair value of $1.8 million and $0.4 million as of December 28, 2013 and December 29, 2012, respectively. | |||||||||||
Compensation expense associated with all employee stock-based compensation was $19.5 million, $20.1 million and $18.0 million in 2013, 2012 and 2011, respectively. The estimated tax benefit associated with this compensation expense was $7.0 million, $7.2 million and $6.5 million in 2013, 2012 and 2011, respectively. As of December 28, 2013, total unrecognized stock based compensation expense related to all stock based awards was $18.2 million, which is expected to be recognized over a weighted average period of 28 months. | |||||||||||
Expense related to earned cash performance awards of $19.4 million, $22.6 million and $19.0 million was included in the Consolidated Statements of Income for 2013, 2012 and 2011, respectively. | |||||||||||
In 2011 through 2013, under an open market share repurchase program that originally began in 2007, the Company's Board of Directors increased the authorization on three separate occasions to a total of $2 billion. The authorization currently has an expiration date of February 1, 2017. | |||||||||||
During 2013, 2012 and 2011, the Company repurchased 4.6 million, 3.3 million and 7.1 million shares at an aggregate cost of $374.9 million, $200.0 million and $426.1 million, respectively. Since inception of the program in May 2007 and through December 28, 2013, the Company had repurchased 20.1 million shares at an aggregate cost of $1.20 billion. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
The Company manufactures and distributes a broad portfolio of products, primarily through independent direct sales consultants. Certain operating segments have been aggregated based upon consistency of economic substance, geography, products, production process, class of customers and distribution method. | ||||||||||||
The Company's reportable segments include the following: | ||||||||||||
Europe | Primarily design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware® brand. Europe also includes Avroy Shlain® and Nutrimetics® units that sell beauty and personal care products. Asia Pacific also sells beauty and personal care products in some of its units under the NaturCare®, Nutrimetics® and Fuller® brands. | |||||||||||
Asia Pacific | ||||||||||||
Tupperware North America | ||||||||||||
Beauty North America | Premium cosmetics, skin care and personal care products marketed under the Armand Dupree® and BeautiControl® brands in the United States, Canada and Puerto Rico and the Armand Dupree® and Fuller Cosmetics® brands in Mexico and Central America. | |||||||||||
South America | Both housewares and beauty products under the Armand Dupree, Fuller®, Nuvo® and Tupperware® brands. | |||||||||||
Worldwide sales of beauty and personal care products totaled $557.0 million, $610.5 million and $679.8 million in 2013, 2012 and 2011, respectively. | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Net sales: | ||||||||||||
Europe | $ | 782.7 | $ | 791.4 | $ | 848.9 | ||||||
Asia Pacific | 836.9 | 780.7 | 714 | |||||||||
Tupperware North America | 358 | 344.8 | 352 | |||||||||
Beauty North America | 320.1 | 348.3 | 395.5 | |||||||||
South America | 373.9 | 318.6 | 274.6 | |||||||||
Total net sales | $ | 2,671.60 | $ | 2,583.80 | $ | 2,585.00 | ||||||
Segment profit: | ||||||||||||
Europe | $ | 130 | $ | 131.6 | $ | 148.3 | ||||||
Asia Pacific | 188.1 | 172.7 | 147 | |||||||||
Tupperware North America | 65.9 | 63.7 | 58.4 | |||||||||
Beauty North America | 16.1 | 30.2 | 37.9 | |||||||||
South America | 68.9 | 61 | 48.6 | |||||||||
Total segment profit | 469 | 459.2 | 440.2 | |||||||||
Unallocated expenses | (62.4 | ) | (62.6 | ) | (58.9 | ) | ||||||
Re-engineering and impairment charges (a) | (9.3 | ) | (22.4 | ) | (7.9 | ) | ||||||
Impairment of goodwill and intangibles (b) | — | (76.9 | ) | (36.1 | ) | |||||||
Gains on disposal of assets (c) | 0.7 | 7.9 | 3.8 | |||||||||
Interest expense, net (d) | (37.6 | ) | (32.4 | ) | (45.8 | ) | ||||||
Income before taxes | $ | 360.4 | $ | 272.8 | $ | 295.3 | ||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Depreciation and amortization: | ||||||||||||
Europe | $ | 20.8 | $ | 20.7 | $ | 21.3 | ||||||
Asia Pacific | 10.5 | 10.1 | 9.2 | |||||||||
Tupperware North America | 8.4 | 7.6 | 8.4 | |||||||||
Beauty North America | 7.5 | 5.2 | 6.4 | |||||||||
South America | 2.8 | 2.1 | 2.1 | |||||||||
Corporate | 4.8 | 3.9 | 2.4 | |||||||||
Total depreciation and amortization | $ | 54.8 | $ | 49.6 | $ | 49.8 | ||||||
Capital expenditures: | ||||||||||||
Europe | $ | 19.5 | $ | 24.7 | $ | 34.4 | ||||||
Asia Pacific | 18.8 | 23.3 | 11.6 | |||||||||
Tupperware North America | 10.7 | 10.1 | 9.4 | |||||||||
Beauty North America | 3.7 | 3.8 | 3.9 | |||||||||
South America | 12.9 | 11.8 | 6.4 | |||||||||
Corporate | 3.4 | 1.9 | 8.2 | |||||||||
Total capital expenditures | $ | 69 | $ | 75.6 | $ | 73.9 | ||||||
Identifiable assets: | ||||||||||||
Europe | $ | 367.4 | $ | 385.4 | $ | 395.9 | ||||||
Asia Pacific | 308.6 | 331.3 | 331.9 | |||||||||
Tupperware North America | 148.4 | 140 | 143.8 | |||||||||
Beauty North America | 356.7 | 320.3 | 337.4 | |||||||||
South America | 127.6 | 114.9 | 105.4 | |||||||||
Corporate | 535.2 | 529.9 | 508.2 | |||||||||
Total identifiable assets | $ | 1,843.90 | $ | 1,821.80 | $ | 1,822.60 | ||||||
____________________ | ||||||||||||
a. | The re-engineering and impairment charges line includes severance expenses and other exit costs. See Note 2 to the Consolidated Financial Statements. | |||||||||||
b. | Reviews of the value of the intangible assets related to the acquisition of the Sara Lee direct-to-consumer units acquired in 2005 and BeautiControl acquired in 2000, resulted in the conclusion that certain of the tradenames and goodwill had been impaired in 2012 and 2011. This resulted in charges of $76.9 million related to BeautiControl, NaturCare and Nutrimetics in 2012 and $36.1 million related to Nutrimetics in 2011. There were no such impairments in 2013. | |||||||||||
c. | Gains on disposal of assets in 2013 primarily related to the collection of proceeds on land sold in 2006. In 2012, this caption included $7.5 million from the sale of a facility in Belgium, $0.2 million from insurance proceeds due to a flood in Venezuela and $0.2 million from equipment sales. In 2011, the Company recorded a pretax gain from insurance proceeds of $3.0 million, net of cost, related to a flood in Australia, as well as $0.7 million related to the sale of land held for development near the Company's Orlando, Florida headquarters. | |||||||||||
d. | In 2011, the Company recorded $19.8 million in interest expense related to the impairment of interest rate swaps and the write off of deferred debt costs in conjunction with the early extinguishment of debt. | |||||||||||
Sales and segment profit in the preceding table are from transactions with customers, with inter-segment profit eliminated. Sales generated by product line, except beauty and personal care, as opposed to Tupperware®, are not captured in the financial statements, and disclosure of the information is impractical. Sales to a single customer did not exceed 10 percent of total sales in any segment. Sales of Tupperware and beauty products to customers in Mexico were $407.6 million, $404.8 million and $436.5 million in 2013, 2012 and 2011, respectively. There was no other foreign country in which sales were individually material to the Company's total sales. Sales of Tupperware and beauty products to customers in the United States were $229.3 million, $244.7 million and $264.3 million in 2013, 2012 and 2011, respectively. Unallocated expenses are corporate expenses and other items not directly related to the operations of any particular segment. | ||||||||||||
Corporate assets consist of cash and buildings and assets maintained for general corporate purposes. As of the end of 2013, 2012 and 2011, respectively, long-lived assets in the United States were $90.4 million, $85.5 million and $81.2 million. | ||||||||||||
As of December 28, 2013 and December 29, 2012, the Company's net investment in international operations was $602.1 million and $562.1 million, respectively. The Company is subject to the usual economic, business and political risks associated with international operations; however, these risks are partially mitigated by the broad geographic dispersion of the Company's operations. |
Commitment_and_Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company and certain subsidiaries are involved in litigation and various legal matters that are being defended and handled in the ordinary course of business. Included among these matters are environmental issues. The Company does not include estimated future legal costs in accruals recorded related to these matters. The Company believes that it is remote that the Company's contingencies will have a material adverse effect on its financial position, results of operations or cash flow. | |
Kraft Foods, Inc., which was formerly affiliated with Premark International, Inc., the Company's former parent, and Tupperware, has assumed any liabilities arising out of certain divested or discontinued businesses. The liabilities assumed include matters alleging product liability, environmental liability and infringement of patents. As part of the acquisition of the direct-to-consumer businesses of Sara Lee Corporation in December 2005, that company indemnified the Company for any liabilities arising out of any existing litigation at that time and for certain legal matters arising out of circumstances that might relate to periods before or after the date of the acquisition. | |
Leases. Rental expense for operating leases totaled $31.7 million in 2013, $32.1 million in 2012 and $34.3 million in 2011. Approximate minimum rental commitments under non-cancelable operating leases in effect at December 28, 2013 were: 2014-$33.7 million; 2015-$22.7 million; 2016-$12.3 million; 2017-$7.7 million; 2018-$7.1 million; and after 2018-$8.0 million. Leases included in the minimum rental commitments for 2014 and 2015 primarily relate to lease agreements for automobiles which generally have a lease term of 2-3 years with the remaining leases related to office, manufacturing and distribution space. It is common for lease agreements to contain various provisions for items such as step rent or other escalation clauses and lease concessions, which may offer a period of no rent payment. These types of items are considered by the Company, and are recorded into expense on a straight line basis over the minimum lease terms. There are no material lease agreements containing renewal options. Certain leases require the Company to pay property taxes, insurance and routine maintenance. |
Allowance_for_LongTerm_Receiva
Allowance for Long-Term Receivables | 12 Months Ended | |||
Dec. 28, 2013 | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | |||
Allowance For Long Term Receivables | ' | |||
Allowance for Long-Term Receivables | ||||
As of December 28, 2013, $21.2 million of long-term receivables from both active and inactive customers were considered past due, the majority of which were reserved through the Company's allowance for uncollectible accounts. | ||||
The balance of the allowance for long-term receivables as of December 28, 2013 was as follows (in millions): | ||||
Balance at December 29, 2012 | $ | 22.4 | ||
Write-offs | (4.1 | ) | ||
Provision (a) | 2.4 | |||
Currency translation adjustment | (0.2 | ) | ||
Balance at December 28, 2013 | $ | 20.5 | ||
____________________ | ||||
(a) Provision includes $1.5 million of reclassifications from current receivables. |
Guarantor_Information
Guarantor Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Guarantor Information | ' | |||||||||||||||||||||||||||||||||||
Guarantor Information | ||||||||||||||||||||||||||||||||||||
The Company's payment obligations under the Senior Notes are fully and unconditionally guaranteed, on a senior secured basis, by the Guarantor. The guarantee is secured by certain "Tupperware" trademarks and service marks owned by the Guarantor, as discussed in Note 7 to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||
Condensed consolidated financial information as of December 28, 2013 and December 29, 2012 and for the years ended December 28, 2013, December 29, 2012 and December 31, 2011 for Tupperware Brands Corporation (the "Parent"), Dart Industries Inc. (the "Guarantor") and all other subsidiaries (the "Non-Guarantors") is as follows. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent and Guarantor of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation. The Guarantor is 100% owned by the Parent, and there are certain entities within the Non-Guarantors classification which the Parent owns directly. There are no significant restrictions on the ability of either the Parent or the Guarantor from obtaining adequate funds from their respective subsidiaries by dividend or loan that should interfere with their ability to meet their operating needs or debt repayment obligations. | ||||||||||||||||||||||||||||||||||||
In November 2013, the Company determined that it had misclassified certain intercompany transactions previously reported in the Condensed Consolidating Statement of Cash Flows for each period included in Note 18, Guarantor Information, in the Company's 2012 Annual Report on Form 10-K and the applicable notes in the first and second quarters of 2013. These transactions primarily related to intercompany loans and borrowings between the Parent, Guarantor and Non-Guarantors. Depending on whether it was from the perspective of the Parent, Guarantor or Non-Guarantors, the cash flows related to these transactions should have been classified as either investing or financing activities. These misclassifications do not impact the total net change in cash and cash equivalents reported in each column presented for each period included in Note 18 in the Company's 2012 Annual Report and the applicable notes in the first and second quarters of 2013. There was no impact on the Company's Consolidated Statement of Cash Flows for any of these periods. The Company assessed the materiality of these items on its previously issued annual and quarterly financial statements in accordance with SEC Staff Accounting Bulletin No. 99, and concluded that the errors were not material to the consolidated financial statements taken as a whole. As such, the Company is revising the condensed consolidating statements of cash flows included in the guarantor financial information of future filings in which the revised information is presented, to reflect the required classification adjustments in the respective periods. The condensed consolidating statements of cash flow presented below for the periods ended December 31, 2011 and December 29, 2012, as revised, reflect the correct classification of intercompany transactions as investing and financing activities. | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.1 | $ | 127.2 | $ | — | $ | 127.3 | ||||||||||||||||||||||||||
Accounts receivable, net | — | — | 168.8 | — | 168.8 | |||||||||||||||||||||||||||||||
Inventories | — | — | 313.4 | — | 313.4 | |||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 4.7 | 39.3 | 52.4 | — | 96.4 | |||||||||||||||||||||||||||||||
Non-trade amounts receivable, net | 0.2 | 11.9 | 38 | — | 50.1 | |||||||||||||||||||||||||||||||
Intercompany receivables | 12 | 447 | 467.3 | (926.3 | ) | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1.7 | 78.6 | 64.4 | (121.7 | ) | 23 | ||||||||||||||||||||||||||||||
Total current assets | 18.6 | 576.9 | 1,231.50 | (1,048.0 | ) | 779 | ||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 86.2 | 191.1 | 120.6 | — | 397.9 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 38.6 | 262.3 | — | 300.9 | |||||||||||||||||||||||||||||||
Long-term receivables, net | — | 0.1 | 23 | — | 23.1 | |||||||||||||||||||||||||||||||
Trademarks and tradenames | — | — | 125.7 | — | 125.7 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 3.2 | — | 3.2 | |||||||||||||||||||||||||||||||
Goodwill | — | 2.9 | 178.6 | — | 181.5 | |||||||||||||||||||||||||||||||
Investments in subsidiaries | 1,679.90 | 2,333.20 | — | (4,013.1 | ) | — | ||||||||||||||||||||||||||||||
Intercompany notes receivable | 53.7 | 585.8 | 1,841.90 | (2,481.4 | ) | — | ||||||||||||||||||||||||||||||
Other assets, net | 5.1 | 8.1 | 36.4 | (17.0 | ) | 32.6 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,843.50 | $ | 3,736.70 | $ | 3,823.20 | $ | (7,559.5 | ) | $ | 1,843.90 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 0.2 | $ | 3.7 | $ | 145.8 | $ | — | $ | 149.7 | ||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 121 | — | 114.4 | — | 235.4 | |||||||||||||||||||||||||||||||
Intercompany payables | 412.1 | 466.9 | 47.3 | (926.3 | ) | — | ||||||||||||||||||||||||||||||
Accrued liabilities | 80.5 | 61.8 | 331.8 | (121.7 | ) | 352.4 | ||||||||||||||||||||||||||||||
Total current liabilities | 613.8 | 532.4 | 639.3 | (1,048.0 | ) | 737.5 | ||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | 602.6 | — | 17.3 | — | 619.9 | |||||||||||||||||||||||||||||||
Intercompany notes payable | 349.7 | 1,492.20 | 639.5 | (2,481.4 | ) | — | ||||||||||||||||||||||||||||||
Other liabilities | 24.5 | 31.5 | 194.6 | (17.0 | ) | 233.6 | ||||||||||||||||||||||||||||||
Shareholders' equity | 252.9 | 1,680.60 | 2,332.50 | (4,013.1 | ) | 252.9 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,843.50 | $ | 3,736.70 | $ | 3,823.20 | $ | (7,559.5 | ) | $ | 1,843.90 | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||
December 29, 2012 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.2 | $ | 119.6 | $ | — | $ | 119.8 | ||||||||||||||||||||||||||
Accounts receivable, net | — | — | 173.4 | — | 173.4 | |||||||||||||||||||||||||||||||
Inventories | — | — | 313.9 | — | 313.9 | |||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 4.8 | 46.8 | 43.3 | — | 94.9 | |||||||||||||||||||||||||||||||
Non-trade amounts receivable, net | — | 3.2 | 35.8 | — | 39 | |||||||||||||||||||||||||||||||
Intercompany receivables | 152 | 378 | 415.4 | (945.4 | ) | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1.4 | 65.8 | 111 | (152.7 | ) | 25.5 | ||||||||||||||||||||||||||||||
Total current assets | 158.2 | 494 | 1,212.40 | (1,098.1 | ) | 766.5 | ||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 82.9 | 174.2 | 102 | — | 359.1 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 32.4 | 266.4 | — | 298.8 | |||||||||||||||||||||||||||||||
Long-term receivables, net | — | 0.1 | 24.7 | — | 24.8 | |||||||||||||||||||||||||||||||
Trademarks and tradenames | — | — | 138.4 | — | 138.4 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 5 | — | 5 | |||||||||||||||||||||||||||||||
Goodwill | — | 2.9 | 190 | — | 192.9 | |||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,417.00 | 2,195.00 | — | (3,612.0 | ) | — | ||||||||||||||||||||||||||||||
Intercompany notes receivable | 81.5 | 578.2 | 1,677.40 | (2,337.1 | ) | — | ||||||||||||||||||||||||||||||
Other assets, net | 4.5 | 7.9 | 86.2 | (62.3 | ) | 36.3 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,744.10 | $ | 3,484.70 | $ | 3,702.50 | $ | (7,109.5 | ) | $ | 1,821.80 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2.6 | $ | 152.2 | $ | — | $ | 154.8 | ||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 37 | — | 166.4 | — | 203.4 | |||||||||||||||||||||||||||||||
Intercompany payables | 343.4 | 556.3 | 45.7 | (945.4 | ) | — | ||||||||||||||||||||||||||||||
Accrued liabilities | 116.4 | 96.7 | 275.9 | (152.7 | ) | 336.3 | ||||||||||||||||||||||||||||||
Total current liabilities | 496.8 | 655.6 | 640.2 | (1,098.1 | ) | 694.5 | ||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | 396.4 | — | 18 | — | 414.4 | |||||||||||||||||||||||||||||||
Intercompany notes payable | 346.9 | 1,330.50 | 659.7 | (2,337.1 | ) | — | ||||||||||||||||||||||||||||||
Other liabilities | 24.9 | 77.3 | 193.9 | (62.3 | ) | 233.8 | ||||||||||||||||||||||||||||||
Shareholders' equity | 479.1 | 1,421.30 | 2,190.70 | (3,612.0 | ) | 479.1 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,744.10 | $ | 3,484.70 | $ | 3,702.50 | $ | (7,109.5 | ) | $ | 1,821.80 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,679.00 | $ | (7.4 | ) | $ | 2,671.60 | |||||||||||||||||||||||||
Other revenue | — | 124.6 | 18.3 | (142.9 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 18.3 | 1,012.30 | (140.8 | ) | 889.8 | ||||||||||||||||||||||||||||||
Gross margin | — | 106.3 | 1,685.00 | (9.5 | ) | 1,781.80 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 20.8 | 72 | 1,286.40 | (9.5 | ) | 1,369.70 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 9.3 | — | 9.3 | |||||||||||||||||||||||||||||||
Gains on disposal of assets including insurance recoveries, net | — | — | 0.7 | — | 0.7 | |||||||||||||||||||||||||||||||
Operating income (loss) | (20.8 | ) | 34.3 | 390 | — | 403.5 | ||||||||||||||||||||||||||||||
Interest income | 0.4 | 30.9 | 7.4 | (36.1 | ) | 2.6 | ||||||||||||||||||||||||||||||
Interest expense | 33.8 | 19.8 | 22.7 | (36.1 | ) | 40.2 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 308.9 | 280.9 | — | (589.8 | ) | — | ||||||||||||||||||||||||||||||
Other expense (income) | — | (0.1 | ) | 5.6 | — | 5.5 | ||||||||||||||||||||||||||||||
Income before income taxes | 254.7 | 326.4 | 369.1 | (589.8 | ) | 360.4 | ||||||||||||||||||||||||||||||
Provision for income taxes | (19.5 | ) | 18.7 | 87 | — | 86.2 | ||||||||||||||||||||||||||||||
Net income | $ | 274.2 | $ | 307.7 | $ | 282.1 | $ | (589.8 | ) | $ | 274.2 | |||||||||||||||||||||||||
Comprehensive income | $ | 228.7 | $ | 262.7 | $ | 249.4 | $ | (512.1 | ) | $ | 228.7 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
December 29, 2012 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,591.30 | $ | (7.5 | ) | $ | 2,583.80 | |||||||||||||||||||||||||
Other revenue | — | 128.2 | 30.8 | (159.0 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 30.9 | 992 | (166.5 | ) | 856.4 | ||||||||||||||||||||||||||||||
Gross margin | — | 97.3 | 1,630.10 | — | 1,727.40 | |||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 21.7 | 55.4 | 1,252.40 | — | 1,329.50 | |||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 22.4 | — | 22.4 | |||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 76.9 | — | 76.9 | |||||||||||||||||||||||||||||||
Gains on disposal of assets including insurance recoveries, net | — | 0.5 | 7.4 | — | 7.9 | |||||||||||||||||||||||||||||||
Operating income (loss) | (21.7 | ) | 42.4 | 285.8 | — | 306.5 | ||||||||||||||||||||||||||||||
Interest income | 1.6 | 30.9 | 4.9 | (34.9 | ) | 2.5 | ||||||||||||||||||||||||||||||
Interest expense | 28.1 | 20.4 | 21.3 | (34.9 | ) | 34.9 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 223.8 | 180.8 | — | (404.6 | ) | — | ||||||||||||||||||||||||||||||
Other expense (income) | — | 1 | 0.3 | — | 1.3 | |||||||||||||||||||||||||||||||
Income before income taxes | 175.6 | 232.7 | 269.1 | (404.6 | ) | 272.8 | ||||||||||||||||||||||||||||||
Provision for income taxes | (17.4 | ) | 11.2 | 86 | 79.8 | |||||||||||||||||||||||||||||||
Net income | $ | 193 | $ | 221.5 | $ | 183.1 | $ | (404.6 | ) | $ | 193 | |||||||||||||||||||||||||
Comprehensive income | $ | 217.2 | $ | 248.8 | $ | 178.6 | $ | (427.4 | ) | $ | 217.2 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,591.10 | $ | (6.1 | ) | $ | 2,585.00 | |||||||||||||||||||||||||
Other revenue | — | 101.9 | 12.3 | (114.2 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 12.4 | 970.4 | (120.3 | ) | 862.5 | ||||||||||||||||||||||||||||||
Gross margin | — | 89.5 | 1,633.00 | — | 1,722.50 | |||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 20.9 | 42.9 | 1,276.20 | — | 1,340.00 | |||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 7.9 | — | 7.9 | |||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 36.1 | — | 36.1 | |||||||||||||||||||||||||||||||
Gains on disposal of assets including insurance recoveries, net | — | 3 | 0.8 | — | 3.8 | |||||||||||||||||||||||||||||||
Operating income (loss) | (20.9 | ) | 49.6 | 313.6 | — | 342.3 | ||||||||||||||||||||||||||||||
Interest income | 2 | 33.1 | 10.5 | (42.4 | ) | 3.2 | ||||||||||||||||||||||||||||||
Interest expense | 46.9 | 15 | 29.5 | (42.4 | ) | 49 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 260.5 | 222.9 | — | (483.4 | ) | — | ||||||||||||||||||||||||||||||
Other expense (income) | 0.1 | — | 1.1 | — | 1.2 | |||||||||||||||||||||||||||||||
Income before income taxes | 194.6 | 290.6 | 293.5 | (483.4 | ) | 295.3 | ||||||||||||||||||||||||||||||
Provision for income taxes | (23.7 | ) | 35.6 | 65.1 | — | 77 | ||||||||||||||||||||||||||||||
Net income | $ | 218.3 | $ | 255 | $ | 228.4 | $ | (483.4 | ) | $ | 218.3 | |||||||||||||||||||||||||
Comprehensive income | $ | 169.3 | $ | 187.9 | $ | 194 | $ | (381.9 | ) | $ | 169.3 | |||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (66.7 | ) | $ | 53.7 | $ | 410.9 | $ | (74.4 | ) | $ | 323.5 | ||||||||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (14.2 | ) | (54.8 | ) | — | (69.0 | ) | ||||||||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 8.9 | — | 8.9 | |||||||||||||||||||||||||||||||
Net intercompany loans | 27.9 | (223.9 | ) | (193.3 | ) | 389.3 | — | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 27.9 | (238.1 | ) | (239.2 | ) | 389.3 | (60.1 | ) | ||||||||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (116.8 | ) | — | — | — | (116.8 | ) | |||||||||||||||||||||||||||||
Dividend payments to parent | — | — | (94.9 | ) | 94.9 | — | ||||||||||||||||||||||||||||||
Net proceeds from issuance of senior notes | 200 | — | — | — | 200 | |||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 21 | — | — | — | 21 | |||||||||||||||||||||||||||||||
Repurchase of common stock | (379.4 | ) | — | — | — | (379.4 | ) | |||||||||||||||||||||||||||||
Repayment of long-term debt and capital lease obligations | — | — | (2.5 | ) | — | (2.5 | ) | |||||||||||||||||||||||||||||
Net change in short-term debt | 84 | — | (56.2 | ) | — | 27.8 | ||||||||||||||||||||||||||||||
Debt issuance costs | (2.2 | ) | — | — | — | (2.2 | ) | |||||||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 14.5 | — | — | — | 14.5 | |||||||||||||||||||||||||||||||
Net intercompany borrowings | 217.7 | 184.3 | 7.8 | (409.8 | ) | — | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 38.8 | 184.3 | (145.8 | ) | (314.9 | ) | (237.6 | ) | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (18.3 | ) | — | (18.3 | ) | |||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (0.1 | ) | 7.6 | — | 7.5 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | 0.2 | 119.6 | — | 119.8 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 0.1 | $ | 127.2 | $ | — | $ | 127.3 | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
Year Ended December 29, 2012 | ||||||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||||||||||||||||||||
(In millions) | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | ||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (644.0 | ) | $ | 639.8 | $ | 942 | $ | 97.5 | $ | 158.5 | $ | 404 | $ | (157.8 | ) | $ | (842.6 | ) | $ | 298.7 | |||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (10.6 | ) | (10.6 | ) | (65.0 | ) | (65.0 | ) | — | — | (75.6 | ) | ||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 0.3 | 0.3 | 10.5 | 10.5 | — | — | 10.8 | |||||||||||||||||||||||||||
Return of capital | 854.9 | 854.9 | — | — | — | — | (854.9 | ) | (854.9 | ) | — | |||||||||||||||||||||||||
Net intercompany loans | — | 6.9 | — | 1,327.90 | — | (247.2 | ) | — | (1,087.6 | ) | — | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 854.9 | 861.8 | (10.3 | ) | 1,317.60 | (54.5 | ) | (301.7 | ) | (854.9 | ) | (1,942.5 | ) | (64.8 | ) | |||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (77.6 | ) | (77.6 | ) | — | — | — | — | — | — | (77.6 | ) | ||||||||||||||||||||||||
Dividend payments to parent | — | — | — | (686.2 | ) | (131.7 | ) | (131.7 | ) | 131.7 | 817.9 | — | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 12.9 | 12.9 | — | — | — | — | — | — | 12.9 | |||||||||||||||||||||||||||
Repurchase of common stock | (205.0 | ) | (205.0 | ) | — | — | — | — | — | — | (205.0 | ) | ||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | — | — | (2.3 | ) | (2.3 | ) | — | — | (2.3 | ) | ||||||||||||||||||||||||
Net change in short-term debt | 37 | 37 | — | — | (31.0 | ) | (31.0 | ) | — | — | 6 | |||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 13.5 | 13.5 | — | — | — | — | — | — | 13.5 | |||||||||||||||||||||||||||
Net intercompany borrowings | 8.3 | (1,282.4 | ) | (79.3 | ) | 123.5 | 44.9 | 46.6 | 26.1 | 1,112.30 | — | |||||||||||||||||||||||||
Return of capital to parent | — | — | (854.9 | ) | (854.9 | ) | — | — | 854.9 | 854.9 | — | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (210.9 | ) | (1,501.6 | ) | (934.2 | ) | (1,417.6 | ) | (120.1 | ) | (118.4 | ) | 1,012.70 | 2,785.10 | (252.5 | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 0.8 | 0.8 | (0.6 | ) | (0.6 | ) | — | — | 0.2 | |||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (1.7 | ) | (1.7 | ) | (16.7 | ) | (16.7 | ) | — | — | (18.4 | ) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 1.9 | 1.9 | 136.3 | 136.3 | — | — | 138.2 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 0.2 | $ | 0.2 | $ | 119.6 | $ | 119.6 | $ | — | $ | — | $ | 119.8 | ||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||||||||||||||||||||
(In millions) | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | ||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 360.4 | $ | (47.1 | ) | $ | (232.0 | ) | $ | 220.3 | $ | 129.5 | $ | 77.3 | $ | 16.8 | $ | 24.2 | $ | 274.7 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (12.7 | ) | (12.7 | ) | (61.2 | ) | (61.2 | ) | — | — | (73.9 | ) | ||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | — | — | 5 | 5 | — | — | 5 | |||||||||||||||||||||||||||
Net intercompany loans | — | 142.9 | — | (444.6 | ) | — | (206.6 | ) | — | 508.3 | — | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 142.9 | (12.7 | ) | (457.3 | ) | (56.2 | ) | (262.8 | ) | — | 508.3 | (68.9 | ) | ||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (73.8 | ) | (73.8 | ) | — | — | — | — | — | — | (73.8 | ) | ||||||||||||||||||||||||
Dividend payments to parent | — | — | — | — | (12.0 | ) | (12.0 | ) | 12 | 12 | — | |||||||||||||||||||||||||
Net proceeds from issuance of senior notes | 393.3 | 393.3 | — | — | — | — | — | — | 393.3 | |||||||||||||||||||||||||||
Proceeds from exercise of stock options | 16.1 | 16.1 | — | — | — | — | — | — | 16.1 | |||||||||||||||||||||||||||
Repurchase of common stock | (428.6 | ) | (428.6 | ) | — | — | — | — | — | — | (428.6 | ) | ||||||||||||||||||||||||
Repayment of long-term debt and capital lease obligations | (405.0 | ) | (405.0 | ) | — | — | (2.4 | ) | (2.4 | ) | — | — | (407.4 | ) | ||||||||||||||||||||||
Net change in short-term debt | 0.2 | 0.2 | — | — | 193.3 | 193.3 | — | — | 193.5 | |||||||||||||||||||||||||||
Debt issuance costs | (3.0 | ) | (3.0 | ) | — | — | — | — | — | — | (3.0 | ) | ||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 9 | 9 | — | — | — | — | — | — | 9 | |||||||||||||||||||||||||||
Net intercompany borrowings | 111.4 | 376 | 195.8 | 188.1 | (278.4 | ) | (19.6 | ) | (28.8 | ) | (544.5 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | (380.4 | ) | (115.8 | ) | 195.8 | 188.1 | (99.5 | ) | 159.3 | (16.8 | ) | (532.5 | ) | (300.9 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1.4 | ) | (1.4 | ) | (14.0 | ) | (14.0 | ) | — | — | (15.4 | ) | ||||||||||||||||||||||
Net change in cash and cash equivalents | (20.0 | ) | (20.0 | ) | (50.3 | ) | (50.3 | ) | (40.2 | ) | (40.2 | ) | — | — | (110.5 | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | 20 | 20 | 52.2 | 52.2 | 176.5 | 176.5 | — | — | 248.7 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 1.9 | $ | 1.9 | $ | 136.3 | $ | 136.3 | $ | — | $ | — | $ | 138.2 | ||||||||||||||||||
Quarterly_Financial_Summary
Quarterly Financial Summary | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Summary | ' | |||||||||||||||
Quarterly Financial Summary (Unaudited) | ||||||||||||||||
Following is a summary of the unaudited interim results of operations for each quarter in the years ended December 28, 2013 and December 29, 2012. | ||||||||||||||||
(In millions, except per share amounts) | First | Second | Third | Fourth | ||||||||||||
quarter | quarter | quarter | quarter | |||||||||||||
Year ended December 28, 2013 | ||||||||||||||||
Net sales | $ | 662.9 | $ | 688.4 | $ | 603.2 | $ | 717.1 | ||||||||
Gross margin | 440.1 | 462.4 | 403.6 | 475.7 | ||||||||||||
Net income | 58.2 | 76.3 | 49.9 | 89.8 | ||||||||||||
Basic earnings per share | 1.09 | 1.46 | 0.97 | 1.78 | ||||||||||||
Diluted earnings per share | 1.06 | 1.43 | 0.95 | 1.74 | ||||||||||||
Dividends declared per share | 0.62 | 0.62 | 0.62 | 0.62 | ||||||||||||
Composite stock price range: | ||||||||||||||||
High | 82.28 | 85.22 | 88.18 | 97.14 | ||||||||||||
Low | 62.17 | 73.07 | 76.18 | 84.38 | ||||||||||||
Close | 81.74 | 77.69 | 86.9 | 94.91 | ||||||||||||
Year ended December 29, 2012 | ||||||||||||||||
Net sales | $ | 639.5 | $ | 638.9 | $ | 594.4 | $ | 711 | ||||||||
Gross margin | 426.4 | 432.2 | 394.9 | 473.9 | ||||||||||||
Net income | 58.3 | 12.7 | 47.5 | 74.5 | ||||||||||||
Basic earnings per share | 1.04 | 0.23 | 0.86 | 1.37 | ||||||||||||
Diluted earnings per share | 1.02 | 0.22 | 0.85 | 1.34 | ||||||||||||
Dividends declared per share | 0.36 | 0.36 | 0.36 | 0.36 | ||||||||||||
Composite stock price range: | ||||||||||||||||
High | 64.99 | 64.63 | 58.08 | 67.82 | ||||||||||||
Low | 54.88 | 51.28 | 50.9 | 52.8 | ||||||||||||
Close | 63.5 | 54.76 | 53.59 | 62.67 | ||||||||||||
Certain items impacting quarterly comparability for 2013 and 2012 were as follows: | ||||||||||||||||
• | Pretax re-engineering and impairment costs of $2.2 million, $2.2 million, $2.7 million and $2.2 million were recorded in the first through fourth quarters of 2013, respectively. Pretax re-engineering and impairment costs of $0.9 million, $1.1 million, $2.0 million and $18.4 million were recorded in the first through fourth quarters of 2012, respectively. Refer to Note 2 to the Consolidated Financial Statements for further discussion. | |||||||||||||||
• | In the second quarter of 2012, the Company recorded a pretax $76.9 million of impairment charges related to certain intangibles and goodwill, related to BeautiControl, NaturCare and Nutrimetics. There were no impairments in 2013. | |||||||||||||||
• | In the first and second quarter of 2013, the Company recorded $3.9 million and $0.3 million, respectively, due to the translation impact related to the net monetary asset, inventory, and non-recurring deferred tax balance sheet positions when, in the first quarter of 2013, the Venezuelan government devalued the bolivar to U.S. dollar exchange rate to 6.3. | |||||||||||||||
• | In the third quarter of 2013, the company recorded $0.9 million related to the collection of proceeds on land sold in 2006. In the second quarter of 2012, the Company recognized a $7.5 million pretax gain from the sale of its old manufacturing facility in Belgium. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
On February 10, 2014, the Company signed a $75.0 million uncommitted line of credit with Credit Agricole Corporate and Investment Bank, one of the participating banks in the Company's New Credit Agreement. This line of credit dictates an interest rate of LIBOR plus 125 basis points. The Company has and expects in the future to use proceeds from borrowings under this agreement to reduce what it would otherwise borrow under the New Credit Agreement. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FOR THE THREE YEARS ENDED DECEMBER 28, 2013 | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | |||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charged to | Charged | Deductions | Balance | |||||||||||||||||
Beginning | Costs and | to Other | at End | ||||||||||||||||||
of Period | Expenses | Accounts | of Period | ||||||||||||||||||
Allowance for doubtful accounts, current and long term: | |||||||||||||||||||||
Year ended December 28, 2013 | $ | 53.9 | $ | 11.8 | $ | — | $ | (9.9 | ) | /F1 | $ | 54.4 | |||||||||
(1.4 | ) | /F2 | |||||||||||||||||||
Year ended December 29, 2012 | 51.2 | 10.9 | — | (9.0 | ) | /F1 | 53.9 | ||||||||||||||
0.8 | /F2 | ||||||||||||||||||||
Year ended December 31, 2011 | 52.3 | 11.5 | — | (10.6 | ) | /F1 | 51.2 | ||||||||||||||
(2.0 | ) | /F2 | |||||||||||||||||||
Valuation allowance for deferred tax assets: | |||||||||||||||||||||
Year ended December 28, 2013 | 103.1 | — | — | (4.4 | ) | /F2 | 34.8 | ||||||||||||||
(39.0 | ) | /F3 | |||||||||||||||||||
(24.9 | ) | /F4 | |||||||||||||||||||
Year ended December 29, 2012 | 96 | 2.7 | 2.5 | 1.9 | /F2 | 103.1 | |||||||||||||||
Year ended December 31, 2011 | 99.8 | (0.3 | ) | 4.3 | (7.8 | ) | /F2 | 96 | |||||||||||||
____________________ | |||||||||||||||||||||
F1 | Represents write-offs, less recoveries. | ||||||||||||||||||||
F2 | Foreign currency translation adjustment. | ||||||||||||||||||||
F3 Represents release of valuation allowance as reduction of costs and expenses. See Note 12 to the consolidated financial statements for additional information. | |||||||||||||||||||||
F4 Represents write-off of net operating losses for which a valuation allowance was already recorded. See Note 12 to the consolidated financial statements for additional information. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation. The Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and all of its subsidiaries (Tupperware Brands or the Company). All significant intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on the last Saturday of December and, as a result, included 52 weeks during 2013 and 2012 and 53 weeks in 2011. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of December 28, 2013 and December 29, 2012, $31.3 million and $20.8 million, respectively, of the cash and cash equivalents included on the Consolidated Balance Sheets were held in the form of time deposits, certificates of deposit or similar instruments. | ||||||||||||
Allowance for Doubtful Accounts | ' | |||||||||||
Allowance for Doubtful Accounts. The Company maintains current receivable amounts with most of its independent distributors and sales force in certain markets. It also maintains long-term receivable amounts with certain of these customers. The Company regularly monitors and assesses its risk of not collecting amounts owed to it by customers. This evaluation is based upon an analysis of amounts current and past due, along with relevant history and facts particular to the customer. It is also based upon estimates of distributor business prospects, particularly related to the evaluation of the recoverability of long-term amounts due. This evaluation is performed market by market and account by account, based upon historical experience, market penetration levels and similar factors. It also considers collateral of the customer that could be recovered to satisfy debts. The Company records its allowance for doubtful accounts based on the results of this analysis. The analysis requires the Company to make significant estimates and as such, changes in facts and circumstances could result in material changes in the allowance for doubtful accounts. The Company considers any receivable balance not collected within its contractual terms past due. | ||||||||||||
Inventories | ' | |||||||||||
Inventories. Inventories are valued at the lower of cost or market on a first-in, first-out basis. Inventory cost includes cost of raw material, labor and overhead. The Company writes down its inventory for obsolescence or unmarketability in an amount equal to the difference between the cost of the inventory and estimated market value based upon expected future demand and pricing. The demand and pricing is estimated based upon the historical success of product lines as well as the projected success of promotional programs, new product introductions and new markets or distribution channels. The Company prepares projections of demand and pricing on an item by item basis for all of its products. If inventory on hand exceeds projected demand or the expected market value is less than the carrying value, the excess is written down to its net realizable value. However, if actual demand or the estimate of market decreases, additional write-downs would be required. | ||||||||||||
Internal Use Software Development Costs | ' | |||||||||||
Internal Use Software Development Costs. The Company capitalizes internal use software development costs as they are incurred and amortizes such costs over their estimated useful lives of three to five years, beginning when the software is placed in service. Net unamortized costs of such amounts included in property, plant and equipment were $15.0 million and $15.3 million at December 28, 2013 and December 29, 2012, respectively. Amortization cost related to internal use software development costs totaled $4.5 million, $3.5 million and $3.1 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, Plant and Equipment. Property, plant and equipment is initially stated at cost. Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: | ||||||||||||
Years | ||||||||||||
Building and improvements | Oct-40 | |||||||||||
Molds | 10-Apr | |||||||||||
Production equipment | 20-Oct | |||||||||||
Distribution equipment | 10-May | |||||||||||
Computer/telecom equipment | 5-Mar | |||||||||||
Capitalized software | 5-Mar | |||||||||||
Depreciation expense was $45.5 million, $44.1 million and $43.8 million in 2013, 2012 and 2011, respectively. The Company considers the need for an impairment review when events occur that indicate that the book value of a long-lived asset may exceed its recoverable value. Upon the sale or retirement of property, plant and equipment, a gain or loss is recognized equal to the difference between sales price and net book value. Expenditures for maintenance and repairs are charged to cost of products sold or delivery, sales and administrative (DS&A) expense, depending on the asset to which the expenditure relates. | ||||||||||||
Goodwill | ' | |||||||||||
relates. | ||||||||||||
Goodwill. The Company's recorded goodwill relates primarily to the December 2005 acquisition of the direct-to-consumer businesses of Sara Lee Corporation. The Company does not amortize its goodwill. Instead, the Company performs an annual assessment during the third quarter of each year to test these assets in each of its reporting units for impairment, or more frequently if events or changes in circumstances indicate that a triggering event for impairment testing has occurred. | ||||||||||||
The annual process for evaluating goodwill begins with an assessment for each entity of qualitative factors to determine whether the two-step goodwill impairment test is necessary. Further testing is only performed if the Company determines that it is more likely than not that the reporting unit's fair value is less than its carrying value. The qualitative factors evaluated by the Company include: macro-economic conditions of the local business environment, overall financial performance, sensitivity analysis from the most recent step 1 fair value test, and other entity specific factors as deemed appropriate. When the Company determines the two-step goodwill impairment test is necessary, the first step involves comparing the fair value of a reporting unit to its carrying amount, including goodwill, after any long-lived asset impairment charges. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to determine whether there is a goodwill impairment, and if so, the amount of the loss. This step revalues all assets and liabilities of the reporting unit to their current fair value and then compares the implied fair value of the reporting unit's goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess. Prior to 2012, the Company's annual assessment began with the two-step impairment test. | ||||||||||||
When a determination of fair value of the Company's reporting units is necessary, it is determined by using either the income approach or a combination of the income and market approaches, with generally a greater weighting on the income approach (75 percent). The income approach, or discounted cash flow approach, requires significant assumptions to determine the fair value of each reporting unit. These include estimates regarding future operations and the ability to generate cash flows including projections of revenue, costs, utilization of assets and capital requirements, along with an estimate as to the appropriate discount rates to be used. Goodwill is further discussed in Note 6 to the Consolidated Financial Statements. | ||||||||||||
Int | ||||||||||||
Intangible Assets | ' | |||||||||||
Intangible Assets. Intangible assets are recorded at their fair market values at the date of acquisition and definite lived intangibles are amortized over their estimated useful lives. The intangible assets included in the Company's Consolidated Financial Statements at December 28, 2013 and December 29, 2012 were related to the acquisition of the Sara Lee direct-to-consumer businesses in December 2005. The weighted average estimated useful lives of the Company's intangible assets were as follows: | ||||||||||||
Weighted Average Estimated Useful Life | ||||||||||||
Indefinite-lived trademarks and tradenames | Indefinite | |||||||||||
Definite-lived trademarks and tradenames | 10 years | |||||||||||
Sales force relationships | 6 - 10 years | |||||||||||
The Company's indefinite lived tradename intangible assets are evaluated for impairment annually similarly to goodwill. The annual process for assessing the carrying value of indefinite-lived tradename intangible assets begins with a qualitative assessment that is similar to the assessment performed for goodwill. When the Company determines it is necessary, the quantitative impairment test for the Company's indefinite-lived tradenames involves comparing the estimated fair value of the assets to the carrying amounts, to determine if fair value is lower and a write-down required. If the carrying amount of a tradename exceeds its estimated fair value, an impairment charge is recognized in an amount equal to the excess. When necessary, the fair value of these assets is determined using the relief from royalty method, which is a form of the income approach. In this method, the value of the asset is calculated by selecting royalty rates, which estimate the amount a company would be willing to pay for the use of the asset. These rates are applied to the Company's projected revenue, tax affected and discounted to present value using an appropriate rate. | ||||||||||||
The Company's definite lived intangible assets consist of the value of the acquired independent sales forces, as well as the Fuller tradename since August 2013. The sales force relationships are amortized to reflect the estimated turnover rates of the sales forces acquired and the Fuller tradename is amortized to reflect the period that it is estimated that the tradename will contribute directly the Company's revenue. Definite lived intangible assets are reviewed for impairment in a similar manner as property, plant and equipment as discussed above. Amortization related to definite lived intangible assets is included in DS&A on the Consolidated Statements of Income. | ||||||||||||
Intangible assets are further discussed in Note 6 to the Consolidated Financial Statements. | ||||||||||||
Promotional and Other Accruals | ' | |||||||||||
Promotional and Other Accruals. The Company frequently makes promotional offers to members of its independent sales force to encourage them to fulfill specific goals or targets for sales levels, party attendance, recruiting of new sales force members or other business-critical functions. The awards offered are in the form of cash, product, special prizes or trips. | ||||||||||||
Programs are generally designed to recognize sales force members for achieving a primary objective. An example is to reward the independent sales force for recruiting new sales force members. In this situation, the Company offers a prize to sales force members that achieve a targeted number of recruits over a specified period. The period runs from a couple of weeks to several months. The prizes are generally graded, in that meeting one level may result in receiving a piece of jewelry, with higher achievement resulting in more valuable prizes such as a television set or a trip. Similar programs are designed to reward current sales force members who reach certain goals by promoting them to a higher level in the organization where their earning opportunity would be expanded, and they would take on additional responsibilities for recruiting new sales force members and providing training and motivation to new and existing sales force members. Other business drivers, such as scheduling parties, increasing the number of sales force members, holding parties or increasing end consumer attendance at parties, may also be the focus of a program. | ||||||||||||
The Company also offers cash awards for achieving targeted sales levels. These types of awards are generally based upon the sales achievement of at least a mid-level member of the sales force and her or his down-line members. The down-line consists of those sales force members that have been recruited directly by a given sales force member, as well as those recruited by her or his recruits. In this manner, sales force members can build an extensive organization over time if they are committed to recruiting and developing their units. In addition to the bonus, the positive performance of a unit may also entitle its leader to the use of a company-provided vehicle and in some cases, the permanent awarding of a vehicle. Similar to the prize programs noted earlier, these programs generally offer varying levels of vehicles that are dependent upon performance. | ||||||||||||
The Company accrues for the costs of these awards during the period over which the sales force qualifies for the award and reports these costs primarily as a component of DS&A expense. These accruals require estimates as to the cost of the awards, based upon estimates of achievement and actual cost to be incurred. During the qualification period, actual results are monitored and changes to the original estimates are made when known. Promotional and other sales force compensation expenses included in DS&A expense totaled $445.9 million, $425.3 million and $436.4 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Like promotional accruals, other accruals are recorded at the time when a liability is probable and the amount is reasonably estimable. Adjustments to amounts previously accrued are made when changes occur in the facts and circumstances that generated the accrual. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition. Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer who, in most cases, is one of the Company’s independent distributors or a member of its independent sales force, and when collection is reasonably assured. Depending on the contractual arrangements for each business, revenue is recognized upon either delivery or shipment, which is when title and risk and rewards of ownership have passed to the customer. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Discounts earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. | ||||||||||||
Shipping and Handling Costs | ' | |||||||||||
Shipping and Handling Costs. The cost of products sold line item includes costs related to the purchase and manufacture of goods sold by the Company. Among these costs are inbound freight charges, purchasing and receiving costs, inspection costs, depreciation expense, internal transfer costs and warehousing costs of raw material, work in process and packing materials. The warehousing and distribution costs of finished goods are included in DS&A expense. Distribution costs are comprised of outbound freight and associated labor costs. Fees billed to customers associated with the distribution of products are classified as revenue. The distribution costs included in DS&A expense in 2013, 2012 and 2011 were $156.7 million, $148.8 million and $151.7 million, respectively. | ||||||||||||
Advertising and Research and Development Costs | ' | |||||||||||
Advertising and Research and Development Costs. Advertising and research and development costs are charged to expense as incurred. Advertising expense totaled $25.7 million, $31.5 million and $34.2 million in 2013, 2012 and 2011, respectively. Research and development costs totaled $20.0 million, $18.9 million and $19.5 million, in 2013, 2012 and 2011, respectively. Research and development expenses primarily include salaries, contractor costs and facility costs. Both advertising and research and development costs are included in DS&A expense. | ||||||||||||
Accounting for Stock-Based Compensation | ' | |||||||||||
Accounting for Stock-Based Compensation. The Company has several stock-based employee and director compensation plans, which are described more fully in Note 14 to the Consolidated Financial Statements. The Company records compensation expense using the applicable accounting guidance for share-based payments related to stock options, restricted stock, restricted stock units and performance share awards granted to directors and employees. | ||||||||||||
Compensation cost for share-based awards is recorded on a straight line basis over the required service period. The fair value of the stock option grants is estimated using the Black-Scholes option-pricing model, which requires the input of assumptions, including dividend yield, risk-free interest rate, the estimated length of time employees will retain their stock options before exercising them (expected term) and the estimated volatility of the Company's common stock price over the expected term. These assumptions are generally based on historical averages of the Company. Furthermore, in calculating compensation expense for these awards, the Company is also required to estimate the extent to which options will be forfeited prior to vesting. Many factors are considered when estimating expected forfeitures, including types of awards, employee class and historical experience. To the extent actual results or updated estimates of forfeiture differ from current estimates, such amounts are recorded as a cumulative adjustment to the previously recorded amounts. Compensation expense associated with restricted stock, restricted stock units and performance share awards is equal to the market value of the Company's common stock on the date of grant and is recorded pro rata over the required service period. For those awards with performance criteria, the expense is recorded based on an assessment of achieving the criteria. | ||||||||||||
Current guidance governing share based payments requires the benefits associated with tax deductions in excess of recognized compensation cost, generated upon the exercise of stock options, to be reported as a financing cash flow. For 2013, 2012 and 2011, the Company generated $14.5 million, $13.5 million and $9.0 million of excess tax benefits from option exercises, respectively. | ||||||||||||
Accounting for Asset Retirement Obligations | ' | |||||||||||
Accounting for Asset Retirement Obligations. Asset retirement obligations refer to a company's legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. The obligation to perform the asset retirement activity is unconditional even though uncertainty exists about the timing and (or) method of settlement. Thus, the timing and (or) method of settlement may be conditional on a future event. Accordingly, a company is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated. The fair value of a liability for the conditional asset retirement obligation should be recognized when incurred-generally upon acquisition, construction, or development and (or) through the normal operation of the asset. Uncertainty about the timing and (or) method of settlement of a conditional asset retirement obligation should be factored into the measurement of the liability when sufficient information exists. The Company has recognized a liability for the fair market value of conditional future obligations associated with environmental issues in the United States that the Company will be required to remedy at some future date, when these assets are retired. The Company performs an annual evaluation of its obligations regarding this matter and is required to record depreciation and costs associated with accretion of the obligation. This was not material in 2013, 2012 and 2011, and is not expected to be material in the future. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets also are recognized for credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates applicable to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. An assessment is made as to whether or not a valuation allowance is required to offset deferred tax assets. This assessment requires estimates as to future operating results as well as an evaluation of the effectiveness of the Company's tax planning strategies. These estimates are made on an ongoing basis based upon the Company's business plans and growth strategies in each market and consequently, future material changes in the valuation allowance are possible. | ||||||||||||
The Company accounts for uncertain tax positions in accordance with ASC 740, Income taxes. This guidance prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. | ||||||||||||
Interest and penalties related to tax contingency or settlement items are recorded as a component of the provision for income taxes in the Company's Consolidated Statements of Income. The Company records accruals for tax contingencies as a component of accrued liabilities or other long-term liabilities on its balance sheet. | ||||||||||||
Net Income Per Common Share | ' | |||||||||||
Net Income Per Common Share. Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding. Diluted per share information is calculated by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. The Company's potential common stock consists of employee and director stock options, restricted stock, restricted stock units and performance share units. Performance share awards are included in the diluted per share calculation when the performance criteria are achieved. The Company's potential common stock is excluded from the basic per share calculation and is included in the diluted per share calculation when doing so would not be anti-dilutive. | ||||||||||||
The elements of the earnings per share computations were as follows (in millions, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 274.2 | $ | 193 | $ | 218.3 | ||||||
Weighted-average shares of common stock outstanding | 51.9 | 55.3 | 60 | |||||||||
Common equivalent shares: | ||||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 1.2 | 1.1 | 1.4 | |||||||||
Weighted-average common and common equivalent shares outstanding | 53.1 | 56.4 | 61.4 | |||||||||
Basic earnings per share | $ | 5.28 | $ | 3.49 | $ | 3.63 | ||||||
Diluted earnings per share | $ | 5.17 | $ | 3.42 | $ | 3.55 | ||||||
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.1 | 0.4 | 0.6 | |||||||||
Derivative Financial Instruments | ' | |||||||||||
Derivative Financial Instruments. The Company recognizes all derivative instruments as either assets or liabilities in its Consolidated Balance Sheets and measures those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge. The accounting for changes in the value of a derivative accounted for as a hedge depends on the intended use of the derivative and the resulting designation of the hedge exposure. Depending on how the hedge is used and the designation, the gain or loss due to changes in value is reported either in earnings or initially in other comprehensive income. Gains or losses that are reported in other comprehensive income eventually are recognized in earnings, with the timing of this recognition governed by ASC 815, Derivatives and Hedging. | ||||||||||||
The Company uses derivative financial instruments, principally over-the-counter forward exchange contracts with major international financial institutions, to offset the effects of exchange rate changes on net investments in certain foreign subsidiaries, certain forecasted purchases, certain intercompany loan transactions, and certain accounts payable. Gains and losses on instruments designated as hedges of net investments in a foreign subsidiary or intercompany transactions that are permanent in nature are accrued as exchange rates change, and are recognized in shareholders' equity as a component of foreign currency translation adjustments within accumulated other comprehensive loss. Forward points associated with these net investment hedges are included in interest expense and other expense, respectively. Gains and losses on contracts designated as hedges of intercompany transactions that are not permanent in nature are accrued as exchange rates change and are recognized in income. | ||||||||||||
Gains and losses on contracts designated as hedges of identifiable foreign currency forecasted purchases are deferred and included in other comprehensive income. The Company previously utilized interest rate swap agreements to convert a portion of its floating rate U.S. dollar long-term debt to fixed rate U.S. dollar debt under its credit facility that was terminated in 2011. Changes in the underlying market value of swap arrangements that qualified as cash flow hedging activities were recorded as a component of other comprehensive income. Changes in the market value of swaps that did not qualify as cash flow hedges were recorded in income each period. See Note 8 to the Consolidated Financial Statements. | ||||||||||||
Foreign Currency Translation | ' | |||||||||||
Foreign Currency Translation. Results of operations of foreign subsidiaries are translated into U.S. dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries, other than those of operations in highly inflationary countries, are translated into U.S. dollars using exchange rates at the balance sheet date. The related translation adjustments are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses, as well as re-measurement of financial statements of subsidiaries in highly inflationary countries, are included in income. | ||||||||||||
Inflation in Venezuela has been at relatively high levels over the past few years. The Company uses a blended index of the Consumer Price Index and National Consumer Price Index for determining highly inflationary status in Venezuela. This blended index reached cumulative three-year inflation in excess of 100 percent at November 30, 2009 and as such, the Company transitioned to highly inflationary status at the beginning of its 2010 fiscal year. Gains and losses resulting from the translation of the financial statements of subsidiaries operating in highly inflationary economies are recorded in earnings. | ||||||||||||
In June 2010, several large Venezuelan commercial banks began operating the Transaction System for Foreign Currency Denominated Securities (SITME), which established a “banded” exchange rate of 5.3 bolivars to the U.S. dollar. As the Company believed this would be the primary rate at which it would settle its non-bolivar denominated liabilities and repatriate dividends, it translated its bolivar denominated transactions and balances at this rate in 2011 and 2012. In February 2013, the Venezuelan government set a new official exchange rate of 6.3 bolivars to the U.S. dollar and abolished the banded exchange rate. As a result, the Company has used, and will continue to use, the new official rate to translate sales and profit results of the subsidiary unless a more appropriate rate for settling its non-bolivar denominated liabilities and repatriating dividends becomes available. | ||||||||||||
As of the end of 2013, the Company had approximately $31 million of net monetary assets in Venezuela, which were of a nature that would generate income or expense associated with future exchange rate fluctuations versus the U.S. dollar. At the end of 2013, there was also $13.1 million of inventory on the balance sheet in Venezuela, which when it is sold will be included in cost of sales at the dollar value at which it was originally recorded. | ||||||||||||
Product Warranty | ' | |||||||||||
Product Warranty. Tupperware® brand products are guaranteed against chipping, cracking, breaking or peeling under normal non-commercial use of the product with certain limitations. The cost of replacing defective products is not material. | ||||||||||||
New Accounting Pronouncements | ' | |||||||||||
New Accounting Pronouncements. In March 2013, the FASB issued an amendment to existing guidance regarding a parent's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The amendment is effective prospectively for fiscal years beginning after December 15, 2013, and early adoption was permitted. The Company will adopt the amendment in its 2014 fiscal year, and it will not have an impact on the Company's Consolidated Financial Statements. | ||||||||||||
In July 2013, the FASB issued an amendment to existing guidance regarding inclusion of the Fed Funds effective swap rate as a benchmark interest rate for hedge accounting purposes. The amendment is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. As the Company does not intend to use the Fed Funds rate for any new redesignated hedging relationships, the amendment will not have an impact on its Consolidated Financial Statements. | ||||||||||||
In July 2013, the FASB issued an update to provide explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The amendment is effective for reporting periods beginning after December 15, 2013, and early adoption is permitted. As this update only modifies the current balance sheet presentation of unrecognized tax benefits, it will not have a significant impact on the Company's Consolidated Financial Statements. | ||||||||||||
Reclassifications | ' | |||||||||||
Reclassifications. Certain prior year amounts have been reclassified in the Consolidated Financial Statements to conform to current year presentation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of property plant and equipment estimated useful lives | ' | |||||||||||
Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: | ||||||||||||
Years | ||||||||||||
Building and improvements | Oct-40 | |||||||||||
Molds | 10-Apr | |||||||||||
Production equipment | 20-Oct | |||||||||||
Distribution equipment | 10-May | |||||||||||
Computer/telecom equipment | 5-Mar | |||||||||||
Capitalized software | 5-Mar | |||||||||||
Schedule of Weighted Average Estimated Useful Lives of Intangible Assets | ' | |||||||||||
The weighted average estimated useful lives of the Company's intangible assets were as follows: | ||||||||||||
Weighted Average Estimated Useful Life | ||||||||||||
Indefinite-lived trademarks and tradenames | Indefinite | |||||||||||
Definite-lived trademarks and tradenames | 10 years | |||||||||||
Sales force relationships | 6 - 10 years | |||||||||||
Schedule of Earnings Per Share | ' | |||||||||||
The elements of the earnings per share computations were as follows (in millions, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 274.2 | $ | 193 | $ | 218.3 | ||||||
Weighted-average shares of common stock outstanding | 51.9 | 55.3 | 60 | |||||||||
Common equivalent shares: | ||||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 1.2 | 1.1 | 1.4 | |||||||||
Weighted-average common and common equivalent shares outstanding | 53.1 | 56.4 | 61.4 | |||||||||
Basic earnings per share | $ | 5.28 | $ | 3.49 | $ | 3.63 | ||||||
Diluted earnings per share | $ | 5.17 | $ | 3.42 | $ | 3.55 | ||||||
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.1 | 0.4 | 0.6 | |||||||||
Reengineering_Costs_Tables
Re-engineering Costs (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||
Schedule of Restructuring And Related Costs by Catagory | ' | |||||||||||
Pretax costs incurred in the re-engineering and impairment charges caption by category were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Severance | $ | 7.3 | $ | 5.3 | $ | 5.9 | ||||||
Other | 2 | 17.1 | 2 | |||||||||
Total re-engineering and impairment charges | $ | 9.3 | $ | 22.4 | $ | 7.9 | ||||||
Re-engineering and Impairment Charges | ' | |||||||||||
Pretax costs incurred in connection with the re-engineering program included above and allocated to cost of products sold were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Re-engineering and impairment charges | $ | 9.3 | $ | 22.4 | $ | 7.9 | ||||||
Cost of products sold | — | 0.2 | 1.7 | |||||||||
Total pretax re-engineering costs | $ | 9.3 | $ | 22.6 | $ | 9.6 | ||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||
The balances included in accrued liabilities related to re-engineering and impairment charges as of December 28, 2013, December 29, 2012, and December 31, 2011 were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 1.5 | $ | 3 | $ | 2.4 | ||||||
Provision | 9.3 | 22.4 | 7.9 | |||||||||
Non-cash charges | (0.1 | ) | (16.2 | ) | (0.5 | ) | ||||||
Cash expenditures: | ||||||||||||
Severance | (6.1 | ) | (6.0 | ) | (5.7 | ) | ||||||
Other | (2.0 | ) | (1.7 | ) | (1.1 | ) | ||||||
Ending balance | $ | 2.6 | $ | 1.5 | $ | 3 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Components of Inventories | ' | |||||||
Inventories | ||||||||
(In millions) | 2013 | 2012 | ||||||
Finished goods | $ | 245 | $ | 251.2 | ||||
Work in process | 27.4 | 22.9 | ||||||
Raw materials and supplies | 41 | 39.8 | ||||||
Total inventories | $ | 313.4 | $ | 313.9 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property, Plant and Equipment | ' | |||||||
Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: | ||||||||
Years | ||||||||
Building and improvements | Oct-40 | |||||||
Molds | 10-Apr | |||||||
Production equipment | 20-Oct | |||||||
Distribution equipment | 10-May | |||||||
Computer/telecom equipment | 5-Mar | |||||||
Capitalized software | 5-Mar | |||||||
Property, Plant and Equipment | ||||||||
(In millions) | 2013 | 2012 | ||||||
Land | $ | 46.9 | $ | 52 | ||||
Buildings and improvements | 221.3 | 220 | ||||||
Molds | 641.3 | 610 | ||||||
Production equipment | 318.7 | 315.2 | ||||||
Distribution equipment | 39.5 | 43.2 | ||||||
Computer/telecom equipment | 55.9 | 60.9 | ||||||
Furniture and fixtures | 23.8 | 24.5 | ||||||
Capitalized software | 71.5 | 69.5 | ||||||
Construction in progress | 36 | 28.7 | ||||||
Total property, plant and equipment | 1,454.90 | 1,424.00 | ||||||
Less accumulated depreciation | (1,154.0 | ) | (1,125.2 | ) | ||||
Property, plant and equipment, net | $ | 300.9 | $ | 298.8 | ||||
Accrued_and_Other_Liabilities_
Accrued and Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued and Other Liabilities | ' | |||||||
(In millions) | 2013 | 2012 | ||||||
Income taxes payable | $ | 16.9 | $ | 13.8 | ||||
Compensation and employee benefits | 90.8 | 99.4 | ||||||
Advertising and promotion | 74.1 | 69.7 | ||||||
Taxes other than income taxes | 24.9 | 28.3 | ||||||
Pensions | 3.3 | 3.7 | ||||||
Post-retirement benefits | 2.4 | 2.8 | ||||||
Dividends payable | 31.1 | 19.4 | ||||||
Foreign currency contracts | 19.2 | 15.7 | ||||||
Other | 89.7 | 83.5 | ||||||
Total accrued liabilities | $ | 352.4 | $ | 336.3 | ||||
Schedule of Other Liabilities | ' | |||||||
(In millions) | 2013 | 2012 | ||||||
Post-retirement benefits | $ | 26.5 | $ | 30.3 | ||||
Pensions | 128.1 | 143.6 | ||||||
Income taxes | 17.5 | 16.5 | ||||||
Long-term deferred income tax | 30.3 | 11.9 | ||||||
Other | 31.2 | 31.5 | ||||||
Total other liabilities | $ | 233.6 | $ | 233.8 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The following table reflects gross goodwill and accumulated impairments allocated to each reporting segment at December 28, 2013, December 29, 2012 and December 31, 2011: | ||||||||||||||||||||||||
(In millions) | Europe | Asia Pacific | TW North America | Beauty North America | South America | Total | ||||||||||||||||||
Gross goodwill balance at December 31, 2011 | $ | 33.1 | $ | 88.7 | $ | 16.3 | $ | 147.6 | $ | 6.6 | $ | 292.3 | ||||||||||||
Effect of changes in exchange rates | (0.8 | ) | (2.3 | ) | — | 8.6 | (0.2 | ) | 5.3 | |||||||||||||||
Gross goodwill balance at December 29, 2012 | 32.3 | 86.4 | 16.3 | 156.2 | 6.4 | 297.6 | ||||||||||||||||||
Effect of changes in exchange rates | (1.3 | ) | (7.4 | ) | — | (1.8 | ) | (0.9 | ) | (11.4 | ) | |||||||||||||
Gross goodwill balance at December 28, 2013 | $ | 31 | $ | 79 | $ | 16.3 | $ | 154.4 | $ | 5.5 | $ | 286.2 | ||||||||||||
(In millions) | Europe | Asia Pacific | TW North America | Beauty North America | South America | Total | ||||||||||||||||||
Accumulated impairment balance at December 31, 2011 | $ | 16.8 | $ | 34.1 | $ | — | $ | — | $ | — | $ | 50.9 | ||||||||||||
Goodwill impairment | 7.7 | 7.2 | — | 38.9 | — | 53.8 | ||||||||||||||||||
Accumulated impairment balance at December 29, 2012 | 24.5 | 41.3 | — | 38.9 | — | 104.7 | ||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | ||||||||||||||||||
Accumulated impairment balance at December 28, 2013 | $ | 24.5 | $ | 41.3 | $ | — | $ | 38.9 | $ | — | $ | 104.7 | ||||||||||||
Schedule of Intangible Assets | ' | |||||||||||||||||||||||
The gross carrying amount and accumulated amortization of the Company's intangible assets, other than goodwill, were as follows: | ||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||
(In millions) | Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||||||||
Indefinite-lived trademarks and tradenames | $ | 25 | $ | — | $ | 25 | ||||||||||||||||||
Definite-lived trademarks and tradenames | 104.1 | 3.4 | $ | 100.7 | ||||||||||||||||||||
Sales force relationships | 55.3 | 52.1 | 3.2 | |||||||||||||||||||||
Total intangible assets | $ | 184.4 | $ | 55.5 | $ | 128.9 | ||||||||||||||||||
December 29, 2012 | ||||||||||||||||||||||||
(In millions) | Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||||||||
Indefinite-lived trademarks and tradenames | $ | 138.4 | $ | — | $ | 138.4 | ||||||||||||||||||
Sales force relationships | 60.9 | 55.9 | 5 | |||||||||||||||||||||
Total intangible assets | $ | 199.3 | $ | 55.9 | $ | 143.4 | ||||||||||||||||||
Schedule of Identifiable Intangible Assets | ' | |||||||||||||||||||||||
A summary of the identifiable intangible asset account activity is as follows: | ||||||||||||||||||||||||
Year Ending | ||||||||||||||||||||||||
(In millions) | December 28, | December 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 199.3 | $ | 219.9 | ||||||||||||||||||||
Impairment of intangible assets | — | (22.8 | ) | |||||||||||||||||||||
Effect of changes in exchange rates | (14.9 | ) | 2.2 | |||||||||||||||||||||
Ending balance | $ | 184.4 | $ | 199.3 | ||||||||||||||||||||
Financing_Obligations_Tables
Financing Obligations (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt and Capital Lease Obligations | ' | |||||||
Debt obligations consisted of the following: | ||||||||
(In millions) | 2013 | 2012 | ||||||
Fixed rate Senior Notes due 2021 | 602.6 | 396.5 | ||||||
Five year Revolving Credit Agreement | 230.1 | 199 | ||||||
Belgium facility capital lease | 17.5 | 18.8 | ||||||
Other | 5.1 | 3.5 | ||||||
Total debt obligations | 855.3 | 617.8 | ||||||
Less current portion | (235.4 | ) | (203.4 | ) | ||||
Long-term debt and capital lease obligations | $ | 619.9 | $ | 414.4 | ||||
Schedule of Short-term Debt | ' | |||||||
(Dollars in millions) | 2013 | 2012 | ||||||
Total short-term borrowings at year-end | $ | 232.3 | $ | 199 | ||||
Weighted average interest rate at year-end | 2 | % | 2 | % | ||||
Average short-term borrowings during the year | $ | 350.8 | $ | 332.8 | ||||
Weighted average interest rate for the year | 1.8 | % | 2.1 | % | ||||
Maximum short-term borrowings during the year | $ | 559.8 | $ | 384.8 | ||||
Contractual Maturities for Debt Obligations | ' | |||||||
Contractual maturities for debt obligations at December 28, 2013 are summarized by year as follows (in millions): | ||||||||
Year ending: | Amount | |||||||
December 27, 2014 | $ | 235.4 | ||||||
December 26, 2015 | 3 | |||||||
December 31, 2016 | 3.1 | |||||||
December 30, 2017 | 2.5 | |||||||
December 29, 2018 | 2.3 | |||||||
Thereafter | 609 | |||||||
Total | $ | 855.3 | ||||||
Schedule of Capital Lease Obligations | ' | |||||||
Following is a summary of significant capital lease obligations at December 28, 2013 and December 29, 2012: | ||||||||
(In millions) | December 28, | December 29, | ||||||
2013 | 2012 | |||||||
Gross payments | $ | 20.9 | $ | 23 | ||||
Less imputed interest | 3.4 | 4.2 | ||||||
Total capital lease obligation | 17.5 | 18.8 | ||||||
Less current maturity | 2.1 | 1.9 | ||||||
Capital lease obligation - long-term portion | $ | 15.4 | $ | 16.9 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Financial Instruments at Fair Value | ' | ||||||||||||||||||||||||||||||||||
Following is a listing of the Company's outstanding derivative financial instruments at fair value as of December 28, 2013 and December 29, 2012. Related to the forward contracts, the “buy” amounts represent the U.S. dollar equivalent of commitments to purchase foreign currencies, and the “sell” amounts represent the U.S. dollar equivalent of commitments to sell foreign currencies, all translated at the year-end market exchange rates for the U.S. dollar. All forward contracts are hedging net investments in certain foreign subsidiaries, cross-currency intercompany loans that are not permanent in nature, cross-currency external payables and receivables or forecasted purchases. Some amounts are between two foreign currencies: | |||||||||||||||||||||||||||||||||||
Forward Contracts | 2013 | 2012 | |||||||||||||||||||||||||||||||||
(in millions) | Buy | Sell | Buy | Sell | |||||||||||||||||||||||||||||||
Euro | $ | 157.7 | $ | 66.6 | |||||||||||||||||||||||||||||||
Mexican peso | 18.2 | $ | 22 | ||||||||||||||||||||||||||||||||
Philippine peso | 11.3 | 9.9 | |||||||||||||||||||||||||||||||||
South Korean won | 9.7 | 3 | |||||||||||||||||||||||||||||||||
Chinese renminbi | 8.1 | — | |||||||||||||||||||||||||||||||||
Uruguayan peso | 4.7 | 0.9 | |||||||||||||||||||||||||||||||||
New Zealand dollar | 4.5 | 1.4 | |||||||||||||||||||||||||||||||||
Indonesian rupiah | 2.3 | 11.3 | |||||||||||||||||||||||||||||||||
U.S. dollar | $ | 54.7 | 69.9 | ||||||||||||||||||||||||||||||||
Swiss franc | 49.4 | 53.8 | |||||||||||||||||||||||||||||||||
Russian ruble | 22.9 | 5.7 | |||||||||||||||||||||||||||||||||
Turkish lira | 11.7 | 12.3 | |||||||||||||||||||||||||||||||||
Canadian dollar | 11 | 3.5 | |||||||||||||||||||||||||||||||||
South African rand | 10.4 | 6.8 | |||||||||||||||||||||||||||||||||
Australian dollar | 6.8 | 15.5 | |||||||||||||||||||||||||||||||||
Indian rupee | 6.6 | 3.7 | |||||||||||||||||||||||||||||||||
Brazilian real | 6.6 | 1.7 | |||||||||||||||||||||||||||||||||
Polish zloty | 4.7 | 3.3 | |||||||||||||||||||||||||||||||||
Japanese yen | 3.7 | 32.8 | |||||||||||||||||||||||||||||||||
Argentine peso | 3.7 | — | |||||||||||||||||||||||||||||||||
Danish krone | 3.5 | 0.4 | |||||||||||||||||||||||||||||||||
Malaysian ringgit | 2.7 | 17.2 | |||||||||||||||||||||||||||||||||
Croatian kuna | 2.6 | 2.5 | |||||||||||||||||||||||||||||||||
Hong Kong dollar | 2.6 | 0.4 | |||||||||||||||||||||||||||||||||
Czech koruna | 2.5 | 3.3 | |||||||||||||||||||||||||||||||||
Hungarian forint | 2.4 | 3.3 | |||||||||||||||||||||||||||||||||
Norwegian krone | 1.7 | 1.9 | |||||||||||||||||||||||||||||||||
Swedish krona | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||
Romanian leu | 1.2 | 0.6 | |||||||||||||||||||||||||||||||||
Singapore dollar | 1.7 | 0.4 | |||||||||||||||||||||||||||||||||
British pound | 1 | 4.8 | |||||||||||||||||||||||||||||||||
Thai baht | 0.3 | 3.3 | |||||||||||||||||||||||||||||||||
Other currencies (net) | 1.5 | 2 | |||||||||||||||||||||||||||||||||
$ | 216.5 | $ | 217.6 | $ | 181 | $ | 184.9 | ||||||||||||||||||||||||||||
Schedule of Derivative Positions and Impact on Financial Position | ' | ||||||||||||||||||||||||||||||||||
The following tables summarize the Company's derivative positions and the impact they had on the Company's financial position as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||||||||||||
December 28, 2013 | |||||||||||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||||||||||||||||||||||||||
instruments (in millions) | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Non-trade amounts receivable | $ | 20.3 | Accrued liabilities | $ | 19.2 | |||||||||||||||||||||||||||||
Total derivative instruments | $ | 20.3 | $ | 19.2 | |||||||||||||||||||||||||||||||
December 29, 2012 | |||||||||||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||||||||||||||||||||||||||
instruments (in millions) | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Non-trade amounts receivable | 13.1 | Accrued liabilities | 15.7 | |||||||||||||||||||||||||||||||
Total derivative instruments | $ | 13.1 | $ | 15.7 | |||||||||||||||||||||||||||||||
Schedule of Derivative Positions and Impact on Results of Operations and Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||
The following tables summarize the Company's derivative positions and the impact they had on the Company's results of operations and comprehensive income for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||||||||||||||||||||||||
Derivatives designated as | Location of gain or | Amount of gain or | Location of gain or | Amount of gain or (loss) | |||||||||||||||||||||||||||||||
fair value hedges | (loss) recognized in | (loss) recognized in | (loss) recognized in | recognized in income on | |||||||||||||||||||||||||||||||
(in millions) | income on | income on derivatives | income on related | related hedged items | |||||||||||||||||||||||||||||||
derivatives | hedged items | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Other expense | ($17.4 | ) | $11.90 | ($8.6 | ) | Other expense | $16.70 | ($11.9 | ) | $8.50 | ||||||||||||||||||||||||
Derivatives designated as cash flow and net equity hedges (in millions) | Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||||||||||||||||||||
Cash flow hedging relationships | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | 4.1 | Interest expense | $ | — | $ | — | $ | — | Interest expense | $ | — | $ | — | $ | (18.9 | ) | ||||||||||||||
Foreign exchange contracts | 6.5 | (0.9 | ) | 0.2 | Cost of products sold | 3.2 | 1 | (1.9 | ) | Interest expense | (2.9 | ) | (2.5 | ) | (2.0 | ) | |||||||||||||||||||
Net equity hedging relationships | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 20.8 | (13.9 | ) | 18.7 | Other expense | — | — | — | Interest expense | (13.2 | ) | (12.9 | ) | (11.2 | ) | ||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | ' | ||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||
Some fair value measurements, such as those related to foreign currency forward contracts and interest rate swaps, are performed on a recurring basis, while others, such as those related to evaluating goodwill and other intangibles for impairment, are performed on a nonrecurring basis. | |||||||||||||
Description of Assets (in millions) | December 28, 2013 | Quoted Prices in | Significant | ||||||||||
Active Markets | Other | ||||||||||||
for Identical | Observable | ||||||||||||
Assets | Inputs | ||||||||||||
(Level 1) | (Level 2) | ||||||||||||
Foreign currency derivative contracts | $ | 20.3 | $ | — | $ | 20.3 | |||||||
Total | $ | 20.3 | $ | — | $ | 20.3 | |||||||
Description of Liabilities (in millions) | |||||||||||||
Foreign currency derivative contracts | $ | 19.2 | $ | — | $ | 19.2 | |||||||
Total | $ | 19.2 | $ | — | $ | 19.2 | |||||||
Description of Assets (in millions) | December 29, 2012 | Quoted Prices in | Significant | ||||||||||
Active Markets | Other | ||||||||||||
for Identical | Observable | ||||||||||||
Assets | Inputs | ||||||||||||
(Level 1) | (Level 2) | ||||||||||||
Money market funds | $ | 2.1 | $ | 2.1 | $ | — | |||||||
Foreign currency derivative contracts | 13.1 | — | 13.1 | ||||||||||
Total | $ | 15.2 | $ | 2.1 | $ | 13.1 | |||||||
Description of Liabilities (in millions) | |||||||||||||
Foreign currency derivative contracts | $ | 15.7 | $ | — | $ | 15.7 | |||||||
Total | $ | 15.7 | $ | — | $ | 15.7 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
(in millions, net of tax) | Foreign Currency Items | Cash Flow Hedges | Pension and Other Post-retirement Items | Total | ||||||||||||
Balance at December 29, 2012 | $ | (218.2 | ) | $ | (0.2 | ) | $ | (52.9 | ) | $ | (271.3 | ) | ||||
Other comprehensive income (loss) before reclassifications | (64.9 | ) | 4.4 | 10.4 | (50.1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (2.0 | ) | 6.6 | 4.6 | |||||||||||
Net current-period other comprehensive income (loss) | (64.9 | ) | 2.4 | 17 | (45.5 | ) | ||||||||||
Balance at December 28, 2013 | $ | (283.1 | ) | $ | 2.2 | $ | (35.9 | ) | $ | (316.8 | ) | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
For income tax purposes, the domestic and foreign components of income (loss) before taxes were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | (18.9 | ) | $ | (57.5 | ) | $ | (15.2 | ) | |||
Foreign | 379.3 | 330.3 | 310.5 | |||||||||
Total | $ | 360.4 | $ | 272.8 | $ | 295.3 | ||||||
Provision (Benefit) for Income Taxes | ' | |||||||||||
The provision (benefit) for income taxes was as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 2.5 | $ | 19.3 | $ | 4.2 | ||||||
Foreign | 106.3 | 110.3 | 79.4 | |||||||||
State | 0.7 | 0.9 | 1.2 | |||||||||
109.5 | 130.5 | 84.8 | ||||||||||
Deferred: | ||||||||||||
Federal | 4.6 | (50.4 | ) | 0.2 | ||||||||
Foreign | (28.0 | ) | 0.2 | (7.5 | ) | |||||||
State | 0.1 | (0.5 | ) | (0.5 | ) | |||||||
(23.3 | ) | (50.7 | ) | (7.8 | ) | |||||||
Total | $ | 86.2 | $ | 79.8 | $ | 77 | ||||||
Effective Income Tax Provisions Reconciliation | ' | |||||||||||
The differences between the provision for income taxes and income taxes computed using the U.S. federal statutory rate were as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Amount computed using statutory rate | $ | 126.1 | $ | 95.5 | $ | 103.4 | ||||||
Increase (reduction) in taxes resulting from: | ||||||||||||
Net impact from repatriating foreign earnings and direct foreign tax credits | (14.7 | ) | (21.5 | ) | 8.4 | |||||||
Foreign income taxes | (24.8 | ) | (26.4 | ) | (24.1 | ) | ||||||
Impact of non-deductible intangible impairments | — | 23.7 | 12.6 | |||||||||
Impact of non-deductible currency translation losses | — | 5.7 | — | |||||||||
Impact of changes in Mexican legislation and revaluation of tax assets | (6.8 | ) | — | (20.4 | ) | |||||||
Other changes in valuation allowances for deferred tax assets | 4.6 | 2.7 | (0.3 | ) | ||||||||
Foreign and domestic tax audit settlement and adjustments | (1.4 | ) | (2.0 | ) | (3.4 | ) | ||||||
Other | 3.2 | 2.1 | 0.8 | |||||||||
Total | $ | 86.2 | $ | 79.8 | $ | 77 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Deferred tax (liabilities) assets were composed of the following: | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Purchased intangibles | $ | (38.5 | ) | $ | (38.8 | ) | ||||||
Other | (11.5 | ) | (6.6 | ) | ||||||||
Gross deferred tax liabilities | (50.0 | ) | (45.4 | ) | ||||||||
Credit and net operating loss carry forwards (net of unrecognized tax benefits) | 302.9 | 325 | ||||||||||
Employee benefits accruals | 62.4 | 71 | ||||||||||
Deferred costs | 51.7 | 60.1 | ||||||||||
Fixed assets basis differences | 31.2 | 28.2 | ||||||||||
Capitalized intangibles | 29.7 | 26.9 | ||||||||||
Other accruals | 25.7 | 31.6 | ||||||||||
Accounts receivable | 13 | 11.7 | ||||||||||
Postretirement benefits | 11.7 | 12 | ||||||||||
Depreciation | 9.8 | 11.4 | ||||||||||
Inventory | 9.7 | 11.8 | ||||||||||
Gross deferred tax assets | 547.8 | 589.7 | ||||||||||
Valuation allowances | (34.8 | ) | (103.1 | ) | ||||||||
Net deferred tax assets | $ | 463 | $ | 441.2 | ||||||||
Unrecognized Tax Benefits Rollforward | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Balance, beginning of year | $ | 24.9 | $ | 28.6 | $ | 27.3 | ||||||
Additions based on tax positions related to the current year | 6 | 2.1 | 3.5 | |||||||||
Additions for tax positions of prior year | 4.4 | 2.7 | 4.6 | |||||||||
Reduction for tax positions of prior years | (1.9 | ) | (2.6 | ) | (4.7 | ) | ||||||
Settlements | (1.3 | ) | (1.7 | ) | (0.2 | ) | ||||||
Reductions for lapse in statute of limitations | (4.4 | ) | (4.5 | ) | (1.3 | ) | ||||||
Impact of foreign currency rate changes versus the U.S. dollar | (0.3 | ) | 0.3 | (0.6 | ) | |||||||
Balance, end of year | $ | 27.4 | $ | 24.9 | $ | 28.6 | ||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule of Funded Status of Company's Plan | ' | |||||||||||||||||||||||
The funded status of all of the Company's plans was as follows: | ||||||||||||||||||||||||
U.S. plans | Foreign plans | |||||||||||||||||||||||
Pension benefits | Postretirement benefits | Pension benefits | ||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in benefit obligations: | ||||||||||||||||||||||||
Beginning balance | $ | 67.5 | $ | 63.6 | $ | 33.1 | $ | 38.3 | $ | 198.1 | $ | 176 | ||||||||||||
New Plan, beginning balance | — | — | — | — | 3.6 | — | ||||||||||||||||||
Service cost | 0.3 | 0.8 | 0.2 | 0.1 | 11 | 9.1 | ||||||||||||||||||
Interest cost | 2.1 | 2.3 | 1.1 | 1.2 | 6.3 | 6.6 | ||||||||||||||||||
Actuarial (gain) loss | (9.3 | ) | 5 | (3.2 | ) | (4.0 | ) | (1.9 | ) | 20.3 | ||||||||||||||
Benefits paid | (0.8 | ) | (0.8 | ) | (2.2 | ) | (2.5 | ) | (9.6 | ) | (14.2 | ) | ||||||||||||
Impact of exchange rates | — | — | (0.1 | ) | — | (3.7 | ) | 1.9 | ||||||||||||||||
Plan participant contributions | — | — | — | — | 0.7 | 2.1 | ||||||||||||||||||
Settlements/Curtailments | (3.9 | ) | (3.4 | ) | — | — | (14.1 | ) | (3.7 | ) | ||||||||||||||
Ending balance | $ | 55.9 | $ | 67.5 | $ | 28.9 | $ | 33.1 | $ | 190.4 | $ | 198.1 | ||||||||||||
Change in plan assets at fair value: | ||||||||||||||||||||||||
Beginning balance | $ | 31.7 | $ | 29.8 | $ | — | $ | — | $ | 86.6 | $ | 80.8 | ||||||||||||
Actual return on plan assets | 4.8 | 4.4 | — | — | 7.4 | 5.1 | ||||||||||||||||||
Company contributions | 0.8 | 2.1 | 2.2 | 2.5 | 13.5 | 14.8 | ||||||||||||||||||
Plan participant contributions | — | — | — | — | 1.3 | 2.3 | ||||||||||||||||||
Benefits and expenses paid | (1.1 | ) | (1.2 | ) | (2.2 | ) | (2.5 | ) | (10.0 | ) | (14.1 | ) | ||||||||||||
Impact of exchange rates | — | — | — | — | (2.1 | ) | 0.4 | |||||||||||||||||
Settlements | (3.9 | ) | (3.4 | ) | — | — | (14.1 | ) | (2.7 | ) | ||||||||||||||
Ending balance | $ | 32.3 | $ | 31.7 | $ | — | $ | — | $ | 82.6 | $ | 86.6 | ||||||||||||
Funded status of plans | $ | (23.6 | ) | $ | (35.8 | ) | $ | (28.9 | ) | $ | (33.1 | ) | $ | (107.8 | ) | $ | (111.5 | ) | ||||||
Schedule of Amounts Recognized in Balance Sheet | ' | |||||||||||||||||||||||
Amounts recognized in the balance sheet consisted of: | ||||||||||||||||||||||||
(In millions) | December 28, | December 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Accrued benefit liability | $ | (160.3 | ) | $ | (180.4 | ) | ||||||||||||||||||
Accumulated other comprehensive loss (pretax) | 49.3 | 75.6 | ||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | ' | |||||||||||||||||||||||
Items not yet recognized as a component of pension expense as of December 28, 2013 and December 29, 2012 consisted of: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In millions) | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Transition obligation | $ | 0.3 | $ | — | $ | 0.4 | $ | — | ||||||||||||||||
Prior service cost (benefit) | 3.9 | (4.6 | ) | (0.1 | ) | (5.3 | ) | |||||||||||||||||
Net actuarial loss | 45.6 | 4.1 | 73 | 7.6 | ||||||||||||||||||||
Accumulated other comprehensive loss (pretax) | $ | 49.8 | $ | (0.5 | ) | $ | 73.3 | $ | 2.3 | |||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Components of other comprehensive income (loss) for the years ended December 28, 2013 and December 29, 2012 consisted of the following: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In millions) | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Transition obligation | $ | (0.1 | ) | $ | — | $ | — | $ | — | |||||||||||||||
Net prior service cost | 3.7 | 0.7 | 1.1 | 0.7 | ||||||||||||||||||||
Net actuarial (gain) loss | (26.1 | ) | (3.5 | ) | 13.1 | (4.4 | ) | |||||||||||||||||
Impact of exchange rates | (1.0 | ) | — | — | — | |||||||||||||||||||
Other comprehensive income (gain) loss | $ | (23.5 | ) | $ | (2.8 | ) | $ | 14.2 | $ | (3.7 | ) | |||||||||||||
Components of Net Periodic Benefit Cost and Weighted Average Assumptions | ' | |||||||||||||||||||||||
The costs associated with all of the Company's plans were as follows: | ||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||
Service cost and expenses | $ | 11.5 | $ | 9.9 | $ | 10.3 | $ | 0.2 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 8.4 | 8.9 | 9.9 | 1.1 | 1.2 | 1.7 | ||||||||||||||||||
Return on plan assets | (5.7 | ) | (5.6 | ) | (5.5 | ) | — | — | — | |||||||||||||||
Settlement/Curtailment | 4 | 1.7 | 2.8 | — | — | — | ||||||||||||||||||
Employee contributions | (0.3 | ) | (0.3 | ) | (0.3 | ) | — | — | — | |||||||||||||||
Net deferral | 5 | 4.3 | 3.9 | (0.4 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||
Net periodic benefit cost | $ | 22.9 | $ | 18.9 | $ | 21.1 | $ | 0.9 | $ | 0.9 | $ | 1.4 | ||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||
Discount rate, net periodic benefit cost | 3.3 | % | 3.7 | % | 4.7 | % | 3.5 | % | 4 | % | 5 | % | ||||||||||||
Discount rate, benefit obligations | 4 | 3.3 | 3.7 | 4.5 | 3.5 | 4 | ||||||||||||||||||
Return on plan assets | 8.3 | 8.3 | 8.3 | n/a | n/a | n/a | ||||||||||||||||||
Salary growth rate, net periodic benefit cost | 3 | 3 | 5 | n/a | n/a | n/a | ||||||||||||||||||
Salary growth rate, benefit obligations | 3 | 3 | 3 | n/a | n/a | n/a | ||||||||||||||||||
Foreign plans | ||||||||||||||||||||||||
Discount rate | 3.5 | % | 3.3 | % | 3.9 | % | n/a | n/a | n/a | |||||||||||||||
Return on plan assets | 4.4 | 4.1 | 4.1 | n/a | n/a | n/a | ||||||||||||||||||
Salary growth rate | 3.3 | 3.1 | 3.1 | n/a | n/a | n/a | ||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
A one percentage point change in the assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||
One percentage point | ||||||||||||||||||||||||
(In millions) | Increase | Decrease | ||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.1 | $ | (0.1 | ) | |||||||||||||||||||
Effect on post-retirement benefit obligation | 2.1 | (1.8 | ) | |||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||
The Company's weighted-average asset allocations at December 28, 2013 and December 29, 2012, by asset category, were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Asset Category | U.S. plans | Foreign plans | U.S. plans | Foreign plans | ||||||||||||||||||||
Equity securities | 64 | % | 37 | % | 62 | % | 29 | % | ||||||||||||||||
Fixed income securities | 36 | 15 | 37 | 12 | ||||||||||||||||||||
Cash and money market investments | — | 3 | 1 | 7 | ||||||||||||||||||||
Guaranteed contracts | — | 44 | — | 51 | ||||||||||||||||||||
Other | — | 1 | — | 1 | ||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||
The fair value of the Company's pension plan assets at December 28, 2013 by asset category is as follows: | ||||||||||||||||||||||||
Description of Assets (in millions) | December 28, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Domestic plans: | ||||||||||||||||||||||||
Common/collective trust (a) | $ | 32.3 | $ | — | $ | 32.3 | $ | — | ||||||||||||||||
Foreign plans: | ||||||||||||||||||||||||
Australia | Investment fund (b) | 5.7 | — | 5.7 | — | |||||||||||||||||||
Switzerland | Guaranteed insurance contract (c) | 27 | — | — | 27 | |||||||||||||||||||
Germany | Guaranteed insurance contract (c) | 6 | — | — | 6 | |||||||||||||||||||
Belgium | Mutual fund (d) | 23.6 | 23.6 | — | — | |||||||||||||||||||
Austria | Guaranteed insurance contract (c) | 0.5 | — | — | 0.5 | |||||||||||||||||||
Korea | Guaranteed insurance contract (c) | 2.9 | — | — | 2.9 | |||||||||||||||||||
Japan | Common/collective trust (e) | 12.5 | — | 12.5 | — | |||||||||||||||||||
Philippines | Fixed income securities (f) | 2.3 | 2.3 | — | — | |||||||||||||||||||
Equity fund (f) | 2.1 | 2.1 | — | — | ||||||||||||||||||||
Total | $ | 114.9 | $ | 28 | $ | 50.5 | $ | 36.4 | ||||||||||||||||
The fair value of the Company's pension plan assets at December 29, 2012 by asset category is as follows: | ||||||||||||||||||||||||
Description of Assets (in millions) | December 29, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Domestic plans: | ||||||||||||||||||||||||
Common/collective trust (a) | $ | 31.7 | $ | — | $ | 31.7 | $ | — | ||||||||||||||||
Foreign plans: | ||||||||||||||||||||||||
Australia | Investment fund (b) | 5.6 | — | 5.6 | — | |||||||||||||||||||
Switzerland | Guaranteed insurance contract (c) | 35.2 | — | — | 35.2 | |||||||||||||||||||
Germany | Guaranteed insurance contract (c) | 5.6 | — | — | 5.6 | |||||||||||||||||||
Belgium | Mutual funds (d) | 19.9 | 19.9 | — | — | |||||||||||||||||||
Austria | Guaranteed insurance contract (c) | 0.5 | — | — | 0.5 | |||||||||||||||||||
Korea | Guaranteed insurance contract (c) | 3.1 | — | — | 3.1 | |||||||||||||||||||
Japan | Common/collective trust (e) | 7.3 | — | 7.3 | — | |||||||||||||||||||
Money market fund (e) | 4.8 | 4.8 | — | — | ||||||||||||||||||||
Philippines | Fixed income securities (f) | 2.6 | 2.6 | — | — | |||||||||||||||||||
Equity fund (f) | 2 | 2 | — | — | ||||||||||||||||||||
Total | $ | 118.3 | $ | 29.3 | $ | 44.6 | $ | 44.4 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||
(a) | The investment strategy of the U.S. pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60 percent in equity securities and 40 percent in fixed income securities for both periods. As of each of the years ended December 28, 2013 and December 29, 2012, the common trusts held 64 and 62 percent of its assets in equity securities, 36 and 37 percent in fixed income securities, respectively, and in 2012 the remaining amounts in cash and money markets. The percentage of funds invested in equity securities at the end of 2013 and 2012, included: 33 and 32 percent in large U.S. stocks, 21 and 20 percent small U.S. stocks, respectively, and 10 percent in international stocks in both years. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. | |||||||||||||||||||||||
(b) | For each period presented, the strategy of this fund is to achieve a long-term net return of at least 4 percent above inflation based on the Australian consumer price index over a rolling 5 year period. The investment strategy is to invest mainly in equities and property, which were expected to earn relatively higher returns over the long term. The fair value of the fund was determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 28, 2013 and December 29, 2012, the percentage of funds held in investments included: Australian equities of 31 and 34 percent, government and corporate bonds of 11 percent in each year and cash of 9 and 7 percent, respectively, and other equities of listed companies outside of Australia of 40 and 38 percent, and real estate of 9 and 10 percent. | |||||||||||||||||||||||
(c) | The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. | |||||||||||||||||||||||
(d) | The strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62 percent in equity securities and 38 percent in fixed income securities. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 28, 2013 and December 29, 2012, the percentage of funds held various asset classes included: large-cap equities of European companies of 30 and 34 percent, small-cap equities of European companies of 19 and 18 percent, respectively, equities outside of Europe, mainly in the U.S. and emerging markets, 10 and 11 percent, respectively, and the remaining amount in bonds, primarily from European and U.S. governments, of 41 and 37 percent, respectively. | |||||||||||||||||||||||
(e) | The Company's strategy for each period presented is to invest approximately 62 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 38 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 52 percent equities in Japanese listed securities, 10 percent in equities outside of Japan and 38 percent in cash and other short-term investments. This strategy has been achieved through a collective trust that held 100 percent of total funded assets as of December 28, 2013 and December 29, 2012. As of the end of 2013 and 2012, the allocation of funds within the common collective trust included: 52 percent and 54 percent in Japanese equities and 8 percent and 7 percent in equities of companies based outside of Japan, in 2013 and 2012, respectively. The remaining amounts were invested in cash and other short-term investments. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. | |||||||||||||||||||||||
(f) | In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57 percent in equity securities, 38 percent fixed income securities and 5 percent in cash and deposits. The fixed income securities at year end included assets valued using quoted bid prices on similarly termed government securities, as well as balances invested in short term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded. | |||||||||||||||||||||||
Schedule of Reconciliation of Fair Value Measurements in Level 3 | ' | |||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): | ||||||||||||||||||||||||
Year Ending | ||||||||||||||||||||||||
December 28, | December 29, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 44.4 | $ | 42.8 | ||||||||||||||||||||
Realized gains | 1.2 | 0.8 | ||||||||||||||||||||||
Purchases, sales and settlements, net | (9.9 | ) | (0.1 | ) | ||||||||||||||||||||
Impact of exchange rates | 0.7 | 0.9 | ||||||||||||||||||||||
Ending balance | $ | 36.4 | $ | 44.4 | ||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the Company's U.S. and foreign plans: | ||||||||||||||||||||||||
Years | Pension benefits | Postretirement benefits | Subsidy receipts | Total | ||||||||||||||||||||
2014 | $14.90 | $2.80 | $0.40 | $17.30 | ||||||||||||||||||||
2015 | 19.4 | 2.9 | 0.4 | 21.9 | ||||||||||||||||||||
2016 | 13.8 | 2.8 | 0.4 | 16.2 | ||||||||||||||||||||
2017 | 27.3 | 2.8 | 0.4 | 29.7 | ||||||||||||||||||||
2018 | 14 | 2.7 | 0.4 | 16.3 | ||||||||||||||||||||
2019-2023 | 81.4 | 12.3 | 1.7 | 92 | ||||||||||||||||||||
Incentive_Compensation_Plans_T
Incentive Compensation Plans (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Stock option valuation assumptions | ' | ||||||||||
The fair value of the Company's stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used in the last three years: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Dividend yield | 2.9 | % | 2.5 | % | 2.1 | % | |||||
Expected volatility | 41 | % | 39 | % | 40 | % | |||||
Risk-free interest rate | 2 | % | 1.2 | % | 1.6 | % | |||||
Expected life | 7 years | 8 years | 8 years | ||||||||
Stock option activity | ' | ||||||||||
Stock option activity for 2013, under all of the Company's incentive plans, is summarized in the following table: | |||||||||||
Stock options | Shares subject | Weighted | Aggregate Intrinsic Value (in millions) | ||||||||
to option | average exercise | ||||||||||
price per share | |||||||||||
Outstanding at December 29, 2012 | 2,935,919 | $37.15 | |||||||||
Granted | 210,034 | 85.89 | |||||||||
Expired/Forfeited | (32,585 | ) | 58.08 | ||||||||
Exercised | (753,093 | ) | 27.87 | ||||||||
Outstanding at December 28, 2013 | 2,360,275 | $44.16 | $119.80 | ||||||||
Exercisable at December 28, 2013 | 1,792,319 | $36.25 | $105.10 | ||||||||
Schedule of restricted stock, restricted stock units, and performance share award activity | ' | ||||||||||
Restricted stock, restricted stock units, and performance share award activity for 2013 under all of the Company's incentive plans is summarized in the following table: | |||||||||||
Non-vested Shares | Weighted average | ||||||||||
outstanding | grant date fair value | ||||||||||
Outstanding at December 29, 2012 | 800,041 | $43.01 | |||||||||
Granted | 225,419 | 82.62 | |||||||||
Performance share adjustments | 13,365 | 64.44 | |||||||||
Vested | (182,860 | ) | 50.21 | ||||||||
Forfeited | (42,233 | ) | 55.81 | ||||||||
Outstanding at December 28, 2013 | 813,732 | $51.92 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Segment Reporting Information | ' | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Depreciation and amortization: | ||||||||||||
Europe | $ | 20.8 | $ | 20.7 | $ | 21.3 | ||||||
Asia Pacific | 10.5 | 10.1 | 9.2 | |||||||||
Tupperware North America | 8.4 | 7.6 | 8.4 | |||||||||
Beauty North America | 7.5 | 5.2 | 6.4 | |||||||||
South America | 2.8 | 2.1 | 2.1 | |||||||||
Corporate | 4.8 | 3.9 | 2.4 | |||||||||
Total depreciation and amortization | $ | 54.8 | $ | 49.6 | $ | 49.8 | ||||||
Capital expenditures: | ||||||||||||
Europe | $ | 19.5 | $ | 24.7 | $ | 34.4 | ||||||
Asia Pacific | 18.8 | 23.3 | 11.6 | |||||||||
Tupperware North America | 10.7 | 10.1 | 9.4 | |||||||||
Beauty North America | 3.7 | 3.8 | 3.9 | |||||||||
South America | 12.9 | 11.8 | 6.4 | |||||||||
Corporate | 3.4 | 1.9 | 8.2 | |||||||||
Total capital expenditures | $ | 69 | $ | 75.6 | $ | 73.9 | ||||||
Identifiable assets: | ||||||||||||
Europe | $ | 367.4 | $ | 385.4 | $ | 395.9 | ||||||
Asia Pacific | 308.6 | 331.3 | 331.9 | |||||||||
Tupperware North America | 148.4 | 140 | 143.8 | |||||||||
Beauty North America | 356.7 | 320.3 | 337.4 | |||||||||
South America | 127.6 | 114.9 | 105.4 | |||||||||
Corporate | 535.2 | 529.9 | 508.2 | |||||||||
Total identifiable assets | $ | 1,843.90 | $ | 1,821.80 | $ | 1,822.60 | ||||||
____________________ | ||||||||||||
a. | The re-engineering and impairment charges line includes severance expenses and other exit costs. See Note 2 to the Consolidated Financial Statements. | |||||||||||
b. | Reviews of the value of the intangible assets related to the acquisition of the Sara Lee direct-to-consumer units acquired in 2005 and BeautiControl acquired in 2000, resulted in the conclusion that certain of the tradenames and goodwill had been impaired in 2012 and 2011. This resulted in charges of $76.9 million related to BeautiControl, NaturCare and Nutrimetics in 2012 and $36.1 million related to Nutrimetics in 2011. There were no such impairments in 2013. | |||||||||||
c. | Gains on disposal of assets in 2013 primarily related to the collection of proceeds on land sold in 2006. In 2012, this caption included $7.5 million from the sale of a facility in Belgium, $0.2 million from insurance proceeds due to a flood in Venezuela and $0.2 million from equipment sales. In 2011, the Company recorded a pretax gain from insurance proceeds of $3.0 million, net of cost, related to a flood in Australia, as well as $0.7 million related to the sale of land held for development near the Company's Orlando, Florida headquarters. | |||||||||||
d. | In 2011, the Company recorded $19.8 million in interest expense related to the impairment of interest rate swaps and the write off of deferred debt costs in conjunction with the early extinguishment of debt. |
Allowance_for_LongTerm_Receiva1
Allowance for Long-Term Receivables (Tables) | 12 Months Ended | |||
Dec. 28, 2013 | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | |||
Allowance for Credit Losses on Financing Receivables Table | ' | |||
The balance of the allowance for long-term receivables as of December 28, 2013 was as follows (in millions): | ||||
Balance at December 29, 2012 | $ | 22.4 | ||
Write-offs | (4.1 | ) | ||
Provision (a) | 2.4 | |||
Currency translation adjustment | (0.2 | ) | ||
Balance at December 28, 2013 | $ | 20.5 | ||
____________________ | ||||
(a) Provision includes $1.5 million of reclassifications from current receivables. |
Guarantor_Information_Tables
Guarantor Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.1 | $ | 127.2 | $ | — | $ | 127.3 | ||||||||||||||||||||||||||
Accounts receivable, net | — | — | 168.8 | — | 168.8 | |||||||||||||||||||||||||||||||
Inventories | — | — | 313.4 | — | 313.4 | |||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 4.7 | 39.3 | 52.4 | — | 96.4 | |||||||||||||||||||||||||||||||
Non-trade amounts receivable, net | 0.2 | 11.9 | 38 | — | 50.1 | |||||||||||||||||||||||||||||||
Intercompany receivables | 12 | 447 | 467.3 | (926.3 | ) | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1.7 | 78.6 | 64.4 | (121.7 | ) | 23 | ||||||||||||||||||||||||||||||
Total current assets | 18.6 | 576.9 | 1,231.50 | (1,048.0 | ) | 779 | ||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 86.2 | 191.1 | 120.6 | — | 397.9 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 38.6 | 262.3 | — | 300.9 | |||||||||||||||||||||||||||||||
Long-term receivables, net | — | 0.1 | 23 | — | 23.1 | |||||||||||||||||||||||||||||||
Trademarks and tradenames | — | — | 125.7 | — | 125.7 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 3.2 | — | 3.2 | |||||||||||||||||||||||||||||||
Goodwill | — | 2.9 | 178.6 | — | 181.5 | |||||||||||||||||||||||||||||||
Investments in subsidiaries | 1,679.90 | 2,333.20 | — | (4,013.1 | ) | — | ||||||||||||||||||||||||||||||
Intercompany notes receivable | 53.7 | 585.8 | 1,841.90 | (2,481.4 | ) | — | ||||||||||||||||||||||||||||||
Other assets, net | 5.1 | 8.1 | 36.4 | (17.0 | ) | 32.6 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,843.50 | $ | 3,736.70 | $ | 3,823.20 | $ | (7,559.5 | ) | $ | 1,843.90 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 0.2 | $ | 3.7 | $ | 145.8 | $ | — | $ | 149.7 | ||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 121 | — | 114.4 | — | 235.4 | |||||||||||||||||||||||||||||||
Intercompany payables | 412.1 | 466.9 | 47.3 | (926.3 | ) | — | ||||||||||||||||||||||||||||||
Accrued liabilities | 80.5 | 61.8 | 331.8 | (121.7 | ) | 352.4 | ||||||||||||||||||||||||||||||
Total current liabilities | 613.8 | 532.4 | 639.3 | (1,048.0 | ) | 737.5 | ||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | 602.6 | — | 17.3 | — | 619.9 | |||||||||||||||||||||||||||||||
Intercompany notes payable | 349.7 | 1,492.20 | 639.5 | (2,481.4 | ) | — | ||||||||||||||||||||||||||||||
Other liabilities | 24.5 | 31.5 | 194.6 | (17.0 | ) | 233.6 | ||||||||||||||||||||||||||||||
Shareholders' equity | 252.9 | 1,680.60 | 2,332.50 | (4,013.1 | ) | 252.9 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,843.50 | $ | 3,736.70 | $ | 3,823.20 | $ | (7,559.5 | ) | $ | 1,843.90 | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||
December 29, 2012 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.2 | $ | 119.6 | $ | — | $ | 119.8 | ||||||||||||||||||||||||||
Accounts receivable, net | — | — | 173.4 | — | 173.4 | |||||||||||||||||||||||||||||||
Inventories | — | — | 313.9 | — | 313.9 | |||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 4.8 | 46.8 | 43.3 | — | 94.9 | |||||||||||||||||||||||||||||||
Non-trade amounts receivable, net | — | 3.2 | 35.8 | — | 39 | |||||||||||||||||||||||||||||||
Intercompany receivables | 152 | 378 | 415.4 | (945.4 | ) | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1.4 | 65.8 | 111 | (152.7 | ) | 25.5 | ||||||||||||||||||||||||||||||
Total current assets | 158.2 | 494 | 1,212.40 | (1,098.1 | ) | 766.5 | ||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 82.9 | 174.2 | 102 | — | 359.1 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 32.4 | 266.4 | — | 298.8 | |||||||||||||||||||||||||||||||
Long-term receivables, net | — | 0.1 | 24.7 | — | 24.8 | |||||||||||||||||||||||||||||||
Trademarks and tradenames | — | — | 138.4 | — | 138.4 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 5 | — | 5 | |||||||||||||||||||||||||||||||
Goodwill | — | 2.9 | 190 | — | 192.9 | |||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,417.00 | 2,195.00 | — | (3,612.0 | ) | — | ||||||||||||||||||||||||||||||
Intercompany notes receivable | 81.5 | 578.2 | 1,677.40 | (2,337.1 | ) | — | ||||||||||||||||||||||||||||||
Other assets, net | 4.5 | 7.9 | 86.2 | (62.3 | ) | 36.3 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,744.10 | $ | 3,484.70 | $ | 3,702.50 | $ | (7,109.5 | ) | $ | 1,821.80 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2.6 | $ | 152.2 | $ | — | $ | 154.8 | ||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 37 | — | 166.4 | — | 203.4 | |||||||||||||||||||||||||||||||
Intercompany payables | 343.4 | 556.3 | 45.7 | (945.4 | ) | — | ||||||||||||||||||||||||||||||
Accrued liabilities | 116.4 | 96.7 | 275.9 | (152.7 | ) | 336.3 | ||||||||||||||||||||||||||||||
Total current liabilities | 496.8 | 655.6 | 640.2 | (1,098.1 | ) | 694.5 | ||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | 396.4 | — | 18 | — | 414.4 | |||||||||||||||||||||||||||||||
Intercompany notes payable | 346.9 | 1,330.50 | 659.7 | (2,337.1 | ) | — | ||||||||||||||||||||||||||||||
Other liabilities | 24.9 | 77.3 | 193.9 | (62.3 | ) | 233.8 | ||||||||||||||||||||||||||||||
Shareholders' equity | 479.1 | 1,421.30 | 2,190.70 | (3,612.0 | ) | 479.1 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,744.10 | $ | 3,484.70 | $ | 3,702.50 | $ | (7,109.5 | ) | $ | 1,821.80 | |||||||||||||||||||||||||
Consolidating Statement of Income | ' | |||||||||||||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,679.00 | $ | (7.4 | ) | $ | 2,671.60 | |||||||||||||||||||||||||
Other revenue | — | 124.6 | 18.3 | (142.9 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 18.3 | 1,012.30 | (140.8 | ) | 889.8 | ||||||||||||||||||||||||||||||
Gross margin | — | 106.3 | 1,685.00 | (9.5 | ) | 1,781.80 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 20.8 | 72 | 1,286.40 | (9.5 | ) | 1,369.70 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 9.3 | — | 9.3 | |||||||||||||||||||||||||||||||
Gains on disposal of assets including insurance recoveries, net | — | — | 0.7 | — | 0.7 | |||||||||||||||||||||||||||||||
Operating income (loss) | (20.8 | ) | 34.3 | 390 | — | 403.5 | ||||||||||||||||||||||||||||||
Interest income | 0.4 | 30.9 | 7.4 | (36.1 | ) | 2.6 | ||||||||||||||||||||||||||||||
Interest expense | 33.8 | 19.8 | 22.7 | (36.1 | ) | 40.2 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 308.9 | 280.9 | — | (589.8 | ) | — | ||||||||||||||||||||||||||||||
Other expense (income) | — | (0.1 | ) | 5.6 | — | 5.5 | ||||||||||||||||||||||||||||||
Income before income taxes | 254.7 | 326.4 | 369.1 | (589.8 | ) | 360.4 | ||||||||||||||||||||||||||||||
Provision for income taxes | (19.5 | ) | 18.7 | 87 | — | 86.2 | ||||||||||||||||||||||||||||||
Net income | $ | 274.2 | $ | 307.7 | $ | 282.1 | $ | (589.8 | ) | $ | 274.2 | |||||||||||||||||||||||||
Comprehensive income | $ | 228.7 | $ | 262.7 | $ | 249.4 | $ | (512.1 | ) | $ | 228.7 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
December 29, 2012 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,591.30 | $ | (7.5 | ) | $ | 2,583.80 | |||||||||||||||||||||||||
Other revenue | — | 128.2 | 30.8 | (159.0 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 30.9 | 992 | (166.5 | ) | 856.4 | ||||||||||||||||||||||||||||||
Gross margin | — | 97.3 | 1,630.10 | — | 1,727.40 | |||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 21.7 | 55.4 | 1,252.40 | — | 1,329.50 | |||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 22.4 | — | 22.4 | |||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 76.9 | — | 76.9 | |||||||||||||||||||||||||||||||
Gains on disposal of assets including insurance recoveries, net | — | 0.5 | 7.4 | — | 7.9 | |||||||||||||||||||||||||||||||
Operating income (loss) | (21.7 | ) | 42.4 | 285.8 | — | 306.5 | ||||||||||||||||||||||||||||||
Interest income | 1.6 | 30.9 | 4.9 | (34.9 | ) | 2.5 | ||||||||||||||||||||||||||||||
Interest expense | 28.1 | 20.4 | 21.3 | (34.9 | ) | 34.9 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 223.8 | 180.8 | — | (404.6 | ) | — | ||||||||||||||||||||||||||||||
Other expense (income) | — | 1 | 0.3 | — | 1.3 | |||||||||||||||||||||||||||||||
Income before income taxes | 175.6 | 232.7 | 269.1 | (404.6 | ) | 272.8 | ||||||||||||||||||||||||||||||
Provision for income taxes | (17.4 | ) | 11.2 | 86 | 79.8 | |||||||||||||||||||||||||||||||
Net income | $ | 193 | $ | 221.5 | $ | 183.1 | $ | (404.6 | ) | $ | 193 | |||||||||||||||||||||||||
Comprehensive income | $ | 217.2 | $ | 248.8 | $ | 178.6 | $ | (427.4 | ) | $ | 217.2 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,591.10 | $ | (6.1 | ) | $ | 2,585.00 | |||||||||||||||||||||||||
Other revenue | — | 101.9 | 12.3 | (114.2 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 12.4 | 970.4 | (120.3 | ) | 862.5 | ||||||||||||||||||||||||||||||
Gross margin | — | 89.5 | 1,633.00 | — | 1,722.50 | |||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 20.9 | 42.9 | 1,276.20 | — | 1,340.00 | |||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 7.9 | — | 7.9 | |||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 36.1 | — | 36.1 | |||||||||||||||||||||||||||||||
Gains on disposal of assets including insurance recoveries, net | — | 3 | 0.8 | — | 3.8 | |||||||||||||||||||||||||||||||
Operating income (loss) | (20.9 | ) | 49.6 | 313.6 | — | 342.3 | ||||||||||||||||||||||||||||||
Interest income | 2 | 33.1 | 10.5 | (42.4 | ) | 3.2 | ||||||||||||||||||||||||||||||
Interest expense | 46.9 | 15 | 29.5 | (42.4 | ) | 49 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 260.5 | 222.9 | — | (483.4 | ) | — | ||||||||||||||||||||||||||||||
Other expense (income) | 0.1 | — | 1.1 | — | 1.2 | |||||||||||||||||||||||||||||||
Income before income taxes | 194.6 | 290.6 | 293.5 | (483.4 | ) | 295.3 | ||||||||||||||||||||||||||||||
Provision for income taxes | (23.7 | ) | 35.6 | 65.1 | — | 77 | ||||||||||||||||||||||||||||||
Net income | $ | 218.3 | $ | 255 | $ | 228.4 | $ | (483.4 | ) | $ | 218.3 | |||||||||||||||||||||||||
Comprehensive income | $ | 169.3 | $ | 187.9 | $ | 194 | $ | (381.9 | ) | $ | 169.3 | |||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (66.7 | ) | $ | 53.7 | $ | 410.9 | $ | (74.4 | ) | $ | 323.5 | ||||||||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (14.2 | ) | (54.8 | ) | — | (69.0 | ) | ||||||||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 8.9 | — | 8.9 | |||||||||||||||||||||||||||||||
Net intercompany loans | 27.9 | (223.9 | ) | (193.3 | ) | 389.3 | — | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 27.9 | (238.1 | ) | (239.2 | ) | 389.3 | (60.1 | ) | ||||||||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (116.8 | ) | — | — | — | (116.8 | ) | |||||||||||||||||||||||||||||
Dividend payments to parent | — | — | (94.9 | ) | 94.9 | — | ||||||||||||||||||||||||||||||
Net proceeds from issuance of senior notes | 200 | — | — | — | 200 | |||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 21 | — | — | — | 21 | |||||||||||||||||||||||||||||||
Repurchase of common stock | (379.4 | ) | — | — | — | (379.4 | ) | |||||||||||||||||||||||||||||
Repayment of long-term debt and capital lease obligations | — | — | (2.5 | ) | — | (2.5 | ) | |||||||||||||||||||||||||||||
Net change in short-term debt | 84 | — | (56.2 | ) | — | 27.8 | ||||||||||||||||||||||||||||||
Debt issuance costs | (2.2 | ) | — | — | — | (2.2 | ) | |||||||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 14.5 | — | — | — | 14.5 | |||||||||||||||||||||||||||||||
Net intercompany borrowings | 217.7 | 184.3 | 7.8 | (409.8 | ) | — | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 38.8 | 184.3 | (145.8 | ) | (314.9 | ) | (237.6 | ) | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (18.3 | ) | — | (18.3 | ) | |||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (0.1 | ) | 7.6 | — | 7.5 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | 0.2 | 119.6 | — | 119.8 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 0.1 | $ | 127.2 | $ | — | $ | 127.3 | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
Year Ended December 29, 2012 | ||||||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||||||||||||||||||||
(In millions) | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | ||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (644.0 | ) | $ | 639.8 | $ | 942 | $ | 97.5 | $ | 158.5 | $ | 404 | $ | (157.8 | ) | $ | (842.6 | ) | $ | 298.7 | |||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (10.6 | ) | (10.6 | ) | (65.0 | ) | (65.0 | ) | — | — | (75.6 | ) | ||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 0.3 | 0.3 | 10.5 | 10.5 | — | — | 10.8 | |||||||||||||||||||||||||||
Return of capital | 854.9 | 854.9 | — | — | — | — | (854.9 | ) | (854.9 | ) | — | |||||||||||||||||||||||||
Net intercompany loans | — | 6.9 | — | 1,327.90 | — | (247.2 | ) | — | (1,087.6 | ) | — | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 854.9 | 861.8 | (10.3 | ) | 1,317.60 | (54.5 | ) | (301.7 | ) | (854.9 | ) | (1,942.5 | ) | (64.8 | ) | |||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (77.6 | ) | (77.6 | ) | — | — | — | — | — | — | (77.6 | ) | ||||||||||||||||||||||||
Dividend payments to parent | — | — | — | (686.2 | ) | (131.7 | ) | (131.7 | ) | 131.7 | 817.9 | — | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 12.9 | 12.9 | — | — | — | — | — | — | 12.9 | |||||||||||||||||||||||||||
Repurchase of common stock | (205.0 | ) | (205.0 | ) | — | — | — | — | — | — | (205.0 | ) | ||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | — | — | (2.3 | ) | (2.3 | ) | — | — | (2.3 | ) | ||||||||||||||||||||||||
Net change in short-term debt | 37 | 37 | — | — | (31.0 | ) | (31.0 | ) | — | — | 6 | |||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 13.5 | 13.5 | — | — | — | — | — | — | 13.5 | |||||||||||||||||||||||||||
Net intercompany borrowings | 8.3 | (1,282.4 | ) | (79.3 | ) | 123.5 | 44.9 | 46.6 | 26.1 | 1,112.30 | — | |||||||||||||||||||||||||
Return of capital to parent | — | — | (854.9 | ) | (854.9 | ) | — | — | 854.9 | 854.9 | — | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (210.9 | ) | (1,501.6 | ) | (934.2 | ) | (1,417.6 | ) | (120.1 | ) | (118.4 | ) | 1,012.70 | 2,785.10 | (252.5 | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 0.8 | 0.8 | (0.6 | ) | (0.6 | ) | — | — | 0.2 | |||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (1.7 | ) | (1.7 | ) | (16.7 | ) | (16.7 | ) | — | — | (18.4 | ) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 1.9 | 1.9 | 136.3 | 136.3 | — | — | 138.2 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 0.2 | $ | 0.2 | $ | 119.6 | $ | 119.6 | $ | — | $ | — | $ | 119.8 | ||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||||||||||||||||||||
(In millions) | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | Previously Reported | As Revised | ||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 360.4 | $ | (47.1 | ) | $ | (232.0 | ) | $ | 220.3 | $ | 129.5 | $ | 77.3 | $ | 16.8 | $ | 24.2 | $ | 274.7 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (12.7 | ) | (12.7 | ) | (61.2 | ) | (61.2 | ) | — | — | (73.9 | ) | ||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | — | — | 5 | 5 | — | — | 5 | |||||||||||||||||||||||||||
Net intercompany loans | — | 142.9 | — | (444.6 | ) | — | (206.6 | ) | — | 508.3 | — | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 142.9 | (12.7 | ) | (457.3 | ) | (56.2 | ) | (262.8 | ) | — | 508.3 | (68.9 | ) | ||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (73.8 | ) | (73.8 | ) | — | — | — | — | — | — | (73.8 | ) | ||||||||||||||||||||||||
Dividend payments to parent | — | — | — | — | (12.0 | ) | (12.0 | ) | 12 | 12 | — | |||||||||||||||||||||||||
Net proceeds from issuance of senior notes | 393.3 | 393.3 | — | — | — | — | — | — | 393.3 | |||||||||||||||||||||||||||
Proceeds from exercise of stock options | 16.1 | 16.1 | — | — | — | — | — | — | 16.1 | |||||||||||||||||||||||||||
Repurchase of common stock | (428.6 | ) | (428.6 | ) | — | — | — | — | — | — | (428.6 | ) | ||||||||||||||||||||||||
Repayment of long-term debt and capital lease obligations | (405.0 | ) | (405.0 | ) | — | — | (2.4 | ) | (2.4 | ) | — | — | (407.4 | ) | ||||||||||||||||||||||
Net change in short-term debt | 0.2 | 0.2 | — | — | 193.3 | 193.3 | — | — | 193.5 | |||||||||||||||||||||||||||
Debt issuance costs | (3.0 | ) | (3.0 | ) | — | — | — | — | — | — | (3.0 | ) | ||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 9 | 9 | — | — | — | — | — | — | 9 | |||||||||||||||||||||||||||
Net intercompany borrowings | 111.4 | 376 | 195.8 | 188.1 | (278.4 | ) | (19.6 | ) | (28.8 | ) | (544.5 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | (380.4 | ) | (115.8 | ) | 195.8 | 188.1 | (99.5 | ) | 159.3 | (16.8 | ) | (532.5 | ) | (300.9 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1.4 | ) | (1.4 | ) | (14.0 | ) | (14.0 | ) | — | — | (15.4 | ) | ||||||||||||||||||||||
Net change in cash and cash equivalents | (20.0 | ) | (20.0 | ) | (50.3 | ) | (50.3 | ) | (40.2 | ) | (40.2 | ) | — | — | (110.5 | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | 20 | 20 | 52.2 | 52.2 | 176.5 | 176.5 | — | — | 248.7 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 1.9 | $ | 1.9 | $ | 136.3 | $ | 136.3 | $ | — | $ | — | $ | 138.2 | ||||||||||||||||||
Quarterly_Financial_Summary_Ta
Quarterly Financial Summary (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Summary | ' | |||||||||||||||
Following is a summary of the unaudited interim results of operations for each quarter in the years ended December 28, 2013 and December 29, 2012. | ||||||||||||||||
(In millions, except per share amounts) | First | Second | Third | Fourth | ||||||||||||
quarter | quarter | quarter | quarter | |||||||||||||
Year ended December 28, 2013 | ||||||||||||||||
Net sales | $ | 662.9 | $ | 688.4 | $ | 603.2 | $ | 717.1 | ||||||||
Gross margin | 440.1 | 462.4 | 403.6 | 475.7 | ||||||||||||
Net income | 58.2 | 76.3 | 49.9 | 89.8 | ||||||||||||
Basic earnings per share | 1.09 | 1.46 | 0.97 | 1.78 | ||||||||||||
Diluted earnings per share | 1.06 | 1.43 | 0.95 | 1.74 | ||||||||||||
Dividends declared per share | 0.62 | 0.62 | 0.62 | 0.62 | ||||||||||||
Composite stock price range: | ||||||||||||||||
High | 82.28 | 85.22 | 88.18 | 97.14 | ||||||||||||
Low | 62.17 | 73.07 | 76.18 | 84.38 | ||||||||||||
Close | 81.74 | 77.69 | 86.9 | 94.91 | ||||||||||||
Year ended December 29, 2012 | ||||||||||||||||
Net sales | $ | 639.5 | $ | 638.9 | $ | 594.4 | $ | 711 | ||||||||
Gross margin | 426.4 | 432.2 | 394.9 | 473.9 | ||||||||||||
Net income | 58.3 | 12.7 | 47.5 | 74.5 | ||||||||||||
Basic earnings per share | 1.04 | 0.23 | 0.86 | 1.37 | ||||||||||||
Diluted earnings per share | 1.02 | 0.22 | 0.85 | 1.34 | ||||||||||||
Dividends declared per share | 0.36 | 0.36 | 0.36 | 0.36 | ||||||||||||
Composite stock price range: | ||||||||||||||||
High | 64.99 | 64.63 | 58.08 | 67.82 | ||||||||||||
Low | 54.88 | 51.28 | 50.9 | 52.8 | ||||||||||||
Close | 63.5 | 54.76 | 53.59 | 62.67 | ||||||||||||
Certain items impacting quarterly comparability for 2013 and 2012 were as follows: | ||||||||||||||||
• | Pretax re-engineering and impairment costs of $2.2 million, $2.2 million, $2.7 million and $2.2 million were recorded in the first through fourth quarters of 2013, respectively. Pretax re-engineering and impairment costs of $0.9 million, $1.1 million, $2.0 million and $18.4 million were recorded in the first through fourth quarters of 2012, respectively. Refer to Note 2 to the Consolidated Financial Statements for further discussion. | |||||||||||||||
• | In the second quarter of 2012, the Company recorded a pretax $76.9 million of impairment charges related to certain intangibles and goodwill, related to BeautiControl, NaturCare and Nutrimetics. There were no impairments in 2013. | |||||||||||||||
• | In the first and second quarter of 2013, the Company recorded $3.9 million and $0.3 million, respectively, due to the translation impact related to the net monetary asset, inventory, and non-recurring deferred tax balance sheet positions when, in the first quarter of 2013, the Venezuelan government devalued the bolivar to U.S. dollar exchange rate to 6.3. | |||||||||||||||
• | In the third quarter of 2013, the company recorded $0.9 million related to the collection of proceeds on land sold in 2006. In the second quarter of 2012, the Company recognized a $7.5 million pretax gain from the sale of its old manufacturing facility in Belgium. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Principles of Consolidation (Details) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Length of time in reporting period | '52 | '52 | '53 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Time deposits, certificates of deposit or similar instruments | $31.30 | $20.80 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Internal Use Software Development Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Internal Use Software Development Costs [Line Items] | ' | ' | ' |
Capitalized internal use software development costs, net | $15 | $15.30 | ' |
Software Development [Member] | ' | ' | ' |
Internal Use Software Development Costs [Line Items] | ' | ' | ' |
Amortization | $4.50 | $3.50 | $3.10 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $45.50 | $44.10 | $43.80 |
Minimum [Member] | Building and improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '10 years | ' | ' |
Minimum [Member] | Molds | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '4 years | ' | ' |
Minimum [Member] | Production equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '10 years | ' | ' |
Minimum [Member] | Distribution equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '5 years | ' | ' |
Minimum [Member] | Computer/telecom equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '3 years | ' | ' |
Minimum [Member] | Capitalized software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '3 years | ' | ' |
Maximum [Member] | Building and improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '40 years | ' | ' |
Maximum [Member] | Molds | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '10 years | ' | ' |
Maximum [Member] | Production equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '20 years | ' | ' |
Maximum [Member] | Distribution equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '10 years | ' | ' |
Maximum [Member] | Computer/telecom equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '5 years | ' | ' |
Maximum [Member] | Capitalized software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (years) | '5 years | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Goodwill (Details) (Goodwill [Member]) | 3 Months Ended |
Sep. 28, 2013 | |
Goodwill [Member] | ' |
Impairment Testing, Goodwill and Intangible Assets [Line Items] | ' |
Fair value, intangible assets, percent calculated using income approach | 75.00% |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies Intangible Assets (Details) | 12 Months Ended |
Dec. 28, 2013 | |
Definite-lived trademarks and tradenames | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Estimated Useful Life | '10 years |
Sales force relationships | Minimum [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Estimated Useful Life | '6 years |
Sales force relationships | Maximum [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Estimated Useful Life | '10 years |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies Promotional and Other Accruals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Promotional and Other Sales Force Compensation Expense | $445.90 | $425.30 | $436.40 |
Recovered_Sheet1
Summary of Significant Accounting Policies Shipping and Handling Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Distribution Costs | $156.70 | $148.80 | $151.70 |
Recovered_Sheet2
Summary of Significant Accounting Policies Advertising and Research and Development Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising Expense | $25.70 | $31.50 | $34.20 |
Research and Development Costs | $20 | $18.90 | $19.50 |
Recovered_Sheet3
Summary of Significant Accounting Policies Accounting for Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation [Abstract] | ' | ' | ' |
Excess tax benefits from option exercises | $14.50 | $13.50 | $9 |
Recovered_Sheet4
Summary of Significant Accounting Policies Net Income Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $89.80 | $49.90 | $76.30 | $58.20 | $74.50 | $47.50 | $12.70 | $58.30 | $274.20 | $193 | $218.30 |
Weighted-average shares of common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 51.9 | 55.3 | 60 |
Common equivalent shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 1.1 | 1.4 |
Weighted-average common and common equivalent shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 53.1 | 56.4 | 61.4 |
Basic earnings per share | $1.78 | $0.97 | $1.46 | $1.09 | $1.37 | $0.86 | $0.23 | $1.04 | $5.28 | $3.49 | $3.63 |
Diluted earnings per share | $1.74 | $0.95 | $1.43 | $1.06 | $1.34 | $0.85 | $0.22 | $1.02 | $5.17 | $3.42 | $3.55 |
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.4 | 0.6 |
Recovered_Sheet5
Summary of Significant Accounting Policies Foreign Currency Translation (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Jan. 31, 2013 |
In Millions, unless otherwise specified | Venezuela [Member] | Venezuela [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ' | ' | ' | ' |
Foreign currency transaction rate | ' | ' | 6.3 | 5.3 |
Net monetary assets | ' | ' | $31 | ' |
Total inventories | $313.40 | $313.90 | $13.10 | ' |
Reengineering_Costs_Details
Re-engineering Costs (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Severance | ' | ' | ' | ' | ' | ' | ' | ' | $7.30 | $5.30 | $5.90 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 17.1 | 2 | |||
Re-engineering and impairment charges | 2.2 | 2.7 | 2.2 | 2.2 | 18.4 | 2 | 1.1 | 0.9 | 9.3 | [1] | 22.4 | [1] | 7.9 | [1] |
Non-severance exit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | |||
Total pretax re-engineering costs | ' | ' | ' | ' | ' | ' | ' | ' | 9.3 | 22.6 | 9.6 | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ' | ' | ' | 1.5 | ' | ' | ' | 3 | 1.5 | 3 | 2.4 | |||
Non-cash charges | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 16.2 | 0.5 | |||
Cash expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ending balance | 2.6 | ' | ' | ' | 1.5 | ' | ' | ' | 2.6 | 1.5 | 3 | |||
Re-engineering and Impairment Charges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total pretax re-engineering costs | ' | ' | ' | ' | ' | ' | ' | ' | 9.3 | 22.4 | 7.9 | |||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total pretax re-engineering costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.2 | 1.7 | |||
Nutrimetics United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.2 | ' | |||
Nutrimetics Malaysia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | |||
Non-severance exit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | |||
Severance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | 6 | 5.7 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $2 | $1.70 | $1.10 | |||
[1] | Reviews of the value of the intangible assets related to the acquisition of the Sara Lee direct-to-consumer units acquired in 2005 and BeautiControl acquired in 2000, resulted in the conclusion that certain of the tradenames and goodwill had been impaired in 2012 and 2011. This resulted in charges of $76.9 million related to BeautiControl, NaturCare and Nutrimetics in 2012 and $36.1 million related to Nutrimetics in 2011. |
Inventories_Components_of_Inve
Inventories (Components of Inventories) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished goods | $245 | $251.20 |
Work in process | 27.4 | 22.9 |
Raw materials and supplies | 41 | 39.8 |
Total inventories | $313.40 | $313.90 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $1,454.90 | $1,424 |
Less accumulated depreciation | -1,154 | -1,125.20 |
Property, plant and equipment, net | 300.9 | 298.8 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 46.9 | 52 |
Building and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 221.3 | 220 |
Molds | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 641.3 | 610 |
Production equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 318.7 | 315.2 |
Distribution equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 39.5 | 43.2 |
Computer/telecom equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 55.9 | 60.9 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 23.8 | 24.5 |
Capitalized software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 71.5 | 69.5 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $36 | $28.70 |
Accrued_and_Other_Liabilities_1
Accrued and Other Liabilities (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Income taxes payable | $16.90 | $13.80 |
Compensation and employee benefits | 90.8 | 99.4 |
Advertising and promotion | 74.1 | 69.7 |
Taxes other than income taxes | 24.9 | 28.3 |
Pensions | 3.3 | 3.7 |
Post-retirement benefits | 2.4 | 2.8 |
Dividends payable | 31.1 | 19.4 |
Foreign currency contracts | 19.2 | 15.7 |
Other | 89.7 | 83.5 |
Total accrued liabilities | 352.4 | 336.3 |
Other Liabilities [Abstract] | ' | ' |
Post-retirement benefits | 26.5 | 30.3 |
Pensions | 128.1 | 143.6 |
Income taxes | 17.5 | 16.5 |
Long-term deferred income tax | 30.3 | 11.9 |
Other | 31.2 | 31.5 |
Total other liabilities | $233.60 | $233.80 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Aug. 31, 2012 | Dec. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Oct. 01, 2011 | Sep. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Oct. 01, 2011 | Jun. 30, 2012 | Oct. 01, 2011 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | |
Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Fuller Mexico [Member] | NaturCare [Member] | Nutrimetics [Member] | Nutrimetics Asia Pacific [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | ||||
Fuller [Member] | Fuller [Member] | Fuller [Member] | Fuller [Member] | Fuller [Member] | Fuller [Member] | Fuller Mexico [Member] | Fuller Mexico [Member] | Fuller Mexico [Member] | Fuller Mexico [Member] | Fuller Mexico [Member] | NaturCare [Member] | NaturCare [Member] | BeautiControl United States and Canada [Member] | Nutrimetics Asia Pacific [Member] | Nutrimetics Europe [Member] | Nutrimetics [Member] | Nutrimetics [Member] | NaturCare [Member] | NaturCare [Member] | Nutrimetics and NuturCare [Member] | Nutrimetics and NuturCare [Member] | Nutrimetics and NuturCare [Member] | Nutrimetics and NuturCare [Member] | Nutrimetics and NuturCare [Member] | ||||||||||
Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | |||||||||||||||||||||||||
Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | |||||||||||||||||||||||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | $0 | $53,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31,100,000 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | $38,900,000 | $7,200,000 | $7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 181,500,000 | 192,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,500,000 | ' | ' | ' | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, fair value in excess of book value, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.00% | ' | ' | ' | ' | ' | 29.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | 4,800,000 | 2,000,000 | 2,900,000 | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, intangible assets, royalty rate assumption | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 3.00% | 3.75% | 4.75% | ' | ' | ' | ' | ' |
Fair value, intangible assets, discount rate | ' | ' | ' | ' | ' | 16.90% | ' | ' | ' | ' | 13.50% | 15.20% | ' | ' | ' | 15.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, intangible assets, income approach, growth rate assumption | ' | ' | ' | ' | ' | ' | 3.00% | 7.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 5.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7.00% | 7.00% | 2.00% |
Terminal value, intangible assets, long term growth rate assumption | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' |
Impairment of indefinite-lived intangible assets, (excluding goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,800,000 | 5,000,000 | 9,000,000 | ' | ' | ' | ' | ' | ' |
Intangible assets fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,000,000 | ' | ' | ' |
Fair value, intangible assets, percent calculated using income approach | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow model forecast period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, beginning balance | $297,600,000 | $292,300,000 |
Effect of changes in exchange rates | -11,400,000 | 5,300,000 |
Gross goodwill, ending balance | 286,200,000 | 297,600,000 |
Goodwill, Accumulated Impairment [Abstract] | ' | ' |
Accumulated impairment, beginning balance | 104,700,000 | 50,900,000 |
Goodwill impairment | 0 | 53,800,000 |
Accumulated impairment, ending balance | 104,700,000 | 104,700,000 |
Europe [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, beginning balance | 32,300,000 | 33,100,000 |
Effect of changes in exchange rates | -1,300,000 | -800,000 |
Gross goodwill, ending balance | 31,000,000 | 32,300,000 |
Goodwill, Accumulated Impairment [Abstract] | ' | ' |
Accumulated impairment, beginning balance | 24,500,000 | 16,800,000 |
Goodwill impairment | 0 | 7,700,000 |
Accumulated impairment, ending balance | 24,500,000 | 24,500,000 |
Asia Pacific [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, beginning balance | 86,400,000 | 88,700,000 |
Effect of changes in exchange rates | -7,400,000 | -2,300,000 |
Gross goodwill, ending balance | 79,000,000 | 86,400,000 |
Goodwill, Accumulated Impairment [Abstract] | ' | ' |
Accumulated impairment, beginning balance | 41,300,000 | 34,100,000 |
Goodwill impairment | 0 | 7,200,000 |
Accumulated impairment, ending balance | 41,300,000 | 41,300,000 |
Tupperware North America [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, beginning balance | 16,300,000 | 16,300,000 |
Effect of changes in exchange rates | 0 | 0 |
Gross goodwill, ending balance | 16,300,000 | 16,300,000 |
Goodwill, Accumulated Impairment [Abstract] | ' | ' |
Accumulated impairment, beginning balance | 0 | 0 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | 0 | 0 |
Beauty North America [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, beginning balance | 156,200,000 | 147,600,000 |
Effect of changes in exchange rates | -1,800,000 | 8,600,000 |
Gross goodwill, ending balance | 154,400,000 | 156,200,000 |
Goodwill, Accumulated Impairment [Abstract] | ' | ' |
Accumulated impairment, beginning balance | 38,900,000 | 0 |
Goodwill impairment | 0 | 38,900,000 |
Accumulated impairment, ending balance | 38,900,000 | 38,900,000 |
South America [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, beginning balance | 6,400,000 | 6,600,000 |
Effect of changes in exchange rates | -900,000 | -200,000 |
Gross goodwill, ending balance | 5,500,000 | 6,400,000 |
Goodwill, Accumulated Impairment [Abstract] | ' | ' |
Accumulated impairment, beginning balance | 0 | 0 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | $0 | $0 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Intangible Assets) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Finite and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-lived intangible assets, accumulated amortization | $55.50 | $55.90 | ' |
Finite-lived intangible assets, net | 3.2 | 5 | ' |
Total intangible assets, gross | 184.4 | 199.3 | 219.9 |
Total intangible assets, net | 128.9 | 143.4 | ' |
Trademarks and tradenames [Member] | ' | ' | ' |
Finite and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-lived intangible assets, gross carrying value | 104.1 | ' | ' |
Finite-lived intangible assets, accumulated amortization | 3.4 | ' | ' |
Finite-lived intangible assets, net | 100.7 | ' | ' |
Sales force relationships | ' | ' | ' |
Finite and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-lived intangible assets, gross carrying value | 55.3 | 60.9 | ' |
Finite-lived intangible assets, accumulated amortization | 52.1 | 55.9 | ' |
Finite-lived intangible assets, net | 3.2 | 5 | ' |
Trademarks and tradenames [Member] | ' | ' | ' |
Finite and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Indefinite-lived trademarks and tradenames | 25 | 138.4 | ' |
Finite-lived intangible assets, accumulated amortization | $0 | $0 | ' |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Identifiable Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Identifiable Intanglble Assets [Roll Forward] | ' | ' |
Beginning balance | $199.30 | $219.90 |
Impairment of intangible assets | 0 | -22.8 |
Effect of changes in exchange rates | -14.9 | 2.2 |
Ending balance | $184.40 | $199.30 |
Goodwill_and_Intangible_Assets6
Goodwill and Intangible Assets (Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense | $4.80 | $2 | $2.90 |
Estimated Annual Amortization Expense [Abstract] | ' | ' | ' |
Estimated annual amortization expense, year one | 12.1 | ' | ' |
Estimated annual amortization expense, year two | 12 | ' | ' |
Estimated annual amortization expense, year three | 10.4 | ' | ' |
Estimated annual amortization expense, year four | 10.4 | ' | ' |
Estimated annual amortization expense, year five | $10.40 | ' | ' |
Financing_Obligations_Debt_Obl
Financing Obligations (Debt Obligations) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Jun. 02, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 31, 2011 | Jun. 02, 2011 | Mar. 30, 2013 | Mar. 11, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Feb. 02, 2013 | Dec. 28, 2013 |
Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | Five year Revolving Credit Agreement | Five year Revolving Credit Agreement | Five year Revolving Credit Agreement | Five year Revolving Credit Agreement | Five year Revolving Credit Agreement | Five year Revolving Credit Agreement | Five year Revolving Credit Agreement | Belgium facility capital lease | Belgium facility capital lease | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Short-term Debt [Member] | Short-term Debt [Member] | Promissory Note [Member] | Uncommitted Lines of credit [Member] | ||||
Redemption Period, Prior to March 1, 2021 [Member] | Redemption Period, On or After March 1, 2021 [Member] | June 02, 2011 [Member] | June 02, 2011 [Member] | March 11, 2013 [Member] | March 11, 2013 [Member] | Line of Credit [Member] | Euro | Subsidiaries [Member] | Letter of Credit Facility [Member] | Swingline Facility [Member] | Weighted Average [Member] | Weighted Average [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | $602.60 | $396.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.50 | $18.80 | $5.10 | $3.50 | ' | ' | ' | ' |
Short-term Debt | 232.3 | 199 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230.1 | 199 | ' | 109.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and Capital Lease Obligations | 855.3 | 617.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 235.4 | 203.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt and capital lease obligations | 619.9 | 414.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Average Outstanding Amount | 350.8 | 332.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | 2.10% | ' | ' |
Short-term Debt, Maximum Amount Outstanding During Period | 559.8 | 384.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Price as Percentage of Stated Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.99% | ' | 103.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' |
Debt Instrument, Unamortized Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost, Capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Redemption Discount Rate Basis | ' | ' | ' | ' | ' | ' | 'Treasury Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Percent Spread on Redemption Discount Rate | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Required Upon Change of Control, Redemption Price as Percentage of Principal Amount | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650 | ' | ' | ' | 325 | 50 | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Number of Occasions Permitted to Increase Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 525.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 417.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.6 |
Interest Paid | 35.3 | 41.2 | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 235.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $609 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Obligations_Capital_
Financing Obligations (Capital Leases) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2007 | Dec. 29, 2007 | Dec. 29, 2007 | Dec. 31, 2011 | Dec. 25, 2010 |
In Millions, unless otherwise specified | Belgium Lease 1 [Member] | Belgium Lease 2 [Member] | Belgium Lease 3 [Member] | Belgium Lease 3 [Member] | |||
Sale Leaseback Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Costs related to new facility and equipment | ' | ' | $24 | ' | ' | ' | ' |
Capital lease term | ' | ' | ' | '10 years | '15 years | '10 years | ' |
Lease interest rate | ' | ' | ' | 5.10% | 5.10% | 2.90% | ' |
Initial value of lease | ' | ' | ' | ' | ' | ' | 3.8 |
Capital Lease Obligations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Gross payments | 20.9 | 23 | ' | ' | ' | ' | ' |
Less imputed interest | 3.4 | 4.2 | ' | ' | ' | ' | ' |
Total capital lease obligation | 17.5 | 18.8 | ' | ' | ' | ' | ' |
Less current maturity | 2.1 | 1.9 | ' | ' | ' | ' | ' |
Capital lease obligation - long-term portion | $15.40 | $16.90 | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Cash flow hedge contract period, minimum | '3 months | ' | ' |
Cash flow hedge contract period, maximum | '12 months | ' | ' |
Gain (loss) on derivatives used in hedging transactions, net of tax | $2.40 | ($0.50) | $14.50 |
Net cash impact from hedging activity | 3.2 | 2.1 | 6.1 |
Interest rate swap impairment | 0 | 0 | 18.9 |
Net accrued gain/(loss) on outstanding derivative instruments | 1.1 | -2.6 | -7.5 |
Fair value hedging relationships | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Pretax gain from forward points on fair value hedges | 11.1 | 10.3 | 8.3 |
Cash flow hedging relationships | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Deferred gain/(loss) on cash flow hedges | 2.2 | -0.2 | 0.3 |
Gain (loss) on derivatives used in hedging transactions, net of tax | 2.4 | -0.4 | -0.2 |
Cash flow hedging relationships | Foreign exchange contracts | Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | -2.9 | -2.5 | -2 |
Net equity hedging relationships | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (loss) on derivatives used in hedging transactions, net of tax | 13.3 | -8.9 | 11.9 |
Net equity hedging relationships | Foreign exchange contracts | Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ($13.20) | ($12.90) | ($11.20) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Outstanding Derivative Financial Instruments at Fair Value) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Buy | $216.50 | $181 |
Sell | 217.6 | 184.9 |
Euro | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 157.7 | 66.6 |
Mexican peso | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 18.2 | ' |
Sell | ' | 22 |
Philippine peso | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 11.3 | 9.9 |
South Korean won | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 9.7 | 3 |
Chinese renminbi | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 8.1 | 0 |
Uruguayan peso | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 4.7 | 0.9 |
New Zealand dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 4.5 | 1.4 |
Indonesian rupiah | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 2.3 | 11.3 |
U.S. dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | ' | 69.9 |
Sell | 54.7 | ' |
Swiss franc | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 49.4 | 53.8 |
Russian ruble | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 22.9 | 5.7 |
Turkish lira | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 11.7 | 12.3 |
Canadian dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 11 | 3.5 |
South African rand | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 10.4 | 6.8 |
Australian dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 6.8 | 15.5 |
Indian rupee | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 6.6 | 3.7 |
Brazilian real | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 6.6 | 1.7 |
Polish zloty | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 4.7 | 3.3 |
Japanese yen | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 3.7 | 32.8 |
Argentine peso | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 3.7 | 0 |
Danish krone | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | ' | 0.4 |
Sell | 3.5 | ' |
Malaysian ringgit | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | ' | 17.2 |
Sell | 2.7 | ' |
Croatian kuna | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.6 | 2.5 |
Hong Kong dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.6 | 0.4 |
Czech koruna | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.5 | 3.3 |
Hungarian forint | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.4 | 3.3 |
Norwegian krone | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 1.7 | 1.9 |
Swedish krona | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 1.7 | 1.7 |
Romanian leu | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 1.2 | 0.6 |
Singapore dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | ' | 0.4 |
Sell | 1.7 | ' |
British pound | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 1 | 4.8 |
Thai baht | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 0.3 | 3.3 |
Other currencies (net) | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | $1.50 | $2 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Company's Derivative Positions and Their Impact on Financial Position) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives | $20.30 | $13.10 |
Liability derivatives | 19.2 | 15.7 |
Designated as Hedging Instrument [Member] | Non-trade amounts receivable | Foreign exchange contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives | 20.3 | 13.1 |
Designated as Hedging Instrument [Member] | Accrued liabilities | Foreign exchange contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives | $19.20 | $15.70 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Company's Derivative Positions and Their Impact on Company's Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Fair value hedging relationships | Other expense | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives | ($17.40) | $11.90 | ($8.60) |
Amount of gain or (loss) recognized in income on related hedged items | 16.7 | -11.9 | 8.5 |
Cash flow hedging relationships | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 6.5 | -0.9 | 0.2 |
Cash flow hedging relationships | Interest rate contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 0 | 0 | 4.1 |
Cash flow hedging relationships | Interest expense | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | -2.9 | -2.5 | -2 |
Cash flow hedging relationships | Interest expense | Interest rate contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 0 | 0 | 0 |
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | ' |
Cash flow hedging relationships | Cost of products sold | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 3.2 | 1 | -1.9 |
Net equity hedging relationships | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 20.8 | -13.9 | 18.7 |
Net equity hedging relationships | Other expense | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 0 | 0 | 0 |
Net equity hedging relationships | Interest expense | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | -13.2 | -12.9 | -11.2 |
Term Loans [Member] | Credit Facility Dated September 2007 [Member] | Cash flow hedging relationships | Interest expense | Interest rate contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ($18.90) |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset derivatives | $20.30 | $13.10 |
Liability derivatives | 19.2 | 15.7 |
Foreign currency forward contracts fair value, net | 1.1 | -2.6 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets fair value | 20.3 | 15.2 |
Liabilities fair value | 19.2 | 15.7 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets fair value | 0 | 2.1 |
Liabilities fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets fair value | 20.3 | 13.1 |
Liabilities fair value | 19.2 | 15.7 |
Money market funds | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | ' | 2.1 |
Money market funds | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | 0 | 2.1 |
Money market funds | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | ' | 0 |
Foreign exchange contracts | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset derivatives | 20.3 | 13.1 |
Liability derivatives | 19.2 | 15.7 |
Foreign exchange contracts | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset derivatives | 0 | 0 |
Liability derivatives | 0 | 0 |
Foreign exchange contracts | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset derivatives | 20.3 | 13.1 |
Liability derivatives | $19.20 | $15.70 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value of Financial Instruments) (Details) (Fixed rate Senior Notes due 2021, USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Jun. 02, 2011 |
In Millions, unless otherwise specified | |||
Fair Value of Financial Instruments [Line Items] | ' | ' | ' |
Stated interest rate | ' | ' | 4.75% |
Long-term Debt | $602.60 | $396.50 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value of Financial Instruments [Line Items] | ' | ' | ' |
Long-term Debt, Fair Value | $619 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | ($271.30) | ' | ' |
Other comprehensive income (loss) before reclassifications | -50.1 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 4.6 | ' | ' |
Net current-period other comprehensive income (loss) | -45.5 | 24.2 | -49 |
Accumulated other comprehensive income (loss) | -316.8 | -271.3 | ' |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges, before tax | 3.2 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges, tax | -1.2 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, prior service benefit, before tax | -0.7 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, pension settlement costs, before tax | 4 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, actuarial losses, before tax | 5.4 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, tax | 2.1 | ' | ' |
Foreign Currency Items | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -218.2 | ' | ' |
Other comprehensive income (loss) before reclassifications | -64.9 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 0 | ' | ' |
Net current-period other comprehensive income (loss) | -64.9 | ' | ' |
Accumulated other comprehensive income (loss) | -283.1 | ' | ' |
Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -0.2 | ' | ' |
Other comprehensive income (loss) before reclassifications | 4.4 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | -2 | ' | ' |
Net current-period other comprehensive income (loss) | 2.4 | ' | ' |
Accumulated other comprehensive income (loss) | 2.2 | ' | ' |
Pension and Other Post-retirement Items | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -52.9 | ' | ' |
Other comprehensive income (loss) before reclassifications | 10.4 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 6.6 | ' | ' |
Net current-period other comprehensive income (loss) | 17 | ' | ' |
Accumulated other comprehensive income (loss) | ($35.90) | ' | ' |
Statements_of_Cash_Flows_Suppl1
Statements of Cash Flows Supplemental Disclosure (Details) (USD $) | 12 Months Ended | ||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 02, 2011 | |
June 02, 2011 [Member] | June 02, 2011 [Member] | ||||
Fixed rate Senior Notes due 2021 | Fixed rate Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Capital lease obligations incurred | $300,000 | $1,200,000 | $0 | ' | ' |
Property, plant and equipment acquired, non-cash financing arrangement | 1,400,000 | ' | ' | ' | ' |
Property plant and equipment acquired, non-cash financing arrangement, payment term | '3 years | ' | ' | ' | ' |
Shares paid for tax withholding for share based compensation, shares | 56,856 | 83,077 | 45,072 | ' | ' |
Shares paid for tax withholding for share based compensation, value | 4,500,000 | 5,100,000 | 2,500,000 | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | 400,000,000 |
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | ' | ' | ' | $2,600,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | |
Domestic, Federal and State [Member] | Domestic, Federal and State [Member] | State [Member] | State [Member] | Foreign [Member] | Foreign [Member] | Foreign [Member] | Foreign [Member] | Foreign [Member] | Foreign [Member] | Federal [Member] | Federal [Member] | MEXICO | Foreign Income Tax Restructuring [Member] | Foreign Income Tax Restructuring [Member] | ||||
Deferred Tax Asset [Member] | Deferred Tax Asset [Member] | Deferred Tax Asset [Member] | Deferred Tax Asset [Member] | Deferred Tax Asset [Member] | Deferred Tax Asset [Member] | Write Off in Net Operating Losses [Member] | ||||||||||||
Expiring in 2023 [Member] | Expiring in 2015 [Member] | Expiring in 2020-2033 [Member] | ||||||||||||||||
Domestic and foreign components of income (loss) before taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ($18,900,000) | ($57,500,000) | ($15,200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | 379,300,000 | 330,300,000 | 310,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | 360,400,000 | 272,800,000 | 295,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | 2,500,000 | 19,300,000 | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | 106,300,000 | 110,300,000 | 79,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State | 700,000 | 900,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current provision (benefit) for income taxes | 109,500,000 | 130,500,000 | 84,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | 4,600,000 | -50,400,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | -28,000,000 | 200,000 | -7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State | 100,000 | -500,000 | -500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred provision (benefit) for income taxes | -23,300,000 | -50,700,000 | -7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for income taxes | 86,200,000 | 79,800,000 | 77,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation between provision for income taxes and income taxes computed using U.S. federal statutory rate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount computed using statutory rate | 126,100,000 | 95,500,000 | 103,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (reduction) in taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net impact from repatriating foreign earnings and direct foreign tax credits | -14,700,000 | -21,500,000 | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign income taxes | -24,800,000 | -26,400,000 | -24,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of non-deductible intangible impairments | 0 | 23,700,000 | 12,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of non-deductible currency translation losses | 0 | 5,700,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of changes in Mexican legislation and revaluation of tax assets | -6,800,000 | 0 | -20,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other changes in valuation allowances for deferred tax assets | 4,600,000 | 2,700,000 | -300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign and domestic tax audit settlement and adjustments | -1,400,000 | -2,000,000 | -3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 3,200,000 | 2,100,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 86,200,000 | 79,800,000 | 77,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -59,300,000 | 19,000,000 |
Foreign earnings repatriated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,500,000 | ' |
Tax adjustments, settlements and unusual provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | ' | ' |
Income Tax Reconciliation, Repatriation of Foreign Earnings | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross deferred tax liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased intangibles | -38,500,000 | -38,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | -11,500,000 | -6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross deferred tax liabilities | -50,000,000 | -45,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross deferred tax assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit and net operating loss carry forwards (net of unrecognized tax benefits) | 302,900,000 | 325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee benefits accruals | 62,400,000 | 71,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred costs | 51,700,000 | 60,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets basis differences | 31,200,000 | 28,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized intangibles | 29,700,000 | 26,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other accruals | 25,700,000 | 31,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 13,000,000 | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Postretirement benefits | 11,700,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | 9,800,000 | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 9,700,000 | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross deferred tax assets | 547,800,000 | 589,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowances | -34,800,000 | -103,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax assets | 463,000,000 | 441,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' | 68,800,000 | 12,800,000 | 107,900,000 | 200,000 | 417,300,000 | ' | ' | 61,100,000 | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards subject to expiration | 511,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,400,000 | 8,300,000 | ' | 10,100,000 | ' | ' | ' |
Cash benefits related to operating loss carryforward | ' | ' | ' | ' | ' | ' | ' | 22,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax credit carryforwards | ' | ' | ' | ' | ' | ' | ' | 202,600,000 | ' | 189,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred costs assets related to advanced payment agreements | ' | ' | ' | ' | ' | ' | ' | 52,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred assets, period of reversal | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) to federal foreign tax credit carryforwards, net of offsetting tax reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,100,000 | ' | ' | ' | ' |
Deferred costs assets related to advanced transaction agreements | ' | ' | ' | ' | ' | ' | ' | -8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes paid, net | 107,200,000 | 106,400,000 | 95,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net benefit of tax holiday | 2,600,000 | 4,100,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of unrecognized tax benefits [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits beginning balance | 24,900,000 | 28,600,000 | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions based on tax positions related to the current year | 6,000,000 | 2,100,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions for tax positions of prior year | 4,400,000 | 2,700,000 | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction for tax positions of prior years | -1,900,000 | -2,600,000 | -4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | -1,300,000 | -1,700,000 | -200,000 | ' | ' | ' | ' | ' | -3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reductions for lapse in statute of limitations | -4,400,000 | -4,500,000 | -1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of foreign currency rate changes versus the U.S. dollar | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits ending balance | 27,400,000 | 24,900,000 | 28,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 25,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest and penalties | 5,900,000 | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and penalties provision (benefit) | 500,000 | 300,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in accruals for unrecognized tax benefits interest and penalties | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in liability | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated maximum decrease in uncertain tax positions accrual due to settlements in the next twelve months | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings of international subsidiaries | 1,260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits for deductions associated with the exercise of employee stock options recorded in paid-in capital | 14,500,000 | 13,700,000 | 9,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | ($300,000) | ' | ($600,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Benefit_Plans_Net_F
Retirement Benefit Plans (Net Funded Status and Amounts Recognized in Balance Sheet) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Accumulated other comprehensive loss (pretax) | $49.30 | $75.60 | ' |
Accrued benefit liabilty | -160.3 | -180.4 | ' |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' | ' |
Accumulated benefit obligation | 156.3 | 224.4 | ' |
Fair value of plan assets | 54.3 | 109.8 | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Service cost | -11.5 | -9.9 | -10.3 |
Interest cost | 8.4 | 8.9 | 9.9 |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Beginning balance | 118.3 | ' | ' |
Ending balance | 114.9 | 118.3 | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrecognized transition obligation | 0.3 | 0.4 | ' |
Unrecognized prior service (benefit) | 3.9 | -0.1 | ' |
Unreocognized net actuarial loss | 45.6 | 73 | ' |
Accumulated other comprehensive loss (pretax) | 49.8 | 73.3 | ' |
Accumulated benefit obligation | 213 | 230.1 | ' |
U.S. Pension Benefits [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Beginning balance, benefit obligations | 67.5 | 63.6 | ' |
New Plan, beginning balance | 0 | 0 | ' |
Service cost | -0.3 | -0.8 | ' |
Interest cost | 2.1 | 2.3 | ' |
Actuarial (gain) loss | -9.3 | 5 | ' |
Benefits paid | -0.8 | -0.8 | ' |
Impact on exchange rates | 0 | 0 | ' |
Plan participants contributions | 0 | 0 | ' |
Settlements | -3.9 | -3.4 | ' |
Ending balance, benefit obligations | 55.9 | 67.5 | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Beginning balance | 31.7 | 29.8 | ' |
Actual return on plan assets | 4.8 | 4.4 | ' |
Company contributions | 0.8 | 2.1 | ' |
Plan participant contributions | 0 | 0 | ' |
Benefits and expenses paid | -1.1 | -1.2 | ' |
Impact on exchange rates | 0 | 0 | ' |
Settlements | -3.9 | -3.4 | ' |
Ending balance | 32.3 | 31.7 | ' |
Funded status of plan | -23.6 | -35.8 | ' |
Foreign Pension Benefits [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Beginning balance, benefit obligations | 198.1 | 176 | ' |
New Plan, beginning balance | 3.6 | 0 | ' |
Service cost | -11 | -9.1 | ' |
Interest cost | 6.3 | 6.6 | ' |
Actuarial (gain) loss | -1.9 | 20.3 | ' |
Benefits paid | -9.6 | -14.2 | ' |
Impact on exchange rates | -3.7 | 1.9 | ' |
Plan participants contributions | 0.7 | 2.1 | ' |
Settlements | -14.1 | -3.7 | ' |
Ending balance, benefit obligations | 190.4 | 198.1 | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Beginning balance | 86.6 | 80.8 | ' |
Actual return on plan assets | 7.4 | 5.1 | ' |
Company contributions | 13.5 | 14.8 | ' |
Plan participant contributions | 1.3 | 2.3 | ' |
Benefits and expenses paid | -10 | -14.1 | ' |
Impact on exchange rates | -2.1 | 0.4 | ' |
Settlements | -14.1 | -2.7 | ' |
Ending balance | 82.6 | 86.6 | ' |
Funded status of plan | -107.8 | -111.5 | ' |
Postretirement Benefits [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Service cost | -0.2 | -0.1 | -0.1 |
Interest cost | 1.1 | 1.2 | 1.7 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrecognized transition obligation | 0 | 0 | ' |
Unrecognized prior service (benefit) | -4.6 | -5.3 | ' |
Unreocognized net actuarial loss | 4.1 | 7.6 | ' |
Accumulated other comprehensive loss (pretax) | -0.5 | 2.3 | ' |
U.S. Postretirement Benefit [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Beginning balance, benefit obligations | 33.1 | 38.3 | ' |
New Plan, beginning balance | 0 | 0 | ' |
Service cost | -0.2 | -0.1 | ' |
Interest cost | 1.1 | 1.2 | ' |
Actuarial (gain) loss | -3.2 | -4 | ' |
Benefits paid | -2.2 | -2.5 | ' |
Impact on exchange rates | -0.1 | 0 | ' |
Plan participants contributions | 0 | 0 | ' |
Settlements | 0 | 0 | ' |
Ending balance, benefit obligations | 28.9 | 33.1 | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Beginning balance | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Company contributions | 2.2 | 2.5 | ' |
Plan participant contributions | 0 | 0 | ' |
Benefits and expenses paid | -2.2 | -2.5 | ' |
Impact on exchange rates | 0 | 0 | ' |
Settlements | 0 | 0 | ' |
Ending balance | 0 | 0 | ' |
Funded status of plan | ($28.90) | ($33.10) | ' |
Retirement_Benefit_Plans_Compo
Retirement Benefit Plans (Components of Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Pension and Postretirement Expenses to be Recognized in Next Fiscal Year [Abstract] | ' | ' |
Expected recognition of prior service benefit | $0.70 | ' |
Expected recognition of net acturial loss | 2.3 | ' |
Pension Benefits [Member] | ' | ' |
Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Transition obligation | -0.1 | 0 |
Net prior service cost | 3.7 | 1.1 |
Net actuarial loss (gain) | -26.1 | 13.1 |
Impact of exchange rates | -1 | 0 |
Other comprehensive income loss (gain) | -23.5 | 14.2 |
Postretirement Benefits [Member] | ' | ' |
Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Transition obligation | 0 | 0 |
Net prior service cost | 0.7 | 0.7 |
Net actuarial loss (gain) | -3.5 | -4.4 |
Impact of exchange rates | 0 | 0 |
Other comprehensive income loss (gain) | ($2.80) | ($3.70) |
Retirement_Benefit_Plans_Net_P
Retirement Benefit Plans (Net Periodic Benefit Cost and Weighted Average Assumptions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost and expenses | $11.50 | $9.90 | $10.30 |
Interest cost | 8.4 | 8.9 | 9.9 |
Return on plan assets | -5.7 | -5.6 | -5.5 |
Settlement/Curtailment | 4 | 1.7 | 2.8 |
Employee contributions | -0.3 | -0.3 | -0.3 |
Net deferral | 5 | 4.3 | 3.9 |
Net periodic benefit cost | 22.9 | 18.9 | 21.1 |
Foreign Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost and expenses | 11 | 9.1 | ' |
Interest cost | 6.3 | 6.6 | ' |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Expected return on plan assets | 4.40% | 4.10% | 4.10% |
Salary growth rate, net periodic benefit cost | 3.30% | 3.10% | 3.10% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate, benefit obligations | 3.50% | 3.30% | 3.90% |
Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost and expenses | 0.2 | 0.1 | 0.1 |
Interest cost | 1.1 | 1.2 | 1.7 |
Return on plan assets | 0 | 0 | 0 |
Settlement/Curtailment | 0 | 0 | 0 |
Employee contributions | 0 | 0 | 0 |
Net deferral | -0.4 | -0.4 | -0.4 |
Net periodic benefit cost | 0.9 | 0.9 | 1.4 |
U.S. Postretirement Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost and expenses | 0.2 | 0.1 | ' |
Interest cost | 1.1 | 1.2 | ' |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate, net periodic benefit cost | 3.50% | 4.00% | 5.00% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate, benefit obligations | 4.50% | 3.50% | 4.00% |
U.S. Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost and expenses | 0.3 | 0.8 | ' |
Interest cost | $2.10 | $2.30 | ' |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate, net periodic benefit cost | 3.30% | 3.70% | 4.70% |
Expected return on plan assets | 8.30% | 8.30% | 8.30% |
Salary growth rate, net periodic benefit cost | 3.00% | 3.00% | 5.00% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate, benefit obligations | 4.00% | 3.30% | 3.70% |
Salary growth rate, benefit obligations | 3.00% | 3.00% | 3.00% |
Retirement_Benefit_Plans_Healt
Retirement Benefit Plans (Healthcare Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' |
Assumed healthcare cost trend rate | 7.00% |
Assumed healthcare cost trend rate in 2019 | 5.00% |
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Effect on total of service and interest cost components, one percentage point increase | $0.10 |
Effect on total of service and interest cost components, one percentage point decrease | -0.1 |
Effect on post-retirement benefit obligation, one percentage point increase | 2.1 |
Effect on post-retirement benefit obligation, one percentage point decrease | ($1.80) |
Retirement_Benefit_Plans_Weigh
Retirement Benefit Plans (Weighted-Average Asset Allocations) (Details) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
U.S. Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | 8.30% | 8.30% | 8.30% |
Weighted-average asset allocations | 100.00% | 100.00% | ' |
U.S. Pension Benefits [Member] | International Stocks [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 10.00% | 10.00% | ' |
U.S. Pension Benefits [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 64.00% | 62.00% | ' |
U.S. Pension Benefits [Member] | Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 36.00% | 37.00% | ' |
U.S. Pension Benefits [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 0.00% | 0.00% | ' |
U.S. Pension Benefits [Member] | Cash and Money Market Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 0.00% | 1.00% | ' |
U.S. Pension Benefits [Member] | Large U.S. Stocks [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 33.00% | 32.00% | ' |
U.S. Pension Benefits [Member] | Small U.S. Stocks [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 21.00% | 20.00% | ' |
U.S. Pension Benefits [Member] | Guaranteed Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 0.00% | 0.00% | ' |
Foreign Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | 4.40% | 4.10% | 4.10% |
Weighted-average asset allocations | 100.00% | 100.00% | ' |
Foreign Pension Benefits [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 37.00% | 29.00% | ' |
Foreign Pension Benefits [Member] | Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 15.00% | 12.00% | ' |
Foreign Pension Benefits [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 1.00% | 1.00% | ' |
Foreign Pension Benefits [Member] | Cash and Money Market Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 3.00% | 7.00% | ' |
Foreign Pension Benefits [Member] | Guaranteed Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 44.00% | 51.00% | ' |
Japan | Foreign Pension Benefits [Member] | Equity Securities, Japanese Companies [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 52.00% | 54.00% | ' |
Japan | Foreign Pension Benefits [Member] | Equity Securities, Companies Outside of Japan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 8.00% | 7.00% | ' |
Australia | Foreign Pension Benefits [Member] | Equity Securities, Companies Outside of Australia [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 40.00% | 38.00% | ' |
Retirement_Benefit_Plans_Fair_
Retirement Benefit Plans Fair Value of Pension Plan Assets (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||
Pension Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $114.90 | $118.30 | ' | ||
U.S. Pension Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Expected return on plan assets | 8.30% | 8.30% | 8.30% | ||
Fair value of plan assets | 32.3 | 31.7 | 29.8 | ||
Weighted-average asset allocations | 100.00% | 100.00% | ' | ||
Discount rate, benefit obligations | 4.00% | 3.30% | 3.70% | ||
U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 32.3 | [1] | 31.7 | [1] | ' |
U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 40.00% | ' | ' | ||
U.S. Pension Benefits [Member] | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 0.00% | 0.00% | ' | ||
U.S. Pension Benefits [Member] | Equity Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 60.00% | ' | ' | ||
Weighted-average asset allocations | 64.00% | 62.00% | ' | ||
Foreign Pension Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Expected return on plan assets | 4.40% | 4.10% | 4.10% | ||
Fair value of plan assets | 82.6 | 86.6 | 80.8 | ||
Weighted-average asset allocations | 100.00% | 100.00% | ' | ||
Discount rate, benefit obligations | 3.50% | 3.30% | 3.90% | ||
Foreign Pension Benefits [Member] | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 44.00% | 51.00% | ' | ||
Foreign Pension Benefits [Member] | Equity Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 37.00% | 29.00% | ' | ||
Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5.7 | [2] | 5.6 | [2] | ' |
Minimum long-term net return above inflation | 4.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Australia | Equity Securities, Australian Companies [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 31.00% | 34.00% | ' | ||
Foreign Pension Benefits [Member] | Australia | Equity Securities, Companies Outside of Australia [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 40.00% | 38.00% | ' | ||
Foreign Pension Benefits [Member] | Australia | Real Estate [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 9.00% | 10.00% | ' | ||
Foreign Pension Benefits [Member] | Australia | Government and Corporate Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 11.00% | 11.00% | ' | ||
Foreign Pension Benefits [Member] | Australia | Cash [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 9.00% | 7.00% | ' | ||
Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 27 | [3] | 35.2 | [3] | ' |
Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 6 | [3] | 5.6 | [3] | ' |
Foreign Pension Benefits [Member] | Belgium | Fixed Income Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 38.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 23.6 | [4] | 19.9 | [4] | ' |
Foreign Pension Benefits [Member] | Belgium | Equity Securities, Large-cap European Companies [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 30.00% | 34.00% | ' | ||
Foreign Pension Benefits [Member] | Belgium | Equity Securities, Small-cap European Companies [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 19.00% | 18.00% | ' | ||
Foreign Pension Benefits [Member] | Belgium | U.S. and Emerging Markets Equities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 10.00% | 11.00% | ' | ||
Foreign Pension Benefits [Member] | Belgium | European and U.S. Government Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Weighted-average asset allocations | 41.00% | 37.00% | ' | ||
Foreign Pension Benefits [Member] | Belgium | Equity Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 62.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0.5 | [5] | 0.5 | [3] | ' |
Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2.9 | [3] | 3.1 | [3] | ' |
Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 12.5 | [6] | 7.3 | [6] | ' |
Weighted-average asset allocations | 100.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Japan | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 38.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Japan | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 4.8 | ' | ||
Foreign Pension Benefits [Member] | Japan | Other Long-term Investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 62.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Japan | Short-term Investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 38.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Japan | Equity Securities, Japanese Companies [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 52.00% | ' | ' | ||
Weighted-average asset allocations | 52.00% | 54.00% | ' | ||
Foreign Pension Benefits [Member] | Japan | Equity Securities, Companies Outside of Japan [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 10.00% | ' | ' | ||
Weighted-average asset allocations | 8.00% | 7.00% | ' | ||
Foreign Pension Benefits [Member] | Philippines | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 5.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2.3 | 2.6 | ' | ||
Target plan asset allocations | 38.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Philippines | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 2 | ' | ||
Foreign Pension Benefits [Member] | Philippines | Equity Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target plan asset allocations | 57.00% | ' | ' | ||
Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2.1 | ' | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 28 | 29.3 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 23.6 | [4] | 19.9 | [4] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [5] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [6] | 0 | [6] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Japan | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 4.8 | [6] | ' | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2.3 | 2.6 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Philippines | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 2 | [6] | ' | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2.1 | ' | ' | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 50.5 | 44.6 | ' | ||
Significant Other Observable Inputs (Level 2) | U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 32.3 | [1] | 31.7 | [1] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5.7 | [2] | 5.6 | [2] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [5] | 0 | [3] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 12.5 | [6] | 7.3 | [6] | ' |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Japan | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [6] | ' | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Philippines | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [6] | ' | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Pension Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 36.4 | 44.4 | 42.8 | ||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 27 | [3] | 35.2 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 6 | [3] | 5.6 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0.5 | [5] | 0.5 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2.9 | [3] | 3.1 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [6] | 0 | [6] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Japan | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [6] | ' | |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Philippines | Money market funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [6] | ' | |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $0 | ' | ' | ||
[1] | The investment strategy of the U.S. pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60 percent in equity securities and 40 percent in fixed income securities for both periods. As of each of the years ended DecemberB 28, 2013 and DecemberB 29, 2012, the common trusts held 64 and 62 percent of its assets in equity securities, 36 and 37 percent in fixed income securities, respectively, and in 2012 the remaining amounts in cash and money markets. The percentage of funds invested in equity securities at the end of 2013 and 2012, included: 33 and 32 percent in large U.S. stocks, 21 and 20 percent small U.S. stocks, respectively, and 10 percent in international stocks in both years. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. | ||||
[2] | For each period presented, the strategy of this fund is to achieve a long-term net return of at least 4 percent above inflation based on the Australian consumer price index over a rolling 5 year period. The investment strategy is to invest mainly in equities and property, which were expected to earn relatively higher returns over the long term. The fair value of the fund was determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of DecemberB 28, 2013 and DecemberB 29, 2012, the percentage of funds held in investments included: Australian equities of 31 and 34 percent, government and corporate bonds of 11 percent in each year and cash of 9 and 7 percent, respectively, and other equities of listed companies outside of Australia of 40 and 38 percent, and real estate of 9 and 10 percent. | ||||
[3] | The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. | ||||
[4] | The strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62 percent in equity securities and 38 percent in fixed income securities. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of DecemberB 28, 2013 and DecemberB 29, 2012, the percentage of funds held various asset classes included: large-cap equities of European companies of 30 and 34 percent, small-cap equities of European companies of 19 and 18 percent, respectively, equities outside of Europe, mainly in the U.S. and emerging markets, 10 and 11 percent, respectively, and the remaining amount in bonds, primarily from European and U.S. governments, of 41 and 37 percent, respectively. | ||||
[5] | The Company's strategy for each period presented is to invest approximately 62 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 38 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 52 percent equities in Japanese listed securities, 10 percent in equities outside of Japan and 38 percent in cash and other short-term investments. This strategy has been achieved through a collective trust that held 100 percent of total funded assets as of DecemberB 28, 2013 and DecemberB 29, 2012. As of the end of 2013 and 2012, the allocation of funds within the common collective trust included: 52 percent and 54 percent in Japanese equities and 8 percent and 7 percent in equities of companies based outside of Japan, in 2013 and 2012, respectively. The remaining amounts were invested in cash and other short-term investments. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. | ||||
[6] | In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57 percent in equity securities, 38 percent fixed income securities and 5 percent in cash and deposits. The fixed income securities at year end included assets valued using quoted bid prices on similarly termed government securities, as well as balances invested in short term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded. |
Retirement_Benefit_Plans_Recon
Retirement Benefit Plans (Reconciliation of Fair Value Measurements) (Details) (Pension Benefits [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward] | ' | ' |
Ending balance | $114.90 | $118.30 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward] | ' | ' |
Beginning balance | 44.4 | 42.8 |
Realized gains | 1.2 | 0.8 |
Purchases, sales and settlements, net | -9.9 | -0.1 |
Impact on exchange rates | 0.7 | 0.9 |
Ending balance | $36.40 | $44.40 |
Retirement_Benefit_Plans_Expec
Retirement Benefit Plans (Expected Future Payments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cost of savings, thrift and profit-sharing plans | $10.50 | $10.90 | $10.70 |
Expected future subsidy receipts | 3.7 | ' | ' |
Estimated Future Benefit Payments [Abstract] | ' | ' | ' |
2013, Subsidy receipts | 0.4 | ' | ' |
2014, Subsidy receipts | 0.4 | ' | ' |
2015, Subsidy receipts | 0.4 | ' | ' |
2016, Subsidy receipts | 0.4 | ' | ' |
2017, Subsidy receipts | 0.4 | ' | ' |
2018-2022, Subsidy receipts | 1.7 | ' | ' |
2013, Total | 17.3 | ' | ' |
2014, Total | 21.9 | ' | ' |
2015, Total | 16.2 | ' | ' |
2016, Total | 29.7 | ' | ' |
2017, Total | 16.3 | ' | ' |
2018-2022, Total | 92 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated contributions in next fiscal year | 15.6 | ' | ' |
Estimated Future Benefit Payments [Abstract] | ' | ' | ' |
2013, Benefit plans | 14.9 | ' | ' |
2014, Benefit plans | 19.4 | ' | ' |
2015, Benefit plans | 13.8 | ' | ' |
2016, Benefit plans | 27.3 | ' | ' |
2017, Benefit plans | 14 | ' | ' |
2018-2022, Benefit plans | 81.4 | ' | ' |
Postretirement Benefits [Member] | ' | ' | ' |
Estimated Future Benefit Payments [Abstract] | ' | ' | ' |
2013, Benefit plans | 2.8 | ' | ' |
2014, Benefit plans | 2.9 | ' | ' |
2015, Benefit plans | 2.8 | ' | ' |
2016, Benefit plans | 2.8 | ' | ' |
2017, Benefit plans | 2.7 | ' | ' |
2018-2022, Benefit plans | 12.3 | ' | ' |
U.S. Postretirement Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated contributions in next fiscal year | $2.40 | ' | ' |
Incentive_Compensation_Plans_D
Incentive Compensation Plans (Details) (USD $) | 11 Months Ended | 12 Months Ended | 80 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | 12-May-10 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Incentive Plan 2010 [Member] | Incentive Plan 2010 [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Performance Shares [Member] | Restricted Stock, Restricted Stock Units and Performance Shares [Member] | Restricted Stock, Restricted Stock Units and Performance Shares [Member] | Restricted Stock, Restricted Stock Units and Performance Shares [Member] | Restricted Stock, Restricted Stock Units and Performance Shares [Member] | Restricted Stock, Restricted Stock Units and Performance Shares [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Cash Settled Awards [Member] | Cash Settled Awards [Member] | Cash Settled Awards [Member] | ||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term awards become exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '1 year | '6 years | '3 years | ' | ' | ' | ' | ' |
Number of shares available for grant | ' | ' | ' | ' | ' | 3,393,032 | 4,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 813,732 | 800,041 | ' | ' | ' | ' | ' | ' | 19,099 | 7,071 | 7,530 |
Grant date fair value of performance awards, restricted stock and restricted stock units vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,800,000 | $19,600,000 | $17,300,000 | ' | ' | ' | ' | ' | $1,800,000 | $400,000 | ' |
Compensation Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | 19,500,000 | 20,100,000 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from compensation expense | ' | 7,000,000 | 7,200,000 | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock based compensation expense | 18,200,000 | 18,200,000 | ' | ' | 18,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock based compensation expense, period of recognition (in months) | ' | '28 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash performance expense expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,400,000 | 22,600,000 | 19,000,000 |
Repurchase of Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, shares | ' | 4,600,000 | 3,300,000 | 7,100,000 | 20,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, value | ' | $374,900,000 | $200,000,000 | $426,100,000 | $1,200,000,000 | ' | ' | $374,900,000 | $200,000,000 | $426,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '8 years | '8 years | ' | ' | ' |
Incentive_Compensation_Plans_S
Incentive Compensation Plans (Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $105.10 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 119.8 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding shares subject to option, at beginning of period | 2,935,919 | ' | ' |
Outstanding weighted average exercise price per share, at beginning of period | $37.15 | ' | ' |
Outstanding shares subject to option, granted | 210,034 | ' | ' |
Outstanding weighted average exercise price per share, granted | $85.89 | ' | ' |
Outstanding shares subject to option, exercised | -753,093 | ' | ' |
Outstanding weighted average exercise price per share, exercised | $27.87 | ' | ' |
Outstanding shares subject to option, at end of period | 2,360,275 | 2,935,919 | ' |
Outstanding weighted average exercise price per share, at end of period | $44.16 | $37.15 | ' |
Exercisable shares subject to option exercisable at end of period, at end of period | 1,792,319 | ' | ' |
Exercisable weighted average exercise price per share, at end of period | $36.25 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Total intrinsic value of options exercised | $38.50 | $23.50 | $24.10 |
Average remaining contractual life for outstanding options (in years) | '6 years 2 months 12 days | ' | ' |
Average remaining contractual life of exercisable options (in years) | '5 years 3 months 18 days | ' | ' |
Weighted average estimated grant date fair value | $27.61 | $19.73 | $19.37 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term awards become exercisable | '3 years | ' | ' |
Term options expire from grant date (in years) | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Dividend yield | 2.90% | 2.50% | 2.10% |
Expected volatility | 41.00% | 39.00% | 40.00% |
Risk-free interest rate | 2.00% | 1.20% | 1.60% |
Expected life (in years) | '7 years | '8 years | '8 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding shares subject to option, expired/forfeited | -32,585 | ' | ' |
Outstanding weighted average exercise price per share, expired/forfeited | $58.08 | ' | ' |
Incentive_Compensation_Plans_P
Incentive Compensation Plans (Performance Awards, Restricted Stock and Restricted Stock Units) (Details) (USD $) | 11 Months Ended | 12 Months Ended | 80 Months Ended | ||
Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | $2,000,000,000 | ' | ' | ' | ' |
Repurchase of common stock, shares | ' | 4,600,000 | 3,300,000 | 7,100,000 | 20,100,000 |
Repurchase of common stock, value | ' | 374,900,000 | 200,000,000 | 426,100,000 | 1,200,000,000 |
Restricted Stock, Restricted Stock Units and Performance Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' |
Non-vested shares outstanding, beginning balance | ' | 800,041 | ' | ' | ' |
Weighted average grant date fair value, beginning of period | ' | $43.01 | ' | ' | ' |
Shares outstanding, granted | ' | 225,419 | ' | ' | ' |
Weighted average grant date fair value, granted | ' | $82.62 | $60.69 | $56.26 | ' |
Shares outstanding, performance share adjustments | ' | 13,365 | ' | ' | ' |
Weighted average grant date fair value, performance share adjustments | ' | $64.44 | ' | ' | ' |
Shares outstanding, vested | ' | -182,860 | ' | ' | ' |
Weighted average grant date fair value, vested | ' | $50.21 | ' | ' | ' |
Shares outstanding, forfeited | ' | -42,233 | ' | ' | ' |
Weighted average grant date fair value, forfeited | ' | $55.81 | ' | ' | ' |
Non-vested shares outstanding, ending balance | 813,732 | 813,732 | 800,041 | ' | 813,732 |
Weighted average grant date fair value, end of period | $51.92 | $51.92 | $43.01 | ' | $51.92 |
Grant date fair value of performance awards, restricted stock and restricted stock units vested | ' | $14,800,000 | $19,600,000 | $17,300,000 | ' |
Performance Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Term awards become exercisable | ' | '3 years | ' | ' | ' |
Maximum actual payout as percentage of shares initially granted | ' | 150.00% | ' | ' | ' |
Estimated number of shares expected to vest | 13,365 | 13,365 | ' | ' | 13,365 |
Number of share based compensation plans | ' | 3 | ' | ' | ' |
Minimum [Member] | Restricted Stock, Restricted Stock Units and Performance Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Term awards become exercisable | ' | '1 year | ' | ' | ' |
Maximum [Member] | Restricted Stock, Restricted Stock Units and Performance Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Term awards become exercisable | ' | '6 years | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $717.10 | $603.20 | $688.40 | $662.90 | $711 | $594.40 | $638.90 | $639.50 | $2,671.60 | $2,583.80 | $2,585 | |||
Segment profit | ' | ' | ' | ' | ' | ' | ' | ' | 469 | 459.2 | 440.2 | |||
Unallocated expenses | ' | ' | ' | ' | ' | ' | ' | ' | -62.4 | -62.6 | -58.9 | |||
Re-engineering and impairment charges | -2.2 | -2.7 | -2.2 | -2.2 | -18.4 | -2 | -1.1 | -0.9 | -9.3 | [1] | -22.4 | [1] | -7.9 | [1] |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | -76.9 | [2] | -36.1 | [2] |
Gains on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | [3] | 7.9 | [3] | 3.8 | [3] |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -37.6 | -32.4 | -45.8 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360.4 | 272.8 | 295.3 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 54.8 | 49.6 | 49.8 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 69 | 75.6 | 73.9 | |||
Total identifiable assets | 1,843.90 | ' | ' | ' | 1,821.80 | ' | ' | ' | 1,843.90 | 1,821.80 | 1,822.60 | |||
Early extinguishment of debt related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.8 | |||
Equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax gain from sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | [3] | ' | ||
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax gain from sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | |||
Belgium | Manufacturing Facility [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax gain from sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | [3] | ' | ||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 229.3 | 244.7 | 264.3 | |||
Long-lived assets | 90.4 | ' | ' | ' | 85.5 | ' | ' | ' | 90.4 | 85.5 | 81.2 | |||
Foreign Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net investment in international operations | 602.1 | ' | ' | ' | 562.1 | ' | ' | ' | 602.1 | 562.1 | ' | |||
Australia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax gain related to insurance recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | |||
Venezuela [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax gain related to insurance recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | [3] | ' | ||
Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 407.6 | 404.8 | 436.5 | |||
Beauty [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 557 | 610.5 | 679.8 | |||
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 782.7 | 791.4 | 848.9 | |||
Segment profit | ' | ' | ' | ' | ' | ' | ' | ' | 130 | 131.6 | 148.3 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20.8 | 20.7 | 21.3 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 19.5 | 24.7 | 34.4 | |||
Total identifiable assets | 367.4 | ' | ' | ' | 385.4 | ' | ' | ' | 367.4 | 385.4 | 395.9 | |||
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 836.9 | 780.7 | 714 | |||
Segment profit | ' | ' | ' | ' | ' | ' | ' | ' | 188.1 | 172.7 | 147 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 10.5 | 10.1 | 9.2 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 18.8 | 23.3 | 11.6 | |||
Total identifiable assets | 308.6 | ' | ' | ' | 331.3 | ' | ' | ' | 308.6 | 331.3 | 331.9 | |||
Tupperware North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 358 | 344.8 | 352 | |||
Segment profit | ' | ' | ' | ' | ' | ' | ' | ' | 65.9 | 63.7 | 58.4 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8.4 | 7.6 | 8.4 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 10.7 | 10.1 | 9.4 | |||
Total identifiable assets | 148.4 | ' | ' | ' | 140 | ' | ' | ' | 148.4 | 140 | 143.8 | |||
Beauty North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 320.1 | 348.3 | 395.5 | |||
Segment profit | ' | ' | ' | ' | ' | ' | ' | ' | 16.1 | 30.2 | 37.9 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | 5.2 | 6.4 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | 3.8 | 3.9 | |||
Total identifiable assets | 356.7 | ' | ' | ' | 320.3 | ' | ' | ' | 356.7 | 320.3 | 337.4 | |||
South America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 373.9 | 318.6 | 274.6 | |||
Segment profit | ' | ' | ' | ' | ' | ' | ' | ' | 68.9 | [4] | 61 | [4] | 48.6 | [4] |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 2.1 | 2.1 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 12.9 | 11.8 | 6.4 | |||
Total identifiable assets | 127.6 | ' | ' | ' | 114.9 | ' | ' | ' | 127.6 | 114.9 | 105.4 | |||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | 3.9 | 2.4 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3.4 | 1.9 | 8.2 | |||
Total identifiable assets | $535.20 | ' | ' | ' | $529.90 | ' | ' | ' | $535.20 | $529.90 | $508.20 | |||
[1] | Reviews of the value of the intangible assets related to the acquisition of the Sara Lee direct-to-consumer units acquired in 2005 and BeautiControl acquired in 2000, resulted in the conclusion that certain of the tradenames and goodwill had been impaired in 2012 and 2011. This resulted in charges of $76.9 million related to BeautiControl, NaturCare and Nutrimetics in 2012 and $36.1 million related to Nutrimetics in 2011. | |||||||||||||
[2] | Gains on disposal of assets in 2013 primarily related to the collection of proceeds on land sold in 2006. In 2012, this caption included $7.5 million from the sale of a facility in Belgium, $0.2 million from insurance proceeds due to a flood in Venezuela and $0.2 million from equipment sales. In 2011, the Company recorded a pretax gain from insurance proceeds of $3.0 million, net of cost, related to a flood in Australia, as well as $0.7 million related to the sale of land held for development near the Company's Orlando, Florida headquarters. | |||||||||||||
[3] | In 2011, the Company recorded $19.8 million in interest expense related to the impairment of interest rate swaps and the write off of deferred debt costs in conjunction with the early extinguishment of debt. | |||||||||||||
[4] | The re-engineering and impairment charges line includes severance expenses and other exit costs. See Note 2 to the Consolidated Financial Statements. |
Commitment_and_Contingencies_D
Commitment and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating leases rental expense | $31.70 | $32.10 | $34.30 |
Approximate minimum rental commitments under non-cancelable operating leases [Abstract] | ' | ' | ' |
2013 | 33.7 | ' | ' |
2014 | 22.7 | ' | ' |
2015 | 12.3 | ' | ' |
2016 | 7.7 | ' | ' |
2017 | 7.1 | ' | ' |
After 2017 | $8 | ' | ' |
Automobiles [Member] | Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Lease Term | '2 years | ' | ' |
Automobiles [Member] | Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Lease Term | '3 years | ' | ' |
Allowance_for_LongTerm_Receiva2
Allowance for Long-Term Receivables (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | |
Long-term receivables past due | $21.20 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | |
Beginning balance | 22.4 | |
Write-offs | -4.1 | |
Provision | 2.4 | [1] |
Currency translation adjustment | -0.2 | |
Ending balance | 20.5 | |
Reclassifications from current receivables | $1.50 | |
[1] | Provision includes $1.5 million of reclassifications from current receivables. |
Guarantor_Information_Condense
Guarantor Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 25, 2010 |
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $127.30 | $119.80 | $138.20 | $248.70 |
Accounts receivable, net | 168.8 | 173.4 | ' | ' |
Inventories | 313.4 | 313.9 | ' | ' |
Deferred income tax benefits, net | 96.4 | 94.9 | ' | ' |
Non-trade amounts receivable, net | 50.1 | 39 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 23 | 25.5 | ' | ' |
Total current assets | 779 | 766.5 | ' | ' |
Deferred income tax benefits, net | 397.9 | 359.1 | ' | ' |
Property, plant and equipment, net | 300.9 | 298.8 | ' | ' |
Long-term receivables, net | 23.1 | 24.8 | ' | ' |
Trademarks and tradenames, net | 125.7 | 138.4 | ' | ' |
Other intangible assets, net | 3.2 | 5 | ' | ' |
Goodwill | 181.5 | 192.9 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Other assets, net | 32.6 | 36.3 | ' | ' |
Total assets | 1,843.90 | 1,821.80 | 1,822.60 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 149.7 | 154.8 | ' | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 235.4 | 203.4 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Accrued liabilities | 352.4 | 336.3 | ' | ' |
Total current liabilities | 737.5 | 694.5 | ' | ' |
Long-term debt and capital lease obligations | 619.9 | 414.4 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Other liabilities | 233.6 | 233.8 | ' | ' |
Total shareholders' equity | 252.9 | 479.1 | 500.8 | 789.8 |
Total liabilities and shareholders' equity | 1,843.90 | 1,821.80 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income tax benefits, net | 4.7 | 4.8 | ' | ' |
Non-trade amounts receivable, net | 0.2 | 0 | ' | ' |
Intercompany receivables | 12 | 152 | ' | ' |
Prepaid expenses and other current assets | 1.7 | 1.4 | ' | ' |
Total current assets | 18.6 | 158.2 | ' | ' |
Deferred income tax benefits, net | 86.2 | 82.9 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Long-term receivables, net | 0 | 0 | ' | ' |
Trademarks and tradenames, net | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in subsidiaries | 1,679.90 | 1,417 | ' | ' |
Intercompany notes receivable | 53.7 | 81.5 | ' | ' |
Other assets, net | 5.1 | 4.5 | ' | ' |
Total assets | 1,843.50 | 1,744.10 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 0.2 | 0 | ' | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 121 | 37 | ' | ' |
Intercompany payables | 412.1 | 343.4 | ' | ' |
Accrued liabilities | 80.5 | 116.4 | ' | ' |
Total current liabilities | 613.8 | 496.8 | ' | ' |
Long-term debt and capital lease obligations | 602.6 | 396.4 | ' | ' |
Intercompany notes payable | 349.7 | 346.9 | ' | ' |
Other liabilities | 24.5 | 24.9 | ' | ' |
Total shareholders' equity | 252.9 | 479.1 | ' | ' |
Total liabilities and shareholders' equity | 1,843.50 | 1,744.10 | ' | ' |
Guarantor [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0.1 | 0.2 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income tax benefits, net | 39.3 | 46.8 | ' | ' |
Non-trade amounts receivable, net | 11.9 | 3.2 | ' | ' |
Intercompany receivables | 447 | 378 | ' | ' |
Prepaid expenses and other current assets | 78.6 | 65.8 | ' | ' |
Total current assets | 576.9 | 494 | ' | ' |
Deferred income tax benefits, net | 191.1 | 174.2 | ' | ' |
Property, plant and equipment, net | 38.6 | 32.4 | ' | ' |
Long-term receivables, net | 0.1 | 0.1 | ' | ' |
Trademarks and tradenames, net | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 2.9 | 2.9 | ' | ' |
Investments in subsidiaries | 2,333.20 | 2,195 | ' | ' |
Intercompany notes receivable | 585.8 | 578.2 | ' | ' |
Other assets, net | 8.1 | 7.9 | ' | ' |
Total assets | 3,736.70 | 3,484.70 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 3.7 | 2.6 | ' | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | 0 | ' | ' |
Intercompany payables | 466.9 | 556.3 | ' | ' |
Accrued liabilities | 61.8 | 96.7 | ' | ' |
Total current liabilities | 532.4 | 655.6 | ' | ' |
Long-term debt and capital lease obligations | 0 | 0 | ' | ' |
Intercompany notes payable | 1,492.20 | 1,330.50 | ' | ' |
Other liabilities | 31.5 | 77.3 | ' | ' |
Total shareholders' equity | 1,680.60 | 1,421.30 | ' | ' |
Total liabilities and shareholders' equity | 3,736.70 | 3,484.70 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 127.2 | 119.6 | ' | ' |
Accounts receivable, net | 168.8 | 173.4 | ' | ' |
Inventories | 313.4 | 313.9 | ' | ' |
Deferred income tax benefits, net | 52.4 | 43.3 | ' | ' |
Non-trade amounts receivable, net | 38 | 35.8 | ' | ' |
Intercompany receivables | 467.3 | 415.4 | ' | ' |
Prepaid expenses and other current assets | 64.4 | 111 | ' | ' |
Total current assets | 1,231.50 | 1,212.40 | ' | ' |
Deferred income tax benefits, net | 120.6 | 102 | ' | ' |
Property, plant and equipment, net | 262.3 | 266.4 | ' | ' |
Long-term receivables, net | 23 | 24.7 | ' | ' |
Trademarks and tradenames, net | 125.7 | 138.4 | ' | ' |
Other intangible assets, net | 3.2 | 5 | ' | ' |
Goodwill | 178.6 | 190 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany notes receivable | 1,841.90 | 1,677.40 | ' | ' |
Other assets, net | 36.4 | 86.2 | ' | ' |
Total assets | 3,823.20 | 3,702.50 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 145.8 | 152.2 | ' | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 114.4 | 166.4 | ' | ' |
Intercompany payables | 47.3 | 45.7 | ' | ' |
Accrued liabilities | 331.8 | 275.9 | ' | ' |
Total current liabilities | 639.3 | 640.2 | ' | ' |
Long-term debt and capital lease obligations | 17.3 | 18 | ' | ' |
Intercompany notes payable | 639.5 | 659.7 | ' | ' |
Other liabilities | 194.6 | 193.9 | ' | ' |
Total shareholders' equity | 2,332.50 | 2,190.70 | ' | ' |
Total liabilities and shareholders' equity | 3,823.20 | 3,702.50 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income tax benefits, net | 0 | 0 | ' | ' |
Non-trade amounts receivable, net | 0 | 0 | ' | ' |
Intercompany receivables | -926.3 | -945.4 | ' | ' |
Prepaid expenses and other current assets | -121.7 | -152.7 | ' | ' |
Total current assets | -1,048 | -1,098.10 | ' | ' |
Deferred income tax benefits, net | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Long-term receivables, net | 0 | 0 | ' | ' |
Trademarks and tradenames, net | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in subsidiaries | -4,013.10 | -3,612 | ' | ' |
Intercompany notes receivable | -2,481.40 | -2,337.10 | ' | ' |
Other assets, net | -17 | -62.3 | ' | ' |
Total assets | -7,559.50 | -7,109.50 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | 0 | ' | ' |
Intercompany payables | -926.3 | -945.4 | ' | ' |
Accrued liabilities | -121.7 | -152.7 | ' | ' |
Total current liabilities | -1,048 | -1,098.10 | ' | ' |
Long-term debt and capital lease obligations | 0 | 0 | ' | ' |
Intercompany notes payable | -2,481.40 | -2,337.10 | ' | ' |
Other liabilities | -17 | -62.3 | ' | ' |
Total shareholders' equity | -4,013.10 | -3,612 | ' | ' |
Total liabilities and shareholders' equity | ($7,559.50) | ($7,109.50) | ' | ' |
Guarantor_Information_Consolid
Guarantor Information (Consolidating Statement of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $717.10 | $603.20 | $688.40 | $662.90 | $711 | $594.40 | $638.90 | $639.50 | $2,671.60 | $2,583.80 | $2,585 | |||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | 889.8 | 856.4 | 862.5 | |||
Gross margin | 475.7 | 403.6 | 462.4 | 440.1 | 473.9 | 394.9 | 432.2 | 426.4 | 1,781.80 | 1,727.40 | 1,722.50 | |||
Delivery, sales and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,369.70 | 1,329.50 | 1,340 | |||
Re-engineering and impairment charges | 2.2 | 2.7 | 2.2 | 2.2 | 18.4 | 2 | 1.1 | 0.9 | 9.3 | [1] | 22.4 | [1] | 7.9 | [1] |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 76.9 | [2] | 36.1 | [2] |
Gains on disposal of assets including insurance recoveries, net | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 7.9 | 3.8 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 403.5 | 306.5 | 342.3 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | 2.5 | 3.2 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 40.2 | 34.9 | 49 | |||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | 1.3 | 1.2 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360.4 | 272.8 | 295.3 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 86.2 | 79.8 | 77 | |||
Net income | 89.8 | 49.9 | 76.3 | 58.2 | 74.5 | 47.5 | 12.7 | 58.3 | 274.2 | 193 | 218.3 | |||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 228.7 | 217.2 | 169.3 | |||
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Delivery, sales and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 20.8 | 21.7 | 20.9 | |||
Re-engineering and impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Gains on disposal of assets including insurance recoveries, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -20.8 | -21.7 | -20.9 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 1.6 | 2 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 33.8 | 28.1 | 46.9 | |||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 308.9 | 223.8 | 260.5 | |||
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.1 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 254.7 | 175.6 | 194.6 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -19.5 | -17.4 | -23.7 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 274.2 | 193 | 218.3 | |||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 228.7 | 217.2 | 169.3 | |||
Guarantor [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 124.6 | 128.2 | 101.9 | |||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | 18.3 | 30.9 | 12.4 | |||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 106.3 | 97.3 | 89.5 | |||
Delivery, sales and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 55.4 | 42.9 | |||
Re-engineering and impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Gains on disposal of assets including insurance recoveries, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.5 | 3 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 34.3 | 42.4 | 49.6 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 30.9 | 30.9 | 33.1 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 19.8 | 20.4 | 15 | |||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 280.9 | 180.8 | 222.9 | |||
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | 1 | 0 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 326.4 | 232.7 | 290.6 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 18.7 | 11.2 | 35.6 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 307.7 | 221.5 | 255 | |||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 262.7 | 248.8 | 187.9 | |||
Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,679 | 2,591.30 | 2,591.10 | |||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 18.3 | 30.8 | 12.3 | |||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,012.30 | 992 | 970.4 | |||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 1,685 | 1,630.10 | 1,633 | |||
Delivery, sales and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,286.40 | 1,252.40 | 1,276.20 | |||
Re-engineering and impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 9.3 | 22.4 | 7.9 | |||
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.9 | 36.1 | |||
Gains on disposal of assets including insurance recoveries, net | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 7.4 | 0.8 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 390 | 285.8 | 313.6 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 7.4 | 4.9 | 10.5 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 22.7 | 21.3 | 29.5 | |||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | 0.3 | 1.1 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 369.1 | 269.1 | 293.5 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 87 | 86 | 65.1 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 282.1 | 183.1 | 228.4 | |||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 249.4 | 178.6 | 194 | |||
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -7.4 | -7.5 | -6.1 | |||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | -142.9 | -159 | -114.2 | |||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | -140.8 | -166.5 | -120.3 | |||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | -9.5 | 0 | 0 | |||
Delivery, sales and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | -9.5 | 0 | 0 | |||
Re-engineering and impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Gains on disposal of assets including insurance recoveries, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -36.1 | -34.9 | -42.4 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -36.1 | -34.9 | -42.4 | |||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -589.8 | -404.6 | -483.4 | |||
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -589.8 | -404.6 | -483.4 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -589.8 | -404.6 | -483.4 | |||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($512.10) | ($427.40) | ($381.90) | |||
[1] | Reviews of the value of the intangible assets related to the acquisition of the Sara Lee direct-to-consumer units acquired in 2005 and BeautiControl acquired in 2000, resulted in the conclusion that certain of the tradenames and goodwill had been impaired in 2012 and 2011. This resulted in charges of $76.9 million related to BeautiControl, NaturCare and Nutrimetics in 2012 and $36.1 million related to Nutrimetics in 2011. | |||||||||||||
[2] | Gains on disposal of assets in 2013 primarily related to the collection of proceeds on land sold in 2006. In 2012, this caption included $7.5 million from the sale of a facility in Belgium, $0.2 million from insurance proceeds due to a flood in Venezuela and $0.2 million from equipment sales. In 2011, the Company recorded a pretax gain from insurance proceeds of $3.0 million, net of cost, related to a flood in Australia, as well as $0.7 million related to the sale of land held for development near the Company's Orlando, Florida headquarters. |
Guarantor_Information_Condense1
Guarantor Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | $323.50 | $298.70 | $274.70 |
Investing Activities: | ' | ' | ' |
Capital expenditures | -69 | -75.6 | -73.9 |
Proceeds from disposal of property, plant and equipment | 8.9 | 10.8 | 5 |
Return of capital | ' | 0 | ' |
Net intercompany loans | 0 | 0 | 0 |
Net cash used in investing activities | -60.1 | -64.8 | -68.9 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | -116.8 | -77.6 | -73.8 |
Dividend payments to parent | 0 | 0 | 0 |
Net proceeds from issuance of Senior Notes | 200 | 0 | 393.3 |
Proceeds from exercise of stock options | 21 | 12.9 | 16.1 |
Repurchase of common stock | -379.4 | -205 | -428.6 |
Repayment of long-term debt and capital lease obligations | -2.5 | -2.3 | -407.4 |
Net change in short-term debt | 27.8 | 6 | 193.5 |
Debt issuance costs | -2.2 | 0 | -3 |
Excess tax benefits from share-based payment arrangements | 14.5 | 13.5 | 9 |
Net intercompany notes payable (receivable) | 0 | 0 | 0 |
Return of capital to parent | ' | 0 | ' |
Net cash used in financing activities | -237.6 | -252.5 | -300.9 |
Effect of exchange rate changes on cash and cash equivalents | -18.3 | 0.2 | -15.4 |
Net change in cash and cash equivalents | 7.5 | -18.4 | -110.5 |
Cash and cash equivalents at beginning of year | 119.8 | 138.2 | 248.7 |
Cash and cash equivalents at end of year | 127.3 | 119.8 | 138.2 |
Parent [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | -66.7 | ' | ' |
Investing Activities: | ' | ' | ' |
Capital expenditures | 0 | ' | ' |
Proceeds from disposal of property, plant and equipment | 0 | ' | ' |
Net intercompany loans | 27.9 | ' | ' |
Net cash used in investing activities | 27.9 | ' | ' |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | -116.8 | ' | ' |
Dividend payments to parent | 0 | ' | ' |
Net proceeds from issuance of Senior Notes | 200 | ' | ' |
Proceeds from exercise of stock options | 21 | ' | ' |
Repurchase of common stock | -379.4 | ' | ' |
Repayment of long-term debt and capital lease obligations | 0 | ' | ' |
Net change in short-term debt | 84 | ' | ' |
Debt issuance costs | -2.2 | ' | ' |
Excess tax benefits from share-based payment arrangements | 14.5 | ' | ' |
Net intercompany notes payable (receivable) | 217.7 | ' | ' |
Net cash used in financing activities | 38.8 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | ' |
Net change in cash and cash equivalents | 0 | ' | ' |
Cash and cash equivalents at beginning of year | 0 | ' | ' |
Cash and cash equivalents at end of year | 0 | ' | ' |
Guarantor [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 53.7 | ' | ' |
Investing Activities: | ' | ' | ' |
Capital expenditures | -14.2 | ' | ' |
Proceeds from disposal of property, plant and equipment | 0 | ' | ' |
Net intercompany loans | -223.9 | ' | ' |
Net cash used in investing activities | -238.1 | ' | ' |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | 0 | ' | ' |
Dividend payments to parent | 0 | ' | ' |
Net proceeds from issuance of Senior Notes | 0 | ' | ' |
Proceeds from exercise of stock options | 0 | ' | ' |
Repurchase of common stock | 0 | ' | ' |
Repayment of long-term debt and capital lease obligations | 0 | ' | ' |
Net change in short-term debt | 0 | ' | ' |
Debt issuance costs | 0 | ' | ' |
Excess tax benefits from share-based payment arrangements | 0 | ' | ' |
Net intercompany notes payable (receivable) | 184.3 | ' | ' |
Net cash used in financing activities | 184.3 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | ' |
Net change in cash and cash equivalents | -0.1 | ' | ' |
Cash and cash equivalents at beginning of year | 0.2 | ' | ' |
Cash and cash equivalents at end of year | 0.1 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 410.9 | ' | ' |
Investing Activities: | ' | ' | ' |
Capital expenditures | -54.8 | ' | ' |
Proceeds from disposal of property, plant and equipment | 8.9 | ' | ' |
Net intercompany loans | -193.3 | ' | ' |
Net cash used in investing activities | -239.2 | ' | ' |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | 0 | ' | ' |
Dividend payments to parent | -94.9 | ' | ' |
Net proceeds from issuance of Senior Notes | 0 | ' | ' |
Proceeds from exercise of stock options | 0 | ' | ' |
Repurchase of common stock | 0 | ' | ' |
Repayment of long-term debt and capital lease obligations | -2.5 | ' | ' |
Net change in short-term debt | -56.2 | ' | ' |
Debt issuance costs | 0 | ' | ' |
Excess tax benefits from share-based payment arrangements | 0 | ' | ' |
Net intercompany notes payable (receivable) | 7.8 | ' | ' |
Net cash used in financing activities | -145.8 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | -18.3 | ' | ' |
Net change in cash and cash equivalents | 7.6 | ' | ' |
Cash and cash equivalents at beginning of year | 119.6 | ' | ' |
Cash and cash equivalents at end of year | 127.2 | ' | ' |
Eliminations [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | -74.4 | ' | ' |
Investing Activities: | ' | ' | ' |
Capital expenditures | 0 | ' | ' |
Proceeds from disposal of property, plant and equipment | 0 | ' | ' |
Net intercompany loans | 389.3 | ' | ' |
Net cash used in investing activities | 389.3 | ' | ' |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | 0 | ' | ' |
Dividend payments to parent | 94.9 | ' | ' |
Net proceeds from issuance of Senior Notes | 0 | ' | ' |
Proceeds from exercise of stock options | 0 | ' | ' |
Repurchase of common stock | 0 | ' | ' |
Repayment of long-term debt and capital lease obligations | 0 | ' | ' |
Net change in short-term debt | 0 | ' | ' |
Debt issuance costs | 0 | ' | ' |
Excess tax benefits from share-based payment arrangements | 0 | ' | ' |
Net intercompany notes payable (receivable) | -409.8 | ' | ' |
Net cash used in financing activities | -314.9 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | ' |
Net change in cash and cash equivalents | 0 | ' | ' |
Cash and cash equivalents at beginning of year | 0 | ' | ' |
Cash and cash equivalents at end of year | 0 | ' | ' |
Previously Reported [Member] | Parent [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | -644 | 360.4 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Proceeds from disposal of property, plant and equipment | ' | 0 | 0 |
Return of capital | ' | 854.9 | ' |
Net intercompany loans | ' | 0 | 0 |
Net cash used in investing activities | ' | 854.9 | 0 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | -77.6 | -73.8 |
Dividend payments to parent | ' | 0 | 0 |
Net proceeds from issuance of Senior Notes | ' | ' | 393.3 |
Proceeds from exercise of stock options | ' | 12.9 | 16.1 |
Repurchase of common stock | ' | -205 | -428.6 |
Repayment of long-term debt and capital lease obligations | ' | 0 | -405 |
Net change in short-term debt | ' | 37 | 0.2 |
Debt issuance costs | ' | ' | -3 |
Excess tax benefits from share-based payment arrangements | ' | 13.5 | 9 |
Net intercompany notes payable (receivable) | ' | 8.3 | 111.4 |
Return of capital to parent | ' | 0 | ' |
Net cash used in financing activities | ' | -210.9 | -380.4 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 |
Net change in cash and cash equivalents | ' | 0 | -20 |
Cash and cash equivalents at beginning of year | ' | 0 | 20 |
Cash and cash equivalents at end of year | ' | 0 | 0 |
Previously Reported [Member] | Guarantor [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | 942 | -232 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | -10.6 | -12.7 |
Proceeds from disposal of property, plant and equipment | ' | 0.3 | 0 |
Return of capital | ' | 0 | ' |
Net intercompany loans | ' | 0 | 0 |
Net cash used in investing activities | ' | -10.3 | -12.7 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | 0 | 0 |
Dividend payments to parent | ' | 0 | 0 |
Net proceeds from issuance of Senior Notes | ' | ' | 0 |
Proceeds from exercise of stock options | ' | 0 | 0 |
Repurchase of common stock | ' | 0 | 0 |
Repayment of long-term debt and capital lease obligations | ' | 0 | 0 |
Net change in short-term debt | ' | 0 | 0 |
Debt issuance costs | ' | ' | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 |
Net intercompany notes payable (receivable) | ' | -79.3 | 195.8 |
Return of capital to parent | ' | -854.9 | ' |
Net cash used in financing activities | ' | -934.2 | 195.8 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0.8 | -1.4 |
Net change in cash and cash equivalents | ' | -1.7 | -50.3 |
Cash and cash equivalents at beginning of year | ' | 1.9 | 52.2 |
Cash and cash equivalents at end of year | ' | 0.2 | 1.9 |
Previously Reported [Member] | Non-Guarantors [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | 158.5 | 129.5 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | -65 | -61.2 |
Proceeds from disposal of property, plant and equipment | ' | 10.5 | 5 |
Return of capital | ' | 0 | ' |
Net intercompany loans | ' | 0 | 0 |
Net cash used in investing activities | ' | -54.5 | -56.2 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | 0 | 0 |
Dividend payments to parent | ' | -131.7 | -12 |
Net proceeds from issuance of Senior Notes | ' | ' | 0 |
Proceeds from exercise of stock options | ' | 0 | 0 |
Repurchase of common stock | ' | 0 | 0 |
Repayment of long-term debt and capital lease obligations | ' | -2.3 | -2.4 |
Net change in short-term debt | ' | -31 | 193.3 |
Debt issuance costs | ' | ' | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 |
Net intercompany notes payable (receivable) | ' | 44.9 | -278.4 |
Return of capital to parent | ' | 0 | ' |
Net cash used in financing activities | ' | -120.1 | -99.5 |
Effect of exchange rate changes on cash and cash equivalents | ' | -0.6 | -14 |
Net change in cash and cash equivalents | ' | -16.7 | -40.2 |
Cash and cash equivalents at beginning of year | ' | 136.3 | 176.5 |
Cash and cash equivalents at end of year | ' | 119.6 | 136.3 |
Previously Reported [Member] | Eliminations [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | -157.8 | 16.8 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Proceeds from disposal of property, plant and equipment | ' | 0 | 0 |
Return of capital | ' | -854.9 | ' |
Net intercompany loans | ' | 0 | 0 |
Net cash used in investing activities | ' | -854.9 | 0 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | 0 | 0 |
Dividend payments to parent | ' | 131.7 | 12 |
Net proceeds from issuance of Senior Notes | ' | ' | 0 |
Proceeds from exercise of stock options | ' | 0 | 0 |
Repurchase of common stock | ' | 0 | 0 |
Repayment of long-term debt and capital lease obligations | ' | 0 | 0 |
Net change in short-term debt | ' | 0 | 0 |
Debt issuance costs | ' | ' | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 |
Net intercompany notes payable (receivable) | ' | 26.1 | -28.8 |
Return of capital to parent | ' | 854.9 | ' |
Net cash used in financing activities | ' | 1,012.70 | -16.8 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 |
Net change in cash and cash equivalents | ' | 0 | 0 |
Cash and cash equivalents at beginning of year | ' | 0 | 0 |
Cash and cash equivalents at end of year | ' | 0 | 0 |
As Revised [Member] | Parent [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | 639.8 | -47.1 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Proceeds from disposal of property, plant and equipment | ' | 0 | 0 |
Return of capital | ' | 854.9 | ' |
Net intercompany loans | ' | 6.9 | 142.9 |
Net cash used in investing activities | ' | 861.8 | 142.9 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | -77.6 | -73.8 |
Dividend payments to parent | ' | 0 | 0 |
Net proceeds from issuance of Senior Notes | ' | ' | 393.3 |
Proceeds from exercise of stock options | ' | 12.9 | 16.1 |
Repurchase of common stock | ' | -205 | -428.6 |
Repayment of long-term debt and capital lease obligations | ' | 0 | -405 |
Net change in short-term debt | ' | 37 | 0.2 |
Debt issuance costs | ' | ' | -3 |
Excess tax benefits from share-based payment arrangements | ' | 13.5 | 9 |
Net intercompany notes payable (receivable) | ' | -1,282.40 | 376 |
Return of capital to parent | ' | 0 | ' |
Net cash used in financing activities | ' | -1,501.60 | -115.8 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 |
Net change in cash and cash equivalents | ' | 0 | -20 |
Cash and cash equivalents at beginning of year | ' | 0 | 20 |
Cash and cash equivalents at end of year | ' | 0 | 0 |
As Revised [Member] | Guarantor [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | 97.5 | 220.3 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | -10.6 | -12.7 |
Proceeds from disposal of property, plant and equipment | ' | 0.3 | 0 |
Return of capital | ' | 0 | ' |
Net intercompany loans | ' | 1,327.90 | -444.6 |
Net cash used in investing activities | ' | 1,317.60 | -457.3 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | 0 | 0 |
Dividend payments to parent | ' | -686.2 | 0 |
Net proceeds from issuance of Senior Notes | ' | ' | 0 |
Proceeds from exercise of stock options | ' | 0 | 0 |
Repurchase of common stock | ' | 0 | 0 |
Repayment of long-term debt and capital lease obligations | ' | 0 | 0 |
Net change in short-term debt | ' | 0 | 0 |
Debt issuance costs | ' | ' | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 |
Net intercompany notes payable (receivable) | ' | 123.5 | 188.1 |
Return of capital to parent | ' | -854.9 | ' |
Net cash used in financing activities | ' | -1,417.60 | 188.1 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0.8 | -1.4 |
Net change in cash and cash equivalents | ' | -1.7 | -50.3 |
Cash and cash equivalents at beginning of year | ' | 1.9 | 52.2 |
Cash and cash equivalents at end of year | ' | 0.2 | 1.9 |
As Revised [Member] | Non-Guarantors [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | 404 | 77.3 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | -65 | -61.2 |
Proceeds from disposal of property, plant and equipment | ' | 10.5 | 5 |
Return of capital | ' | 0 | ' |
Net intercompany loans | ' | -247.2 | -206.6 |
Net cash used in investing activities | ' | -301.7 | -262.8 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | 0 | 0 |
Dividend payments to parent | ' | -131.7 | -12 |
Net proceeds from issuance of Senior Notes | ' | ' | 0 |
Proceeds from exercise of stock options | ' | 0 | 0 |
Repurchase of common stock | ' | 0 | 0 |
Repayment of long-term debt and capital lease obligations | ' | -2.3 | -2.4 |
Net change in short-term debt | ' | -31 | 193.3 |
Debt issuance costs | ' | ' | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 |
Net intercompany notes payable (receivable) | ' | 46.6 | -19.6 |
Return of capital to parent | ' | 0 | ' |
Net cash used in financing activities | ' | -118.4 | 159.3 |
Effect of exchange rate changes on cash and cash equivalents | ' | -0.6 | -14 |
Net change in cash and cash equivalents | ' | -16.7 | -40.2 |
Cash and cash equivalents at beginning of year | ' | 136.3 | 176.5 |
Cash and cash equivalents at end of year | ' | 119.6 | 136.3 |
As Revised [Member] | Eliminations [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | -842.6 | 24.2 |
Investing Activities: | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Proceeds from disposal of property, plant and equipment | ' | 0 | 0 |
Return of capital | ' | -854.9 | ' |
Net intercompany loans | ' | -1,087.60 | 508.3 |
Net cash used in investing activities | ' | -1,942.50 | 508.3 |
Financing Activities: | ' | ' | ' |
Dividend payments to shareholders | ' | 0 | 0 |
Dividend payments to parent | ' | 817.9 | 12 |
Net proceeds from issuance of Senior Notes | ' | ' | 0 |
Proceeds from exercise of stock options | ' | 0 | 0 |
Repurchase of common stock | ' | 0 | 0 |
Repayment of long-term debt and capital lease obligations | ' | 0 | 0 |
Net change in short-term debt | ' | 0 | 0 |
Debt issuance costs | ' | ' | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 |
Net intercompany notes payable (receivable) | ' | 1,112.30 | -544.5 |
Return of capital to parent | ' | 854.9 | ' |
Net cash used in financing activities | ' | 2,785.10 | -532.5 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 |
Net change in cash and cash equivalents | ' | 0 | 0 |
Cash and cash equivalents at beginning of year | ' | 0 | 0 |
Cash and cash equivalents at end of year | ' | $0 | $0 |
Quarterly_Financial_Summary_De
Quarterly Financial Summary (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 11 Months Ended | 32 Months Ended | |||||||||||||||||||||||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Jun. 30, 2012 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 28, 2013 | Jan. 31, 2013 | ||||
Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Goodwill [Member] | Goodwill [Member] | Venezuela [Member] | Venezuela [Member] | Venezuela [Member] | Venezuela [Member] | |||||||||||||||
BeautiControl, NaturCare and Nutrimetics [Member] | ||||||||||||||||||||||||||||||||||||
Net sales | $717,100,000 | $603,200,000 | $688,400,000 | $662,900,000 | $711,000,000 | $594,400,000 | $638,900,000 | $639,500,000 | $2,671,600,000 | $2,583,800,000 | $2,585,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross margin | 475,700,000 | 403,600,000 | 462,400,000 | 440,100,000 | 473,900,000 | 394,900,000 | 432,200,000 | 426,400,000 | 1,781,800,000 | 1,727,400,000 | 1,722,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | 89,800,000 | 49,900,000 | 76,300,000 | 58,200,000 | 74,500,000 | 47,500,000 | 12,700,000 | 58,300,000 | 274,200,000 | 193,000,000 | 218,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic earnings per share | $1.78 | $0.97 | $1.46 | $1.09 | $1.37 | $0.86 | $0.23 | $1.04 | $5.28 | $3.49 | $3.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Diluted earnings per share | $1.74 | $0.95 | $1.43 | $1.06 | $1.34 | $0.85 | $0.22 | $1.02 | $5.17 | $3.42 | $3.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Composite stock price range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $97.14 | $88.18 | $85.22 | $82.28 | $67.82 | $58.08 | $64.63 | $64.99 | $84.38 | $76.18 | $73.07 | $62.17 | $52.80 | $50.90 | $51.28 | $54.88 | ' | ' | ' | ' | ' | ' | |||
Composite stock price, close | $94.91 | $86.90 | $77.69 | $81.74 | $62.67 | $53.59 | $54.76 | $63.50 | $94.91 | $62.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends declared per share | $0.62 | $0.62 | $0.62 | $0.62 | $0.36 | $0.36 | $0.36 | $0.36 | $2.48 | $1.44 | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Re-engineering and impairment charges | 2,200,000 | 2,700,000 | 2,200,000 | 2,200,000 | 18,400,000 | 2,000,000 | 1,100,000 | 900,000 | 9,300,000 | [1] | 22,400,000 | [1] | 7,900,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 76,900,000 | [2] | 36,100,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,900,000 | ' | ' | ' | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 53,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | |||
Translation impact | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 3,900,000 | ' | ' | |||
Foreign currency transaction rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | 5.3 | |||
Interest rate swap impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Length of time in reporting period | ' | ' | ' | ' | ' | ' | ' | ' | '52 | '52 | '53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from sale of property | ' | 900,000 | ' | ' | ' | ' | ' | ' | 8,900,000 | 10,800,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gain from sale of manufacturing facility | ' | ' | ' | ' | ' | ' | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Reviews of the value of the intangible assets related to the acquisition of the Sara Lee direct-to-consumer units acquired in 2005 and BeautiControl acquired in 2000, resulted in the conclusion that certain of the tradenames and goodwill had been impaired in 2012 and 2011. This resulted in charges of $76.9 million related to BeautiControl, NaturCare and Nutrimetics in 2012 and $36.1 million related to Nutrimetics in 2011. | |||||||||||||||||||||||||||||||||||
[2] | Gains on disposal of assets in 2013 primarily related to the collection of proceeds on land sold in 2006. In 2012, this caption included $7.5 million from the sale of a facility in Belgium, $0.2 million from insurance proceeds due to a flood in Venezuela and $0.2 million from equipment sales. In 2011, the Company recorded a pretax gain from insurance proceeds of $3.0 million, net of cost, related to a flood in Australia, as well as $0.7 million related to the sale of land held for development near the Company's Orlando, Florida headquarters. |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 12 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 | Feb. 10, 2014 |
Credit Agricole Corporate and Investment Bank [Member] | ||
Uncommitted Lines of credit [Member] | ||
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Borrowing capacity | ' | $75 |
Description of variable rate basis | 'LIBOR | ' |
Basis spread on variable rate | ' | 1.25% |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts, Current and Long-term [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $53.90 | $51.20 | $52.30 | |||
Charged to Cost and Expenses | 11.8 | 10.9 | 11.5 | |||
Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions - write-offs, less recoveries | -9.9 | [1] | -9 | [1] | -10.6 | [1] |
Translation Adjustments | -1.4 | [2] | 0.8 | [2] | -2 | [2] |
Balance at End of Period | 54.4 | 53.9 | 51.2 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 103.1 | 96 | 99.8 | |||
Charged to Cost and Expenses | 0 | 2.7 | -0.3 | |||
Charged to Other Accounts | 0 | 2.5 | 4.3 | |||
Translation Adjustments | -4.4 | [2] | 1.9 | [2] | -7.8 | [2] |
Release of Valuation Allowance | -39 | [3] | ' | ' | ||
Write off of Operating Loss | -24.9 | [4] | ' | ' | ||
Balance at End of Period | $34.80 | $103.10 | $96 | |||
[1] | Represents write-offs, less recoveries. | |||||
[2] | Foreign currency translation adjustment. | |||||
[3] | Represents release of valuation allowance as reduction of costs and expenses. See Note 12 to the consolidated financial statements for additional information. | |||||
[4] | Represents write-off of net operating losses for which a valuation allowance was already recorded. See Note 12 to the consolidated financial statements for additional information. |