Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 23, 2017 | Jun. 24, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | TUPPERWARE BRANDS CORP | ||
Entity Central Index Key | 1,008,654 | ||
Trading Symbol | TUP | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 50,668,450 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,754,251,297 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | ||
Net sales | $ 600.9 | $ 521.8 | $ 564.7 | $ 525.7 | $ 592.1 | $ 521 | $ 588.9 | $ 581.8 | $ 2,213.1 | $ 2,283.8 | $ 2,606.1 | |
Cost of products sold | 715 | 744.4 | 884 | |||||||||
Gross margin | 404.2 | 353.4 | 380.8 | 359.7 | 400.9 | 348.5 | 399.8 | 390.2 | 1,498.1 | 1,539.4 | 1,722.1 | |
Delivery, sales and administrative expense | 1,170.8 | 1,217.6 | 1,346.1 | |||||||||
Re-engineering and impairment charges | [1] | 7.6 | 20.3 | 11 | ||||||||
Gains on disposal of assets | [2] | 27.3 | 13.7 | 2.7 | ||||||||
Operating income | 347 | 315.2 | 367.7 | |||||||||
Interest income | 3.4 | 2.4 | 3 | |||||||||
Interest expense | 48.8 | 47.6 | 46.5 | |||||||||
Other expense | 0.3 | 10.1 | 26 | |||||||||
Income before income taxes | 301.3 | 259.9 | 298.2 | |||||||||
Provision for income taxes | 77.7 | 74.1 | 83.8 | |||||||||
Net income | $ 79 | $ 48.8 | $ 52.4 | $ 43.4 | $ 58.1 | $ 36.2 | $ 62 | $ 29.5 | $ 223.6 | $ 185.8 | $ 214.4 | |
Earnings Per Share: | ||||||||||||
Basic earnings per common share | $ 1.56 | $ 0.97 | $ 1.04 | $ 0.86 | $ 1.16 | $ 0.72 | $ 1.24 | $ 0.59 | $ 4.43 | $ 3.72 | $ 4.28 | |
Diluted earnings per common share | $ 1.55 | $ 0.96 | $ 1.03 | $ 0.86 | $ 1.15 | $ 0.72 | $ 1.23 | $ 0.59 | $ 4.41 | $ 3.69 | $ 4.20 | |
[1] | See Note 2 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. | |||||||||||
[2] | Gains on disposal of assets in 2016, 2015 and 2014 include $26.5 million, $12.9 million and $1.3 million from transactions related to land near the Orlando, FL headquarters. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Net income | $ 223.6 | $ 185.8 | $ 214.4 |
Foreign currency translation adjustments | (53.7) | (122.3) | (85.2) |
Deferred gain (loss) on cash flow hedges, net of tax benefit (provision) of ($0.4), $1.1 and ($1.3), respectively | 0.6 | (3.5) | 5.6 |
Pension and other post-retirement income (costs), net of tax benefit (provision) of $0.4, ($6.2) and $4.7, respectively | 3.6 | 12.5 | (12.3) |
Other comprehensive loss | (49.5) | (113.3) | (91.9) |
Total comprehensive income | $ 174.1 | $ 72.5 | $ 122.5 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Net deferred gains (losses) on cash flow hedges, tax provision (benefit) | $ 0.4 | $ (1.1) | $ 1.3 |
Pension and post retirement costs, tax benefit (provision) | $ 0.4 | $ (6.2) | $ 4.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 93.2 | $ 79.8 |
Accounts receivable, less allowances of $32.6 and $32.7, respectively | 125.3 | 142.7 |
Inventories | 240.4 | 254.6 |
Non-trade amounts receivable, net | 64.9 | 45.5 |
Prepaid expenses and other current assets | 21.5 | 27.9 |
Total current assets | 545.3 | 550.5 |
Deferred income tax benefits, net | 539.7 | 524.9 |
Property, plant and equipment, net | 259.8 | 253.6 |
Long-term receivables, less allowances of $11.0 and $11.2, respectively | 13.2 | 13.2 |
Tradenames, net | 67.3 | 82.7 |
Goodwill | 132.6 | 146.3 |
Other assets, net | 29.9 | 27 |
Total assets | 1,587.8 | 1,598.2 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 117.7 | 126.7 |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 105.9 | 162.5 |
Accrued liabilities | 324 | 324.8 |
Total current liabilities | 547.6 | 614 |
Long-term debt and capital lease obligations | 606 | 608.2 |
Other liabilities | 221.4 | 215 |
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 | 208.6 | 205.5 |
Retained earnings | 1,455.3 | 1,371.2 |
Treasury stock, 12,969,165 and 13,170,517 shares, respectively, at cost | (880.2) | (894.3) |
Accumulated other comprehensive loss | (571.5) | (522) |
Total shareholders' equity | 212.8 | 161 |
Total liabilities and shareholders' equity | $ 1,587.8 | $ 1,598.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Accounts receivable, allowances | $ 32.6 | $ 32.7 |
Long-term receivables, allowances | $ 11 | $ 11.2 |
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 | 12,969,165 | 13,170,517 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Paid-In Capital | Retained Earnings [Member] | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 28, 2013 | $ 252.9 | $ 0.6 | $ (898.4) | $ 178.3 | $ 1,289.2 | $ (316.8) |
Beginning balance, shares at Dec. 28, 2013 | 63.6 | 13.3 | ||||
Net income | 214.4 | 214.4 | ||||
Other comprehensive loss | (91.9) | (91.9) | ||||
Cash dividends declared | (137.8) | (137.8) | ||||
Repurchase of common stock | $ (84.3) | $ (84.3) | ||||
Repurchase of common stock, shares | 1.2 | |||||
Income tax benefit from stock and option awards | $ 6.3 | 6.3 | ||||
Stock and options issued for incentive plans | (26.2) | $ (37.7) | (6.1) | (17.6) | ||
Stock and options issued for incentive plans, shares | (0.6) | |||||
Ending balance at Dec. 27, 2014 | 185.8 | $ 0.6 | $ (945) | 190.7 | 1,348.2 | (408.7) |
Ending balance, shares at Dec. 27, 2014 | 63.6 | 13.9 | ||||
Net income | 185.8 | 185.8 | ||||
Other comprehensive loss | (113.3) | (113.3) | ||||
Cash dividends declared | (137.5) | (137.5) | ||||
Repurchase of common stock | $ 0 | |||||
Repurchase of common stock, shares | 0 | |||||
Income tax benefit from stock and option awards | $ 6 | 6 | ||||
Stock and options issued for incentive plans | (34.2) | $ (50.7) | (8.8) | (25.3) | ||
Stock and options issued for incentive plans, shares | (0.7) | |||||
Ending balance at Dec. 26, 2015 | 161 | $ 0.6 | $ (894.3) | 205.5 | 1,371.2 | (522) |
Ending balance, shares at Dec. 26, 2015 | 63.6 | 13.2 | ||||
Net income | 223.6 | |||||
Other comprehensive loss | (49.5) | (49.5) | ||||
Cash dividends declared | (139.1) | (139.1) | ||||
Repurchase of common stock | $ 0 | |||||
Repurchase of common stock, shares | 0 | |||||
Income tax provision from stock and option awards | $ (1.7) | (1.7) | ||||
Stock and options issued for incentive plans | (18.5) | $ (14.1) | (4.8) | (0.4) | ||
Stock and options issued for incentive plans, shares | (0.2) | |||||
Ending balance at Dec. 31, 2016 | $ 212.8 | $ 0.6 | $ (880.2) | $ 208.6 | $ 1,455.3 | $ (571.5) |
Ending balance, shares at Dec. 31, 2016 | 63.6 | 13 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Cash dividend declared, per share | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 2.72 | $ 2.72 | $ 2.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Operating Activities: | |||
Net income | $ 223.6 | $ 185.8 | $ 214.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 57.5 | 62.4 | 63.7 |
Equity compensation | 20 | 20 | 18.9 |
Unrealized foreign exchange losses | 0.4 | 7.2 | 29.2 |
Amortization and write-off of deferred debt costs | 0.6 | 0.8 | 0.6 |
Net gains on disposal of assets, including insurance recoveries | (25.8) | (13.1) | (2.5) |
Provision for bad debts | 11.1 | 12.8 | 13.5 |
Write-down of inventories | 10.8 | 14.3 | 17.8 |
Non-cash impact of impairment costs and re-engineering | 0 | 13.5 | 1.6 |
Net change in deferred income taxes | (32.9) | (45.2) | (59.9) |
Excess tax benefits from share-based payment arrangements | (0.6) | (6) | (6.3) |
Changes in assets and liabilities: | |||
Accounts and notes receivable | 0.9 | (10.7) | (28.2) |
Inventories | (2.8) | (8.2) | (39.5) |
Non-trade amounts receivable | 1.2 | (1.6) | 1.4 |
Prepaid expenses | (0.9) | (8) | (2.8) |
Other assets | 1.9 | 4.7 | (1.1) |
Accounts payable and accrued liabilities | (22.2) | 11.4 | 25.5 |
Income taxes payable | (6) | (2.5) | 24.9 |
Other liabilities | 4.6 | 5.1 | 8.4 |
Net cash impact from hedging activity | (2.7) | (17) | 4.6 |
Other | (0.1) | 0 | (0.1) |
Net cash provided by operating activities | 238.6 | 225.7 | 284.1 |
Investing Activities: | |||
Capital expenditures | (61.6) | (61.1) | (69.4) |
Proceeds from disposal of property, plant and equipment | 35.9 | 18 | 7.1 |
Net cash used in investing activities | (25.7) | (43.1) | (62.3) |
Financing Activities: | |||
Dividend payments to shareholders | (138.8) | (138) | (135.5) |
Proceeds from exercise of stock options | 0.8 | 16.1 | 15.7 |
Repurchase of common stock | (1.7) | (1.5) | (92.3) |
Repayment of long-term debt and capital lease obligations | (2.2) | (2.6) | (3) |
Net change in short-term debt | (52) | (36.4) | (2.2) |
Debt issuance costs | 0 | (0.7) | 0 |
Excess tax benefits from share-based payment arrangements | 0.6 | 6 | 6.3 |
Net cash used in financing activities | (193.3) | (157.1) | (211) |
Effect of exchange rate changes on cash and cash equivalents | (6.2) | (22.7) | (61.1) |
Net change in cash and cash equivalents | 13.4 | 2.8 | (50.3) |
Cash and cash equivalents at beginning of year | 79.8 | 77 | 127.3 |
Cash and cash equivalents at end of year | $ 93.2 | $ 79.8 | $ 77 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation. 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. The Company’s fiscal year ends on the last Saturday of December and included 53 weeks during 2016 and 52 weeks during 2015 and 2014 . Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of December 31, 2016 and December 26, 2015 , $9.6 million and $7.4 million , respectively, of the cash and cash equivalents included on the Consolidated Balance Sheets were held in the form of time deposits, certificates of deposit or similar instruments. Allowance for Doubtful Accounts. The Company maintains current receivable amounts with most of its independent distributors and sales force in certain markets. It also maintains long-term receivable amounts with certain of these customers. The Company regularly monitors and assesses its risk of not collecting amounts owed to it by customers. This evaluation is based upon an analysis of amounts current and past due, along with relevant history and facts particular to the customer. It is also based upon estimates of distributor business prospects, particularly related to the evaluation of the recoverability of long-term amounts due. This evaluation is performed market by market and account by account, based upon historical experience, market penetration levels and similar factors. It also considers collateral of the customer that could be recovered to satisfy debts. The Company records its allowance for doubtful accounts based on the results of this analysis. The analysis requires the Company to make significant estimates and as such, changes in facts and circumstances could result in material changes in the allowance for doubtful accounts. The Company considers any receivable balance not collected within its contractual terms past due. Inventories . Inventories are valued at the lower of cost or market on a first-in, first-out basis. Inventory cost includes cost of raw material, labor and overhead. The Company writes down its inventory for obsolescence or unmarketability in an amount equal to the difference between the cost of the inventory and estimated market value based upon expected future demand and pricing. The demand and pricing is estimated based upon the historical success of product lines as well as the projected success of promotional programs, new product introductions and new markets or distribution channels. The Company prepares projections of demand and pricing on an item by item basis for all of its products. If inventory on hand exceeds projected demand or the expected market value is less than the carrying value, the excess is written down to its net realizable value. However, if actual demand or the estimate of market value decreases, additional write-downs would be required. Internal Use Software Development Costs. The Company capitalizes internal use software development costs as they are incurred and amortizes such costs over their estimated useful lives of three to five years, beginning when the software is placed in service. Net unamortized costs of such amounts included in property, plant and equipment were $21.3 million and $20.1 million at December 31, 2016 and December 26, 2015 , respectively. Amortization cost related to internal use software development costs totaled $6.9 million , $5.7 million and $4.4 million in 2016 , 2015 and 2014 , respectively. Property, Plant and Equipment. Property, plant and equipment is initially stated at cost. Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: Years Building and improvements 10 - 40 Molds 4 - 10 Production equipment 10 - 20 Distribution equipment 5 - 10 Computer/telecom equipment 3 - 5 Capitalized software 3 - 5 Depreciation expense was $43.0 million , $46.5 million and $47.3 million in 2016 , 2015 and 2014 , respectively. The Company considers the need for an impairment review when events occur that indicate that the book value of a long-lived asset may exceed its recoverable value. Upon the sale or retirement of property, plant and equipment, a gain or loss is recognized equal to the difference between sales price and net book value. Expenditures for maintenance and repairs are charged to cost of products sold or delivery, sales and administrative (DS&A) expense, depending on the asset to which the expenditure relates. Goodwill. The Company's recorded goodwill relates primarily to the December 2005 acquisition of the direct-to-consumer businesses of Sara Lee Corporation. The Company does not amortize its goodwill. Instead, the Company performs an annual assessment during the third quarter of each year to evaluate the assets in each of its reporting units for impairment, or more frequently if events or changes in circumstances indicate that a triggering event for an impairment evaluation has occurred. The annual process for evaluating goodwill begins with an assessment for each entity of qualitative factors to determine whether the two-step goodwill impairment evaluation is appropriate. The qualitative factors evaluated by the Company include: macro-economic conditions of the local business environment, overall financial performance, sensitivity analysis from the most recent step 1 fair value evaluation ("step 1"), as prescribed under ASC 350, Intangibles - Goodwill and Other , and other entity specific factors as deemed appropriate. When the Company determines the two-step goodwill impairment evaluation is appropriate, the step 1 involves comparing the fair value of a reporting unit to its carrying amount, including goodwill, after any long-lived asset impairment charges. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to determine whether there is a goodwill impairment, and if so, its amount. This step revalues all assets and liabilities of the reporting unit to their current fair value and then compares the implied fair value of the reporting unit's goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess. When a determination of fair value of the Company's reporting units is necessary, it is determined by using either the income approach or a combination of the income and market approaches, with generally a greater weighting on the income approach ( 75 percent ). The income approach, or discounted cash flow approach, requires significant assumptions to estimate the fair value of each reporting unit. These include assumptions regarding future operations and the ability to generate cash flows including projections of revenue, costs, utilization of assets and capital requirements, along with an appropriate discount rate to be used. Goodwill is further discussed in Note 6 to the Consolidated Financial Statements. Intangible Assets . Intangible assets are recorded at their fair market values at the date of acquisition and definite-lived intangibles are amortized over their estimated useful lives . The intangible assets included in the Company's Consolidated Financial Statements at December 31, 2016 and December 26, 2015 were related to the acquisition of the Sara Lee direct-to-consumer businesses in December 2005. The weighted average estimated useful lives of the Company's intangible assets were as follows: Weighted Average Estimated Useful Life Indefinite-lived tradenames Indefinite Definite-lived tradename 10 years The Company's indefinite-lived tradename intangible assets are evaluated for impairment annually similarly to goodwill. The annual process for assessing the carrying value of indefinite-lived tradename intangible assets begins with a qualitative assessment that is similar to the assessment performed for goodwill. When the Company determines it is appropriate, the quantitative impairment evaluation for the Company's indefinite-lived tradenames involves comparing the estimated fair value of the assets to the carrying amounts, to determine if fair value is lower and a write-down required. If the carrying amount of a tradename exceeds its estimated fair value, an impairment charge is recognized in an amount equal to the excess. The fair value of these assets is determined using the relief from royalty method, which is a form of the income approach. In this method, the value of the asset is calculated by selecting royalty rates, which estimate the amount a company would be willing to pay for the use of the asset. These rates are applied to the Company's projected revenue, tax affected and discounted to present value using an appropriate rate. The Company's definite-lived intangible asset relates to the Fuller tradename and has been amortized based on its estimated useful life of 10 years since August 2013. The Fuller tradename's useful life was estimated, at that time, based on the period that the tradename was expected to contribute directly to the Company's revenue. Definite-lived intangible assets are reviewed for impairment in a similar manner as property, plant and equipment as discussed above. Amortization related to definite-lived intangible assets is included in DS&A on the Consolidated Statements of Income. Intangible assets are further discussed in Note 6 to the Consolidated Financial Statements. Promotional and Other Accruals . The Company frequently makes promotional offers to members of its independent sales force to encourage them to fulfill specific goals or targets for sales levels, party attendance, additions of new sales force members or other business-critical functions. The awards offered are in the form of product awards, special prizes or trips. Programs are generally designed to recognize sales force members for achieving a primary objective. An example is to reward the independent sales force for holding a certain number of product demonstrations. In this situation, the Company offers a prize to sales force members that achieve the targeted number of product demonstrations over a specified period. The period runs from a couple of weeks to several months. The prizes are generally graded, in that meeting one level may result in receiving a piece of jewelry, with higher achievement resulting in more valuable prizes such as a television set or a trip. Similar programs are designed to reward current sales force members who reach certain goals by promoting them to a higher level in the organization where their earning opportunity would be expanded, and they would take on additional responsibilities for adding new sales force members and providing training and motivation to new and existing sales force members. Other business drivers, such as scheduling product demonstrations, increasing the number of sales force members, holding product demonstrations or increasing end consumer attendance at product demonstrations, may also be the focus of a program. The Company also offers commissions for achieving targeted sales levels. These types of awards are generally based upon the sales achievement of at least a mid-level member of the sales force and her or his down-line members. The down-line consists of those sales force members that have been directly added to the sales force by a given sales force member, as well as those added by her or his down-line member. In this manner, sales force members can build an extensive organization over time if they are committed to adding and developing their units. In addition to the commission, the positive performance of a unit may also entitle its leader to the use of a company-provided vehicle and in some cases, the permanent awarding of a vehicle. Similar to the prize programs noted earlier, these programs generally offer varying levels of vehicles that are dependent upon performance. The Company accrues for the costs of these awards during the period over which the sales force qualifies for the award and reports these costs primarily as a component of DS&A expense. These accruals require estimates as to the cost of the awards, based upon estimates of achievement and actual cost to be incurred. During the qualification period, actual results are monitored and changes to the original estimates are made when known. Promotional and other sales force compensation expenses included in DS&A expense totaled $376.2 million , $378.7 million and $430.1 million in 2016 , 2015 and 2014 , respectively. Like promotional accruals, other accruals are recorded over the time period that a liability is incurred and is both probable and reasonably estimable. Adjustments to amounts previously accrued are made when changes occur in the facts and circumstances that generated the accrual. Revenue Recognition . Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer who, in most cases, is one of the Company’s independent distributors or a member of its independent sales force, and when collection is reasonably assured. Depending on the contractual arrangements for each business, revenue is recognized upon either delivery or shipment, which is when title and risk and rewards of ownership have passed to the customer. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Discounts earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. Shipping and Handling Costs . The cost of products sold line item includes costs related to the purchase and manufacture of goods sold by the Company. Among these costs are inbound freight charges, duties, purchasing and receiving costs, inspection costs, depreciation expense, internal transfer costs and warehousing costs of raw material, work in process and packing materials. The warehousing and distribution costs of finished goods are included in DS&A expense. Distribution costs are comprised of outbound freight and associated labor costs. Fees billed to customers associated with the distribution of products are classified as revenue. The distribution costs included in DS&A expense in 2016 , 2015 and 2014 were $137.0 million , $139.3 million and $156.6 million , respectively. Advertising and Research and Development Costs. Advertising and research and development costs are charged to expense as incurred. Advertising expense totaled $8.3 million , $13.4 million and $19.9 million in 2016 , 2015 and 2014 , respectively. Research and development costs totaled $18.3 million , $18.1 million and $19.3 million , in 2016 , 2015 and 2014 , respectively. Research and development expenses primarily include salaries, contractor costs and facility costs. Both advertising and research and development costs are included in DS&A expense. Accounting for Stock-Based Compensation . The Company has several stock-based employee and director compensation plans, which are described more fully in Note 14 to the Consolidated Financial Statements. Compensation cost for share-based awards is recorded on a straight line basis over the required service period, based on the fair value of the award. The fair value of the stock option grants is estimated using the Black-Scholes option-pricing model, which requires assumptions, including dividend yield, risk-free interest rate, the estimated length of time employees will retain their stock options before exercising them (expected term) and the estimated volatility of the Company's common stock price over the expected term. These assumptions are generally based on historical averages of the Company. Furthermore, in calculating compensation expense for these awards, the Company is also required to estimate the extent to which options will be forfeited prior to vesting. Many factors are considered when estimating expected forfeitures, including types of awards, employee class and historical experience. To the extent actual results or updated estimates of forfeiture differ from current estimates, such amounts are recorded as a cumulative adjustment to the previously recorded amounts. Compensation expense associated with restricted stock, restricted stock units and performance-vested share awards is equal to the market value of the Company's common stock on the date of grant and is recorded pro rata over the required service period. The fair value of market-vested awards is based on a Monte-Carlo simulation that estimates the fair value based on the Company's share price activity between the beginning of the year and the grant date relative to a defined comparative group of companies, expected term of the award, risk-free interest rate, expected dividends, and the expected volatility of the stock of the Company and those in the comparative group. For those awards with performance vesting criteria, the expense is recorded based on an assessment of achieving the 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 straight line over the performance period regardless of actual achievement. The Company reports as a financing cash flow the tax benefits from share-based payment arrangements. For 2016 , 2015 and 2014 , the Company generated $0.6 million , $6.0 million and $6.3 million of excess tax benefits, respectively. Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets also are recognized for credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates applicable to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. An assessment is made as to whether or not a valuation allowance is required to offset deferred tax assets. This assessment requires estimates as to future operating results, as well as an evaluation of the effectiveness of the Company's tax planning strategies. These estimates are made on an ongoing basis based upon the Company's business plans and growth strategies in each market and consequently, future material changes in the valuation allowance are possible. The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes . This guidance prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Interest and penalties related to tax contingency or settlement items are recorded as a component of the provision for income taxes in the Company's Consolidated Statements of Income. The Company records accruals for tax contingencies as a component of accrued liabilities or other long-term liabilities on its balance sheet. Net Income Per Common Share . Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding. Diluted per share information is calculated by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. The Company's potential common stock consists of employee and director stock options, restricted stock, restricted stock units and performance share units. Performance share awards are included in the diluted per share calculation when the performance criteria are achieved. The Company's potential common stock is excluded from the basic per share calculation and is included in the diluted per share calculation when doing so would not be anti-dilutive. The elements of the earnings per share computations were as follows: (In millions, except per share amounts) 2016 2015 2014 Net income $ 223.6 $ 185.8 $ 214.4 Weighted-average shares of common stock outstanding 50.5 49.9 50.1 Common equivalent shares: Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units 0.2 0.5 0.9 Weighted-average common and common equivalent shares outstanding 50.7 50.4 51.0 Basic earnings per share $ 4.43 $ 3.72 $ 4.28 Diluted earnings per share $ 4.41 $ 3.69 $ 4.20 Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive 1.4 0.9 0.4 Derivative Financial Instruments. The Company recognizes in its Consolidated Balance Sheets the asset or liability associated with all derivative instruments and measures those assets and liabilities at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge. The accounting for changes in the value of a derivative accounted for as a hedge depends on the intended use of the derivative and the resulting designation of the hedge exposure. Depending on how the hedge is used and the designation, the gain or loss due to changes in value is reported either in earnings, or initially in other comprehensive income. Gains or losses that are reported in other comprehensive income are eventually recognized in earnings, with the timing of this recognition governed by ASC 815, Derivatives and Hedging . The Company uses derivative financial instruments, principally over-the-counter forward exchange contracts with major international financial institutions, to offset the effects of exchange rate changes on net investments in certain foreign subsidiaries, certain forecasted purchases, certain intercompany transactions, and certain accounts payable and accounts receivable. The Company also uses euro denominated borrowings under its Credit Agreement to hedge a portion of its net investment in foreign subsidiaries. Gains and losses on instruments designated as net equity hedges of net investments in a foreign subsidiary or on intercompany transactions that are permanent in nature are accrued as exchange rates change, and are recognized in shareholders' equity as a component of foreign currency translation adjustments within accumulated other comprehensive loss. Gains and losses on contracts designated as fair value hedges of accounts receivable, accounts payable and non-permanent intercompany transactions are accrued as exchange rates change and are recognized in income. Gains and losses on contracts designated as cash flow hedges of identifiable foreign currency forecasted purchases are deferred and initially included in other comprehensive income. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. See Note 8 to the Consolidated Financial Statements. Fair Value Measurements. The Company applies the applicable accounting guidance for fair value measurements. This guidance provides the definition of fair value, describes the method used to appropriately measure fair value in accordance with generally accepted accounting principles and outlines fair value disclosure requirements. The fair value hierarchy established under this guidance prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted prices, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value from the perspective of a market participant. The Company does not have any recurring Level 3 fair value measurements. Foreign Currency Translation. Results of operations of foreign subsidiaries are translated into U.S. dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries, other than those of operations in highly inflationary countries, are translated into U.S. dollars using exchange rates at the balance sheet date. The related translation adjustments are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses, as well as re-measurement of financial statements of subsidiaries in highly inflationary countries, are included in income. Inflation in Venezuela has been at relatively high levels over the past few years. The Company uses a blended index of the Consumer Price Index and National Consumer Price Index for determining highly inflationary status in Venezuela. This blended index reached cumulative three-year inflation in excess of 100 percent at November 30, 2009 and as such, the Company transitioned to highly inflationary status at the beginning of its 2010 fiscal year. Gains and losses resulting from the translation of the financial statements of subsidiaries operating in highly inflationary economies are recorded in earnings. For Venezuela, the bolivar to U.S. dollar exchange rates used in translating the Company’s operating activity is based on the Simadi exchange mechanism created by the government. In 2016 , 2015 and 2014 , the net expense in connection with re-measuring net monetary assets and recording in cost of sales inventory at the exchange rate when it was purchased or manufactured compared with when it was sold was $4.3 million , $14.9 million and $42.4 million , respectively. The amounts related to remeasurement are included in other expense. As of the end of 2016 , the 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 were not material. In addition, there was $25.5 million in cumulative foreign currency translation losses related to Venezuela included in equity within the consolidated balance sheets. Product Warranty. Tupperware® brand products are guaranteed against chipping, cracking, breaking or peeling under normal non-commercial use of the product with certain limitations. The cost of replacing defective products is not material. New Accounting Pronouncements . In 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. In August 2015, the FASB issued an amendment to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The August 2015 amendment also allows early adoption of the revenue standard, but not before the original effective date of December 15, 2016. In March and April 2016, the FASB issued amendments to provide clarification on implementation guidance. In May 2016, the FASB issued amendments to provide clarification on assessment of collectibility criteria, presentation of sales taxes and measurement of non-cash consideration. In addition, the amendment provided clarification and included simplification to transition guidance on contract modifications and completed contracts at transition. In December 2016, the FASB issued amendments to provide clarification on codification and guidance application. The Company has surveyed revenue recognition policies across each of its global operating segments, evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements. While there are expected to be changes in policy in certain units, the impact to the consolidated financial statements is not expected to be significant as the majority of the Company's transactions are not accounted for under industry-specific guidance that will be superseded by the new guidance and generally only consists of a single performance obligation to transfer promised goods. In February 2016, the FASB issued an amendment to existing guidance on lease accounting that requires the assets and liabilities arising from operating leases be presented in the balance sheet. This guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements. In March 2016, the FASB issued an amendment to existing guidance regarding employee share-based payments. Under the amendment, all excess tax benefits and tax deficits will be recognized in the income statement. Regardless of the impact on taxes payable, the tax benefits will be recognized in the current period and excess tax benefits will be classified as an element of cash flow operating activities. In addition, the amendment included simplification to existing guidance on forfeitures, intrinsic value and the withholding of shares for participants' personal income taxes. This guidance is effective for fiscal years beginning after December 15, 2016 and will be adopted by the Company as of the beginning of 2017. There will be an impact of adopting this standard on the consolidated financial statements that likely will lead to increased volatility of the Company's tax rate that will be dependent on the timing and intrinsic value of future share-based compensation award exercises. In August 2016, the FASB issued an amendment to existing guidance on presentation and classification of certain cash receipts and cash payments in the Statement of Cash Flows. This guidance is intended to reduce diversity in the classification of transactions related to debt prepayment or debt extinguishment costs, zero-coupon debt instruments settlement, contingent consideration payments made after a business combination, insurance claims settlement and corporate-owned life insurance settlement, distributions from equity method investments and beneficial interests in securitization transactions. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect adoption of this amendment to have an impact on its Consolidated Financial Statements. In October 2016, the FASB issued an amendment to existing guidance on |
Re-engineering Costs
Re-engineering Costs | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Re-engineering Costs | Re-engineering Costs The Company continually reviews its business models and operating methods for opportunities to increase efficiencies and/or align costs with business performance. Pretax costs incurred in the re-engineering and impairment charges caption by category were as follows: (In millions) 2016 2015 2014 Severance $ 5.4 $ 5.0 $ 7.4 Other 2.2 1.8 3.6 Total re-engineering charges $ 7.6 $ 6.8 $ 11.0 The severance costs incurred were associated with 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, the Nutrimetics business in Thailand and a manufacturing plant in India. In 2014, the Other caption included a write-off of $1.1 million in capitalized software in connection with a new information systems project. Pretax costs incurred in connection with the re-engineering program included above and other amounts allocated to cost of products sold were as follows: (In millions) 2016 2015 2014 Re-engineering charges $ 7.6 $ 6.8 $ 11.0 Cost of products sold — — 2.3 Total pretax re-engineering costs $ 7.6 $ 6.8 $ 13.3 The balances included in accrued liabilities related to re-engineering and impairment charges as of December 31, 2016 , December 26, 2015 , and December 27, 2014 were as follows: (In millions) 2016 2015 2014 Beginning balance $ 1.7 $ 2.4 $ 2.6 Provision 7.6 6.8 11.0 Non-cash charges (0.3 ) (0.2 ) (1.8 ) Cash expenditures: Severance (5.2 ) (5.8 ) (7.1 ) Other (2.2 ) (1.5 ) (2.3 ) Ending balance $ 1.6 $ 1.7 $ 2.4 The accrual balance as of December 31, 2016 , related primarily to severance payments to be made by the end of the second quarter of 2017. In connection with the decision to cease operating the Armand Dupree business in the United States and the Nutrimetics business in Thailand, the Company recorded in 2014 charges of $1.9 million and $0.4 million , respectively, in cost of sales for inventory obsolescence. In February 2015, the Venezuelan government launched an overhaul of its foreign currency exchange structure and created a new exchange mechanism called Simadi that provided an exchange rate significantly lower than the rate available to the Company at that time. As a result, and based on the perceived impact of this change to the operations of its Venezuelan unit, the Company deemed this change to be a triggering event to evaluate the $15.7 million of long-term fixed assets in Venezuela at that time. This evaluation involved performing an undiscounted cash flow analysis to determine if the carrying value of the assets were recoverable and whether the amount included on the balance sheet was greater than fair value. The Company considered many economic and operating factors, including uncertainty surrounding the interpretation and enforcement of certain product pricing restrictions in Venezuela, the inability at that time to obtain the necessary raw materials locally to meet production demands and the significant decline in the global price of oil. Due, at least in part, to the decline of the global price of oil, the Venezuelan government has not made U.S. dollars widely available through any of the exchange mechanisms it has had in place. Given the devaluation of the Venezuelan bolivar compared with the U.S. dollar, and the lack of U.S dollars available to use for the purchase of raw materials for on-going operations, the Company did not believe it would be able to operate the business profitably. As a result, the Company concluded that the carrying value of the long-term fixed assets in Venezuela was not recoverable. The Company then estimated the fair value of the long-term fixed assets using estimated selling prices available in Venezuela. The primary assets that were considered to continue to maintain a marketable value in Venezuela included commercial office space, a show room and parking spaces. As a result of this evaluation in the first quarter of 2015, the Company recorded an impairment charge of $13.5 million to reduce the long-term fixed asset carrying value in Venezuela to the $2.2 million estimated fair value at that time, which is considered a non-recurring Level 3 measurement within the fair value hierarchy. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | Inventories (In millions) 2016 2015 Finished goods $ 189.4 $ 203.2 Work in process 23.0 21.0 Raw materials and supplies 28.0 30.4 Total inventories $ 240.4 $ 254.6 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment (In millions) 2016 2015 Land $ 36.7 $ 35.3 Buildings and improvements 194.1 194.1 Molds 624.7 624.7 Production equipment 264.3 270.6 Distribution equipment 37.4 36.3 Computer/telecom equipment 45.2 46.2 Furniture and fixtures 15.8 10.9 Capitalized software 69.5 76.0 Construction in progress 29.3 26.6 Total property, plant and equipment 1,317.0 1,320.7 Less accumulated depreciation (1,057.2 ) (1,067.1 ) Property, plant and equipment, net $ 259.8 $ 253.6 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities Accrued Liabilities (In millions) 2016 2015 Income taxes payable $ 23.1 $ 25.0 Compensation and employee benefits 73.0 83.4 Advertising and promotion 57.6 62.1 Taxes other than income taxes 24.5 22.3 Pensions 2.7 4.0 Post-retirement benefits 1.7 1.9 Dividends payable 34.4 34.3 Foreign currency contracts 31.7 14.6 Other 75.3 77.2 Total accrued liabilities $ 324.0 $ 324.8 Other Liabilities (In millions) 2016 2015 Post-retirement benefits $ 15.4 $ 16.4 Pensions 123.0 126.4 Income taxes 22.5 18.7 Deferred income tax 17.6 16.9 Other 42.9 36.6 Total other liabilities $ 221.4 $ 215.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company's goodwill and intangible assets relate primarily to the December 2005 acquisition of the direct-to-consumer businesses of Sara Lee Corporation. In the third quarters of 2016 and 2015 , the Company completed the annual assessments for all of its reporting units and indefinite-lived intangible assets, concluding there were no impairments. The Company only considers the goodwill balance of $73.2 million associated with the Fuller Mexico reporting unit to be significant relative to total equity. These assessments included a step 1 impairment evaluation for the goodwill associated with the Fuller Mexico reporting unit as prescribed under ASC 350, Intangibles - Goodwill and Other. The fair value analysis for Fuller Mexico was completed using a combination of the income and market approach with a 75 percent weighting on the income approach. The significant assumptions used in the income approach included estimates regarding future operations and the ability to generate cash flows, including projections of revenue, costs, utilization of assets and capital requirements. The income approach, or discounted cash flow approach, also requires an estimate as to the appropriate discount rate to be used for each entity. The most sensitive estimate in this valuation is the projection of operating cash flows, as these provide the basis for the estimate of fair market value. The Company’s cash flow model used a forecast period of 10 years and a terminal value. The growth rates were determined by reviewing historical results of the operating unit and the historical results of the Company’s other similar business units, along with the expected contribution from growth strategies being implemented. The market approach relies on an analysis of publicly-traded companies similar to Tupperware and deriving a range of revenue and profit multiples. The publicly-traded companies used in the market approach were selected based on their having similar product lines of consumer goods, beauty products and/or companies using a direct-to-consumer distribution method. The resulting multiples were then applied to the reporting unit to determine fair value. The significant assumptions for the Fuller Mexico step 1 analysis included annual revenue growth rates, beginning in 2017, ranging from 1 percent to 5 percent with an average growth rate of 4 percent , including a 3 percent growth rate used in calculating the terminal value. The discount rate used for Fuller Mexico was 14.8 percent . The amount by which the estimated fair value of the Fuller Mexico reporting unit exceeded its carrying value, at 20 percent , was more in the third quarter of 2016 than in the 2015 assessment, primarily due to an increase in the estimated fair market value in connection with improved market pricing metrics and other observable market conditions, as well as a lower carrying value in 2016 , reflecting the amortization of the definite-lived Fuller tradename. Though the estimated fair value of the reporting unit exceeded its carrying value in the annual assessment, a smaller sales force size and/or operating performance significantly below current expectations, including changes in projected future revenue, profitability and cash flow, as well as higher working capital, interest rates, or cost of capital, could have a negative effect on the fair value of the reporting unit. In addition, the Company is unable to predict, at this time, whether there will be a significant, long-term impact to the Fuller Mexico operations due to the change in the macro-economic environment in connection with the 2016 presidential election in the United States, which did have an impact on the business in the fourth quarter of 2016. Should the Company's programs and strategies to improve the key performance indicators as outlined above not be able to overcome the general trends in the business and/or the macro-economic impacts of the changing dynamic between the United States and Mexican governments, which could impact the long-term discount rate values used in estimating fair value, the estimated fair value of the reporting unit could fall below its carrying value. This could result in recording an impairment to the goodwill of Fuller Mexico, including prior to the 2017 annual assessment. During the fourth quarter of 2016, the Company made the decision to combine NaturCare Japan and Tupperware Japan into a single operating segment in connection with on-going actions to stream-line operations in that geography. As a result, the goodwill previously associated with the NaturCare reporting unit was re-allocated between Japan, Korea and Malaysia/Singapore based on relative fair value of their respective NaturCare operations. The goodwill now associated with the respective operating segments is not considered significant relative to the total equity of the Company. These changes did not impact the geographical reporting segments. Other than for the Fuller Mexico reporting unit, management has concluded there is no significant foreseeable risk of failing a future step 1 impairment test, nor is there significant foreseeable risk of the fair value of the indefinite-lived intangible assets falling below their respective carrying values. Given the sensitivity of fair value valuations to changes in cash flow or market multiples, the Company may be required to recognize an impairment of goodwill or indefinite-lived intangible assets in the future due to changes in market conditions or other factors related to the Company’s performance. Actual results below forecasted results or a decrease in the forecasted future results of the Company’s business plans or changes in discount rates could also result in an impairment charge, as could changes in market characteristics including declines in valuation multiples of comparable publicly-traded companies. Impairment charges would have an adverse impact on the Company’s net income and shareholders' equity. The Company has estimated a 10 year useful life for the Fuller tradename with amortization to be recorded on a straight-line basis. Amortization expense recorded in 2016 , 2015 and 2014 related to the Fuller tradename was $7.6 million , $8.8 million , and $10.2 million , respectively. The decreasing annual expense reflects the weakening of the Mexican peso to U.S. dollar exchange rate. The following table reflects gross goodwill and accumulated impairments allocated to each reporting segment at December 31, 2016 , December 26, 2015 and December 27, 2014 : (In millions) Europe Asia Pacific TW North America Beauty North America South America Total Gross goodwill balance at December 27, 2014 $ 30.3 $ 75.4 $ 16.3 $ 142.6 $ 4.8 $ 269.4 Effect of changes in exchange rates (1.4 ) (0.7 ) — (15.1 ) (1.2 ) (18.4 ) Gross goodwill balance at December 26, 2015 28.9 74.7 16.3 127.5 3.6 251.0 Effect of changes in exchange rates 0.4 1.2 — (15.4 ) 0.1 (13.7 ) Gross goodwill balance at December 31, 2016 $ 29.3 $ 75.9 $ 16.3 $ 112.1 $ 3.7 $ 237.3 (In millions) Europe Asia Pacific TW North America Beauty North America South America Total Cumulative impairments as of December 27, 2014 $ 24.5 $ 41.3 $ — $ 38.9 $ — $ 104.7 Goodwill impairment — — — — — — Cumulative impairments as of December 26, 2015 24.5 41.3 — 38.9 — 104.7 Goodwill impairment — — — — — — Cumulative impairments as of December 31, 2016 $ 24.5 $ 41.3 $ — $ 38.9 $ — $ 104.7 The gross carrying amount and accumulated amortization of the Company's intangible assets, other than goodwill, were as follows: December 31, 2016 (In millions) Gross Carrying Value Accumulated Amortization Net Indefinite-lived tradenames $ 20.6 $ — $ 20.6 Definite-lived tradename 70.0 23.3 46.7 Total intangible assets $ 90.6 $ 23.3 $ 67.3 December 26, 2015 (In millions) Gross Carrying Value Accumulated Amortization Net Indefinite-lived tradenames $ 20.1 $ — $ 20.1 Definite-lived tradename 81.7 19.1 62.6 Total intangible assets $ 101.8 $ 19.1 $ 82.7 A summary of the identifiable intangible asset account activity is as follows: Year Ended (In millions) December 31, December 26, Beginning balance $ 101.8 $ 116.8 Effect of changes in exchange rates (11.2 ) (15.0 ) Ending balance $ 90.6 $ 101.8 Amortization expense was $7.6 million , $10.2 million and $11.8 million in 2016 , 2015 and 2014 , respectively. The estimated annual amortization expense associated with the above intangibles for each of the five succeeding years is $7.0 million . |
Financing Obligations
Financing Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Financing Obligations | Financing Obligations Debt Obligations Debt obligations consisted of the following: (In millions) 2016 2015 Fixed rate Senior Notes due 2021 $ 599.4 $ 599.3 Five year Revolving Credit Agreement 104.0 155.8 Belgium facility capital lease 8.4 10.6 Other 0.1 5.0 Total debt obligations 711.9 770.7 Less current portion (105.9 ) (162.5 ) Long-term debt and capital lease obligations $ 606.0 $ 608.2 (Dollars in millions) 2016 2015 Total short-term borrowings at year-end $ 104.0 $ 160.4 Weighted average interest rate at year-end 1.5 % 1.5 % Average short-term borrowings during the year $ 357.4 $ 394.9 Weighted average interest rate for the year 1.8 % 1.5 % Maximum short-term borrowings during the year $ 429.3 $ 444.8 Senior Notes On June 2, 2011, the Company completed the sale of $400 million in aggregate principal amount of 4.75% Senior Notes due June 1, 2021 under an indenture (the "Indenture"), entered into by the Company and its 100% subsidiary, Dart Industries Inc. (the “Guarantor”). These Senior Notes were sold at a discount. 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") in a registered public offering. 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. 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. Prior to March 1, 2021, the Company may redeem the Senior Notes, at its option, at a redemption price equal to accrued and unpaid interest and the greater of i) 100 percent of the principal amount to be redeemed; and ii) the present value of the remaining scheduled payments of principal and interest. In determining the present value of the remaining scheduled payments, such payments shall be discounted to the redemption date using a discount rate equal to the Treasury Rate (as defined in the Indenture) plus 30 basis points. On or after March 1, 2021, the redemption price will equal 100 percent of the principal amount of the Senior Notes redeemed. The Indenture includes covenants which, subject to certain exceptions, limit the ability of the Company and its subsidiaries to, among other things, (i) incur indebtedness secured by liens on real property, (ii) enter into sale and leaseback transactions, (iii) consolidate or merge with another entity, or sell or transfer all or substantially all of their properties and assets, and (iv) sell the capital stock of the Guarantor. In addition, upon a change of control, as defined in the Indenture, the Company may be required to make an offer to repurchase the Senior Notes at 101 percent of their principal amount, plus accrued and unpaid interest. The Indenture also contains customary events of default. These restrictions are not expected to impact the Company's operations. As of December 31, 2016 , the Company was in compliance with all of its covenants. Credit Agreement On June 9, 2015, the Company and its wholly owned subsidiary Tupperware International Holdings B.V. (the “Subsidiary Borrower”), entered into Amendment No. 2 (the "Amendment”) to their multicurrency Amended and Restated Credit Agreement dated September 11, 2013, as amended by Amendment No. 1 dated June 2, 2014 (as so amended, the “Credit Agreement”). The terms and structure of the Credit Agreement remained largely the same. The Amendment (i) reduced the aggregate amount available to the Company and the Subsidiary Borrower under the Credit Agreement from $650 million to $600 million (the “Facility Amount”), (ii) extended the final maturity date of the Credit Agreement from September 11, 2018 to June 9, 2020, and (iii) amended the applicable margins for borrowings and the commitment fee to be generally more favorable for the Company. The Credit Agreement continues to provide (a) a revolving credit facility, available up to the full amount of the Facility Amount, (b) a letter of credit facility, available up to $50 million of the Facility Amount, and (c) a swingline facility, available up to $100 million of the Facility Amount. Each of such facilities is fully available to the Company and is available to the Subsidiary Borrower up to an aggregate amount not to exceed $325 million . 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 $800 million ), subject to certain conditions including the agreement of the lenders. As of December 31, 2016 , the Company had total borrowings of $104.0 million outstanding under its Credit Agreement, with $84.6 million of that amount denominated in euros. The Company routinely increases its revolver borrowings under the Credit Agreement and uncommitted lines 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 incurs more interest expense and has higher foreign exchange exposure on the value of its cash and debt during each quarter than would relate solely to the quarter end balances. Loans made under the Credit Agreement bear interest under a formula that includes, at the Company's option, one of three different base rates. The Company generally selects the London Interbank Offered Rate (" LIBOR ") for the applicable currency and interest period as its base for its interest rate. As provided in the Credit Agreement, a margin is added to the base. The applicable margin is determined by a pricing schedule and is based upon the better for the Company of (a) the ratio (the "Consolidated Leverage Ratio") of the consolidated funded indebtedness of the Company and its subsidiaries to the consolidated EBITDA (as defined in the Credit Agreement) of the Company and its subsidiaries for the four fiscal quarters then most recently ended, or (b) the Company’s then existing long-term debt securities rating by Moody’s Investor Service, Inc. or Standard and Poor’s Financial Services, Inc. As of December 31, 2016 , the Credit Agreement dictated a base rate spread of 150 basis points, which gave the Company a weighted average interest rate on LIBOR based borrowings of 1.50 percent on borrowings under the Credit Agreement. The Credit Agreement contains customary covenants that, among other things, generally restrict the Company's ability to incur subsidiary indebtedness, create liens on and sell assets, engage in liquidation or dissolutions, engage in mergers or consolidations, or change lines of business. These covenants are subject to significant exceptions and qualifications. The agreement also has customary financial covenants related to interest coverage and leverage. These restrictions are not expected to impact the Company's operations. As of December 31, 2016 , and currently, the Company had considerable cushion under its financial covenants. The Guarantor unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrower relating to the Credit Agreement as well as the Senior Notes, supported by a security interest in certain "Tupperware" trademarks and service marks. At December 31, 2016 , the Company had $577.0 million of unused lines of credit, including $494.7 million under the committed, secured Credit Agreement, and $82.3 million available under various uncommitted lines around the world. Interest paid on total debt, including forward points on foreign currency contracts, in 2016 , 2015 and 2014 was $47.4 million , $47.8 million and $44.0 million , respectively. Contractual Maturities Contractual maturities for debt obligations at December 31, 2016 are summarized by year as follows (in millions): Year ending: Amount December 30, 2017 $ 105.9 December 29, 2018 1.8 December 28, 2019 1.4 December 26, 2020 1.2 December 25, 2021 600.6 Thereafter 1.0 Total $ 711.9 Capital Leases In 2007, the Company completed construction of its Tupperware center of excellence manufacturing facility in Belgium. Costs related to the new facility and equipment totaled $24.0 million and were financed through a sale lease-back transaction under two separate leases. The two leases are being accounted for as capital leases and have initial terms of 10 years and 15 years and interest rates of 5.1 percent . In 2010, the Company extended a lease on an additional building in Belgium that was previously accounted for as an operating lease. As a result of renegotiating the terms of the agreement, the lease is now classified as capital and had an initial value of $3.8 million with an initial term of 10 years and an interest rate of 2.9 percent . Following is a summary of significant capital lease obligations at December 31, 2016 and December 26, 2015 : (In millions) December 31, December 26, Gross payments $ 9.4 $ 12.2 Less imputed interest 1.0 1.6 Total capital lease obligation 8.4 10.6 Less current maturity 1.8 1.8 Capital lease obligation - long-term portion $ 6.6 $ 8.8 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company is exposed to fluctuations in foreign currency exchange rates on the earnings, cash flows and financial position of its international operations. Although this currency risk is partially mitigated by the natural hedge arising from the Company's local manufacturing in many markets, a strengthening U.S. dollar generally has a negative impact on the Company. In response to these fluctuations, 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 as described in Note 1 to the Consolidated Financial Statements. 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. In 2016 , 2015 and 2014 , forward points on fair value hedges resulted in pretax gains of $15.7 million , $14.1 million and $10.3 million , respectively. The Company also uses derivative financial instruments to hedge foreign currency exposures resulting from certain forecasted purchases and classifies these as cash flow hedges. At initiation, the Company's cash flow hedge contracts are generally for periods ranging from one to fifteen 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 current reporting period in other comprehensive income, related to cash flow hedges, will generally be reclassified into earnings within the next twelve months . The associated asset or liability on the open hedges is recorded in Non-trade amounts receivable or accrued liabilities, as applicable. The balance in accumulated other comprehensive loss, net of tax, resulting from open foreign currency hedges designated as cash flow hedges was a deferred gain of $4.9 million , $4.3 million and $7.8 million as of December 31, 2016 , December 26, 2015 and December 27, 2014 , respectively. In 2016 , 2015 and 2014 , the Company recorded in other comprehensive loss, net of tax, net (losses)/gains associated with cash flow hedges of $0.6 million , $(3.5) million and $5.6 million , respectively, which represents the net change to accumulated other comprehensive income on the Company's balance sheet related to these type of hedges. The Company also uses financial instruments, such as forward contracts and certain euro denominated borrowings under the Company's Credit Agreement, 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 financial instruments, excluding any ineffective portion of the hedges, are included in foreign currency translation adjustments within accumulated other comprehensive loss. The Company recorded, net of tax, in other comprehensive income a net gain of $28.6 million , $54.6 million and $25.5 million associated with these hedges in 2016 , 2015 and 2014 , respectively. 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 forward contracts used for net equity and fair value hedges of non-permanent intercompany balances mitigate its exposure to foreign exchange gains or losses, they result in an impact to operating cash flows as they are settled, whereas the hedged items do not generate offsetting cash flows. The net cash flow impact of these currency hedges for the years ended 2016 , 2015 and 2014 were outflow s of $2.7 million , $17.0 million and an inflow of $4.6 million , respectively. The cash flow impact of certain of these exposures is in turn partially offset by certain hedges of net equity. The Company considers the total notional value of its forward contracts as the best measure of the volume of derivative transactions. As of December 31, 2016 and December 26, 2015 , the notional amounts of outstanding forward contracts to purchase currencies were $116.7 million and $141.9 million , respectively, and the notional amounts of outstanding forward contracts to sell currencies were $109.6 million and $137.4 million , respectively. As of December 31, 2016 , the notional values of the largest positions outstanding were to purchase U.S. dollars $60.5 million and euro $46.9 million and to sell Mexican pesos $32.6 million . 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 December 31, 2016 and December 26, 2015 . 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 2016 2015 Balance sheet location 2016 2015 Foreign exchange contracts Non-trade amounts receivable $ 41.1 $ 21.5 Accrued liabilities $ 31.7 $ 14.6 The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the years ended December 31, 2016 , December 26, 2015 and December 27, 2014 : 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 2016 2015 2014 2016 2015 2014 Foreign exchange contracts Other expense $ (41.8 ) $ (83.6 ) $ (36.6 ) Other expense $42.1 $83.8 $35.0 The following table summarizes the impact of Company's hedging activities on comprehensive income for the years ended December 31, 2016 , December 26, 2015 and December 27, 2014 : 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 amounts excluded from effectiveness testing) Cash flow hedging relationships 2016 2015 2014 2016 2015 2014 2016 2015 2014 Foreign exchange contracts $ 6.7 $ 14.5 $ 15.9 Cost of products sold $ 5.7 $ 19.2 $ 9.1 Interest expense $ (5.6 ) $ (7.7 ) $ (4.9 ) Net equity hedging relationships Foreign exchange contracts 41.0 74.2 38.8 Other expense — — — Interest expense (20.8 ) (16.8 ) (13.3 ) Euro denominated debt 3.7 11.1 1.1 The Company's theoretical credit risk for each foreign exchange contract is its replacement cost, but management believes that the risk of incurring credit losses is remote and such losses, if any, would not be material. The Company is also exposed to market risk on its derivative instruments due to potential changes in foreign exchange rates; however, such market risk would be fully offset by changes in the valuation of the underlying items being hedged. For all outstanding derivative instruments, the net accrued gain was $9.4 million , $6.9 million and $4.7 million at December 31, 2016 , December 26, 2015 and December 27, 2014 , respectively, and were recorded either in Non-trade amounts receivable or accrued liabilities, depending upon the net position of the individual contracts. The notional amounts shown above change based upon the Company's outstanding exposure to fair value fluctuations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 and December 26, 2015 . The Company estimates that, based on current market conditions, the value of its 4.75% , 2021 senior notes was $640.8 million at December 31, 2016 , compared with the carrying value of $599.4 million . The higher fair value resulted from changes, since issuance, in the corporate debt markets and investor preferences. The fair value of debt is classified as a Level 2 liability, and is estimated using quoted market prices as provided in secondary markets that consider the Company's credit risk and market related conditions. See Note 8 to the Consolidated Financial Statements for discussion of the Company's derivative instruments and related fair value measurements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss (In millions, net of tax) Foreign Currency Items Cash Flow Hedges Pension and Other Post-retirement Items Total December 28, 2013 $ (283.1 ) $ 2.2 $ (35.9 ) $ (316.8 ) Other comprehensive income (loss) before reclassifications (85.2 ) 12.7 (14.9 ) (87.4 ) Amounts reclassified from accumulated other comprehensive loss — (7.1 ) 2.6 (4.5 ) Net other comprehensive income (loss) (85.2 ) 5.6 (12.3 ) (91.9 ) December 27, 2014 $ (368.3 ) $ 7.8 $ (48.2 ) $ (408.7 ) Other comprehensive income (loss) before reclassifications (122.3 ) 11.3 8.9 (102.1 ) Amounts reclassified from accumulated other comprehensive loss — (14.8 ) 3.6 (11.2 ) Net other comprehensive income (loss) (122.3 ) (3.5 ) 12.5 (113.3 ) December 26, 2015 $ (490.6 ) $ 4.3 $ (35.7 ) $ (522.0 ) Other comprehensive income (loss) before reclassifications (53.7 ) 4.9 (0.9 ) (49.7 ) Amounts reclassified from accumulated other comprehensive loss — (4.3 ) 4.5 0.2 Net other comprehensive income (loss) (53.7 ) 0.6 3.6 (49.5 ) December 31, 2016 $ (544.3 ) $ 4.9 $ (32.1 ) $ (571.5 ) Pretax amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of net gains of $5.7 million , $19.2 million and $9.1 million in 2016 , 2015 and 2014 , respectively. Associated with these items were tax provision s of $1.4 million , $4.4 million and $2.0 million in 2016 , 2015 and 2014 , respectively. See Note 8 for further discussion of derivatives. In 2016 , 2015 and 2014 , pretax amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of prior service benefit s of $1.2 million , $1.3 million and $0.8 million , respectively, and pension settlement costs of $3.9 million , $1.6 million and $1.8 million , respectively, and actuarial losses of $2.6 million , $4.5 million and $2.6 million , respectively. Associated with these items were tax benefit s of $0.8 million , $1.2 million and $1.0 million , respectively. See Note 13 for further discussion of pension and other post-retirement benefit costs. |
Statements of Cash Flows Supple
Statements of Cash Flows Supplemental Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flows Supplemental Disclosure | Statements of Cash Flows 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 certain jurisdictions. In 2016 , 2015 and 2014 , 30,703 , 22,344 and 102,405 shares, respectively, were retained to fund withholding taxes, with values totaling $1.7 million , $1.5 million and $8.0 million , respectively, which were included as a component of stock repurchases in the Consolidated Statement of Cash Flows. During the first quarter of 2014 and the fourth quarter of 2015, the Company entered into joint ventures with a real estate development partner. The Company contributed land to each joint venture in exchange for 50 percent ownership in each joint venture. The carrying value of the land contributed in 2015 and 2014 was $0.8 million and $3.1 million , respectively. The joint ventures were sold in the third quarter of 2016 with the related proceeds recorded under the proceeds from disposal of property, plant and equipment caption in the Consolidated Statement of Cash flows. There were no capital lease arrangements initiated in 2016 , 2015 or 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For income tax purposes, the domestic and foreign components of income (loss) before taxes were as follows: (In millions) 2016 2015 2014 Domestic $ (44.8 ) $ (67.5 ) $ (35.5 ) Foreign 346.1 327.4 333.7 Total $ 301.3 $ 259.9 $ 298.2 The domestic and foreign components of income (loss) before taxes reflect adjustments as required under certain advanced pricing agreements and exclude repatriation of foreign earnings to the United States. The provision (benefit) for income taxes was as follows: (In millions) 2016 2015 2014 Current: Federal $ (23.8 ) $ (22.8 ) $ 11.5 Foreign 114.1 92.6 114.8 State 1.4 (0.8 ) 1.5 91.7 69.0 127.8 Deferred: Federal (14.7 ) (13.8 ) (40.6 ) Foreign 0.2 18.2 (1.9 ) State 0.5 0.7 (1.5 ) (14.0 ) 5.1 (44.0 ) Total $ 77.7 $ 74.1 $ 83.8 The differences between the provision for income taxes and income taxes computed using the U.S. federal statutory rate were as follows: (In millions) 2016 2015 2014 Amount computed using statutory rate $ 105.5 $ 91.0 $ 104.4 Increase (reduction) in taxes resulting from: Net impact from repatriating foreign earnings and direct foreign tax credits (16.3 ) (7.9 ) (17.7 ) Foreign income taxes (7.5 ) (4.6 ) (20.6 ) Impact of non-deductible currency translation losses — 3.1 19.0 Impact of changes in U.S. tax legislation (2.7 ) — — Other changes in valuation allowances for deferred tax assets (0.1 ) (0.4 ) (0.5 ) Foreign and domestic tax audit settlement and adjustments — (2.4 ) — Other (1.2 ) (4.7 ) (0.8 ) Total $ 77.7 $ 74.1 $ 83.8 The effective tax rates are below the U.S. statutory rate, primarily reflecting the availability of excess foreign tax credits, as well as lower foreign effective tax rates. During 2014, the tax rate was impacted by the devaluation of the Venezuelan bolivar that generated losses for which there was no tax benefit. Deferred tax assets (liabilities) were composed of the following: (In millions) 2016 2015 Purchased intangibles $ (21.7 ) $ (26.6 ) Other (14.1 ) (9.2 ) Gross deferred tax liabilities (35.8 ) (35.8 ) Credit and net operating loss carry forwards (net of unrecognized tax benefits) 301.2 293.6 Employee benefits accruals 63.1 63.2 Deferred costs 92.2 80.7 Fixed assets basis differences 22.4 33.6 Capitalized intangibles 34.2 32.7 Other accruals 32.1 27.8 Accounts receivable 11.3 10.5 Post-retirement benefits 7.1 7.5 Depreciation 13.4 7.2 Inventory 6.4 10.0 Gross deferred tax assets 583.4 566.8 Valuation allowances (24.8 ) (23.1 ) Net deferred tax assets $ 522.8 $ 507.9 At December 31, 2016 , the Company had domestic federal loss carryforward of $18.0 million , resulting in a domestic deferred tax asset of $6.4 million and state loss carry forwards of $161.0 million , state deferred tax assets of $6.0 million and a valuation allowance of $3.7 million . The Company had foreign net operating loss carry forwards of $213.8 million , resulting in a deferred tax asset of $62.2 million and a valuation allowance of $21.1 million . Of the total foreign and domestic net operating loss carry forwards, $304.2 million expire at various dates from 2017 to 2036, while the remainder have unlimited lives. This balance included net deferred tax assets of $6.4 million for federal net operating losses, which would expire in the years 2020 through 2035 if not utilized, $25.2 million of foreign net operating losses which would expire in 2026 if not utilized and no foreign net operating losses which would expire in 2017. During 2016 , the Company realized net cash benefits of $1.4 million related to foreign net operating loss carry forwards. At December 31, 2016 and December 26, 2015 , the Company had estimated gross foreign tax credit carry forwards of $215.0 million and $218.6 million , respectively, most of which would expire in 2018 through 2025 if not utilized. Deferred costs in December 31, 2016 included assets of $92.8 million related to advanced payment agreements entered into by the Company with its foreign subsidiaries, which are expected to reverse during the next three years . As of December 31, 2016 and December 26, 2015 , the Company's gross unrecognized tax benefit was $20.7 million and $21.8 million , respectively. During the year ended December 31, 2016 , the accrual for uncertain tax positions decreased by $3.1 million primarily due to the expiration of the statute of limitations in various jurisdictions. During the year, the balance increased due to uncertain positions taken in various foreign tax jurisdictions that were partially offset by the impact of changes in foreign exchange rates. These valuation allowances relate to tax assets in jurisdictions where it is management's best estimate that there is not a greater than 50 percent probability that the benefit of the assets will be realized in the associated tax returns. This assessment is based upon expected future domestic results, future foreign dividends from then current year earnings and cash flows and other foreign source income, including rents and royalties, as well as anticipated gains related to future sales of land held for development near the Company's Orlando, Florida headquarters. In addition, certain tax planning transactions may be entered into to facilitate realization of these benefits. The likelihood of realizing the benefit of deferred tax assets is assessed on an ongoing basis. Consequently, future material changes in the valuation allowance are possible. The credit and net operating loss carry forwards increased by $7.6 million , in 2016, primarily due to an increase in credits for net operating losses. The increase in deferred costs of $11.5 million in 2016, was due to increase related to advanced payments during the year, netted against reversals of prior year payments. The Company paid income taxes in 2016 , 2015 and 2014 of $108.3 million , $106.4 million and $117.0 million , respectively. The Company has a foreign subsidiary which receives a tax holiday that expires in 2020. The net benefit of this and other expired tax holidays was $1.3 million , $2.6 million and $3.4 million in 2016 , 2015 and 2014 , respectively. As of December 31, 2016 and December 26, 2015 , the Company's gross unrecognized tax benefit was $20.7 million and $21.8 million , respectively. The Company estimates that approximately $19.2 million of the unrecognized tax benefits, if recognized, would impact the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In millions) 2016 2015 2014 Balance, beginning of year $ 21.8 $ 22.5 $ 27.4 Additions based on tax positions related to the current year 2.7 3.3 3.9 Additions for tax positions of prior year 1.2 3.4 1.2 Reduction for tax positions of prior years (1.2 ) (1.6 ) (3.1 ) Settlements — (1.1 ) (1.9 ) Reductions for lapse in statute of limitations (3.1 ) (3.2 ) (3.7 ) Impact of foreign currency rate changes versus the U.S. dollar (0.7 ) (1.5 ) (1.3 ) Balance, end of year $ 20.7 $ 21.8 $ 22.5 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 $7.1 million and $6.0 million as of December 31, 2016 and December 26, 2015 , respectively. Interest and penalties included in the provision for income taxes totaled $1.1 million and $0.9 million for 2016 and 2014 , respectively and no significant interest and penalties included in the provision for income taxes for 2015 . During the year ended December 31, 2016 , the accrual for uncertain tax positions decreased by $3.1 million primarily due to the expiration of the statute of limitations in various jurisdictions. During the year, increases in uncertain positions being taken during the year in various foreign tax jurisdictions were partially offset by the impact of changes in foreign exchange rates. During the year ended December 26, 2015 , the accrual for uncertain tax positions decreased by $1.1 million primarily as a result of the Company agreeing to tax settlements in various foreign jurisdictions, as well as a $3.2 million decrease of accruals for uncertain tax positions due to the expiration of the statute of limitations in various jurisdictions. During the year, increases in uncertain positions being taken in various foreign tax jurisdictions were partially offset by the impact of changes in foreign exchange rates. During the year ended December 27, 2014 , the accrual for uncertain tax positions decreased by $1.9 million primarily as a result of the Company agreeing to transfer pricing settlements in various foreign jurisdictions and entering into an Advanced Pricing Agreement, as well as a $3.7 million decrease of accruals for uncertain tax positions due to the expiration of the statute of limitations in various jurisdictions. During the year, increases in uncertain positions being taken in various foreign tax jurisdictions were partially offset by the impact of foreign exchange rates. The Company operates globally and files income tax returns in the United States with federal and various state agencies, and in foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is no longer subject to income tax examination in the following major jurisdictions: for U.S. tax for years before 2002, Australia (2011), Brazil (2005), China (2004), France (2011), Germany (2011), Greece (2009), India (2002), Indonesia (2009), Italy (2011), Malaysia (2009), Mexico (2005), and South Africa (2010), with limited exceptions. The Company estimates that it may settle one or more foreign and domestic audits in the next twelve months that may result in a decrease in the amount of accrual for uncertain tax positions of up to $2.0 million . For the remaining balance as of December 31, 2016 , the Company is not able to reliably estimate the timing or ultimate settlement amount. While the Company does not currently expect material changes, it is possible that the amount of unrecognized benefit with respect to the uncertain tax positions will significantly increase or decrease related to audits in various foreign jurisdictions that may conclude during that period or new developments that could also, in turn, impact the Company's assessment relative to the establishment of valuation allowances against certain existing deferred tax assets. At this time, the Company is not able to make a reasonable estimate of the range of impact on the balance of unrecognized tax benefits or the impact on the effective tax rate related to these items. As of December 31, 2016 , the Company had foreign undistributed earnings of $1.2 billion where it is the Company's intent that the earnings be reinvested indefinitely. Consequently, the Company has not provided for U.S. deferred income taxes on these undistributed earnings. The determination of the amount of unrecognized deferred U.S. income tax liability associated with these undistributed earnings is not practicable because of the complexities associated with the calculation. The Company recognized $1.7 million of expense, and $6.0 million and $6.3 million of benefits for deductions, associated with the exercise of employee stock options in 2016 , 2015 and 2014 , respectively. These changes were added directly to paid-in capital, and were not reflected in the provision for income taxes. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans The Company has various defined benefit pension plans covering substantially all domestic employees employed as of June 30, 2005, except those employed by Beauticontrol, and certain employees in other countries. In addition to providing pension benefits, the Company provides certain post-retirement healthcare and life insurance benefits for selected U.S. and Canadian employees. Employees may become eligible for these benefits if they reach normal retirement age while working for the Company or satisfy certain age and years of service requirements. The medical plans are contributory for most retirees with contributions adjusted annually, and contain other cost-sharing features, such as deductibles and coinsurance. The medical plans include an allowance for Medicare for post-65 age retirees. Most employees and retirees outside the United States are covered by government healthcare programs. The Company uses its fiscal year end as the measurement date for its plans. The funded status of all of the Company's plans was as follows: U.S. plans Foreign plans Pension benefits Post-retirement benefits Pension benefits (In millions) 2016 2015 2016 2015 2016 2015 Change in benefit obligations: Beginning balance $ 59.2 $ 67.6 $ 18.3 $ 20.4 $ 183.3 $ 197.7 Service cost 0.3 0.3 0.1 0.1 11.3 10.3 Interest cost 2.2 2.3 0.7 0.7 4.5 4.5 Actuarial (gain) loss (2.9 ) (8.6 ) (0.2 ) (1.0 ) 7.3 (0.6 ) Benefits paid (0.9 ) (2.2 ) (1.9 ) (1.8 ) (7.8 ) (11.1 ) Impact of exchange rates — — — (0.1 ) (11.0 ) (16.8 ) Plan participant contributions — — — — 0.8 4.2 Settlements/Curtailments (8.1 ) (0.2 ) — — (8.8 ) (4.9 ) Ending balance $ 49.8 $ 59.2 $ 17.0 $ 18.3 $ 179.6 $ 183.3 Change in plan assets at fair value: Beginning balance $ 33.9 $ 35.5 $ — $ — $ 78.2 $ 79.3 Actual return on plan assets 2.8 0.3 — — 2.2 3.1 Company contributions — 0.8 1.9 1.8 14.2 12.1 Plan participant contributions — — — — 0.8 4.2 Benefits and expenses paid (1.6 ) (2.5 ) (1.9 ) (1.8 ) (7.8 ) (11.1 ) Impact of exchange rates — — — — (1.9 ) (4.6 ) Settlements (8.1 ) (0.2 ) — — (8.8 ) (4.8 ) Ending balance $ 27.0 $ 33.9 $ — $ — $ 76.9 $ 78.2 Funded status of plans $ (22.8 ) $ (25.3 ) $ (17.0 ) $ (18.3 ) $ (102.7 ) $ (105.1 ) Amounts recognized in the balance sheet consisted of: (In millions) December 31, December 26, Accrued benefit liability $ (142.5 ) $ (148.7 ) Accumulated other comprehensive loss (pretax) 44.4 47.6 Items not yet recognized as a component of pension expense as of December 31, 2016 and December 26, 2015 consisted of: 2016 2015 (In millions) Pension Post-retirement Pension Post-retirement Transition obligation $ 2.2 $ — $ 2.1 $ — Prior service cost (benefit) 1.1 (7.3 ) 1.2 (8.7 ) Net actuarial loss 47.4 1.0 51.7 1.3 Accumulated other comprehensive loss(income) pretax $ 50.7 $ (6.3 ) $ 55.0 $ (7.4 ) Components of other comprehensive loss (income) for the years ended December 31, 2016 and December 26, 2015 consisted of the following: 2016 2015 (In millions) Pension Benefits Post-retirement Benefits Pension Benefits Post-retirement Benefits Net prior service cost (benefit) — 1.3 (0.1 ) 1.9 Net actuarial (gain) (12.3 ) (0.2 ) (13.2 ) (1.6 ) Impact of exchange rates 8.0 — (5.6 ) — Other comprehensive (income) loss $ (4.3 ) $ 1.1 $ (18.9 ) $ 0.3 In 2017 , the Company expects to recognize a prior service benefit of approximately $1.4 million and a net actuarial loss of $2.1 million as components of pension and post-retirement expense. The accumulated benefit obligation for all defined benefit pension plans at December 31, 2016 and December 26, 2015 was $205.7 million and $211.1 million , respectively. At December 31, 2016 and December 26, 2015 , the accumulated benefit obligations of certain pension plans exceeded those respective plans' assets. For those plans, the accumulated benefit obligations were $196.9 million and $185.3 million , and the fair value of their assets was $93.7 million and $83.7 million as of December 31, 2016 and December 26, 2015 , respectively. At December 31, 2016 and December 26, 2015 , the benefit obligations of the Company's significant pension plans exceeded those respective plans' assets. The accrued benefit cost for the pension plans is reported in accrued liabilities and other long-term liabilities. The costs associated with all of the Company's plans were as follows: Pension benefits Post-retirement benefits (Dollars in millions) 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost: Service cost and expenses $ 11.8 $ 10.8 $ 10.8 $ 0.1 $ 0.1 $ 0.1 Interest cost 6.7 6.9 8.6 0.7 0.7 1.1 Return on plan assets (5.3 ) (5.3 ) (5.8 ) — — — Settlement/Curtailment 3.9 1.7 1.8 — — — Employee contributions (0.2 ) (0.2 ) (0.3 ) — — — Net deferral 2.7 4.5 2.7 (1.3 ) (1.3 ) (0.6 ) Net periodic benefit cost (income) $ 19.6 $ 18.4 $ 17.8 $ (0.5 ) $ (0.5 ) $ 0.6 Weighted average assumptions: U.S. plans Discount rate, net periodic benefit cost 3.9 % 3.6 % 3.9 % 4.0 % 3.8 % 4.5 % Discount rate, benefit obligations 3.7 3.9 3.5 4.0 4.0 3.8 Return on plan assets 8.3 8.3 8.3 n/a n/a n/a Salary growth rate, net periodic benefit cost — 3.0 3.0 n/a n/a n/a Salary growth rate, benefit obligations — — 3.0 n/a n/a n/a Foreign plans Discount rate 2.3 % 2.4 % 2.6 % n/a n/a n/a Return on plan assets 3.2 3.4 3.8 n/a n/a n/a Salary growth rate 2.9 3.1 3.2 n/a n/a n/a ____________________ n/a Not applicable The Company has established strategic asset allocation percentage targets for significant asset classes with the aim of achieving an appropriate balance between risk and return. The Company periodically revises asset allocations, where appropriate, in an effort to improve return and/or manage risk. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The market-related value of plan assets is based on long-term expectations given current investment objectives and historical results. The expected rate of return assumption used by the Company to determine the benefit obligation for its U.S. and foreign plans for 2016 was 8.3 percent and 3.2 percent , respectively, and 8.3 percent and 3.4 percent for 2015 , respectively. The Company determines the discount rate primarily by reference to rates on high-quality, long term corporate and government bonds that mature in a pattern similar to the expected payments to be made under the various plans. The weighted average discount rates used to determine the benefit obligation for its U.S. and foreign plans for 2016 was 3.7 percent and 2.3 percent , respectively, and 3.9 percent and 2.4 percent for 2015 , respectively. Effective January 1, 2015, Medicare eligible participants were moved from the self-insured employer plan to a private Medicare exchange, receiving a fixed subsidy from the Company. The Company no longer uses the assumed healthcare cost trends to value its post-retirement benefits obligation. The Company sponsors a number of pension plans in the United States and in certain foreign countries. There are separate investment strategies in the United States and for each unit operating internationally that depend on the specific circumstances and objectives of the plans and/or to meet governmental requirements. The Company's overall strategic investment objectives are to preserve the desired funded status of its plans and to balance risk and return through a wide diversification of asset types, fund strategies and investment managers. The asset allocation depends on the specific strategic objectives for each plan and is rebalanced to obtain the target asset mix if the percentages fall outside of the range considered acceptable. The investment policies are reviewed from time to time to ensure consistency with long-term objectives. Options, derivatives, forward and futures contracts, short positions, or margined positions may be held in reasonable amounts as deemed prudent. For plans that are tax-exempt, any transactions that would jeopardize this status are not allowed. Lending of securities is permitted in some cases in which appropriate compensation can be realized. While the Company's plans do not invest directly in its own stock, it is possible that the various plans' investments in mutual, commingled or indexed funds or insurance contracts (GIC's) may hold ownership of Company securities. The investment objectives of each unit are more specifically outlined below. The Company's weighted-average asset allocations at December 31, 2016 and December 26, 2015 , by asset category, were as follows: 2016 2015 Asset category U.S. plans Foreign plans U.S. plans Foreign plans Equity securities 62 % 27 % 63 % 27 % Fixed income securities 38 16 37 16 Cash and money market investments — 6 — 6 Guaranteed contracts — 50 — 50 Other — 1 — 1 Total 100 % 100 % 100 % 100 % The fair value of the Company's pension plan assets at December 31, 2016 by asset category was as follows: Description of assets (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic plans: Common/collective trust (a) $ 27.0 $ — $ 27.0 $ — Foreign plans: Australia Investment fund (b) 2.6 — 2.6 — Switzerland Guaranteed insurance contract (c) 28.5 — — 28.5 Germany Guaranteed insurance contract (c) 5.0 — — 5.0 Belgium Mutual fund (d) 21.8 21.8 — — Austria Guaranteed insurance contract (c) 0.4 — — 0.4 Korea Guaranteed insurance contract (c) 4.0 — — 4.0 Japan Common/collective trust (e) 10.9 — 10.9 — Philippines Fixed income securities (f) 1.4 1.4 — — Equity fund (f) 2.3 2.3 — — Total $ 103.9 $ 25.5 $ 40.5 $ 37.9 The fair value of the Company's pension plan assets at December 26, 2015 by asset category was as follows: Description of assets (in millions) December 26, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic plans: Common/collective trust (a) $ 33.9 $ — $ 33.9 $ — Foreign plans: Australia Investment fund (b) 2.3 — 2.3 — Switzerland Guaranteed insurance contract (c) 30.9 — — 30.9 Germany Guaranteed insurance contract (c) 5.0 — — 5.0 Belgium Mutual funds (d) 21.8 21.8 — — Austria Guaranteed insurance contract (c) 0.4 — — 0.4 Korea Guaranteed insurance contract (c) 2.4 — — 2.4 Japan Common/collective trust (e) 11.1 — 11.1 — Philippines Fixed income securities (f) 1.4 1.4 — — Equity fund (f) 2.9 2.9 — — Total $ 112.1 $ 26.1 $ 47.3 $ 38.7 ____________________ (a) The investment strategy of the U.S. pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60 percent in equity securities and 40 percent in fixed income securities. As of the years ended December 31, 2016 and December 26, 2015 , the common trusts held 62 percent and 63 percent of its assets in equity securities and 38 percent and 37 percent in fixed income securities, respectively. The percentage of funds invested in equity securities at the end of 2016 and 2015 , included: 10 percent in international stocks, 20 percent in small U.S. stocks in each year, and 32 percent and 33 percent in large U.S. stocks, respectively. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. (b) For each period presented, the strategy of this fund is to achieve a long-term net return of at least 4 percent above inflation based on the Australian consumer price index over a rolling five-year period. The investment strategy is to invest mainly in equities and property, which are expected to earn relatively higher returns over the long term. The fair value of the fund is determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 31, 2016 and December 26, 2015 , the percentage of funds held in investments included: Australian equities of 31 percent and 29 percent , other equities of listed companies outside of Australia of 41 percent and 42 percent , real estate of 9 percent and 10 percent , respectively, and government and corporate bonds of 12 percent and cash of 7 percent in each year. (c) The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. (d) The strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62 percent in equity securities and 38 percent in fixed income securities. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 31, 2016 and December 26, 2015 , the percentage of funds held in various asset classes included: large-cap equities of European companies of 27 percent and 24 percent , small-cap equities of European companies of 17 percent and 19 percent , bonds, primarily from European and U.S. governments, of 32 percent and 31 percent , and money market fund of 17 percent and 18 percent , and equities outside of Europe, mainly in the U.S. and emerging markets, 7 percent and 8 percent , respectively. (e) The Company's strategy is to invest approximately 47 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 53 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 40 percent equities in Japanese listed securities, 7 percent in equities outside of Japan, 3 percent in cash and other short-term investments and 50 percent in domestic Japanese bonds. This strategy has been achieved through a collective trust that held 100 percent of total funded assets as of December 31, 2016 and December 26, 2015 . As of the end of December 31, 2016 and December 26, 2015 , the allocation of funds within the common collective trust included: 40 percent and 50 percent in Japanese equities, 50 percent and 40 percent in Japanese bonds, respectively, and 7 percent in equities of companies based outside of Japan and 3 percent in cash and other short term investments in each year. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. (f) In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57 percent in equity securities, 38 percent fixed income securities and 5 percent in cash and deposits. The fixed income securities at year end included assets valued using a weighted average of completed deals on similarly termed government securities, as well as balances invested in short term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded. The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): Year Ending (In millions) December 31, December 26, Beginning balance $ 38.7 $ 36.7 Realized gains 0.9 0.7 Purchases, sales and settlements, net (0.4 ) 2.5 Impact of exchange rates (1.3 ) (1.2 ) Ending balance $ 37.9 $ 38.7 The Company expects to contribute $10.4 million to its U.S. and foreign pension plans and $1.8 million to its other U.S. post-retirement benefit plan in 2017 . The Company also has several savings, thrift and profit-sharing plans. Its contributions to these plans are in part based upon various levels of employee participation. The total cost of these plans was $6.1 million , $7.4 million and $8.7 million for 2016 , 2015 and 2014 , respectively. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the Company's U.S. and foreign plans (in millions): Years Pension benefits Post-retirement benefits Total 2017 $13.2 $1.8 $15.0 2018 15.9 1.7 17.6 2019 22.7 1.6 24.3 2020 11.7 1.5 13.2 2021 12.2 1.4 13.6 2022-2026 66.6 5.8 72.4 |
Incentive Compensation Plans
Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Compensation Plans | Incentive Compensation Plans On May 24, 2016, the shareholders of the Company approved the adoption of the Tupperware Brands Corporation 2016 Incentive Plan (the “2016 Incentive Plan”). The 2016 Incentive Plan provides for the issuance of cash and stock-based incentive awards to employees, directors and certain non-employee participants. Stock-based awards may be in the form of stock options, restricted stock, restricted stock units, performance vesting and market vesting awards. Under the plan, awards that are canceled or expire are added back to the pool of available shares. When the 2016 Incentive Plan was approved, the number of shares of the Company's common stock available for stock-based awards under the plan totaled 3,500,000 , plus remaining shares available for issuance under the Tupperware Brands Corporation 2010 Incentive Plan, the Tupperware Brands Corporation 2006 Incentive Plan and the Tupperware Brands Corporation Director Stock Plan. Shares may no longer be granted under the plans adopted before 2016. The total number of shares available for grant under the 2016 Incentive Plan as of December 31, 2016 was 4,050,366 . Under the 2016 Incentive Plan, non-employee directors receive approximately one-half of their annual retainers in the form of stock and may elect to receive the balance of their annual retainers in the form of stock or cash. In addition, each non-employee director is eligible to receive a stock award in such form, at such time and in such amount as may be determined by the Nominating and Governance Committee of the Board of Directors. Stock Options Stock options to purchase the Company's common stock are granted to employees and directors, upon approval by the Company's Board of Directors, with an exercise price equal to the fair market value of the stock on the date of grant. Options generally become exercisable in three years , in equal installments beginning one year from the date of grant, and generally expire 10 years from the date of grant. The fair value of the Company's stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used in the last three years: 2016 2015 2014 Dividend yield 4.7 % 4.3 % 3.3 % Expected volatility 30 % 36 % 40 % Risk-free interest rate 2.1 % 2.1 % 2.1 % Expected life 7 years 7 years 7 years Stock option activity for 2016 , 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 26, 2015 2,100,478 $56.92 Granted 666,848 58.90 Expired/Forfeited (12,119 ) 59.79 Exercised (32,242 ) 24.54 Outstanding at December 31, 2016 2,722,965 $57.78 $5.2 Exercisable at December 31, 2016 1,601,018 $57.37 $5.2 The intrinsic value of options exercised during 2016 , 2015 and 2014 totaled $1.2 million , $20.8 million and $20.4 million , respectively. The average remaining contractual life on outstanding and exercisable options was 7.0 and 5.4 , respectively, at the end of 2016 . The weighted average estimated grant date fair value of 2016 , 2015 and 2014 option grants was $10.67 , $13.13 and $19.17 per share, respectively. Performance Awards, Restricted Stock and Restricted Stock Units The Company also grants restricted stock, restricted stock units, performance-vested awards and market-vested awards to employees and directors, which typically have initial vesting periods ranging from one to three years . Compensation expense associated with time-vested grants of restricted stock and restricted stock units is equal to the market value of the Company's common stock on the grant date, and is recorded straight-line over the required service period. For performance-vested awards, expense is determined by the market value of the Company's common stock on the grant date and the number of shares ultimately earned 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 reflect the probability of achieving the market condition, and is therefore used to record expense straight line over the performance period regardless of actual achievement. 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. 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 the 2014 through 2016 grants. The Company's market-vested 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 Compensation Peer Group (collectively, the "Comparative Group") over a three year performance period. The fair value per share of rTSR grants in 2016 , 2015 and 2014 was $49.55 , $64.21 and $70.85 , respectively. The fair value was determined using a Monte-Carlo simulation, which 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. In 2016 , as a result of the Company's performance, the estimated number of shares expected to vest increased by 369 shares for the three performance share plans running during 2016 . Restricted stock, restricted stock units, performance-vested and market-vested share award activity for 2016 under all of the Company's incentive plans is summarized in the following table: Non-vested Shares outstanding Weighted average grant date per share fair value Outstanding at December 26, 2015 550,467 $69.71 Time-vested shares granted 180,207 59.06 Market-vested shares granted 30,019 49.55 Performance shares granted 89,321 49.95 Performance share adjustments 369 58.50 Vested (221,583 ) 72.77 Forfeited (25,860 ) 70.37 Outstanding at December 31, 2016 602,940 $61.28 The vesting date fair value of restricted stock, restricted stock units and performance-vested awards that vested in 2016 , 2015 and 2014 was $12.4 million , $20.9 million and $26.8 million , respectively. The weighted-average grant-date fair value per share of these types of awards in 2016 , 2015 and 2014 was $55.39 , $61.89 and $72.86 , respectively. For awards that are paid in cash, compensation expense is remeasured each reporting period based on the market value of the shares outstanding and is included as a liability on the Consolidated Balance Sheets. Shares outstanding under cash settled awards totaled 18,174 , 27,582 and 23,986 shares as of the end of 2016 , 2015 and 2014 , respectively. These outstanding cash settled awards had a fair value of $1.0 million at the end of 2016 and $1.5 million as of the end of 2015 and 2014 . Compensation expense associated with all stock-based compensation was $20.0 million , $20.0 million and $18.9 million in 2016 , 2015 and 2014 , respectively. The estimated tax benefit associated with this compensation expense was $7.2 million , $7.2 million and $6.8 million in 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , total unrecognized stock based compensation expense related to all stock based awards was $27.4 million , which is expected to be recognized over a weighted average period of 24 months . Expense related to earned cash performance awards of $18.7 million , $21.5 million and $13.2 million was included in the Consolidated Statements of Income for 2016 , 2015 and December 27, 2014 , respectively. The Company's Board of Directors has authorized up to $2 billion of open market share repurchases under a program that began in 2007 and expires on February 1, 2020. During 2014 , under this program, the Company repurchased 1.2 million shares at an aggregate cost of $84.3 million . There were no share repurchases under this program in 2015 and 2016 . Since inception of the program, the Company has repurchased 21.3 million shares at an aggregate cost of $1.29 billion . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
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 from the first quarter of 2016, the Nutrimetics business in France, previously reported in the Asia Pacific segment, is being reported in the Europe segment. Comparable information from prior periods has been reclassified to conform with the new presentation. In full year 2016, Nutrimetics France generated less than one half 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 ® in South Africa and Nutrimetics ® in France, which sell beauty and personal care products. Some units in Asia Pacific also sell beauty and personal care products 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 Fuller Cosmetics ® brand in Mexico and Central America. South America Both housewares and beauty products under the Fuller ® , Nutrimetics ®, Nuvo ® and Tupperware ® brands. Worldwide sales of beauty and personal care products totaled $368.5 million , $428.8 million and $510.8 million in 2016 , 2015 and 2014 , respectively. (In millions) 2016 2015 2014 Net sales: Europe $ 559.4 $ 612.9 $ 740.6 Asia Pacific 748.6 771.0 839.6 Tupperware North America 358.3 353.7 349.9 Beauty North America 190.0 240.0 290.9 South America 356.8 306.2 385.1 Total net sales $ 2,213.1 $ 2,283.8 $ 2,606.1 Segment profit: Europe $ 65.3 $ 92.4 $ 117.5 Asia Pacific 181.0 175.9 191.7 Tupperware North America 69.7 67.4 68.3 Beauty North America (3.6 ) 2.3 1.3 South America 82.2 46.5 27.1 Total segment profit $ 394.6 $ 384.5 $ 405.9 Unallocated expenses (67.6 ) (72.8 ) (55.9 ) Re-engineering and impairment charges (a) (7.6 ) (20.3 ) (11.0 ) Gains on disposal of assets (b) 27.3 13.7 2.7 Interest expense, net (45.4 ) (45.2 ) (43.5 ) Income before taxes $ 301.3 $ 259.9 $ 298.2 (In millions) 2016 2015 2014 Depreciation and amortization: Europe $ 15.9 $ 17.3 $ 20.5 Asia Pacific 14.5 14.9 12.8 Tupperware North America 10.2 10.5 9.6 Beauty North America 8.5 10.8 11.8 South America 3.3 4.1 4.2 Corporate 5.1 4.8 4.8 Total depreciation and amortization $ 57.5 $ 62.4 $ 63.7 Capital expenditures: Europe $ 15.6 $ 18.2 $ 18.9 Asia Pacific 12.0 12.3 19.3 Tupperware North America 9.1 9.2 11.8 Beauty North America 2.8 3.4 3.1 South America 12.4 8.9 12.6 Corporate 9.7 9.1 3.7 Total capital expenditures $ 61.6 $ 61.1 $ 69.4 Identifiable assets: Europe $ 257.2 $ 276.5 $ 343.4 Asia Pacific 278.6 290.2 315.3 Tupperware North America 119.0 121.2 137.1 Beauty North America 214.7 254.0 317.0 South America 124.6 96.9 131.1 Corporate 593.7 559.4 525.9 Total identifiable assets $ 1,587.8 $ 1,598.2 $ 1,769.8 ____________________ (a) See Note 2 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. (b) Gains on disposal of assets in 2016 , 2015 and 2014 include $26.5 million , $12.9 million and $1.3 million from transactions related to land near the Orlando, FL headquarters. Sales and segment profit in the preceding table are from transactions with customers, with inter-segment profit eliminated. Sales generated by product line, except beauty and personal care, as opposed to Tupperware ® , are not captured in the financial statements, and disclosure of the information is impractical. Sales to a single customer did not exceed 10 percent of total sales in any segment. In 2016 , 2015 and 2014 sales of Tupperware ® and beauty products to customers in Mexico were $282.4 million , $338.9 million and $387.7 million , respectively, while sales in Brazil were $260.4 million , $201.1 million and $225.8 million , respectively. There was no other foreign country in which sales were individually material to the Company's total sales. Sales of Tupperware ® and beauty products to customers in the United States were $204.2 million , $209.4 million and $210.4 million in 2016 , 2015 and 2014 , respectively. Unallocated expenses are corporate expenses and other items not directly related to the operations of any particular segment. Corporate assets consist of cash and buildings and assets maintained for general corporate purposes. As of the end of 2016 , 2015 and 2014 , respectively, long-lived assets in the United States were $88.7 million , $86.6 million and $88.7 million . As of December 31, 2016 and December 26, 2015 , the Company's net investment in international operations was $482.1 million and $429.0 million , respectively. The Company is subject to the usual economic, business and political risks associated with international operations; however, these risks are partially mitigated by the broad geographic dispersion of the Company's operations. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company and certain subsidiaries are involved in litigation and various legal matters that are being defended and handled in the ordinary course of business. Included among these matters are environmental issues. The Company does not include estimated future legal costs in accruals recorded related to these matters. The Company believes that it is remote that the Company's contingencies will have a material adverse effect on its financial position, results of operations or cash flow. Kraft Foods, Inc., which was formerly affiliated with Premark International, Inc., the Company's former parent, has assumed any liabilities arising out of certain divested or discontinued businesses. The liabilities assumed include matters alleging product liability, environmental liability and infringement of patents. Leases. Rental expense for operating leases totaled $33.3 million in 2016 , $34.0 million in 2015 and $38.0 million in 2014 . Approximate minimum rental commitments under non-cancelable operating leases in effect at December 31, 2016 were: 2017 - $30.3 million ; 2018 - $23.4 million ; 2019 - $14.8 million ; 2020 - $8.6 million ; 2021 - $4.8 million ; and after 2021 - $28.3 million . Leases included in the minimum rental commitments for 2017 and 2018 primarily relate to lease agreements for automobiles which generally have a lease term of two to three years with the remaining leases related to office, manufacturing and distribution space. It is common for lease agreements to contain various provisions for items such as step rent or other escalation clauses and lease concessions, which may offer a period of no rent payment. These types of items are considered by the Company, and are recorded into expense on a straight line basis over the minimum lease terms. There are no material lease agreements containing renewal options. Certain leases require the Company to pay property taxes, insurance and routine maintenance. |
Allowance for Long-Term Receiva
Allowance for Long-Term Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |
Allowance For Long Term Receivables | Allowance for Long-Term Receivables As of December 31, 2016 , $10.6 million of long-term receivables from both active and inactive customers were considered past due, the majority of which were reserved through the Company's allowance for uncollectible accounts. The balance of the allowance for long-term receivables as of December 31, 2016 was as follows: (In millions) Balance at December 26, 2015 $ 11.2 Write-offs (2.0 ) Provision (a) 2.0 Currency translation adjustment (0.2 ) Balance at December 31, 2016 $ 11.0 ____________________ (a) Provision includes $1.6 million of reclassifications from current receivables. |
Guarantor Information
Guarantor Information | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantor Information | Guarantor Information The Company's payment obligations under the Senior Notes are fully and unconditionally guaranteed, on a senior secured basis, by the Guarantor. The guarantee is secured by certain "Tupperware" trademarks and service marks owned by the Guarantor, as discussed in Note 7 to the Consolidated Financial Statements. Condensed consolidated financial information as of December 31, 2016 and December 26, 2015 and for the years ended December 31, 2016 , December 26, 2015 and December 27, 2014 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. Consolidating Statement of Income Year ended December 31, 2016 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 2,219.1 $ (6.0 ) $ 2,213.1 Other revenue — 126.9 29.3 (156.2 ) — Cost of products sold — 29.4 838.9 (153.3 ) 715.0 Gross margin — 97.5 1,409.5 (8.9 ) 1,498.1 Delivery, sales and administrative expense 19.1 78.1 1,082.5 (8.9 ) 1,170.8 Re-engineering and impairment charges — 1.2 6.4 — 7.6 Gains on disposal of assets including insurance recoveries, net — — 27.3 — 27.3 Operating income (loss) (19.1 ) 18.2 347.9 — 347.0 Interest income 20.9 1.8 27.1 (46.4 ) 3.4 Interest expense 34.9 51.5 8.8 (46.4 ) 48.8 Income from equity investments in subsidiaries 242.3 240.9 — (483.2 ) — Other expense 0.1 (33.6 ) 33.8 — 0.3 Income before income taxes 209.1 243.0 332.4 (483.2 ) 301.3 Provision (benefit) for income taxes (14.5 ) 5.1 87.1 — 77.7 Net income $ 223.6 $ 237.9 $ 245.3 $ (483.2 ) $ 223.6 Comprehensive income $ 174.1 $ 188.0 $ 163.8 $ (351.8 ) $ 174.1 Consolidating Statement of Income Year ended December 26, 2015 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 2,288.6 $ (4.8 ) $ 2,283.8 Other revenue — 123.9 31.6 (155.5 ) — Cost of products sold — 31.6 864.0 (151.2 ) 744.4 Gross margin — 92.3 1,456.2 (9.1 ) 1,539.4 Delivery, sales and administrative expense 20.6 78.6 1,127.5 (9.1 ) 1,217.6 Re-engineering and impairment charges — — 20.3 — 20.3 Gains on disposal of assets including insurance recoveries, net — — 13.7 — 13.7 Operating income (loss) (20.6 ) 13.7 322.1 — 315.2 Interest income 19.6 22.5 7.4 (47.1 ) 2.4 Interest expense 36.4 37.7 20.6 (47.1 ) 47.6 Income from equity investments in subsidiaries 208.1 203.6 — (411.7 ) — Other expense — 0.6 9.5 — 10.1 Income before income taxes 170.7 201.5 299.4 (411.7 ) 259.9 Provision (benefit) for income taxes (15.1 ) (4.0 ) 93.2 — 74.1 Net income $ 185.8 $ 205.5 $ 206.2 $ (411.7 ) $ 185.8 Comprehensive income $ 72.5 $ 84.0 $ 104.0 $ (188.0 ) $ 72.5 Consolidating Statement of Income Year ended December 27, 2014 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 2,613.9 $ (7.8 ) $ 2,606.1 Other revenue — 138.5 25.9 (164.4 ) — Cost of products sold — 25.9 1,020.8 (162.7 ) 884.0 Gross margin — 112.6 1,619.0 (9.5 ) 1,722.1 Delivery, sales and administrative expense 19.5 67.1 1,269.0 (9.5 ) 1,346.1 Re-engineering and impairment charges — 0.1 10.9 — 11.0 Gains on disposal of assets including insurance recoveries, net — — 2.7 — 2.7 Operating income (loss) (19.5 ) 45.4 341.8 — 367.7 Interest income 0.4 28.9 4.4 (30.7 ) 3.0 Interest expense 36.3 20.7 20.2 (30.7 ) 46.5 Income from equity investments in subsidiaries 250.3 217.4 — (467.7 ) — Other expense — 0.2 25.8 — 26.0 Income before income taxes 194.9 270.8 300.2 (467.7 ) 298.2 Provision (benefit) for income taxes (19.5 ) 20.8 82.5 — 83.8 Net income $ 214.4 $ 250.0 $ 217.7 $ (467.7 ) $ 214.4 Comprehensive income $ 122.5 $ 160.9 $ 166.4 $ (327.3 ) $ 122.5 Condensed Consolidating Balance Sheet December 31, 2016 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ 0.5 $ 92.7 $ — $ 93.2 Accounts receivable, net — — 125.3 — 125.3 Inventories — — 240.4 — 240.4 Non-trade amounts receivable, net — 50.5 85.1 (70.7 ) 64.9 Intercompany receivables 11.9 935.8 270.3 (1,218.0 ) — Prepaid expenses and other current assets 1.1 5.4 100.9 (85.9 ) 21.5 Total current assets 13.0 992.2 914.7 (1,374.6 ) 545.3 Deferred income tax benefits, net 142.7 193.2 203.8 — 539.7 Property, plant and equipment, net — 50.4 209.4 — 259.8 Long-term receivables, net — 0.1 13.1 — 13.2 Tradenames, net — — 67.3 — 67.3 Goodwill — 2.9 129.7 — 132.6 Investments in subsidiaries 1,356.7 1,321.3 — (2,678.0 ) — Intercompany notes receivable 479.4 95.6 725.6 (1,300.6 ) — Other assets, net 1.2 1.2 57.8 (30.3 ) 29.9 Total assets $ 1,993.0 $ 2,656.9 $ 2,321.4 $ (5,383.5 ) $ 1,587.8 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 5.0 $ 112.7 $ — $ 117.7 Short-term borrowings and current portion of long-term debt and capital lease obligations 104.0 — 1.9 — 105.9 Intercompany payables 858.9 263.4 95.7 (1,218.0 ) — Accrued liabilities 130.9 102.8 246.9 (156.6 ) 324.0 Total current liabilities 1,093.8 371.2 457.2 (1,374.6 ) 547.6 Long-term debt and capital lease obligations 599.4 — 6.6 — 606.0 Intercompany notes payable 77.0 928.0 295.6 (1,300.6 ) — Other liabilities 10.0 56.8 184.9 (30.3 ) 221.4 Shareholders' equity 212.8 1,300.9 1,377.1 (2,678.0 ) 212.8 Total liabilities and shareholders' equity $ 1,993.0 $ 2,656.9 $ 2,321.4 $ (5,383.5 ) $ 1,587.8 Condensed Consolidating Balance Sheet December 26, 2015 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ — $ 79.8 $ — $ 79.8 Accounts receivable, net — — 142.7 — 142.7 Inventories — — 254.6 — 254.6 Non-trade amounts receivable, net 0.1 30.1 109.6 (94.3 ) 45.5 Intercompany receivables 11.8 754.2 228.8 (994.8 ) — Prepaid expenses and other current assets 1.1 3.3 118.1 (94.6 ) 27.9 Total current assets 13.0 787.6 933.6 (1,183.7 ) 550.5 Deferred income tax benefits, net 143.5 219.9 161.5 — 524.9 Property, plant and equipment, net — 46.6 207.0 — 253.6 Long-term receivables, net — 0.1 13.1 — 13.2 Tradenames, net — — 82.7 — 82.7 Goodwill — 2.9 143.4 — 146.3 Investment in subsidiaries 1,164.8 1,190.1 — (2,354.9 ) — Intercompany notes receivable 462.0 90.5 579.7 (1,132.2 ) — Other assets, net 1.6 0.6 108.1 (83.3 ) 27.0 Total assets $ 1,784.9 $ 2,338.3 $ 2,229.1 $ (4,754.1 ) $ 1,598.2 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 3.3 $ 123.5 $ (0.1 ) $ 126.7 Short-term borrowings and current portion of long-term debt and capital lease obligations 90.4 1.2 70.9 — 162.5 Intercompany payables 688.2 224.2 82.4 (994.8 ) — Accrued liabilities 155.1 111.5 247.1 (188.9 ) 324.8 Total current liabilities 933.7 340.2 523.9 (1,183.8 ) 614.0 Long-term debt and capital lease obligations 599.3 — 8.9 — 608.2 Intercompany notes payable 78.5 768.1 285.6 (1,132.2 ) — Other liabilities 12.4 107.8 178.0 (83.2 ) 215.0 Shareholders' equity 161.0 1,122.2 1,232.7 (2,354.9 ) 161.0 Total liabilities and shareholders' equity $ 1,784.9 $ 2,338.3 $ 2,229.1 $ (4,754.1 ) $ 1,598.2 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2016 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ (29.9 ) $ (0.8 ) $ 275.2 $ (5.9 ) $ 238.6 Investing Activities: Capital expenditures — (16.0 ) (45.6 ) — (61.6 ) Proceeds from disposal of property, plant and equipment — — 35.9 — 35.9 Net intercompany loans (18.9 ) (186.4 ) (194.5 ) 399.8 — Net cash provided by (used in) investing activities (18.9 ) (202.4 ) (204.2 ) 399.8 (25.7 ) Financing Activities: Dividend payments to shareholders (138.8 ) — — — (138.8 ) Dividend payments to parent — — (21.2 ) 21.2 — Net proceeds from issuance of senior notes (0.2 ) — 0.2 — — Proceeds from exercise of stock options 0.8 — — — 0.8 Repurchase of common stock (1.7 ) — — — (1.7 ) Repayment of long-term debt and capital lease obligations — — (2.2 ) — (2.2 ) Net change in short-term debt 17.5 (1.2 ) (68.3 ) — (52.0 ) Excess tax benefits from share-based payment arrangements 0.6 — — — 0.6 Net intercompany borrowings 170.6 204.9 39.6 (415.1 ) — Net cash provided by (used in) financing activities 48.8 203.7 (51.9 ) (393.9 ) (193.3 ) Effect of exchange rate changes on cash and cash equivalents — — (6.2 ) — (6.2 ) Net change in cash and cash equivalents — 0.5 12.9 — 13.4 Cash and cash equivalents at beginning of year — — 79.8 — 79.8 Cash and cash equivalents at end of period $ — $ 0.5 $ 92.7 $ — $ 93.2 Condensed Consolidating Statement of Cash Flows Year ended December 26, 2015 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 438.9 $ 230.6 $ 66.4 $ (510.2 ) $ 225.7 Investing Activities: Capital expenditures — (14.7 ) (46.4 ) — (61.1 ) Proceeds from disposal of property, plant and equipment — — 18.0 — 18.0 Net intercompany loans (335.7 ) 296.3 492.0 (452.6 ) — Return of capital — 105.5 — (105.5 ) — Net cash provided by (used in) investing activities (335.7 ) 387.1 463.6 (558.1 ) (43.1 ) Financing Activities: Dividend payments to shareholders (138.0 ) — — — (138.0 ) Dividend payments to parent — (400.0 ) (103.1 ) 503.1 — Net proceeds from issuance of senior notes 0.1 — (0.1 ) — — Proceeds from exercise of stock options 16.1 — — — 16.1 Repurchase of common stock (1.5 ) — — — (1.5 ) Repayment of long-term debt and capital lease obligations — — (2.6 ) — (2.6 ) Net change in short-term debt (9.5 ) (2.3 ) (24.6 ) — (36.4 ) Debt issuance costs (0.7 ) — — — (0.7 ) Excess tax benefits from share-based payment arrangements 6.0 — — — 6.0 Net intercompany borrowings 24.3 (215.3 ) (268.8 ) 459.8 — Return of capital to parent — — (105.5 ) 105.5 — Net cash provided by (used in) financing activities (103.2 ) (617.6 ) (504.7 ) 1,068.4 (157.1 ) Effect of exchange rate changes on cash and cash equivalents — (0.1 ) (22.5 ) (0.1 ) (22.7 ) Net change in cash and cash equivalents — — 2.8 — 2.8 Cash and cash equivalents at beginning of year — — 77.0 — 77.0 Cash and cash equivalents at end of period $ — $ — $ 79.8 $ — $ 79.8 Condensed Consolidating Statement of Cash Flows Year ended December 27, 2014 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 306.7 $ 1,482.7 $ 96.5 $ (1,601.8 ) $ 284.1 Investing Activities: Capital expenditures — (14.7 ) (54.7 ) — (69.4 ) Proceeds from disposal of property, plant and equipment — — 7.1 — 7.1 Net intercompany loans 5.1 (190.8 ) 1,839.9 (1,654.2 ) — Return of capital — 604.3 — (604.3 ) — Net cash provided by (used in) investing activities 5.1 398.8 1,792.3 (2,258.5 ) (62.3 ) Financing Activities: Dividend payments to shareholders (135.5 ) — — — (135.5 ) Dividend payments to parent — (352.0 ) (1,281.5 ) 1,633.5 — Proceeds from exercise of stock options 15.7 — — — 15.7 Repurchase of common stock (92.3 ) — — — (92.3 ) Repayment of long-term debt and capital lease obligations — — (3.0 ) — (3.0 ) Net change in short-term debt (9.1 ) 2.3 4.6 — (2.2 ) Excess tax benefits from share-based payment arrangements 6.3 — — — 6.3 Net intercompany borrowings (96.9 ) (1,530.4 ) 4.9 1,622.4 — Return of capital to parent — — (604.3 ) 604.3 — Net cash provided by (used in) financing activities (311.8 ) (1,880.1 ) (1,879.3 ) 3,860.2 (211.0 ) Effect of exchange rate changes on cash and cash equivalents — (1.5 ) (59.7 ) 0.1 (61.1 ) Net change in cash and cash equivalents — (0.1 ) (50.2 ) — (50.3 ) Cash and cash equivalents at beginning of year — 0.1 127.2 — 127.3 Cash and cash equivalents at end of period $ — $ — $ 77.0 $ — $ 77.0 |
Quarterly Financial Summary
Quarterly Financial Summary | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Summary | Quarterly Financial Summary (Unaudited) Following is a summary of the unaudited interim results of operations for each quarter in the years ended December 31, 2016 and December 26, 2015 . (In millions, except per share amounts) First quarter Second quarter Third quarter Fourth quarter Year ended December 31, 2016 Net sales $ 525.7 $ 564.7 $ 521.8 $ 600.9 Gross margin 359.7 380.8 353.4 404.2 Net income 43.4 52.4 48.8 79.0 Basic earnings per share 0.86 1.04 0.97 1.56 Diluted earnings per share 0.86 1.03 0.96 1.55 Dividends declared per share 0.68 0.68 0.68 0.68 Composite stock price range: High 58.30 62.40 66.90 66.67 Low 42.60 52.64 50.43 52.32 Close $ 55.39 $ 53.15 $ 64.31 $ 52.62 Year ended December 26, 2015 Net sales $ 581.8 $ 588.9 $ 521.0 $ 592.1 Gross margin 390.2 399.8 348.5 400.9 Net income 29.5 62.0 36.2 58.1 Basic earnings per share 0.59 1.24 0.72 1.16 Diluted earnings per share 0.59 1.23 0.72 1.15 Dividends declared per share 0.68 0.68 0.68 0.68 Composite stock price range: High 72.93 70.78 67.35 62.02 Low 59.35 64.35 47.85 48.73 Close $ 70.25 $ 67.36 $ 50.06 $ 55.89 Certain items impacting quarterly comparability for 2016 and 2015 were as follows: • Pretax re-engineering and impairment costs of $1.1 million , $1.9 million , $2.4 million and $2.2 million were recorded in the first through fourth quarters of 2016 , respectively. Pretax re-engineering and impairment costs of $2.7 million , $1.5 million , $0.3 million and $2.3 million were recorded in the first through fourth quarters of 2015 , respectively, as well as $13.5 million in the first quarter of 2015 for the impairment charge of fixed assets in Venezuela. Refer to Note 2 to the Consolidated Financial Statements for further discussion. • In Venezuela, in connection with re-measuring net monetary assets and recording in cost of sales inventory at the exchange rate when it was purchased or manufactured compared to when it was sold, the Company had impacts of $0.2 million , $3.6 million , $0.3 million and $0.2 million in the first, second, third and fourth quarters of 2016 , respectively, and impacts of $9.3 million , $1.8 million , $2.0 million and $1.8 million in the same quarters of 2015 . See Note 1 of the Consolidated Financial Statements for further details. • Pretax gains on disposal of assets, primarily related to transactions related to land near the Company's Orlando headquarters, were $0.1 million , $0.8 million , $24.2 million and $2.2 million in the first through fourth quarters of 2016 , respectively. They were $0.6 million , $10.8 million , $2.0 million and $0.3 million in the same quarters of 2015 , respectively. • The Company's fiscal year ends on the last Saturday of December, and as a result, the fourth quarter of 2016 contained 14 weeks, as compared with 13 weeks in the fourth quarter of 2015. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS FOR THE THREE YEARS ENDED DECEMBER 31, 2016 (In millions) Col. A Col. B Col. C Col. D Col. E Additions Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts, current and long term: Year ended December 31, 2016 $ 45.2 $ 11.1 $ — $ (9.0 ) /F1 $ 44.9 (2.4 ) /F2 Year ended December 26, 2015 48.4 12.8 — (8.0 ) /F1 45.2 (8.0 ) /F2 Year ended December 27, 2014 54.4 13.5 — (11.6 ) /F1 48.4 (7.9 ) /F2 Valuation allowance for deferred tax assets: Year ended December 31, 2016 $ 23.1 $ — $ — $ 1.8 /F2 $ 24.8 — /F3 (0.1 ) /F4 Year ended December 26, 2015 40.2 — — (7.1 ) /F2 23.1 — /F3 (10.0 ) /F4 Year ended December 27, 2014 34.8 — — (4.2 ) /F2 40.2 (0.4 ) /F3 10.0 /F4 ____________________ F1 Represents write-offs, less recoveries. F2 Foreign currency translation adjustment. F3 Represents release of valuation allowance as reduction of costs and expenses. See Note 12 to the consolidated financial statements for additional information. F4 Represents additions and write-offs of net operating losses for which a valuation allowance was already recorded. See Note 12 to the consolidated financial statements for additional information. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. 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. The Company’s fiscal year ends on the last Saturday of December and included 53 weeks during 2016 and 52 weeks during 2015 and 2014 . |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of December 31, 2016 and December 26, 2015 , $9.6 million and $7.4 million , respectively, of the cash and cash equivalents included on the Consolidated Balance Sheets were held in the form of time deposits, certificates of deposit or similar instruments. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. The Company maintains current receivable amounts with most of its independent distributors and sales force in certain markets. It also maintains long-term receivable amounts with certain of these customers. The Company regularly monitors and assesses its risk of not collecting amounts owed to it by customers. This evaluation is based upon an analysis of amounts current and past due, along with relevant history and facts particular to the customer. It is also based upon estimates of distributor business prospects, particularly related to the evaluation of the recoverability of long-term amounts due. This evaluation is performed market by market and account by account, based upon historical experience, market penetration levels and similar factors. It also considers collateral of the customer that could be recovered to satisfy debts. The Company records its allowance for doubtful accounts based on the results of this analysis. The analysis requires the Company to make significant estimates and as such, changes in facts and circumstances could result in material changes in the allowance for doubtful accounts. The Company considers any receivable balance not collected within its contractual terms past due. |
Inventories | Inventories . Inventories are valued at the lower of cost or market on a first-in, first-out basis. Inventory cost includes cost of raw material, labor and overhead. The Company writes down its inventory for obsolescence or unmarketability in an amount equal to the difference between the cost of the inventory and estimated market value based upon expected future demand and pricing. The demand and pricing is estimated based upon the historical success of product lines as well as the projected success of promotional programs, new product introductions and new markets or distribution channels. The Company prepares projections of demand and pricing on an item by item basis for all of its products. If inventory on hand exceeds projected demand or the expected market value is less than the carrying value, the excess is written down to its net realizable value. However, if actual demand or the estimate of market value decreases, additional write-downs would be required. |
Internal Use Software Development Costs | Internal Use Software Development Costs. The Company capitalizes internal use software development costs as they are incurred and amortizes such costs over their estimated useful lives of three to five years, beginning when the software is placed in service. Net unamortized costs of such amounts included in property, plant and equipment were $21.3 million and $20.1 million at December 31, 2016 and December 26, 2015 , respectively. Amortization cost related to internal use software development costs totaled $6.9 million , $5.7 million and $4.4 million in 2016 , 2015 and 2014 , respectively. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment is initially stated at cost. Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: Years Building and improvements 10 - 40 Molds 4 - 10 Production equipment 10 - 20 Distribution equipment 5 - 10 Computer/telecom equipment 3 - 5 Capitalized software 3 - 5 Depreciation expense was $43.0 million , $46.5 million and $47.3 million in 2016 , 2015 and 2014 , respectively. The Company considers the need for an impairment review when events occur that indicate that the book value of a long-lived asset may exceed its recoverable value. Upon the sale or retirement of property, plant and equipment, a gain or loss is recognized equal to the difference between sales price and net book value. Expenditures for maintenance and repairs are charged to cost of products sold or delivery, sales and administrative (DS&A) expense, depending on the asset to which the expenditure relates. |
Goodwill | Goodwill. The Company's recorded goodwill relates primarily to the December 2005 acquisition of the direct-to-consumer businesses of Sara Lee Corporation. The Company does not amortize its goodwill. Instead, the Company performs an annual assessment during the third quarter of each year to evaluate the assets in each of its reporting units for impairment, or more frequently if events or changes in circumstances indicate that a triggering event for an impairment evaluation has occurred. The annual process for evaluating goodwill begins with an assessment for each entity of qualitative factors to determine whether the two-step goodwill impairment evaluation is appropriate. The qualitative factors evaluated by the Company include: macro-economic conditions of the local business environment, overall financial performance, sensitivity analysis from the most recent step 1 fair value evaluation ("step 1"), as prescribed under ASC 350, Intangibles - Goodwill and Other , and other entity specific factors as deemed appropriate. When the Company determines the two-step goodwill impairment evaluation is appropriate, the step 1 involves comparing the fair value of a reporting unit to its carrying amount, including goodwill, after any long-lived asset impairment charges. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to determine whether there is a goodwill impairment, and if so, its amount. This step revalues all assets and liabilities of the reporting unit to their current fair value and then compares the implied fair value of the reporting unit's goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess. When a determination of fair value of the Company's reporting units is necessary, it is determined by using either the income approach or a combination of the income and market approaches, with generally a greater weighting on the income approach ( 75 percent ). The income approach, or discounted cash flow approach, requires significant assumptions to estimate the fair value of each reporting unit. These include assumptions regarding future operations and the ability to generate cash flows including projections of revenue, costs, utilization of assets and capital requirements, along with an appropriate discount rate to be used. Goodwill is further discussed in Note 6 to the Consolidated Financial Statements. |
Intangible Assets | Intangible Assets . Intangible assets are recorded at their fair market values at the date of acquisition and definite-lived intangibles are amortized over their estimated useful lives . The intangible assets included in the Company's Consolidated Financial Statements at December 31, 2016 and December 26, 2015 were related to the acquisition of the Sara Lee direct-to-consumer businesses in December 2005. The weighted average estimated useful lives of the Company's intangible assets were as follows: Weighted Average Estimated Useful Life Indefinite-lived tradenames Indefinite Definite-lived tradename 10 years The Company's indefinite-lived tradename intangible assets are evaluated for impairment annually similarly to goodwill. The annual process for assessing the carrying value of indefinite-lived tradename intangible assets begins with a qualitative assessment that is similar to the assessment performed for goodwill. When the Company determines it is appropriate, the quantitative impairment evaluation for the Company's indefinite-lived tradenames involves comparing the estimated fair value of the assets to the carrying amounts, to determine if fair value is lower and a write-down required. If the carrying amount of a tradename exceeds its estimated fair value, an impairment charge is recognized in an amount equal to the excess. The fair value of these assets is determined using the relief from royalty method, which is a form of the income approach. In this method, the value of the asset is calculated by selecting royalty rates, which estimate the amount a company would be willing to pay for the use of the asset. These rates are applied to the Company's projected revenue, tax affected and discounted to present value using an appropriate rate. The Company's definite-lived intangible asset relates to the Fuller tradename and has been amortized based on its estimated useful life of 10 years since August 2013. The Fuller tradename's useful life was estimated, at that time, based on the period that the tradename was expected to contribute directly to the Company's revenue. Definite-lived intangible assets are reviewed for impairment in a similar manner as property, plant and equipment as discussed above. Amortization related to definite-lived intangible assets is included in DS&A on the Consolidated Statements of Income. Intangible assets are further discussed in Note 6 to the Consolidated Financial Statements. |
Promotional and Other Accruals | Promotional and Other Accruals . The Company frequently makes promotional offers to members of its independent sales force to encourage them to fulfill specific goals or targets for sales levels, party attendance, additions of new sales force members or other business-critical functions. The awards offered are in the form of product awards, special prizes or trips. Programs are generally designed to recognize sales force members for achieving a primary objective. An example is to reward the independent sales force for holding a certain number of product demonstrations. In this situation, the Company offers a prize to sales force members that achieve the targeted number of product demonstrations over a specified period. The period runs from a couple of weeks to several months. The prizes are generally graded, in that meeting one level may result in receiving a piece of jewelry, with higher achievement resulting in more valuable prizes such as a television set or a trip. Similar programs are designed to reward current sales force members who reach certain goals by promoting them to a higher level in the organization where their earning opportunity would be expanded, and they would take on additional responsibilities for adding new sales force members and providing training and motivation to new and existing sales force members. Other business drivers, such as scheduling product demonstrations, increasing the number of sales force members, holding product demonstrations or increasing end consumer attendance at product demonstrations, may also be the focus of a program. The Company also offers commissions for achieving targeted sales levels. These types of awards are generally based upon the sales achievement of at least a mid-level member of the sales force and her or his down-line members. The down-line consists of those sales force members that have been directly added to the sales force by a given sales force member, as well as those added by her or his down-line member. In this manner, sales force members can build an extensive organization over time if they are committed to adding and developing their units. In addition to the commission, the positive performance of a unit may also entitle its leader to the use of a company-provided vehicle and in some cases, the permanent awarding of a vehicle. Similar to the prize programs noted earlier, these programs generally offer varying levels of vehicles that are dependent upon performance. The Company accrues for the costs of these awards during the period over which the sales force qualifies for the award and reports these costs primarily as a component of DS&A expense. These accruals require estimates as to the cost of the awards, based upon estimates of achievement and actual cost to be incurred. During the qualification period, actual results are monitored and changes to the original estimates are made when known. Promotional and other sales force compensation expenses included in DS&A expense totaled $376.2 million , $378.7 million and $430.1 million in 2016 , 2015 and 2014 , respectively. Like promotional accruals, other accruals are recorded over the time period that a liability is incurred and is both probable and reasonably estimable. Adjustments to amounts previously accrued are made when changes occur in the facts and circumstances that generated the accrual. |
Revenue Recognition | Revenue Recognition . Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer who, in most cases, is one of the Company’s independent distributors or a member of its independent sales force, and when collection is reasonably assured. Depending on the contractual arrangements for each business, revenue is recognized upon either delivery or shipment, which is when title and risk and rewards of ownership have passed to the customer. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Discounts earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. |
Shipping and Handling Costs | Shipping and Handling Costs . The cost of products sold line item includes costs related to the purchase and manufacture of goods sold by the Company. Among these costs are inbound freight charges, duties, purchasing and receiving costs, inspection costs, depreciation expense, internal transfer costs and warehousing costs of raw material, work in process and packing materials. The warehousing and distribution costs of finished goods are included in DS&A expense. Distribution costs are comprised of outbound freight and associated labor costs. Fees billed to customers associated with the distribution of products are classified as revenue. The distribution costs included in DS&A expense in 2016 , 2015 and 2014 were $137.0 million , $139.3 million and $156.6 million , respectively. |
Advertising and Research and Development Costs | Advertising and Research and Development Costs. Advertising and research and development costs are charged to expense as incurred. Advertising expense totaled $8.3 million , $13.4 million and $19.9 million in 2016 , 2015 and 2014 , respectively. Research and development costs totaled $18.3 million , $18.1 million and $19.3 million , in 2016 , 2015 and 2014 , respectively. Research and development expenses primarily include salaries, contractor costs and facility costs. Both advertising and research and development costs are included in DS&A expense. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation . The Company has several stock-based employee and director compensation plans, which are described more fully in Note 14 to the Consolidated Financial Statements. Compensation cost for share-based awards is recorded on a straight line basis over the required service period, based on the fair value of the award. The fair value of the stock option grants is estimated using the Black-Scholes option-pricing model, which requires assumptions, including dividend yield, risk-free interest rate, the estimated length of time employees will retain their stock options before exercising them (expected term) and the estimated volatility of the Company's common stock price over the expected term. These assumptions are generally based on historical averages of the Company. Furthermore, in calculating compensation expense for these awards, the Company is also required to estimate the extent to which options will be forfeited prior to vesting. Many factors are considered when estimating expected forfeitures, including types of awards, employee class and historical experience. To the extent actual results or updated estimates of forfeiture differ from current estimates, such amounts are recorded as a cumulative adjustment to the previously recorded amounts. Compensation expense associated with restricted stock, restricted stock units and performance-vested share awards is equal to the market value of the Company's common stock on the date of grant and is recorded pro rata over the required service period. The fair value of market-vested awards is based on a Monte-Carlo simulation that estimates the fair value based on the Company's share price activity between the beginning of the year and the grant date relative to a defined comparative group of companies, expected term of the award, risk-free interest rate, expected dividends, and the expected volatility of the stock of the Company and those in the comparative group. For those awards with performance vesting criteria, the expense is recorded based on an assessment of achieving the 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 straight line over the performance period regardless of actual achievement. The Company reports as a financing cash flow the tax benefits from share-based payment arrangements. For 2016 , 2015 and 2014 , the Company generated $0.6 million , $6.0 million and $6.3 million of excess tax benefits, respectively. |
Income Taxes | Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets also are recognized for credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates applicable to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. An assessment is made as to whether or not a valuation allowance is required to offset deferred tax assets. This assessment requires estimates as to future operating results, as well as an evaluation of the effectiveness of the Company's tax planning strategies. These estimates are made on an ongoing basis based upon the Company's business plans and growth strategies in each market and consequently, future material changes in the valuation allowance are possible. The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes . This guidance prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Interest and penalties related to tax contingency or settlement items are recorded as a component of the provision for income taxes in the Company's Consolidated Statements of Income. The Company records accruals for tax contingencies as a component of accrued liabilities or other long-term liabilities on its balance sheet. |
Net Income Per Common Share | Net Income Per Common Share . Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding. Diluted per share information is calculated by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. The Company's potential common stock consists of employee and director stock options, restricted stock, restricted stock units and performance share units. Performance share awards are included in the diluted per share calculation when the performance criteria are achieved. The Company's potential common stock is excluded from the basic per share calculation and is included in the diluted per share calculation when doing so would not be anti-dilutive. The elements of the earnings per share computations were as follows: (In millions, except per share amounts) 2016 2015 2014 Net income $ 223.6 $ 185.8 $ 214.4 Weighted-average shares of common stock outstanding 50.5 49.9 50.1 Common equivalent shares: Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units 0.2 0.5 0.9 Weighted-average common and common equivalent shares outstanding 50.7 50.4 51.0 Basic earnings per share $ 4.43 $ 3.72 $ 4.28 Diluted earnings per share $ 4.41 $ 3.69 $ 4.20 Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive 1.4 0.9 0.4 |
Derivative Financial Instruments | Derivative Financial Instruments. The Company recognizes in its Consolidated Balance Sheets the asset or liability associated with all derivative instruments and measures those assets and liabilities at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge. The accounting for changes in the value of a derivative accounted for as a hedge depends on the intended use of the derivative and the resulting designation of the hedge exposure. Depending on how the hedge is used and the designation, the gain or loss due to changes in value is reported either in earnings, or initially in other comprehensive income. Gains or losses that are reported in other comprehensive income are eventually recognized in earnings, with the timing of this recognition governed by ASC 815, Derivatives and Hedging . The Company uses derivative financial instruments, principally over-the-counter forward exchange contracts with major international financial institutions, to offset the effects of exchange rate changes on net investments in certain foreign subsidiaries, certain forecasted purchases, certain intercompany transactions, and certain accounts payable and accounts receivable. The Company also uses euro denominated borrowings under its Credit Agreement to hedge a portion of its net investment in foreign subsidiaries. Gains and losses on instruments designated as net equity hedges of net investments in a foreign subsidiary or on intercompany transactions that are permanent in nature are accrued as exchange rates change, and are recognized in shareholders' equity as a component of foreign currency translation adjustments within accumulated other comprehensive loss. Gains and losses on contracts designated as fair value hedges of accounts receivable, accounts payable and non-permanent intercompany transactions are accrued as exchange rates change and are recognized in income. Gains and losses on contracts designated as cash flow hedges of identifiable foreign currency forecasted purchases are deferred and initially included in other comprehensive income. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. See Note 8 to the Consolidated Financial Statements. |
Fair Value Measurements | Fair Value Measurements. The Company applies the applicable accounting guidance for fair value measurements. This guidance provides the definition of fair value, describes the method used to appropriately measure fair value in accordance with generally accepted accounting principles and outlines fair value disclosure requirements. The fair value hierarchy established under this guidance prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted prices, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value from the perspective of a market participant. The Company does not have any recurring Level 3 fair value measurements. |
Foreign Currency Translation | Foreign Currency Translation. Results of operations of foreign subsidiaries are translated into U.S. dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries, other than those of operations in highly inflationary countries, are translated into U.S. dollars using exchange rates at the balance sheet date. The related translation adjustments are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses, as well as re-measurement of financial statements of subsidiaries in highly inflationary countries, are included in income. Inflation in Venezuela has been at relatively high levels over the past few years. The Company uses a blended index of the Consumer Price Index and National Consumer Price Index for determining highly inflationary status in Venezuela. This blended index reached cumulative three-year inflation in excess of 100 percent at November 30, 2009 and as such, the Company transitioned to highly inflationary status at the beginning of its 2010 fiscal year. Gains and losses resulting from the translation of the financial statements of subsidiaries operating in highly inflationary economies are recorded in earnings. For Venezuela, the bolivar to U.S. dollar exchange rates used in translating the Company’s operating activity is based on the Simadi exchange mechanism created by the government. In 2016 , 2015 and 2014 , the net expense in connection with re-measuring net monetary assets and recording in cost of sales inventory at the exchange rate when it was purchased or manufactured compared with when it was sold was $4.3 million , $14.9 million and $42.4 million , respectively. The amounts related to remeasurement are included in other expense. As of the end of 2016 , the 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 were not material. In addition, there was $25.5 million in cumulative foreign currency translation losses related to Venezuela included in equity within the consolidated balance sheets. |
Product Warranty | Product Warranty. Tupperware® brand products are guaranteed against chipping, cracking, breaking or peeling under normal non-commercial use of the product with certain limitations. The cost of replacing defective products is not material. |
New Accounting Pronouncements | New Accounting Pronouncements . In 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. In August 2015, the FASB issued an amendment to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The August 2015 amendment also allows early adoption of the revenue standard, but not before the original effective date of December 15, 2016. In March and April 2016, the FASB issued amendments to provide clarification on implementation guidance. In May 2016, the FASB issued amendments to provide clarification on assessment of collectibility criteria, presentation of sales taxes and measurement of non-cash consideration. In addition, the amendment provided clarification and included simplification to transition guidance on contract modifications and completed contracts at transition. In December 2016, the FASB issued amendments to provide clarification on codification and guidance application. The Company has surveyed revenue recognition policies across each of its global operating segments, evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements. While there are expected to be changes in policy in certain units, the impact to the consolidated financial statements is not expected to be significant as the majority of the Company's transactions are not accounted for under industry-specific guidance that will be superseded by the new guidance and generally only consists of a single performance obligation to transfer promised goods. In February 2016, the FASB issued an amendment to existing guidance on lease accounting that requires the assets and liabilities arising from operating leases be presented in the balance sheet. This guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements. In March 2016, the FASB issued an amendment to existing guidance regarding employee share-based payments. Under the amendment, all excess tax benefits and tax deficits will be recognized in the income statement. Regardless of the impact on taxes payable, the tax benefits will be recognized in the current period and excess tax benefits will be classified as an element of cash flow operating activities. In addition, the amendment included simplification to existing guidance on forfeitures, intrinsic value and the withholding of shares for participants' personal income taxes. This guidance is effective for fiscal years beginning after December 15, 2016 and will be adopted by the Company as of the beginning of 2017. There will be an impact of adopting this standard on the consolidated financial statements that likely will lead to increased volatility of the Company's tax rate that will be dependent on the timing and intrinsic value of future share-based compensation award exercises. In August 2016, the FASB issued an amendment to existing guidance on presentation and classification of certain cash receipts and cash payments in the Statement of Cash Flows. This guidance is intended to reduce diversity in the classification of transactions related to debt prepayment or debt extinguishment costs, zero-coupon debt instruments settlement, contingent consideration payments made after a business combination, insurance claims settlement and corporate-owned life insurance settlement, distributions from equity method investments and beneficial interests in securitization transactions. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect adoption of this amendment to have an impact on its Consolidated Financial Statements. In October 2016, the FASB issued an amendment to existing guidance on income tax consequences of intra-entity transfers of assets other than inventory. Under the amendment, the income tax consequences of an intra-entity transfer of an asset other than inventory will be recognized when the transfer occurs. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements. In November 2016, the FASB issued an amendment to existing guidance on classification and presentation of changes in restricted cash on the statement of cash flows. Under the amendment, the restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the total cash balance for the period on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this amendment will not have a material impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued an amendment to existing guidance on Goodwill Impairment to simplify goodwill measurement. This guidance eliminated step 2 from the goodwill impairment test, and instead goodwill shall be tested by comparing the fair value of a reporting unit with its carrying amount. An impairment charge for the amount by which the carrying amount exceeds the fair value will be recognized; however the loss recognized will not exceed the total amount of goodwill. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, any impairment losses recognized under the new guidance could differ significantly and occur more frequently compared with amounts recognized under current guidance, particularly as it relates to the $73.2 million goodwill recorded in Fuller Mexico. |
Reclassifications | Reclassifications . Certain prior year amounts have been reclassified in the Consolidated Financial Statements to conform to current year presentation. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: Years Building and improvements 10 - 40 Molds 4 - 10 Production equipment 10 - 20 Distribution equipment 5 - 10 Computer/telecom equipment 3 - 5 Capitalized software 3 - 5 |
Schedule of Weighted Average Estimated Useful Lives of Intangible Assets | The weighted average estimated useful lives of the Company's intangible assets were as follows: Weighted Average Estimated Useful Life Indefinite-lived tradenames Indefinite Definite-lived tradename 10 years |
Schedule of Earnings Per Share | The elements of the earnings per share computations were as follows: (In millions, except per share amounts) 2016 2015 2014 Net income $ 223.6 $ 185.8 $ 214.4 Weighted-average shares of common stock outstanding 50.5 49.9 50.1 Common equivalent shares: Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units 0.2 0.5 0.9 Weighted-average common and common equivalent shares outstanding 50.7 50.4 51.0 Basic earnings per share $ 4.43 $ 3.72 $ 4.28 Diluted earnings per share $ 4.41 $ 3.69 $ 4.20 Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive 1.4 0.9 0.4 |
Re-engineering Costs (Tables)
Re-engineering Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Re-engineering Charges | Pretax costs incurred in the re-engineering and impairment charges caption by category were as follows: (In millions) 2016 2015 2014 Severance $ 5.4 $ 5.0 $ 7.4 Other 2.2 1.8 3.6 Total re-engineering charges $ 7.6 $ 6.8 $ 11.0 Pretax costs incurred in connection with the re-engineering program included above and other amounts allocated to cost of products sold were as follows: (In millions) 2016 2015 2014 Re-engineering charges $ 7.6 $ 6.8 $ 11.0 Cost of products sold — — 2.3 Total pretax re-engineering costs $ 7.6 $ 6.8 $ 13.3 |
Schedule of Restructuring Reserve by Type of Cost | The balances included in accrued liabilities related to re-engineering and impairment charges as of December 31, 2016 , December 26, 2015 , and December 27, 2014 were as follows: (In millions) 2016 2015 2014 Beginning balance $ 1.7 $ 2.4 $ 2.6 Provision 7.6 6.8 11.0 Non-cash charges (0.3 ) (0.2 ) (1.8 ) Cash expenditures: Severance (5.2 ) (5.8 ) (7.1 ) Other (2.2 ) (1.5 ) (2.3 ) Ending balance $ 1.6 $ 1.7 $ 2.4 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Components of Inventories | Inventories (In millions) 2016 2015 Finished goods $ 189.4 $ 203.2 Work in process 23.0 21.0 Raw materials and supplies 28.0 30.4 Total inventories $ 240.4 $ 254.6 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment (In millions) 2016 2015 Land $ 36.7 $ 35.3 Buildings and improvements 194.1 194.1 Molds 624.7 624.7 Production equipment 264.3 270.6 Distribution equipment 37.4 36.3 Computer/telecom equipment 45.2 46.2 Furniture and fixtures 15.8 10.9 Capitalized software 69.5 76.0 Construction in progress 29.3 26.6 Total property, plant and equipment 1,317.0 1,320.7 Less accumulated depreciation (1,057.2 ) (1,067.1 ) Property, plant and equipment, net $ 259.8 $ 253.6 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | (In millions) 2016 2015 Income taxes payable $ 23.1 $ 25.0 Compensation and employee benefits 73.0 83.4 Advertising and promotion 57.6 62.1 Taxes other than income taxes 24.5 22.3 Pensions 2.7 4.0 Post-retirement benefits 1.7 1.9 Dividends payable 34.4 34.3 Foreign currency contracts 31.7 14.6 Other 75.3 77.2 Total accrued liabilities $ 324.0 $ 324.8 |
Schedule of Other Liabilities | (In millions) 2016 2015 Post-retirement benefits $ 15.4 $ 16.4 Pensions 123.0 126.4 Income taxes 22.5 18.7 Deferred income tax 17.6 16.9 Other 42.9 36.6 Total other liabilities $ 221.4 $ 215.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table reflects gross goodwill and accumulated impairments allocated to each reporting segment at December 31, 2016 , December 26, 2015 and December 27, 2014 : (In millions) Europe Asia Pacific TW North America Beauty North America South America Total Gross goodwill balance at December 27, 2014 $ 30.3 $ 75.4 $ 16.3 $ 142.6 $ 4.8 $ 269.4 Effect of changes in exchange rates (1.4 ) (0.7 ) — (15.1 ) (1.2 ) (18.4 ) Gross goodwill balance at December 26, 2015 28.9 74.7 16.3 127.5 3.6 251.0 Effect of changes in exchange rates 0.4 1.2 — (15.4 ) 0.1 (13.7 ) Gross goodwill balance at December 31, 2016 $ 29.3 $ 75.9 $ 16.3 $ 112.1 $ 3.7 $ 237.3 (In millions) Europe Asia Pacific TW North America Beauty North America South America Total Cumulative impairments as of December 27, 2014 $ 24.5 $ 41.3 $ — $ 38.9 $ — $ 104.7 Goodwill impairment — — — — — — Cumulative impairments as of December 26, 2015 24.5 41.3 — 38.9 — 104.7 Goodwill impairment — — — — — — Cumulative impairments as of December 31, 2016 $ 24.5 $ 41.3 $ — $ 38.9 $ — $ 104.7 |
Schedule of Intangible Assets | The gross carrying amount and accumulated amortization of the Company's intangible assets, other than goodwill, were as follows: December 31, 2016 (In millions) Gross Carrying Value Accumulated Amortization Net Indefinite-lived tradenames $ 20.6 $ — $ 20.6 Definite-lived tradename 70.0 23.3 46.7 Total intangible assets $ 90.6 $ 23.3 $ 67.3 December 26, 2015 (In millions) Gross Carrying Value Accumulated Amortization Net Indefinite-lived tradenames $ 20.1 $ — $ 20.1 Definite-lived tradename 81.7 19.1 62.6 Total intangible assets $ 101.8 $ 19.1 $ 82.7 |
Schedule of Identifiable Intangible Assets | A summary of the identifiable intangible asset account activity is as follows: Year Ended (In millions) December 31, December 26, Beginning balance $ 101.8 $ 116.8 Effect of changes in exchange rates (11.2 ) (15.0 ) Ending balance $ 90.6 $ 101.8 |
Financing Obligations (Tables)
Financing Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt and Capital Lease Obligations | Debt obligations consisted of the following: (In millions) 2016 2015 Fixed rate Senior Notes due 2021 $ 599.4 $ 599.3 Five year Revolving Credit Agreement 104.0 155.8 Belgium facility capital lease 8.4 10.6 Other 0.1 5.0 Total debt obligations 711.9 770.7 Less current portion (105.9 ) (162.5 ) Long-term debt and capital lease obligations $ 606.0 $ 608.2 |
Schedule of Short-term Debt | (Dollars in millions) 2016 2015 Total short-term borrowings at year-end $ 104.0 $ 160.4 Weighted average interest rate at year-end 1.5 % 1.5 % Average short-term borrowings during the year $ 357.4 $ 394.9 Weighted average interest rate for the year 1.8 % 1.5 % Maximum short-term borrowings during the year $ 429.3 $ 444.8 |
Contractual Maturities for Debt Obligations | Contractual maturities for debt obligations at December 31, 2016 are summarized by year as follows (in millions): Year ending: Amount December 30, 2017 $ 105.9 December 29, 2018 1.8 December 28, 2019 1.4 December 26, 2020 1.2 December 25, 2021 600.6 Thereafter 1.0 Total $ 711.9 |
Schedule of Capital Lease Obligations | Following is a summary of significant capital lease obligations at December 31, 2016 and December 26, 2015 : (In millions) December 31, December 26, Gross payments $ 9.4 $ 12.2 Less imputed interest 1.0 1.6 Total capital lease obligation 8.4 10.6 Less current maturity 1.8 1.8 Capital lease obligation - long-term portion $ 6.6 $ 8.8 |
Derivative Financial Instrume38
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Positions and Impact on Financial Position | 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 2016 2015 Balance sheet location 2016 2015 Foreign exchange contracts Non-trade amounts receivable $ 41.1 $ 21.5 Accrued liabilities $ 31.7 $ 14.6 |
Schedule of Derivative Positions and Impact on Results of Operations and Comprehensive Income | The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the years ended December 31, 2016 , December 26, 2015 and December 27, 2014 : 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 2016 2015 2014 2016 2015 2014 Foreign exchange contracts Other expense $ (41.8 ) $ (83.6 ) $ (36.6 ) Other expense $42.1 $83.8 $35.0 The following table summarizes the impact of Company's hedging activities on comprehensive income for the years ended December 31, 2016 , December 26, 2015 and December 27, 2014 : 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 amounts excluded from effectiveness testing) Cash flow hedging relationships 2016 2015 2014 2016 2015 2014 2016 2015 2014 Foreign exchange contracts $ 6.7 $ 14.5 $ 15.9 Cost of products sold $ 5.7 $ 19.2 $ 9.1 Interest expense $ (5.6 ) $ (7.7 ) $ (4.9 ) Net equity hedging relationships Foreign exchange contracts 41.0 74.2 38.8 Other expense — — — Interest expense (20.8 ) (16.8 ) (13.3 ) Euro denominated debt 3.7 11.1 1.1 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | (In millions, net of tax) Foreign Currency Items Cash Flow Hedges Pension and Other Post-retirement Items Total December 28, 2013 $ (283.1 ) $ 2.2 $ (35.9 ) $ (316.8 ) Other comprehensive income (loss) before reclassifications (85.2 ) 12.7 (14.9 ) (87.4 ) Amounts reclassified from accumulated other comprehensive loss — (7.1 ) 2.6 (4.5 ) Net other comprehensive income (loss) (85.2 ) 5.6 (12.3 ) (91.9 ) December 27, 2014 $ (368.3 ) $ 7.8 $ (48.2 ) $ (408.7 ) Other comprehensive income (loss) before reclassifications (122.3 ) 11.3 8.9 (102.1 ) Amounts reclassified from accumulated other comprehensive loss — (14.8 ) 3.6 (11.2 ) Net other comprehensive income (loss) (122.3 ) (3.5 ) 12.5 (113.3 ) December 26, 2015 $ (490.6 ) $ 4.3 $ (35.7 ) $ (522.0 ) Other comprehensive income (loss) before reclassifications (53.7 ) 4.9 (0.9 ) (49.7 ) Amounts reclassified from accumulated other comprehensive loss — (4.3 ) 4.5 0.2 Net other comprehensive income (loss) (53.7 ) 0.6 3.6 (49.5 ) December 31, 2016 $ (544.3 ) $ 4.9 $ (32.1 ) $ (571.5 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | For income tax purposes, the domestic and foreign components of income (loss) before taxes were as follows: (In millions) 2016 2015 2014 Domestic $ (44.8 ) $ (67.5 ) $ (35.5 ) Foreign 346.1 327.4 333.7 Total $ 301.3 $ 259.9 $ 298.2 |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes was as follows: (In millions) 2016 2015 2014 Current: Federal $ (23.8 ) $ (22.8 ) $ 11.5 Foreign 114.1 92.6 114.8 State 1.4 (0.8 ) 1.5 91.7 69.0 127.8 Deferred: Federal (14.7 ) (13.8 ) (40.6 ) Foreign 0.2 18.2 (1.9 ) State 0.5 0.7 (1.5 ) (14.0 ) 5.1 (44.0 ) Total $ 77.7 $ 74.1 $ 83.8 |
Effective Income Tax Provisions Reconciliation | The differences between the provision for income taxes and income taxes computed using the U.S. federal statutory rate were as follows: (In millions) 2016 2015 2014 Amount computed using statutory rate $ 105.5 $ 91.0 $ 104.4 Increase (reduction) in taxes resulting from: Net impact from repatriating foreign earnings and direct foreign tax credits (16.3 ) (7.9 ) (17.7 ) Foreign income taxes (7.5 ) (4.6 ) (20.6 ) Impact of non-deductible currency translation losses — 3.1 19.0 Impact of changes in U.S. tax legislation (2.7 ) — — Other changes in valuation allowances for deferred tax assets (0.1 ) (0.4 ) (0.5 ) Foreign and domestic tax audit settlement and adjustments — (2.4 ) — Other (1.2 ) (4.7 ) (0.8 ) Total $ 77.7 $ 74.1 $ 83.8 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) were composed of the following: (In millions) 2016 2015 Purchased intangibles $ (21.7 ) $ (26.6 ) Other (14.1 ) (9.2 ) Gross deferred tax liabilities (35.8 ) (35.8 ) Credit and net operating loss carry forwards (net of unrecognized tax benefits) 301.2 293.6 Employee benefits accruals 63.1 63.2 Deferred costs 92.2 80.7 Fixed assets basis differences 22.4 33.6 Capitalized intangibles 34.2 32.7 Other accruals 32.1 27.8 Accounts receivable 11.3 10.5 Post-retirement benefits 7.1 7.5 Depreciation 13.4 7.2 Inventory 6.4 10.0 Gross deferred tax assets 583.4 566.8 Valuation allowances (24.8 ) (23.1 ) Net deferred tax assets $ 522.8 $ 507.9 |
Unrecognized Tax Benefits Rollforward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In millions) 2016 2015 2014 Balance, beginning of year $ 21.8 $ 22.5 $ 27.4 Additions based on tax positions related to the current year 2.7 3.3 3.9 Additions for tax positions of prior year 1.2 3.4 1.2 Reduction for tax positions of prior years (1.2 ) (1.6 ) (3.1 ) Settlements — (1.1 ) (1.9 ) Reductions for lapse in statute of limitations (3.1 ) (3.2 ) (3.7 ) Impact of foreign currency rate changes versus the U.S. dollar (0.7 ) (1.5 ) (1.3 ) Balance, end of year $ 20.7 $ 21.8 $ 22.5 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Funded Status of Company's Plan | The funded status of all of the Company's plans was as follows: U.S. plans Foreign plans Pension benefits Post-retirement benefits Pension benefits (In millions) 2016 2015 2016 2015 2016 2015 Change in benefit obligations: Beginning balance $ 59.2 $ 67.6 $ 18.3 $ 20.4 $ 183.3 $ 197.7 Service cost 0.3 0.3 0.1 0.1 11.3 10.3 Interest cost 2.2 2.3 0.7 0.7 4.5 4.5 Actuarial (gain) loss (2.9 ) (8.6 ) (0.2 ) (1.0 ) 7.3 (0.6 ) Benefits paid (0.9 ) (2.2 ) (1.9 ) (1.8 ) (7.8 ) (11.1 ) Impact of exchange rates — — — (0.1 ) (11.0 ) (16.8 ) Plan participant contributions — — — — 0.8 4.2 Settlements/Curtailments (8.1 ) (0.2 ) — — (8.8 ) (4.9 ) Ending balance $ 49.8 $ 59.2 $ 17.0 $ 18.3 $ 179.6 $ 183.3 Change in plan assets at fair value: Beginning balance $ 33.9 $ 35.5 $ — $ — $ 78.2 $ 79.3 Actual return on plan assets 2.8 0.3 — — 2.2 3.1 Company contributions — 0.8 1.9 1.8 14.2 12.1 Plan participant contributions — — — — 0.8 4.2 Benefits and expenses paid (1.6 ) (2.5 ) (1.9 ) (1.8 ) (7.8 ) (11.1 ) Impact of exchange rates — — — — (1.9 ) (4.6 ) Settlements (8.1 ) (0.2 ) — — (8.8 ) (4.8 ) Ending balance $ 27.0 $ 33.9 $ — $ — $ 76.9 $ 78.2 Funded status of plans $ (22.8 ) $ (25.3 ) $ (17.0 ) $ (18.3 ) $ (102.7 ) $ (105.1 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the balance sheet consisted of: (In millions) December 31, December 26, Accrued benefit liability $ (142.5 ) $ (148.7 ) Accumulated other comprehensive loss (pretax) 44.4 47.6 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Items not yet recognized as a component of pension expense as of December 31, 2016 and December 26, 2015 consisted of: 2016 2015 (In millions) Pension Post-retirement Pension Post-retirement Transition obligation $ 2.2 $ — $ 2.1 $ — Prior service cost (benefit) 1.1 (7.3 ) 1.2 (8.7 ) Net actuarial loss 47.4 1.0 51.7 1.3 Accumulated other comprehensive loss(income) pretax $ 50.7 $ (6.3 ) $ 55.0 $ (7.4 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Components of other comprehensive loss (income) for the years ended December 31, 2016 and December 26, 2015 consisted of the following: 2016 2015 (In millions) Pension Benefits Post-retirement Benefits Pension Benefits Post-retirement Benefits Net prior service cost (benefit) — 1.3 (0.1 ) 1.9 Net actuarial (gain) (12.3 ) (0.2 ) (13.2 ) (1.6 ) Impact of exchange rates 8.0 — (5.6 ) — Other comprehensive (income) loss $ (4.3 ) $ 1.1 $ (18.9 ) $ 0.3 |
Components of Net Periodic Benefit Cost and Weighted Average Assumptions | The costs associated with all of the Company's plans were as follows: Pension benefits Post-retirement benefits (Dollars in millions) 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost: Service cost and expenses $ 11.8 $ 10.8 $ 10.8 $ 0.1 $ 0.1 $ 0.1 Interest cost 6.7 6.9 8.6 0.7 0.7 1.1 Return on plan assets (5.3 ) (5.3 ) (5.8 ) — — — Settlement/Curtailment 3.9 1.7 1.8 — — — Employee contributions (0.2 ) (0.2 ) (0.3 ) — — — Net deferral 2.7 4.5 2.7 (1.3 ) (1.3 ) (0.6 ) Net periodic benefit cost (income) $ 19.6 $ 18.4 $ 17.8 $ (0.5 ) $ (0.5 ) $ 0.6 Weighted average assumptions: U.S. plans Discount rate, net periodic benefit cost 3.9 % 3.6 % 3.9 % 4.0 % 3.8 % 4.5 % Discount rate, benefit obligations 3.7 3.9 3.5 4.0 4.0 3.8 Return on plan assets 8.3 8.3 8.3 n/a n/a n/a Salary growth rate, net periodic benefit cost — 3.0 3.0 n/a n/a n/a Salary growth rate, benefit obligations — — 3.0 n/a n/a n/a Foreign plans Discount rate 2.3 % 2.4 % 2.6 % n/a n/a n/a Return on plan assets 3.2 3.4 3.8 n/a n/a n/a Salary growth rate 2.9 3.1 3.2 n/a n/a n/a |
Schedule of Allocation of Plan Assets | The Company's weighted-average asset allocations at December 31, 2016 and December 26, 2015 , by asset category, were as follows: 2016 2015 Asset category U.S. plans Foreign plans U.S. plans Foreign plans Equity securities 62 % 27 % 63 % 27 % Fixed income securities 38 16 37 16 Cash and money market investments — 6 — 6 Guaranteed contracts — 50 — 50 Other — 1 — 1 Total 100 % 100 % 100 % 100 % The fair value of the Company's pension plan assets at December 31, 2016 by asset category was as follows: Description of assets (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic plans: Common/collective trust (a) $ 27.0 $ — $ 27.0 $ — Foreign plans: Australia Investment fund (b) 2.6 — 2.6 — Switzerland Guaranteed insurance contract (c) 28.5 — — 28.5 Germany Guaranteed insurance contract (c) 5.0 — — 5.0 Belgium Mutual fund (d) 21.8 21.8 — — Austria Guaranteed insurance contract (c) 0.4 — — 0.4 Korea Guaranteed insurance contract (c) 4.0 — — 4.0 Japan Common/collective trust (e) 10.9 — 10.9 — Philippines Fixed income securities (f) 1.4 1.4 — — Equity fund (f) 2.3 2.3 — — Total $ 103.9 $ 25.5 $ 40.5 $ 37.9 The fair value of the Company's pension plan assets at December 26, 2015 by asset category was as follows: Description of assets (in millions) December 26, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic plans: Common/collective trust (a) $ 33.9 $ — $ 33.9 $ — Foreign plans: Australia Investment fund (b) 2.3 — 2.3 — Switzerland Guaranteed insurance contract (c) 30.9 — — 30.9 Germany Guaranteed insurance contract (c) 5.0 — — 5.0 Belgium Mutual funds (d) 21.8 21.8 — — Austria Guaranteed insurance contract (c) 0.4 — — 0.4 Korea Guaranteed insurance contract (c) 2.4 — — 2.4 Japan Common/collective trust (e) 11.1 — 11.1 — Philippines Fixed income securities (f) 1.4 1.4 — — Equity fund (f) 2.9 2.9 — — Total $ 112.1 $ 26.1 $ 47.3 $ 38.7 ____________________ (a) The investment strategy of the U.S. pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60 percent in equity securities and 40 percent in fixed income securities. As of the years ended December 31, 2016 and December 26, 2015 , the common trusts held 62 percent and 63 percent of its assets in equity securities and 38 percent and 37 percent in fixed income securities, respectively. The percentage of funds invested in equity securities at the end of 2016 and 2015 , included: 10 percent in international stocks, 20 percent in small U.S. stocks in each year, and 32 percent and 33 percent in large U.S. stocks, respectively. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. (b) For each period presented, the strategy of this fund is to achieve a long-term net return of at least 4 percent above inflation based on the Australian consumer price index over a rolling five-year period. The investment strategy is to invest mainly in equities and property, which are expected to earn relatively higher returns over the long term. The fair value of the fund is determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 31, 2016 and December 26, 2015 , the percentage of funds held in investments included: Australian equities of 31 percent and 29 percent , other equities of listed companies outside of Australia of 41 percent and 42 percent , real estate of 9 percent and 10 percent , respectively, and government and corporate bonds of 12 percent and cash of 7 percent in each year. (c) The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. (d) The strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62 percent in equity securities and 38 percent in fixed income securities. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 31, 2016 and December 26, 2015 , the percentage of funds held in various asset classes included: large-cap equities of European companies of 27 percent and 24 percent , small-cap equities of European companies of 17 percent and 19 percent , bonds, primarily from European and U.S. governments, of 32 percent and 31 percent , and money market fund of 17 percent and 18 percent , and equities outside of Europe, mainly in the U.S. and emerging markets, 7 percent and 8 percent , respectively. (e) The Company's strategy is to invest approximately 47 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 53 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 40 percent equities in Japanese listed securities, 7 percent in equities outside of Japan, 3 percent in cash and other short-term investments and 50 percent in domestic Japanese bonds. This strategy has been achieved through a collective trust that held 100 percent of total funded assets as of December 31, 2016 and December 26, 2015 . As of the end of December 31, 2016 and December 26, 2015 , the allocation of funds within the common collective trust included: 40 percent and 50 percent in Japanese equities, 50 percent and 40 percent in Japanese bonds, respectively, and 7 percent in equities of companies based outside of Japan and 3 percent in cash and other short term investments in each year. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. (f) In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57 percent in equity securities, 38 percent fixed income securities and 5 percent in cash and deposits. The fixed income securities at year end included assets valued using a weighted average of completed deals on similarly termed government securities, as well as balances invested in short term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded. |
Schedule of Reconciliation of Fair Value Measurements in Level 3 | The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): Year Ending (In millions) December 31, December 26, Beginning balance $ 38.7 $ 36.7 Realized gains 0.9 0.7 Purchases, sales and settlements, net (0.4 ) 2.5 Impact of exchange rates (1.3 ) (1.2 ) Ending balance $ 37.9 $ 38.7 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the Company's U.S. and foreign plans (in millions): Years Pension benefits Post-retirement benefits Total 2017 $13.2 $1.8 $15.0 2018 15.9 1.7 17.6 2019 22.7 1.6 24.3 2020 11.7 1.5 13.2 2021 12.2 1.4 13.6 2022-2026 66.6 5.8 72.4 |
Incentive Compensation Plans (T
Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock option valuation assumptions | The fair value of the Company's stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used in the last three years: 2016 2015 2014 Dividend yield 4.7 % 4.3 % 3.3 % Expected volatility 30 % 36 % 40 % Risk-free interest rate 2.1 % 2.1 % 2.1 % Expected life 7 years 7 years 7 years |
Stock option activity | Stock option activity for 2016 , 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 26, 2015 2,100,478 $56.92 Granted 666,848 58.90 Expired/Forfeited (12,119 ) 59.79 Exercised (32,242 ) 24.54 Outstanding at December 31, 2016 2,722,965 $57.78 $5.2 Exercisable at December 31, 2016 1,601,018 $57.37 $5.2 |
Schedule of restricted stock, restricted stock units, performance vested and market vested award activity | Restricted stock, restricted stock units, performance-vested and market-vested share award activity for 2016 under all of the Company's incentive plans is summarized in the following table: Non-vested Shares outstanding Weighted average grant date per share fair value Outstanding at December 26, 2015 550,467 $69.71 Time-vested shares granted 180,207 59.06 Market-vested shares granted 30,019 49.55 Performance shares granted 89,321 49.95 Performance share adjustments 369 58.50 Vested (221,583 ) 72.77 Forfeited (25,860 ) 70.37 Outstanding at December 31, 2016 602,940 $61.28 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | (In millions) 2016 2015 2014 Net sales: Europe $ 559.4 $ 612.9 $ 740.6 Asia Pacific 748.6 771.0 839.6 Tupperware North America 358.3 353.7 349.9 Beauty North America 190.0 240.0 290.9 South America 356.8 306.2 385.1 Total net sales $ 2,213.1 $ 2,283.8 $ 2,606.1 Segment profit: Europe $ 65.3 $ 92.4 $ 117.5 Asia Pacific 181.0 175.9 191.7 Tupperware North America 69.7 67.4 68.3 Beauty North America (3.6 ) 2.3 1.3 South America 82.2 46.5 27.1 Total segment profit $ 394.6 $ 384.5 $ 405.9 Unallocated expenses (67.6 ) (72.8 ) (55.9 ) Re-engineering and impairment charges (a) (7.6 ) (20.3 ) (11.0 ) Gains on disposal of assets (b) 27.3 13.7 2.7 Interest expense, net (45.4 ) (45.2 ) (43.5 ) Income before taxes $ 301.3 $ 259.9 $ 298.2 (In millions) 2016 2015 2014 Depreciation and amortization: Europe $ 15.9 $ 17.3 $ 20.5 Asia Pacific 14.5 14.9 12.8 Tupperware North America 10.2 10.5 9.6 Beauty North America 8.5 10.8 11.8 South America 3.3 4.1 4.2 Corporate 5.1 4.8 4.8 Total depreciation and amortization $ 57.5 $ 62.4 $ 63.7 Capital expenditures: Europe $ 15.6 $ 18.2 $ 18.9 Asia Pacific 12.0 12.3 19.3 Tupperware North America 9.1 9.2 11.8 Beauty North America 2.8 3.4 3.1 South America 12.4 8.9 12.6 Corporate 9.7 9.1 3.7 Total capital expenditures $ 61.6 $ 61.1 $ 69.4 Identifiable assets: Europe $ 257.2 $ 276.5 $ 343.4 Asia Pacific 278.6 290.2 315.3 Tupperware North America 119.0 121.2 137.1 Beauty North America 214.7 254.0 317.0 South America 124.6 96.9 131.1 Corporate 593.7 559.4 525.9 Total identifiable assets $ 1,587.8 $ 1,598.2 $ 1,769.8 ____________________ (a) See Note 2 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. (b) Gains on disposal of assets in 2016 , 2015 and 2014 include $26.5 million , $12.9 million and $1.3 million from transactions related to land near the Orlando, FL headquarters. |
Allowance for Long-Term Recei44
Allowance for Long-Term Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |
Allowance for Credit Losses on Financing Receivables Table | The balance of the allowance for long-term receivables as of December 31, 2016 was as follows: (In millions) Balance at December 26, 2015 $ 11.2 Write-offs (2.0 ) Provision (a) 2.0 Currency translation adjustment (0.2 ) Balance at December 31, 2016 $ 11.0 ____________________ (a) Provision includes $1.6 million of reclassifications from current receivables. |
Guarantor Information (Tables)
Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidating Statement of Income | Consolidating Statement of Income Year ended December 31, 2016 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 2,219.1 $ (6.0 ) $ 2,213.1 Other revenue — 126.9 29.3 (156.2 ) — Cost of products sold — 29.4 838.9 (153.3 ) 715.0 Gross margin — 97.5 1,409.5 (8.9 ) 1,498.1 Delivery, sales and administrative expense 19.1 78.1 1,082.5 (8.9 ) 1,170.8 Re-engineering and impairment charges — 1.2 6.4 — 7.6 Gains on disposal of assets including insurance recoveries, net — — 27.3 — 27.3 Operating income (loss) (19.1 ) 18.2 347.9 — 347.0 Interest income 20.9 1.8 27.1 (46.4 ) 3.4 Interest expense 34.9 51.5 8.8 (46.4 ) 48.8 Income from equity investments in subsidiaries 242.3 240.9 — (483.2 ) — Other expense 0.1 (33.6 ) 33.8 — 0.3 Income before income taxes 209.1 243.0 332.4 (483.2 ) 301.3 Provision (benefit) for income taxes (14.5 ) 5.1 87.1 — 77.7 Net income $ 223.6 $ 237.9 $ 245.3 $ (483.2 ) $ 223.6 Comprehensive income $ 174.1 $ 188.0 $ 163.8 $ (351.8 ) $ 174.1 Consolidating Statement of Income Year ended December 26, 2015 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 2,288.6 $ (4.8 ) $ 2,283.8 Other revenue — 123.9 31.6 (155.5 ) — Cost of products sold — 31.6 864.0 (151.2 ) 744.4 Gross margin — 92.3 1,456.2 (9.1 ) 1,539.4 Delivery, sales and administrative expense 20.6 78.6 1,127.5 (9.1 ) 1,217.6 Re-engineering and impairment charges — — 20.3 — 20.3 Gains on disposal of assets including insurance recoveries, net — — 13.7 — 13.7 Operating income (loss) (20.6 ) 13.7 322.1 — 315.2 Interest income 19.6 22.5 7.4 (47.1 ) 2.4 Interest expense 36.4 37.7 20.6 (47.1 ) 47.6 Income from equity investments in subsidiaries 208.1 203.6 — (411.7 ) — Other expense — 0.6 9.5 — 10.1 Income before income taxes 170.7 201.5 299.4 (411.7 ) 259.9 Provision (benefit) for income taxes (15.1 ) (4.0 ) 93.2 — 74.1 Net income $ 185.8 $ 205.5 $ 206.2 $ (411.7 ) $ 185.8 Comprehensive income $ 72.5 $ 84.0 $ 104.0 $ (188.0 ) $ 72.5 Consolidating Statement of Income Year ended December 27, 2014 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 2,613.9 $ (7.8 ) $ 2,606.1 Other revenue — 138.5 25.9 (164.4 ) — Cost of products sold — 25.9 1,020.8 (162.7 ) 884.0 Gross margin — 112.6 1,619.0 (9.5 ) 1,722.1 Delivery, sales and administrative expense 19.5 67.1 1,269.0 (9.5 ) 1,346.1 Re-engineering and impairment charges — 0.1 10.9 — 11.0 Gains on disposal of assets including insurance recoveries, net — — 2.7 — 2.7 Operating income (loss) (19.5 ) 45.4 341.8 — 367.7 Interest income 0.4 28.9 4.4 (30.7 ) 3.0 Interest expense 36.3 20.7 20.2 (30.7 ) 46.5 Income from equity investments in subsidiaries 250.3 217.4 — (467.7 ) — Other expense — 0.2 25.8 — 26.0 Income before income taxes 194.9 270.8 300.2 (467.7 ) 298.2 Provision (benefit) for income taxes (19.5 ) 20.8 82.5 — 83.8 Net income $ 214.4 $ 250.0 $ 217.7 $ (467.7 ) $ 214.4 Comprehensive income $ 122.5 $ 160.9 $ 166.4 $ (327.3 ) $ 122.5 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet December 31, 2016 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ 0.5 $ 92.7 $ — $ 93.2 Accounts receivable, net — — 125.3 — 125.3 Inventories — — 240.4 — 240.4 Non-trade amounts receivable, net — 50.5 85.1 (70.7 ) 64.9 Intercompany receivables 11.9 935.8 270.3 (1,218.0 ) — Prepaid expenses and other current assets 1.1 5.4 100.9 (85.9 ) 21.5 Total current assets 13.0 992.2 914.7 (1,374.6 ) 545.3 Deferred income tax benefits, net 142.7 193.2 203.8 — 539.7 Property, plant and equipment, net — 50.4 209.4 — 259.8 Long-term receivables, net — 0.1 13.1 — 13.2 Tradenames, net — — 67.3 — 67.3 Goodwill — 2.9 129.7 — 132.6 Investments in subsidiaries 1,356.7 1,321.3 — (2,678.0 ) — Intercompany notes receivable 479.4 95.6 725.6 (1,300.6 ) — Other assets, net 1.2 1.2 57.8 (30.3 ) 29.9 Total assets $ 1,993.0 $ 2,656.9 $ 2,321.4 $ (5,383.5 ) $ 1,587.8 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 5.0 $ 112.7 $ — $ 117.7 Short-term borrowings and current portion of long-term debt and capital lease obligations 104.0 — 1.9 — 105.9 Intercompany payables 858.9 263.4 95.7 (1,218.0 ) — Accrued liabilities 130.9 102.8 246.9 (156.6 ) 324.0 Total current liabilities 1,093.8 371.2 457.2 (1,374.6 ) 547.6 Long-term debt and capital lease obligations 599.4 — 6.6 — 606.0 Intercompany notes payable 77.0 928.0 295.6 (1,300.6 ) — Other liabilities 10.0 56.8 184.9 (30.3 ) 221.4 Shareholders' equity 212.8 1,300.9 1,377.1 (2,678.0 ) 212.8 Total liabilities and shareholders' equity $ 1,993.0 $ 2,656.9 $ 2,321.4 $ (5,383.5 ) $ 1,587.8 Condensed Consolidating Balance Sheet December 26, 2015 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ — $ 79.8 $ — $ 79.8 Accounts receivable, net — — 142.7 — 142.7 Inventories — — 254.6 — 254.6 Non-trade amounts receivable, net 0.1 30.1 109.6 (94.3 ) 45.5 Intercompany receivables 11.8 754.2 228.8 (994.8 ) — Prepaid expenses and other current assets 1.1 3.3 118.1 (94.6 ) 27.9 Total current assets 13.0 787.6 933.6 (1,183.7 ) 550.5 Deferred income tax benefits, net 143.5 219.9 161.5 — 524.9 Property, plant and equipment, net — 46.6 207.0 — 253.6 Long-term receivables, net — 0.1 13.1 — 13.2 Tradenames, net — — 82.7 — 82.7 Goodwill — 2.9 143.4 — 146.3 Investment in subsidiaries 1,164.8 1,190.1 — (2,354.9 ) — Intercompany notes receivable 462.0 90.5 579.7 (1,132.2 ) — Other assets, net 1.6 0.6 108.1 (83.3 ) 27.0 Total assets $ 1,784.9 $ 2,338.3 $ 2,229.1 $ (4,754.1 ) $ 1,598.2 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 3.3 $ 123.5 $ (0.1 ) $ 126.7 Short-term borrowings and current portion of long-term debt and capital lease obligations 90.4 1.2 70.9 — 162.5 Intercompany payables 688.2 224.2 82.4 (994.8 ) — Accrued liabilities 155.1 111.5 247.1 (188.9 ) 324.8 Total current liabilities 933.7 340.2 523.9 (1,183.8 ) 614.0 Long-term debt and capital lease obligations 599.3 — 8.9 — 608.2 Intercompany notes payable 78.5 768.1 285.6 (1,132.2 ) — Other liabilities 12.4 107.8 178.0 (83.2 ) 215.0 Shareholders' equity 161.0 1,122.2 1,232.7 (2,354.9 ) 161.0 Total liabilities and shareholders' equity $ 1,784.9 $ 2,338.3 $ 2,229.1 $ (4,754.1 ) $ 1,598.2 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Year ended December 31, 2016 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ (29.9 ) $ (0.8 ) $ 275.2 $ (5.9 ) $ 238.6 Investing Activities: Capital expenditures — (16.0 ) (45.6 ) — (61.6 ) Proceeds from disposal of property, plant and equipment — — 35.9 — 35.9 Net intercompany loans (18.9 ) (186.4 ) (194.5 ) 399.8 — Net cash provided by (used in) investing activities (18.9 ) (202.4 ) (204.2 ) 399.8 (25.7 ) Financing Activities: Dividend payments to shareholders (138.8 ) — — — (138.8 ) Dividend payments to parent — — (21.2 ) 21.2 — Net proceeds from issuance of senior notes (0.2 ) — 0.2 — — Proceeds from exercise of stock options 0.8 — — — 0.8 Repurchase of common stock (1.7 ) — — — (1.7 ) Repayment of long-term debt and capital lease obligations — — (2.2 ) — (2.2 ) Net change in short-term debt 17.5 (1.2 ) (68.3 ) — (52.0 ) Excess tax benefits from share-based payment arrangements 0.6 — — — 0.6 Net intercompany borrowings 170.6 204.9 39.6 (415.1 ) — Net cash provided by (used in) financing activities 48.8 203.7 (51.9 ) (393.9 ) (193.3 ) Effect of exchange rate changes on cash and cash equivalents — — (6.2 ) — (6.2 ) Net change in cash and cash equivalents — 0.5 12.9 — 13.4 Cash and cash equivalents at beginning of year — — 79.8 — 79.8 Cash and cash equivalents at end of period $ — $ 0.5 $ 92.7 $ — $ 93.2 Condensed Consolidating Statement of Cash Flows Year ended December 26, 2015 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 438.9 $ 230.6 $ 66.4 $ (510.2 ) $ 225.7 Investing Activities: Capital expenditures — (14.7 ) (46.4 ) — (61.1 ) Proceeds from disposal of property, plant and equipment — — 18.0 — 18.0 Net intercompany loans (335.7 ) 296.3 492.0 (452.6 ) — Return of capital — 105.5 — (105.5 ) — Net cash provided by (used in) investing activities (335.7 ) 387.1 463.6 (558.1 ) (43.1 ) Financing Activities: Dividend payments to shareholders (138.0 ) — — — (138.0 ) Dividend payments to parent — (400.0 ) (103.1 ) 503.1 — Net proceeds from issuance of senior notes 0.1 — (0.1 ) — — Proceeds from exercise of stock options 16.1 — — — 16.1 Repurchase of common stock (1.5 ) — — — (1.5 ) Repayment of long-term debt and capital lease obligations — — (2.6 ) — (2.6 ) Net change in short-term debt (9.5 ) (2.3 ) (24.6 ) — (36.4 ) Debt issuance costs (0.7 ) — — — (0.7 ) Excess tax benefits from share-based payment arrangements 6.0 — — — 6.0 Net intercompany borrowings 24.3 (215.3 ) (268.8 ) 459.8 — Return of capital to parent — — (105.5 ) 105.5 — Net cash provided by (used in) financing activities (103.2 ) (617.6 ) (504.7 ) 1,068.4 (157.1 ) Effect of exchange rate changes on cash and cash equivalents — (0.1 ) (22.5 ) (0.1 ) (22.7 ) Net change in cash and cash equivalents — — 2.8 — 2.8 Cash and cash equivalents at beginning of year — — 77.0 — 77.0 Cash and cash equivalents at end of period $ — $ — $ 79.8 $ — $ 79.8 Condensed Consolidating Statement of Cash Flows Year ended December 27, 2014 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 306.7 $ 1,482.7 $ 96.5 $ (1,601.8 ) $ 284.1 Investing Activities: Capital expenditures — (14.7 ) (54.7 ) — (69.4 ) Proceeds from disposal of property, plant and equipment — — 7.1 — 7.1 Net intercompany loans 5.1 (190.8 ) 1,839.9 (1,654.2 ) — Return of capital — 604.3 — (604.3 ) — Net cash provided by (used in) investing activities 5.1 398.8 1,792.3 (2,258.5 ) (62.3 ) Financing Activities: Dividend payments to shareholders (135.5 ) — — — (135.5 ) Dividend payments to parent — (352.0 ) (1,281.5 ) 1,633.5 — Proceeds from exercise of stock options 15.7 — — — 15.7 Repurchase of common stock (92.3 ) — — — (92.3 ) Repayment of long-term debt and capital lease obligations — — (3.0 ) — (3.0 ) Net change in short-term debt (9.1 ) 2.3 4.6 — (2.2 ) Excess tax benefits from share-based payment arrangements 6.3 — — — 6.3 Net intercompany borrowings (96.9 ) (1,530.4 ) 4.9 1,622.4 — Return of capital to parent — — (604.3 ) 604.3 — Net cash provided by (used in) financing activities (311.8 ) (1,880.1 ) (1,879.3 ) 3,860.2 (211.0 ) Effect of exchange rate changes on cash and cash equivalents — (1.5 ) (59.7 ) 0.1 (61.1 ) Net change in cash and cash equivalents — (0.1 ) (50.2 ) — (50.3 ) Cash and cash equivalents at beginning of year — 0.1 127.2 — 127.3 Cash and cash equivalents at end of period $ — $ — $ 77.0 $ — $ 77.0 |
Quarterly Financial Summary (Ta
Quarterly Financial Summary (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Summary | Following is a summary of the unaudited interim results of operations for each quarter in the years ended December 31, 2016 and December 26, 2015 . (In millions, except per share amounts) First quarter Second quarter Third quarter Fourth quarter Year ended December 31, 2016 Net sales $ 525.7 $ 564.7 $ 521.8 $ 600.9 Gross margin 359.7 380.8 353.4 404.2 Net income 43.4 52.4 48.8 79.0 Basic earnings per share 0.86 1.04 0.97 1.56 Diluted earnings per share 0.86 1.03 0.96 1.55 Dividends declared per share 0.68 0.68 0.68 0.68 Composite stock price range: High 58.30 62.40 66.90 66.67 Low 42.60 52.64 50.43 52.32 Close $ 55.39 $ 53.15 $ 64.31 $ 52.62 Year ended December 26, 2015 Net sales $ 581.8 $ 588.9 $ 521.0 $ 592.1 Gross margin 390.2 399.8 348.5 400.9 Net income 29.5 62.0 36.2 58.1 Basic earnings per share 0.59 1.24 0.72 1.16 Diluted earnings per share 0.59 1.23 0.72 1.15 Dividends declared per share 0.68 0.68 0.68 0.68 Composite stock price range: High 72.93 70.78 67.35 62.02 Low 59.35 64.35 47.85 48.73 Close $ 70.25 $ 67.36 $ 50.06 $ 55.89 Certain items impacting quarterly comparability for 2016 and 2015 were as follows: • Pretax re-engineering and impairment costs of $1.1 million , $1.9 million , $2.4 million and $2.2 million were recorded in the first through fourth quarters of 2016 , respectively. Pretax re-engineering and impairment costs of $2.7 million , $1.5 million , $0.3 million and $2.3 million were recorded in the first through fourth quarters of 2015 , respectively, as well as $13.5 million in the first quarter of 2015 for the impairment charge of fixed assets in Venezuela. Refer to Note 2 to the Consolidated Financial Statements for further discussion. • In Venezuela, in connection with re-measuring net monetary assets and recording in cost of sales inventory at the exchange rate when it was purchased or manufactured compared to when it was sold, the Company had impacts of $0.2 million , $3.6 million , $0.3 million and $0.2 million in the first, second, third and fourth quarters of 2016 , respectively, and impacts of $9.3 million , $1.8 million , $2.0 million and $1.8 million in the same quarters of 2015 . See Note 1 of the Consolidated Financial Statements for further details. • Pretax gains on disposal of assets, primarily related to transactions related to land near the Company's Orlando headquarters, were $0.1 million , $0.8 million , $24.2 million and $2.2 million in the first through fourth quarters of 2016 , respectively. They were $0.6 million , $10.8 million , $2.0 million and $0.3 million in the same quarters of 2015 , respectively. • The Company's fiscal year ends on the last Saturday of December, and as a result, the fourth quarter of 2016 contained 14 weeks, as compared with 13 weeks in the fourth quarter of 2015. |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Principles of Consolidation) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accounting Policies [Abstract] | |||||
Fiscal Period Duration | 98 days | 91 days | 371 days | 364 days | 364 days |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Accounting Policies [Abstract] | ||
Time deposits, certificates of deposit or similar instruments | $ 9.6 | $ 7.4 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Internal Use Software Development Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Internal Use Software Development Costs [Line Items] | |||
Capitalized internal use software development costs, net | $ 21.3 | $ 20.1 | |
Software Development [Member] | |||
Internal Use Software Development Costs [Line Items] | |||
Amortization | $ 6.9 | $ 5.7 | $ 4.4 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 43 | $ 46.5 | $ 47.3 |
Minimum [Member] | Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 10 years | ||
Minimum [Member] | Molds | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 4 years | ||
Minimum [Member] | Production equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 10 years | ||
Minimum [Member] | Distribution equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 5 years | ||
Minimum [Member] | Computer/telecom equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 3 years | ||
Minimum [Member] | Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 3 years | ||
Maximum [Member] | Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 40 years | ||
Maximum [Member] | Molds | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 10 years | ||
Maximum [Member] | Production equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 20 years | ||
Maximum [Member] | Distribution equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 10 years | ||
Maximum [Member] | Computer/telecom equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 5 years | ||
Maximum [Member] | Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (years) | 5 years |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Goodwill) (Details) | 3 Months Ended |
Sep. 24, 2016 | |
Income Approach Valuation Technique [Member] | Goodwill [Member] | |
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |
Fair value, intangible assets, percent calculated using income approach | 75.00% |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Definite-lived tradename | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Estimated Useful Life | 10 years |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Promotional and Other Accrual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accounting Policies [Abstract] | |||
Promotional and Other Sales Force Compensation Expense | $ 376.2 | $ 378.7 | $ 430.1 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Shipping and Handling Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accounting Policies [Abstract] | |||
Distribution Costs | $ 137 | $ 139.3 | $ 156.6 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Advertising and Research and Development Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accounting Policies [Abstract] | |||
Advertising Expense | $ 8.3 | $ 13.4 | $ 19.9 |
Research and Development Costs | $ 18.3 | $ 18.1 | $ 19.3 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Accounting for Stock-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Share-based Compensation [Abstract] | |||
Excess tax benefits from option exercises | $ 0.6 | $ 6 | $ 6.3 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accounting Policies [Abstract] | |||||||||||
Net income | $ 79 | $ 48.8 | $ 52.4 | $ 43.4 | $ 58.1 | $ 36.2 | $ 62 | $ 29.5 | $ 223.6 | $ 185.8 | $ 214.4 |
Weighted-average shares of common stock outstanding | 50.5 | 49.9 | 50.1 | ||||||||
Common equivalent shares: | |||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 0.2 | 0.5 | 0.9 | ||||||||
Weighted-average common and common equivalent shares outstanding | 50.7 | 50.4 | 51 | ||||||||
Basic earnings per share | $ 1.56 | $ 0.97 | $ 1.04 | $ 0.86 | $ 1.16 | $ 0.72 | $ 1.24 | $ 0.59 | $ 4.43 | $ 3.72 | $ 4.28 |
Diluted earnings per share | $ 1.55 | $ 0.96 | $ 1.03 | $ 0.86 | $ 1.15 | $ 0.72 | $ 1.23 | $ 0.59 | $ 4.41 | $ 3.69 | $ 4.20 |
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 1.4 | 0.9 | 0.4 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (Foreign Currency Translation) (Details) - Venezuela - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Translation Adjustment Functional to Reporting Currency, Net of Tax | $ (25.5) | $ (25.5) | |||||||||
Other expense | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (0.2) | $ (0.3) | $ (3.6) | $ (0.2) | $ (1.8) | $ (2) | $ (1.8) | $ (9.3) | $ (4.3) | $ (14.9) | $ (42.4) |
Summary of Significant Accoun59
Summary of Significant Accounting Policies New Accounting pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Goodwill | $ 132.6 | $ 146.3 |
Goodwill [Member] | Fuller Mexico [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Goodwill | $ 73.2 |
Re-engineering Costs (Details)
Re-engineering Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | Feb. 28, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Severance | $ 5.4 | $ 5 | $ 7.4 | ||
Other | 2.2 | 1.8 | 3.6 | ||
Restructuring Charges | 7.6 | 6.8 | 13.3 | ||
Write-down of inventories | 10.8 | 14.3 | 17.8 | ||
Property, plant and equipment, net | 259.8 | 253.6 | |||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | $ 2.4 | 1.7 | 2.4 | 2.6 | |
Provision | 7.6 | 6.8 | 11 | ||
Non-cash charges | (0.3) | (0.2) | (1.8) | ||
Ending balance | 1.6 | 1.7 | 2.4 | ||
Re-engineering charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 7.6 | 6.8 | 11 | ||
Cost of products sold | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | 0 | 2.3 | ||
Software write-off | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1.1 | ||||
Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Cash expenditures | (5.2) | (5.8) | (7.1) | ||
Other | |||||
Restructuring Reserve [Roll Forward] | |||||
Cash expenditures | $ (2.2) | (1.5) | $ (2.3) | ||
Facility Closing | Armand Dupree United States | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Write-down of inventories | 1.9 | ||||
Facility Closing | Nutrimetics Thailand | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Write-down of inventories | $ 0.4 | ||||
Venezuela | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 13.5 | ||||
Fair Value, Measurements, Nonrecurring | Venezuela | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Property, plant and equipment, net | $ 15.7 | ||||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Venezuela | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 2.2 |
Inventories (Components of Inve
Inventories (Components of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Inventory, Net [Abstract] | ||
Finished goods | $ 189.4 | $ 203.2 |
Work in process | 23 | 21 |
Raw materials and supplies | 28 | 30.4 |
Total inventories | $ 240.4 | $ 254.6 |
Property, Plant and Equipment62
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,317 | $ 1,320.7 |
Less accumulated depreciation | (1,057.2) | (1,067.1) |
Property, plant and equipment, net | 259.8 | 253.6 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 36.7 | 35.3 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 194.1 | 194.1 |
Molds | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 624.7 | 624.7 |
Production equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 264.3 | 270.6 |
Distribution equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37.4 | 36.3 |
Computer/telecom equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45.2 | 46.2 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15.8 | 10.9 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 69.5 | 76 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 29.3 | $ 26.6 |
Accrued and Other Liabilities63
Accrued and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Accrued Liabilities [Abstract] | ||
Income taxes payable | $ 23.1 | $ 25 |
Compensation and employee benefits | 73 | 83.4 |
Advertising and promotion | 57.6 | 62.1 |
Taxes other than income taxes | 24.5 | 22.3 |
Pensions | 2.7 | 4 |
Post-retirement benefits | 1.7 | 1.9 |
Dividends payable | 34.4 | 34.3 |
Foreign currency contracts | 31.7 | 14.6 |
Other | 75.3 | 77.2 |
Total accrued liabilities | 324 | 324.8 |
Other Liabilities [Abstract] | ||
Post-retirement benefits | 15.4 | 16.4 |
Pensions | 123 | 126.4 |
Income taxes | 22.5 | 18.7 |
Deferred income tax | 17.6 | 16.9 |
Other | 42.9 | 36.6 |
Total other liabilities | $ 221.4 | $ 215 |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Sep. 24, 2016 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | |||
Goodwill | 132,600,000 | 146,300,000 | |||
Amortization of Intangible Assets | 7,600,000 | 10,200,000 | $ 11,800,000 | ||
Goodwill [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Goodwill impairment | 0 | 0 | |||
Cash flow model forecast period | 10 years | ||||
Goodwill [Member] | Income Approach Valuation Technique [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Fair value, intangible assets, percent calculated using income approach | 75.00% | ||||
Fuller Mexico [Member] | Trade Names [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Useful life | 10 years | ||||
Amortization of Intangible Assets | 7,600,000 | $ 8,800,000 | $ 10,200,000 | ||
Fuller Mexico [Member] | Goodwill [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | $ 73,200,000 | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 20.00% | ||||
Fuller Mexico [Member] | Goodwill [Member] | Income Approach Valuation Technique [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Fair Value Inputs, Terminal Growth Rate | 3.00% | ||||
Fair Value Inputs, Discount Rate | 14.80% | ||||
Fuller Mexico [Member] | Goodwill [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Fair value, intangible assets, income approach, growth rate assumption | 1.00% | ||||
Fuller Mexico [Member] | Goodwill [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Fair value, intangible assets, income approach, growth rate assumption | 5.00% | ||||
Fuller Mexico [Member] | Goodwill [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | |||||
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |||||
Fair value, intangible assets, income approach, growth rate assumption | 4.00% |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets (Goodwill) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | $ 251,000,000 | $ 269,400,000 |
Effect of changes in exchange rates | (13,700,000) | (18,400,000) |
Gross goodwill, ending balance | 237,300,000 | 251,000,000 |
Goodwill, Accumulated Impairment [Abstract] | ||
Accumulated impairment, beginning balance | 104,700,000 | 104,700,000 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | 104,700,000 | 104,700,000 |
Europe [Member] | ||
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | 28,900,000 | 30,300,000 |
Effect of changes in exchange rates | 400,000 | (1,400,000) |
Gross goodwill, ending balance | 29,300,000 | 28,900,000 |
Goodwill, Accumulated Impairment [Abstract] | ||
Accumulated impairment, beginning balance | 24,500,000 | 24,500,000 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | 24,500,000 | 24,500,000 |
Asia Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | 74,700,000 | 75,400,000 |
Effect of changes in exchange rates | 1,200,000 | (700,000) |
Gross goodwill, ending balance | 75,900,000 | 74,700,000 |
Goodwill, Accumulated Impairment [Abstract] | ||
Accumulated impairment, beginning balance | 41,300,000 | 41,300,000 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | 41,300,000 | 41,300,000 |
Tupperware North America [Member] | ||
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | 16,300,000 | 16,300,000 |
Effect of changes in exchange rates | 0 | 0 |
Gross goodwill, ending balance | 16,300,000 | 16,300,000 |
Goodwill, Accumulated Impairment [Abstract] | ||
Accumulated impairment, beginning balance | 0 | 0 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | 0 | 0 |
Beauty North America [Member] | ||
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | 127,500,000 | 142,600,000 |
Effect of changes in exchange rates | (15,400,000) | (15,100,000) |
Gross goodwill, ending balance | 112,100,000 | 127,500,000 |
Goodwill, Accumulated Impairment [Abstract] | ||
Accumulated impairment, beginning balance | 38,900,000 | 38,900,000 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | 38,900,000 | 38,900,000 |
South America [Member] | ||
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | 3,600,000 | 4,800,000 |
Effect of changes in exchange rates | 100,000 | (1,200,000) |
Gross goodwill, ending balance | 3,700,000 | 3,600,000 |
Goodwill, Accumulated Impairment [Abstract] | ||
Accumulated impairment, beginning balance | 0 | 0 |
Goodwill impairment | 0 | 0 |
Accumulated impairment, ending balance | 0 | 0 |
Goodwill [Member] | ||
Goodwill, Accumulated Impairment [Abstract] | ||
Goodwill impairment | $ 0 | $ 0 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Finite and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||
Amortization of Intangible Assets | $ 7.6 | $ 10.2 | $ 11.8 |
Finite-lived intangible assets, accumulated amortization | 23.3 | 19.1 | |
Total intangible assets, gross | 90.6 | 101.8 | $ 116.8 |
Total intangible assets, net | 67.3 | 82.7 | |
Trademarks and tradenames [Member] | |||
Finite and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 70 | 81.7 | |
Finite-lived intangible assets, accumulated amortization | 23.3 | 19.1 | |
Finite-lived intangible assets, net | 46.7 | 62.6 | |
Trademarks and tradenames [Member] | |||
Finite and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||
Amortization of Intangible Assets | 0 | 0 | |
Indefinite-lived tradenames | $ 20.6 | $ 20.1 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets (Identifiable Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Identifiable Intanglble Assets [Roll Forward] | ||
Beginning balance | $ 101.8 | $ 116.8 |
Effect of changes in exchange rates | (11.2) | (15) |
Ending balance | $ 90.6 | $ 101.8 |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 7.6 | $ 10.2 | $ 11.8 |
Estimated Annual Amortization Expense [Abstract] | |||
Estimated Amortization Expense, Year One | 7 | ||
Estimated Amortization Expense, Year Two | 7 | ||
Estimated Amortization Expense, Year Three | 7 | ||
Estimated Amortization Expense, Year Four | 7 | ||
Estimated Amortization Expense, Year Five | $ 7 |
Financing Obligations (Debt Obl
Financing Obligations (Debt Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | Jun. 08, 2015 | Mar. 11, 2013 | Jun. 02, 2011 | |
Debt Instrument [Line Items] | ||||||
Capital Lease Obligations | $ 8.4 | $ 10.6 | ||||
Debt and Capital Lease Obligations | 711.9 | 770.7 | ||||
Long-term Debt and Capital Lease Obligations, Current | 105.9 | 162.5 | ||||
Long-term debt and capital lease obligations | 606 | 608.2 | ||||
Short-term Debt | $ 104 | $ 160.4 | ||||
Short-term Debt, Weighted Average Interest Rate | 1.50% | 1.50% | ||||
Short-term Debt, Average Outstanding Amount | $ 357.4 | $ 394.9 | ||||
Short-term Debt, Maximum Amount Outstanding During Period | 429.3 | 444.8 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 577 | |||||
Interest Paid | 47.4 | 47.8 | $ 44 | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 105.9 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1.8 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1.4 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1.2 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 600.6 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1 | |||||
Fixed rate Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 599.4 | 599.3 | ||||
Aggregate principal amount | $ 200 | $ 400 | ||||
Stated interest rate | 4.75% | |||||
Debt Instrument, Unamortized Premium | 7.6 | |||||
Debt Issuance Cost, Capitalized | $ 1.5 | |||||
Debt Instrument, Repurchase Required Upon Change of Control, Redemption Price as Percentage of Principal Amount | 101.00% | |||||
Fixed rate Senior Notes due 2021 | Redemption Period, Prior to March 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||
Debt Instrument, Percent Spread on Redemption Discount Rate | 0.30% | |||||
Debt Instrument, Description of Variable Rate Basis | Treasury Rate | |||||
Fixed rate Senior Notes due 2021 | Redemption Period, On or After March 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||
Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 600 | $ 650 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 800 | |||||
Line of Credit Facility, Number of Occasions Permitted to Increase Borrowing Capacity | 3 | |||||
Line of Credit Facility, Additional Borrowing Capacity | $ 200 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 494.7 | |||||
Belgium facility capital lease | ||||||
Debt Instrument [Line Items] | ||||||
Capital Lease Obligations | 8.4 | 10.6 | ||||
Other Debt Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 0.1 | $ 5 | ||||
Short-term Debt [Member] | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 1.80% | 1.50% | ||||
Uncommitted Lines of credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 82.3 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Subsidiaries [Member] | Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 325 | |||||
Letter of Credit [Member] | Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | |||||
Revolving Credit Facility [Member] | Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 104 | |||||
Revolving Credit Facility [Member] | Five year Revolving Credit Agreement | Euro | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 84.6 | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Line of Credit Facility, Interest Rate at Period End | 1.50% | |||||
Bridge Loan [Member] | Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||||
Current Portion [Member] | Five year Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Line of Credit | $ 104 | $ 155.8 |
Financing Obligations (Capital
Financing Obligations (Capital Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 25, 2010 | Dec. 29, 2007 | Dec. 31, 2016 | Dec. 26, 2015 | |
Sale Leaseback Transaction [Line Items] | ||||
Costs related to new facility and equipment | $ 24 | |||
Capital Lease Obligations [Abstract] | ||||
Gross payments | $ 9.4 | $ 12.2 | ||
Less imputed interest | 1 | 1.6 | ||
Total capital lease obligation | 8.4 | 10.6 | ||
Less current maturity | 1.8 | 1.8 | ||
Capital lease obligation - long-term portion | $ 6.6 | $ 8.8 | ||
Belgium Lease 1 [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Capital lease term | 10 years | |||
Lease interest rate | 5.10% | |||
Belgium Lease 2 [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Capital lease term | 15 years | |||
Lease interest rate | 5.10% | |||
Belgium Lease 3 [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Capital lease term | 10 years | |||
Lease interest rate | 2.90% | |||
Initial value of lease | $ 3.8 |
Derivative Financial Instrume71
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives used in hedging transactions, net of tax | $ 0.6 | $ (3.5) | $ 5.6 |
Net cash impact from hedging activity | (2.7) | (17) | 4.6 |
Net accrued gain/(loss) on outstanding derivative instruments | 9.4 | 6.9 | 4.7 |
Fair value hedging relationships | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain from forward points on fair value hedges | $ 15.7 | 14.1 | 10.3 |
Cash flow hedging relationships | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash flow hedge contract period, minimum | 1 month | ||
Cash flow hedge contract period, maximum | 15 months | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | ||
Deferred gain/(loss) on cash flow hedges | $ 4.9 | 4.3 | 7.8 |
Gain (loss) on derivatives used in hedging transactions, net of tax | 0.6 | (3.5) | 5.6 |
Net equity hedging relationships | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives used in hedging transactions, net of tax | $ 28.6 | $ 54.6 | $ 25.5 |
Derivative Financial Instrume72
Derivative Financial Instruments (Outstanding Derivative Financial Instruments at Fair Value) (Details) - Forward Contracts [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 116.7 | $ 141.9 |
Derivative Liability, Notional Amount | 109.6 | $ 137.4 |
United States of America, Dollars | Buy | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 60.5 | |
Euro | Buy | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 46.9 | |
Mexican peso | Sell | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 32.6 |
Derivative Financial Instrume73
Derivative Financial Instruments (Company's Derivative Positions and Their Impact on Financial Position) (Details) - Designated as Hedging Instrument [Member] - Foreign exchange contracts - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Non-trade amounts receivable | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 41.1 | $ 21.5 |
Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 31.7 | $ 14.6 |
Derivative Financial Instrume74
Derivative Financial Instruments (Company's Derivative Positions and Their Impact on Company's Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Fair value hedging relationships | Other expense | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) recognized in income on derivatives | $ (41.8) | $ (83.6) | $ (36.6) |
Amount of gain or (loss) recognized in income on related hedged items | 42.1 | 83.8 | 35 |
Cash flow hedging relationships | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 6.7 | 14.5 | 15.9 |
Cash flow hedging relationships | Interest expense | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amounts excluded from effectiveness testing) | (5.6) | (7.7) | (4.9) |
Cash flow hedging relationships | Cost of products sold | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 5.7 | 19.2 | 9.1 |
Net equity hedging relationships | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 41 | 74.2 | 38.8 |
Net equity hedging relationships | Euro Denominated Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 3.7 | 11.1 | 1.1 |
Net equity hedging relationships | Other expense | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 0 | 0 | 0 |
Net equity hedging relationships | Interest expense | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amounts excluded from effectiveness testing) | $ (20.8) | $ (16.8) | $ (13.3) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - Fixed rate Senior Notes due 2021 - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 | Jun. 02, 2011 |
Fair Value of Financial Instruments [Line Items] | |||
Stated interest rate | 4.75% | ||
Long-term Debt | $ 599.4 | $ 599.3 | |
Significant Other Observable Inputs (Level 2) | |||
Fair Value of Financial Instruments [Line Items] | |||
Long-term Debt, Fair Value | $ 640.8 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | $ (522) | $ (408.7) | $ (316.8) |
Other comprehensive income (loss) before reclassifications | (49.7) | (102.1) | (87.4) |
Amounts reclassified from accumulated other comprehensive loss | 0.2 | (11.2) | (4.5) |
Net other comprehensive income (loss) | (49.5) | (113.3) | (91.9) |
Ending balance | (571.5) | (522) | (408.7) |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges, before tax | 5.7 | 19.2 | 9.1 |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges, tax | (1.4) | (4.4) | (2) |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, prior service benefit, before tax | (1.2) | (1.3) | (0.8) |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, pension settlement costs, before tax | 3.9 | 1.6 | 1.8 |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, actuarial losses, before tax | 2.6 | 4.5 | 2.6 |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, tax | 0.8 | 1.2 | 1 |
Foreign Currency Items | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (490.6) | (368.3) | (283.1) |
Other comprehensive income (loss) before reclassifications | (53.7) | (122.3) | (85.2) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Net other comprehensive income (loss) | (53.7) | (122.3) | (85.2) |
Ending balance | (544.3) | (490.6) | (368.3) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | 4.3 | 7.8 | 2.2 |
Other comprehensive income (loss) before reclassifications | 4.9 | 11.3 | 12.7 |
Amounts reclassified from accumulated other comprehensive loss | (4.3) | (14.8) | (7.1) |
Net other comprehensive income (loss) | 0.6 | (3.5) | 5.6 |
Ending balance | 4.9 | 4.3 | 7.8 |
Pension and Other Post-retirement Items | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (35.7) | (48.2) | (35.9) |
Other comprehensive income (loss) before reclassifications | (0.9) | 8.9 | (14.9) |
Amounts reclassified from accumulated other comprehensive loss | 4.5 | 3.6 | 2.6 |
Net other comprehensive income (loss) | 3.6 | 12.5 | (12.3) |
Ending balance | $ (32.1) | $ (35.7) | $ (48.2) |
Statements of Cash Flows Supp77
Statements of Cash Flows Supplemental Disclosure (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 26, 2015 | Mar. 29, 2014 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Other Significant Noncash Transactions [Line Items] | |||||
Shares paid for tax withholding for share based compensation, shares | 30,703 | 22,344 | 102,405 | ||
Shares paid for tax withholding for share based compensation, value | $ 1,700,000 | $ 1,500,000 | $ 8,000,000 | ||
Capital lease obligations incurred | $ 0 | $ 0 | $ 0 | ||
Corporate Joint Venture [Member] | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Contribution of Property | $ 800,000 | $ 3,100,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Domestic and foreign components of income (loss) before taxes [Abstract] | |||
Domestic | $ (44.8) | $ (67.5) | $ (35.5) |
Foreign | 346.1 | 327.4 | 333.7 |
Income before income taxes | 301.3 | 259.9 | 298.2 |
Current: | |||
Federal | (23.8) | (22.8) | 11.5 |
Foreign | 114.1 | 92.6 | 114.8 |
State | 1.4 | (0.8) | 1.5 |
Current provision (benefit) for income taxes | 91.7 | 69 | 127.8 |
Deferred: | |||
Federal | (14.7) | (13.8) | (40.6) |
Foreign | 0.2 | 18.2 | (1.9) |
State | 0.5 | 0.7 | (1.5) |
Deferred provision (benefit) for income taxes | (14) | 5.1 | (44) |
Provision for income taxes | 77.7 | 74.1 | 83.8 |
Reconciliation between provision for income taxes and income taxes computed using U.S. federal statutory rate [Abstract] | |||
Amount computed using statutory rate | 105.5 | 91 | 104.4 |
Increase (reduction) in taxes resulting from: | |||
Net impact from repatriating foreign earnings and direct foreign tax credits | (16.3) | (7.9) | (17.7) |
Foreign income taxes | (7.5) | (4.6) | (20.6) |
Impact of non-deductible currency translation losses | 0 | 3.1 | 19 |
Impact of changes in U.S. tax legislation | (2.7) | 0 | 0 |
Other changes in valuation allowances for deferred tax assets | (0.1) | (0.4) | (0.5) |
Foreign and domestic tax audit settlement and adjustments | 0 | (2.4) | 0 |
Other | (1.2) | (4.7) | (0.8) |
Total | 77.7 | 74.1 | 83.8 |
Gross deferred tax liabilities [Abstract] | |||
Purchased intangibles | (21.7) | (26.6) | |
Other | (14.1) | (9.2) | |
Deferred Tax Liabilities, Gross | 35.8 | 35.8 | |
Gross deferred tax assets [Abstract] | |||
Credit and net operating loss carry forwards (net of unrecognized tax benefits) | 301.2 | 293.6 | |
Employee benefits accruals | 63.1 | 63.2 | |
Deferred costs | 92.2 | 80.7 | |
Fixed assets basis differences | 22.4 | 33.6 | |
Capitalized intangibles | 34.2 | 32.7 | |
Other accruals | 32.1 | 27.8 | |
Accounts receivable | 11.3 | 10.5 | |
Post-retirement benefits | 7.1 | 7.5 | |
Depreciation | 13.4 | 7.2 | |
Inventory | 6.4 | 10 | |
Deferred Tax Assets, Gross | 583.4 | 566.8 | |
Valuation allowances | (24.8) | (23.1) | |
Net deferred tax assets | 522.8 | 507.9 | |
Operating loss carryforwards subject to expiration | 304.2 | ||
Income taxes paid, net | 108.3 | 106.4 | 117 |
Net benefit of tax holiday | 1.3 | 2.6 | 3.4 |
Reconciliation of unrecognized tax benefits [Roll Forward] | |||
Unrecognized tax benefits beginning balance | 21.8 | 22.5 | 27.4 |
Additions based on tax positions related to the current year | 2.7 | 3.3 | 3.9 |
Additions for tax positions of prior year | 1.2 | 3.4 | 1.2 |
Reduction for tax positions of prior years | (1.2) | (1.6) | (3.1) |
Settlements | 0 | (1.1) | (1.9) |
Reductions for lapse in statute of limitations | (3.1) | (3.2) | (3.7) |
Impact of foreign currency rate changes versus the U.S. dollar | (0.7) | (1.5) | (1.3) |
Unrecognized tax benefits ending balance | 20.7 | 21.8 | 22.5 |
Unrecognized tax benefits that would impact effective tax rate | 19.2 | ||
Accrued interest and penalties | 7.1 | 6 | |
Interest and penalties provision (benefit) | 1.1 | 0 | 0.9 |
Estimated maximum decrease in uncertain tax positions accrual due to settlements in the next twelve months | 2 | ||
Undistributed earnings of international subsidiaries | 1,200 | ||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 1.7 | ||
Benefits for deductions associated with the exercise of employee stock options recorded in paid-in capital | 6 | 6.3 | |
State [Member] | |||
Gross deferred tax assets [Abstract] | |||
Valuation allowances | (3.7) | ||
Operating loss carryforwards | 161 | ||
Foreign [Member] | |||
Gross deferred tax assets [Abstract] | |||
Valuation allowances | (21.1) | ||
Operating loss carryforwards | 213.8 | ||
Cash benefits related to operating loss carryforward | 1.4 | ||
Tax credit carryforwards | 215 | 218.6 | |
Deferred costs assets related to advanced payment agreements | $ 92.8 | ||
Deferred assets, period of reversal | 3 years | ||
Deferred costs assets related to advanced transaction agreements | $ (11.5) | ||
Foreign [Member] | Expiring in 2026 [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards subject to expiration | 25.2 | ||
Foreign [Member] | Expiring in 2016 [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards subject to expiration | 0 | ||
Federal [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards | 18 | ||
Increase (decrease) to federal foreign tax credit carryforwards, net of offsetting tax reserves | 7.6 | ||
Deferred Tax Asset [Member] | State [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards | 6 | ||
Deferred Tax Asset [Member] | Foreign [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards | 62.2 | ||
Deferred Tax Asset [Member] | Federal [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards | 6.4 | ||
Deferred Tax Asset [Member] | Federal [Member] | Expiring in 2020-2035 [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards subject to expiration | 6.4 | ||
Paid-In Capital | |||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | $ 1.7 | ||
Benefits for deductions associated with the exercise of employee stock options recorded in paid-in capital | $ 6 | $ 6.3 |
Retirement Benefit Plans (Net F
Retirement Benefit Plans (Net Funded Status and Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Accumulated other comprehensive loss (pretax) | $ 44.4 | $ 47.6 | |
Accrued benefit liabilty | (142.5) | (148.7) | |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Accumulated benefit obligation | 196.9 | 185.3 | |
Fair value of plan assets | 93.7 | 83.7 | |
Pension Benefits [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Service cost | 11.8 | 10.8 | $ 10.8 |
Interest cost | 6.7 | 6.9 | 8.6 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 112.1 | ||
Ending balance | 103.9 | 112.1 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Unrecognized transition obligation | 2.2 | 2.1 | |
Unrecognized prior service cost (benefit) | 1.1 | 1.2 | |
Unreocognized net actuarial loss | 47.4 | 51.7 | |
Accumulated other comprehensive loss (pretax) | 50.7 | 55 | |
Accumulated benefit obligation | 205.7 | 211.1 | |
U.S. Pension Benefits [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Beginning balance, benefit obligations | 59.2 | 67.6 | |
Service cost | 0.3 | 0.3 | |
Interest cost | 2.2 | 2.3 | |
Actuarial (gain) loss | (2.9) | (8.6) | |
Benefits paid | (0.9) | (2.2) | |
Impact of exchange rates | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Settlements/Curtailments | (8.1) | (0.2) | |
Ending balance, benefit obligations | 49.8 | 59.2 | 67.6 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 33.9 | 35.5 | |
Actual return on plan assets | 2.8 | 0.3 | |
Company contributions | 0 | 0.8 | |
Plan participant contributions | 0 | 0 | |
Benefits and expenses paid | (1.6) | (2.5) | |
Impact of exchange rates | 0 | 0 | |
Settlements | (8.1) | (0.2) | |
Ending balance | 27 | 33.9 | 35.5 |
Funded status of plan | (22.8) | (25.3) | |
Foreign Pension Benefits [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Beginning balance, benefit obligations | 183.3 | 197.7 | |
Service cost | 11.3 | 10.3 | |
Interest cost | 4.5 | 4.5 | |
Actuarial (gain) loss | 7.3 | (0.6) | |
Benefits paid | (7.8) | (11.1) | |
Impact of exchange rates | (11) | (16.8) | |
Plan participant contributions | 0.8 | 4.2 | |
Settlements/Curtailments | (8.8) | (4.9) | |
Ending balance, benefit obligations | 179.6 | 183.3 | 197.7 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 78.2 | 79.3 | |
Actual return on plan assets | 2.2 | 3.1 | |
Company contributions | 14.2 | 12.1 | |
Plan participant contributions | 0.8 | 4.2 | |
Benefits and expenses paid | (7.8) | (11.1) | |
Impact of exchange rates | (1.9) | (4.6) | |
Settlements | (8.8) | (4.8) | |
Ending balance | 76.9 | 78.2 | 79.3 |
Funded status of plan | (102.7) | (105.1) | |
Postretirement Benefits [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.7 | 0.7 | 1.1 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Unrecognized transition obligation | 0 | 0 | |
Unrecognized prior service cost (benefit) | (7.3) | (8.7) | |
Unreocognized net actuarial loss | 1 | 1.3 | |
Accumulated other comprehensive loss (pretax) | (6.3) | (7.4) | |
U.S. Postretirement Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Beginning balance, benefit obligations | 18.3 | 20.4 | |
Service cost | 0.1 | 0.1 | |
Interest cost | 0.7 | 0.7 | |
Actuarial (gain) loss | (0.2) | (1) | |
Benefits paid | (1.9) | (1.8) | |
Impact of exchange rates | 0 | (0.1) | |
Plan participant contributions | 0 | 0 | |
Settlements/Curtailments | 0 | 0 | |
Ending balance, benefit obligations | 17 | 18.3 | 20.4 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 1.9 | 1.8 | |
Plan participant contributions | 0 | 0 | |
Benefits and expenses paid | (1.9) | (1.8) | |
Impact of exchange rates | 0 | 0 | |
Settlements | 0 | 0 | |
Ending balance | 0 | 0 | $ 0 |
Funded status of plan | $ (17) | $ (18.3) |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Pension and Postretirement Expenses to be Recognized in Next Fiscal Year [Abstract] | ||
Expected recognition of prior service benefit | $ 1.4 | |
Expected recognition of net acturial loss | 2.1 | |
Pension Benefits [Member] | ||
Other Comprehensive Income (Loss) [Abstract] | ||
Net prior service cost (benefit) | 0 | $ (0.1) |
Net actuarial (gain) | (12.3) | (13.2) |
Impact of exchange rates | 8 | (5.6) |
Other comprehensive (income) loss | (4.3) | (18.9) |
Postretirement Benefits [Member] | ||
Other Comprehensive Income (Loss) [Abstract] | ||
Net prior service cost (benefit) | 1.3 | 1.9 |
Net actuarial (gain) | (0.2) | (1.6) |
Impact of exchange rates | 0 | 0 |
Other comprehensive (income) loss | $ 1.1 | $ 0.3 |
Retirement Benefit Plans (Net P
Retirement Benefit Plans (Net Periodic Benefit Cost and Weighted Average Assumptions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Pension Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost and expenses | $ 11.8 | $ 10.8 | $ 10.8 |
Interest cost | 6.7 | 6.9 | 8.6 |
Return on plan assets | (5.3) | (5.3) | (5.8) |
Settlement/Curtailment | 3.9 | 1.7 | 1.8 |
Employee contributions | (0.2) | (0.2) | (0.3) |
Net deferral | 2.7 | 4.5 | 2.7 |
Net periodic benefit cost (income) | 19.6 | 18.4 | $ 17.8 |
U.S. Pension Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost and expenses | 0.3 | 0.3 | |
Interest cost | $ 2.2 | $ 2.3 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate, net periodic benefit cost | 3.90% | 3.60% | 3.90% |
Expected return on plan assets | 8.30% | 8.30% | 8.30% |
Salary growth rate, net periodic benefit cost | 0.00% | 3.00% | 3.00% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, benefit obligations | 3.70% | 3.90% | 3.50% |
Salary growth rate, benefit obligations | 0.00% | 0.00% | 3.00% |
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost and expenses | $ 11.3 | $ 10.3 | |
Interest cost | $ 4.5 | $ 4.5 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Expected return on plan assets | 3.20% | 3.40% | 3.80% |
Salary growth rate, net periodic benefit cost | 2.90% | 3.10% | 3.20% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, benefit obligations | 2.30% | 2.40% | 2.60% |
Postretirement Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost and expenses | $ 0.1 | $ 0.1 | $ 0.1 |
Interest cost | 0.7 | 0.7 | 1.1 |
Return on plan assets | 0 | 0 | 0 |
Settlement/Curtailment | 0 | 0 | 0 |
Employee contributions | 0 | 0 | 0 |
Net deferral | (1.3) | (1.3) | (0.6) |
Net periodic benefit cost (income) | (0.5) | (0.5) | $ 0.6 |
U.S. Postretirement Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost and expenses | 0.1 | 0.1 | |
Interest cost | $ 0.7 | $ 0.7 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate, net periodic benefit cost | 4.00% | 3.80% | 4.50% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, benefit obligations | 4.00% | 4.00% | 3.80% |
Retirement Benefit Plans (Weigh
Retirement Benefit Plans (Weighted-Average Asset Allocations) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 8.30% | 8.30% | 8.30% |
Weighted-average asset allocations | 100.00% | 100.00% | |
U.S. Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 62.00% | 63.00% | |
U.S. Pension Benefits [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 38.00% | 37.00% | |
U.S. Pension Benefits [Member] | Cash and Money Market Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
U.S. Pension Benefits [Member] | Guaranteed Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
U.S. Pension Benefits [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 3.20% | 3.40% | 3.80% |
Weighted-average asset allocations | 100.00% | 100.00% | |
Foreign Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 27.00% | 27.00% | |
Foreign Pension Benefits [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 16.00% | 16.00% | |
Foreign Pension Benefits [Member] | Cash and Money Market Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 6.00% | 6.00% | |
Foreign Pension Benefits [Member] | Guaranteed Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 50.00% | 50.00% | |
Foreign Pension Benefits [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 1.00% | 1.00% |
Retirement Benefit Plans Fair V
Retirement Benefit Plans Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 103.9 | $ 112.1 | ||
U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 8.30% | 8.30% | 8.30% | |
Fair value of plan assets | $ 27 | $ 33.9 | $ 35.5 | |
Weighted-average asset allocations | 100.00% | 100.00% | ||
Discount rate, benefit obligations | 3.70% | 3.90% | 3.50% | |
U.S. Pension Benefits [Member] | United States Small Stocks [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 20.00% | 20.00% | ||
U.S. Pension Benefits [Member] | International Stocks [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 10.00% | 10.00% | ||
U.S. Pension Benefits [Member] | United States Large Stocks [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 32.00% | 33.00% | ||
U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | $ 27 | $ 33.9 | |
U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 40.00% | 40.00% | ||
U.S. Pension Benefits [Member] | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 0.00% | 0.00% | ||
U.S. Pension Benefits [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 60.00% | 60.00% | ||
Weighted-average asset allocations | 62.00% | 63.00% | ||
U.S. Pension Benefits [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 38.00% | 37.00% | ||
Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 3.20% | 3.40% | 3.80% | |
Fair value of plan assets | $ 76.9 | $ 78.2 | $ 79.3 | |
Weighted-average asset allocations | 100.00% | 100.00% | ||
Discount rate, benefit obligations | 2.30% | 2.40% | 2.60% | |
Foreign Pension Benefits [Member] | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 50.00% | 50.00% | ||
Foreign Pension Benefits [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 27.00% | 27.00% | ||
Foreign Pension Benefits [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 16.00% | 16.00% | ||
Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [2] | $ 2.6 | $ 2.3 | |
Minimum long-term net return above inflation | 4.00% | 4.00% | ||
Foreign Pension Benefits [Member] | Australia | Equity Securities, Australian Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 31.00% | 29.00% | ||
Foreign Pension Benefits [Member] | Australia | Equity Securities, Companies Outside of Australia [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 41.00% | 42.00% | ||
Foreign Pension Benefits [Member] | Australia | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 9.00% | 10.00% | ||
Foreign Pension Benefits [Member] | Australia | Government and Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 12.00% | 12.00% | ||
Foreign Pension Benefits [Member] | Australia | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 7.00% | 7.00% | ||
Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | $ 28.5 | $ 30.9 | |
Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | $ 5 | $ 5 | |
Foreign Pension Benefits [Member] | Belgium | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 38.00% | 38.00% | ||
Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [4] | $ 21.8 | $ 21.8 | |
Foreign Pension Benefits [Member] | Belgium | Equity Securities, Large-cap European Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 27.00% | 24.00% | ||
Foreign Pension Benefits [Member] | Belgium | Equity Securities, Small-cap European Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 17.00% | 19.00% | ||
Foreign Pension Benefits [Member] | Belgium | U.S. and Emerging Markets Equities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 7.00% | 8.00% | ||
Foreign Pension Benefits [Member] | Belgium | European and U.S. Government Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 32.00% | 31.00% | ||
Foreign Pension Benefits [Member] | Belgium | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 17.00% | 18.00% | ||
Foreign Pension Benefits [Member] | Belgium | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 62.00% | 62.00% | ||
Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | $ 0.4 | $ 0.4 | |
Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 4 | 2.4 | |
Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5] | $ 10.9 | $ 11.1 | |
Weighted-average asset allocations | 100.00% | |||
Foreign Pension Benefits [Member] | Japan | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 3.00% | |||
Weighted-average asset allocations | 3.00% | 3.00% | ||
Foreign Pension Benefits [Member] | Japan | Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 50.00% | |||
Foreign Pension Benefits [Member] | Japan | Government and Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted-average asset allocations | 50.00% | 40.00% | ||
Foreign Pension Benefits [Member] | Japan | Other Long-term Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 47.00% | |||
Foreign Pension Benefits [Member] | Japan | Short-term Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 53.00% | |||
Foreign Pension Benefits [Member] | Japan | Equity Securities, Japanese Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 40.00% | |||
Weighted-average asset allocations | 40.00% | 50.00% | ||
Foreign Pension Benefits [Member] | Japan | Equity Securities, Companies Outside of Japan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 7.00% | |||
Weighted-average asset allocations | 7.00% | 7.00% | ||
Foreign Pension Benefits [Member] | Philippines | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 5.00% | |||
Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | $ 1.4 | $ 1.4 | |
Target plan asset allocations | 38.00% | |||
Foreign Pension Benefits [Member] | Philippines | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 57.00% | |||
Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | $ 2.3 | 2.9 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 25.5 | 26.1 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [4] | 21.8 | 21.8 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | 1.4 | 1.4 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | 2.3 | 2.9 | |
Significant Other Observable Inputs (Level 2) | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 40.5 | 47.3 | ||
Significant Other Observable Inputs (Level 2) | U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 27 | 33.9 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [2] | 2.6 | 2.3 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [4] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5] | 10.9 | 11.1 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 37.9 | 38.7 | $ 36.7 | |
Significant Unobservable Inputs (Level 3) | U.S. Pension Benefits [Member] | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Australia | Investment Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Switzerland | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 28.5 | 30.9 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Germany | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 5 | 5 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Belgium | Mutual Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [4] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Austria | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0.4 | 0.4 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Korea | Guaranteed Insurance Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 4 | 2.4 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Japan | Common/Collective Trust [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Philippines | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign Pension Benefits [Member] | Philippines | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [6] | $ 0 | $ 0 | |
[1] | The investment strategy of the U.S. pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60 percent in equity securities and 40 percent in fixed income securities. As of the years ended December 31, 2016 and December 26, 2015, the common trusts held 62 percent and 63 percent of its assets in equity securities and 38 percent and 37 percent in fixed income securities, respectively. The percentage of funds invested in equity securities at the end of 2016 and 2015, included: 10 percent in international stocks, 20 percent in small U.S. stocks in each year, and 32 percent and 33 percent in large U.S. stocks, respectively. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. | |||
[2] | For each period presented, the strategy of this fund is to achieve a long-term net return of at least 4 percent above inflation based on the Australian consumer price index over a rolling five-year period. The investment strategy is to invest mainly in equities and property, which are expected to earn relatively higher returns over the long term. The fair value of the fund is determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 31, 2016 and December 26, 2015, the percentage of funds held in investments included: Australian equities of 31 percent and 29 percent, other equities of listed companies outside of Australia of 41 percent and 42 percent, real estate of 9 percent and 10 percent, respectively, and government and corporate bonds of 12 percent and cash of 7 percent in each year. | |||
[3] | The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. | |||
[4] | The strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62 percent in equity securities and 38 percent in fixed income securities. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 31, 2016 and December 26, 2015, the percentage of funds held in various asset classes included: large-cap equities of European companies of 27 percent and 24 percent, small-cap equities of European companies of 17 percent and 19 percent, bonds, primarily from European and U.S. governments, of 32 percent and 31 percent, and money market fund of 17 percent and 18 percent, and equities outside of Europe, mainly in the U.S. and emerging markets, 7 percent and 8 percent, respectively. | |||
[5] | The Company's strategy is to invest approximately 47 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 53 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 40 percent equities in Japanese listed securities, 7 percent in equities outside of Japan, 3 percent in cash and other short-term investments and 50 percent in domestic Japanese bonds. This strategy has been achieved through a collective trust that held 100 percent of total funded assets as of December 31, 2016 and December 26, 2015. As of the end of December 31, 2016 and December 26, 2015, the allocation of funds within the common collective trust included: 40 percent and 50 percent in Japanese equities, 50 percent and 40 percent in Japanese bonds, respectively, and 7 percent in equities of companies based outside of Japan and 3 percent in cash and other short term investments in each year. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. | |||
[6] | In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57 percent in equity securities, 38 percent fixed income securities and 5 percent in cash and deposits. The fixed income securities at year end included assets valued using a weighted average of completed deals on similarly termed government securities, as well as balances invested in short term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded. |
Retirement Benefit Plans (Recon
Retirement Benefit Plans (Reconciliation of Fair Value Measurements) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward] | ||
Beginning balance | $ 112.1 | |
Ending balance | 103.9 | $ 112.1 |
Significant Unobservable Inputs (Level 3) | ||
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward] | ||
Beginning balance | 38.7 | 36.7 |
Realized gains | 0.9 | 0.7 |
Purchases, sales and settlements, net | (0.4) | 2.5 |
Impact of exchange rates | (1.3) | (1.2) |
Ending balance | $ 37.9 | $ 38.7 |
Retirement Benefit Plans (Expec
Retirement Benefit Plans (Expected Future Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cost of savings, thrift and profit-sharing plans | $ 6.1 | $ 7.4 | $ 8.7 |
Estimated Future Benefit Payments [Abstract] | |||
2017, Benefit plans | 15 | ||
2018, Benefit plans | 17.6 | ||
2019, Benefit plans | 24.3 | ||
2020, Benefit plans | 13.2 | ||
2021, Benefit plans | 13.6 | ||
2022-2026, Benefit plans | 72.4 | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in next fiscal year | 10.4 | ||
Estimated Future Benefit Payments [Abstract] | |||
2017, Benefit plans | 13.2 | ||
2018, Benefit plans | 15.9 | ||
2019, Benefit plans | 22.7 | ||
2020, Benefit plans | 11.7 | ||
2021, Benefit plans | 12.2 | ||
2022-2026, Benefit plans | 66.6 | ||
Postretirement Benefits [Member] | |||
Estimated Future Benefit Payments [Abstract] | |||
2017, Benefit plans | 1.8 | ||
2018, Benefit plans | 1.7 | ||
2019, Benefit plans | 1.6 | ||
2020, Benefit plans | 1.5 | ||
2021, Benefit plans | 1.4 | ||
2022-2026, Benefit plans | 5.8 | ||
U.S. Postretirement Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in next fiscal year | $ 1.8 |
Incentive Compensation Plans (D
Incentive Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | 116 Months Ended | |||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 31, 2016 | May 24, 2016 | |
Compensation Expense [Abstract] | |||||
Compensation expense | $ 20 | $ 20 | $ 18.9 | ||
Tax benefit from compensation expense | 7.2 | $ 7.2 | $ 6.8 | ||
Unrecognized stock based compensation expense | $ 27.4 | $ 27.4 | |||
Unrecognized stock based compensation expense, period of recognition (in months) | 24 months | ||||
Repurchase of Stock [Abstract] | |||||
Stock repurchase program, authorized amount | $ 2,000 | $ 2,000 | |||
Repurchase of common stock, shares | 0 | 0 | 1,200,000 | 21,300,000 | |
Repurchase of common stock, value | $ 0 | $ 0 | $ 84.3 | $ 1,290 | |
Incentive Plan 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant | 4,050,366 | 4,050,366 | 3,500,000 | ||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term awards become exercisable | 3 years | ||||
Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-vested shares outstanding | 602,940 | 550,467 | 602,940 | ||
Fair value of restricted stock, restricted stock units, performance vested and market vested awards vested | $ 12.4 | $ 20.9 | $ 26.8 | ||
Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term awards become exercisable | 1 year | ||||
Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term awards become exercisable | 3 years | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term awards become exercisable | 3 years | ||||
Repurchase of Stock [Abstract] | |||||
Expected life (in years) | 7 years | 7 years | 7 years | ||
Cash Settled Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-vested shares outstanding | 18,174 | 27,582 | 23,986 | 18,174 | |
Fair value of restricted stock, restricted stock units, performance vested and market vested awards vested | $ 1 | $ 1.5 | $ 1.5 | ||
Compensation Expense [Abstract] | |||||
Cash performance expense expense | $ 18.7 | $ 21.5 | $ 13.2 |
Incentive Compensation Plans (S
Incentive Compensation Plans (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 5.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 5.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding shares subject to option, at beginning of period | 2,100,478 | ||
Outstanding weighted average exercise price per share, at beginning of period | $ 56.92 | ||
Outstanding shares subject to option, granted | 666,848 | ||
Outstanding weighted average exercise price per share, granted | $ 58.90 | ||
Outstanding shares subject to option, exercised | (32,242) | ||
Outstanding weighted average exercise price per share, exercised | $ 24.54 | ||
Outstanding shares subject to option, at end of period | 2,722,965 | 2,100,478 | |
Outstanding weighted average exercise price per share, at end of period | $ 57.78 | $ 56.92 | |
Exercisable shares subject to option exercisable at end of period, at end of period | 1,601,018 | ||
Exercisable weighted average exercise price per share, at end of period | $ 57.37 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Total intrinsic value of options exercised | $ 1.2 | $ 20.8 | $ 20.4 |
Average remaining contractual life for outstanding options (in years) | 7 years | ||
Average remaining contractual life of exercisable options (in years) | 5 years 4 months 24 days | ||
Weighted average estimated grant date fair value | $ 10.67 | $ 13.13 | $ 19.17 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term awards become exercisable | 3 years | ||
Term options expire from grant date (in years) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield | 4.70% | 4.30% | 3.30% |
Expected volatility | 30.00% | 36.00% | 40.00% |
Risk-free interest rate | 2.10% | 2.10% | 2.10% |
Expected life (in years) | 7 years | 7 years | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding shares subject to option, expired/forfeited | (12,119) | ||
Outstanding weighted average exercise price per share, expired/forfeited | $ 59.79 |
Incentive Compensation Plans (P
Incentive Compensation Plans (Performance Awards, Restricted Stock and Restricted Stock Units) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | 116 Months Ended | ||
Dec. 31, 2016USD ($)Plans$ / sharesshares | Dec. 26, 2015USD ($)$ / sharesshares | Dec. 27, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | $ | $ 2,000 | $ 2,000 | ||
Repurchase of common stock, shares | 0 | 0 | 1,200,000 | 21,300,000 |
Repurchase of common stock, value | $ | $ 0 | $ 0 | $ 84.3 | $ 1,290 |
Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of restricted stock, restricted stock units, performance vested and market vested awards vested | $ | $ 12.4 | $ 20.9 | $ 26.8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Non-vested shares outstanding, beginning balance | 550,467 | |||
Weighted average grant date fair value, beginning of period | $ / shares | $ 69.71 | |||
Weighted average grant date fair value, granted | $ / shares | $ 55.39 | $ 61.89 | $ 72.86 | |
Shares outstanding, performance share adjustments | 369 | |||
Weighted average grant date fair value, performance share adjustments | $ / shares | $ 58.50 | |||
Shares outstanding, vested | (221,583) | |||
Weighted average grant date fair value, vested | $ / shares | $ 72.77 | |||
Shares outstanding, forfeited | (25,860) | |||
Weighted average grant date fair value, forfeited | $ / shares | $ 70.37 | |||
Non-vested shares outstanding, ending balance | 602,940 | 550,467 | 602,940 | |
Weighted average grant date fair value, end of period | $ / shares | $ 61.28 | $ 69.71 | $ 61.28 | |
Time Vested [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Shares outstanding, granted | 180,207 | |||
Weighted average grant date fair value, granted | $ / shares | $ 59.06 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term awards become exercisable | 3 years | |||
Change in estimated number of shares expected to vest | 369 | 369 | ||
Number of share based compensation plans | Plans | 3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Shares outstanding, granted | 89,321 | |||
Weighted average grant date fair value, granted | $ / shares | $ 49.95 | |||
Market Vested [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term awards become exercisable | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Shares outstanding, granted | 30,019 | |||
Weighted average grant date fair value, granted | $ / shares | $ 49.55 | $ 64.21 | $ 70.85 | |
Cash Settled Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of restricted stock, restricted stock units, performance vested and market vested awards vested | $ | $ 1 | $ 1.5 | $ 1.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Non-vested shares outstanding, beginning balance | 27,582 | 23,986 | ||
Non-vested shares outstanding, ending balance | 18,174 | 27,582 | 23,986 | 18,174 |
Minimum [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term awards become exercisable | 1 year | |||
Minimum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum actual payout as percentage of shares initially granted | 0.00% | |||
Maximum [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term awards become exercisable | 3 years | |||
Maximum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum actual payout as percentage of shares initially granted | 150.00% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 600.9 | $ 521.8 | $ 564.7 | $ 525.7 | $ 592.1 | $ 521 | $ 588.9 | $ 581.8 | $ 2,213.1 | $ 2,283.8 | $ 2,606.1 | |
Segment profit | 394.6 | 384.5 | 405.9 | |||||||||
Unallocated expenses | (67.6) | (72.8) | (55.9) | |||||||||
Re-engineering and impairment charges | [1] | (7.6) | (20.3) | (11) | ||||||||
Gains on disposal of assets | [2] | 27.3 | 13.7 | 2.7 | ||||||||
Interest expense, net | (45.4) | (45.2) | (43.5) | |||||||||
Income before income taxes | 301.3 | 259.9 | 298.2 | |||||||||
Depreciation and amortization | 57.5 | 62.4 | 63.7 | |||||||||
Capital expenditures | 61.6 | 61.1 | 69.4 | |||||||||
Total identifiable assets | 1,587.8 | 1,598.2 | 1,587.8 | 1,598.2 | 1,769.8 | |||||||
Land | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pretax gain from sale of property | [2] | 26.5 | 12.9 | 1.3 | ||||||||
United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 204.2 | 209.4 | 210.4 | |||||||||
Long-lived assets | 88.7 | 86.6 | 88.7 | 86.6 | 88.7 | |||||||
Foreign Countries [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net investment in international operations | 482.1 | 429 | 482.1 | 429 | ||||||||
Mexico [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 282.4 | 338.9 | 387.7 | |||||||||
BRAZIL | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 260.4 | 201.1 | 225.8 | |||||||||
Beauty [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 368.5 | 428.8 | 510.8 | |||||||||
Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 559.4 | 612.9 | 740.6 | |||||||||
Segment profit | 65.3 | 92.4 | 117.5 | |||||||||
Depreciation and amortization | 15.9 | 17.3 | 20.5 | |||||||||
Capital expenditures | 15.6 | 18.2 | 18.9 | |||||||||
Total identifiable assets | 257.2 | 276.5 | 257.2 | 276.5 | 343.4 | |||||||
Asia Pacific [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 748.6 | 771 | 839.6 | |||||||||
Segment profit | 181 | 175.9 | 191.7 | |||||||||
Depreciation and amortization | 14.5 | 14.9 | 12.8 | |||||||||
Capital expenditures | 12 | 12.3 | 19.3 | |||||||||
Total identifiable assets | 278.6 | 290.2 | 278.6 | 290.2 | 315.3 | |||||||
Tupperware North America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 358.3 | 353.7 | 349.9 | |||||||||
Segment profit | 69.7 | 67.4 | 68.3 | |||||||||
Depreciation and amortization | 10.2 | 10.5 | 9.6 | |||||||||
Capital expenditures | 9.1 | 9.2 | 11.8 | |||||||||
Total identifiable assets | 119 | 121.2 | 119 | 121.2 | 137.1 | |||||||
Beauty North America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 190 | 240 | 290.9 | |||||||||
Segment profit | (3.6) | 2.3 | 1.3 | |||||||||
Depreciation and amortization | 8.5 | 10.8 | 11.8 | |||||||||
Capital expenditures | 2.8 | 3.4 | 3.1 | |||||||||
Total identifiable assets | 214.7 | 254 | 214.7 | 254 | 317 | |||||||
South America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 356.8 | 306.2 | 385.1 | |||||||||
Segment profit | 82.2 | 46.5 | 27.1 | |||||||||
Depreciation and amortization | 3.3 | 4.1 | 4.2 | |||||||||
Capital expenditures | 12.4 | 8.9 | 12.6 | |||||||||
Total identifiable assets | 124.6 | 96.9 | 124.6 | 96.9 | 131.1 | |||||||
Corporate [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | 5.1 | 4.8 | 4.8 | |||||||||
Capital expenditures | 9.7 | 9.1 | 3.7 | |||||||||
Total identifiable assets | $ 593.7 | $ 559.4 | $ 593.7 | $ 559.4 | $ 525.9 | |||||||
Sales Revenue, Net [Member] | Nutrimetics France [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Percentage of Company sales | 0.50% | |||||||||||
[1] | See Note 2 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. | |||||||||||
[2] | Gains on disposal of assets in 2016, 2015 and 2014 include $26.5 million, $12.9 million and $1.3 million from transactions related to land near the Orlando, FL headquarters. |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases rental expense | $ 33.3 | $ 34 | $ 38 |
Approximate minimum rental commitments under non-cancelable operating leases [Abstract] | |||
2,017 | 30.3 | ||
2,018 | 23.4 | ||
2,019 | 14.8 | ||
2,020 | 8.6 | ||
2,021 | 4.8 | ||
After 2,021 | $ 28.3 | ||
Automobiles [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease Term | 2 years | ||
Automobiles [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease Term | 3 years |
Allowance for Long-Term Recei91
Allowance for Long-Term Receivables (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Long-term receivables past due | $ 10.6 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 11.2 | |
Write-offs | (2) | |
Provision | 2 | [1] |
Currency translation adjustment | (0.2) | |
Ending balance | 11 | |
Reclassifications from current receivables | $ 1.6 | |
[1] | Provision includes $1.6 million of reclassifications from current receivables. |
Guarantor Information (Consolid
Guarantor Information (Consolidating Statement of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | $ 600.9 | $ 521.8 | $ 564.7 | $ 525.7 | $ 592.1 | $ 521 | $ 588.9 | $ 581.8 | $ 2,213.1 | $ 2,283.8 | $ 2,606.1 | |
Other revenue | 0 | 0 | 0 | |||||||||
Cost of products sold | 715 | 744.4 | 884 | |||||||||
Gross margin | 404.2 | 353.4 | 380.8 | 359.7 | 400.9 | 348.5 | 399.8 | 390.2 | 1,498.1 | 1,539.4 | 1,722.1 | |
Delivery, sales and administrative expense | 1,170.8 | 1,217.6 | 1,346.1 | |||||||||
Re-engineering and impairment charges | [1] | 7.6 | 20.3 | 11 | ||||||||
Gains on disposal of assets | [2] | 27.3 | 13.7 | 2.7 | ||||||||
Operating income | 347 | 315.2 | 367.7 | |||||||||
Interest income | 3.4 | 2.4 | 3 | |||||||||
Interest expense | 48.8 | 47.6 | 46.5 | |||||||||
Income from equity investments in subsidiaries | 0 | 0 | 0 | |||||||||
Other (income) expense | 0.3 | 10.1 | 26 | |||||||||
Income before income taxes | 301.3 | 259.9 | 298.2 | |||||||||
Provision for income taxes | 77.7 | 74.1 | 83.8 | |||||||||
Net income | $ 79 | $ 48.8 | $ 52.4 | $ 43.4 | $ 58.1 | $ 36.2 | $ 62 | $ 29.5 | 223.6 | 185.8 | 214.4 | |
Total comprehensive income | $ 174.1 | 72.5 | 122.5 | |||||||||
Guarantor [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||||||||||
Reportable Legal Entities [Member] | Parent [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | $ 0 | 0 | 0 | |||||||||
Other revenue | 0 | 0 | 0 | |||||||||
Cost of products sold | 0 | 0 | 0 | |||||||||
Gross margin | 0 | 0 | 0 | |||||||||
Delivery, sales and administrative expense | 19.1 | 20.6 | 19.5 | |||||||||
Re-engineering and impairment charges | 0 | 0 | 0 | |||||||||
Gains on disposal of assets | 0 | 0 | 0 | |||||||||
Operating income | (19.1) | (20.6) | (19.5) | |||||||||
Interest income | 20.9 | 19.6 | 0.4 | |||||||||
Interest expense | 34.9 | 36.4 | 36.3 | |||||||||
Income from equity investments in subsidiaries | 242.3 | 208.1 | 250.3 | |||||||||
Other (income) expense | 0.1 | 0 | 0 | |||||||||
Income before income taxes | 209.1 | 170.7 | 194.9 | |||||||||
Provision for income taxes | (14.5) | (15.1) | (19.5) | |||||||||
Net income | 223.6 | 185.8 | 214.4 | |||||||||
Total comprehensive income | 174.1 | 72.5 | 122.5 | |||||||||
Reportable Legal Entities [Member] | Guarantor [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | 0 | 0 | 0 | |||||||||
Other revenue | 126.9 | 123.9 | 138.5 | |||||||||
Cost of products sold | 29.4 | 31.6 | 25.9 | |||||||||
Gross margin | 97.5 | 92.3 | 112.6 | |||||||||
Delivery, sales and administrative expense | 78.1 | 78.6 | 67.1 | |||||||||
Re-engineering and impairment charges | 1.2 | 0 | 0.1 | |||||||||
Gains on disposal of assets | 0 | 0 | 0 | |||||||||
Operating income | 18.2 | 13.7 | 45.4 | |||||||||
Interest income | 1.8 | 22.5 | 28.9 | |||||||||
Interest expense | 51.5 | 37.7 | 20.7 | |||||||||
Income from equity investments in subsidiaries | 240.9 | 203.6 | 217.4 | |||||||||
Other (income) expense | (33.6) | 0.6 | 0.2 | |||||||||
Income before income taxes | 243 | 201.5 | 270.8 | |||||||||
Provision for income taxes | 5.1 | (4) | 20.8 | |||||||||
Net income | 237.9 | 205.5 | 250 | |||||||||
Total comprehensive income | 188 | 84 | 160.9 | |||||||||
Reportable Legal Entities [Member] | Non-Guarantors [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | 2,219.1 | 2,288.6 | 2,613.9 | |||||||||
Other revenue | 29.3 | 31.6 | 25.9 | |||||||||
Cost of products sold | 838.9 | 864 | 1,020.8 | |||||||||
Gross margin | 1,409.5 | 1,456.2 | 1,619 | |||||||||
Delivery, sales and administrative expense | 1,082.5 | 1,127.5 | 1,269 | |||||||||
Re-engineering and impairment charges | 6.4 | 20.3 | 10.9 | |||||||||
Gains on disposal of assets | 27.3 | 13.7 | 2.7 | |||||||||
Operating income | 347.9 | 322.1 | 341.8 | |||||||||
Interest income | 27.1 | 7.4 | 4.4 | |||||||||
Interest expense | 8.8 | 20.6 | 20.2 | |||||||||
Income from equity investments in subsidiaries | 0 | 0 | 0 | |||||||||
Other (income) expense | 33.8 | 9.5 | 25.8 | |||||||||
Income before income taxes | 332.4 | 299.4 | 300.2 | |||||||||
Provision for income taxes | 87.1 | 93.2 | 82.5 | |||||||||
Net income | 245.3 | 206.2 | 217.7 | |||||||||
Total comprehensive income | 163.8 | 104 | 166.4 | |||||||||
Eliminations [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | (6) | (4.8) | (7.8) | |||||||||
Other revenue | (156.2) | (155.5) | (164.4) | |||||||||
Cost of products sold | (153.3) | (151.2) | (162.7) | |||||||||
Gross margin | (8.9) | (9.1) | (9.5) | |||||||||
Delivery, sales and administrative expense | (8.9) | (9.1) | (9.5) | |||||||||
Re-engineering and impairment charges | 0 | 0 | 0 | |||||||||
Gains on disposal of assets | 0 | 0 | 0 | |||||||||
Operating income | 0 | 0 | 0 | |||||||||
Interest income | (46.4) | (47.1) | (30.7) | |||||||||
Interest expense | (46.4) | (47.1) | (30.7) | |||||||||
Income from equity investments in subsidiaries | (483.2) | (411.7) | (467.7) | |||||||||
Other (income) expense | 0 | 0 | 0 | |||||||||
Income before income taxes | (483.2) | (411.7) | (467.7) | |||||||||
Provision for income taxes | 0 | 0 | 0 | |||||||||
Net income | (483.2) | (411.7) | (467.7) | |||||||||
Total comprehensive income | $ (351.8) | $ (188) | $ (327.3) | |||||||||
[1] | See Note 2 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. | |||||||||||
[2] | Gains on disposal of assets in 2016, 2015 and 2014 include $26.5 million, $12.9 million and $1.3 million from transactions related to land near the Orlando, FL headquarters. |
Guarantor Information (Condense
Guarantor Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 93.2 | $ 79.8 | $ 77 | $ 127.3 |
Accounts receivable, net | 125.3 | 142.7 | ||
Inventories | 240.4 | 254.6 | ||
Non-trade amounts receivable, net | 64.9 | 45.5 | ||
Intercompany receivables | 0 | 0 | ||
Prepaid expenses and other current assets | 21.5 | 27.9 | ||
Total current assets | 545.3 | 550.5 | ||
Deferred income tax benefits, net | 539.7 | 524.9 | ||
Property, plant and equipment, net | 259.8 | 253.6 | ||
Long-term receivables, net | 13.2 | 13.2 | ||
Tradenames, net | 67.3 | 82.7 | ||
Goodwill | 132.6 | 146.3 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets, net | 29.9 | 27 | ||
Total assets | 1,587.8 | 1,598.2 | 1,769.8 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 117.7 | 126.7 | ||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 105.9 | 162.5 | ||
Intercompany payables | 0 | 0 | ||
Accrued liabilities | 324 | 324.8 | ||
Total current liabilities | 547.6 | 614 | ||
Long-term debt and capital lease obligations | 606 | 608.2 | ||
Intercompany notes payable | 0 | 0 | ||
Other liabilities | 221.4 | 215 | ||
Total shareholders' equity | 212.8 | 161 | 185.8 | 252.9 |
Total liabilities and shareholders' equity | 1,587.8 | 1,598.2 | ||
Reportable Legal Entities [Member] | Parent [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Non-trade amounts receivable, net | 0 | 0.1 | ||
Intercompany receivables | 11.9 | 11.8 | ||
Prepaid expenses and other current assets | 1.1 | 1.1 | ||
Total current assets | 13 | 13 | ||
Deferred income tax benefits, net | 142.7 | 143.5 | ||
Property, plant and equipment, net | 0 | 0 | ||
Long-term receivables, net | 0 | 0 | ||
Tradenames, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in subsidiaries | 1,356.7 | 1,164.8 | ||
Intercompany notes receivable | 479.4 | 462 | ||
Other assets, net | 1.2 | 1.6 | ||
Total assets | 1,993 | 1,784.9 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 104 | 90.4 | ||
Intercompany payables | 858.9 | 688.2 | ||
Accrued liabilities | 130.9 | 155.1 | ||
Total current liabilities | 1,093.8 | 933.7 | ||
Long-term debt and capital lease obligations | 599.4 | 599.3 | ||
Intercompany notes payable | 77 | 78.5 | ||
Other liabilities | 10 | 12.4 | ||
Total shareholders' equity | 212.8 | 161 | ||
Total liabilities and shareholders' equity | 1,993 | 1,784.9 | ||
Reportable Legal Entities [Member] | Guarantor [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0.5 | 0 | 0 | 0.1 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Non-trade amounts receivable, net | 50.5 | 30.1 | ||
Intercompany receivables | 935.8 | 754.2 | ||
Prepaid expenses and other current assets | 5.4 | 3.3 | ||
Total current assets | 992.2 | 787.6 | ||
Deferred income tax benefits, net | 193.2 | 219.9 | ||
Property, plant and equipment, net | 50.4 | 46.6 | ||
Long-term receivables, net | 0.1 | 0.1 | ||
Tradenames, net | 0 | 0 | ||
Goodwill | 2.9 | 2.9 | ||
Investments in subsidiaries | 1,321.3 | 1,190.1 | ||
Intercompany notes receivable | 95.6 | 90.5 | ||
Other assets, net | 1.2 | 0.6 | ||
Total assets | 2,656.9 | 2,338.3 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 5 | 3.3 | ||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | 1.2 | ||
Intercompany payables | 263.4 | 224.2 | ||
Accrued liabilities | 102.8 | 111.5 | ||
Total current liabilities | 371.2 | 340.2 | ||
Long-term debt and capital lease obligations | 0 | 0 | ||
Intercompany notes payable | 928 | 768.1 | ||
Other liabilities | 56.8 | 107.8 | ||
Total shareholders' equity | 1,300.9 | 1,122.2 | ||
Total liabilities and shareholders' equity | 2,656.9 | 2,338.3 | ||
Reportable Legal Entities [Member] | Non-Guarantors [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 92.7 | 79.8 | 77 | 127.2 |
Accounts receivable, net | 125.3 | 142.7 | ||
Inventories | 240.4 | 254.6 | ||
Non-trade amounts receivable, net | 85.1 | 109.6 | ||
Intercompany receivables | 270.3 | 228.8 | ||
Prepaid expenses and other current assets | 100.9 | 118.1 | ||
Total current assets | 914.7 | 933.6 | ||
Deferred income tax benefits, net | 203.8 | 161.5 | ||
Property, plant and equipment, net | 209.4 | 207 | ||
Long-term receivables, net | 13.1 | 13.1 | ||
Tradenames, net | 67.3 | 82.7 | ||
Goodwill | 129.7 | 143.4 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany notes receivable | 725.6 | 579.7 | ||
Other assets, net | 57.8 | 108.1 | ||
Total assets | 2,321.4 | 2,229.1 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 112.7 | 123.5 | ||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 1.9 | 70.9 | ||
Intercompany payables | 95.7 | 82.4 | ||
Accrued liabilities | 246.9 | 247.1 | ||
Total current liabilities | 457.2 | 523.9 | ||
Long-term debt and capital lease obligations | 6.6 | 8.9 | ||
Intercompany notes payable | 295.6 | 285.6 | ||
Other liabilities | 184.9 | 178 | ||
Total shareholders' equity | 1,377.1 | 1,232.7 | ||
Total liabilities and shareholders' equity | 2,321.4 | 2,229.1 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Non-trade amounts receivable, net | (70.7) | (94.3) | ||
Intercompany receivables | (1,218) | (994.8) | ||
Prepaid expenses and other current assets | (85.9) | (94.6) | ||
Total current assets | (1,374.6) | (1,183.7) | ||
Deferred income tax benefits, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Long-term receivables, net | 0 | 0 | ||
Tradenames, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in subsidiaries | (2,678) | (2,354.9) | ||
Intercompany notes receivable | (1,300.6) | (1,132.2) | ||
Other assets, net | (30.3) | (83.3) | ||
Total assets | (5,383.5) | (4,754.1) | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 0 | (0.1) | ||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | 0 | ||
Intercompany payables | (1,218) | (994.8) | ||
Accrued liabilities | (156.6) | (188.9) | ||
Total current liabilities | (1,374.6) | (1,183.8) | ||
Long-term debt and capital lease obligations | 0 | 0 | ||
Intercompany notes payable | (1,300.6) | (1,132.2) | ||
Other liabilities | (30.3) | (83.2) | ||
Total shareholders' equity | (2,678) | (2,354.9) | ||
Total liabilities and shareholders' equity | $ (5,383.5) | $ (4,754.1) |
Guarantor Information (Conden94
Guarantor Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Operating Activities: | |||
Net cash provided by (used in) operating activities | $ 238.6 | $ 225.7 | $ 284.1 |
Investing Activities: | |||
Capital expenditures | (61.6) | (61.1) | (69.4) |
Proceeds from disposal of property, plant and equipment | 35.9 | 18 | 7.1 |
Net intercompany loans | 0 | 0 | 0 |
Return of Capital | 0 | 0 | 0 |
Net cash used in investing activities | (25.7) | (43.1) | (62.3) |
Financing Activities: | |||
Dividend payments to shareholders | (138.8) | (138) | (135.5) |
Dividend payments to parent | 0 | 0 | 0 |
Proceeds from (Repayments of) Notes Payable | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0.8 | 16.1 | 15.7 |
Repurchase of common stock | (1.7) | (1.5) | (92.3) |
Repayment of long-term debt and capital lease obligations | (2.2) | (2.6) | (3) |
Net change in short-term debt | (52) | (36.4) | (2.2) |
Debt issuance costs | 0 | (0.7) | 0 |
Excess tax benefits from share-based payment arrangements | 0.6 | 6 | 6.3 |
Net intercompany notes payable (receivable) | 0 | 0 | 0 |
Proceeds from (Payments to) Noncontrolling Interests | 0 | 0 | 0 |
Net cash used in financing activities | (193.3) | (157.1) | (211) |
Effect of exchange rate changes on cash and cash equivalents | (6.2) | (22.7) | (61.1) |
Net change in cash and cash equivalents | 13.4 | 2.8 | (50.3) |
Cash and cash equivalents at beginning of year | 79.8 | 77 | 127.3 |
Cash and cash equivalents at end of year | 93.2 | 79.8 | 77 |
Reportable Legal Entities [Member] | Parent [Member] | |||
Operating Activities: | |||
Net cash provided by (used in) operating activities | (29.9) | 438.9 | 306.7 |
Investing Activities: | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of property, plant and equipment | 0 | 0 | 0 |
Net intercompany loans | (18.9) | (335.7) | 5.1 |
Return of Capital | 0 | 0 | 0 |
Net cash used in investing activities | (18.9) | (335.7) | 5.1 |
Financing Activities: | |||
Dividend payments to shareholders | (138.8) | (138) | (135.5) |
Dividend payments to parent | 0 | 0 | 0 |
Proceeds from (Repayments of) Notes Payable | (0.2) | 0.1 | 0 |
Proceeds from exercise of stock options | 0.8 | 16.1 | 15.7 |
Repurchase of common stock | (1.7) | (1.5) | (92.3) |
Repayment of long-term debt and capital lease obligations | 0 | 0 | 0 |
Net change in short-term debt | 17.5 | (9.5) | (9.1) |
Debt issuance costs | 0 | (0.7) | 0 |
Excess tax benefits from share-based payment arrangements | 0.6 | 6 | 6.3 |
Net intercompany notes payable (receivable) | 170.6 | 24.3 | (96.9) |
Proceeds from (Payments to) Noncontrolling Interests | 0 | 0 | 0 |
Net cash used in financing activities | 48.8 | (103.2) | (311.8) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Reportable Legal Entities [Member] | Guarantor [Member] | |||
Operating Activities: | |||
Net cash provided by (used in) operating activities | (0.8) | 230.6 | 1,482.7 |
Investing Activities: | |||
Capital expenditures | (16) | (14.7) | (14.7) |
Proceeds from disposal of property, plant and equipment | 0 | 0 | 0 |
Net intercompany loans | (186.4) | 296.3 | (190.8) |
Return of Capital | 0 | 105.5 | 604.3 |
Net cash used in investing activities | (202.4) | 387.1 | 398.8 |
Financing Activities: | |||
Dividend payments to shareholders | 0 | 0 | 0 |
Dividend payments to parent | 0 | (400) | (352) |
Proceeds from (Repayments of) Notes Payable | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Repayment of long-term debt and capital lease obligations | 0 | 0 | 0 |
Net change in short-term debt | (1.2) | (2.3) | 2.3 |
Debt issuance costs | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net intercompany notes payable (receivable) | 204.9 | (215.3) | (1,530.4) |
Proceeds from (Payments to) Noncontrolling Interests | 0 | 0 | 0 |
Net cash used in financing activities | 203.7 | (617.6) | (1,880.1) |
Effect of exchange rate changes on cash and cash equivalents | 0 | (0.1) | (1.5) |
Net change in cash and cash equivalents | 0.5 | 0 | (0.1) |
Cash and cash equivalents at beginning of year | 0 | 0 | 0.1 |
Cash and cash equivalents at end of year | 0.5 | 0 | 0 |
Reportable Legal Entities [Member] | Non-Guarantors [Member] | |||
Operating Activities: | |||
Net cash provided by (used in) operating activities | 275.2 | 66.4 | 96.5 |
Investing Activities: | |||
Capital expenditures | (45.6) | (46.4) | (54.7) |
Proceeds from disposal of property, plant and equipment | 35.9 | 18 | 7.1 |
Net intercompany loans | (194.5) | 492 | 1,839.9 |
Return of Capital | 0 | 0 | 0 |
Net cash used in investing activities | (204.2) | 463.6 | 1,792.3 |
Financing Activities: | |||
Dividend payments to shareholders | 0 | 0 | 0 |
Dividend payments to parent | (21.2) | (103.1) | (1,281.5) |
Proceeds from (Repayments of) Notes Payable | 0.2 | (0.1) | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Repayment of long-term debt and capital lease obligations | (2.2) | (2.6) | (3) |
Net change in short-term debt | (68.3) | (24.6) | 4.6 |
Debt issuance costs | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net intercompany notes payable (receivable) | 39.6 | (268.8) | 4.9 |
Proceeds from (Payments to) Noncontrolling Interests | 0 | (105.5) | (604.3) |
Net cash used in financing activities | (51.9) | (504.7) | (1,879.3) |
Effect of exchange rate changes on cash and cash equivalents | (6.2) | (22.5) | (59.7) |
Net change in cash and cash equivalents | 12.9 | 2.8 | (50.2) |
Cash and cash equivalents at beginning of year | 79.8 | 77 | 127.2 |
Cash and cash equivalents at end of year | 92.7 | 79.8 | 77 |
Eliminations [Member] | |||
Operating Activities: | |||
Net cash provided by (used in) operating activities | (5.9) | (510.2) | (1,601.8) |
Investing Activities: | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of property, plant and equipment | 0 | 0 | 0 |
Net intercompany loans | 399.8 | (452.6) | (1,654.2) |
Return of Capital | 0 | (105.5) | (604.3) |
Net cash used in investing activities | 399.8 | (558.1) | (2,258.5) |
Financing Activities: | |||
Dividend payments to shareholders | 0 | 0 | 0 |
Dividend payments to parent | 21.2 | 503.1 | 1,633.5 |
Proceeds from (Repayments of) Notes Payable | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Repayment of long-term debt and capital lease obligations | 0 | 0 | 0 |
Net change in short-term debt | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net intercompany notes payable (receivable) | (415.1) | 459.8 | 1,622.4 |
Proceeds from (Payments to) Noncontrolling Interests | 0 | 105.5 | 604.3 |
Net cash used in financing activities | (393.9) | 1,068.4 | 3,860.2 |
Effect of exchange rate changes on cash and cash equivalents | 0 | (0.1) | 0.1 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $ 0 | $ 0 | $ 0 |
Quarterly Financial Summary (De
Quarterly Financial Summary (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($)$ / shares | Sep. 24, 2016USD ($)$ / shares | Jun. 25, 2016USD ($)$ / shares | Mar. 26, 2016USD ($)$ / shares | Dec. 26, 2015USD ($)$ / shares | Sep. 26, 2015USD ($)$ / shares | Jun. 27, 2015USD ($)$ / shares | Mar. 28, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 26, 2015USD ($)$ / shares | Dec. 27, 2014USD ($)$ / shares | ||
Fiscal Period Duration | 98 days | 91 days | 371 days | 364 days | 364 days | |||||||
Net sales | $ 600.9 | $ 521.8 | $ 564.7 | $ 525.7 | $ 592.1 | $ 521 | $ 588.9 | $ 581.8 | $ 2,213.1 | $ 2,283.8 | $ 2,606.1 | |
Gross margin | 404.2 | 353.4 | 380.8 | 359.7 | 400.9 | 348.5 | 399.8 | 390.2 | 1,498.1 | 1,539.4 | 1,722.1 | |
Net income | $ 79 | $ 48.8 | $ 52.4 | $ 43.4 | $ 58.1 | $ 36.2 | $ 62 | $ 29.5 | $ 223.6 | $ 185.8 | $ 214.4 | |
Basic earnings per share | $ / shares | $ 1.56 | $ 0.97 | $ 1.04 | $ 0.86 | $ 1.16 | $ 0.72 | $ 1.24 | $ 0.59 | $ 4.43 | $ 3.72 | $ 4.28 | |
Diluted earnings per share | $ / shares | 1.55 | 0.96 | 1.03 | 0.86 | 1.15 | 0.72 | 1.23 | 0.59 | 4.41 | 3.69 | 4.20 | |
Dividends declared per share | $ / shares | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 2.72 | 2.72 | $ 2.72 | |
Composite stock price, close | $ / shares | $ 52.62 | $ 64.31 | $ 53.15 | $ 55.39 | $ 55.89 | $ 50.06 | $ 67.36 | $ 70.25 | $ 52.62 | $ 55.89 | ||
Re-engineering and impairment charges | [1] | $ 7.6 | $ 20.3 | $ 11 | ||||||||
Gains (Losses) on Sales of Land | [2] | $ 2.2 | $ 24.2 | $ 0.8 | $ 0.1 | $ 0.3 | $ 2 | $ 10.8 | $ 0.6 | |||
Maximum [Member] | ||||||||||||
Composite stock price range | $ / shares | 66.67 | 66.90 | 62.40 | 58.30 | 62.02 | 67.35 | 70.78 | 72.93 | ||||
Minimum [Member] | ||||||||||||
Composite stock price range | $ / shares | 52.32 | 50.43 | 52.64 | 42.60 | 48.73 | 47.85 | 64.35 | 59.35 | ||||
Venezuela | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 13.5 | |||||||||||
Other expense | Venezuela | ||||||||||||
Foreign Currency Transaction Gain (Loss), before Tax | $ 0.2 | $ 0.3 | $ 3.6 | $ 0.2 | $ 1.8 | $ 2 | $ 1.8 | 9.3 | $ 4.3 | $ 14.9 | $ 42.4 | |
Restructuring Charges [Member] | ||||||||||||
Re-engineering and impairment charges | $ 2.2 | $ 2.4 | $ 1.9 | $ 1.1 | $ 2.3 | $ 0.3 | $ 1.5 | $ 2.7 | ||||
[1] | See Note 2 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. | |||||||||||
[2] | Gains on disposal of assets in 2016, 2015 and 2014 include $26.5 million, $12.9 million and $1.3 million from transactions related to land near the Orlando, FL headquarters. |
Schedule II - Valuation and Q96
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | ||
Allowance for Doubtful Accounts, Current and Long-term [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 45.2 | $ 48.4 | $ 54.4 | |
Charged to Cost and Expenses | 11.1 | 12.8 | 13.5 | |
Charged to Other Accounts | 0 | 0 | 0 | |
Deductions - write-offs, less recoveries | [1] | (9) | (8) | (11.6) |
Translation Adjustments | [2] | (2.4) | (8) | (7.9) |
Balance at End of Period | 44.9 | 45.2 | 48.4 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 23.1 | 40.2 | 34.8 | |
Charged to Cost and Expenses | 0 | 0 | 0 | |
Charged to Other Accounts | 0 | 0 | 0 | |
Translation Adjustments | [2] | 1.8 | (7.1) | (4.2) |
Release of Valuation Allowance | [3] | 0 | 0 | (0.4) |
Write off of Operating Loss | [4] | (0.1) | (10) | 10 |
Balance at End of Period | $ 24.8 | $ 23.1 | $ 40.2 | |
[1] | Represents write-offs, less recoveries. | |||
[2] | Foreign currency translation adjustment. | |||
[3] | Represents release of valuation allowance as reduction of costs and expenses. See Note 12 to the consolidated financial statements for additional information. | |||
[4] | Represents additions and write-offs of net operating losses for which a valuation allowance was already recorded. See Note 12 to the consolidated financial statements for additional information. |