Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 28, 2014 | Jul. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'TUPPERWARE BRANDS CORP | ' |
Entity Central Index Key | '0001008654 | ' |
Trading Symbol | 'TUP | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 50,390,064 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Net sales | $674.30 | $688.40 | $1,337.50 | $1,351.30 |
Cost of products sold | 225.7 | 226 | 447.3 | 448.8 |
Gross margin | 448.6 | 462.4 | 890.2 | 902.5 |
Delivery, sales and administrative expense | 348.6 | 349.3 | 693.1 | 697.8 |
Re-engineering and impairment charges | 3.4 | 2.2 | 5.7 | 4.4 |
Gains on disposal of assets | 0.5 | 0.2 | 2.3 | 0.2 |
Operating income | 97.1 | 111.1 | 193.7 | 200.5 |
Interest income | 0.5 | 0.7 | 1.2 | 1.3 |
Interest expense | 11.6 | 10.3 | 24 | 19.2 |
Other expense | 16 | 0.7 | 30.1 | 3.6 |
Income before income taxes | 70 | 100.8 | 140.8 | 179 |
Provision for income taxes | 22.4 | 24.5 | 41 | 44.5 |
Net income | $47.60 | $76.30 | $99.80 | $134.50 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.95 | $1.46 | $1.99 | $2.54 |
Diluted | $0.93 | $1.43 | $1.95 | $2.49 |
Weighted-average shares outstanding: | ' | ' | ' | ' |
Basic | 50.2 | 52.4 | 50.2 | 53 |
Diluted | 51.1 | 53.5 | 51.1 | 54.1 |
Dividends declared per common share | $0.68 | $0.62 | $1.36 | $1.24 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Net income | $47.60 | $76.30 | $99.80 | $134.50 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 7.3 | -56 | 6.4 | -43.8 |
Deferred gain (loss) on cash flow hedges, net of tax provision (benefit) of ($0.5), $1.0, ($0.3) and $0.7, respectively | -1.4 | 2.1 | 0.1 | 2.2 |
Pension and other post-retirement income (costs), net of tax provision of $0.3, $0.7, $0.4 and $0.2, respectively | 0.5 | 1.1 | 0.8 | -0.3 |
Other comprehensive income (loss) | 6.4 | -52.8 | 7.3 | -41.9 |
Total comprehensive income | 54 | 23.5 | 107.1 | 92.6 |
Foreign Currency Items | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | 6.4 | -43.8 |
Cash Flow Hedges | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | 0.1 | 2.2 |
Pension and Other Post-retirement Items | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | $0.80 | ($0.30) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Deferred gain (loss) on cash flow hedges, tax (benefit) provision | ($0.50) | $1 | ($0.30) | $0.70 |
Pension and other post retirement costs, tax (provision) benefit | ($0.30) | ($0.70) | ($0.40) | ($0.20) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $82.70 | $127.30 |
Accounts receivable, less allowances of $34.6 and $32.9, respectively | 191.1 | 168.8 |
Inventories | 351.8 | 313.4 |
Deferred income tax benefits, net | 86.3 | 96.4 |
Non-trade amounts receivable, net | 56.4 | 50.1 |
Prepaid expenses and other current assets | 30.9 | 23 |
Total current assets | 799.2 | 779 |
Deferred income tax benefits, net | 434.2 | 397.9 |
Property, plant and equipment, net | 301.4 | 300.9 |
Long-term receivables, less allowances of $19.2 and $20.5, respectively | 20.7 | 23.1 |
Trademarks and tradenames, net | 120.6 | 125.7 |
Other intangible assets, net | 2.3 | 3.2 |
Goodwill | 182.5 | 181.5 |
Other assets, net | 36.4 | 32.6 |
Total assets | 1,897.30 | 1,843.90 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Accounts payable | 121.9 | 149.7 |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 299.1 | 235.4 |
Accrued liabilities | 343.5 | 352.4 |
Total current liabilities | 764.5 | 737.5 |
Long-term debt and capital lease obligations | 617.8 | 619.9 |
Other liabilities | 229.6 | 233.6 |
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 | 184.6 | 178.3 |
Retained earnings | 1,308 | 1,289.20 |
Treasury stock, 13,206,611 and 13,282,929 shares, respectively, at cost | -898.3 | -898.4 |
Accumulated other comprehensive loss | -309.5 | -316.8 |
Total shareholders' equity | 285.4 | 252.9 |
Total liabilities and shareholders' equity | $1,897.30 | $1,843.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $34.60 | $32.90 |
Long-term receivables, allowances | $19.20 | $20.50 |
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 | 13,206,611 | 13,282,929 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Operating Activities: | ' | ' |
Net income | $99.80 | $134.50 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 31.6 | 24.8 |
Unrealized foreign exchange loss | 29.2 | 2.5 |
Equity compensation | 8.5 | 7.7 |
Amortization of deferred debt costs | 0.4 | 0.4 |
Premium on senior notes | 0 | 6.3 |
Net gains on disposal of assets | 2.2 | 0 |
Provision for bad debts | 6.6 | 5.9 |
Write-down of inventories | 10.6 | 7.2 |
Non-cash impact of re-engineering and impairment costs | 0.4 | 0 |
Net change in deferred income taxes | -21.1 | -19.1 |
Excess tax benefits from share-based payment arrangements | -7.1 | -9.8 |
Changes in assets and liabilities: | ' | ' |
Accounts and notes receivable | -27.1 | -31.5 |
Inventories | -47.4 | -40.9 |
Non-trade amounts receivable | -10.7 | -0.4 |
Prepaid expenses | -8.6 | -6.8 |
Other assets | -0.7 | 3 |
Accounts payable and accrued liabilities | -6.1 | -19.2 |
Income taxes payable | -12.7 | 0.4 |
Other liabilities | -0.5 | 1.7 |
Net cash impact from hedging activity | -0.6 | 4.5 |
Other | 0.1 | 0.2 |
Net cash provided by operating activities | 42.4 | 71.4 |
Investing Activities: | ' | ' |
Capital expenditures | -31.2 | -23.8 |
Proceeds from disposal of property, plant and equipment | 5.5 | 7.1 |
Net cash used in investing activities | -25.7 | -16.7 |
Financing Activities: | ' | ' |
Dividend payments to shareholders | -65.2 | -52.7 |
Net proceeds from issuance of senior notes | 0 | 200 |
Proceeds from exercise of stock options | 10.7 | 16.7 |
Repurchase of common stock | -31.4 | -203.7 |
Repayment of capital lease obligations | -2 | -1.4 |
Net change in short-term debt | 63.5 | -17.9 |
Debt issuance costs | 0 | -0.7 |
Excess tax benefits from share-based payment arrangements | 7.1 | 9.8 |
Net cash used in financing activities | -17.3 | -49.9 |
Effect of exchange rate changes on cash and cash equivalents | -44 | -12.2 |
Net change in cash and cash equivalents | -44.6 | -7.4 |
Cash and cash equivalents at beginning of year | 127.3 | 119.8 |
Cash and cash equivalents at end of period | $82.70 | $112.40 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation: The condensed consolidated financial statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively “Tupperware” or the “Company”, with all intercompany transactions and balances having been eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with the audited 2013 financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2013. | |
Certain prior year amounts have been reclassified to conform with current year presentation. | |
These condensed consolidated financial statements are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair statement of the results for the interim periods. Certain information and note disclosures normally included in the statement of financial position, results of operations, comprehensive income and cash flows prepared in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. | |
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. | |
Venezuela Foreign Currency Translation: 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. In February 2013, the Venezuelan government set a new official exchange rate of 6.3 bolivars to the U.S. dollar ("Official Rate") and abolished the banded exchange rate. In March 2013, the Venezuelan government created the Complimentary System of Foreign Currency Acquirement ("SICAD 1"). SICAD 1 is an auction system and allows entities in specific sectors to bid for U.S. dollars. In March 2014, the Venezuelan government opened an additional foreign exchange mechanism known as SICAD 2, which is available to all industry sectors. | |
In late March 2014, the Company was invited to participate, for the first time, in the SICAD 1 auction process at a rate of 10.8 bolivars to the U.S. dollar ("SICAD 1 Rate"). The Company did not exchange bolivars through either the SICAD 1 or SICAD 2 mechanisms in the first or second quarters of 2014, though it did exchange currency at the Official Rate in the first quarter. As a result, the Company continued to use the Official Rate to measure its operating activity during the first quarter of 2014. As of the end of the first quarter of 2014, the Company anticipated making future currency exchanges under the SICAD 1 Rate as the Official Rate was not expected to be widely available in the future. As a result, the Company used the SICAD 1 Rate to remeasure the balance sheet at March 29, 2014. The negative impact of this change in exchange rates used to remeasure the net monetary assets on the balance sheet was $13.4 million pretax and was recorded in Other Expense on the Consolidated Statements of Income. | |
In June 2014, the Venezuelan government mandated, based on the results of a pricing audit, that the Company significantly lower its suggested retail selling prices in order to comply with laws limiting prices and profit margins across the Venezuelan economy. Due to certain assumptions made by the Venezuelan government during the pricing audit, as well as anticipated changes in its value chain in light of the pricing mandate, the Company anticipates using the SICAD 2 rate, which is currently 50.0 bolivars to the U.S. dollar, to make certain future exchanges of bolivars for U.S. dollars and measure its operating activities. As a result, the Company remeasured the net monetary assets on the balance sheet at the end of the second quarter at the SICAD 2 rate. The negative impact of this change in exchange rate was $15.8 million, which is also recorded in Other Expense. There was also a negative $6.4 million pretax impact of recording in income the sale of inventory included in cost of goods sold at the 6.3 exchange rate at which it was purchased, or manufactured, rather than the 10.8 exchange rate in use when those amounts were included in cost of sales. | |
As of June 28, 2014, the Company had approximately $4 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. As of June 28, 2014, there was also $16 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. In addition, the Company had $3 million in net deferred tax assets that will impact the income tax provision in 2014 at the dollar value at which they were originally recorded. |
Shipping_and_Handling_Costs
Shipping and Handling Costs | 6 Months Ended |
Jun. 28, 2014 | |
Shipping and Handling Costs [Abstract] | ' |
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 delivery, sales and administrative expense (“DS&A”). 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 for the second quarters of 2014 and 2013 were $41.3 million and $40.4 million, respectively, and were $80.0 million and $78.4 million for the year-to-date periods ended June 28, 2014 and June 29, 2013, respectively. |
Promotional_Costs
Promotional Costs | 6 Months Ended |
Jun. 28, 2014 | |
Promotional Costs [Abstract] | ' |
Promotional Costs | ' |
Promotional Costs | |
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 awards, special prizes or trips. | |
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 $111.4 million and $114.7 million for the second quarters of 2014 and 2013, respectively, and $225.2 million and $230.0 million for the year-to-date periods ended June 28, 2014 and June 29, 2013, respectively. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
(In millions) | June 28, | December 28, | ||||||
2014 | 2013 | |||||||
Finished goods | $ | 269.4 | $ | 245 | ||||
Work in process | 35.8 | 27.4 | ||||||
Raw materials and supplies | 46.6 | 41 | ||||||
Total inventories | $ | 351.8 | $ | 313.4 | ||||
Net_Income_Per_Common_Share
Net Income Per Common Share | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
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 elements of the earnings per share computations were as follows: | ||||||||||||||||
13 weeks ended | 26 weeks ended | |||||||||||||||
(In millions, except per share amounts) | June 28, | June 29, | June 28, | June 29, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 47.6 | $ | 76.3 | $ | 99.8 | $ | 134.5 | ||||||||
Weighted-average shares of common stock outstanding | 50.2 | 52.4 | 50.2 | 53 | ||||||||||||
Common equivalent shares: | ||||||||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 0.9 | 1.1 | 0.9 | 1.1 | ||||||||||||
Weighted-average common and common equivalent shares outstanding | 51.1 | 53.5 | 51.1 | 54.1 | ||||||||||||
Basic earnings per share | $ | 0.95 | $ | 1.46 | $ | 1.99 | $ | 2.54 | ||||||||
Diluted earnings per share | $ | 0.93 | $ | 1.43 | $ | 1.95 | $ | 2.49 | ||||||||
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.4 | 0.1 | 0.4 | 0.1 | ||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Loss [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 28, 2013 | $ | (283.1 | ) | $ | 2.2 | $ | (35.9 | ) | $ | (316.8 | ) | |||||
Other comprehensive income before reclassifications | 6.4 | 2.6 | 0.1 | 9.1 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (2.5 | ) | 0.7 | (1.8 | ) | ||||||||||
Net current-period other comprehensive income | 6.4 | 0.1 | 0.8 | 7.3 | ||||||||||||
Balance at June 28, 2014 | $ | (276.7 | ) | $ | 2.3 | $ | (35.1 | ) | $ | (309.5 | ) | |||||
(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 | (43.8 | ) | 2.6 | (2.1 | ) | (43.3 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (0.4 | ) | 1.8 | 1.4 | |||||||||||
Net current-period other comprehensive income (loss) | (43.8 | ) | 2.2 | (0.3 | ) | (41.9 | ) | |||||||||
Balance at June 29, 2013 | $ | (262.0 | ) | $ | 2 | $ | (53.2 | ) | $ | (313.2 | ) | |||||
Pretax amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of net gains of $3.2 million and $0.6 million for the year-to-date periods ended June 28, 2014 and June 29, 2013, respectively. Associated with these items were tax provisions of $0.7 million and $0.2 million for the periods ended June 28, 2014 and June 29, 2013, respectively. See Note 10 for further discussion of derivatives. | ||||||||||||||||
For the year-to-date periods ended June 28, 2014 and June 29, 2013, pretax amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of prior service benefits of $0.4 million and $0.2 million, respectively, and actuarial losses of $1.3 million and $2.4 million, respectively. For the period ended June 29, 2013, there were pension settlement costs of $0.4 million. There were no such costs for the period ended June 28, 2014. The tax benefit associated with these items was $0.2 million and $0.8 million, respectively. See Note 12 for further discussion of pension and other post-retirement benefit costs. |
Reengineering_and_Other_Exit_C
Re-engineering and Other Exit Costs | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Restructuring Charges [Abstract] | ' | |||||||
Re-engineering and Other Exit Costs | ' | |||||||
Re-engineering and Other Exit Costs | ||||||||
The Company recorded $3.4 million and $2.2 million in re-engineering and impairment charges during the second quarters of 2014 and 2013, respectively, and $5.7 million and $4.4 million for the respective year-to-date periods. In both years, these charges were primarily related to severance costs incurred for headcount reductions in several of the Company’s operations in connection with changes in its management and organizational structures, and in 2014, the decision to cease operating the Armand Dupree business in the United States and the Nutrimetics business in Thailand. | ||||||||
The balances included in accrued liabilities related to re-engineering and impairment charges as of June 28, 2014 and December 28, 2013 were as follows: | ||||||||
(In millions) | June 28, | December 28, | ||||||
2014 | 2013 | |||||||
Beginning of the year balance | $ | 2.6 | $ | 1.5 | ||||
Provision | 5.7 | 9.3 | ||||||
Cash expenditures: | ||||||||
Severance | (4.6 | ) | (6.1 | ) | ||||
Other | (1.1 | ) | (2.0 | ) | ||||
Non-cash asset impairments | (0.4 | ) | (0.1 | ) | ||||
End of period balance | $ | 2.2 | $ | 2.6 | ||||
The accrual balance as of June 28, 2014, related primarily to severance payments to be made by the end of the third quarter of 2014. In connection with the decisions to cease operating the Armand Dupree business in the United States and the Nutrimetics business in Thailand, the Company recorded $1.9 million and $0.4 million, respectively, in cost of sales for inventory obsolescence during the first half of 2014. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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. | ||||||||||||||||
Effective with the first quarter of 2014, the management structure of the Company’s Nutrimetics France business was re-aligned for operational and strategic purposes. Consequently, Nutrimetics France is now being reported in the Asia Pacific segment, whereas it had previously been reported in the Europe segment. Comparable information from 2013 has been reclassified to conform to the new presentation. In full year 2013, Nutrimetics France generated less than 1 percent of total sales. | ||||||||||||||||
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® which sells 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 BeautiControl® brand 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®, Nutrimetics®, Nuvo® and Tupperware® brands. | |||||||||||||||
Worldwide sales of beauty and personal care products totaled $137.1 million and $142.7 million in the second quarters of 2014 and 2013, respectively, and $264.8 million and $287.4 million for the respective year-to-date periods. | ||||||||||||||||
13 weeks ended | 26 weeks ended | |||||||||||||||
(In millions) | June 28, | June 29, | June 28, | June 29, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales: | ||||||||||||||||
Europe | $ | 186.3 | $ | 196.7 | $ | 399.6 | $ | 411.6 | ||||||||
Asia Pacific | 211.1 | 212.8 | 410.1 | 415.2 | ||||||||||||
Tupperware North America | 93.4 | 99.7 | 174.9 | 182.5 | ||||||||||||
Beauty North America | 77.7 | 81.8 | 151.2 | 167.3 | ||||||||||||
South America | 105.8 | 97.4 | 201.7 | 174.7 | ||||||||||||
Total net sales | $ | 674.3 | $ | 688.4 | $ | 1,337.50 | $ | 1,351.30 | ||||||||
Segment profit (loss): | ||||||||||||||||
Europe | $ | 27.9 | $ | 34.2 | $ | 68.2 | $ | 71.7 | ||||||||
Asia Pacific | 46.5 | 46.5 | 87.4 | 89 | ||||||||||||
Tupperware North America | 19.8 | 17 | 33.4 | 29.3 | ||||||||||||
Beauty North America (a) | 3 | 7.1 | 2.3 | 13.5 | ||||||||||||
South America | (0.4 | ) | 22 | 3 | 27.7 | |||||||||||
Total segment profit | $ | 96.8 | $ | 126.8 | $ | 194.3 | $ | 231.2 | ||||||||
Unallocated expenses | (12.9 | ) | (14.4 | ) | (27.3 | ) | (30.1 | ) | ||||||||
Re-engineering and impairment charges (a) | (3.4 | ) | (2.2 | ) | (5.7 | ) | (4.4 | ) | ||||||||
Gains on disposal of assets | 0.5 | 0.2 | 2.3 | 0.2 | ||||||||||||
Interest expense, net | (11.0 | ) | (9.6 | ) | (22.8 | ) | (17.9 | ) | ||||||||
Income before taxes | $ | 70 | $ | 100.8 | $ | 140.8 | $ | 179 | ||||||||
(In millions) | June 28, | December 28, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable assets: | ||||||||||||||||
Europe | $ | 361.9 | $ | 360.8 | ||||||||||||
Asia Pacific | 352.9 | 315.3 | ||||||||||||||
Tupperware North America | 167.1 | 148.4 | ||||||||||||||
Beauty North America | 347.3 | 356.7 | ||||||||||||||
South America | 155.5 | 127.6 | ||||||||||||||
Corporate | 512.6 | 535.1 | ||||||||||||||
Total identifiable assets | $ | 1,897.30 | $ | 1,843.90 | ||||||||||||
_________________________ | ||||||||||||||||
(a) | See Note 7 to the Consolidated Financial Statements for a discussion of re-engineering and impairment charges. |
Debt
Debt | 6 Months Ended | |
Jun. 28, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Debt | ' | |
Debt | ||
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 (the "Indenture") entered into by the Company and its 100% owned subsidiary, Dart Industries Inc. (the “Guarantor”). | ||
On March 11, 2013, the Company issued and sold an additional $200 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. 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 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 bond premium on the statement of cash flows. | ||
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 | |
•if the rating on the Senior Notes is changed to investment grade in accordance with the Indenture. | ||
Credit Agreement | ||
In September 2013, the Company and its wholly-owned subsidiary, Tupperware International Holdings B.V. (the “Subsidiary Borrower”), amended and restated their multicurrency Credit Agreement (the “Credit Agreement”) with their consortium of lenders. The Credit Agreement replaced the credit facility 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 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”). 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 June 28, 2014, the Company had total borrowings of $296.1 million outstanding under its Credit Agreement, with $108.9 million of that amount denominated in euro. The Company routinely increases its revolver borrowings under the Credit Agreement and uncommitted lines, as well as previously under the Old Credit Facility, during each quarter to fund operating, investing and 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, plus an applicable spread. The Company generally selects the London interbank offered rate ("LIBOR") for the applicable currency and interest period as its interest rate base. As of June 28, 2014, the Credit Agreement dictated a spread of 150 basis points, which gave the Company a weighted average interest rate on LIBOR based borrowings of 1.73 percent under the Credit Agreement. During the third quarter of 2014, in light of the Company's increased debt-to-EBITDA ratio (as defined in the Credit Agreement), the spread will increase by 25 basis points. | ||
The Credit Agreement has customary financial covenants related to interest coverage and leverage. These restrictions are not expected to impact the Company's operations. As of June 28, 2014, 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 this Credit Agreement, as well as the Senior Notes, supported by a security interest in certain "Tupperware" trademarks and service marks. | ||
In February 2014, the Company entered into a $75.0 million uncommitted line of credit with Credit Agricole Corporate and Investment Bank, one of the participating banks in the Company's Credit Agreement. This line of credit dictates an interest rate of LIBOR plus 125 basis points. As of June 28, 2014, there was no amount outstanding under this uncommitted line of credit. | ||
At June 28, 2014, the Company had $537.3 million of unused lines of credit, including $351.7 million under the committed, secured Credit Agreement, and $185.6 million available under various uncommitted lines around the world, including the uncommitted line of credit with Credit Agricole Corporate and Investment Bank. In July 2014, the Company entered into a $100.0 million uncommitted line of credit with HSBC Bank USA, one of the participating banks in the Company's Credit Agreement. This line of credit dictates an interest rate of LIBOR plus 100 basis points. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | |||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||
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 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. The forward points on fair value hedges resulted in pretax gains of $2.8 million and $2.2 million in the second quarters of 2014 and 2013, respectively, and pretax gains of $5.2 million and $4.2 million for the respective year-to-date periods. | ||||||||||||||||||||||||||
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's cash flow hedge contracts are for periods ranging from one to twelve months. The effective portion of the gain or loss on the hedging instrument is recorded in other comprehensive income and is reclassified into earnings as the transactions being hedged are recorded. As such, the balance at the end of the reporting period in other comprehensive income, related to cash flow hedges, 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. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. | ||||||||||||||||||||||||||
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 loss. The Company recorded a net gain/(loss) associated with these hedges, in other comprehensive income, net of tax, of ($0.5) million and $16.4 million in the second quarters of 2014 and 2013, respectively, and a net gain/(loss) of $(3.8) million and $11.1 million for the respective year-to-date periods. 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 twelve months. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. | ||||||||||||||||||||||||||
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 in some cases the hedged items do not generate offsetting cash flows. The net cash flow impact of these currency hedges was an outflow of $0.6 million and an inflow of $4.5 million for the year-to-date periods ended June 28, 2014 and June 29, 2013, respectively. | ||||||||||||||||||||||||||
Following is a listing of the Company's outstanding derivative financial instruments at fair value as of June 28, 2014 and December 28, 2013. 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 period-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 | June 28, 2014 | December 28, 2013 | ||||||||||||||||||||||||
(In millions) | Buy | Sell | Buy | Sell | ||||||||||||||||||||||
Euro | $ | 146 | $ | 157.7 | ||||||||||||||||||||||
Philippine peso | 17.2 | 11.3 | ||||||||||||||||||||||||
Danish krone | 14.1 | $ | 3.5 | |||||||||||||||||||||||
Chinese renminbi | 9.7 | 8.1 | ||||||||||||||||||||||||
South Korean won | 9.5 | 9.7 | ||||||||||||||||||||||||
Mexican peso | 4.4 | 18.2 | ||||||||||||||||||||||||
Malaysian ringgit | 2.6 | 2.7 | ||||||||||||||||||||||||
New Zealand dollar | 2 | 4.5 | ||||||||||||||||||||||||
Uruguayan peso | 1.3 | 4.7 | ||||||||||||||||||||||||
U.S. dollar | $ | 40.6 | 54.7 | |||||||||||||||||||||||
Indonesian rupiah | 37.1 | 2.3 | ||||||||||||||||||||||||
Swiss franc | 32.9 | 49.4 | ||||||||||||||||||||||||
Russian ruble | 15.4 | 22.9 | ||||||||||||||||||||||||
Japanese yen | 12.2 | 3.7 | ||||||||||||||||||||||||
Turkish lira | 11.5 | 11.7 | ||||||||||||||||||||||||
Brazilian real | 10.7 | 6.6 | ||||||||||||||||||||||||
Canadian dollar | 7.5 | 11 | ||||||||||||||||||||||||
Singapore dollar | 6.1 | 1.7 | ||||||||||||||||||||||||
South African rand | 5.6 | 10.4 | ||||||||||||||||||||||||
Czech koruna | 3.5 | 2.5 | ||||||||||||||||||||||||
Australian dollar | 3.4 | 6.8 | ||||||||||||||||||||||||
Indian rupee | 3.1 | 6.6 | ||||||||||||||||||||||||
Polish zloty | 3.1 | 4.7 | ||||||||||||||||||||||||
Norwegian krone | 2.7 | 1.7 | ||||||||||||||||||||||||
Croatian kuna | 2.6 | 2.6 | ||||||||||||||||||||||||
Argentine peso | 2.3 | 3.7 | ||||||||||||||||||||||||
Swedish krona | 2.2 | 1.7 | ||||||||||||||||||||||||
Hungarian forint | 1.6 | 2.4 | ||||||||||||||||||||||||
Romanian leu | 1.4 | 1.2 | ||||||||||||||||||||||||
British pound | 1 | 1 | ||||||||||||||||||||||||
Other currencies (net) | 1.8 | 4.4 | ||||||||||||||||||||||||
$ | 206.8 | $ | 208.3 | $ | 216.5 | $ | 217.6 | |||||||||||||||||||
In agreements to sell foreign currencies in exchange for U.S. dollars, for example, an appreciating dollar versus the opposing currency would generate 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. | ||||||||||||||||||||||||||
The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of June 28, 2014 and December 28, 2013. Fair values were determined based on third party quotations (Level 2 fair value measurement): | ||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||||||||||||
Fair value | Fair value | |||||||||||||||||||||||||
Derivatives designated as hedging instruments (in millions) | Balance sheet location | Jun 28, | Dec 28, | Balance sheet location | 28-Jun-14 | Dec 28, | ||||||||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||||||||||||
Foreign exchange contracts | Non-trade amounts receivable | $ | 12.2 | $ | 20.3 | Accrued liabilities | $ | 12.6 | $ | 19.2 | ||||||||||||||||
The following table summarizes the impact of the Company's derivative positions on the results of operations for the second quarters of 2014 and 2013: | ||||||||||||||||||||||||||
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Foreign exchange contracts | Other expense | $ | 4.8 | $ | (23.9 | ) | Other expense | $ | (5.0 | ) | $ | 23.8 | ||||||||||||||
The following table summarizes the impact of Company's derivative positions on comprehensive income for the second quarters of 2014 and 2013: | ||||||||||||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts | $ | (0.4 | ) | $ | 3.6 | Cost of products sold | $ | 1.5 | $ | 0.6 | Interest expense | $ | (1.5 | ) | $ | (0.8 | ) | |||||||||
Net equity hedging relationships | ||||||||||||||||||||||||||
Foreign exchange contracts | (0.9 | ) | 25.6 | Other expense | — | — | Interest expense | (3.1 | ) | (2.7 | ) | |||||||||||||||
The following table summarizes the impact of the Company's derivative positions on the results of operations for the year-to-date periods ended June 28, 2014 and June 29, 2013: | ||||||||||||||||||||||||||
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Foreign exchange contracts | Other expense | $ | 5.8 | $ | (12.1 | ) | Other expense | $ | (5.5 | ) | $ | 12.1 | ||||||||||||||
The following table summarizes the impact of Company's derivative positions on comprehensive income for the year-to-date periods ended June 28, 2014 and June 29, 2013: | ||||||||||||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts | $ | 2.9 | $ | 3.4 | Cost of products sold | $ | 3.2 | $ | 0.6 | Interest expense | $ | (2.8 | ) | $ | (1.3 | ) | ||||||||||
Net equity hedging relationships | ||||||||||||||||||||||||||
Foreign exchange contracts | (6.0 | ) | 17.3 | Other expense | — | — | Interest expense | (6.7 | ) | (5.6 | ) | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 28, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
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 June 28, 2014 and December 28, 2013. The Company estimates that, based on current market conditions, the value of its 4.750% 2021 Senior Notes was $646 million at June 28, 2014, compared with the carrying value of $602.5 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 which consider the Company's credit risk and market related conditions. See Note 10 to the Consolidated Financial Statements for discussion of the Company's derivative instruments and related fair value measurements. |
Retirement_Benefit_Plans
Retirement Benefit Plans | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||||||||||||||
Retirement Benefit Plans | ' | |||||||||||||||||||||||||||
Retirement Benefit Plans | ||||||||||||||||||||||||||||
Components of net periodic benefit cost for the second quarter and year-to-date periods ended June 28, 2014 and June 29, 2013 were as follows: | ||||||||||||||||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | Pension benefits | Postretirement benefits | |||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 2.8 | $ | 2.6 | $ | 0.1 | $ | — | $ | 5.6 | $ | 5.3 | $ | 0.1 | $ | — | ||||||||||||
Interest cost | 2.2 | 2.1 | 0.2 | 0.3 | 4.4 | 4.2 | 0.6 | 0.6 | ||||||||||||||||||||
Expected return on plan assets | (1.5 | ) | (1.4 | ) | — | — | (3.1 | ) | (2.9 | ) | — | — | ||||||||||||||||
Settlement/curtailment | — | 0.4 | — | — | — | 0.4 | — | — | ||||||||||||||||||||
Net amortization | 0.6 | 1.2 | (0.1 | ) | (0.1 | ) | 1.2 | 2.4 | (0.3 | ) | (0.2 | ) | ||||||||||||||||
Net periodic benefit cost | $ | 4.1 | $ | 4.9 | $ | 0.2 | $ | 0.2 | $ | 8.1 | $ | 9.4 | $ | 0.4 | $ | 0.4 | ||||||||||||
During the year-to-date periods ended June 28, 2014 and June 29, 2013, approximately $0.9 million and $2.6 million, respectively, of pretax expenses were reclassified from other comprehensive income to a component of net periodic benefit cost. As they relate to foreign plans, the Company uses current exchange rates to make these reclassifications. The impact of exchange rate fluctuations is included on the net amortization line of the table above. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
As of June 28, 2014 and December 28, 2013, the Company's gross unrecognized tax benefit was $24.2 million and $27.4 million, respectively. During 2014, the accrual for uncertain tax positions decreased by $3.2 million primarily as a result of the Company agreeing to a transfer pricing settlement with various foreign jurisdictions and entering into an Advanced Pricing Agreement, as well as other adjustments. The Company estimates that approximately $21.5 million of the unrecognized tax benefits, if recognized, would impact the effective tax rate. 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 $6.1 million and $5.9 million as of June 28, 2014 and December 28, 2013, respectively. | |
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 $0.4 million. For the remaining balance as of June 28, 2014, 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. 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. The likelihood of realizing the benefit of deferred tax assets is assessed on an ongoing basis. This assessment requires estimates as to future operating results, as well as an evaluation of the effectiveness of the Company's tax planning strategies. 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. | |
The effective tax rates for the second quarter and year-to-date period of 2014 were 32.0 percent and 29.1 percent, respectively, compared with 24.3 percent and 24.9 percent, respectively, for the comparable 2013 periods. The higher 2014 rates were due to higher 2014 losses incurred in conjunction with the change in exchange rate of the Venezuelan bolivar, for which there was limited tax benefit. The effective tax rates are below the U.S. statutory rate primarily due to lower foreign effective tax rates. |
Statement_of_Cash_Flow_Supplem
Statement of Cash Flow Supplemental Disclosure | 6 Months Ended |
Jun. 28, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Statement of Cash Flow Supplemental Disclosure | ' |
Statement of Cash Flow Supplemental Disclosure | |
Under the Company's stock incentive programs, employees are allowed to use shares retained by the Company to satisfy minimum statutorily required withholding taxes. In the year-to-date periods ended June 28, 2014 and June 29, 2013, 87,290 and 47,187 shares, respectively, were retained to fund withholding taxes, with values totaling $7.0 million and $3.7 million, respectively, which were included as a component of stock repurchases in the Consolidated Statements of Cash Flows. | |
During the first quarter of 2014, the Company entered into a joint venture with a real estate development partner. The Company contributed land to the joint venture in exchange for 50 percent ownership of the joint venture. The carrying value of the land was $3.1 million. The Company's ownership interest in the joint venture is accounted for using the equity method and was included in long-term other assets on the June 28, 2014 balance sheet at the carrying value of the contributed land. The Company does not expect to have any significant cash inflows or outflows related to the joint venture until such time as the joint venture completes and sells its development. | |
There were no capital lease arrangements initiated in the year-to-date periods ended June 28, 2014 and June 29, 2013. | |
In relation to the issuance of the Senior Notes in the first quarter of 2013, the proceeds related to the $7.6 million debt premium were reduced by $1.3 million of non-cash debt issuance costs. |
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Stock Based Compensation | ' | ||||||||||
Stock Based Compensation | |||||||||||
The Company records compensation expense using the applicable accounting guidance for share-based payments related to stock options, restricted stock, restricted stock units, performance vesting and market vesting awards granted to directors and employees. Compensation expense for share-based awards is recorded straight line over the required service period, based on the fair value of the award, although with respect to performance-vested awards, this is subject to an assessment of the likelihood of reaching performance levels included in the programs. The grant date fair value per share of market-vested awards already reflects the probability of achieving the market condition, and is therefore used to record expense regardless of actual achievement. | |||||||||||
Stock Options | |||||||||||
Stock options to purchase the Company's common stock are granted to employees and directors 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. Options to acquire 6,050 shares of stock were granted during the year-to-date period of 2013. There were no stock options granted in the year-to-date period of 2014. Compensation expense associated with all outstanding stock option awards was $0.5 million and $0.4 million in the second quarters of 2014 and 2013, respectively, and $0.9 million in each of the respective year-to-date periods. | |||||||||||
Stock option activity for 2014, under all of the Company's incentive plans, is summarized in the following table: | |||||||||||
Shares subject to option | Weighted average exercise price per share | Aggregate intrinsic value | |||||||||
(in millions) | |||||||||||
Outstanding at December 28, 2013 | 2,360,275 | $44.16 | |||||||||
Granted | — | — | |||||||||
Expired / Forfeited | (5,711 | ) | 72.26 | ||||||||
Exercised | (305,170 | ) | 34.98 | ||||||||
Outstanding at June 28, 2014 | 2,049,394 | $45.43 | $77.50 | ||||||||
Exercisable at June 28, 2014 | 1,489,165 | $36.57 | $69.00 | ||||||||
The intrinsic value of options exercised totaled $5.5 million and $4.8 million in the second quarters of 2014 and 2013, respectively, and $13.9 million and $29.3 million in the respective year-to-date periods. The average remaining contractual life on outstanding and exercisable stock options was 5.9 years and 4.9 years, respectively. | |||||||||||
Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards | |||||||||||
The Company has time-vested, performance-vested and market-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 straight-line over the required service period. For performance-vested awards, expense is determined as described below and is recorded over the required service period, subject to a probability assessment of achieving the performance criteria. The grant date fair value per share of market-vested awards already reflects the probability of achieving the market condition, and is therefore used to record expense regardless of actual achievement. | |||||||||||
The Company granted 49,410 and 64,725 performance-vested award shares under its performance share program in March 2014 and February 2013, respectively. The Company's performance-vested awards provide incentive opportunity based on the overall success of the Company over a three year performance period, as reflected through a measure of diluted earnings per share in 2014 and 2013 and also cash flow with respect to the 2013 award. | |||||||||||
In March 2014, the Company also granted 16,470 market-vested award shares. These awards provide incentive opportunity based on the relative total shareholder return ("rTSR") of the Company's common stock against a group of companies composed of the S&P 400 Mid-cap Consumer Discretionary index and the Company's 2014 Compensation Peer Group (collectively, the "Comparative Group") over a three year period. As the rTSR grant has a market condition, the fair value per share of $70.85 was determined using a Monte-Carlo simulation. The Monte-Carlo simulation estimated the fair value based on the Company's share price activity between the beginning of the year and the grant date relative to the Comparative Group, expected term of the award, risk-free interest rate, expected dividends, and the expected volatility of the stock of the Company and that of the Comparative Group. There were no awards granted of this type in 2013. | |||||||||||
The incentive program for the performance and market-vested awards are based upon a target number of share units, although the actual number of performance and market-vested shares ultimately earned can vary from zero to 150 percent of target depending on the Company's achievement under the performance criteria of the grants. The payouts, if earned, will be settled in Tupperware common stock after the end of the three year performance period. | |||||||||||
In the year-to-date periods of 2014 and 2013, the Company granted 4,000 and 40,480 shares of time-vested restricted stock units with average fair values of $92.97 and $78.99 per share, respectively that vest three years from the date of grant. In addition, in February 2014, the Company granted 50,000 shares of restricted stock units with a grant date fair value of $77.66 per share which will cliff vest on December 29, 2017. | |||||||||||
During the second quarters of 2014 and 2013, the Company granted 13,650 and 13,910 shares of time-vested restricted stock units with average fair values of $84.28 and $82.72 per share, respectively, that vest/vested one year from the date of grant. | |||||||||||
For the second quarters of 2014 and 2013, compensation expense associated with all employee and director restricted stock and restricted stock unit awards outstanding, including performance and market-vested shares, was $3.0 million and $2.6 million, respectively. Such expense was $7.5 million and $6.7 million for the year-to-date periods of 2014 and 2013, respectively. | |||||||||||
Restricted stock, restricted stock units, performance-vested and market-vested share award activity for 2014 under all of the Company's incentive plans is summarized in the following table: | |||||||||||
Shares outstanding | Weighted average grant date fair value | ||||||||||
December 28, 2013 | 813,732 | $51.92 | |||||||||
Granted | 133,530 | 79.61 | |||||||||
Performance share adjustments | (3,850 | ) | 78.35 | ||||||||
Vested | (281,894 | ) | 43.39 | ||||||||
Forfeited | (7,055 | ) | 70.72 | ||||||||
June 28, 2014 | 654,463 | $60.77 | |||||||||
The fair value of performance-vested awards, restricted stock and restricted stock units vested in the second quarters of 2014 and 2013 was $1.2 million and $0.7 million, respectively, and $22.5 million and $7.6 million in the respective year-to-date periods. | |||||||||||
As of June 28, 2014, total unrecognized stock based compensation expense related to all stock based awards was $25.8 million, which is expected to be recognized over a weighted average period of 2.1 years. |
Allowance_for_LongTerm_Receiva
Allowance for Long-Term Receivables | 6 Months Ended | |||
Jun. 28, 2014 | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | |||
Allowance For Long-Term Receivables | ' | |||
Allowance for Long-Term Receivables | ||||
As of June 28, 2014, $25.0 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 June 28, 2014 was as follows: | ||||
(In millions) | ||||
Balance at December 28, 2013 | $ | 20.5 | ||
Write-offs | (3.0 | ) | ||
Provision and reclassifications | 2.2 | |||
Currency translation adjustment | (0.5 | ) | ||
Balance at June 28, 2014 | $ | 19.2 | ||
Guarantor_Information
Guarantor Information | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||||||
Guarantor Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Guarantor Information | ' | |||||||||||||||||||||||||||||||||||
Guarantor Information | ||||||||||||||||||||||||||||||||||||
The Company's payment obligations under the 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 9 to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||
Condensed consolidated financial information as of June 28, 2014 and December 28, 2013 and for the quarter-to-date and year-to-date periods ended June 28, 2014 and June 29, 2013 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 that 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 Consolidated Statements of Cash Flows for each period included in Note 18, Guarantor Information, in the Company's 2012 Annual Report on Form 10-K and its Form 10-Qs for the first two quarters of 2013. These transactions primarily represented intercompany loans and borrowings between the Parent, Guarantor and Non-Guarantor that were classified as operating activities. Depending on whether it was from the perspective of the Parent, Guarantor or Non-Guarantor, the cash flows related to these transactions should have been classified as either investing or financing activities. These misclassifications did not change the total cash flows reported in each column presented in Note 18 in the Company's 2012 Annual Report or in its Form 10-Qs for the first two quarters of 2013. There was no impact on the Company's Consolidated Statements of Cash Flows. The Company assessed the materiality of these items on its previously issued annual report 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 has and is revising the statements of cash flows included in the guarantor financial information of future filings in which the revised information is being presented, to reflect the required classification adjustments in the respective periods. The statements of cash flow presented below for the period ended June 29, 2013, as revised, reflect the correct classification of intercompany transactions as investing and financing activities. | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||
June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.1 | $ | 82.6 | $ | — | $ | 82.7 | ||||||||||||||||||||||||||
Accounts receivable, net | — | — | 191.1 | — | 191.1 | |||||||||||||||||||||||||||||||
Inventories | — | — | 351.8 | — | 351.8 | |||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 4.7 | 25.9 | 55.7 | — | 86.3 | |||||||||||||||||||||||||||||||
Non-trade amounts receivable, net | — | 28 | 83 | (54.6 | ) | 56.4 | ||||||||||||||||||||||||||||||
Intercompany receivables | 20.8 | 346.9 | 448.8 | (816.5 | ) | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1.1 | 3.8 | 51.2 | (25.2 | ) | 30.9 | ||||||||||||||||||||||||||||||
Total current assets | 26.6 | 404.7 | 1,264.20 | (896.3 | ) | 799.2 | ||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 93.3 | 170.9 | 170 | — | 434.2 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 41 | 260.4 | — | 301.4 | |||||||||||||||||||||||||||||||
Long-term receivables, net | — | 0.1 | 20.6 | — | 20.7 | |||||||||||||||||||||||||||||||
Trademarks and tradenames, net | — | — | 120.6 | — | 120.6 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 2.3 | — | 2.3 | |||||||||||||||||||||||||||||||
Goodwill | — | 2.9 | 179.6 | — | 182.5 | |||||||||||||||||||||||||||||||
Investments in subsidiaries | 1,796.20 | 2,359.80 | — | (4,156.0 | ) | — | ||||||||||||||||||||||||||||||
Intercompany notes receivable | 51.1 | 696.9 | 1,877.60 | (2,625.6 | ) | — | ||||||||||||||||||||||||||||||
Other assets, net | 4.7 | 0.7 | 35.7 | (4.7 | ) | 36.4 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,971.90 | $ | 3,677.00 | $ | 3,931.00 | $ | (7,682.6 | ) | $ | 1,897.30 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1.7 | $ | 120.2 | $ | — | $ | 121.9 | ||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 187.2 | — | 111.9 | — | 299.1 | |||||||||||||||||||||||||||||||
Intercompany payables | 319.8 | 457.2 | 39.5 | (816.5 | ) | — | ||||||||||||||||||||||||||||||
Accrued liabilities | 91.4 | 34 | 297.9 | (79.8 | ) | 343.5 | ||||||||||||||||||||||||||||||
Total current liabilities | 598.4 | 492.9 | 569.5 | (896.3 | ) | 764.5 | ||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | 602.5 | — | 15.3 | — | 617.8 | |||||||||||||||||||||||||||||||
Intercompany notes payable | 471 | 1,406.50 | 748.1 | (2,625.6 | ) | — | ||||||||||||||||||||||||||||||
Other liabilities | 14.6 | 26.3 | 193.4 | (4.7 | ) | 229.6 | ||||||||||||||||||||||||||||||
Shareholders' equity | 285.4 | 1,751.30 | 2,404.70 | (4,156.0 | ) | 285.4 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,971.90 | $ | 3,677.00 | $ | 3,931.00 | $ | (7,682.6 | ) | $ | 1,897.30 | |||||||||||||||||||||||||
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, net | — | — | 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 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
13 Weeks Ended June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 677.5 | $ | (3.2 | ) | $ | 674.3 | |||||||||||||||||||||||||
Other revenue | — | 38.4 | 6.4 | (44.8 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 6.4 | 264.9 | (45.6 | ) | 225.7 | ||||||||||||||||||||||||||||||
Gross margin | — | 32 | 419 | (2.4 | ) | 448.6 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 3.2 | 20.4 | 327.4 | (2.4 | ) | 348.6 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 3.4 | — | 3.4 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 0.5 | — | 0.5 | |||||||||||||||||||||||||||||||
Operating income (loss) | (3.2 | ) | 11.6 | 88.7 | — | 97.1 | ||||||||||||||||||||||||||||||
Interest income | 0.1 | 7.4 | 1.1 | (8.1 | ) | 0.5 | ||||||||||||||||||||||||||||||
Interest expense | 9.3 | 5.4 | 5 | (8.1 | ) | 11.6 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 55.6 | 47.5 | — | (103.1 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | 0.1 | 15.9 | — | 16 | |||||||||||||||||||||||||||||||
Income before income taxes | 43.2 | 61 | 68.9 | (103.1 | ) | 70 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (4.4 | ) | 5.1 | 21.7 | — | 22.4 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 47.6 | $ | 55.9 | $ | 47.2 | $ | (103.1 | ) | $ | 47.6 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 54 | $ | 61.3 | $ | 46.8 | $ | (108.1 | ) | $ | 54 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
13 Weeks Ended June 29, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 690.3 | $ | (1.9 | ) | $ | 688.4 | |||||||||||||||||||||||||
Other revenue | — | 28.9 | 1.5 | (30.4 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 1.5 | 253.9 | (29.4 | ) | 226 | ||||||||||||||||||||||||||||||
Gross margin | — | 27.4 | 437.9 | (2.9 | ) | 462.4 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 2.8 | 18.7 | 330.7 | (2.9 | ) | 349.3 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 2.2 | — | 2.2 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||||
Operating income (loss) | (2.8 | ) | 8.7 | 105.2 | — | 111.1 | ||||||||||||||||||||||||||||||
Interest income | 0.1 | 7.9 | 1.4 | (8.7 | ) | 0.7 | ||||||||||||||||||||||||||||||
Interest expense | 8.7 | 4.5 | 5.8 | (8.7 | ) | 10.3 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 83.6 | 76.5 | — | (160.1 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | — | 0.7 | — | 0.7 | |||||||||||||||||||||||||||||||
Income before income taxes | 72.2 | 88.6 | 100.1 | (160.1 | ) | 100.8 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (4.1 | ) | 4.6 | 24 | — | 24.5 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 76.3 | $ | 84 | $ | 76.1 | $ | (160.1 | ) | $ | 76.3 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 23.5 | $ | 33.4 | $ | 56.2 | $ | (89.6 | ) | $ | 23.5 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,341.10 | $ | (3.6 | ) | $ | 1,337.50 | |||||||||||||||||||||||||
Other revenue | — | 63.2 | 12.2 | (75.4 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 12.2 | 509.3 | (74.2 | ) | 447.3 | ||||||||||||||||||||||||||||||
Gross margin | — | 51 | 844 | (4.8 | ) | 890.2 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 7.8 | 35.5 | 654.6 | (4.8 | ) | 693.1 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 5.7 | — | 5.7 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 2.3 | — | 2.3 | |||||||||||||||||||||||||||||||
Operating income (loss) | (7.8 | ) | 15.5 | 186 | — | 193.7 | ||||||||||||||||||||||||||||||
Interest income | 0.2 | 14.6 | 2.2 | (15.8 | ) | 1.2 | ||||||||||||||||||||||||||||||
Interest expense | 18.9 | 9.9 | 11 | (15.8 | ) | 24 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 116.9 | 106.1 | — | (223.0 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | 0.2 | 29.9 | — | 30.1 | |||||||||||||||||||||||||||||||
Income before income taxes | 90.4 | 126.1 | 147.3 | (223.0 | ) | 140.8 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (9.4 | ) | 7.7 | 42.7 | — | 41 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 99.8 | $ | 118.4 | $ | 104.6 | $ | (223.0 | ) | $ | 99.8 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 107.1 | $ | 125.1 | $ | 107.9 | $ | (233.0 | ) | $ | 107.1 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 29, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,353.60 | $ | (2.3 | ) | $ | 1,351.30 | |||||||||||||||||||||||||
Other revenue | — | 54.8 | 8.8 | (63.6 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 8.8 | 500.6 | (60.6 | ) | 448.8 | ||||||||||||||||||||||||||||||
Gross margin | — | 46 | 861.8 | (5.3 | ) | 902.5 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 7.4 | 34.9 | 660.8 | (5.3 | ) | 697.8 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 4.4 | — | 4.4 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||||
Operating income (loss) | (7.4 | ) | 11.1 | 196.8 | — | 200.5 | ||||||||||||||||||||||||||||||
Interest income | 0.3 | 16.1 | 2.7 | (17.8 | ) | 1.3 | ||||||||||||||||||||||||||||||
Interest expense | 15.6 | 9.3 | 12.1 | (17.8 | ) | 19.2 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 149 | 139 | — | (288.0 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | — | 3.6 | — | 3.6 | |||||||||||||||||||||||||||||||
Income before income taxes | 126.3 | 156.9 | 183.8 | (288.0 | ) | 179 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (8.2 | ) | 6.9 | 45.8 | — | 44.5 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 134.5 | $ | 150 | $ | 138 | $ | (288.0 | ) | $ | 134.5 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 92.6 | $ | 110.2 | $ | 112.4 | $ | (222.6 | ) | $ | 92.6 | |||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (19.1 | ) | $ | 31.7 | $ | 72.2 | $ | (42.4 | ) | $ | 42.4 | ||||||||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (6.9 | ) | (24.3 | ) | — | (31.2 | ) | ||||||||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 5.5 | — | 5.5 | |||||||||||||||||||||||||||||||
Net intercompany loans | 1.7 | 67.9 | (32.6 | ) | (37.0 | ) | — | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 1.7 | 61 | (51.4 | ) | (37.0 | ) | (25.7 | ) | ||||||||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (65.2 | ) | — | — | — | (65.2 | ) | |||||||||||||||||||||||||||||
Dividend payments to parent | — | — | (35.9 | ) | 35.9 | — | ||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 10.7 | — | — | — | 10.7 | |||||||||||||||||||||||||||||||
Repurchase of common stock | (31.4 | ) | — | — | — | (31.4 | ) | |||||||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||||||||||||||
Net change in short-term debt | 66.2 | — | (2.7 | ) | — | 63.5 | ||||||||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 7.1 | — | — | — | 7.1 | |||||||||||||||||||||||||||||||
Net intercompany borrowings | 30 | (91.3 | ) | 17.8 | 43.5 | — | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 17.4 | (91.3 | ) | (22.8 | ) | 79.4 | (17.3 | ) | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (1.4 | ) | (42.6 | ) | — | (44.0 | ) | ||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (44.6 | ) | — | (44.6 | ) | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | 0.1 | 127.2 | — | 127.3 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 0.1 | $ | 82.6 | $ | — | $ | 82.7 | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 29, 2013 | ||||||||||||||||||||||||||||||||||||
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 | $ | (73.3 | ) | $ | (22.3 | ) | $ | 27.4 | $ | (11.8 | ) | $ | 125.9 | $ | 112.5 | $ | (8.6 | ) | $ | (7.0 | ) | $ | 71.4 | |||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (6.2 | ) | (6.2 | ) | (17.6 | ) | (17.6 | ) | — | — | (23.8 | ) | ||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | — | — | 7.1 | 7.1 | — | — | 7.1 | |||||||||||||||||||||||||||
Net intercompany loans | — | 5.7 | — | 40.8 | — | (62.8 | ) | — | 16.3 | — | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 5.7 | (6.2 | ) | 34.6 | (10.5 | ) | (73.3 | ) | — | 16.3 | (16.7 | ) | |||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (52.7 | ) | (52.7 | ) | — | — | — | — | — | — | (52.7 | ) | ||||||||||||||||||||||||
Dividend payments to parent | — | — | — | — | (27.7 | ) | (27.7 | ) | 27.7 | 27.7 | — | |||||||||||||||||||||||||
Net proceeds from issuance of senior notes | 200.1 | 200.1 | — | — | (0.1 | ) | (0.1 | ) | — | — | 200 | |||||||||||||||||||||||||
Proceeds from exercise of stock options | 16.7 | 16.7 | — | — | — | — | — | — | 16.7 | |||||||||||||||||||||||||||
Repurchase of common stock | (203.7 | ) | (203.7 | ) | — | — | — | — | — | — | (203.7 | ) | ||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | — | — | (1.4 | ) | (1.4 | ) | — | — | (1.4 | ) | ||||||||||||||||||||||||
Net change in short-term debt | 16.1 | 16.1 | — | — | (34.0 | ) | (34.0 | ) | — | — | (17.9 | ) | ||||||||||||||||||||||||
Debt issuance costs | (0.7 | ) | (0.7 | ) | — | — | — | — | — | — | (0.7 | ) | ||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 9.8 | 9.8 | — | — | — | — | — | — | 9.8 | |||||||||||||||||||||||||||
Net intercompany borrowings | 87.7 | 31 | (21.3 | ) | (22.9 | ) | (47.3 | ) | 28.9 | (19.1 | ) | (37.0 | ) | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 73.3 | 16.6 | (21.3 | ) | (22.9 | ) | (110.5 | ) | (34.3 | ) | 8.6 | (9.3 | ) | (49.9 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | (12.2 | ) | (12.2 | ) | — | — | (12.2 | ) | ||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (0.1 | ) | (0.1 | ) | (7.3 | ) | (7.3 | ) | — | — | (7.4 | ) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 0.2 | 0.2 | 119.6 | 119.6 | — | — | 119.8 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 0.1 | $ | 0.1 | $ | 112.3 | $ | 112.3 | $ | — | $ | — | $ | 112.4 | ||||||||||||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In April 2014, the FASB issued an amendment to existing guidance regarding requirements for reporting discontinued operations. The amendment is effective prospectively for fiscal years beginning after December 15, 2014, and early adoption is permitted. The Company does not expect the amendment to have a significant impact on the Company's Consolidated Financial Statements based on its having no history of material transactions that would qualify as discontinued operations. | |
In May 2014, the FASB issued an amendment to existing guidance regarding revenue from contracts with customers. The amendment outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The amendment is effective prospectively for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this amendment on the Company's Consolidated Financial Statements. | |
In June 2014, the FASB issued an amendment to existing guidance regarding accounting for share-based payments when terms of an award provide that a performance target could be achieved after the requisite service period. The amendment is effective prospectively for fiscal years beginning after December 15, 2015, and early adoption is permitted. The Company does not expect the amendment to have an impact on its Consolidated Financial Statements based on its having no share-based payments with these specified terms. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: The condensed consolidated financial statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively “Tupperware” or the “Company”, with all intercompany transactions and balances having been eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with the audited 2013 financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2013. | |
Certain prior year amounts have been reclassified to conform with current year presentation. | |
These condensed consolidated financial statements are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair statement of the results for the interim periods. Certain information and note disclosures normally included in the statement of financial position, results of operations, comprehensive income and cash flows prepared in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. | |
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. | |
Foreign Currency Transactions and Translations Policy | ' |
Venezuela Foreign Currency Translation: 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. In February 2013, the Venezuelan government set a new official exchange rate of 6.3 bolivars to the U.S. dollar ("Official Rate") and abolished the banded exchange rate. In March 2013, the Venezuelan government created the Complimentary System of Foreign Currency Acquirement ("SICAD 1"). SICAD 1 is an auction system and allows entities in specific sectors to bid for U.S. dollars. In March 2014, the Venezuelan government opened an additional foreign exchange mechanism known as SICAD 2, which is available to all industry sectors. | |
In late March 2014, the Company was invited to participate, for the first time, in the SICAD 1 auction process at a rate of 10.8 bolivars to the U.S. dollar ("SICAD 1 Rate"). The Company did not exchange bolivars through either the SICAD 1 or SICAD 2 mechanisms in the first or second quarters of 2014, though it did exchange currency at the Official Rate in the first quarter. As a result, the Company continued to use the Official Rate to measure its operating activity during the first quarter of 2014. As of the end of the first quarter of 2014, the Company anticipated making future currency exchanges under the SICAD 1 Rate as the Official Rate was not expected to be widely available in the future. As a result, the Company used the SICAD 1 Rate to remeasure the balance sheet at March 29, 2014. The negative impact of this change in exchange rates used to remeasure the net monetary assets on the balance sheet was $13.4 million pretax and was recorded in Other Expense on the Consolidated Statements of Income. | |
In June 2014, the Venezuelan government mandated, based on the results of a pricing audit, that the Company significantly lower its suggested retail selling prices in order to comply with laws limiting prices and profit margins across the Venezuelan economy. Due to certain assumptions made by the Venezuelan government during the pricing audit, as well as anticipated changes in its value chain in light of the pricing mandate, the Company anticipates using the SICAD 2 rate, which is currently 50.0 bolivars to the U.S. dollar, to make certain future exchanges of bolivars for U.S. dollars and measure its operating activities. As a result, the Company remeasured the net monetary assets on the balance sheet at the end of the second quarter at the SICAD 2 rate. The negative impact of this change in exchange rate was $15.8 million, which is also recorded in Other Expense. There was also a negative $6.4 million pretax impact of recording in income the sale of inventory included in cost of goods sold at the 6.3 exchange rate at which it was purchased, or manufactured, rather than the 10.8 exchange rate in use when those amounts were included in cost of sales. | |
As of June 28, 2014, the Company had approximately $4 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. As of June 28, 2014, there was also $16 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. In addition, the Company had $3 million in net deferred tax assets that will impact the income tax provision in 2014 at the dollar value at which they were originally recorded. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Components of Inventories | ' | |||||||
Inventories | ||||||||
(In millions) | June 28, | December 28, | ||||||
2014 | 2013 | |||||||
Finished goods | $ | 269.4 | $ | 245 | ||||
Work in process | 35.8 | 27.4 | ||||||
Raw materials and supplies | 46.6 | 41 | ||||||
Total inventories | $ | 351.8 | $ | 313.4 | ||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Elements of Earnings per Share Computations | ' | |||||||||||||||
The elements of the earnings per share computations were as follows: | ||||||||||||||||
13 weeks ended | 26 weeks ended | |||||||||||||||
(In millions, except per share amounts) | June 28, | June 29, | June 28, | June 29, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 47.6 | $ | 76.3 | $ | 99.8 | $ | 134.5 | ||||||||
Weighted-average shares of common stock outstanding | 50.2 | 52.4 | 50.2 | 53 | ||||||||||||
Common equivalent shares: | ||||||||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 0.9 | 1.1 | 0.9 | 1.1 | ||||||||||||
Weighted-average common and common equivalent shares outstanding | 51.1 | 53.5 | 51.1 | 54.1 | ||||||||||||
Basic earnings per share | $ | 0.95 | $ | 1.46 | $ | 1.99 | $ | 2.54 | ||||||||
Diluted earnings per share | $ | 0.93 | $ | 1.43 | $ | 1.95 | $ | 2.49 | ||||||||
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.4 | 0.1 | 0.4 | 0.1 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 28, 2014 | Jun. 29, 2013 | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ' | ||||||||||||||||||||||||||||||
Rollforward of 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 | ||||||||||||||||||||||||||||
(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 | ) | |||||||||||||||
Balance at December 28, 2013 | $ | (283.1 | ) | $ | 2.2 | $ | (35.9 | ) | $ | (316.8 | ) | Other comprehensive income (loss) before reclassifications | (43.8 | ) | 2.6 | (2.1 | ) | (43.3 | ) | |||||||||||||
Other comprehensive income before reclassifications | 6.4 | 2.6 | 0.1 | 9.1 | Amounts reclassified from accumulated other comprehensive loss | — | (0.4 | ) | 1.8 | 1.4 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (2.5 | ) | 0.7 | (1.8 | ) | Net current-period other comprehensive income (loss) | (43.8 | ) | 2.2 | (0.3 | ) | (41.9 | ) | ||||||||||||||||||
Net current-period other comprehensive income | 6.4 | 0.1 | 0.8 | 7.3 | Balance at June 29, 2013 | $ | (262.0 | ) | $ | 2 | $ | (53.2 | ) | $ | (313.2 | ) | ||||||||||||||||
Balance at June 28, 2014 | $ | (276.7 | ) | $ | 2.3 | $ | (35.1 | ) | $ | (309.5 | ) | |||||||||||||||||||||
Reengineering_and_Other_Exit_C1
Re-engineering and Other Exit Costs (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Restructuring Charges [Abstract] | ' | |||||||
Accrued Liabilities, Re-engineering and Impairment Charges Rollforward | ' | |||||||
The balances included in accrued liabilities related to re-engineering and impairment charges as of June 28, 2014 and December 28, 2013 were as follows: | ||||||||
(In millions) | June 28, | December 28, | ||||||
2014 | 2013 | |||||||
Beginning of the year balance | $ | 2.6 | $ | 1.5 | ||||
Provision | 5.7 | 9.3 | ||||||
Cash expenditures: | ||||||||
Severance | (4.6 | ) | (6.1 | ) | ||||
Other | (1.1 | ) | (2.0 | ) | ||||
Non-cash asset impairments | (0.4 | ) | (0.1 | ) | ||||
End of period balance | $ | 2.2 | $ | 2.6 | ||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
13 weeks ended | 26 weeks ended | |||||||||||||||
(In millions) | June 28, | June 29, | June 28, | June 29, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales: | ||||||||||||||||
Europe | $ | 186.3 | $ | 196.7 | $ | 399.6 | $ | 411.6 | ||||||||
Asia Pacific | 211.1 | 212.8 | 410.1 | 415.2 | ||||||||||||
Tupperware North America | 93.4 | 99.7 | 174.9 | 182.5 | ||||||||||||
Beauty North America | 77.7 | 81.8 | 151.2 | 167.3 | ||||||||||||
South America | 105.8 | 97.4 | 201.7 | 174.7 | ||||||||||||
Total net sales | $ | 674.3 | $ | 688.4 | $ | 1,337.50 | $ | 1,351.30 | ||||||||
Segment profit (loss): | ||||||||||||||||
Europe | $ | 27.9 | $ | 34.2 | $ | 68.2 | $ | 71.7 | ||||||||
Asia Pacific | 46.5 | 46.5 | 87.4 | 89 | ||||||||||||
Tupperware North America | 19.8 | 17 | 33.4 | 29.3 | ||||||||||||
Beauty North America (a) | 3 | 7.1 | 2.3 | 13.5 | ||||||||||||
South America | (0.4 | ) | 22 | 3 | 27.7 | |||||||||||
Total segment profit | $ | 96.8 | $ | 126.8 | $ | 194.3 | $ | 231.2 | ||||||||
Unallocated expenses | (12.9 | ) | (14.4 | ) | (27.3 | ) | (30.1 | ) | ||||||||
Re-engineering and impairment charges (a) | (3.4 | ) | (2.2 | ) | (5.7 | ) | (4.4 | ) | ||||||||
Gains on disposal of assets | 0.5 | 0.2 | 2.3 | 0.2 | ||||||||||||
Interest expense, net | (11.0 | ) | (9.6 | ) | (22.8 | ) | (17.9 | ) | ||||||||
Income before taxes | $ | 70 | $ | 100.8 | $ | 140.8 | $ | 179 | ||||||||
(In millions) | June 28, | December 28, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable assets: | ||||||||||||||||
Europe | $ | 361.9 | $ | 360.8 | ||||||||||||
Asia Pacific | 352.9 | 315.3 | ||||||||||||||
Tupperware North America | 167.1 | 148.4 | ||||||||||||||
Beauty North America | 347.3 | 356.7 | ||||||||||||||
South America | 155.5 | 127.6 | ||||||||||||||
Corporate | 512.6 | 535.1 | ||||||||||||||
Total identifiable assets | $ | 1,897.30 | $ | 1,843.90 | ||||||||||||
_________________________ | ||||||||||||||||
(a) | See Note 7 to the Consolidated Financial Statements for a discussion of re-engineering and impairment charges. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||||||||||
Outstanding Derivative Financial Instruments at Fair Value | ' | |||||||||||||||||||||||||
Following is a listing of the Company's outstanding derivative financial instruments at fair value as of June 28, 2014 and December 28, 2013. 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 period-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 | June 28, 2014 | December 28, 2013 | ||||||||||||||||||||||||
(In millions) | Buy | Sell | Buy | Sell | ||||||||||||||||||||||
Euro | $ | 146 | $ | 157.7 | ||||||||||||||||||||||
Philippine peso | 17.2 | 11.3 | ||||||||||||||||||||||||
Danish krone | 14.1 | $ | 3.5 | |||||||||||||||||||||||
Chinese renminbi | 9.7 | 8.1 | ||||||||||||||||||||||||
South Korean won | 9.5 | 9.7 | ||||||||||||||||||||||||
Mexican peso | 4.4 | 18.2 | ||||||||||||||||||||||||
Malaysian ringgit | 2.6 | 2.7 | ||||||||||||||||||||||||
New Zealand dollar | 2 | 4.5 | ||||||||||||||||||||||||
Uruguayan peso | 1.3 | 4.7 | ||||||||||||||||||||||||
U.S. dollar | $ | 40.6 | 54.7 | |||||||||||||||||||||||
Indonesian rupiah | 37.1 | 2.3 | ||||||||||||||||||||||||
Swiss franc | 32.9 | 49.4 | ||||||||||||||||||||||||
Russian ruble | 15.4 | 22.9 | ||||||||||||||||||||||||
Japanese yen | 12.2 | 3.7 | ||||||||||||||||||||||||
Turkish lira | 11.5 | 11.7 | ||||||||||||||||||||||||
Brazilian real | 10.7 | 6.6 | ||||||||||||||||||||||||
Canadian dollar | 7.5 | 11 | ||||||||||||||||||||||||
Singapore dollar | 6.1 | 1.7 | ||||||||||||||||||||||||
South African rand | 5.6 | 10.4 | ||||||||||||||||||||||||
Czech koruna | 3.5 | 2.5 | ||||||||||||||||||||||||
Australian dollar | 3.4 | 6.8 | ||||||||||||||||||||||||
Indian rupee | 3.1 | 6.6 | ||||||||||||||||||||||||
Polish zloty | 3.1 | 4.7 | ||||||||||||||||||||||||
Norwegian krone | 2.7 | 1.7 | ||||||||||||||||||||||||
Croatian kuna | 2.6 | 2.6 | ||||||||||||||||||||||||
Argentine peso | 2.3 | 3.7 | ||||||||||||||||||||||||
Swedish krona | 2.2 | 1.7 | ||||||||||||||||||||||||
Hungarian forint | 1.6 | 2.4 | ||||||||||||||||||||||||
Romanian leu | 1.4 | 1.2 | ||||||||||||||||||||||||
British pound | 1 | 1 | ||||||||||||||||||||||||
Other currencies (net) | 1.8 | 4.4 | ||||||||||||||||||||||||
$ | 206.8 | $ | 208.3 | $ | 216.5 | $ | 217.6 | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||||
The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of June 28, 2014 and December 28, 2013. Fair values were determined based on third party quotations (Level 2 fair value measurement): | ||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||||||||||||
Fair value | Fair value | |||||||||||||||||||||||||
Derivatives designated as hedging instruments (in millions) | Balance sheet location | Jun 28, | Dec 28, | Balance sheet location | 28-Jun-14 | Dec 28, | ||||||||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||||||||||||
Foreign exchange contracts | Non-trade amounts receivable | $ | 12.2 | $ | 20.3 | Accrued liabilities | $ | 12.6 | $ | 19.2 | ||||||||||||||||
Schedule Of Company's Derivative Position And Its Impact On Company Table | ' | |||||||||||||||||||||||||
The following table summarizes the impact of the Company's derivative positions on the results of operations for the second quarters of 2014 and 2013: | ||||||||||||||||||||||||||
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Foreign exchange contracts | Other expense | $ | 4.8 | $ | (23.9 | ) | Other expense | $ | (5.0 | ) | $ | 23.8 | ||||||||||||||
The following table summarizes the impact of Company's derivative positions on comprehensive income for the second quarters of 2014 and 2013: | ||||||||||||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts | $ | (0.4 | ) | $ | 3.6 | Cost of products sold | $ | 1.5 | $ | 0.6 | Interest expense | $ | (1.5 | ) | $ | (0.8 | ) | |||||||||
Net equity hedging relationships | ||||||||||||||||||||||||||
Foreign exchange contracts | (0.9 | ) | 25.6 | Other expense | — | — | Interest expense | (3.1 | ) | (2.7 | ) | |||||||||||||||
The following table summarizes the impact of the Company's derivative positions on the results of operations for the year-to-date periods ended June 28, 2014 and June 29, 2013: | ||||||||||||||||||||||||||
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Foreign exchange contracts | Other expense | $ | 5.8 | $ | (12.1 | ) | Other expense | $ | (5.5 | ) | $ | 12.1 | ||||||||||||||
The following table summarizes the impact of Company's derivative positions on comprehensive income for the year-to-date periods ended June 28, 2014 and June 29, 2013: | ||||||||||||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts | $ | 2.9 | $ | 3.4 | Cost of products sold | $ | 3.2 | $ | 0.6 | Interest expense | $ | (2.8 | ) | $ | (1.3 | ) | ||||||||||
Net equity hedging relationships | ||||||||||||||||||||||||||
Foreign exchange contracts | (6.0 | ) | 17.3 | Other expense | — | — | Interest expense | (6.7 | ) | (5.6 | ) | |||||||||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||||
Components of net periodic benefit cost for the second quarter and year-to-date periods ended June 28, 2014 and June 29, 2013 were as follows: | ||||||||||||||||||||||||||||
Second Quarter | Year-to-Date | |||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | Pension benefits | Postretirement benefits | |||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 2.8 | $ | 2.6 | $ | 0.1 | $ | — | $ | 5.6 | $ | 5.3 | $ | 0.1 | $ | — | ||||||||||||
Interest cost | 2.2 | 2.1 | 0.2 | 0.3 | 4.4 | 4.2 | 0.6 | 0.6 | ||||||||||||||||||||
Expected return on plan assets | (1.5 | ) | (1.4 | ) | — | — | (3.1 | ) | (2.9 | ) | — | — | ||||||||||||||||
Settlement/curtailment | — | 0.4 | — | — | — | 0.4 | — | — | ||||||||||||||||||||
Net amortization | 0.6 | 1.2 | (0.1 | ) | (0.1 | ) | 1.2 | 2.4 | (0.3 | ) | (0.2 | ) | ||||||||||||||||
Net periodic benefit cost | $ | 4.1 | $ | 4.9 | $ | 0.2 | $ | 0.2 | $ | 8.1 | $ | 9.4 | $ | 0.4 | $ | 0.4 | ||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Stock Option Activity | ' | ||||||||||
Stock option activity for 2014, under all of the Company's incentive plans, is summarized in the following table: | |||||||||||
Shares subject to option | Weighted average exercise price per share | Aggregate intrinsic value | |||||||||
(in millions) | |||||||||||
Outstanding at December 28, 2013 | 2,360,275 | $44.16 | |||||||||
Granted | — | — | |||||||||
Expired / Forfeited | (5,711 | ) | 72.26 | ||||||||
Exercised | (305,170 | ) | 34.98 | ||||||||
Outstanding at June 28, 2014 | 2,049,394 | $45.43 | $77.50 | ||||||||
Exercisable at June 28, 2014 | 1,489,165 | $36.57 | $69.00 | ||||||||
Restricted Stock, Restricted Stock Unit and Performance Share Award Activity | ' | ||||||||||
Restricted stock, restricted stock units, performance-vested and market-vested share award activity for 2014 under all of the Company's incentive plans is summarized in the following table: | |||||||||||
Shares outstanding | Weighted average grant date fair value | ||||||||||
December 28, 2013 | 813,732 | $51.92 | |||||||||
Granted | 133,530 | 79.61 | |||||||||
Performance share adjustments | (3,850 | ) | 78.35 | ||||||||
Vested | (281,894 | ) | 43.39 | ||||||||
Forfeited | (7,055 | ) | 70.72 | ||||||||
June 28, 2014 | 654,463 | $60.77 | |||||||||
Allowance_for_LongTerm_Receiva1
Allowance for Long-Term Receivables (Tables) | 6 Months Ended | |||
Jun. 28, 2014 | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | |||
Allowance for Long-Term Receivables Rollforward | ' | |||
The balance of the allowance for long-term receivables as of June 28, 2014 was as follows: | ||||
(In millions) | ||||
Balance at December 28, 2013 | $ | 20.5 | ||
Write-offs | (3.0 | ) | ||
Provision and reclassifications | 2.2 | |||
Currency translation adjustment | (0.5 | ) | ||
Balance at June 28, 2014 | $ | 19.2 | ||
Guarantor_Information_Tables
Guarantor Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||||||
Guarantor Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||
June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.1 | $ | 82.6 | $ | — | $ | 82.7 | ||||||||||||||||||||||||||
Accounts receivable, net | — | — | 191.1 | — | 191.1 | |||||||||||||||||||||||||||||||
Inventories | — | — | 351.8 | — | 351.8 | |||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 4.7 | 25.9 | 55.7 | — | 86.3 | |||||||||||||||||||||||||||||||
Non-trade amounts receivable, net | — | 28 | 83 | (54.6 | ) | 56.4 | ||||||||||||||||||||||||||||||
Intercompany receivables | 20.8 | 346.9 | 448.8 | (816.5 | ) | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1.1 | 3.8 | 51.2 | (25.2 | ) | 30.9 | ||||||||||||||||||||||||||||||
Total current assets | 26.6 | 404.7 | 1,264.20 | (896.3 | ) | 799.2 | ||||||||||||||||||||||||||||||
Deferred income tax benefits, net | 93.3 | 170.9 | 170 | — | 434.2 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 41 | 260.4 | — | 301.4 | |||||||||||||||||||||||||||||||
Long-term receivables, net | — | 0.1 | 20.6 | — | 20.7 | |||||||||||||||||||||||||||||||
Trademarks and tradenames, net | — | — | 120.6 | — | 120.6 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 2.3 | — | 2.3 | |||||||||||||||||||||||||||||||
Goodwill | — | 2.9 | 179.6 | — | 182.5 | |||||||||||||||||||||||||||||||
Investments in subsidiaries | 1,796.20 | 2,359.80 | — | (4,156.0 | ) | — | ||||||||||||||||||||||||||||||
Intercompany notes receivable | 51.1 | 696.9 | 1,877.60 | (2,625.6 | ) | — | ||||||||||||||||||||||||||||||
Other assets, net | 4.7 | 0.7 | 35.7 | (4.7 | ) | 36.4 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,971.90 | $ | 3,677.00 | $ | 3,931.00 | $ | (7,682.6 | ) | $ | 1,897.30 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1.7 | $ | 120.2 | $ | — | $ | 121.9 | ||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 187.2 | — | 111.9 | — | 299.1 | |||||||||||||||||||||||||||||||
Intercompany payables | 319.8 | 457.2 | 39.5 | (816.5 | ) | — | ||||||||||||||||||||||||||||||
Accrued liabilities | 91.4 | 34 | 297.9 | (79.8 | ) | 343.5 | ||||||||||||||||||||||||||||||
Total current liabilities | 598.4 | 492.9 | 569.5 | (896.3 | ) | 764.5 | ||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | 602.5 | — | 15.3 | — | 617.8 | |||||||||||||||||||||||||||||||
Intercompany notes payable | 471 | 1,406.50 | 748.1 | (2,625.6 | ) | — | ||||||||||||||||||||||||||||||
Other liabilities | 14.6 | 26.3 | 193.4 | (4.7 | ) | 229.6 | ||||||||||||||||||||||||||||||
Shareholders' equity | 285.4 | 1,751.30 | 2,404.70 | (4,156.0 | ) | 285.4 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,971.90 | $ | 3,677.00 | $ | 3,931.00 | $ | (7,682.6 | ) | $ | 1,897.30 | |||||||||||||||||||||||||
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, net | — | — | 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 | |||||||||||||||||||||||||
Consolidating Statement of Income | ' | |||||||||||||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
13 Weeks Ended June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 677.5 | $ | (3.2 | ) | $ | 674.3 | |||||||||||||||||||||||||
Other revenue | — | 38.4 | 6.4 | (44.8 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 6.4 | 264.9 | (45.6 | ) | 225.7 | ||||||||||||||||||||||||||||||
Gross margin | — | 32 | 419 | (2.4 | ) | 448.6 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 3.2 | 20.4 | 327.4 | (2.4 | ) | 348.6 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 3.4 | — | 3.4 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 0.5 | — | 0.5 | |||||||||||||||||||||||||||||||
Operating income (loss) | (3.2 | ) | 11.6 | 88.7 | — | 97.1 | ||||||||||||||||||||||||||||||
Interest income | 0.1 | 7.4 | 1.1 | (8.1 | ) | 0.5 | ||||||||||||||||||||||||||||||
Interest expense | 9.3 | 5.4 | 5 | (8.1 | ) | 11.6 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 55.6 | 47.5 | — | (103.1 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | 0.1 | 15.9 | — | 16 | |||||||||||||||||||||||||||||||
Income before income taxes | 43.2 | 61 | 68.9 | (103.1 | ) | 70 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (4.4 | ) | 5.1 | 21.7 | — | 22.4 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 47.6 | $ | 55.9 | $ | 47.2 | $ | (103.1 | ) | $ | 47.6 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 54 | $ | 61.3 | $ | 46.8 | $ | (108.1 | ) | $ | 54 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
13 Weeks Ended June 29, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 690.3 | $ | (1.9 | ) | $ | 688.4 | |||||||||||||||||||||||||
Other revenue | — | 28.9 | 1.5 | (30.4 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 1.5 | 253.9 | (29.4 | ) | 226 | ||||||||||||||||||||||||||||||
Gross margin | — | 27.4 | 437.9 | (2.9 | ) | 462.4 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 2.8 | 18.7 | 330.7 | (2.9 | ) | 349.3 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 2.2 | — | 2.2 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||||
Operating income (loss) | (2.8 | ) | 8.7 | 105.2 | — | 111.1 | ||||||||||||||||||||||||||||||
Interest income | 0.1 | 7.9 | 1.4 | (8.7 | ) | 0.7 | ||||||||||||||||||||||||||||||
Interest expense | 8.7 | 4.5 | 5.8 | (8.7 | ) | 10.3 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 83.6 | 76.5 | — | (160.1 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | — | 0.7 | — | 0.7 | |||||||||||||||||||||||||||||||
Income before income taxes | 72.2 | 88.6 | 100.1 | (160.1 | ) | 100.8 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (4.1 | ) | 4.6 | 24 | — | 24.5 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 76.3 | $ | 84 | $ | 76.1 | $ | (160.1 | ) | $ | 76.3 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 23.5 | $ | 33.4 | $ | 56.2 | $ | (89.6 | ) | $ | 23.5 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,341.10 | $ | (3.6 | ) | $ | 1,337.50 | |||||||||||||||||||||||||
Other revenue | — | 63.2 | 12.2 | (75.4 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 12.2 | 509.3 | (74.2 | ) | 447.3 | ||||||||||||||||||||||||||||||
Gross margin | — | 51 | 844 | (4.8 | ) | 890.2 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 7.8 | 35.5 | 654.6 | (4.8 | ) | 693.1 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 5.7 | — | 5.7 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 2.3 | — | 2.3 | |||||||||||||||||||||||||||||||
Operating income (loss) | (7.8 | ) | 15.5 | 186 | — | 193.7 | ||||||||||||||||||||||||||||||
Interest income | 0.2 | 14.6 | 2.2 | (15.8 | ) | 1.2 | ||||||||||||||||||||||||||||||
Interest expense | 18.9 | 9.9 | 11 | (15.8 | ) | 24 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 116.9 | 106.1 | — | (223.0 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | 0.2 | 29.9 | — | 30.1 | |||||||||||||||||||||||||||||||
Income before income taxes | 90.4 | 126.1 | 147.3 | (223.0 | ) | 140.8 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (9.4 | ) | 7.7 | 42.7 | — | 41 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 99.8 | $ | 118.4 | $ | 104.6 | $ | (223.0 | ) | $ | 99.8 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 107.1 | $ | 125.1 | $ | 107.9 | $ | (233.0 | ) | $ | 107.1 | |||||||||||||||||||||||||
Consolidating Statement of Income | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 29, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,353.60 | $ | (2.3 | ) | $ | 1,351.30 | |||||||||||||||||||||||||
Other revenue | — | 54.8 | 8.8 | (63.6 | ) | — | ||||||||||||||||||||||||||||||
Cost of products sold | — | 8.8 | 500.6 | (60.6 | ) | 448.8 | ||||||||||||||||||||||||||||||
Gross margin | — | 46 | 861.8 | (5.3 | ) | 902.5 | ||||||||||||||||||||||||||||||
Delivery, sales and administrative expense | 7.4 | 34.9 | 660.8 | (5.3 | ) | 697.8 | ||||||||||||||||||||||||||||||
Re-engineering and impairment charges | — | — | 4.4 | — | 4.4 | |||||||||||||||||||||||||||||||
Gains on disposal of assets | — | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||||
Operating income (loss) | (7.4 | ) | 11.1 | 196.8 | — | 200.5 | ||||||||||||||||||||||||||||||
Interest income | 0.3 | 16.1 | 2.7 | (17.8 | ) | 1.3 | ||||||||||||||||||||||||||||||
Interest expense | 15.6 | 9.3 | 12.1 | (17.8 | ) | 19.2 | ||||||||||||||||||||||||||||||
Income from equity investments in subsidiaries | 149 | 139 | — | (288.0 | ) | — | ||||||||||||||||||||||||||||||
Other expense | — | — | 3.6 | — | 3.6 | |||||||||||||||||||||||||||||||
Income before income taxes | 126.3 | 156.9 | 183.8 | (288.0 | ) | 179 | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (8.2 | ) | 6.9 | 45.8 | — | 44.5 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 134.5 | $ | 150 | $ | 138 | $ | (288.0 | ) | $ | 134.5 | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 92.6 | $ | 110.2 | $ | 112.4 | $ | (222.6 | ) | $ | 92.6 | |||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 28, 2014 | ||||||||||||||||||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | |||||||||||||||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (19.1 | ) | $ | 31.7 | $ | 72.2 | $ | (42.4 | ) | $ | 42.4 | ||||||||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (6.9 | ) | (24.3 | ) | — | (31.2 | ) | ||||||||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 5.5 | — | 5.5 | |||||||||||||||||||||||||||||||
Net intercompany loans | 1.7 | 67.9 | (32.6 | ) | (37.0 | ) | — | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 1.7 | 61 | (51.4 | ) | (37.0 | ) | (25.7 | ) | ||||||||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (65.2 | ) | — | — | — | (65.2 | ) | |||||||||||||||||||||||||||||
Dividend payments to parent | — | — | (35.9 | ) | 35.9 | — | ||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 10.7 | — | — | — | 10.7 | |||||||||||||||||||||||||||||||
Repurchase of common stock | (31.4 | ) | — | — | — | (31.4 | ) | |||||||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||||||||||||||
Net change in short-term debt | 66.2 | — | (2.7 | ) | — | 63.5 | ||||||||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 7.1 | — | — | — | 7.1 | |||||||||||||||||||||||||||||||
Net intercompany borrowings | 30 | (91.3 | ) | 17.8 | 43.5 | — | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 17.4 | (91.3 | ) | (22.8 | ) | 79.4 | (17.3 | ) | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (1.4 | ) | (42.6 | ) | — | (44.0 | ) | ||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (44.6 | ) | — | (44.6 | ) | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | 0.1 | 127.2 | — | 127.3 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 0.1 | $ | 82.6 | $ | — | $ | 82.7 | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||
26 Weeks Ended June 29, 2013 | ||||||||||||||||||||||||||||||||||||
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 | $ | (73.3 | ) | $ | (22.3 | ) | $ | 27.4 | $ | (11.8 | ) | $ | 125.9 | $ | 112.5 | $ | (8.6 | ) | $ | (7.0 | ) | $ | 71.4 | |||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (6.2 | ) | (6.2 | ) | (17.6 | ) | (17.6 | ) | — | — | (23.8 | ) | ||||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | — | — | — | — | 7.1 | 7.1 | — | — | 7.1 | |||||||||||||||||||||||||||
Net intercompany loans | — | 5.7 | — | 40.8 | — | (62.8 | ) | — | 16.3 | — | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 5.7 | (6.2 | ) | 34.6 | (10.5 | ) | (73.3 | ) | — | 16.3 | (16.7 | ) | |||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||
Dividend payments to shareholders | (52.7 | ) | (52.7 | ) | — | — | — | — | — | — | (52.7 | ) | ||||||||||||||||||||||||
Dividend payments to parent | — | — | — | — | (27.7 | ) | (27.7 | ) | 27.7 | 27.7 | — | |||||||||||||||||||||||||
Net proceeds from issuance of senior notes | 200.1 | 200.1 | — | — | (0.1 | ) | (0.1 | ) | — | — | 200 | |||||||||||||||||||||||||
Proceeds from exercise of stock options | 16.7 | 16.7 | — | — | — | — | — | — | 16.7 | |||||||||||||||||||||||||||
Repurchase of common stock | (203.7 | ) | (203.7 | ) | — | — | — | — | — | — | (203.7 | ) | ||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | — | — | (1.4 | ) | (1.4 | ) | — | — | (1.4 | ) | ||||||||||||||||||||||||
Net change in short-term debt | 16.1 | 16.1 | — | — | (34.0 | ) | (34.0 | ) | — | — | (17.9 | ) | ||||||||||||||||||||||||
Debt issuance costs | (0.7 | ) | (0.7 | ) | — | — | — | — | — | — | (0.7 | ) | ||||||||||||||||||||||||
Excess tax benefits from share-based payment arrangements | 9.8 | 9.8 | — | — | — | — | — | — | 9.8 | |||||||||||||||||||||||||||
Net intercompany borrowings | 87.7 | 31 | (21.3 | ) | (22.9 | ) | (47.3 | ) | 28.9 | (19.1 | ) | (37.0 | ) | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 73.3 | 16.6 | (21.3 | ) | (22.9 | ) | (110.5 | ) | (34.3 | ) | 8.6 | (9.3 | ) | (49.9 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | (12.2 | ) | (12.2 | ) | — | — | (12.2 | ) | ||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (0.1 | ) | (0.1 | ) | (7.3 | ) | (7.3 | ) | — | — | (7.4 | ) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 0.2 | 0.2 | 119.6 | 119.6 | — | — | 119.8 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 0.1 | $ | 0.1 | $ | 112.3 | $ | 112.3 | $ | — | $ | — | $ | 112.4 | ||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Foreign Currency Translation (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 30, 2013 | Jun. 28, 2014 | Mar. 29, 2014 | Jun. 28, 2014 |
In Millions, unless otherwise specified | Venezuela | Venezuela | Venezuela | Other expense | Other expense | Cost of Goods Sold | ||
Venezuela | Venezuela | Venezuela | ||||||
Intercompany Foreign Currency Balance [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Exchange Rate | ' | ' | 10.8 | 6.3 | 5.3 | ' | ' | ' |
Foreign Currency Exchange Rate, Translation | ' | ' | 50 | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | ' | ' | ' | ' | ' | ($15.80) | ($13.40) | ($6.40) |
Net monetary assets | ' | ' | 4 | ' | ' | ' | ' | ' |
Inventories | 351.8 | 313.4 | 16 | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net | ' | ' | $3 | ' | ' | ' | ' | ' |
Shipping_and_Handling_Costs_De
Shipping and Handling Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Shipping and Handling Costs [Abstract] | ' | ' | ' | ' |
Distribution costs | $41.30 | $40.40 | $80 | $78.40 |
Promotional_Costs_Details
Promotional Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Promotional Costs [Abstract] | ' | ' | ' | ' |
Promotional and other sales force compensation expenses | $111.40 | $114.70 | $225.20 | $230 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished goods | $269.40 | $245 |
Work in process | 35.8 | 27.4 |
Raw materials and supplies | 46.6 | 41 |
Total inventories | $351.80 | $313.40 |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Net Income Per Common Share [Line Items] | ' | ' | ' | ' |
Net income | $47.60 | $76.30 | $99.80 | $134.50 |
Weighted-average shares of common stock outstanding | 50.2 | 52.4 | 50.2 | 53 |
Common equivalent shares: | ' | ' | ' | ' |
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 0.9 | 1.1 | 0.9 | 1.1 |
Weighted-average common and common equivalent shares outstanding | 51.1 | 53.5 | 51.1 | 54.1 |
Basic earnings per share | $0.95 | $1.46 | $1.99 | $2.54 |
Diluted earnings per share | $0.93 | $1.43 | $1.95 | $2.49 |
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.4 | 0.1 | 0.4 | 0.1 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($316.80) | ($271.30) |
Other comprehensive income before reclassifications | ' | ' | 9.1 | -43.3 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -1.8 | 1.4 |
Net current-period other comprehensive income | 6.4 | -52.8 | 7.3 | -41.9 |
Ending Balance | -309.5 | -313.2 | -309.5 | -313.2 |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges, before tax | ' | ' | 3.2 | 0.6 |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges, tax | ' | ' | -0.7 | -0.2 |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, prior service benefit, before tax | ' | ' | -0.4 | -0.2 |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, actuarial losses, before tax | ' | ' | 1.3 | 2.4 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | ' | 0 | -0.4 |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, tax | ' | ' | 0.2 | 0.8 |
Foreign Currency Items | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -283.1 | -218.2 |
Other comprehensive income before reclassifications | ' | ' | 6.4 | -43.8 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | 0 |
Net current-period other comprehensive income | ' | ' | 6.4 | -43.8 |
Ending Balance | -276.7 | -262 | -276.7 | -262 |
Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 2.2 | -0.2 |
Other comprehensive income before reclassifications | ' | ' | 2.6 | 2.6 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -2.5 | -0.4 |
Net current-period other comprehensive income | ' | ' | 0.1 | 2.2 |
Ending Balance | 2.3 | 2 | 2.3 | 2 |
Pension and Other Post-retirement Items | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -35.9 | -52.9 |
Other comprehensive income before reclassifications | ' | ' | 0.1 | -2.1 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0.7 | 1.8 |
Net current-period other comprehensive income | ' | ' | 0.8 | -0.3 |
Ending Balance | ($35.10) | ($53.20) | ($35.10) | ($53.20) |
Reengineering_and_Other_Exit_C2
Re-engineering and Other Exit Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Beginning of the year balance | ' | ' | $2.60 | $1.50 | $1.50 |
Provision | 3.4 | 2.2 | 5.7 | 4.4 | 9.3 |
Non-cash asset impairments | ' | ' | 0.4 | ' | 0.1 |
End of period balance | 2.2 | ' | 2.2 | ' | 2.6 |
Write-down of inventories | ' | ' | 10.6 | 7.2 | ' |
Severance | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Cash expenditures | ' | ' | 4.6 | ' | 6.1 |
Other | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Cash expenditures | ' | ' | 1.1 | ' | 2 |
Armand Dupree United States [Member] | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Write-down of inventories | ' | ' | 1.9 | ' | ' |
Nutrimetics Thailand [Member] | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Write-down of inventories | $0.40 | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | ' | ' |
Goodwill | $182.50 | $181.50 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $674.30 | $688.40 | $1,337.50 | $1,351.30 | ' |
Segment profit (loss): | 96.8 | 126.8 | 194.3 | 231.2 | ' |
Unallocated expenses | -12.9 | -14.4 | -27.3 | -30.1 | ' |
Re-engineering and impairment charges | -3.4 | -2.2 | -5.7 | -4.4 | -9.3 |
Gains on disposal of assets | 0.5 | 0.2 | 2.3 | 0.2 | ' |
Interest expense, net | -11 | -9.6 | -22.8 | -17.9 | ' |
Income before income taxes | 70 | 100.8 | 140.8 | 179 | ' |
Total identifiable assets | 1,897.30 | ' | 1,897.30 | ' | 1,843.90 |
Europe | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 186.3 | 196.7 | 399.6 | 411.6 | ' |
Segment profit (loss): | 27.9 | 34.2 | 68.2 | 71.7 | ' |
Total identifiable assets | 361.9 | ' | 361.9 | ' | 360.8 |
Asia Pacific | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 211.1 | 212.8 | 410.1 | 415.2 | ' |
Segment profit (loss): | 46.5 | 46.5 | 87.4 | 89 | ' |
Total identifiable assets | 352.9 | ' | 352.9 | ' | 315.3 |
Tupperware North America | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 93.4 | 99.7 | 174.9 | 182.5 | ' |
Segment profit (loss): | 19.8 | 17 | 33.4 | 29.3 | ' |
Total identifiable assets | 167.1 | ' | 167.1 | ' | 148.4 |
Beauty North America | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 77.7 | 81.8 | 151.2 | 167.3 | ' |
Segment profit (loss): | 3 | 7.1 | 2.3 | 13.5 | ' |
Total identifiable assets | 347.3 | ' | 347.3 | ' | 356.7 |
South America | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 105.8 | 97.4 | 201.7 | 174.7 | ' |
Segment profit (loss): | -0.4 | 22 | 3 | 27.7 | ' |
Total identifiable assets | 155.5 | ' | 155.5 | ' | 127.6 |
Corporate | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total identifiable assets | 512.6 | ' | 512.6 | ' | 535.1 |
Beauty and Personal Care Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $137.10 | $142.70 | $264.80 | $287.40 | ' |
Debt_Details
Debt (Details) (USD $) | Jun. 28, 2014 | Mar. 30, 2013 | Mar. 11, 2013 | Jun. 02, 2011 | Feb. 01, 2013 | Sep. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Sep. 11, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Feb. 10, 2014 | Sep. 27, 2014 | Jul. 31, 2014 |
In Millions, unless otherwise specified | Senior Notes Due 2021 [Member] | Senior Notes Due 2021 [Member] | Senior Notes Due 2021 [Member] | Notes Payable to Banks [Member] | Five-Year Senior Secured Credit Agreement [Member] | Five-Year Senior Secured Credit Agreement [Member] | Five-Year Senior Secured Credit Agreement [Member] | Five-Year Senior Secured Credit Agreement [Member] | Five-Year Senior Secured Credit Agreement [Member] | Uncommitted Lines of credit [Member] | Credit Agricole Corporate and Investment Bank [Member] | Credit Agricole Corporate and Investment Bank [Member] | Credit Agricole Corporate and Investment Bank [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Euro | Line of Credit [Member] | Line of Credit [Member] | Five-Year Senior Secured Credit Agreement [Member] | HSBC Bank USA [Member] | ||||||||||||
Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | $200 | $400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price as percentage of principal amount | ' | ' | 103.78% | 98.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note | ' | ' | ' | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond premium | ' | ' | 7.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, gross | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash debt issuance costs | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Agreement Term | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility Amount | ' | ' | ' | ' | ' | ' | ' | ' | 650 | ' | ' | ' | ' | 75 | ' | 100 |
Line of Credit Facility, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate Facility Amount | ' | ' | ' | ' | ' | ' | ' | ' | 850 | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt | ' | ' | ' | ' | ' | ' | 296.1 | 296.1 | ' | 108.9 | ' | 0 | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR |
Basis points spread on variable rate | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | 1.25% | ' | ' | 1.00% |
Debt Instrument, Increase (Decrease), Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' |
Weighted average interest rate on LIBOR-based borrowings | ' | ' | ' | ' | ' | ' | 1.73% | 1.73% | ' | ' | ' | ' | ' | ' | ' | ' |
Unused lines of credit | $537.30 | ' | ' | ' | ' | ' | $351.70 | $351.70 | ' | ' | $185.60 | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net cash impact from hedging activity | ' | ' | ($0.60) | $4.50 |
Fair Value Hedging [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) | 2.8 | 2.2 | 5.2 | 4.2 |
Cash Flow Hedging [Member] | Foreign exchange contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Lower Remaining Maturity Range | ' | ' | '1 month | ' |
Derivative, Higher Remaining Maturity Range | ' | ' | '12 months | ' |
Cash Flow Hedging [Member] | 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) | -1.5 | -0.8 | -2.8 | -1.3 |
Net Equity Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | -0.5 | 16.4 | -3.8 | 11.1 |
Net Equity Hedging [Member] | 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) | ($3.10) | ($2.70) | ($6.70) | ($5.60) |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Outstanding Derivative Financial Instruments at Fair Value) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Buy | $206.80 | $216.50 |
Sell | 208.3 | 217.6 |
Euro | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 146 | 157.7 |
Philippine peso | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 17.2 | 11.3 |
Danish krone | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 14.1 | ' |
Sell | ' | 3.5 |
Mexican peso | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 4.4 | 18.2 |
Swiss franc | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 32.9 | 49.4 |
South Korean won | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 9.5 | 9.7 |
Chinese renminbi | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 9.7 | 8.1 |
Malaysian ringgit | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 2.6 | ' |
Sell | ' | 2.7 |
New Zealand dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 2 | 4.5 |
Uruguayan peso | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | 1.3 | 4.7 |
U.S. dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 40.6 | 54.7 |
Russian ruble | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 15.4 | 22.9 |
Turkish lira | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 11.5 | 11.7 |
Australian dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 3.4 | 6.8 |
Canadian dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 7.5 | 11 |
Brazilian real | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 10.7 | 6.6 |
Japanese yen | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 12.2 | 3.7 |
South African rand | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 5.6 | 10.4 |
Indian rupee | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 3.1 | 6.6 |
Czech koruna | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 3.5 | 2.5 |
Hungarian forint | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 1.6 | 2.4 |
Norwegian krone | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.7 | 1.7 |
Argentine peso | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.3 | 3.7 |
Polish zloty | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 3.1 | 4.7 |
Singapore dollar | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 6.1 | 1.7 |
Swedish krona | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.2 | 1.7 |
Croatian kuna | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 2.6 | 2.6 |
Romanian leu | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 1.4 | 1.2 |
British pound | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | 1 | 1 |
Indonesian rupiah | ' | ' |
Derivative [Line Items] | ' | ' |
Buy | ' | 2.3 |
Sell | 37.1 | ' |
Other currencies (net) | ' | ' |
Derivative [Line Items] | ' | ' |
Sell | $1.80 | $4.40 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Company's Derivative Positions and Their Impact on Financial Position) (Details) (Significant Other Observable Inputs (Level 2), Designated as Hedging Instrument [Member], Foreign exchange contracts, USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Non-trade amounts receivable | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives | $12.20 | $20.30 |
Accrued liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives | $12.60 | $19.20 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Company's Derivative Positions and Their Impact on Company's Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Fair Value Hedging [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) | $2.80 | $2.20 | $5.20 | $4.20 |
Fair Value Hedging [Member] | Other expense | Foreign exchange contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives | 4.8 | -23.9 | 5.8 | -12.1 |
Amount of gain or (loss) recognized in income on related hedged items | -5 | 23.8 | -5.5 | 12.1 |
Cash Flow Hedging [Member] | Foreign exchange contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | -0.4 | 3.6 | 2.9 | 3.4 |
Cash Flow Hedging [Member] | 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) | 1.5 | 0.6 | 3.2 | 0.6 |
Cash Flow Hedging [Member] | 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) | -1.5 | -0.8 | -2.8 | -1.3 |
Net Equity Hedging [Member] | Foreign exchange contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | -0.9 | 25.6 | -6 | 17.3 |
Net Equity Hedging [Member] | 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 | 0 |
Net Equity Hedging [Member] | 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) | ($3.10) | ($2.70) | ($6.70) | ($5.60) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Jun. 28, 2014 | Jun. 02, 2011 | Jun. 28, 2014 |
In Millions, unless otherwise specified | Senior Notes Due 2021 [Member] | Significant Other Observable Inputs (Level 2) | |
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' |
Stated interest rate | ' | 4.75% | ' |
Long-term Debt, Fair Value | ' | ' | $646 |
Borrowings outstanding | $602.50 | ' | ' |
Retirement_Benefit_Plans_Detai
Retirement Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net amortization | ' | ' | $0.90 | $2.60 |
Pension benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 2.8 | 2.6 | 5.6 | 5.3 |
Interest cost | 2.2 | 2.1 | 4.4 | 4.2 |
Expected return on plan assets | -1.5 | -1.4 | -3.1 | -2.9 |
Settlement/curtailment | 0 | -0.4 | 0 | -0.4 |
Net amortization | 0.6 | 1.2 | 1.2 | 2.4 |
Net periodic benefit cost | 4.1 | 4.9 | 8.1 | 9.4 |
Postretirement benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.1 | 0 | 0.1 | 0 |
Interest cost | 0.2 | 0.3 | 0.6 | 0.6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Settlement/curtailment | 0 | 0 | 0 | 0 |
Net amortization | -0.1 | -0.1 | -0.3 | -0.2 |
Net periodic benefit cost | $0.20 | $0.20 | $0.40 | $0.40 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross unrecognized tax benefit | $24.20 | ' | $24.20 | ' | $27.40 |
Decrease, Uncertain Tax Positions, Transfer Pricing Settlements and Advanced Pricing Agreements | ' | ' | 3.2 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate, if recognized | 21.5 | ' | 21.5 | ' | ' |
Accrued interest and penalties related to uncertain tax positions | 6.1 | ' | 6.1 | ' | 5.9 |
Significant Change in Unrecognized Tax Benefits Reasonably Possible, Amount of Unrecorded Benefit | $0.40 | ' | $0.40 | ' | ' |
Effective tax rate | 32.00% | 24.30% | 29.10% | 24.90% | ' |
Statement_of_Cash_Flow_Supplem1
Statement of Cash Flow Supplemental Disclosure (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Mar. 30, 2013 | Mar. 11, 2013 | Jun. 28, 2014 | |
Senior Notes Due 2021 [Member] | Senior Notes Due 2021 [Member] | Corporate Joint Venture [Member] | |||
Other Significant Noncash Transactions [Line Items] | ' | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | 87,290 | 47,187 | ' | ' | ' |
Shares Paid For Tax Withholding For Share Based Compensation, Value | $7,000,000 | $3,700,000 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 50.00% |
Contribution of Property | ' | ' | ' | ' | 3,100,000 |
Capital Lease Obligations Incurred | 0 | 0 | ' | ' | ' |
Bond premium | ' | ' | ' | 7,600,000 | ' |
Non-cash debt issuance costs | ' | ' | $1,300,000 | ' | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Mar. 02, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Feb. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 29, 2013 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Market Vested [Member] | Market Vested [Member] | Market Vested [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||
Minimum [Member] | Maximum [Member] | Cliff Vest [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | '1 year | '6 years | ' | ' | '3 years | ' | '3 years | ' | '3 years | ' | ' | ' | ' | '1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Term of Grant | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period | ' | ' | ' | 0 | 6,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense associated with all outstanding stock option awards | ' | $500,000 | $400,000 | $900,000 | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Shares Subject to Option, Beginning of Period | ' | ' | ' | 2,360,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price Per Share Outstanding, Beginning of Period | ' | ' | ' | $44.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Shares Subject to Option, Granted | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price Per Share Outstanding, Granted | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Shares Subject to Option, Expired/Forfeited | ' | ' | ' | 5,711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price Per Share Outstanding, Expired/Forfeited | ' | ' | ' | $72.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Shares Subject to Option, Exercised | ' | ' | ' | -305,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price Per Share Outstanding, Exercised | ' | ' | ' | $34.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Shares Subject to Option, End of Period | ' | 2,049,394 | ' | 2,049,394 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price Per Share Outstanding, End of Period | ' | $45.43 | ' | $45.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Shares Subject to Option, Aggregate Intrinsic Value | ' | 77,500,000 | ' | 77,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Exercisable at End of Period | ' | 1,489,165 | ' | 1,489,165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price Per Share Exercisable, End of Period | ' | $36.57 | ' | $36.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Exercisable at End of Period, Aggregate Intrinsic Value | ' | 69,000,000 | ' | 69,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | ' | 5,500,000 | 4,800,000 | 13,900,000 | 29,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense associated with all employee and director restricted stock and restricted stock unit awards outstanding, including performance vested and market vested awards | ' | ' | ' | ' | ' | 3,000,000 | 2,600,000 | 7,500,000 | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Outstanding, Beginning of Period | ' | ' | ' | ' | ' | ' | ' | 813,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value, Beginning of Period | ' | ' | ' | ' | ' | ' | ' | $51.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Outstanding, Granted | ' | ' | ' | ' | ' | ' | ' | 133,530 | ' | ' | ' | 49,410 | 64,725 | ' | ' | 16,470 | 0 | 4,000 | 40,480 | 50,000 | 13,650 | 13,910 | ' |
Weighted Average Grant Date Fair Value, Granted | ' | ' | ' | ' | ' | ' | ' | $79.61 | ' | ' | ' | ' | ' | ' | ' | $70.85 | ' | $92.97 | $78.99 | $77.66 | $84.28 | $82.72 | ' |
Shares Outstanding, Performance Share Adjustments | ' | ' | ' | ' | ' | ' | ' | -3,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value, Performance Share Adjustments | ' | ' | ' | ' | ' | ' | ' | $78.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Outstanding, Vested | ' | ' | ' | ' | ' | ' | ' | -281,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value, Vested | ' | ' | ' | ' | ' | ' | ' | $43.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Outstanding, Forfeited | ' | ' | ' | ' | ' | ' | ' | -7,055 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | ' | ' | ' | ' | ' | ' | ' | $70.72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Outstanding, End of Period | ' | ' | ' | ' | ' | 654,463 | ' | 654,463 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value, End of Period | ' | ' | ' | ' | ' | $60.77 | ' | $60.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement, Minimum Actual Payout As Percentage Of Shares Initially Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement, Maximum Actual Payout As Percentage Of Shares Initially Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | ' | ' | ' | ' | 1,200,000 | 700,000 | 22,500,000 | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $25,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '5 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '4 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance_for_LongTerm_Receiva2
Allowance for Long-Term Receivables (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Financing Receivable Recorded Investment Past Due | $25 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' |
Balance at December 28, 2013 | 20.5 |
Write-offs | -3 |
Provision and reclassifications | 2.2 |
Currency translation adjustment | -0.5 |
Balance at June 28, 2014 | $19.20 |
Guarantor_Information_Details
Guarantor Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 29, 2012 |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $82.70 | $112.40 | $82.70 | $112.40 | $127.30 | $119.80 |
Accounts receivable, net | 191.1 | ' | 191.1 | ' | 168.8 | ' |
Inventories | 351.8 | ' | 351.8 | ' | 313.4 | ' |
Deferred income tax benefits, net | 86.3 | ' | 86.3 | ' | 96.4 | ' |
Non-trade amounts receivable, net | 56.4 | ' | 56.4 | ' | 50.1 | ' |
Intercompany receivables | 0 | ' | 0 | ' | 0 | ' |
Prepaid expenses and other current assets | 30.9 | ' | 30.9 | ' | 23 | ' |
Total current assets | 799.2 | ' | 799.2 | ' | 779 | ' |
Deferred income tax benefits, net | 434.2 | ' | 434.2 | ' | 397.9 | ' |
Property, plant and equipment, net | 301.4 | ' | 301.4 | ' | 300.9 | ' |
Long-term receivables, net | 20.7 | ' | 20.7 | ' | 23.1 | ' |
Trademarks and tradenames, net | 120.6 | ' | 120.6 | ' | 125.7 | ' |
Other intangible assets, net | 2.3 | ' | 2.3 | ' | 3.2 | ' |
Goodwill | 182.5 | ' | 182.5 | ' | 181.5 | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | 0 | ' |
Intercompany notes receivable | 0 | ' | 0 | ' | 0 | ' |
Other assets, net | 36.4 | ' | 36.4 | ' | 32.6 | ' |
Total assets | 1,897.30 | ' | 1,897.30 | ' | 1,843.90 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | 121.9 | ' | 121.9 | ' | 149.7 | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 299.1 | ' | 299.1 | ' | 235.4 | ' |
Intercompany payables | 0 | ' | 0 | ' | 0 | ' |
Accrued liabilities | 343.5 | ' | 343.5 | ' | 352.4 | ' |
Total current liabilities | 764.5 | ' | 764.5 | ' | 737.5 | ' |
Long-term debt and capital lease obligations | 617.8 | ' | 617.8 | ' | 619.9 | ' |
Intercompany notes payable | 0 | ' | 0 | ' | 0 | ' |
Other liabilities | 229.6 | ' | 229.6 | ' | 233.6 | ' |
Total shareholders' equity | 285.4 | ' | 285.4 | ' | 252.9 | ' |
Total liabilities and shareholders' equity | 1,897.30 | ' | 1,897.30 | ' | 1,843.90 | ' |
Net sales | 674.3 | 688.4 | 1,337.50 | 1,351.30 | ' | ' |
Other revenue | 0 | 0 | 0 | 0 | ' | ' |
Cost of products sold | 225.7 | 226 | 447.3 | 448.8 | ' | ' |
Gross margin | 448.6 | 462.4 | 890.2 | 902.5 | ' | ' |
Delivery, sales and administrative expense | 348.6 | 349.3 | 693.1 | 697.8 | ' | ' |
Re-engineering and impairment charges | 3.4 | 2.2 | 5.7 | 4.4 | 9.3 | ' |
Gains on disposal of assets | 0.5 | 0.2 | 2.3 | 0.2 | ' | ' |
Operating income | 97.1 | 111.1 | 193.7 | 200.5 | ' | ' |
Interest income | 0.5 | 0.7 | 1.2 | 1.3 | ' | ' |
Interest expense | 11.6 | 10.3 | 24 | 19.2 | ' | ' |
Income from equity investments in subsidiaries | 0 | 0 | 0 | 0 | ' | ' |
Other expense | 16 | 0.7 | 30.1 | 3.6 | ' | ' |
Income before income taxes | 70 | 100.8 | 140.8 | 179 | ' | ' |
Provision (benefit) for income taxes | 22.4 | 24.5 | 41 | 44.5 | ' | ' |
Net income | 47.6 | 76.3 | 99.8 | 134.5 | ' | ' |
Comprehensive income (loss) | 54 | 23.5 | 107.1 | 92.6 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 42.4 | 71.4 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | -31.2 | -23.8 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | 5.5 | 7.1 | ' | ' |
Net intercompany loans | ' | ' | 0 | 0 | ' | ' |
Net cash used in investing activities | ' | ' | -25.7 | -16.7 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | -65.2 | -52.7 | ' | ' |
Dividend payments to parent | ' | ' | 0 | 0 | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | 0 | 200 | ' | ' |
Proceeds from exercise of stock options | ' | ' | 10.7 | 16.7 | ' | ' |
Repurchase of common stock | ' | ' | -31.4 | -203.7 | ' | ' |
Repayment of capital lease obligations | ' | ' | -2 | -1.4 | ' | ' |
Net change in short-term debt | ' | ' | 63.5 | -17.9 | ' | ' |
Debt issuance costs | ' | ' | 0 | -0.7 | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | 7.1 | 9.8 | ' | ' |
Net intercompany borrowings | ' | ' | 0 | 0 | ' | ' |
Net cash used in financing activities | ' | ' | -17.3 | -49.9 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -44 | -12.2 | ' | ' |
Net change in cash and cash equivalents | ' | ' | -44.6 | -7.4 | ' | ' |
Parent | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | 0 | ' |
Accounts receivable, net | 0 | ' | 0 | ' | 0 | ' |
Inventories | 0 | ' | 0 | ' | 0 | ' |
Deferred income tax benefits, net | 4.7 | ' | 4.7 | ' | 4.7 | ' |
Non-trade amounts receivable, net | 0 | ' | 0 | ' | 0.2 | ' |
Intercompany receivables | 20.8 | ' | 20.8 | ' | 12 | ' |
Prepaid expenses and other current assets | 1.1 | ' | 1.1 | ' | 1.7 | ' |
Total current assets | 26.6 | ' | 26.6 | ' | 18.6 | ' |
Deferred income tax benefits, net | 93.3 | ' | 93.3 | ' | 86.2 | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | 0 | ' |
Long-term receivables, net | 0 | ' | 0 | ' | 0 | ' |
Trademarks and tradenames, net | 0 | ' | 0 | ' | 0 | ' |
Other intangible assets, net | 0 | ' | 0 | ' | 0 | ' |
Goodwill | 0 | ' | 0 | ' | 0 | ' |
Investments in subsidiaries | 1,796.20 | ' | 1,796.20 | ' | 1,679.90 | ' |
Intercompany notes receivable | 51.1 | ' | 51.1 | ' | 53.7 | ' |
Other assets, net | 4.7 | ' | 4.7 | ' | 5.1 | ' |
Total assets | 1,971.90 | ' | 1,971.90 | ' | 1,843.50 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | 0 | ' | 0 | ' | 0.2 | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 187.2 | ' | 187.2 | ' | 121 | ' |
Intercompany payables | 319.8 | ' | 319.8 | ' | 412.1 | ' |
Accrued liabilities | 91.4 | ' | 91.4 | ' | 80.5 | ' |
Total current liabilities | 598.4 | ' | 598.4 | ' | 613.8 | ' |
Long-term debt and capital lease obligations | 602.5 | ' | 602.5 | ' | 602.6 | ' |
Intercompany notes payable | 471 | ' | 471 | ' | 349.7 | ' |
Other liabilities | 14.6 | ' | 14.6 | ' | 24.5 | ' |
Total shareholders' equity | 285.4 | ' | 285.4 | ' | 252.9 | ' |
Total liabilities and shareholders' equity | 1,971.90 | ' | 1,971.90 | ' | 1,843.50 | ' |
Net sales | 0 | 0 | 0 | 0 | ' | ' |
Other revenue | 0 | 0 | 0 | 0 | ' | ' |
Cost of products sold | 0 | 0 | 0 | 0 | ' | ' |
Gross margin | 0 | 0 | 0 | 0 | ' | ' |
Delivery, sales and administrative expense | 3.2 | 2.8 | 7.8 | 7.4 | ' | ' |
Re-engineering and impairment charges | 0 | 0 | 0 | 0 | ' | ' |
Gains on disposal of assets | 0 | 0 | 0 | 0 | ' | ' |
Operating income | -3.2 | -2.8 | -7.8 | -7.4 | ' | ' |
Interest income | 0.1 | 0.1 | 0.2 | 0.3 | ' | ' |
Interest expense | 9.3 | 8.7 | 18.9 | 15.6 | ' | ' |
Income from equity investments in subsidiaries | 55.6 | 83.6 | 116.9 | 149 | ' | ' |
Other expense | 0 | 0 | 0 | 0 | ' | ' |
Income before income taxes | 43.2 | 72.2 | 90.4 | 126.3 | ' | ' |
Provision (benefit) for income taxes | -4.4 | -4.1 | -9.4 | -8.2 | ' | ' |
Net income | 47.6 | 76.3 | 99.8 | 134.5 | ' | ' |
Comprehensive income (loss) | 54 | 23.5 | 107.1 | 92.6 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | -19.1 | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 0 | ' | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | 0 | ' | ' | ' |
Net intercompany loans | ' | ' | 1.7 | ' | ' | ' |
Net cash used in investing activities | ' | ' | 1.7 | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | -65.2 | ' | ' | ' |
Dividend payments to parent | ' | ' | 0 | ' | ' | ' |
Proceeds from exercise of stock options | ' | ' | 10.7 | ' | ' | ' |
Repurchase of common stock | ' | ' | -31.4 | ' | ' | ' |
Repayment of capital lease obligations | ' | ' | 0 | ' | ' | ' |
Net change in short-term debt | ' | ' | 66.2 | ' | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | 7.1 | ' | ' | ' |
Net intercompany borrowings | ' | ' | 30 | ' | ' | ' |
Net cash used in financing activities | ' | ' | 17.4 | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | 0 | ' | ' | ' |
Parent | Previously Reported | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0 | ' | 0 | ' | 0 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | -73.3 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | 0 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 0 | ' | ' |
Net intercompany loans | ' | ' | ' | 0 | ' | ' |
Net cash used in investing activities | ' | ' | ' | 0 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | ' | -52.7 | ' | ' |
Dividend payments to parent | ' | ' | ' | 0 | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | ' | 200.1 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 16.7 | ' | ' |
Repurchase of common stock | ' | ' | ' | -203.7 | ' | ' |
Repayment of capital lease obligations | ' | ' | ' | 0 | ' | ' |
Net change in short-term debt | ' | ' | ' | 16.1 | ' | ' |
Debt issuance costs | ' | ' | ' | -0.7 | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | 9.8 | ' | ' |
Net intercompany borrowings | ' | ' | ' | 87.7 | ' | ' |
Net cash used in financing activities | ' | ' | ' | 73.3 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Parent | As Revised | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0 | ' | 0 | ' | 0 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | -22.3 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | 0 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 0 | ' | ' |
Net intercompany loans | ' | ' | ' | 5.7 | ' | ' |
Net cash used in investing activities | ' | ' | ' | 5.7 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | ' | -52.7 | ' | ' |
Dividend payments to parent | ' | ' | ' | 0 | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | ' | 200.1 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 16.7 | ' | ' |
Repurchase of common stock | ' | ' | ' | -203.7 | ' | ' |
Repayment of capital lease obligations | ' | ' | ' | 0 | ' | ' |
Net change in short-term debt | ' | ' | ' | 16.1 | ' | ' |
Debt issuance costs | ' | ' | ' | -0.7 | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | 9.8 | ' | ' |
Net intercompany borrowings | ' | ' | ' | 31 | ' | ' |
Net cash used in financing activities | ' | ' | ' | 16.6 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Guarantor | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 100.00% | ' | 100.00% | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0.1 | ' | 0.1 | ' | 0.1 | ' |
Accounts receivable, net | 0 | ' | 0 | ' | 0 | ' |
Inventories | 0 | ' | 0 | ' | 0 | ' |
Deferred income tax benefits, net | 25.9 | ' | 25.9 | ' | 39.3 | ' |
Non-trade amounts receivable, net | 28 | ' | 28 | ' | 11.9 | ' |
Intercompany receivables | 346.9 | ' | 346.9 | ' | 447 | ' |
Prepaid expenses and other current assets | 3.8 | ' | 3.8 | ' | 78.6 | ' |
Total current assets | 404.7 | ' | 404.7 | ' | 576.9 | ' |
Deferred income tax benefits, net | 170.9 | ' | 170.9 | ' | 191.1 | ' |
Property, plant and equipment, net | 41 | ' | 41 | ' | 38.6 | ' |
Long-term receivables, net | 0.1 | ' | 0.1 | ' | 0.1 | ' |
Trademarks and tradenames, net | 0 | ' | 0 | ' | 0 | ' |
Other intangible assets, net | 0 | ' | 0 | ' | 0 | ' |
Goodwill | 2.9 | ' | 2.9 | ' | 2.9 | ' |
Investments in subsidiaries | 2,359.80 | ' | 2,359.80 | ' | 2,333.20 | ' |
Intercompany notes receivable | 696.9 | ' | 696.9 | ' | 585.8 | ' |
Other assets, net | 0.7 | ' | 0.7 | ' | 8.1 | ' |
Total assets | 3,677 | ' | 3,677 | ' | 3,736.70 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | 1.7 | ' | 1.7 | ' | 3.7 | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | ' | 0 | ' | 0 | ' |
Intercompany payables | 457.2 | ' | 457.2 | ' | 466.9 | ' |
Accrued liabilities | 34 | ' | 34 | ' | 61.8 | ' |
Total current liabilities | 492.9 | ' | 492.9 | ' | 532.4 | ' |
Long-term debt and capital lease obligations | 0 | ' | 0 | ' | 0 | ' |
Intercompany notes payable | 1,406.50 | ' | 1,406.50 | ' | 1,492.20 | ' |
Other liabilities | 26.3 | ' | 26.3 | ' | 31.5 | ' |
Total shareholders' equity | 1,751.30 | ' | 1,751.30 | ' | 1,680.60 | ' |
Total liabilities and shareholders' equity | 3,677 | ' | 3,677 | ' | 3,736.70 | ' |
Net sales | 0 | 0 | 0 | 0 | ' | ' |
Other revenue | 38.4 | 28.9 | 63.2 | 54.8 | ' | ' |
Cost of products sold | 6.4 | 1.5 | 12.2 | 8.8 | ' | ' |
Gross margin | 32 | 27.4 | 51 | 46 | ' | ' |
Delivery, sales and administrative expense | 20.4 | 18.7 | 35.5 | 34.9 | ' | ' |
Re-engineering and impairment charges | 0 | 0 | 0 | 0 | ' | ' |
Gains on disposal of assets | 0 | 0 | 0 | 0 | ' | ' |
Operating income | 11.6 | 8.7 | 15.5 | 11.1 | ' | ' |
Interest income | 7.4 | 7.9 | 14.6 | 16.1 | ' | ' |
Interest expense | 5.4 | 4.5 | 9.9 | 9.3 | ' | ' |
Income from equity investments in subsidiaries | 47.5 | 76.5 | 106.1 | 139 | ' | ' |
Other expense | 0.1 | 0 | 0.2 | 0 | ' | ' |
Income before income taxes | 61 | 88.6 | 126.1 | 156.9 | ' | ' |
Provision (benefit) for income taxes | 5.1 | 4.6 | 7.7 | 6.9 | ' | ' |
Net income | 55.9 | 84 | 118.4 | 150 | ' | ' |
Comprehensive income (loss) | 61.3 | 33.4 | 125.1 | 110.2 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 31.7 | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | -6.9 | ' | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | 0 | ' | ' | ' |
Net intercompany loans | ' | ' | 67.9 | ' | ' | ' |
Net cash used in investing activities | ' | ' | 61 | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | 0 | ' | ' | ' |
Dividend payments to parent | ' | ' | 0 | ' | ' | ' |
Proceeds from exercise of stock options | ' | ' | 0 | ' | ' | ' |
Repurchase of common stock | ' | ' | 0 | ' | ' | ' |
Repayment of capital lease obligations | ' | ' | 0 | ' | ' | ' |
Net change in short-term debt | ' | ' | 0 | ' | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | 0 | ' | ' | ' |
Net intercompany borrowings | ' | ' | -91.3 | ' | ' | ' |
Net cash used in financing activities | ' | ' | -91.3 | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -1.4 | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | 0 | ' | ' | ' |
Guarantor | Previously Reported | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0.1 | ' | 0.1 | ' | 0.2 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | 27.4 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | -6.2 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 0 | ' | ' |
Net intercompany loans | ' | ' | ' | 0 | ' | ' |
Net cash used in investing activities | ' | ' | ' | -6.2 | ' | ' |
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 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 borrowings | ' | ' | ' | -21.3 | ' | ' |
Net cash used in financing activities | ' | ' | ' | -21.3 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | -0.1 | ' | ' |
Guarantor | As Revised | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0.1 | ' | 0.1 | ' | 0.2 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | -11.8 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | -6.2 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 0 | ' | ' |
Net intercompany loans | ' | ' | ' | 40.8 | ' | ' |
Net cash used in investing activities | ' | ' | ' | 34.6 | ' | ' |
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 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 borrowings | ' | ' | ' | -22.9 | ' | ' |
Net cash used in financing activities | ' | ' | ' | -22.9 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | -0.1 | ' | ' |
Non-Guarantors | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 82.6 | ' | 82.6 | ' | 127.2 | ' |
Accounts receivable, net | 191.1 | ' | 191.1 | ' | 168.8 | ' |
Inventories | 351.8 | ' | 351.8 | ' | 313.4 | ' |
Deferred income tax benefits, net | 55.7 | ' | 55.7 | ' | 52.4 | ' |
Non-trade amounts receivable, net | 83 | ' | 83 | ' | 38 | ' |
Intercompany receivables | 448.8 | ' | 448.8 | ' | 467.3 | ' |
Prepaid expenses and other current assets | 51.2 | ' | 51.2 | ' | 64.4 | ' |
Total current assets | 1,264.20 | ' | 1,264.20 | ' | 1,231.50 | ' |
Deferred income tax benefits, net | 170 | ' | 170 | ' | 120.6 | ' |
Property, plant and equipment, net | 260.4 | ' | 260.4 | ' | 262.3 | ' |
Long-term receivables, net | 20.6 | ' | 20.6 | ' | 23 | ' |
Trademarks and tradenames, net | 120.6 | ' | 120.6 | ' | 125.7 | ' |
Other intangible assets, net | 2.3 | ' | 2.3 | ' | 3.2 | ' |
Goodwill | 179.6 | ' | 179.6 | ' | 178.6 | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | 0 | ' |
Intercompany notes receivable | 1,877.60 | ' | 1,877.60 | ' | 1,841.90 | ' |
Other assets, net | 35.7 | ' | 35.7 | ' | 36.4 | ' |
Total assets | 3,931 | ' | 3,931 | ' | 3,823.20 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | 120.2 | ' | 120.2 | ' | 145.8 | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 111.9 | ' | 111.9 | ' | 114.4 | ' |
Intercompany payables | 39.5 | ' | 39.5 | ' | 47.3 | ' |
Accrued liabilities | 297.9 | ' | 297.9 | ' | 331.8 | ' |
Total current liabilities | 569.5 | ' | 569.5 | ' | 639.3 | ' |
Long-term debt and capital lease obligations | 15.3 | ' | 15.3 | ' | 17.3 | ' |
Intercompany notes payable | 748.1 | ' | 748.1 | ' | 639.5 | ' |
Other liabilities | 193.4 | ' | 193.4 | ' | 194.6 | ' |
Total shareholders' equity | 2,404.70 | ' | 2,404.70 | ' | 2,332.50 | ' |
Total liabilities and shareholders' equity | 3,931 | ' | 3,931 | ' | 3,823.20 | ' |
Net sales | 677.5 | 690.3 | 1,341.10 | 1,353.60 | ' | ' |
Other revenue | 6.4 | 1.5 | 12.2 | 8.8 | ' | ' |
Cost of products sold | 264.9 | 253.9 | 509.3 | 500.6 | ' | ' |
Gross margin | 419 | 437.9 | 844 | 861.8 | ' | ' |
Delivery, sales and administrative expense | 327.4 | 330.7 | 654.6 | 660.8 | ' | ' |
Re-engineering and impairment charges | 3.4 | 2.2 | 5.7 | 4.4 | ' | ' |
Gains on disposal of assets | 0.5 | 0.2 | 2.3 | 0.2 | ' | ' |
Operating income | 88.7 | 105.2 | 186 | 196.8 | ' | ' |
Interest income | 1.1 | 1.4 | 2.2 | 2.7 | ' | ' |
Interest expense | 5 | 5.8 | 11 | 12.1 | ' | ' |
Income from equity investments in subsidiaries | 0 | 0 | 0 | 0 | ' | ' |
Other expense | 15.9 | 0.7 | 29.9 | 3.6 | ' | ' |
Income before income taxes | 68.9 | 100.1 | 147.3 | 183.8 | ' | ' |
Provision (benefit) for income taxes | 21.7 | 24 | 42.7 | 45.8 | ' | ' |
Net income | 47.2 | 76.1 | 104.6 | 138 | ' | ' |
Comprehensive income (loss) | 46.8 | 56.2 | 107.9 | 112.4 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 72.2 | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | -24.3 | ' | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | 5.5 | ' | ' | ' |
Net intercompany loans | ' | ' | -32.6 | ' | ' | ' |
Net cash used in investing activities | ' | ' | -51.4 | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | 0 | ' | ' | ' |
Dividend payments to parent | ' | ' | -35.9 | ' | ' | ' |
Proceeds from exercise of stock options | ' | ' | 0 | ' | ' | ' |
Repurchase of common stock | ' | ' | 0 | ' | ' | ' |
Repayment of capital lease obligations | ' | ' | -2 | ' | ' | ' |
Net change in short-term debt | ' | ' | -2.7 | ' | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | 0 | ' | ' | ' |
Net intercompany borrowings | ' | ' | 17.8 | ' | ' | ' |
Net cash used in financing activities | ' | ' | -22.8 | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -42.6 | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | -44.6 | ' | ' | ' |
Non-Guarantors | Previously Reported | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 112.3 | ' | 112.3 | ' | 119.6 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | 125.9 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | -17.6 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 7.1 | ' | ' |
Net intercompany loans | ' | ' | ' | 0 | ' | ' |
Net cash used in investing activities | ' | ' | ' | -10.5 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | ' | 0 | ' | ' |
Dividend payments to parent | ' | ' | ' | -27.7 | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | ' | -0.1 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | ' | ' |
Repurchase of common stock | ' | ' | ' | 0 | ' | ' |
Repayment of capital lease obligations | ' | ' | ' | -1.4 | ' | ' |
Net change in short-term debt | ' | ' | ' | -34 | ' | ' |
Debt issuance costs | ' | ' | ' | 0 | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | 0 | ' | ' |
Net intercompany borrowings | ' | ' | ' | -47.3 | ' | ' |
Net cash used in financing activities | ' | ' | ' | -110.5 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | -12.2 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | -7.3 | ' | ' |
Non-Guarantors | As Revised | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 112.3 | ' | 112.3 | ' | 119.6 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | 112.5 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | -17.6 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 7.1 | ' | ' |
Net intercompany loans | ' | ' | ' | -62.8 | ' | ' |
Net cash used in investing activities | ' | ' | ' | -73.3 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | ' | 0 | ' | ' |
Dividend payments to parent | ' | ' | ' | -27.7 | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | ' | -0.1 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | ' | ' |
Repurchase of common stock | ' | ' | ' | 0 | ' | ' |
Repayment of capital lease obligations | ' | ' | ' | -1.4 | ' | ' |
Net change in short-term debt | ' | ' | ' | -34 | ' | ' |
Debt issuance costs | ' | ' | ' | 0 | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | 0 | ' | ' |
Net intercompany borrowings | ' | ' | ' | 28.9 | ' | ' |
Net cash used in financing activities | ' | ' | ' | -34.3 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | -12.2 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | -7.3 | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | 0 | ' |
Accounts receivable, net | 0 | ' | 0 | ' | 0 | ' |
Inventories | 0 | ' | 0 | ' | 0 | ' |
Deferred income tax benefits, net | 0 | ' | 0 | ' | 0 | ' |
Non-trade amounts receivable, net | -54.6 | ' | -54.6 | ' | 0 | ' |
Intercompany receivables | -816.5 | ' | -816.5 | ' | -926.3 | ' |
Prepaid expenses and other current assets | -25.2 | ' | -25.2 | ' | -121.7 | ' |
Total current assets | -896.3 | ' | -896.3 | ' | -1,048 | ' |
Deferred income tax benefits, net | 0 | ' | 0 | ' | 0 | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | 0 | ' |
Long-term receivables, net | 0 | ' | 0 | ' | 0 | ' |
Trademarks and tradenames, net | 0 | ' | 0 | ' | 0 | ' |
Other intangible assets, net | 0 | ' | 0 | ' | 0 | ' |
Goodwill | 0 | ' | 0 | ' | 0 | ' |
Investments in subsidiaries | -4,156 | ' | -4,156 | ' | -4,013.10 | ' |
Intercompany notes receivable | -2,625.60 | ' | -2,625.60 | ' | -2,481.40 | ' |
Other assets, net | -4.7 | ' | -4.7 | ' | -17 | ' |
Total assets | -7,682.60 | ' | -7,682.60 | ' | -7,559.50 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | 0 | ' | 0 | ' | 0 | ' |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | ' | 0 | ' | 0 | ' |
Intercompany payables | -816.5 | ' | -816.5 | ' | -926.3 | ' |
Accrued liabilities | -79.8 | ' | -79.8 | ' | -121.7 | ' |
Total current liabilities | -896.3 | ' | -896.3 | ' | -1,048 | ' |
Long-term debt and capital lease obligations | 0 | ' | 0 | ' | 0 | ' |
Intercompany notes payable | -2,625.60 | ' | -2,625.60 | ' | -2,481.40 | ' |
Other liabilities | -4.7 | ' | -4.7 | ' | -17 | ' |
Total shareholders' equity | -4,156 | ' | -4,156 | ' | -4,013.10 | ' |
Total liabilities and shareholders' equity | -7,682.60 | ' | -7,682.60 | ' | -7,559.50 | ' |
Net sales | -3.2 | -1.9 | -3.6 | -2.3 | ' | ' |
Other revenue | -44.8 | -30.4 | -75.4 | -63.6 | ' | ' |
Cost of products sold | -45.6 | -29.4 | -74.2 | -60.6 | ' | ' |
Gross margin | -2.4 | -2.9 | -4.8 | -5.3 | ' | ' |
Delivery, sales and administrative expense | -2.4 | -2.9 | -4.8 | -5.3 | ' | ' |
Re-engineering and impairment charges | 0 | 0 | 0 | 0 | ' | ' |
Gains on disposal of assets | 0 | 0 | 0 | 0 | ' | ' |
Operating income | 0 | 0 | 0 | 0 | ' | ' |
Interest income | -8.1 | -8.7 | -15.8 | -17.8 | ' | ' |
Interest expense | -8.1 | -8.7 | -15.8 | -17.8 | ' | ' |
Income from equity investments in subsidiaries | -103.1 | -160.1 | -223 | -288 | ' | ' |
Other expense | 0 | 0 | 0 | 0 | ' | ' |
Income before income taxes | -103.1 | -160.1 | -223 | -288 | ' | ' |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 | ' | ' |
Net income | -103.1 | -160.1 | -223 | -288 | ' | ' |
Comprehensive income (loss) | -108.1 | -89.6 | -233 | -222.6 | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | -42.4 | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 0 | ' | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | 0 | ' | ' | ' |
Net intercompany loans | ' | ' | -37 | ' | ' | ' |
Net cash used in investing activities | ' | ' | -37 | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | 0 | ' | ' | ' |
Dividend payments to parent | ' | ' | 35.9 | ' | ' | ' |
Proceeds from exercise of stock options | ' | ' | 0 | ' | ' | ' |
Repurchase of common stock | ' | ' | 0 | ' | ' | ' |
Repayment of capital lease obligations | ' | ' | 0 | ' | ' | ' |
Net change in short-term debt | ' | ' | 0 | ' | ' | ' |
Excess tax benefits from share-based payment arrangements | ' | ' | 0 | ' | ' | ' |
Net intercompany borrowings | ' | ' | 43.5 | ' | ' | ' |
Net cash used in financing activities | ' | ' | 79.4 | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | 0 | ' | ' | ' |
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0 | ' | 0 | ' | 0 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | -8.6 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | 0 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 0 | ' | ' |
Net intercompany loans | ' | ' | ' | 0 | ' | ' |
Net cash used in investing activities | ' | ' | ' | 0 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | ' | 0 | ' | ' |
Dividend payments to parent | ' | ' | ' | 27.7 | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | ' | 0 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | ' | ' |
Repurchase of common stock | ' | ' | ' | 0 | ' | ' |
Repayment of 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 borrowings | ' | ' | ' | -19.1 | ' | ' |
Net cash used in financing activities | ' | ' | ' | 8.6 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Eliminations | As Revised | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0 | ' | 0 | ' | 0 |
Operating Activities: | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | -7 | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | 0 | ' | ' |
Proceeds from disposal of property, plant and equipment | ' | ' | ' | 0 | ' | ' |
Net intercompany loans | ' | ' | ' | 16.3 | ' | ' |
Net cash used in investing activities | ' | ' | ' | 16.3 | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Dividend payments to shareholders | ' | ' | ' | 0 | ' | ' |
Dividend payments to parent | ' | ' | ' | 27.7 | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | ' | 0 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | ' | ' |
Repurchase of common stock | ' | ' | ' | 0 | ' | ' |
Repayment of 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 borrowings | ' | ' | ' | -37 | ' | ' |
Net cash used in financing activities | ' | ' | ' | -9.3 | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | 0 | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | $0 | ' | ' |